Mish's Global Economic Trend Analysis

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• Japanese Politicians fed up with Deflation, Challenge BOJ Independence
• Analysts Cut S&P 500 Profits Forecast; Earnings Estimates Still Overly Optimistic; Stocks Not Cheap
• Factory Orders Drop More Than Expected, Treasuries Rally

Japanese Politicians fed up with Deflation, Challenge BOJ Independence Posted: 04 Oct 2010 09:15 PM PDT Things are simmering once again in Japan. The Yen is approaching all-time highs and Japanese politicians have had enough of deflation. Another round of quantitative easing is now on the front burner. MarketWatch reports Bank of Japan may buy asset-backed paper Japan's central bank may announce plans to buy asset-backed securities when it issues its policy decision later Tuesday, the Nikkei business daily reported. The newspaper had reported earlier in the week that the Bank of Japan may expand its low-interest loans to financial institutions. But in the report Tuesday, the Nikkei said "a growing number of board members argue that the bank should go further" and begin buying securities backed by loans to small and medium-sized enterprises. The report, which didn't cite sources, said such a move would be aimed at making more funds available to the private sector. BOJ Independence Under Attack Bloomberg reports BOJ Independence Challenged as Deflation Continues Increasing risks to Japan's recovery prompted what may become the biggest threat yet to the Bank of Japan's independence as politicians seek to redress its failure to end the deflation entrenched in the economy since 1998. Your Party, an opposition group, plans to submit a bill in the Diet session running through December that would give the government a greater role in BOJ policymaking. Ichiro Ozawa, a former challenger to Prime Minister Naoto Kan whose calls for currency intervention and enlarged fiscal stimulus have been adopted by Kan, made a similar proposal last month. The debate comes after BOJ Governor Masaaki Shirakawa refused to expand purchases of government bonds this year even as deflation persisted. The bank may today instead widen a 30 trillion yen ($358 billion) program providing loans to banks, according to 14 of 17 economists surveyed by Bloomberg News. The effort has so far failed to stanch a contraction in lending. Shirakawa's intransigence has incurred the ire of politicians pressing the bank to boost efforts to end deflation, which erodes corporate profits, makes debt harder to pay back, and enhances the yen's lure by lifting its purchasing power. The GDP deflator, a gauge of prices across the economy, has fallen 14 percent since 1997, according to data compiled by Bloomberg. "Japan is the only industrialized country which has had consumer price changes of minus or zero over the past decade," Keiichiro Asao, head of policy research at Your Party, said in an Oct. 1 interview in Tokyo. "If the central bank is a guardian of stable prices, it shouldn't allow price declines." The BOJ, which has kept its benchmark interest rate at 0.1 percent since December 2008, currently purchases 1.8 trillion a month of government bonds. At the current pace of buying, the bank's self-imposed ceiling for bond holdings will be reached in 2014, according to Barclays Capital estimates. The Federal Reserve, by contrast, has eschewed any such ceiling and indicated last month it's prepared to add to its holdings of U.S. Treasuries. At the same time, the Fed's balance sheet, at $2.3 trillion, is smaller than Japan's relative to the size of the economy, at about 16 percent, according to data compiled by Bloomberg. The BOJ holds about $1.5 trillion, or about 26 percent of Japan's GDP. Bank Balance Sheets Compared ZeroHedge Asks Is The BOJ Preparing An Imminent Announcement Of Its Own Latest (And Certainly Not Greatest) QE? The BOJ's balance sheet, which has been relatively flat when compared to peer central banks, especially since FX interventions will likely be sterilized, is about to explode and the JPY will plunge once the carry traders reorient themselves to shorting the original carry currency of choice. As a reminder, here is how Japan has demonstrated remarkable restraint (at least recently) as everyone else has been printing. In other words, the BOJ will continue to use FX intervention as an acute weapon every time the USDJPY drops below 83, and gradually implement asset-backed purchases as the chronic intervention against endless deflation. Because this time it will be different. And, because, as the G-7 people promised, and everyone believed them, there will be no competitive devalution. Ever. Politicians Know This Time is Different! It's hard not to laugh out loud at the sarcasm in the last paragraph above. Not only did QE fail to do what the Bank of Japan wanted (raise prices), QE has also failed to stimulate bank lending as Bernanke wants. Moreover, Japan's currency intervention efforts have not accomplished anything, ever. But yeah... this time is different, because .... politicians know better! By the way, this exercise in stupidity by all the central banks in question, shows just how hard it is to destroy a currency, even when you try (except against gold of course). Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Analysts Cut S&P 500 Profits Forecast; Earnings Estimates Still Overly Optimistic; Stocks Not Cheap Posted: 04 Oct 2010 12:28 PM PDT Bloomberg reports S&P 500 Profits Cut for First Time in Year by Analysts. For the first time in more than a year analysts are cutting their forecasts for Standard & Poor's 500 Index earnings, jeopardizing gains from the biggest September rally since World War II. Estimates for S&P 500 companies' combined 2011 profit fell as low as $95.17 last month from an August high of $96.16 and posted the first quarterly reduction since the three months ended June 2009, according to more than 8,500 analyst forecasts tracked by Bloomberg. The revision came as the benchmark gauge for U.S. equities rose 8.8 percent last month, the largest September advance since 1939. Estimates show S&P 500 earnings may rise 15 percent in 2011, down from a forecast of 20 percent growth in March, Bloomberg data show. The S&P 500 slipped 0.2 percent to 1,146.24 last week amid lingering concern that Europe's government debt crisis may threaten the economic recovery. Companies in the S&P 500 may report profits rose 23 percent on average during the third quarter, according to forecasts tracked by Bloomberg. That's about half the 49 percent growth during the second quarter and the 52 percent increase from January through March. Michael Levine of OppenheimerFunds Inc. says the outlook for lower earnings is already reflected in stock prices after the S&P 500 fell as much as 16 percent between April 23 and July 2. He predicts equity prices will keep rising as investors grow more confident that the U.S. economy isn't headed for the second recession in three years. "Equities are cheap," said Levine, a money manager at New York-based OppenheimerFunds, which oversees about $165 billion. "The broader markets are assuming there's a slow but gradual recovery. As long as that's the message, the markets will be fine." "Stocks go up and they raise their earnings estimates, the markets go down they start reducing estimates -- a lot of it has to do with the psychology," said Jeff Saut, chief investment strategist at Raymond James & Associates, which manages $235 billion in St. Petersburg, Florida. "Over the long run, investing is indeed all about the earnings, but over the short term it's all about psychology." Earnings Estimates A Mirage It's important to understand why earnings have gone up: Trillions of dollars of stimulus worldwide that is not sustainable. Bank earnings estimates have been inflated by massive extend-and-pretend games encouraged by the Fed with a blind eye from the FASB. Moreover, the FASB has delayed mark-to-market accounting rules and has still not forced banks to bring SIVs and off-balance-sheet assets back on the books. Those assets are held at inflated values. It is disgusting to hear those like Michael Levine of OppenheimerFunds Inc. says "equities are cheap". Equities only look cheap if you use absurd forward earnings estimates, and ignore future writeoffs and other "one-time" items that seem to have a way of recurring with remarkable regularity. Stocks Not Cheap Stocks are not cheap an besides, share prices are not always a direct function of earnings. I talked about that in Sure Thing?! Earnings vs. Share Prices Right now, sentiment is so bullish and earnings estimates so lofty there is room for hefty earnings expansion that falls short or estimates. Buying stocks that miss wildly optimistic earnings estimates is not likely to work out well. Furthermore, even if earnings do come in on target, there is no historic guarantee that stock prices follow. For example, on March 31, 1973 the S& P was at 111.52 with trailing earnings of $6.80. Seven years later, on March 31, 1980 the S&P was at 102.09 with trailing earnings of $15.27. Thus, over a span of seven years, earning rose 125% while stock prices fell 8.5%! What happened? The PE ratio on the S&P fell from 16.40 to 6.68, that's what. Moreover, those were real earnings then. Now, corporations hide garbage in SIVs with the blessing of the Fed and analysts cite pro-forma earnings that throw out "one-time" charges that occur with increasing regularity. Thus, anyone who says stock prices will go up because earnings go up, does not understand history. Fancy Numbers "You need pretty fancy GDP numbers to get to $95 a share in earnings next year," said Robert Doll, vice chairman of New York-based BlackRock Inc., which oversees $3.2 trillion. "Our view is that they're still a little too high, and that nobody believes them." Robert Doll is half-right. He's right in that "You need more that fancy earnings to get to $95 a share". He's half-right because the consensus believes. Bear in mind we could still see a bit of earnings expansion, but with the inventory replenishment and stimulus coming to an end, and with consumers heading back into a shell, it will not be sustainable. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Factory Orders Drop More Than Expected, Treasuries Rally Posted: 04 Oct 2010 10:42 AM PDT Curve Watchers Anonymous notes the rally in treasuries continues in the wake of the third decline in four months in factory orders and expectations of renewed Quantitative Easing by the Fed. Yield Curve July 2008 - Present click on chart for sharper image Two-year (not shown above) and five-year treasuries are at record lows. Factory Orders Drop More Than Expected The Wall Street Journal reports Factory Orders Decline U.S. factory orders dropped more than expected in August, marking the third decline in the last four months. U.S. manufactured goods orders decreased by 0.5% to $408.94 billion, the Commerce Department said Monday. Commercial airplanes drove the decline; excluding transportation, all other factory orders rose. The report had positive data. A barometer of business capital spending increased; non-defense capital goods orders excluding airplanes rose by 5.1%. Economists surveyed by Dow Jones Newswires had expected overall factory orders would decrease by 0.4% in August. July orders rose 0.5%, revised from a previously reported 0.1% increase. Factory orders are either durable or non-durable. Durables are designed to last at least three years -- things such as cars. The Commerce report Monday said durables dropped by 1.5%, revised from a previously reported 1.3% decrease. Nondurables rose by 0.3%. Capital goods orders fell 0.1%. Non-defense capital goods orders rose 0.1%. Meanwhile, defense-related capital goods dropped by 1.8%. Excluding defense, all other factory orders decreased 0.5%. Among industries, orders rose for electrical equipment, machinery, and computers. Demand fell for primary metals. Transportation equipment fell 10.2% as orders for cars and commercial airplanes dropped. Orders for manufactured goods excluding transportation rose 0.9%. This was the first increase in the last five months. Manufacturers' inventories were up by 0.1% in August, after increasing 0.9% in July. Shipments declined 0.6%. Unfilled orders, a sign of future demand, were flat. That is a very weak report with inventories rising and nearly everything important falling or flat. Durable Goods Drop Should Not Have Surprised Anyone The drop in durable goods may have surprised some but it is consistent with my July 7th post Expect Second-Half Housing and Durable Goods Crash This should have been pretty easy to figure out. If people stop buying houses, and they have, then people will not be buying many appliances for the houses they did not buy. Moreover, autos are big ticket items and with sentiment souring on job prospects, one might have anticipated the auto recovery (as weak as it was), would also stall. Rear View Mirror Look Please note that today's report is a look in the rear view mirror. Today's factory orders report reflects August data. October ISM Recap - Looking Ahead Let's recap a few charts from Manufacturing ISM Expands, Rate Slows, Internals Weak September ISM Manufacturing at a Glance New Orders June Thu September Falloff in the rate of growth of new orders is persistent and dramatic. Inventories June Thu September The backlog of orders is now contracting, and judging from the persistent trend in orders, it is highly likely orders will contract next month. Meanwhile inventories continue to rise. This situation cannot last. Production is headed for a plunge if orders and backlog start contracting in a meaningful way, as appears likely. Manufacturing ISM has likely peaked. More Downward Surprises Coming Today's Factory Orders report (for August) along with the October ISM report (September data as shown above) is further evidence the glowing September ISM report (August data) was an outlier. Expect to see more downward surprises as the vast majority of economists do not understand the implications of the recent ISM data, or the meaninglessness of the Fed's renewed quantitative easing plans. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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SEOmoz Daily SEO Blog

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Why Most Conference Presentations Suck Posted: 03 Oct 2010 02:00 PM PDT Posted by willcritchlow Normally, I tend towards the uncontroversial when I write. I haven't been the author of many posts that have caused debate. But I've had enough. I need to speak up. Most conference presentations suck There. I said it. I remember being amazed (and, back then, pretty heartened) when I went to my first SEO conference and realised I already knew most of what was being said. Amazement turned to disappointment at my second conference, which was billed as "Advanced" and where the same old basics were trotted out by too many of the speakers. Since then, I've been to hundreds of presentations. I've learnt a lot, but from a surprisingly small proportion of them. (Thank you to those speakers who consistently turn out the excellent stuff!). I'm no exception This is as much a criticism of myself as anyone else. Looking back, there are some presentations I've given that make me cringe now (especially early ones). Early on in my speaking career, it wasn't necessarily that I phoned them in. I was suitably scared / motivated to do a good job - I think I just didn't know how. More recently, I think it's probably happened when I agreed to talk on a subject I didn't really know enough about. I'm definitely trying to learn that lesson. So before I go any further, if you've had to sit through one of my presentations and learnt nothing, I'm sorry. If it happens in future, email me and tell me (my contact details are easy to find and always on my last slide). I'm a strong believer in the idea that you should praise in public and criticise in private so I'm not asking you to tear presentations apart on Twitter. I'd love it if we saw more strong praise of great presentations, and more honest private feedback to speakers and organisers when they haven't delivered the goods. Basic has its place Before I go any further, I wanted to point out that I am often called upon to give "SEO 101" type presentations and these wouldn't teach any of you anything. I hope this doesn't mean that they are bad presentations. It's all about knowing the level of the audience I guess. This rant is squarely aimed at "advanced" presentations of one form or another. Delivery is important, but it's not a substitute for content If you start googling "how to give a great presentation", you'll find masses of advice on slide design, how to speak at the right speed, the kind of opening line to use, what to wear etc. All of this stuff can help, but I would urge implore you to work harder on the other axis. Make the content kick-ass and I'll listen to you even if you mumble at your feet in a monotone looking like a scarecrow. (Yes, I know I talk too quickly when I present. One day I'll fix that). I do like listening to great speakers and entertaining presentation does improve things, but there are better places than SEO conferences to go for stand-up comedy, so generally, I'm there to learn things. You can get away with slightly weaker content if your delivery is awesome but please remember this highly scientific chart: And you know what? I don't even care if it's a sales pitch if you are teaching me stuff. It sets the bar higher and I'm more likely to criticise you if you pitch your own stuff without teaching me anything, but if you do teach me stuff, you can bet I'm going to check out whatever you're hawking. By content, I mean new stuff In the past, just to avoid embarrassing myself, I have: Learnt new things (this was about how to do first touch tracking in Google Analytics): Carried out research (this slide shows a correlation I established between search volume for the 2006 world cup and the 2010 world cup before this year's competition started - it was part of a methodology for forecasting search volumes that haven't happened yet): And published data (this is actually one of Tom's slides): Don't worry about being too advanced That's what Google is for. Give me the ideas and the data that I couldn't get anywhere else. If there's terminology I'm not familiar with or you skip over something too quickly, I can easily do my own research. But please don't spend half an hour telling a room full of experts what Google Insights is. Why should you bother? At the Seattle mozinar, I gave a presentation on "how to pitch SEO". One of my core themes was that the best way to win business is to avoid competitive pitches by giving yourself an unfair advantage. Being known for being smart is one of those advantages. If people get to know you through learning from your presentations, you will find yourself in a disproportionate number of uncompetitive pitches... Just sayin'. Recipe for success: Speakers At Distilled, I have been thrilled to see great first-time presentations from our guys - this isn't something that only comes with experience. For example, Sam's Advanced Keyword Research presentation at SMX London was more highly rated than those of many more experienced speakers including mine. In advance of the show, Sam asked Tom and I to run through our secret recipe. It's actually pretty simple - just follow these steps: Only agree to speak if you actually know the subject and have something new to say Ask yourself what you can give away in your talk that will be new for the majority of the audience What action can people take as a result of your talk? Be prepared to do work / research to discover or demonstrate your new stuff Unless you are an incredibly gifted public speaker, practice before the event. There's a huge difference between preparing the slides and giving a great talk. Although I truly believe that content > delivery, it's worth working on the delivery at least a bit! Check out Lisa Barone's post last week about How To Rock Your Presentation for more great presentation delivery recommendations. If you need a little bit more incentive to be awesome, I've found that having a head to head competition and then a vote at the end of your session (thanks Rand!) is a good way to make you up your game. Recipe for success: Organisers This rant is mainly aimed at speakers, who I think are the primary culprits, but for organisers, while I realise that larger conferences especially don't want to micro-manage every session the way Rand and I have been for the Pro training seminars, can I beg for one small thing? Don't invite speakers back if they didn't add value last time Everyone runs those follow-up surveys and knows which speakers were loved by the audiences and who phoned it in. Please stop inviting people back if they don't want to teach things to the attendees. [Rand wrote a whole post a while back with his thoughts on this from an organiser's perspective]. Rand and I actually tend to harangue our speakers with instructions a little bit like those above asking them to bring their 'A' games. Beyond a certain point, it hopefully gathers momentum because no-one wants to be the guy giving the sales pitch when everyone else's presentation is rocking. At the beginning of September (almost two months before the show), I had a call with every speaker for the London Pro seminar to help shape what they were going to talk about and make sure that they are bringing their secrets. It's not too late to get in on the action and see the result of all that hard work: There are still tickets left for the London Pro SEO seminar It's lucky that we have a bigger venue this year. We passed last year's total (sold out) sales a few weeks ago and unfortunately all the VIP breakfast tickets are gone, but there are still tickets left at the time of writing. Like last year, we anticipate that there will be a rush of bookings as the date approaches so it is likely that we will sell out. If you are wanting to come and see me put my money where my mouth is (yes, I'm feeling the pressure a little bit after writing this) don't leave it too late to book: The Details: Where: The Congress Centre in London's West End When: October 25th and 26th Price: £699 +VAT Book: now! If you are an SEOmoz PRO member, you can get access to special pricing by using the code in the discount store - making it a steal at £499 +VAT / person. You can read a sneak preview of the event that I wrote a few weeks ago to get an idea of the kinds of things that you will see there. Do you like this post? Yes No

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Small Business Relief and Backyard Chats on the Economy

Economy and Jobs Agenda Monday, October 4, 2010   The Week In Economy and Jobs Last weeek, President Obama signed the Small Business Jobs Act into law. In addition to the eight small business tax cuts the President has already signed into law, this bill includes eight more which will accelerate more than $55 billion in tax relief over the next year to businesses across the country.  Capital gains taxes will be completely eliminated for key investments in small businesses driving capital to as many as one million small firms across America.  Later in the week, the President hit the road to talk to middle class families in New Mexico, Iowa and Virginia about their economic concerns.   In case you missed it, be sure to check out the first edition of the White House White Board video series.  Council of Economic Advisers Chair Austan Goolsbee explains the fight over extending tax cuts for the middle class.  Highlights Creating a Fair Playing Field for American Businesses Overseas October 4, 2010 Victoria Espinel, U.S. Intellectual Property Enforcement Coordinator, explains efforts to enforce American intellectual property rights as the President seeks to dramatically expand American exports. Community Colleges: The Backbone of Our Public Workforce System October 3, 2010 Jane Oates, Assistant Secretary for the Employment and Training Administration at the Department of Labor, explains why those focused on getting Americans to work are excited about the White House Summit on Community Colleges. Weekly Address: Solar Power & a Clean Energy Economy October 2, 2010 The President points to a revolutionary new solar plant that will employ 1,000 people and power 140,000 homes. The plant is possible because of the President’s investments in the clean energy economy, which Congressional Republicans want to eliminate. If We’re Serious about Jobs, Don’t Stop Job Creation October 1, 2010 NEC Director Lawrence Summers explains how a partisan minority in Congress has put up to 100,000 jobs in jeopardy, and what can be done about it. White House White Board: CEA Chair Austan Goolsbee Explains the Tax Cut Fight September 29, 2010 Introducing White House Whiteboard, in which one of our key players on the White House team will cut through the political back-and-forth you hear every day and break down an issue affecting American families into simple, understandable terms. A Living-Room Discussion with Middle Class Families September 28, 2010 A look at Vice President Biden's visit to the home of Bob and Lorie Cochran in Manchester, New Hampshire for a discussion on the economy and other issues that are important to middle class families. The President on Our Veterans & Choosing Priorities in Albuquerque September 28, 2010 Meeting with Andy and Etta Cavalier at their home in Albuquerque, New Mexico, President Obama spoke openly on the economy with area families the Cavaliers’ front yard. President of the Small Business Where GOP Announced "Pledge" Applauds Small Business Jobs Bill September 28, 2010 The owner of Tart Lumber, where Republicans announced their “Pledge to America,” comes out in support of the Small Business Jobs Act the President just signed -- and that Republicans almost universally voted against. Keep Putting Them on the Job! September 27, 2010 A look at the immensely successful Temporary Assistance for Needy Families (TANF) Subsidized Jobs program -- and what will happen if it is allowed to end prematurely. President Obama Signs Small Business Jobs Act - Learn What's In It September 27, 2010 You may have heard about the Small Business Jobs Act -- here's what's in it. Weekly Address: Crossroads on the Economy September 25, 2010 The President lays out the choice between his plan to keep our economy moving forward, and the agenda put out by Republicans in Congress taking us backward to the special interest economy that created this mess. Get Updates Sign up for the weekly White House Economy and Jobs Agenda.     Facebook Twitter YouTube Flickr iTunes     This email was sent to e0nstar1.blog@gmail.com. Unsubscribe from the Economy and Jobs Agenda  Unsubscribe from all White House email lists e0nstar1.blog@gmail.com   Privacy Policy Please do not reply to this email. Contact the White House The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111

Daily Snapshot: Behind the Scenes Photos from September

Your Daily Snapshot for Monday, October 4, 2010    Behind the Scenes Photos: September 2010 Take a behind-the-scenes look at the month of September. See President Obama meet with his national security staff in the Situation Room, toss a ball for Bo in the Rose Garden and work on a speech in the Oval, plus many more. See more photos. President Barack Obama and Bo, the Obama family dog, walk along the Colonnade of the White House, Sept. 10, 2010. (Official White House Photo by Pete Souza) Today's Schedule All times are Eastern Daylight Time 10:00 AM: The President receives the Presidential Daily Briefing 11:30 AM: The President meets with senior advisors 12:30 PM: Women’s Entrepreneurship Event Opening Session with Valerie Jarrett 1:00 PM: Briefing by Press Secretary Robert Gibbs 1:30 PM: President's Economic Recovery Advisory Board: Workforce Training, Job Market, and Skills for America’s Future 1:45 PM: The Vice President delivers remarks at a rally for Governor Ted Strickland 2:00 PM: The President meets with the President's Economic Recovery Advisory Board (PERAB)   3:30 PM: Women’s Entrepreneurship Event Closing Session with SBA Administrator Mills 5:30 PM: The Vice President attends an event for Governor Ted Strickland  Indicates Events that will be livestreamed on WhiteHouse.gov/live. In Case You Missed It Here are some of the top stories from the White House blog.  Getting Ready For Summit Day Dr. Jill Biden discusses the upcoming White House Summit on Community Colleges and shares how community colleges around the country can get involved. Serving Those Who Serve An update on the Administration's newest efforts to get our veterans the economic stability they deserve. Weekly Address: Solar Power & a Clean Energy Economy The President points to a revolutionary new solar plant that will employ 1,000 people and power 140,000 homes. The plant is possible because of the President’s investments in the clean energy economy, which Congressional Republicans want to eliminate. Get Updates Sign up for the Daily Snapshot Stay Connected     Facebook Twitter YouTube Flickr iTunes         This email was sent to e0nstar1.blog@gmail.com Manage Subscriptions for e0nstar1.blog@gmail.com Sign Up for Updates from the White House Unsubscribe e0nstar1.blog@gmail.com | Privacy Policy Please do not reply to this email. Contact the White House The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111

Seth's Blog : Demonstrating strength

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Demonstrating strength

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