n.
1. a. The act
or process of withdrawing, especially from something hazardous, formidable, or
unpleasant.
b. The
process of going backward or receding from a position or condition gained.
2. A place
affording peace, quiet, privacy, or security. See Synonyms at shelter.
3. a. A period
of seclusion, retirement, or solitude.
b. A period
of group withdrawal for prayer, meditation, or study: a religious retreat.
4. a. Withdrawal
of a military force from a dangerous position or from an enemy attack.
b. The
signal for such withdrawal.
c. A bugle
call or drumbeat signaling the lowering of the flag at sunset, as on a military
base.
d. The
military ceremony of lowering the flag.
v. re·treat·ed, re·treat·ing, re·treats
v.intr.
1. To fall
or draw back; withdraw or retire. See Synonyms at recede1.
2. To slope
backward.
v.tr. Games
To move (a chess
piece) back.
Many of us have been on them, retreats: professional
retreat, office retreat, trustee retreat, lovers retreat, coaches retreat,
family retreat, and on and on. As the definitions above state: a time for
withdrawing, for peace and reflection, a time to study and fall back. Really? I
have been on retreats and what they usually are can be explained in one word: “boondoggle”,
a complete waste of time, money and energy.
In fact most retreats are wine tasting, chasing after that
person you secretly have had a crush on for years, golfing, listening to even
more of the same B.S. you here in the office or at home.
Why do I mention retreat this time of year, I have heard our
distinguished government leaders are thinking about a “top secret retreat” to
solve our fiscal cliff. Be careful middle income tax payer, can you feel their
hands already reaching into your wallet. How about just listening and managing
when you should, instead of camping out in some where the river runs through it
area and try to manage your affairs.
EUROPE WATCH: GERMANY WEAKENS - "Germany's manufacturing sector, the
engine of Europe's economic growth, weakened further in October, dragging the
eurozone into further decline as private sector activity in the bloc fell at
the fastest rate since June 2009. Purchasing managers' indices for Germany
suggested manufacturing and services activity dropped unexpectedly to 48.1 in
October from 49.2 in September - significantly below the 50 mark, and so
indicating a contraction - driven by a sharp fall in the automobile sector and
exports to southern Europe. ... The contraction suffered by Europe's largest
economy was also reflected in a bigger than forecast drop in German business
sentiment."
FISCAL CLIFF NOTES - The National Association of
Manufacturers (NAM) is out with a dire report , "Fiscal Shock: America's
Economic Crisis ": "Absent legislative action, large
spending cuts and large tax increases will hit the economy at the same time, causing
a total fiscal contraction of $500 billion ... Washington's failure to address
the pending fiscal cliff is already having an impact, cutting 0.6 percentage
points from GDP growth for 2012. ... If the fiscal contraction happens, the
economy will almost certainly experience a recession in 2013 and significantly
slower growth through 2014. ... By 2014, the fiscal contraction will result in
almost 6 million jobs lost, and the unemployment rate could reach more than 11
percent. ... It will take most of the decade for economic activity and
employment levels to recover."
RECORD DIVIDEND PAYOUTS AHEAD OF
CLIFF - "A record number of US companies have announced
special dividends in recent months in order to escape higher taxes on equity
income payments. The current tax rate of 15 per cent on dividends, legislated
by the Bush tax cuts in 2003, could spike to a top rate of more than 40 per
cent next year unless ... Obama and Congress can avoid the fiscal cliff ...
"The dividends have been promised by companies where
management insiders hold a high proportion of the shares. ... Since the start
of the fourth quarter, a record 103 companies have announced they will pay
special dividends before the end of the year, according to Markit. The data
firm is forecasting that 123 companies will announce special fourth-quarter
dividends, compared to the previous average of just 31."
STUDENT LOAN DEBT RISES - Per New York Fed report: "In the
third quarter, non-real estate household debt jumped 2.3 percent to $2.7
trillion. The increase was due to a boost in student loans ($42 billion), auto
loans ($18 billion) and credit card balances ($2 billion). ... During the third
quarter of 2012, total consumer indebtedness shrank $74 billion to $11.31
trillion, a 0.7 percent decrease from the previous quarter. The reduction in
overall debt is attributed to a decrease in mortgage debt ($120 billion) and
home equity lines of credit ($16 billion), despite mortgage originations
increasing for a fourth consecutive quarter. ... Outstanding student loan debt
now stands at $956 billion, an increase of $42 billion since last quarter.
However, of the $42 billion, $23 billion is new debt while the remaining $19
billion is attributed to previously defaulted student loans that have been
updated on credit reports this quarter"
BIRTHDAYS
THIS WEEK – Birthday wishes and thoughts this week to: Gregg
Allman (65), Johnny Bench (65), Jeff Bridges (63), Dave Brubeck (92), Ellen
Burstyn (80), Dick Butkus (70), Sen. Susan Collins (SLU ’74) (60), Tre Cool
(40), Gov. Andrew Cuomo (55), Kirk Douglas (SLU ’39) (96), Teri Hatcher (48),
Felicity Huffman (50), Jim Messina (65), Donny Osmond (55), Little Richard
(80), Janine Turner (50).
SPORTS BLINK - Business Week,
"Thursday Night Football Scores Big for the NFL,": "By
reserving Thursday games for the NFL Network, the league is forgoing an
estimated $1.45 billion a year in revenue it likely could charge other media
outlets for rights to those midweek matches. The NFL is betting it can wring
out even more revenue over the long term by showing the games on its own. The
league had aired eight Thursday night games on the NFL Network late in the
season every year since 2006. ... Now, with scheduled match-ups from September
to December, the channel airs games in three-quarters of the 17-week NFL
season. ...
"The NFL Network and its
sister RedZone Network, which continuously flips between live scoring drives of
multiple games on Sunday afternoons, generate subscriber fees of 95¢ a month
for the league. That comes to $890 million in annual fees from cable,
satellite, and telecom video operators, making the NFL Network second only to
ESPN among sports networks. In addition, NFL Network's ad sales will exceed
$200 million this year, more than double the $99.6 million in 2011.
COLLEGE
FOOTBALL PICK OF THE WEEK – Saturday 12/8, 3:00 PM ET, CBS:
Navy Midshipmen (7-4) vs. Army Black Knights (2-9) in Philadelphia. The 113th
version of this classic will have the Midshipmen dominate, Navy 42 Army 21. Season
to date (9-5)
SMALL
COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 12/8, 1:00 PM ET,
ESPNU; the National Semifinal in Alliance, Ohio has the home team and #1 ranked
Mt. Union Purple Raiders (13-0) entertaining the #2 ranked Mary Hardin-Baylor
Crusaders. What probably is The Game of the weekend in college football we like
the Purple Raiders to continue their march to the title; Mt. Union 35 Mary
Hardin-Baylor 31. Season to date (13-1)
NFL
FOOTBALL PICK OF THE WEEK – Sunday 12/9, 4:25 PM ET, Fox;
another due or die game for both clubs – Arizona Cardinals (4-8) visit Seattle
Seahawks (7-5). Seattle is too much at home, Seattle 24 Arizona 17. Season
to date (7-6)
THE
SWAMI’S TOP PICKS – Navy 42 Army 21, Mt. Union 35 Mary Hardin-Baylor
31, Seattle 24 Arizona 17, St. Lawrence 4 Clarkson 3 (Sat. 12/8). Season
to date (35-20)
DEAR
RINK RATS:
Do you
have a holiday appetizer recipe I can prepare for a work related gathering?
Sincerely,
Mr.
Thirty Hour Work Week
Dear
Mr. Thirty Hour Work Week:
Here is
a recipe I took from the Barefoot Contessa, one of my favorites, enjoy! Also it
will not take too much time out of your intense holiday schedule.
Happy
Holidays,
Rink
Rats
Roasted Shrimp Cocktail
Barefoot Contessa
Ingredients
For
the shrimp:
- 2 pounds (12 to
15 count) shrimp
- 1 tablespoon
good olive oil
- 1/2 teaspoon kosher salt
- 1/2 teaspoon
freshly ground black pepper
For
the sauce:
- 1/2 cup Heinz
chili sauce
- 1/2 cup Heinz
ketchup
- 3 tablespoons
prepared horseradish
- 2 teaspoons
freshly squeezed lemon juice, plus lemon zest for topping
- 1/2 teaspoon
Worcestershire sauce
- 1/4 teaspoon
Tabasco sauce
Directions
Preheat the
oven to 400 degrees F.Peel and devein the shrimp, leaving the tails on. Place on a sheet pan with the olive oil, salt and pepper and spread them in one layer. Roast for 8 to 10 minutes, just until pink, firm and cooked through. Set aside to cool.
For the sauce, mix the chili sauce, ketchup, horseradish, lemon juice, Worcestershire sauce and Tabasco. Top the shrimp with lemon zest and serve with the sauce.
DRIVING THE WEEK - Still all cliff
all the time following Sunday's very unsurprising lack of movement on the talk
shows (see below) ... President Barack Obama meets with governors on Tuesday at
the White House to talk about the fiscal cliff ... Republicans in Congress will
also meet with governors and small business owners on the cliff (their meeting
schedule seems to always closely track the president's) ... Obama speaks to the
Business Roundtable on Wednesday ... On Thursday, the president and the first
family will attend the National Christmas Tree Lighting on the Ellipse ... FSOC
meets on Monday and some expect the first nonbank SIFI designations ... ISM
nonmanufacturing survey at 10 a.m. EST on Wednesday expected to drop to 53.5
from 54.2 ...
November jobs number out Friday at 8:30 a.m. expected to
look weak due to impact from Hurricane Sandy, with consensus at 90,000 and no
change in the 7.9 percent jobless rate. The number won't pack much political
punch unless it is extremely poor, which would put more pressure on lawmakers
to make some kind of deal to avoid the austerity of the fiscal cliff. ...
University of Michigan/Reuters consumer sentiment at 9:55 a.m. on Friday
expected to go to 82.0 from 82.7 ... Consumer credit at 3 p.m. EST on Friday
expected to expand by $10 billion.
Next week; affirmation not information.
Until Next Monday, Adios.
Claremont, CA
December 3, 2012
#III-33, 138
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