About Me 0062: 2010

Thursday, December 30, 2010

Making Money With Options

After Taking Big Sugar Money, Florida Ag. Commissioner Adam Putnam Seeks To Halt Soda Ban In Schools

Rep. Adam Putnam (R-FL) has yet to take office in his new role as Florida Agriculture Commissioner, but he’s already making his Big Sugar contributors smile.

Throughout 2010, the State Board of Education has considered banning sugary drinks from Florida schools, including soft drinks, high-sugar juices, and chocolate milk. According to the Orlando Sentinel, Board member John Padget “has been pressing his colleagues for a year to cut out most beverages besides water, pure juice and white, low-fat milk.” Justifying such a move, Padget writes in a Key West Citizen op-ed, is the fact that “over one-third of America’s children are either overweight or obese,” leaving them “often less ready to learn in the classroom.”

A few weeks before the issue was to be considered, the state’s newly-elected Agriculture Commissioner, Adam Putnam, wrote a letter demanding that the Board of Education halt such a move. Putnam criticized the Board for choosing “to focus only on the nutrition content in beverages served in Florida schools,” rather than taking a more holistic approach:

One such area that I look forward to tackling is ensuring that Florida’s students have better nutrition options to reduce obesity and related long-term health risks. This is a topic your Board has discussed recently for possible policy recommendations. However, instead of looking at the entire nutrition intake of students, you have chosen to focus only on the nutrition content in beverages served in Florida schools. It is my belief that any nutrition improvement plan needs to be certain that students are receiving the best possible nutrition package, in concert with total wellness initiatives, to allow them to reach their optimum achievement potential. [...]

First steps would be to take a comprehensive look at current school foodservice offerings, rather than making individual product recommendations that do not address the broader health picture. This comprehensive approach will need time to develop and I would appreciate your Board considering delaying any plans to address just a single component of the nutrition factors and instead allow time for a complete approach to building a healthier generation of Florida students.

As a result, “the Board of Education decided to put off any further discussion of the issue,” Deborah Higgins of the Board of Education’s communications department told ThinkProgress, “until the agriculture commissioner-elect Adam Putnam was sworn in.”

However, campaign finance records show that Putnam is less than an impartial figure in the matter. A ThinkProgress investigation has found that the incoming Agriculture Commissioner has been the benefactor of a significant amount of money from both the sugar and dairy lobby during the campaign – both of whom have a strong financial interest in keeping sugary drinks in schools. Despite Florida’s $500 contribution limit for both individuals and PACs, Putnam received at least $61,000 in campaign funds from sugar and dairy interests, including maxed-out contributions from Coca Cola’s lobbyist in Tallahassee Brian Ballard and a slew of maxed out contributions from the Sugar Barons of South Florida, the Fanjul family.

Following his victory on November 2, Putnam also made a wealthy sugar magnate one of his first appointments. Tracy Duda Chapman, Vice President and General Counsel for the corporate megafarm A. Duda & Sons, Inc., was appointed by Putnam as co-chair of his four-member transition team. Chapman is not just heavily invested in the sugar industry herself. She also serves on the leadership of the Florida Land Council trade association alongside the senior vice president of the US Sugar Corporation, Robert Coker, who also maxed out to Putnam.

There is little doubt that sugarmakers take comfort with Chapman sitting at Putnam’s right hand. Now that Putnam has moved to block a ban of sugary beverages in schools, that faith has been vindicated. In an instance of life imitating art, Florida sugarmakers are proving true the classic Simpsons quote, “In America, first you get the sugar, then you get the power.”

Padget, who has spearheaded this issue for over a year, remains cautiously optimistic. “I think we could have 4 votes for this issue,” Padget told ThinkProgress by phone, which would constitute a majority of the seven-member Board. “Still,” he said, “there is a lot of work to be done. I look forward to Commissioner-elect Putnam’s contributions to this effort.”

It's that time again where everyone starts making those promises to themselves. Next year, I'll lose 25 pounds. Or quit smoking. Or manage my money better. Or get back in church. Or... whatever. With the new year comes new resolutions. This time, stick to it longer than a week why don't you? This year, arm yourself with a few Android apps to keep you on track. We've put together a list of titles we think you should consider installing on your phone to keep you adhering to your 2011 resolution. Some may not be available in your country or through your respective carrier however there are probably great alternatives. Most of these are free, but a few are available in paid versions as well. We're big on supporting developers for paid apps we value, therefore we feel comfortable recommending these to Android users.

Of course, as awesome as this list is, we know we're missing more than a few. That's where you come in. Hit the comments and share your favorite apps to help ring in the new year. The more you share, the better for the rest of us!

I resolve to read more...

Nook for Android by B&N - A must have for NOOK owners with plenty of customization options to suit to taste. Access to more than 2 million titles doesn't hurt either. FREE

Kindle for Android - Gets better every single update. Read from 100+ newspapers and magazines and more than 750,000 electronic books. Amazon's Whispersync automatically syncs last page read, bookmarks, notes, and more across multiple devices. FREE

Aldiko Book Reader - One of the first Android ebook reader apps worth a look, landed ahead of Kindle, Nook, and others. Like a good book, easy to pick up and hard to put down. Available in free (ad subsidized) and paid ($2.99) versions.

Google Books - Build a library of cloud-based books with Google's foray into the space. Select from nearly 3 million free ebooks and sync up between phone and PC. FREE

Kobo - User defined options include adjustable text, automatic bookmarking, and various reading modes. Access to 1.9 million free books and counting! FREE

I resolve to lose weight...

Calorie Counter - Get the calorie and nutrition information for store brands, restaurants, and more. Food diary, calendar, and weight tracker keep an eye on your daily progress, showing where you've been. FREE

South Beach Diet - Access to tons of recipes and diet tips. Get healthy cooking advice from the pros as well as other dieters. Fitness routines and lifestyle advice make sure you're doing more than just eating the right foods. FREE

Fitness Club & Gym Finder - Find real-time locations to many popular gyms and clubs including 24 Hour Fitness, Gold's Gym, Bally's, Pilates,Yoga,YMCA, and YWCA. Still missing a few but definitely worth having when traveling out of town. FREE

Cardio Trainer - Works indoor and outdoor and tracks calories, GPS, pedometer and more. Recent update includes feature to set New Year's Resolutions and hold yourself accountable. FREE

Diet & Food Tracker - Track your food calories across more than 1 million foods. Fitness tracker keeps an eye on calories burned and while the weigh in tools keep your progress in easy to digest reports. Recent changes allow for tracking strength exercises, copying meals from day to day, and animated demos for exercises. FREE

I resolve to eat healthier...

Epicurious - Complements official website with gorgeous app full of recipes and reviews from magazines and top sources. Access more than 28,000 professionally tested and created recipes and search with your voice! Desktop widget puts daily recipe front and center. FREE

Healthy Recipes - SparkRecipes -Browse the expansive library of recipes by categories such as occasion, course, dietary needs, and calories. Community-based recipes with easy to follow directions, nutritional content, and more. FREE

Diet Points Calculator - Since there is no official way to get a Weight Watchers calculator without signing up for the service, this "diet points" app works just a well. No frills or fancy graphics, but that does not matter when you want to find out whether you have enough points left to eat that Fast Break candy bar. FREE

BigOven - Search more than 170,000 recipes and really nail down the right concoction for that homemade stuffing. The Leftover Wizard lets users enter three ingredients into the app to result in recipes that incorporate each. FREE

I resolve to get back into church...

SermonAudio Android Edition - Browse the massive library of MP3 sermons from thousands of different speakers for free. Find churches in nearby areas using the "Local Church Finder" FREE

Bible Promises - 500 popular passages to read across various topics, including anger, courage, addiction, belief, and more. 99¢

Bible - Share passages and verses from multiple versions of The Bible (NIV, ESV, MSG, NKJV, NLT, KJV) over twitter and Facebook. Features 44 Bibles in 22 different languages. FREE

I resolve to manage my finances better...

Mint.com - The official client for Mint, it provides access to all of your accounts in one clean app. Lets users set budgets, see where money is being spent, and personalized savings. FREE

PageOnce -Organizes and tracks your money and bills. View banks, credit cards, bills and and more in one simple place. Real-time alerts and reminders keep you in the loop as things happen. Also able to track frequent flyer miles and rewards as well as mobile minutes, text and data usage. FREE and paid versions

Toshl - Dirt simple way of tracking expenses and habits. Tag and sort by date, export to CSV, Excel, and PDF. Allows for multiple types of currencies from around the world. FREE

Ask Dave Ramsey - Advice from one of the biggest names in debt relief, financial freedom, and money management. Listen to hundreds of archived calls, read transcripts, and share stories with friends. FREE

I resolve to stop smoking...

StopSmoking- Helps those who want to go cold turkey or with a gradual decline. Displays time between cigarettes, money saved, and average times per day.

QuitNow! - Track the money you've saved by not smoking, count the days since the last cigarette, and more. Helpful widget keeps the app front and center and on your mind all the time. Scare yourself straight with the facts about snuff. FREE

Other self-improvement and general lifestyle apps to help with resolutions...

Catch Notes - Notepad application that lets users capture text, voice, images, and locations, with the option to sync and backup online at Catch.com. Passcode protection, reminders, sharing, and tagging help organize your notes. FREE

Evernote - Handy desktop widget makes it a breeze to add notes, images, and recordings to database of things worth keeping. Easy to sync up with Evernote's website and browser plugins. Save websites and images from Chrome or Firefox and see them on your phone right away. FREE

AK Notepad - Also tied with Catch.com, allows for reminders, tags, import/export, back-up, and themes. Pin notes to home screen to keep your important stuff front and center.FREE

Remember the Milk - Add notes, sort by time, location, date, and more. Latest update allows for push sync from website to handset. While the app is free, it does require a Pro RTM account at $25 per year.

OpenLoopz - Location-aware task manager and to-do list inspired by Getting Things Done (GTD) by David Allen. App is smart enough to recognize where you are and recommend things to do automatically. FREE and paid ($4.72 US)

Pocket Informant 3.1 Beta - Exhaustive list of features, looks and acts like the PIM we have been asking for since the days of Palm Pilots. Based on GTD principles, the developers could easily charge a couple of bucks for the customization and personalization.

Got To Do - Sync with online task website ToodleDo, organize by folders, tags, and more. Desktop widget with configuration options puts tasks where you need them, in your face. Also allows for filtering, searching, alarms, and sub-tasks (Pro version). FREE and ($3.16 US) paid versions.

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Keith Olbermann: 'Fox News Is 100% Bullshit'

Keith Olbermann is anything but hesitant when it comes to a battle with Fox News, and the MSNBC anchor took to Twitter Wednesday to share his views on the TV network he probably wouldn't even call a rival. "Fox News is 100% bullshit," ...

News.me, Betaworks & NYT's Stealthy Social News Project, Starts ...

News.me, the stealthy social news project being developed by Betaworks in conjunction with The New York Times, has just started accepting invite requests. As part of the partnership deal, ...

Good news: School officials destroy girl's college plans over ...

Good news: School officials destroy girl's college plans over knife mix-up.

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Tuesday, December 28, 2010

Making Money Ebay

In 1995 I remember waiting in lines to buy Windows 95. It effectively ended the design lead Apple had for 11 years in personal computers.

From then on Microsoft had both the thought leadership and the market share. Apple ended up with less than 10% market share. Microsoft had most of the rest.

Lots of people think that Apple could repeat 1995 in 2011. This time with iOS instead of Macintosh OS and with Google in the place of Microsoft.

We forget one little thing: 1995 was different.

Here’s how.

In 1995 Microsoft had a HUGE marketshare lead with DOS. That meant it had a huge army of developers who didn’t want to switch over to Apple’s system, which they saw as very closed and inflexible. I remember developers coming into the consumer electronics store I helped run in the 1980s and they’d complain bitterly about Apple’s policies (Apple was far less flexible back then than it is today and forced developers to fit into a “look and feel” set of guidelines).

But I look at who is making money. Back in 1995 developers were mostly making money from DOS. Remember, this caused WordPerfect and Borland to make bad bets. They bet on DOS for too long, while Bill Gates went and built some of the first and best Macintosh apps. The lesson, though, doesn’t pass from 1995 to 2011. Today where are most of the developers making their money? iOS (according to Sephora, Starbucks, OpenTable, eBay, and many other developers). So, Android has to convince developers to switch, or do both platforms at same time. That’s quite different.

Plus, back in 1995, who owned the best distribution and supply chains? Microsoft did. Today? Apple does. Apple didn’t have stores back in 1995 which will ensure its products get seen in the marketplace. Back then Microsoft could outspend Apple for shelf space at Frys and other retailers. Plus, Microsoft’s model of having many OEMs building hardware for its OS was far superior to Apple’s approach. Today that’s not really true, because the OEMs aren’t really able to bring that much value to the table and Apple has the best supply chains in China locked up (I visited one of them about two years ago and keep in touch with the folks there and that’s still the case). So, it’s not very likely that a Google phone will ship with better screens or better materials. At least not in volume. That is a huge difference from 1995 to today.

Other differences? Apple has outspent Microsoft on Advertising around the world. Look at this picture. It’s in Paris subway. Apple bought every square inch of advertising space (it bought the entire subway system’s advertising space, it seemed, iPad ads were plastered down the entire trackway). Google isn’t able to get its message there. That didn’t happen in 1995. Remember how dominant Microsoft’s advertising was back then? Microsoft even convinced the Empire State Building to change its colors that evening.

Let’s go back to how closed Apple is. Most apps this month got approved in less than a week. Some even got approved in less than four days. During the Christmas rush. Is this as good as Android’s (you can ship in minutes) policy? No. But, on the other hand, there are quality controls which consumers appreciate. The apps — overall — ARE better on iOS than on Android. Just check out TweetDeck. It crashes every few minutes on my Android phone. Twitter isn’t nearly as nice. Facebook isn’t as nice. And most apps aren’t as well designed, nor crash resistant, as on iOS.

I am sensing a switch, though. Fred Wilson is leading the charge. But other developers are grumbling about Apple and want there to be an alternative and they are all comparing notes with each other. “How’s Angry Birds doing with its advertising-only Android apps?” they ask. Very well, the answer comes back. So that means more developers will take the bet on Android, but so far I haven’t seen many go “Android only.” Why not? Because they know most of the PR comes from journalists who use mostly iOS devices and most of the best users are on iOS devices too (Sephora’s lead mobile developer told me 80% of the users who pull out a mobile phone in her stores are using iOS, that is echoed by nearly every developer I talk with). Even Swype, which has been kept from delivering their keyboard on iOS devices showed me a prototype of it running on an iPad and the inventor whispered “if Steve Jobs wants to talk, we’d love to ship this on iOS.”

So, when someone says that Apple is repeating the mistakes of 1995 (yes, I’ve been guilty of saying that in the past couple of years too) you should tell them that 2011 is not even close to the same set of conditions as 1995 has.

The Education Tech Series is supported by Dell The Power To Do More, where you’ll find perspectives, trends and stories that inspire Dell to create technology solutions that work harder for its customers so they can do and achieve more.

Non-profit organizations and passionate individuals have found a slew of creative ways to leverage social media and the class='blippr-nobr'>Internetclass="blippr-nobr">Internet to make the world a better place. Online campaigns help provide clean drinking water, food and malaria-preventing bed nets to people who need them.

Creative uses of the web are helping to provide and enhance education. These four projects, for instance, found innovative ways to help build schools through digital campaigns.

1. Epic Change

Epic Change has become a model for raising money using social media. Since 2008, its annual TweetsGiving has asked people to tweet about what they’re thankful for while making a donation. The strategy was so successful that #tweetsgiving became a trending topic on Twitter during the first year’s campaign.

Starting out, the benefactor of TweetsGiving was a school in Tanzania that was founded by Mama Lucky Kamptoni, a passionate local woman who started the school using money she earned from her poultry business (now there are two more benefactors). Epic Change wanted to help her rebuild and expand the school.

The organization also launched To Mama With Love, a website where users can make a donation by creating a “heart space” for a mother they care about. The “heart space” is a collection of photos, videos and words dedicated to that mother. Other people who care about that mother are invited to donate in her honor.

From one of the classrooms that was built using donations from these campaigns, the students now tweet and connect with the rest of the world.

“So often, we hear the stories of children in the so-called ‘developing’ world from the perspective of the media, non-profits or friends who have traveled or volunteered,” explains the Epic Change Blog. “What happens now – when these students can share their own stories, and build relationships with the rest of the world, for themselves? How will the world be different when these children, who live so geographically far away, move into our virtual backyard? What difference will it make in their lives to know that their voices will be heard?”

2. Stillerstrong

When Ben Sitller launched the Stillerstrong campaign on YouTubeclass="blippr-nobr">YouTube, Twitterclass="blippr-nobr">Twitter and a branded website, he did it with a video that poked fun at Lance Armstrong’s Livestrong campaign. It was hard to tell if he was kidding.

But the campaign, which sells Stillerstrong headbands and accepts donations by text message and credit card, has raised about $300,000 to help provide temporary schools for Haitians displaced by January’s earthquake. At the time the campaign was announced, the organization and its partners Causecast and the Global Philanthropy Group were expecting each school to cost between $45,000 and $55,000.

3. TwitChange

Instead of auctioning off celebrity memorabilia to support a charity, TwitChange hosts eBay auctions for celebrity Twitter interaction. The donation’s bidders put down to have a celebrity follow them, retweet their tweet, or mention them in an update. The proceeds go to aHomeInHaiti.org, which will use them to build a home and school for children with disabilities in Haiti.

The first auction in September raised $531,640.25. The website instructs us to “stay tuned for the celebrity tweet auction coming this holiday season.”

4. University of the People

Less of a “campaign” than a full-blown effort to democratize education, University of the People provides tuition-free higher education through an online campus.

Since launching last year, the university has accepted about 700 students from 100 different countries to its three- to four-year programs for business and computer science. Recently the university opened computer centers in Haiti so that students with limited Internet access could enroll in its courses.

“I do believe that if we take the millions of people around the world who could not afford going to university and teach them tuition free, we’re not only changing their lives, and their family’s lives, we also change their communities, their countries,” founder Shai Shai Reshef says. “And if we have a lot of them, we will change the world for a better world.”

Series Supported by Dell The Power To Do More/>

More Social Good Resources from Mashable:

- How Online Classrooms Are Helping Haiti Rebuild Its Education System/> - Why Social Media Is Reinventing Activism/> - 5 Creative Social Good Campaigns for the Holiday Season/> - 4 Real Challenges to Crowdsourcing for Social Good/> - 9 Creative Social Good Campaigns Worth Recognizing

Image courtesy of iStockphotoclass="blippr-nobr">iStockphoto, urbancow

For more Social Good coverage:

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'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

A murder investigation is under way in England today after police confirmed that a 25-year-old landscape architect, whose snow-covered body was found on Christmas Day by dog walkers, was strangled. Detective Chief Inspector Phil Jones ...

The Best of 2010's Animals in the News

2010 produced many weird, far-out, bizarre photos of people. But let's not forget all of the animals that made headlines over the past 12 months: from a rhino cow, penguin santas and lip-syncing monkey, we offer some of the best.

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'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

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'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

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'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

bench craft company scam

'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

bench craft company scam

'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

bench craft company scam

'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

bench craft company scam

'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

bench craft company scam

'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

bench craft company scam

'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

bench craft company scam

'You lie!' Clarence Page calls Fox News Channel's 'fair and ...

Chicago Tribune takes a dig at the cable news channel for the second year in a row.

UK Police Hunt Killer of Landscape Architect Joanna Yeates

The Best of 2010's Animals in the News

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Thursday, December 23, 2010

personal finance blog

The public knows more about New Hampshire Republican Sen.-elect Kelly Ayotte thanks to the watchful eye of the Center for Responsive Politics.

On Tuesday, OpenSecrets Blog reported that the Center's review of documents on file with the Senate Office of Public Records showed no personal financial disclosure report for Ayotte for calendar year 2009, which by law senators and Senate candidates must file in mid-May.

Today, Ayotte campaign spokesman Jeff Grappone told OpenSecrets Blog that failing to file in May was an oversight and that Ayotte has submitted her paperwork. Late filing can earn politicians a $200 fine. Grappone could not immediately confirm if Ayotte, New Hampshire's former attorney general, included a check for this penalty with her filing.

"Having received no additional income, we were unaware that she needed to file an additional form," Grappone said in an e-mail to OpenSecrets Blog. "She has now completed the additional form and submitted it to the Senate."

Disclosure rules require any individual Senate candidate who raises or spends more than $5,000 to file a personal financial disclosure report within 30 days of meeting that financial threshold. The candidate must continue to file annual disclosure reports every year he or she continues to be a candidate.

Furthermore, the "willful falsification of information of failure to file or report information required" can lead to a civil penalty up to $50,000, disciplinary action by the Senate Select Committee on Ethics or criminal prosecution

On the final page of her filings, Ayotte affirms that the "statements I have made on this form and all attached schedules are true, complete and correct to the best of my knowledge." That same page clearly states candidates are required to file within 30 days of becoming a candidate and again "on or before May 15 of each succeeding year an individual continues to be a candidate."

You can download a copy of the report obtained by the Center for Responsive Politics here: Ayotte2010.pdf

The Senate Select Committee on Ethics, which oversees compliance with the filing of personal financial reports, typically reminds all candidates and senators of up-coming deadlines. All correspondence between the ethics committee and filers is confidential and not publicly available.

Grappone told OpenSecrets Blog on Wednesday: "We did not receive correspondence from the committee regarding this."

John Sassaman, the chief counsel and staff directory of the Senate Ethics Committee, told OpenSecrets Blog he was unable to comment on the specifics of any particular case.

Ayotte did file a
personal financial report covering her assets and liabilities for 2008. That document was
filed in 2009 with the U.S. Senate -- and she amended it in January
2010.

Update: 5:20 p.m.: Ayotte's new report does not show a change in assets, but it does show a change in liabilities -- a change that lifts her family's overall financial status.

Her filing for calendar year 2008 showed a dozen liabilities -- mostly truck loans and equipment loans for her husband -- totaling between $190,000 and $475,000.

Her new filing, which covers calendar year 2009, lists five liabilities, again all for her husband. His loans: an equipment loan valued between $15,000 and $50,000, and four truck loans with a combined minimum value of $55,000 and a combined maximum value of $165,000.

Lawmakers are only required to disclose their assets and liabilities in broad ranges, so it's often impossible to know exactly how much an asset or liability is worth. It's also impossible to calculate lawmaker's exact net worth.

Ayotte might have been in the black or the red in 2008, but her new filing shows her clearly in the black.

In 2008, her minimum net worth was -$173,000, while her maximum net worth was $665,000, based on the Center's analysis of the assets and liabilities reported for her, her husband and their children. In 2009, meanwhile, according to the new filing, her minimum net worth rose to $87,000, while her maximum net worth rose to $785,000.

Between 2008 and 2009, Ayotte's average net worth increased 77 percent -- or $190,000 -- going from $246,000 to $436,000, according to the Center's research.

The Center presents information about the personal finances of all sitting senators and incumbent House members in a database on OpenSecrets.org.

“Most importantly, you’ll engage with like-minded people who are interested in pursuing big goals while changing the world. Speakers and workshop leaders will merge inspirational stories with practical info, showing how they’ve crafted their own adventures and helping you build yours.

How can you travel the world? How can you start a small business? How can you build a legacy project? The World Domination Summit is a gathering of incredible people from all over the world designed to answer these questions and more.”

The above paragraphs from the World Domination ‘un’convention convention website I like. The whole “oooo, we’re so unconventional and everyone else is so conventional and always trying to make us conform” … bleh. Perhaps I’m a party pooper but I tend to find stuff like this a little too self-congratulatory, too forced … just plain too pretentious.

LOL, or maybe that just says something about me. <>

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Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

Today I'm very excited to tell you that Health 2.0 News is launching. We've had the Health 2.0 Blog for several years now and of course have extensively covered the world of Health 2.0 and the Health 2.0 Conferences on THCB. ...

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Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

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Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

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Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

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Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

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Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

bench craft company scam

Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

bench craft company scam

Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

bench craft company scam

Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

bench craft company scam

Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

bench craft company scam

Obama news conference: liveblog – CNN Political Ticker - CNN.com Blogs

Washington (CNN) -- President Barack Obama held a news conference Wednesday to discuss the lame duck session of Congress and plans for the upcoming year.

Neandertal Relative Bred With Humans - Science News

Previously unknown Siberian group left fingerprints in some humans' DNA.

The Health Care Blog: Health 2.0 News launches

bench craft company scam

Wednesday, December 22, 2010

Making Money Now

Theory has it that Canadian banks are in far better shape than their US counterparts. If so, it's primarily because the Canadian Central Bank (Bank of Canada) has assumed nearly all the default risk on Canada's massive property bubble.

Is that supposed to make everyone stand up and salute the Loonie?

One key point that has recently come into the spotlight is Canadian citizens are not in better shape than their US counterparts. All those going "rah rah" over the Loonie, might be advised to consider some of the following articles.

Canadians warned to rein in borrowing on cheap money before it's too late

Bank of Canada governor Mark Carney issued a staunch warning to Canadians about the perils of cheap borrowing Monday, just as fresh data suggested household debt-to-income ratios have jumped to record highs.

"Household debt levels are at unprecedented levels relative to income — the level of vulnerability of households remains high," Carney told a news conference after a speech in Toronto.

Statistics Canada said Monday the ratio of debt to disposable income rose to 148.1 per cent in Canada in the third quarter — a close to five point jump — slightly ahead of the U.S. ratio of 147.2 per cent.

TD Bank chief economist Craig Alexander said it was natural that the government would explore ways to constrain borrowing, but said he also does not believe the situation has reached a crisis.

Apparently TD Bank chief economist Craig Alexander thinks it's best to wait until there is a crisis to do anything about it.

No doubt Alexander is a big believer in the Greenspan methodology of dealing with bubbles after they burst even though we have already seen the disastrous results of such complaisance.

Here's another good one from up North: Consumers warned: 'brutal reckoning' ahead

Bank of Canada governor Mark Carney issued another stern warning Monday on Canadians' appetite to take on record levels of household debt, which some analysts took as a signal he is set to raise interest rates as soon as the economy improves.

"Cheap money is not a long-term growth strategy," Carney said. "Low rates today do not necessarily mean low rates tomorrow. Risk reversals when they happen can be fierce: the greater the complacency, the more brutal the reckoning."

In Ottawa, Finance Minister Jim Flaherty said his government could tighten mortgage eligibility rules for a third time, if required, to keep credit growth in check.

Based on conversations he's had with banking executives, "there is no reason for extreme concern right now," Flaherty said. "But there is a reason for concern. So if it is necessary, we will toughen up the mortgage rules some more."

What's with this "no reason for extreme concern right now" nonsense? The Canadian property bubble is of epic proportion.

Flaherty too, appears to be a proponent of the Greenspan theory that bubbles can only be recognized in hindsight.

Blue Ribbon Complacency Awards

The blue ribbon for complacency goes to the Bank of Montreal for Debt picture not so bleak

Statistics Canada released data Monday showing that Canadian household debt has risen to 148 per cent of disposable income. The eye-popping figure is all the more alarming considering it's the first time since the 1990s that Canada's ratio has been higher than that of the U.S.

Alarm bells rang everywhere from the Bank of Canada to the Finance Department on Monday, and Canadians were urged to tighten their belts and prepare for a time of austerity.

But a closer look at the numbers indicates the picture might not be so bleak.

"The continued laser-like focus on debt overshadows the other half of the balance sheet," BMO chief economist Doug Porter said Monday.

Namely, Canadians are borrowing. But they're also saving, and they're worth more than they used to be.

Balance Sheet Theory Madness

Porter's statements are exactly the same kind of silliness we heard in the US regarding the central belief "massive debt is OK because it's supported by rising asset prices".

It was bad enough that anyone believed such nonsense a few years ago before the US property bubble blew sky high. That such beliefs still have proponents at the highest level of Canadian banks now seems rather amazing.

It just goes to show just how firm the belief "It's different here" is in Canada.

When housing prices crash, and especially if the stock market goes with it, what's left of Porter's "Balance Sheet Theory" will look something like a moldy slice of 3-year-old Swiss cheese.

Banks Won' Lead The Way

Toronto-Dominion Bank chief executive officer Ed Clark says Banks won't lead way on fixing debt problem.

If policy makers want Canadians to stop borrowing too much, it’s up to Ottawa, not financial institutions, to force a change in behaviour, says one of Bay Street’s longest-serving senior bankers.

Toronto-Dominion Bank chief executive officer Ed Clark acknowledged Canadians’ alarming debt levels, but said the issue is a matter of public policy and would be best resolved by a tighter government rules on residential mortgages.

In an interview with The Globe and Mail, Mr. Clark said that no bank wants to be the first to impose stricter requirements on borrowers out of fear that it will suffer a major loss of customers to rivals. Personal banking “is a highly competitive industry,” Mr. Clark said. “If we said ‘Look, we’re going to be heroes and save Canada from itself, and we’ll impose a whole new regime on everyone else,’ the other four banks would say ‘Let’s carve them up.’ ”

Mr. Clark said it is impossible to expect any bank to crack the whip on borrowers because “market share loss is perceived as a strategic loss, not just a numerical or dollar loss.”

Dance Until The Music Stops

Clark sounds like he's a big believer in the Chuck Price Music Theory best described in retrospect as "Keep dancing until you dance out the door".

Flashback July 10, 2007: Quotes of the Day / Top Call

Chuck Prince - Citigroup CEO

No End Soon to Buyout Boom: “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing".

Mish reply.

If ever there was market arrogance, the statements by Chuck Prince says it all.

In an interview with the newspaper, Prince said the boom will eventually end, but will continue for now because markets have plenty of liquidity, despite turmoil in the U.S. subprime mortgage market. He denied Citigroup was pulling back, the newspaper said. "When the music stops, in terms of liquidity, things will be complicated," he said. "But as long as the music is playing, you've got to get up and dance. We're still dancing.

Prince added: "The depth of the pools of liquidity is so much larger than it used to be that a disruptive event now needs to be much more disruptive than it used to be. At some point, the disruptive event will be so significant that, instead of liquidity filling in, the liquidity will go the other way. I don't think we're at that point.

My comment at the time was "I leave it to you to decide whether or not this is the 'last dance'".

Flashback November 02, 2007: Music Stops for Chuck Prince

The party is over and the music has stopped for Chuck Prince. His last dance is a two-step out the door. Citi's Prince Plans to Resign.

Moral-Hazard Position of Bank of Canada

Toronto-Dominion's CEO does not give a damn about fundamentals, about acting on their clients' interests, or for that matter acting on shareholder interests. Clark's only concern is in not losing market share to the other Canadian banks until the whole mess blows sky high.

Canada's banks clearly don't care what happens as long as they can pass the trash to the Bank of Canada, the Canadian equivalent of Fannie Mae.

Clark's statements, as well as statements made by the chief economists of BMO and Toronto-Dominion, put a spotlight on the decidedly stupid moral-hazard mess the Bank of Canada has gotten itself into by backstopping mortgages of Canadian borrowers.

But hey, look on the bright side. The music is still playing. In memory of Chuck Prince, Keep on Dancin'

Addendum:

I said Bank of Canada in a couple of places where I should have said CMHC.

Here are a couple of corrections from Canadian readers.

"RP" Writes ....

Quick corrections here Mish. Mortgages in Canada are guaranteed by the CMHC, which is a crown corporation equivalent to Fannie Mae. Anything less than 20% down requires this insurance, so that's the source of the Canadian banks' "health". The loose lending standards were set by the current "Conservative" government, a few months after they came in office. We had 0 down, 40 year mortgages insured by the government for a couple of years. Now it's officially 5% down and 35 years, but every bank will lend you the downpayment. The government also insures mortgages for rental properties.

Similarly, "MS" writes ....

Hey Mish,

One inaccuracy that should be corrected. It's the CMHC (Canada Mortgage and Housing Corporation) that serves as the equivalent to Fannie and Freddie, not the BoC. The CMHC insures mortgages for below market rates, and the major banks pass along their loans to them.

The Conservative government ordered the CMHC (a crown corporation) to insure some $300 Billion in additional mortgages during the crisis - nearly double their previous holdings. It is this that has buoyed the Canadian R/E market since then. Banks don't worry about credit worthiness, because the CMHC will take it anyway in order to meet their quota.

"Moi" Writes ....

Mish you are one of the few Americans that seem to "Get It". So many of the other US financial writers talk glowingly about how sound Canada is financially and how the Canadian banks did not take part in the risky lending practices that the US banks have taken part in. This is complete and utter BS!! The Canadian banks are doing the same sort of zero down or variable rate mortgages it's just they have none of the risk to worry about. 600 Billion dollars worth of that mortgage risk is held by the government of Canada thanks to the Canada Mortgage and Housing Corporation (CMHC). There are cash back mortgages every where in this country. In other words come up with your measly 5% down payment and the bank will give you 5% back. So here in Canada we proudly brag about how we do not have zero down mortgages, we just call them by a different name. Also, if you do not have 5% to put down no problem. All of the banks will loan you money to by an RRSP (IRA), you can than cash that RRSP to be paid back later and use that as your 5% down payment. Voila, zero down mortgages.

The Canadian Association of Accredited Mortgage Professionals came out last month with their "Good News" annual report last month. Just like the Real Estate Industry, all news is good news. Take a look at the numbers. At these absolutely rock bottom interest rates:

100,000 mortgage holders would be in trouble with any rate move.
350,000 mortgage holders would be in trouble if rates only go up less than 1 percent.
250,000 mortgage holders would be in trouble if rates went up between 1 and 1.5 percent.

So, if interest rates which are at Century lows went up a measly 1.5 percent, 700,000 mortgage holders in Canada would be in trouble. What if they went up 2 or 3%? It would be mortgage Armageddon in Canada. This is how precarious our housing market. The following link gives you just one tiny example of why Canadian housing is a house of cards that could topple at the slightest touch.
http://whispersfromtheedgeoftherainforest.blogspot.com/2010/05/pardon.html

http://www.theglobeandmail.com/report-on-business/canadian-mortgage-debt-tops-1-trillion-for-first-time/article1789172/

5% or more cash back mortgage:

http://www.tdcanadatrust.com/mortgages/5_cashback.jsp
http://www.rbcroyalbank.com/products/mortgages/cash-back-mortgage.html

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

"Being good in business is the most fascinating kind of art," Andy Warhol famously said. "Making money is art and working is art and good business is the best art." Having gotten his start as an immensely successful commercial artist selling product illustrations to advertisers and department stores, Warhol bent the American consumerist system to artistic ends throughout his career -- embracing capitalism at a time when many in the creative sphere viewed it skeptically, if not with outright hostility. Now a new exhibition at the Indianapolis Museum of Art called "Andy Warhol Enterprises" has seized upon a recent resurgence of interest in the artist's work to closely examine just how Warhol treated business, commerce, and, above all, money in his art and life.

At an economic moment when the art market is booming -- with a Warhol painting selling for $63.4 million at Phillips de Pury last month -- as the rest of the country struggles through a grueling recession, wealthy businessmen have been demonstrating extraordinary confidence in art as a liquid financial asset. Warhol, it could be said, took the opposite approach -- he saw business as a dependable artistic asset. To discuss the ways in which the Pop artist approached this sweeping subject, ARTINFO executive editor Andrew M. Goldstein spoke to the exhibition's co-curator Sarah Urist Green, who organized the show with art critic Allison Unruh.

One of the interesting things about your exhibition is that it is sponsored by PNC Bank, which is in itself a commentary of a kind on the relationship between business and art.

When I got a call from Max Anderson, our director, asking if I would be interested in curating a show in conjunction with PNC bank and the Warhol Museum, my first reaction was a little bit hesitant. But I thought, "Warhol certainly wouldn't mind having a show sponsored by a bank. He would probably have really liked it." And I love the fact that Warhol had the corporation Andy Warhol Enterprises -- it has always stood out to me as a really fine example of Warhol as an entrepreneur -- and Andy loved money. So I though lets do a show about Andy loving money, but in a critical, engaged way.

Did they have any part in coming up with the show's conceit?

No, this is something that we pitched to them. And they loved it. I especially thought it was hilarious that for once we would be able to even flaunt a sponsor's name and logo in conjunction with the exhibition. Whenever we were creating collateral for the show I was able to say "don't forget the logo" and "make the logo bigger."

The exhibition catalogue shows Warhol as a shameless self-promoter, even appearing on Japanese film ads like the cliché of Bill Murray's character going to sell Japanese whiskey in "Lost in Translation."

That's perfect, right? But he was doing that from the beginning. Something we didn't have an image of in the catalogue but that was always in my mind in developing the show was the classified ad he put in the Village Voice in 1966 that said, "I will endorse with my name any of the following" and then it was just a list of all of the things he was happy to endorse, which included "anything." So he was a bit of a whore, as it were, from the beginning. One of the ideas that we have really tried to work against in this exhibition is that there was a turning point in Warhol's career -- this idea that before he was shot there was a certain integrity to his work and after a turning point it all dissipated and he became a servant to celebrities and society members. I don't believe that that is true. He even said later in his career, "I was always a commercial artist."

That is so interesting because that recent biography of him, Pop: The Genius of Andy Warhol, ends when he was shot in 1968, essentially condensing the last two decades of his career into a few paragraphs, largely dismissing it as commercial work.

I know. It's a great book, it's excellently researched, has great material, but it just ends! He was shot in 1968 but he didn't die until 1987. It is really incredible that that perception persists -- I mean, it is really prevalent, especially, of that generation. This exhibition is one of several in the past few years that is re-examining his later work including the "Last Decade" show and "Pop Life." These other exhibitions are looking at his later work in a fresh light. But I feel sometimes that the members of Warhol's own generation, or the people who were there, were sometimes clouded in their judgment and unable to see the irony of his later work.

I think it is so interesting your catalogue opens with a picture of Warhol sitting behind a desk. I can't think of another artist, like that, sitting behind a desk. Even Jeff Koons or Damien Hirst wouldn't take that picture.

Oh, no. You have seen pictures of them at their desk in their studios, maybe sitting with desks or papers or tables behind them, or maybe at a computer, but not this -- in such an officious role! I love that photo. It hasn't been published very much, and it was really important to us to include it. There is actually another version of this photo that is backed up a little more and it shows that, to the right of the telephone, there is a TV facing him.

The essays in the catalogue present Warhol as this businessman sitting behind a desk, running Warhol Enterprises, concocting a new moneymaking scheme every day, wearing a tie, and flying by Concorde. And it certainly worked: the final valuation of his estate was $228 million.

That's correct, though I'm not sure exactly how the Warhol Museum came to that figure. I am pretty sure that it is the valuation of his work at the time of his death plus all of the other art work he collected, because he had quite a collection of decorative art and some work by other artists, as well. Also, it includes his real estate holdings.

So, just like any other CEO.

Exactly. In the exhibition we have a portfolio that says "Andrew Warhol Enterprises Inc." on the front and it sort of goes through the value of his estate in 1965, and lists artworks that he owned -- some small Rauschenberg works and other items. But he did amass quite a bit of wealth in his days. Even in the 50s, in the first decade of his career, he did amazingly well as a commercial artist. So he was very well off even before he became famous.

What was he like as a boss?

As a boss? Well, we interviewed Vincent Fremont in the catalog and that is one account of many accounts, but at a certain point in my research it became unhelpful to read the accounts of everyone who worked for him. The people who were very close to him seemed to love him, like Pat Hackett [Warhol's secretary]. While they had not an uncomplicated relationship with Warhol, they certainly had extreme fondness for him. But then you read accounts like Bob Colacello's "Holy Terror" and you see a different side but one that is cited often, the flip side of Andy Warhol, where while he could be incredibly encouraging to other people, to other employees, other artists, he was also pretty cruel in certain regards as well.

What fascinates me is that while he presents this image as a business man -- "the business artist" -- his own management of his affairs was much more like an artist. He hardly paid anyone except with drugs, or parties, or the occasional lunch money.

Part of Warhol's brilliance at an early age was getting people to help him for free. In the 50s he would have these coloring parties where he would invite his friends to Serendipity 3 to help him hand-color his blotted line drawings, and he had his mother help him as well. He certainly had paid assistants, too. All of his films made it look like people in the factory were just sitting around, but he was certainly very good at getting people to work for him for free, and I'm sure it was mutually beneficial. It turned from the "Factory" into the "Office", and his staff members grew as his life progressed. But he certainly did know how to run a business and get the most out of his employees.

Did they have health care? Or anything like that?

I don't know, but there is a great Warhol quote: "Employees made the best dates. You don't have to pick them up and they are always tax deductible."

It is funny to think about how much of a chaotic mess his workplace was.

Well, you see the time capsules, and you get a small glimpse of his business life because the time capsules were basically his sweeping off his desk every so often and putting it in a box. And if you go to the Warhol Museum archives and you take a peek in those time capsules, it is really astounding the amount of stuff that almost anyone would throw away that Warhol kept.

What stands out in your memory?

Ticket stubs, taxi receipts, small notes about his finances. If you look in his diaries, you will see that the "Andy Warhol Diaries" actually originated because his accountant wanted him to track his daily expenses, and then it expanded from there. But it will say "taxi, 3 dollars" and so on. That is in the "Andy Warhol Diaries" that Pat edited. He would call her in the mornings and she would transcribe his day-to-day activities for many years. And some of them... I mean, it's funny, but pretty tedious at a certain point. He will say who he went out with the night before, who was at Studio 54, et cetera. They also found in the time capsules over a thousand dollars in cash that he just stuck in one of the boxes. I tried to get that for the show, actually, but I think they gave it to the Warhol Foundation.

Continued...

Visit "The Business Artist: How Andy Warhol Turned a Love of Money Into a $228 Million Art Career" on ARTINFO for the rest of Andrew Goldstein's interview with IMA curator Sarah Urist Green about the themes in her probing exhibition, including a discussion of Warhol's role as Factory foreman, his money paintings, and his vulgarity, and to see a slide show of Andy Warhol's most famous money-making works.