Judge Taft Carter decision in the Providence Medicare case on Monday contained this rather odd passage: Moreover, the Court notes that $6 million in lost savings although hardly a paltry sum is less than 1% of the City approximate $1.5 billion in liabilities for non pension post retirement employment benefits. Immediate receipt of these alleged savings would not save the City from financial ruin. The $1.5 billion is how much the city projects it owes them in health benefits forever. Think about it: by Taft Carter logic, the pension law passed in November had a negligible impact, because the $128 million it saves in the 2012 13 state budget is only about 1.8% of the old $7.3 billion unfunded pension liability. But the number people care about is the dropin the unfunded liability to $4.3 billion, a 41%reduction. A more apt comparison would be how important the $6 million is in balancing Providence 2011 12 budget. If we take the original projected deficit for Providence $110 million the Medicare savings closes more than 5% of the shortfall. Or if we take the remaining deficit for this year about $30 million it equal to 20% of the shortfall. If, on the other hand, Taft Carter wants a number that comparable to the $1.5 billion unfunded retiree health liability, she would need an estimate of how much the move toMedicare shaves off that figure. It not clear to me if that figure is available, but it would be substantially more than $6 million. An earlier version incorrectly described the reduction in thepension liability as 59% rather than 41%. (WPRI) The city of Providence suffered a costly legal defeat on Monday as a judge ruled the Taveras administration can force its retirees to sign up for Medicare next month. Superior Court Judge Sarah Taft Carter, who ruled against the state government in a major pension case last year, granted Providence retirees an injunction that blocks the city from moving them and their spouses to the federal health insurance program for the elderly until a full trial is held. is clear that the city continues to suffer a sever financial crisis, Taft Carter wrote in her decision, and therefore has legitimate public purpose for moving the retirees to Medicare. But she blamed the city for failing to take steps to scale back its promises to retirees in contracts signed before the current crisis. The judge decision and her skepticism toward the city claims is likely to raise alarm bells at City Hall and on Smith Hill, as the Medicare case was widely seen as a test of both Providence and the state ability to get courts to allow changes in the generosity of benefits promised years ago. Brown University and the Taveras administration are at loggerheads over how much the school should increase the annual payment in lieu of taxes it makes to Providence city budget. The numbers at issue sound big the city says the original deal that Brown backed out on was for $5 million a year, and the university is now offering $3 million. university contributes to its local community, Brown President Ruth Simmons wrote in an email to the university community last week. Well, PolitiFact is nothing if not dogged (as well as controversial), and my post led the fact checking site Gene Emery to take another look and he wound up proving the port association wrong. Emery original item said Rhode Island was fourth cloest to Europe among major East Coast ports the crow flies, citing Google Maps as a source. But maybePolitiFact is, too. After that item ran, however, a reader wrote to me and suggested there may be more to the story, because vessels travel not as the crow flies but rather in designated sea lanes. Since developing the port is a key priority for the Taveras administration, I decided to get a second opinion. so much, PolitiFact says: So we turned to Google Maps, and asked for the distance, as the crow flies, to Dublin (to pick a relative landmark). Here the result: Women Nike Free Run 2 Grey White Green ,Men Nike Free Run 3.0 V4 Dark Grey Wolf Grey Women Nike Free Run 2 Drench Blue Orange White Nike Roshe Run Men Grey Volt Nike Roshe Run Men Grey Yellow Men Nike Free Run 2 Shield Stealth Black Yellow Grey Men Nike Free Run 2 Anthracite White Green Grey Black Men Nike Free Run 2 Shield Stealth Black Orange White Men Nike Free Run 2 Anthracite Grey White Black Yellow Nike Roshe Run Men Grey Black New Green With Lehman (LEH) in Chapter 11, AIG (NYSE:AIG) just downgraded three notches by S and potentially following Lehman's fate in the near future, who else will be the victim of this financial tempest? If the Bernanke Paulson team continues the policy of trying to patch the holes without addressing the actual problem, unfortunately the answer will be everyone, although some will suffer earlier than others. First we are going to see more pain among the major banks driven by further writedowns. Mark to market has been the main source of trouble so far and it will continue to occupy the main seat for the next several months. There are three things in play here: Mark down of already discounted assets to reflect latest pricing: An example of this is Citi (NYSE:C), which currently holds $20B in commercial real estate assets which it has only slightly marked down and which, judging by this weekend's Lehman talks, are not held in very high regard by other banks. Mark down of assets that were previously undisclosed: Except for MBS, who really knows what's lurking on the balance sheets? While MBS have certainly been toxic, the performance of other securitized instruments like credit and auto loan securitizations is rapidly deteriorating, and with hundreds of billions outstanding, banks are bound to hold a significant amount. And then who knows what was the exact exposure of each bank to Lehman's debt Citi was a trustee for $130+B, Bank of NY for another $15+B, someone actually holds these assets, and that someone will have to take heavy marks. Mark down of assets that were "hedged": This is one of the devastating effects of Lehman and potential AIG fall out a lot of the assets were considered hedged, but with the CDS counterparty disappearing, they all have to be marked down to market values. This will put big (potentially lethal) dents in banks' capital ratios. While the writedowns have been huge so far, they are dwarfed in size by the estimated credit losses of commercial banks that for the most part have yet to recognize them. Washington Mutual (NYSE:WM) has been among the leaders in disclosing its holdings, recognizing the losses and raising capital. However the main result has been to focus investors' attention on them, rather than others. banks. Hundreds of banks would be effectively insolvent right now if they marked down their holdings to WaMu's standard, however they choose to use optimistic assumptions in their models, assume that their loss rate on mortgage (that account for 65% of average bank assets) will magically improve in the next quarter, and keep plugging along. will avoid a Japan style recession because banks recognize the losses quickly. This has only been true of the broker dealers, while the commercial banks have chosen the "Japanese" path, leading to a potential dragged out recession. The alternative to this is equally scary though failure of WaMu, crisis of confidence, rush to withdraw money and, again, bank failures on massive scale. To suppose that the rest of the economy will remain unaffected by the financial Armageddon is optimistic, to say the least. We are already seeing a reduction of demand in non consumer discretionary industries (like Dell's (NASDAQ:DELL) warning yesterday), and plummeting earnings will follow soon. Then we will see further increases in unemployment, decreasing demand for durable goods, causing further decline in employment, more declines in housing, and with all that more drops in the stock market. government. The budget deficit will climb as the FDIC, after riding to the rescue of failed banks, will need to be recapitalized, Fannie (FNM) and Freddie (FRE) will need more money, and tax revenues will drop off more. economy and falling oil revenues for the Saudis and Russians. This will mean the rise of real long term yields, which will be a significant impediment to future growth, and also may precipitate a prolonged bear market a la 1970s in which multiples compress given the increasing attractiveness of bonds. Add to that the increasing reluctance of investors to lend to financial institutions, as they keep discovering they're much more risky that previously thought, and we get even higher real interest rates for the consumer, which doesn't bode well for long term prosperity. What is to be done? Unfortunately there are no gimmicks that the Fed can use that worked in the last recessions. Interest rate changes have not worked: even though the Fed rate has come down, corporate and mortgage rates have barely budged. Pumping in liquidity, a solution that Ben Bernarke thinks would have prevented the Great Depression and is actively pursuing right now, is not working either as the Fed has already exchanged a good chunk of its balance sheets for securities of dubious value while lending growth continues to slow. The issue is not liquidity when you are a bank holding souring mortgages you prefer to hoard cash rather than lend more, as you remain the owner of those mortgages whether you temporarily borrow against them from the Fed or not. The real giant problem is the lack of capital in the system. All banks are overlevered as even Bank of America (NYSE:BAC) only has $70B in tangible equity on an asset base of almost $1.7TR (prior to ML acquisition), and it is not immune to collapse if house prices drop another 20% which will happen in case of en masse bank failures. banking system that is not sponsored through further borrowing from foreign governments (which will lead to interest rate increases and long term decline in growth), but through a massive cut in non productive (and I'm not just talking defense) spending. Then the government can use those funds to buy preferred shares in all major banks, rather than pursuing sporadic bail outs that just shift market attention from one failing institution to another. The infusion will allow real capital ratios (not the bogus Tier 1 ratios which are used now) to go up to reasonable levels, lending to resume and interest rates for the consumers to come down. Over time, maybe 5 10 years, the banks can go back to 10x tangible equity/assets leverage and repay the government its preferred shares. Even with this measure the growth will be lackluster as consumers have to shift consumption into savings and reduce their historically high debt burdens to lower levels, but it can prevent an enormous crisis that may take decades to untangle. Women Nike Free Run 2 Grey White Green,There are three types of traditional clothing in China. All of these items use few stitches and are loose fitting with large sleeves. They are normally dark in color with intricate tapestry sew over the top. The pien fu looks like a tunic and is a two piece ceremonial costume that is made up of a knee length top and an ankle length skirt or trousers. The ch'ang p'ao is a one piece long garment that goes over the shoulders and flows down to the feet. The shen i is similar to the pien fu in that in comprises a tunic and a skirt or trousers. However, unlike the pien fu, the two items are sewn together. In 2001, China joined the World Trade Organization, and on Jan. 1, 2005, the final set of quotas on the Agreement on Textiles and Clothing (ATC) were abolished. Since these events, China's share of world textile trade has increased. According to the Congressional Research Service, between 2004 and 2005, world clothing exports increased by 6.4 percent but, in the same period, China's clothing exports increased by $12.3 billion, or 19.9 percent. clothing market. Since 2001, China has overtaken Mexico as the leading supplier to the United States, increasing its market share from 11.9 percent in 2001 to 22.6 percent in 2006. About the Clothing in China China is home to one of the oldest civilizations on earth. Traditional Chinese clothing styles date back thousands of years. Of course,. Facts About Fashion in China Facts About Clothing in China. In China, a distinctive traditional dress is still worn by many at formal occasions. However, for everyday. Information About Chinese Clothes and Shoes Comments You May Also Like. Writing Chinese Symbols for Clothing Shoes. Learn how to write pronounce Chinese symbols characters. Traditional Chinese Clothing for Children Traditional Chinese clothing for children has an internal symbolism that represents an event from the past or a tradition in the Chinese. Information on Chinese Fabrics in Clothes China boasts the first development of silk and still produces a fair amount of silk fabric today. In addition to silk, China. Facts About Chinese Traditions, Culture Costumes Facts About Chinese Traditions, Culture Costumes. . Traditions in Chinese clothing and costume can be traced back 4,500 years, when it. Description of Chinese Peasant Clothing Ancient China was a rich and powerful empire, but it had sharp divisions between the rich and the poor. The vast majority. Chinese Traditional Wedding Clothes Chinese weddings are symbolic and the same is true of the traditional wedding clothes. The clothes for both the bride and groom. Facts About Chinese Culture for Kids While China is roughly the same size as the United States in land mass, it is home to nearly 1.5 billion people. Materials Used to Make Chinese Clothing Silk material was invented in China and continues to be used there today. Interesting Facts on Chinese Culture Certain outfits and colors are worn for different occasions. Dark colored clothes are traditionally worn to special events and ceremonies. Lighter shades are. The Traditional Clothes of the Chinese China is a country with a history of traditions and rich culture. The country has seen reigns of several different dynasties, each. Chinese Painting Facts for Kids Teach kids about the long history of Chinese painting with a few important facts. . How to Dress in Male Ancient Chinese.
Save Up To 70 Off Discount In Our Outlet Store Women Nike Free Run 2 Grey White Green,Men Nike Free Run 3 Cool Grey Silver Sail University Red Concluding our 3 part series on bulletproofing your CORE, this final installment is a complete review of Tony Horton's P90X3. My personal interest here are the 30 minutes or less (for those with limited down time) exercises for developing the CORE and FAST TWITCH muscles (via plyometrics). Tony Horton is the creator of the world famous P90X and related programs with over 6.5 million copies sold to date. P90X3 is for anyone who wants to get ripped by working out just 30 minutes a day. Tony Horton not only gets you in the best shape of your life with P90X he keeps it fun, safe, and effective for people of all fitness levels. If you want exceptional results and aren't afraid of a challenging workout, P90X3 is the perfect program for you. My intention is NOT to follow this program to get ripped in 30 minutes a day or lose weight. Those are just added bonuses if it worked for me. My focus is to develop my CORE and FAST TWITCH muscles. You could follow any of the included programs or pick the ones that are relevant to your training. P90X3 has 4 unique schedules that include the same workouts, but differ based on your fitness goals. P90X3 Classic is a traditional balance of cardio and resistance for total body fitness. P90X3 Lean is for those who prefer a more toned look. P90X3 Mass is for increasing bulk while still getting ripped. P90X3 Doubles is for those who are ready to take it up a notch to accelerate both their fitness gains and weight loss. I focused on only 4 of the 16 workouts for now to develop my CORE and FAST TWITCH muscles: 4. Triometrics FAST TWITCH focus Just going through the 30+ minutes of each workout routine to full completion is a challenge. It will take more than (with extra rest in between) the initial length as you get used to it. And when you're done with the workout, you might not want to move again! I will do my training runs in the morning and pick one of the many workouts in the afternoons or evenings. P90X3 recommends 6 days of workouts a week with 1 day of rest. Do them at your own pace and make sure you have at least one day of rest. I started off with two to three alternating workouts a week. If you want to really follow the program, there is an included schedule that you can follow for the full 90 days. Watching the videos are one thing, doing the workouts is another. I usually watch the whole workout video to familiarize myself with the moves or poses before actually going through a complete 30 minute workout. Some may LOOK easy but I guarantee you they are NOT try the Warrior 3 pose (airplane in Isometrix) for 45 seconds! And you will burn your muscles the first three weeks. But keeping doing it as long as possible to retain the progress from each week never stop for more than two weeks or everything you have gained (progress) are lost RESET. In terms of shoes, make sure you wear minimalist shoes that are flexible, low stack height, and wide toe box like Merrell Vapor Glove, Vibram Five Fingers Spyridon LS, and SKORA FIT, just a few of my favorites for workouts. Cross flit shoes like the New Balance Minimus MX20 is also an option. In general, even if you are not training for any competitive events, going through some of these workouts will still help and complement your strength training. You will feel better overall but most important of all, injury resistant with a bulletproof CORE. One of my colleague is training for the Ironman and he has already gone through all the SMRT CORE DVD, INSANITY, and P90X workouts he swears by it. So mix it up! Minimalist Running Shoes Examiner Nicholas Pang is a competitive Northern California road runner and Editor in Chief of the most comprehensive minimalist shoes and running accessories review site, Minimalist Running Shoes. Nick is a member of the USA Track Field organization. Contact Nick with your comments and questions. Contact me Costumed cheerleaders haunt, spook frightfully delight on October sidelinesMany people of all ages enjoy masquerading about in a costume for Halloween. For young ladies, a popular choice throughout the years has been a cheerleader. But what do cheerleaders dress as? 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Read more about "The Girl in the Converse Shoes." "Ignite" by Kaitlyn Davis / Rated on iTunes: 4.5 of 5 stars with 41 ratings / Pages: 289 when in print Summary: Kira moves to South Carolina and finds herself torn between Luke, her best friend, and Tristan, her boyfriend. Trying to decide which relationship is more important to her is difficult for Kira, because she's discovered some things about herself that she didn't know until she moved. Which way will Kira go, with true friendship or true love? Stay tuned to this column for more free reads on iTunes and six other online retailers. If you can't wait for another free ebook to be profiled on this column, check out eBook Blitz for freebies from seven different online retailers. Please note that these three ebooks were free the date this article was posted. Some ebooks are always free, and some ebooks are free for only a limited time. Charlie Sheen open to being in 'Two And A Half Men' finaleThe hit series 'Two And A Half Men' is drawing to a close, and fans have been clammering for the return of Charlie Sheen. While many fans would be delighted to see him appear in the finale, there.
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