My Work Space

Organize the desk, and the mind follows. Even the most modular, bland work space tends to succumb to the tastes and/or personality of its inhabitant. I thought this week I share my work space with my blog followers.

OFFICE LOCATON: My main workspace is in my home, though I have other offices and work locations, I am most comfortable at home and recently spend most of my time at this location.

COMPUTER: I have a Dell Inspiron desktop, with a HP Photosmart 7520 printer/scanner/fax, when mobile I have an iPad 2 and a Dell Inspiron mini laptop. The keyboard is a Dell QuietKey. I do not need the fastest computer in the world; NASA needed a lot less to send men to the moon. My smartphone is a Blackberry Q10.

CHAIR: An ergonomically designed office chair from Costco.

FAVORITE PEN: The Uniball Vision Elite. It is the best pen. It writes so smoothly. I also love ultra-fine-point Sharpies, permanent markers, because I review many papers and documents.

OFFICE MUSIC: I always have on KUSC classical from Los Angeles, a wonderful station. From Noon to 2:00 PM (if I am at my desk) I also listen to CNBC Closing Bell on Sirius internet, channel 112.

ALWAYS ON MY DESK: Two paper weights – (1) International Fire Fighters Never Forget 9/11, (2) St. Lawrence University Hockey 1,000 wins puck.

FAVORITE SOFTWARE – Skype; I teach at different campuses and have clients at multiple locations thus the need for dependable communication tools is essential. Though I am now looking at CISCO WebEx for a future upgrade.

FAVORITE ORGANIZATIONAL TOOL: I love clear plastic bins. They have tops you can snap close and the clear material is handy to see what is in the box.

OLD TECHNOLOGY: I still have DayTimers calendars to keep track of expenses and journalize the days’ events. My college professor Dr. Robert Wells once told me to write down daily where I went, who I spoke to and what it was all about. Someday these journals will be the most important thing I have.

OFFICE HOURS: I am up at 5:30 a.m. I start the day with 90 minutes of e-mails and prep work for the day. I end each day around 7:00 p.m. (unless I am teaching, then it is 11:00 p.m.). The end of the day is more e-mails, the days’ journal, and social media review (Twitter, Facebook, Google+).

WHAT I AM READING: Two books; “Howard Hughes” by John Keats, and “Lords of Finance” by Liaquat Ahamed.  Next up: “From Kristallnacht to Watergate” by Harry Rosenfeld, and “I’m Staying with My Boys” the life of Sgt. John Basilone by Jim Proser.

WHAT I NEED: A better desk lamp, I have poor lighting which is bad for the eyes. I have been looking for a Luxo lamp but having a difficult time finding the right one.

COLLEGE CHRONICLES – The U.S. Department of Education reported last Tuesday that the average price of attending a four-year public university increased by $1,700 between 2008 and 2012 and by $3,900 for a four-year private school. That includes everything from tuition, fees, books, housing, food, transportation, and personal expenses.

The news doesn’t come as much of a surprise. A college education has long been considered one of life’s major investments, and even though countless studies have shown that college is worth the cost, the returns have increasingly come under attack as graduates fall deeper into debt amid a weak job market.

That aspect has been widely reported, but less attention has been paid to universities, which aren’t raking in enough from tuition even as costs rise – albeit, at a slower pace during the past two years compared with previous years.

After more than a decade of robust growth, tuition revenue is expected to decline by 28% at public universities and 19% at private universities in 2014, according to a report released last month by credit rating agency Moody’s Investors Service.

Various reasons are behind the decline: For one, enrollment is expected to fall as the economy improves – a trend that hit mostly for-profit and community colleges in 2012-2013. Tuition revenue is also declining in tandem with family incomes. Parents are more sensitive to tuition hikes and higher debt.

U.S. campuses have reached a crossroads. They will need to cut costs or look for revenue sources beyond their students, at least their American students. Regional public universities and smaller private colleges/universities may be more at risk, while larger universities are likely to be better off as they’ve been relatively successful at recruiting students from abroad, who do not qualify for the same aid packages and tuition discounts that domestic students receive, but it’s hard to view foreign student recruitment as a long term solution. After all, tuition costs could reach a point that would put off even affluent international students.

To stay alive, U.S. campuses will need to dramatically change their business model and the way they do business.

BIDEN OVER TROUBLED WATERS - U.S. Vice President Joe Biden's visit to Beijing has become an urgent diplomatic mission, following China's recent declaration of a new air-defense zone encompassing disputed islands also claimed by Japan. Vice President Biden must serve as a bridge of sorts, easing tensions between China and Japan before conflict over the territory in the East China Sea escalates any further. We note, however, that the air zone issue isn't the only irritant in U.S.-China relations. We also report that the U.S. has privately told South Korea that its new plan to use Chinese telecom firm Huawei could lead to communication lines becoming less secure. Remember: the Pentagon has accused China of hacking American computer networks. Meanwhile, we find that China's efforts to gain influence in the world economy might be paying off: The yuan recently overtook the euro and the yen to become the second-most used currency in trade finance after the dollar.

FINANCE BULLETIN - U.S. unemployment rate hits 5-year low, eyes on the Fed: U.S. employers hired more workers than expected in November and the jobless rate fell to a five-year low of 7.0 percent, which could fan speculation the Federal Reserve could start reducing its bond purchases this month.

MANDELA FUNERAL - Trip to Mandela Memorial on Air Force One an Exclusive Ticket: Former President George W. Bush and his wife, Laura, and former Secretary of State Hillary Clinton, will join Obama and first lady Michelle Obama on Air Force One, while former Presidents Jimmy Carter and Bill Clinton and Clinton's daughter, Chelsea Clinton, will travel separately to the event. ... Two dozen U.S. lawmakers were set to depart for South Africa before sunrise today aboard a government jet from Joint Base Andrews, ... returning in time for votes on [Thu.], so that the House of Representatives can begin its holiday break on [Fri.] as planned.

PALACE INTRIGUE -- Family, politicians battle over 'Brand Mandela: The scramble for control of the Mandela legacy -- both financial and moral -- will involve his family, the ruling African National Congress (ANC), and the Nelson Mandela Foundation he set up to protect his broader message. At stake is the inheritance that will go to Mandela's more than 30 children, grandchildren and great grandchildren, some of whom already use the Mandela name and image to market everything from clothing to reality TV. There are also the Mandela brands and trademarks that help fund the Foundation. And for the ANC, Mandela's reputation as an anti-apartheid hero is worth votes for years to come.

There are no available public figures of Mandela's wealth, making it difficult to put an exact value on his estate, which includes an upscale house in Johannesburg, a modest dwelling in his rural Eastern Cape home province, and royalties from book sales including his autobiography 'Long Walk to Freedom.' ... Mandela divided the management of his legacy between a series of trusts to handle his finances and the Nelson Mandela Foundation, which serves as custodian of his wider moral legacy. In total, he set up about two dozen trusts, mostly to pay for the education of his grandchildren and great grandchildren. ...

According to an affidavit filed by [Mandela's long-time friend, lawyer George] Bizos and the others, ... two [of Mandela's] daughters, Makaziwe Mandela and Zenani Dlamini, had been trying to gain control of the main Mandela Trust since 2005 and eventually became trustees without Mandela's knowledge. Mandela became angry when he found out what the daughters had done ... A portion of the revenue from the Foundation's 46664 clothing line - named after Mandela's prisoner number on Robben Island - and the artworks also goes to pay for family members' education, according to Bizos.

THE NEW RICH - Rising riches: 1 in 5 in US reaches affluence, twenty one percent of U.S. adults become rich for parts of their lives, wielding outsize influence on America's economy and politics. ... Made up largely of older professionals, working married couples and more educated singles, the new rich are those with household income of $250,000 or more at some point during their working lives. ... Companies increasingly are marketing to this rising demographic, fueling a surge of 'mass luxury' products and services from premium Starbucks coffee and organic groceries to concierge medicine and VIP lanes at airports. Political parties are taking a renewed look at the up-for-grabs group ...

Today's new rich are notable for their sense of economic fragility. They're reached the top 2 percent, only to fall below it, in many cases. That makes them much more fiscally conservative, ... and less likely to support public programs ... Sometimes referred to by marketers as the 'mass affluent,' the new rich make up roughly 25 million U.S. households ... In 2012, the top 20 percent of U.S. households took home a record 51 percent of the nation's income. ... Once concentrated in the old-money enclaves of the Northeast, the new rich are now spread across the U.S., mostly in bigger cities and their suburbs. They include Washington, Boston, Los Angeles, New York, San Francisco and Seattle.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to: Tracy Austin (51), Bob Barker (90), Ben Bernanke (60), Tim Conway (80), Kirk Douglas (97), Secretary of State John Kerry (70), John Malkovich (60).

DETROIT BANKRUPTCY MOVES AHEAD - Detroit News' Robert Snell and Chad Livengood: "A federal judge ... ruled Detroit is eligible to file for the nation's largest Chapter 9 bankruptcy to help dig out from under $18 billion in debt and that city pension payments can be cut to help make that happen. U.S. Bankruptcy Judge Steven Rhodes determined the city meets the criteria for bankruptcy, ruling the city is financially insolvent and that the filing was properly authorized. He dismissed challenges to Michigan's emergency manager law and ruled that pensions are not protected by the state Constitution. ...

"More significantly, Rhodes ruled that Detroit pensioners do not have any additional protections outside of normal contract rights ...He said the city could slash those benefits, though he had a warning for Emergency Manager Kevyn Orr. 'The court emphasizes that it will not lightly or casually exercise federal bankruptcy law to impair pensions,' Rhodes said. .... While a small federal team is helping to speed up federal aid to the city, the White House has steadfastly ruled out any federal bailout for Detroit."

HOLIDAY COOKIES – Iced Sugar Cookies

Ingredients

Cookies:

2 cups all-purpose flour, plus more for dusting

2 teaspoons baking powder

1/2 teaspoon salt

1/2 cup (1 stick) butter

1 cup granulated sugar

1 large egg

1/2 teaspoon vanilla extract

Icing:

One 12-ounce box confectioners' sugar

3 tablespoons meringue powder

1/3 cup warm (80 to 90 degrees F) water

Food coloring, optional

Assorted sprinkles, colored sugar and small candy pieces

Directions

For the cookies: Sift together the flour, baking powder and salt. In a stand mixer, cream the butter and granulated sugar until light and fluffy. Add the egg and mix until combined. Gradually add the sifted dry ingredients, one spoonful at a time, until thoroughly combined. Add the vanilla. Chill the cookie dough in the refrigerator for at least 1 hour.

Preheat the oven to 400 degrees F.

Roll out half of the dough at a time, keeping the remainder of the dough in the refrigerator. On a lightly floured surface, roll out the dough to a 1/4-inch thickness and cut into desired shapes with a cookie cutter. Place the cutout cookies 2 inches apart on an ungreased cookie sheet and put the cookie sheet in the refrigerator for a few minutes before baking. This will help the cookies to retain their shape. (You can roll out the scraps to make a few more cookies.) Bake until just before the edges of the cookies start to brown, 8 to 10 minutes. Cool the cookies for 1 to 2 minutes on the cookie sheet before removing to wire racks to cool completely.

For the icing: In a medium bowl, combine the confectioners' sugar, meringue powder and warm water with a wire whisk. Stir until the icing is smooth. Adjust the consistency of the icing by adding more confectioners' sugar or more water, as needed. Add food coloring, if desired, to the icing. Spread the icing on the cooled cookies and then top with assorted sprinkles and candies.

Notes

Cook's Note: Meringue powder is available in a can. (I use Wilton.) It is used in place of egg whites in many icing recipes.

Total Time: 1 hr 55 min
Prep:  25 min
Inactive: 1 hr 20 min
Cook: 10 min
Yield: 15 to 17 medium cookies

BCS BOWL SCHEDULE - Florida St-Auburn title game to usher out BCS era: Top-ranked Florida State (13-0) was the only team to get through the regular season unbeaten ... Auburn (12-1) won the Southeastern Conference ... It'll be the 'Noles and Tigers at the Rose Bowl on Jan. 6 for the national championship. In the other marquee bowls: Alabama will play Oklahoma in the Sugar Bowl. ... Clemson will play Ohio State in the Orange Bowl. ... Michigan State will play Stanford in the Rose Bowl. ... Baylor will play UCF [University of Central Florida] in the Fiesta Bowl.

COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 12/14, 3:00 PM ET, CBS: Army Cadets (3-8) vs. Navy Midshipmen (7-4). The historic Army-Navy game in Philadelphia, Navy in a walk: 42 – 20. Season to date (10-5)

SMALL COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 12/14, 12:00 PM ET, ESPNU: The D-III semis - #1 Mount Union Purple Raiders (13-0) vs. #4 North Central Cardinals (13-0) in Alliance, Ohio. This is the Purple Raiders year, 21-20.  Season to date (9-4)

NFL PICK OF THE WEEK – Sunday 12/15, 4:25 PM ET, Fox: Arizona Cardinals (8-5) at Tennessee Titans (5-8). The Titans are playing good ball we like them in an upset 30 – 24.   Season to date (11-2)

THE SWAMI’S WEEK TOP PICKS –

(NCAA D-III semis, Dec. 14)  #3 UW-Whitewater Whitehawks (13-0) 35 at #2 Mary Hardon-Baylor Crusaders (13-0) 42

(NCAA Hockey, Dec. 14) Colorado College Tigers (2-10-3)  1 at Wisconsin Badgers (6-5-1)  4

(NHL, Dec. 14) Pittsburgh Penguins (20-10-1) 3 at Detroit Red Wings (15-9-7) 5

(NFL Upset of the Week, Dec. 15) Green Bay Packers (6-6-1) 24 at Dallas Cowboys (7-5) 21

Season to date (47-42)

DEAR RINK RATS –

I have family coming into town over the Christmas holidays and need to get out of the house for an escape. Can you recommend any good holiday movies?

Signed,

Dysfunctional Family Man

Dear Dysfunctional Family Man:

Yes, the holidays are a great time to escape to the movies. This year we can recommend three fine pictures:

“American Hustle” in theatres December 13. This excellent ensemble cast portrays a con man’s escapades.

“Saving Mr. Banks” in theatres December 20. Tom Hanks portrays Walt Disney and his attempt to film Mary Poppins per the wishes of his daughters.

“The Wolf of Wall Street” in theatres December 25. Martin Scorsese’s latest effort with Leonardo Di Caprio playing a penny stock trader.

Enjoy the movies and enjoy the family.

Signed,

Rink Rats

MARKET WEEK - It's that special time of year, when stock traders say Santa takes the reins. Stocks should be buoyant in the week ahead, helped by year-end seasonality—or maybe Santa. The "Stock Trader's Almanac" says the official "Santa rally" takes place in the several days after Christmas, but traders expect to see a fairly merry market clear on through December now that the November jobs report is out of the way.

One Grinch that could spoil the stock market rally this coming week is the bond market, should yields rise too quickly. There are a few pieces of economic data, with the most important Thursday's retail sales, and the market will also be digesting $64 billion in Treasury auctions.

DRIVING THE WEEK - Treasury Secretary Jack Lew presides over an FSOC meeting this afternoon. Topics include cyber security and a report from the OFR on financial market conditions. ... President Obama heads to Johannesburg, South Africa for Nelson Mandela's memorial service on Tuesday ... Regulators are scheduled to vote Tuesday on a final version of the Volcker Rule ... Both houses of Congress are back until Friday, when the House is scheduled to recess. Negotiators will try and finish up a deal to fund the government in 2014 and take some of the bite out of the next round of sequester spending cuts ... HHS Sec. Kathleen Sebelius is back on the Hill on Wednesday to testify before a House subcommittee.

Next week: a Rink Rats Christmas.

Until Next Monday, “Boas Festas!”

Claremont, CA

December 9, 2013

#IV-34, 191

Four Days in the Desert

Every year at this time I travel down to the Coachella Valley for a Thanksgiving break. A few observations and insights to this annual event:

Two major observations this year: (1). Many more families travelled with dogs this year, and (2). The number of blonde haired women was dramatically high compared to past years. What does this mean? People are lonely and picky.

As you can see the vistas are fantastic, the light shining on the mountains is spectacular this time of year and the warm days, cool nights provide a relaxing environment to play tennis, golf, swim, and even shop.

The highlights –

Day 1 – The decompression day, after many weeks of playing Michael Clayton and Lawrence Summers, it takes a day to get into the desert mode. After some wine and a spa we are there.

Day 2 – Two words: “over eat”. Enough said.

Day 3 – I enjoy the game of golf, today is my day to humiliate myself in public at a golf course I do not deserve to play but I can afford to play. I don’t deserve to play because I STINK! Golf is an odd game, you think it would be simple, not like baseball, football or soccer, the ball is stationary. What could be so hard to hit a stationary object? Let’s just say I need at least four weeks’ worth of confessions to Holy Family Parish to make up for the language used on this day.

Day 4 – Pay Back day; since I got to play golf yesterday today is pay back day, the obligatory browsing through quaint shops where the only clothes I could fit into are handkerchiefs. To lie around the pool and watch all those dogs and blonde women. It is also picture day, family photos, group photos, landscape photos, fountain photos, dog photos, and yes blonde women photos.

All in all a very nice four days, I accomplished very little, but to me that is what some time off is all about. Michael Clayton here I come.

SNEAK PEEK – “The World Almanac and Book of Facts 2014” lists these as the "Top 10 News Topics of 2013 ": "1. Budget Disputes Force a U.S. Government Shutdown ... 2. Syria's Civil War Intensifies; Chemical Weapons Are Used ... 3. U.S. Supreme Court Rules on Voting Rights, Same-Sex Marriage ... 4. Leaked Documents Reveal Widespread U.S. Surveillance Program ... 5. Military Removes Egypt's President ... 6. Bombs Explode at the Boston Marathon ... 7. As Gun Violence Continues, Gun Control Legislation Falls ... 8. New Leader of the Roman Catholic Church Is Elected ... 9. Athletes Make News Off the Field [baseball PEDs, Lance Armstrong, Oscar Pistorius, Aaron Hernandez, NFL head injuries] ... 10. Heir to the British Throne Is Born."

COLLEGE CHRONICLES -- L.A. Times col. 1, "Entry to college may get easier: A smaller pool of high school seniors could mean more admission offers for applicants," by Larry Gordon : "After a long stretch of rising competition in college admissions, the numbers this year may be on the side of students ... the smallest group in years applying to college. The population dip won't bust open the doors to Stanford, Harvard, UCLA and other highly selective campuses. But many experts predict it will be somewhat easier to obtain admission offers from many good, even competitive, schools. And colleges, particularly private ones that are not the top brand names, are working harder to court applicants, recruiting farther from their campuses and sweetening financial aid offers. To students, the demographic dip offers a bit of hope after months of writing essays, taking entrance exams and gathering recommendation letters. This is crunch time ... Students typically don't find out where they've been accepted until the spring. 

"The numbers of high school graduates across the country rose from 2.6 million in 1996-97 to a peak of 3.4 million in 2010-11, as the children of later baby boomers matured into 12th-graders. Then a decline began and the low point will be this year's 3.2 million nationally, according to a report by the Western Interstate Commission for Higher Education. The incoming college freshman pool may shrink further since Latinos comprise a rising portion of high school graduates but enroll in college at relatively low rates."

SPEAKING OF THE L.A. TIMES – Have you visited their digital web site recently. What a waste of space. Somebody at The L.A. Times needs to figure this one out. Also, did you see the “sell out” front page edition on November 27? Where the front page content was reduced in half by an advertisement for a Disney movie: the end is near.

NASDAQ POPS BACK OVER 4000 - The Nasdaq ... closed above 4000 for the first time in 13 years, the latest milestone in a 2013 stock rally fueled by easy money from the Fed and robust investor demand for a broader swath of fast-expanding companies. A rise of 23.18 points Tuesday to 4017.75 put the index up 33% for the year. It remains more than 1000 points below its record close of 5048.62 on March 10, 2000. Both the S&P 500 ... and the Dow ... have surpassed records with regularity this year. The Dow has set 43 all-time closing highs in 2013. The last Nasdaq close above 4000 came at the end of the dot-com boom, on Sept. 7, 2000. The S&P 500 has climbed 26% this year, while the Dow has gained 23%.

THE BIG PICTURE -- Democrats Run Biggest Cities as U.S. Residents Cluster by Party: Twenty years ago, half the 12 largest U.S. municipalities had a Republican mayor. When Bill de Blasio takes office in New York on Jan. 1, none will. As middle-class residents moved out of cities and immigrants and young people replaced them, the party lost its grip on population centers even as it increased control of governor's offices and legislatures. The polarization has pitted urban interests against rural areas and suburbs, denying Republicans a power base. “The New York election hopefully is somewhat of a wake-up call”, said Scott Smith, the Republican mayor of Mesa, Ariz., and president of the U.S. Conference of Mayors. “If that doesn't get Republicans on the national level more interested, then it should”.

WHAT WOULD WALTER CRONKITE SAY? - CBS: Lara Logan, producer ordered to take leave: CBS ordered '60 Minutes' correspondent Lara Logan and her producer to take a leave of absence Tuesday following a critical internal review of their handling of the show's October story on the Benghazi raid, based on a report on a supposed witness whose story can't be verified. The review, by CBS News executive Al Ortiz, ... said the '60 Minutes' team should have done a better job vetting the story that featured a security contractor who said he was at the U.S. mission in Libya the night it was attacked last year. ... The report also said Logan should not have done the story in the first place after making a speech in Chicago a year ago claiming that it was a lie that America's military had tamed al-Qaida.

CBS News Chairman Jeff Fager, ... also the '60 Minutes' executive producer, said he had asked Logan and her producer, Max McClellan, to take a leave ... of an undetermined length. ... Ortiz said CBS also erred in not acknowledging that [the source's] book telling his Benghazi story, which has been pulled from the shelves, was published by a fellow CBS Corp. company.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to: Tyra Banks (40), Kim Basinger (60), Teri Hatcher (49), Edwin Meese III (82), Ozzy Osbourne (65), Aaron Rodgers (30), Monica Seles (30).

HOLIDAY DINING – We begin our holiday dining series this week, our first stop is to a very familiar place: The Parkway Grill, 510 South Arroyo Parkway in Pasadena, California (626) 795-1001. The Parkway Grill continues to be one of the best dining experiences in Southern California, especially this time of year. Have a martini at the bar served by one of the best bartenders in the business, Mark Brown, even though he is a Notre Dame fan, this hardship does not defer from his expertise as a mixologist.

The Smith Brothers’ trend-setter in regional American cuisine, since 1984 continues to define dining in the city and beyond. Parkway Grill specializes in a seasonal, market-driven approach to cooking that incorporates diverse influences and classic French technique showcasing an intriguing array of dishes using locally sourced ingredients. Demonstrating the ultimate commitment to fresh produce, Parkway Grill planted its own organic vegetable and herb garden behind the restaurant, which continues to thrive on a piece of prime real estate in the heart of Pasadena.

We recommend reservations well in advance or just sit in the bar for a wonderful holiday treat.

BLACK FRIDAY IS OFFICIALLY OUT OF HAND: We predict stores will make huge changes next year to lower the temperature reflected in NYDailyNews.com headline, "Several injured as retailers open doors earlier than ever on Thanksgiving, sparking brawls between bargain hunters nationwide." ... #WalmartFights trending on Twitter. ... San Bernardino (Calif.) Sun: "Rialto Walmart Thanksgiving brawl sends one police officer to hospital" ...

--HuffPost retail reporter Kim Bhasin was inside the story, ahead of the 8 p.m. opening of the Macy's flagship in Manhattan's Herald Square : "Lines snake out from each of the store's many entrances, hugging its exterior walls and curling around the block. ... A New York Police Department van sits nearby, a half-dozen officers watching over the scene with semi-automatic rifles in hand. The largest crowd lingers outside the main entrance on Broadway, corralled in barricades so they don't spill out too far into the square. TV crews scamper around ... I stand alongside a throng of photographers, cameramen and reporters who have stationed themselves around what will become the point of peak hysteria. ...

[Store employees] count down from 10 ... 'WOOOOOOOOOOOO!' come the screams as shoppers jockey for positions. First they must make it through the heavy outer doors, as security personnel loom over the scene, and then through a second logjam at the inner doors. Finally, they enter the media funnel, and brave photographers step into the flow of traffic, cameras flashing like strobes. Phones thrust in the air record the scene and the shoppers take in the attention, waving to reporters and howling all the way. .. The once-gleaming displays of handbags are already in shambles -- $300 purses with their zippers open, strewn across tables.

MEGATRENDS - "Global economic outlook: Consumer of Last Resort Missing as U.S. Leaves the World Behind," by Bloomberg's Simon Kennedy: "Not long ago, before the financial crisis and the global recession it triggered, economists referred to Americans as the consumers of last resort. When the U.S. grew at a healthy pace, its citizens were buyers, fueling demand for the goods China and other nations produced. They kept the world economy humming. It may not work that way anymore, Bloomberg Markets magazine will report in its January issue. A rebounding U.S. is giving less support to global growth than in the past. Homegrown demand and production are more important drivers of the world's biggest economy than they were a decade ago. ... Oil and Gas exploration and production are adding to growth, and the country is spending less on imported energy. Cheaper fuel and raw materials are boosting manufacturing as well, making the U.S. more of a competitor to emerging-markets nations and less a reliable consumer of their goods. ...

"The U.S. is likely to grow 2.6 percent in 2014 and 3 percent in 2015, according to the median forecast of economists surveyed by Bloomberg News, up from an estimated 1.7 percent in 2013. ... Strengthening in the U.S. economy and weakening in China, India, Brazil and elsewhere reverses the trend that had shaped global growth since 2008. Emerging markets fared better than the U.S. and Europe during the global recession that followed the credit market freeze and the bankruptcy of Lehman Brothers Holdings Inc. Now, their luster is dimming. ... The recovery in U.S. manufacturing is being driven not only by cheaper energy but also by lower labor costs. Citigroup predicts a reversal of the 50-year decline in manufacturing's share of GDP, helped by more-competitive worker wages. Companies are even pulling back production from China and other emerging markets."

TOUGH DECEMBER AHEAD FOR CONGRESS - From the confirmation of a new Fed chairman to the expiration of dairy pricing rules, House and Senate leaders head into the final month of 2013 with a checklist that is short but critical.. ... Rather than syncing up those final two weeks, the House comes in Monday and expects to adjourn for the year by Dec. 13, while the Senate does not return from the Thanksgiving break until Dec. 9 and has Dec. 20 at its tentative departure date.

That leaves only a few mid-December days for in-person negotiations among top congressional leaders. ... [Budget] talks now focus on just a few possible trade-offs that give agencies some relief from the sequestration caps set in the 2011 [BCA] ... in exchange for some savings drawn from entitlement programs. Still, many insiders are betting that even a small bargain is beyond reach and that, instead, congressional leaders will have to figure out early next year how to keep the government running when funding authority expires Jan. 15.

COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 12/7, 8:17 PM ET, Fox; The Big Ten Championship game in Indianapolis pits #2 Ohio State Buckeyes (12-0) vs. #10 Michigan State Spartans (11-1). Guess what an upset looms, Sparty 24 Buckeyes 17.  Season to date (9-5)

SMALL COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 12/7, 1:00 PM ET, ESPNU: the D-III quarter-finals in Whitewater Wisconsin. #2 Linfield Wildcats (11-0) visit #5 University of Wisconsin Whitewater Warhawks (12-0). We like the Wildcats to pull an upset and win one for the west coast, Linfield 28 Whitewater 24. Season to date (9-3)

NFL PICK OF THE WEEK – Sunday 12/8, 4:25 PM ET, Fox: Seattle Seahawks (10-1) at San Francisco 49ers (8-4). A must game for the 49ers and coming off a tough Monday night game the Seahawks will be prime for a loss – 49ers 32 Seattle 21.   Season to date (10-2)

THE SWAMI’S WEEK TOP PICKS –

(NCAA, Dec. 7)  #7 Stanford Cardinal (10-2) 28 at #11 Arizona State Sun Devils (10-2) 21

(NCAA Hockey, Dec. 7) Clarkson Golden Knights (10-3-1)  4 at St. Lawrence Saints (8-6-2)  5

(NHL, Dec. 7) Pittsburgh Penguins (18-9-1) 4 at Boston Bruins (18-7-2) 2

(NFL Upset of the Week, Dec. 8) Oakland Raiders (4-8) 24 at New York Jets (5-7) 21

Season to date (46-39)

DOME ANNIVERSARY – on December 2, 1863 (150  years ago) the Capital in Washington D.C. was completed. The Capital Dome is set for a two year $100 million renovation beginning next month.

MARKET WEEK - Amid growing concerns about a stock bubble, Wall Street's major averages come off a third straight month of gains, with the S&P 500 on track for its best yearly gain since 1998. Possible stumbling blocks include the November jobs report due this Friday, and the Fed policy meeting set for December 17-18.

DRIVING THE WEEK –  Success or failure of re-launched HealthCare.gov will be the dominant political story ... Senate is not back until next week so talks toward a fiscal deal will remain slow (or mostly nonexistent). Huge week for economic data beginning with ISM manufacturing this morning at 10:00 a.m. expected to dip to 55.1 from 56.4 ... Treasury Secretary Lew meets today with Italian Minister of Economy and Finance Fabrizio Saccomanni. ... Auto sales Tuesday afternoon expected to rise to 15.8M from 15.2M ... ADP employment at 8:15 a.m. Wednesday expected to rise to 180K from 130K ...

ISM non-manufacturing on Wednesday at 10:00 a.m. expected to slip to 55.0 from 55.4 ... New homes sales on Wednesday at 10:00 a.m. expected to rise to 430K from 421K ... Second estimate of Q3 GDP on Thursday at 8:30 a.m. expected to rise to 3.0% from 2.8% ... BLS employment report for November at 8:30 a.m. expected to show gain of 183K with unemployment dipping to 7.2% from 7.3% ... Personal income at 8:30 a.m. Friday expected to rise 0.3% with nominal spending up 0.2% ... Univ. of Michigan consumer sentiment at 9:55 a.m. expected to rise to 76.0 from 75.1

QUOTE OF THE MONTH – “Failure isn’t fatal, but failure to change might be.” – John Wooden

THIS WEEK’S POLL – How many newspapers do you read daily??

Answer:

-          Zero

-          One

-          Two

-          Three

-          Four

-          More than four

Next week: holiday movies, Dear Rink Rats, and my workspace.

Until Next Monday, 假期愉快(jia chi yu kwai) “Happy Festival (Holidays)”.

La Quinta, CA

December 2, 2013

#IV-33, 190

Captain Obvious

Captain Obvious is back for his semiannual visit to state the obvious and plain truth about a wide variety of issues of interest to Rink Rats.

Captain Obvious says ….

Labor Unions and education are a bad fit; example, the state of our public education system.

City of La Verne (Tammany Hall) still does not get it.

To bring food as a host gift to a dinner party is a no, no.

Sandra Lee can cook my Thanksgiving dinner any year.

Big Ten football is overrated.

Barack Obama is not Jack Kennedy.

The Iranians are playing the United States for suckers.

Companies who demand their employees to work on Thanksgiving are clueless.

Consumers who shop on Thanksgiving are clueless.

Devorah Lieberman is the hottest SCIAC President.

Example is not the main thing in influencing others, it is the only thing.

The worst person to be around is someone who complains about everything, and appreciates nothing.

The best kiss is the last kiss.

The Capital Structure is 50% Debt, 50% Equity when the Debt to Equity ratio is 1:1

The Detroit Red Wings era of being an NHL elite team is over.

CSPAN is the best television and no one knows it.

JPM (FINALLY) REACHES $13B SETTLEMENT - The Justice Department announced last week that it has reached a roughly $13 billion deal with JPMorgan Chase to settle civil investigations into faulty mortgage bonds sold in the lead-up to the 2008 financial crisis ... It would be the largest settlement ever between Justice and a single company.

LADWP TROUBLES - The last few weeks have been rough ones for the Los Angeles Department of Water and Power, even by their standards. Controversies over how $40 million in ratepayer funds was spent by two DWP affiliated nonprofits over the last decade, and major glitches in the $150-million-plus new meter-reading and billing system have echoed the problem-plagued startup of the "Obamacare" health insurance system, and have further eroded consumer confidence in the municipal utility. The DWP is giving the IRS, DMV, and even Congress a real run for their money in a race to the bottom in public popularity.

BARTRIOMO TO FOX - Fox Business News has hired Maria Bartiromo away from CNBC - a big get for Roger Ailes and a major loss for NBC Universal. Bartiromo, who worked under Ailes in her early days at CNBC, will bring much-needed life to Fox Business, which has languished in the ratings race and failed to make a name for itself on Wall Street. She may also have a role on Fox News ...

After 20 years of groundbreaking work at CNBC, Maria Bartiromo will be leaving the company as her contract expires on November 24,' a CNBC spokesperson said in a statement. Her contributions to CNBC are too numerous to list but we thank her for all of her hard work over the years and wish her the best.' ... In a statement Bartiromo said she was 'incredibly proud' of what the CNBC had accomplished over the last two decades. “I want to thank all the people at CNBC who have been with me on this journey, and of course the viewers and investors everywhere for making me love every minute of it,' she said."

KELLY EVANS ON THE RISE – Rink Rats is going ahead and declare Kelly Evans the winner in the whole Maria Bartiromo leaving CNBC thing. Evans is the most obvious choice at the financial news network to replace Bartiromo. ... She's insanely knowledgeable about markets and economics, putting her a cut above a lot of the talent that appears on TV. According to a network statement, Evans will be the host on an 'interim basis' with Bill Griffeth of 'Closing Bell' at 3 p.m. ET.

LIVING HISTORY - Chicago Tribune splash, "Signed and sealed: [Gov. Pat] Quinn makes Illinois the 16th state to legalize gay marriage. The re-election-seeking Democratic governor slowly signed the bill with 100 pens that quickly became souvenirs. He did so at a desk shipped from Springfield that ... Abraham Lincoln used to write his first inaugural address in 1861 ... Attendees shared celebratory kisses and waved miniature rainbow flags featuring the outline of Illinois. ... The bill-signing illustrated the rapidly changing views ... on gay rights. Supporters first introduced an anti-discrimination bill in the legislature in 1974. It didn't became law until 2005. It took an additional six years for civil unions to be approved, but only about half that time for the gay marriage measure."

DO NOTHING CONGRESS - The 113th Congress is on track to go down as the least productive in history - a legacy that may be cemented after Senate Majority Leader Harry Reid gutted the filibuster on presidential nominees by deploying the 'nuclear option.' Republicans say the unprecedented move will make them even less likely to cooperate with Democrats ... So far, this Congress has only enacted 49 laws, the fewest since at least 1947, when the Congressional Record began tallying legislative activity on a yearly basis. In fact, the 80th Congress - famously dubbed the 'do nothing' Congress by President Harry Truman - enacted 388 public laws by July 1947. In the last 66 years, there are just four occasions in which fewer than 100 laws were enacted by a similar point in the legislative calendar. And two of those instances were in the last two Congresses, with the previous Congress making just 62 laws through November 2011.

BIRTHDAYS THIS WEEK – Birthday wishes and thoughts this week to: Woody Allen (78), Joel Coen (59), Jay Jones …famous for making Biology sexy, Randy Newman (70), Mike Scioscia (55), Vin Scully (86), Lawrence Summers (59).

JACK ASS OF THE MONTH – Sarah Palin, a regular Jack Ass to this forum, made it again when she called Rush Limbaugh one of her “heroes.”  Seriously.  Rush Limbaugh, a hero?  A drug addicted, sexist, womanizing, racist, bigoted adulterer—is apparently a “hero” to Sarah Palin. Congrats Sarah you again are a Jack Ass of the Month.

COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 11/30, 8:00 PM ET, ABC: #22 UCLA Bruins (8-3) visit #23 USC Trojans (9-3). A HUGE game for both teams, UCLA wants it more – Bruins 38 Trojans 30.  Season to date (8-5)

SMALL COLLEGE FOOTBALL PICK OF THE WEEK – Saturday 11/30, 12:00 PM ET, BRAVO: Round Two begins of the D-III Playoffs - #24 Ithaca College Bombers (9-2) visit #15 Wesley Wolverines (9-2). The Bombers pull an upset in Dover – Ithaca 24 Wesley 21. Season to date (9-2)

NFL PICK OF THE WEEK – Thursday 11/28, 12:30 PM ET, Fox: The annual Turkey Day game in Motown and a game to decide the Norris Division leader – Lions 24 The Pack 20.   Season to date (9-2)

THE SWAMI’S WEEK TOP PICKS –

(NCAA, Nov. 30)  Arizona Wildcats (7-4) 21 at #12 Arizona State Sun Devils (9-2) 32

(NCAA Hockey, Nov. 30) Merrimack Warriors (3-8-1)  2 at Defending National Champions Yale Bulldogs (5-2-2)  5

(NHL, Nov. 30) Anaheim Ducks (17-6-3) 4 at San Jose Sharks (15-3-5) 3

(NFL Upset of the Week, Dec. 1) Tampa Bay Buccaneers (3-8) 24 at Carolina Panthers (8-3) 21

Season to date (44-37)

CONGRATS CFL CHAMPS – The 101^st Grey Cup Game (Canadian Football Championship) was held yesterday and the Saskatchewan Roughriders beat the Hamilton Tiger-Cats 45 to 23. Congrats to the Roughriders for winning their fourth Grey Cup.

MARKET WEEK - The Dow and S&P 500 come off record Friday closes, featuring the S&P's first-ever close above the 1,800 mark. With seven straight weeks of gains behind them, the Dow is on track for its biggest yearly gain since 1993, while the S&P would chalk up its biggest annual advance since 1998.  The final trading week of November is a shortened one, with U.S. markets closed for the Thanksgiving holiday Thursday and open for a half day of trading on Friday.

DRIVING THE WEEK - President Obama, fresh off the Iran nuclear deal, is on the west coast where he will deliver remarks on immigration reform this morning in San Francisco before heading to Los Angeles for a pair of fund-raisers (one featuring Magic Johnson) ... Pending home sales this morning at 10 a.m. expected to rise 1.5 percent ... Case-Shiller home prices at 9 a.m. Tuesday expected to rise 0.9 percent ... Consumer confidence at 10 a.m. Tuesday expected to show a post-shutdown bounce to 72.4 from 71.2 ... Univ. of Michigan consumer sentiment at 9:55 a.m. Wednesday expected to rise to 73.0 from preliminary 72.0 ...

Index of leading indicators at 10 a.m. Wednesday expected to be flat ... Holiday shopping season kicks off in earnest on Friday. Expectations are for a fairly good year for retailers ... HealthCare.gov is supposed to be working fine as of this Sunday but the White House has already lowered expectations for the deeply troubled Obamacare Web site.

THIS WEEK’S POLL – Will you be shopping on Black Friday?

Answer:

-          Yes

-          No

-          Are you kidding!!

Next week: Quote of the month, holiday dining, and four days in the desert.

Happy Hanukkah on November 27!

Have a wonderful and safe Thanksgiving on November 28!

Until Next Monday, “Adios.”

Claremont, CA

November 25, 2013

#IV-32, 189