luni, 2 martie 2015

Damn Cool Pics

Damn Cool Pics


The Luxurious Motor Homes Of NASCAR Drivers

Posted: 02 Mar 2015 12:57 PM PST

NASCAR has 43 full time drivers and they hold 36 races a year. In order to get from place to place, these drivers have to be comfortable. The drivers travels across the country in some of the nicest motor homes known to man. You can take a look at the luxurious motor homes that they live in courtesy of the pictures below.






















Pictures That Will Make You Want To Live Life To The Fullest

Posted: 02 Mar 2015 10:20 AM PST

Life is an adventure but unfortunately you never know when yours is going to come to an end. That's why you need to treat every moment as if it's your last and do like these people do, live your life to the fullest.























Mastering Serving the User as Centroid to Reach Local Searchers - Moz Blog


Mastering Serving the User as Centroid to Reach Local Searchers

Posted on: Monday 02 March 2015 — 01:15

Posted by MiriamEllis

"Google is getting better at detecting location at a more granular level—even on the desktop. The user is the new centroid." -  David Mihm

The history of the centroid

The above quote succinctly summarizes the current state of affairs for local business owners and their customers. The concept of a centroid— a central point of relevance—is almost as old as local search. In 2008, people like Mike Blumenthal and Google Maps Manager Carter Maslan were sharing statistics like this:

"...research indicates that up to 80% of the variation in rank can be explained by distance from the centroid on certain searches."

At that time, businesses located near town hall or a similar central hub appeared to be experiencing a ranking advantage.

Fast forward to 2013, and Mike weighed in again with  an updated definition of "industry centroids"

"If you read their (Google's) patents, they actually deal with the center of the industries … as defining the center of the search. So if all the lawyers are on the corner of Main and State, that typically defines the center of the search, rather than the center of the city… it isn't even the centroid of the city that matters. It matters that you are near where the other people in your industry are."

In other words, Google's perception of a centralized location for auto dealerships could be completely different than that for medical practices, and that neither might be located anywhere near the city center.

While the concepts of city and industry centroids may still play a part in some searches, local search results in 2015 clearly indicate Google's shift toward deeming the physical location of the desktop or mobile user a powerful factor in determining relevance. The relationship between where your customer is when he performs a search and where your business is physically located has never been more important.

Moreover, in this new, user-centric environment, Google has moved beyond simply detecting cities to detecting neighborhoods and even streets. What this means for local business owners is that your hyperlocal information has become a powerful component of your business data. This post will teach you how to better serve your most local customers.

Seeing the centroid in action

If you do business in a small town with few competitors, ranking for your product/service + city terms is likely to cover most of your bases. The user-as-centroid phenomenon is most applicable in mid-to-large sized towns and cities with reasonable competition. I'll be using two districts in San Francisco—Bernal Heights and North Beach—in these illustrations and we'll be going on a hunt for pizza.

On a desktop, searching for "pizza north beach san francisco" or setting my location to this neighborhood and city while searching for the product, Google will show me something like this:

local result north beach pizza san francisco

Performing this same search, but with "bernal heights" substituted, Google shows me pizzerias in a completely different part of the city:

local result bernal heights pizza san francisco

And, when I move over to my mobile device, Google narrows the initial results down to just three enviable players in each district. These simple illustrations demonstrate Google's increasing sensitivity to serving me nearby businesses offering what I want.

The physical address of your business is the most important factor in serving the user as centroid. This isn't something you can control, but there are things you can do to market your business as being highly relevant to your hyperlocal geography.

Specialized content for the user-centroid

We'll break this down into four common business models to help get you thinking about planning content that serves your most local customers.

1. Single-location business

Make the shift toward viewing your business not just as "Tony's Pizza in San Francisco", but as "Tony's Pizza in North Beach, San Francisco". Consider:

  • Improving core pages of your website or creating new pages to include references to the proud part you play in the neighborhood scene. Talk about the history of your area and where you fit into that.
  • Interview locals and ask them to share their memories about the neighborhood and what they like about living there.
  • Showcase your participation in local events.
  • Plan an event, contest or special for customers in your district.
  • Take pictures, label them with hyperlocal terms, post them on your site and share them socially.
  • Blog about local happenings that are relevant to you and your customers, such as a street market where you buy the tomatoes that top your pizzas or a local award you've won.
  • Depending on your industry, there will be opportunities for hyperlocal content specific to your business. For example, a restaurant can make sure its menu is in crawlable text and can name some favorite dishes after the neighborhood—The Bernal Heights Special. Meanwhile, a spa in North Beach can create a hyperlocal name for a service—The North Beach Organic Spa Package. Not only does this show district pride, but customers may mention these products and services by name in their reviews, reinforcing your local connection.

2. Multi-location business within a single city

All that applies to the single location applies to you, too, but you've got to find a way to scale building out content for each neighborhood.

  • If your resources are strong, build a local landing page for each of your locations, including basic optimization for the neighborhood name. Meanwhile, create blog categories for each neighborhood and rotate your efforts on a week by week basis. First week, blog about neighborhood A, next week, find something interesting to write about concerning neighborhood B. Over time, you'll have developed a nice body of content proving your involvement in each district.
  • If you're short on resources, you'll still want to build out a basic landing page for each of your stores in your city and make the very best effort you can to showcase your neighborhood pride on these pages.

3. Multiple businesses, multiple cities

Again, scaling this is going to be key and how much you can do will depend upon your resources.

  • The minimum requirement will be a landing page on the site for each physical location, with basic optimization for your neighborhood terms.
  • Beyond this, you'll be making a decision about how much hyperlocal content you can add to the site/blog for each district, or whether time can be utilized more effectively via off-site social outreach. If you've got lots of neighborhoods to cover in lots of different cities, designating a social representative for each store and giving him the keys to your profiles (after a training session in company policies) may make the most sense.

4. Service area businesses (SABs)

Very often, service area businesses are left out in the cold with various local developments, but in my own limited testing, Google is applying at least some hyperlocal care to these business models. I can search for a neighborhood plumber, just as I would a pizza:

local results plumber bernal heights san francisco

To be painstakingly honest, plumbers are going to have to be pretty ingenious to come up with a ton of engaging industry/neighborhood content and may be confined mainly to creating some decent service area landing pages that share a bit about their work in various neighborhoods. Other business models, like contractors, home staging firms and caterers should find it quite easy to talk about district architecture, curb appeal and events on a hyperlocal front.

While your SAB is still unlikely to beat out a competitor with a physical location in a given neighborhood, you still have a chance to associate your business with that area of your town with well-planned content.

Need creative inspiration for the writing projects ahead? Don't miss this awesome wildcard search tip Mary Bowling shared at LocalUp. Add an underscore or asterisk to your search terms and just look at the good stuff Google will suggest to you:

wildcard search content ideas

Does Tony's patio make his business one of Bernal Heights' dog-friendly restaurants or does his rooftop view make his restaurant the most picturesque lunch spot in the district? If so, he's got two new topics to write about, either on his basic landing pages or his blog.

Hop over to  Whitespark's favorite takeaways from Mike Ramsey's LocalUp presentation, too.

Citations and reviews with the user centroid in mind

Here are the basics about citations, broken into the same four business models:

1. Single-location business

You get just one citation on each platform, unless you have multiple departments or practitioners. That means one Google+ Local page, one Yelp profile, one Best of the Web listing. etc. You do not get one citation for your city and another for your neighborhood. Very simple.

2. Multi-location business within a single city

As with the single location business, you are entitled to just one set of citations per physical location. That means one Google+ Local listing for your North Beach pizza place and another for your restaurant in Bernal Heights.

A regular FAQ here in the Moz Q&A Forum relates to how Google will differentiate between two businesses located in the same city. Here are some tips:

  • Google no longer supports the use of modifiers in the business name field, so you can no longer be Tony's Pizza - Bernal Heights, unless your restaurant is actually named this. You can only be Tony's Pizza.
  • Facebook's policies are different than Google's. To my understanding, Facebook won't permit you to build more than one Facebook Place for the identical brand name. Thus, to comply with their guidelines, you must differentiate by using those neighborhood names or other modifiers. Given that this same rule applies to all of your competitors, this should not be seen as a danger to your NAP consistency, because apparently, no multi-location business creating Facebook Places will have 100% consistent NAP. The playing field is, then, even.
  • The correct place to differentiate your businesses on all other platforms is in the address field. Google will understand that one of your branches is on A St. and the other is on B St. and will choose which one they feel is most relevant to the user.
  • Google is not a fan of call centers. Unless it's absolutely impossible to do so, use a unique local phone number for each physical location to prevent mix-ups on Google's part, and use this number consistently across all web-based mentions of the business.
  • Though you can't put your neighborhood name in the title, you can definitely include it in the business description field most citation platforms provide.
  • Link your citations to their respective local landing pages on your website, not to your homepage.

3. Multiple businesses, multiple cities

Everything in business model #2 applies to you as well. You are allowed one set of citations for each of your physical locations, and while you can't modify your Google+ Local business name, you can mention your neighborhood in the description. Promote each location equally in all you do and then rely on Google to separate your locations for various users based on your addresses and phone numbers.

4. SABs

You are exactly like business model #1 when it comes to citations, with the exception of needing to abide by Google's rules about hiding your address if you don't serve customers at your place of business. Don't build out additional citations for neighborhoods you serve, other cities you serve or various service offerings. Just create one citation set. You should be fine mentioning some neighborhoods in your citation descriptions, but don't go overboard on this.

When it comes to review management, you'll be managing unique sets of reviews for each of your physical locations. One method for preventing business owner burnout is to manage each location in rotation. One week, tend to owner responses for Business A. Do Business B the following week. In week three, ask for some reviews for Business A and do the same for B in week four. Vary the tasks and take your time unless faced with a sudden reputation crisis.

You can take some additional steps to "hyperlocalize" your review profiles:

  • Write about your neighborhood in the business description on your profile.
  • You can't compel random customers to mention your neighborhood, but you can certainly do so from time to time when your write responses. "We've just installed the first soda fountain Bernal Heights has seen since 1959. Come have a cool drink on us this summer."
  • Offer a neighborhood special to people who bring in a piece of mail with their address on it. Prepare a little handout for all-comers, highlighting a couple of review profiles where you'd love to hear how they liked the Bernal Heights special. Or, gather email addresses if possible and follow up via email shortly after the time of service.
  • If your business model is one that permits you to name your goods or service packages, don't forget the tip mentioned earlier about thinking hyperlocal when brainstorming names. Pretty cool if you can get your customers talking about how your "North Beach Artichoke Pizza" is the best pie in town!

Investigate your social-hyperlocal opportunties

I still consider website-based content publication to be more than half the battle in ranking locally, but sometimes, real-time social outreach can accomplish things static articles or scheduled blog posts can't. The amount of effort you invest in social outreach should be based on your resources and an assessment of how naturally your industry lends itself to socialization. Fire insurance salesmen are going to find it harder to light up their neighborhood community than yoga studios will. Consider your options:

      Remember that you are investigating each opportunity to see how it stacks up not just to promoting your location in your city, but in your neighborhood.

      Who are the people in your neighborhood?

      Remember that Sesame Street jingle? It hails from a time when urban dwellers strongly identified with a certain district of hometown. People were "from the neighborhood." If my grandfather was a Mission District fella, maybe yours was from Chinatown. Now, we're shifting in fascinating directions. Even as we've settled into telecommuting to jobs in distant states or countries, Amazon is offering one hour home delivery to our neighbors in Manhattan. Doctors are making house calls again! Any day now, I'm expecting a milkman to start making his rounds around here. Commerce has stretched to span the globe and now it's zooming in to meet the needs of the family next door.

      If the big guys are setting their sights on near-instant services within your community, take note. You live in that community. You talk, face-to-face, with your neighbors every day and know the flavor of the local scene better than any remote competitor can right now.

      Now is the time to reinvigorate that old neighborhood pride in the way you're visualizing your business, marketing it and personally communicating to customers that you're right there for them.


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      Seth's Blog : Stupid is the brand killer

      Stupid is the brand killer

      When you make your customer feel stupid, you've given him no choice. He needs to blame you.

      Some ways to make people feel stupid:

      • Charge different prices at different outlets and shrug your shoulders when you get found out.
      • Insist that the warranty ends precisely the day you said it would. 
      • Give new customers a great discount for signing up, but tell long-term customers that they're out of luck.
      • Make your expensive items less networked, less powerful and less reliable than your cheaper ones.
      • Give your customers a product, idea or service that causes them to be ridiculed or shamed by people they hope to impress.
      • Sell the private data you get from customers to other marketers without asking first.
      • Put the important information in your terms and conditions, in little tiny type.
      • Collect money as though you're in the long-term relationship business, but in every other way, act like you don't expect the relationship to last.
      • Talk about your customers (students/clients/members) behind their back in a way you'd never talk to their face (hint: it'll get back to them).
      • Lower your pricing but don't honor it for people who just bought from you. That shrug again.
      • Scold someone because the last three people already heard you just answer that question (but we didn't...)
      • Assume the worst about a customer's intent, intelligence and background.

      Most people (particularly the customers you seek) don't mind paying a little extra if it comes with dignity, confidence and a smile.

             

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      duminică, 1 martie 2015

      Mish's Global Economic Trend Analysis

      Mish's Global Economic Trend Analysis


      Chicago's Fiscal Freefall: Moody's Cuts Chicago Credit Rating to Two Steps Above Junk; Snake Oil and Swaps; It's All Junk Now

      Posted: 01 Mar 2015 09:25 PM PST

      Last week I wrote an article for the Illinois Policy Institute on the hugely unfunded and deteriorating nature of numerous Illinois' pension systems.

      I will post the article on Monday. 

      My article was on on state pension systems, not Chicago's, and was written well ahead of downgrades of Chicago's debt by Moody's on Friday. I was not surprised to see the downgrade.

      Let's take a look at some articles on the debt downgrade starting with Chicago Credit Rating Cut by Moody's to Two Steps Above Junk.
      Chicago had its credit rating cut to within two steps of junk by Moody's Investors Service because of mounting pension liabilities, underscoring the city's fiscal stress as Mayor Rahm Emanuel faces an unprecedented runoff.

      The one-step reduction to Baa2 affects $8.3 billion of general-obligation bonds, which were already the lowest-rated among the 90 biggest U.S. cities, excluding Detroit. The outlook remains negative, signaling more cuts are possible, New York-based Moody's said Friday in a report.

      "The city's credit quality could weaken as unfunded pension liabilities grow and exert increased pressure on the city's operating budget," Moody's analysts Matthew Butler and Rachel Cortez wrote. "We expect substantial growth in unfunded pension liabilities even if the city's recent pension reforms survive an ongoing legal challenge."

      The third-most-populous U.S. city has $20 billion in unfunded pension obligations that it can't address without the approval of the state legislature. State lawmakers in June restructured two city pension plans with about $9.4 billion in underfunded liabilities for about 60,000 municipal workers and retirees by making them pay more and reducing benefits. The changes didn't apply to the police and fire systems.

      Labor unions in Chicago sued to block the law in December, and the litigation was put on hold pending the outcome of an Illinois Supreme Court ruling on a state pension overhaul.
      Chicago May Owe Wall Street $58 Million After Moody's Rating Cut

      To add insult to injury, Chicago May Owe Wall Street $58 Million After Moody's Rating Cut
      Chicago may have to pay $58 million to unwind interest-rate swaps after Moody's Investors Service cut the city's credit rating within two steps of junk because of mounting pension liabilities.

      The reduction on Friday to Baa2 affects $8.3 billion of general-obligation bonds, which were already the lowest-rated among the 90 biggest U.S. cities, excluding Detroit. The outlook remains negative, signaling more cuts are possible, underscoring the city's fiscal stress as Mayor Rahm Emanuel faces a runoff election.

      Because of stipulations in four of the city's swaps contracts, which it entered into as a hedge, the rating cut may terminate the agreements early and trigger the $58 million cost, Moody's said in a report. The city is also closer to ratings that may force an additional $133 million of payments.

      "This is a very significant, negative development for the city of Chicago's financial position," Laurence Msall, president of the Civic Federation, a nonpartisan research group in Chicago, said in an interview. "This is a very big deal."

      Swaps agreements, which issuers enter into with banks, exchange fixed interest payments for floating ones. They're designed to cut borrowing costs. They can backfire when interest rates move in an unexpected direction, as happened in the U.S. with the Federal Reserve keeping its overnight target close to zero since 2008. Most swaps can be ended if one party fails to maintain a minimum credit rating, requiring payment of the entire amount due.

      Chicago has 15 agreements tied to variable-rate general-obligation debt and one to variable-rate sales-tax bonds, according to Moody's. While the company said the city has the resources to cover the $58 million payment, it said the cut moves Chicago closer to further termination payments triggered by going below Baa2 or Baa3.

      Chicago, like Illinois, has struggled with rising pension costs. The city is obligated to pay $600 million into four pension funds in next year's budget, though Standard & Poor's said the contribution may be delayed after Feb. 24 elections led to a runoff vote between Emanuel and Jesus "Chuy" Garcia.
      Fiscal Freefall

      Reuters has still more gloomy details in its report Chicago Nears Fiscal Free Fall with Latest Downgrade.
      Chicago's finances are already sagging under an unfunded pension liability Moody's has pegged at $32 billion and that is equal to eight times the city's operating revenue. The city has a $300 million structural deficit in its $3.53 billion operating budget and is required by an Illinois law to boost the 2016 contribution to its police and fire pension funds by $550 million.

      Cost-saving reforms for the city's other two pension funds, which face insolvency in a matter of years, are being challenged in court by labor unions and retirees.

      State funding due Chicago would drop by $210 million between July 1 and the end of 2016 under a plan proposed by Illinois Governor Bruce Rauner.

      Moody's said Chicago's rating could be cut if Illinois courts find pension reform laws enacted to shore up the state's financially ailing pension system and for two of Chicago's retirement systems are unconstitutional. A ruling by the Illinois Supreme Court on one of the laws could come as early as this spring.

      S&P warned of a multi-notch downgrade if the city fails to come up with a sustainable plan this year to pay its escalating pension contributions.

      In a report, Moody's noted that the downgrade to Baa2 moves the city closer to termination of 11 more swaps deals. Termination on those contracts would potentially cost Chicago an additional $133 million, Moody's noted.
      Snake Oil and Swaps

      When a snake oil salesman at the country fair says his potion will cure you of whatever ails you, you can rest assured the following three things will happen if you try some.

      1. It will taste terrible.
      2. It will not work.
      3. You will wish you didn't buy it.

      Similarly, when Wall Street peddles swaps, the following things are highly likely, if not virtually guaranteed.

      1. The contracts will be extremely one-sided with many loopholes for the Street and none for the city.
      2. The swaps will cost the city that enters them lots of money, and the termination fees will be excessive.
      3. Cities will wish they never entered into the agreement.

      Musical Tribute

      As music fans might have expected, I have musical tribute to honor the city of Chicago and the state of Illinois. Although I like "My Kind of Town", I have a more appropriate offering in mind.



      Link if video does not play: Paper Lace - The Night Chicago Died (Live)

      Blue Ribbon Awarded

      Illinois gets the blue ribbon for being the lowest-rated state. However, credit raters differ on Chicago.

      • Moody's rates Chicago at Baa2, two steps above junk.
      • S&P grades the city A+, the fifth-highest rank and four levels above Moody's. 
      • Fitch Rates Chicago two steps higher than Moody's. 

      The S&P and Fitch have it wrong. Both will eventually catch up.

      And if the pension crisis is not fixed (it won't be), Chicago and numerous other Illinois cities will all be junk rated.

      In retrospect, I offer this thought "It's All Junk Now!". All that remains is for the credit rating agencies to catch on.

      Mike "Mish" Shedlock
      http://globaleconomicanalysis.blogspot.com

      Austria "Bad Bank" Goes Bad, $8.5 Billion "Bail-In" Underway

      Posted: 01 Mar 2015 05:09 PM PST

      This entire notion that you can take bad assets from a bank and put them in a "bad bank" to make everything well, is ridiculous. Today we see yet another failure of the construct.

      Reuters reports Austria Imposes Debt Moratorium on Heta "Bad Bank"
      Austria's Financial Market Authority stepped in on Sunday to wind down "bad bank" Heta Asset Resolution and imposed a moratorium on debt repayments by the vehicle set up last year from the remnants of defunct lender Hypo Alpe Adria.

      The step, allowed by new legislation that gives banking supervisors more power to intervene, followed an outside audit of Heta's balance sheet that exposed a capital hole of up to 7.6 billion euros ($8.51 billion) which the government was not prepared to fill, the FMA said.

      The moratorium on repayment of principal and capital lasts until May 31, 2016, giving the FMA time to work out a detailed plan to ensure equal treatment of all creditors, the FMA said in a decree published on its website.

      More than 9.8 billion euros worth of debt is affected, including senior notes worth 450 million due on March 6 and 500 million on March 20.

      The finance ministry noted that creditors can be forced to contribute to the costs of winding down Heta - or "bailed in" - under new European legislation that Austria adopted this year so that taxpayers do not have to shoulder the entire burden.
      Not Insolvent?!

      In an absurd statement, the finance ministry added "Heta was not insolvent".

      In summary: Repayments on Heta's bonds have been suspended, there is a capital shortfall of $8.5 billion, a bail-in is needed, and taxpayers do not have to share the "entire burden", but the bank is not insolvent.

      And by the way,  isn't separating out the "bad bank"  supposed to make what's left of the "good bank",  good? I ask because Heta is what's left of the "defunct" lender Hypo Alpe Adria.

      It seems the good bank and the bad bank are now effectively defunct.

      Mike "Mish" Shedlock
      http://globaleconomicanalysis.blogspot.com

      Australia's Mining Bust Turns Towns Into Ghost Towns; Expect Interest Rate "Shock and Awe"

      Posted: 01 Mar 2015 12:37 PM PST

      As Australia's mining boom turns to bust, Towns are Dying the Death of a Thousand Cuts as Miners Leave in Droves.
      Locals say the main street of Dalby resembles a ghost town these days – a sad indication of a mining boom ending too soon for some.

      Things have taken a turn for the worse since the glory days of the mining construction boom, with companies responding to falling commodity prices by pulling the plug on new projects and laying off workers across the Surat Basin.

      The increasing exodus of workers, investment and money from the mining towns has left houses empty and businesses struggling, with many of those left behind wondering what to do next.

      Di Reilly, owner of Mary's Commercial Hotel on Dalby's Cunningham St, said much had changed since 2013 when thirsty miners packed into the pub every Friday and Saturday night.

      "We used to open the old bar up and the whole place would be chock-a-block," she said.

      Things were going so well that Ms Reilly began a revamp of the pub before the numbers tapered off, leaving her with a half-renovated bar and plummeting income.

      The old bar now sits unrenovated and empty, a dusty reminder of plans gone awry.

      "They were saying it was going to last 10 years but it hasn't," she said.

      "I was going to do the whole pub up, so I was banking on it that they would be here a little longer than they were, but it just stopped all of a sudden. It just got cut off."

      The impact on her bottom line has been astonishing, with turnover last December down $100,000, slashed in half from the previous year.

      Down the road, electronics retailer Colin Fountain speaks of the boom in the past tense.

      "I've definitely noticed a slowdown. Sometimes when you look down the street you'd think you were in a ghost town," he said.

      Further west in Chinchilla, the effects of the mining construction boom have mainly been felt in the real estate sector, where rents and house prices doubled from cashed-up workers arriving in the town.

      Long-term residents said many pensioners had been forced to leave because of high housing prices and now that prices had fallen some weren't coming back.

      One real estate agent said "a hell of a lot" of property was on the market – about 400 houses were for rent or sale and buyers were scarce.
      Record Low Interest Rates

      On February 3, and in response to tumbling oil and mineral prices, and irrational deflation worries, Australia Cut Interest Rates to Record Low.
      Australia cut its benchmark interest rate to a record low of 2.25% Tuesday, joining a procession of central banks that have eased policy settings this year in response to the deflationary impact of tumbling oil prices.

      The 0.25-percentage-point cut represents a dramatic shift for the Reserve Bank of Australia—which ended 2014 with a message to financial markets that interest-rate stability was likely to feature again in 2015, to help underpin certainty for businesses and support the economy as a mining-investment boom fizzles out.

      The Australian dollar fell sharply on the announcement of a cut, dropping to a fresh 5½-year low, while the stock market surged to the highest level since May 2008.

      The Reserve Bank of Australia joins the Monetary Authority of Singapore, Reserve Bank of New Zealand, European Central Bank, Bank of Canada and the central banks of India, Denmark and Switzerland in either announcing substantial policy shifts or easing monetary settings—in some cases dramatically—since Jan. 1.

      Throughout last year, Australia's central bank repeatedly stressed it would be appropriate for rates to remain stable for some time. It removed that reference on Tuesday, leaving open the door to more cuts.

      In Tuesday's statement, Mr. Stevens said the jobless rate—currently 6.1%—would likely peak a little higher than had been anticipated.
      Definitions Needed

      I need a definition of "little" and also a definition what had been "anticipated".

      The statement made by Stevens can literally mean anything. Most likely, little really means little. And given that central bankers are totally clueless, it's highly likely what had been anticipated was far too low.

      Thus, vagueness aside, I will bet on the "over" line, "way over" in fact. With no recession in 23 years, and with wages and prices of goods dramatically out of line with the rest of the world, and with one of the world's biggest property bubbles, the upcoming recession in Australia will be a doozie.

      Expect Interest Rate "Shock and Awe"

      Australia has room for 9 quarter point cuts before zero is hit. But cuts won't happen that way. Accompanied by some sort of shock-and-awe statement, I expect Australia to cut rates 100 basis points or more at some point.

      Addendum - "Houses and Holes" - Tweet from Steve Keen

      Shortly after finishing the above, I heard from Steve Keen who emailed ...

      "Good read mate--I've tweeted it. It's rather weird to watch my home country as an observer from England now. A colleague describes Australia's economic policies as 'Houses and Holes', and that about sums it up. Now all that's left is a property bubble and flogging our real estate to overseas borrowers--which coincidentally pretty much describes economic policy in the UK as well."

      Mike "Mish" Shedlock
      http://globaleconomicanalysis.blogspot.com

      Seth's Blog : Sorry confusion

      Sorry confusion

      There are two kinds of, "I'm sorry."

      The first kind is the apology of responsibility, of blame and of litigation. It is the four-year old saying to his brother, "I'm sorry I hit you in the face." And it is the apology of the surgeon who forgot to insert sterile dressings and almost killed you.

      The other kind of sorry is an expression of humanity. It says, "I see you and I see your pain." This is the sorry we utter at a funeral, or when we hear that someone has stumbled. 

      You don't have to be in charge to say you're sorry. You don't even have to be responsible. All you need to do is care.

      In this case, "I'm sorry," is precisely the opposite of, "I'm sorry you feel that way," which of course pushes the other person away, often forever.

      As we've been busy commercializing, industrializing and lawyering the world, countless bureaucrats have forgotten what it means to be human, and have forgotten how much it means to us to hear someone say it, and mean it. "I'm sorry you missed your flight, and I can only imagine how screwed up the rest of your trip is going to be because of it."

      "I see you," is what we crave.

             

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