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Saturday, December 29, 2012

Stocks drop as lawmaker sees 'fiscal cliff' ahead

4 hrs.

JeeYeon Park , CNBC

Stocks fell near session lows Thursday, with all key S&P sectors in negative territory, pressured by a weaker-than-expected consumer confidence report and as President Barack Obama and members of Congress headed back to Washington to resume talks over the looming "fiscal cliff."

So far, all three major averages are on pace to closing lower for the month. Still, the Dow is up nearly 6 percent for the year, while the S&P and Nasdaq are both up more than 10 percent.

The Dow Jones Industrial Average fell near the psychologically?important level of 13,000, dragged by Bank of America and JPMorgan, after closing lower for the third-consecutive session. The last time the Dow traded below 13,000 was back in Dec. 5, when it hit a low 12,923.44.

The S&P 500 and the Nasdaq also declined. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, jumped above 20 for the first time in nearly five months.

All key S&P sectors were in the red, dragged by financials and energy.

"Moves are always exacerbated during low-volume days and we'll continue to react to every headline from Washington," said Keith Bliss, senior vice president at Cutton & Co. "But I still think the overall market is in a bullish sentiment by the way that the technical are lining up. It might be prudent to keep some powder dry and buy on these dips."

Stocks took a sharp leg lower after Senate Majority Leader Harry Reid expressed doubts that a deal can be reached to avert the "fiscal cliff."

"It looks like that's where we're headed," Reid said of the looming fiscal cliff and pointed fingers at House Speaker John Boehner of running a "dictatorship" by "not allowing the vast majority of the House of Representatives to get what they want."

Obama cut short his Christmas vacation in Hawaii to deal with the deadlocked talks between Democrats and Republicans on what to do with $600 billion in tax increases and automatic spending cuts, due to kick in on Jan. 1. With less than a week remaining this year, time is now running out and the pressure on politicians to find a solution is building, as U.S. Treasury Secretary Timothy Geithner warned the U.S. will hit the debt ceiling on Monday, Dec. 31.

The two sides could work towards a "mini-deal" to postpone the effects of the fiscal cliff by extending tax cuts for taxpayers with incomes below $250,000, postponing the automatic spending cuts, and extending unemployment benefits.?

Meanwhile on the economic front, the consumer confidence index tumbled to 65.1 in December from a downwardly revised 71.5 in November, hitting a four-month low, according to the Conference Board.

Earlier, jobless claims fell 12,000 to a seasonally adjusted 350,000 last week. Meanwhile, the four-week moving average tumbled to its lowest since March 2008.?

And new home sales rose 4.4 percent in November to a seasonally adjusted 377,000-unit annual rate, the fasts pace in 2-1/2 years, according to the Commerce Department.

Marvell Technology declined after a federal grand jury ruled the chipmaker infringed two patents held by Carnegie Mellon University and ordered the company to pay $1.17 billion in damages. In addition, at least two brokerages lowered their rating on the company.

Toyota Motor said it plans to settle a U.S. class-action lawsuit for $1.1 billion.

Domino's Pizza climbed after Oppenheimer raised its price target on the pizza chain to $50 from $44.

Hartford Financial Services edged higher after Stifel added the financial services company to its "select" list and raised its target price to $28 from $25.

BCD Semiconductor skyrocketed more than 90 percent after the chipmaker agreed to be bought by Diodes in a deal worth $151 million.?

In Europe, stocks rose in cautious trading after being closed for Christmas and Boxing Day.?Meanwhile, in Asia, Japanese stocks hit a 21-month high as a weaker yen boosted export stocks. Sentiment in Asia was boosted as profits at China's factories jumped in November, helped by the recovery in the economy.

Source: http://www.nbcnews.com/business/stocks-drop-lawmaker-sees-cliff-ahead-1C7657761

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UFC 155 picks from Kevin Iole, Maggie Hendricks and Cagereaders like you

UFC 155 is only a day away. It's time for picks from Yahoo! Sports' columnist Kevin Iole, Cagewriter editor Maggie Hendricks, and Cagereaders who posted their picks on Facebook.

Kevin Iole: Junior dos Santos W5 Cain Velasquez -- I can't believe I'm picking against Velasquez. To me, he is in many ways the perfect heavyweight, with great conditioning, great wrestling and tremendous power. But how do we ignore what dos Santos has done? Much was made of Velasquez's knee injury before their first fight, but what isn't as well known is that Junior had a bad leg, too, and couldn't do much. It's going to be a dogfight, but I think Junior finds a way to pull it out.

Maggie Hendricks: Cain Velasquez W5 Junior dos Santos -- Velasquez was injured in his last bout with JDS. With a healthy knee, he'll get to use his wrestling to control and beat on JDS for five rounds.

Cagereaders: Couldn't ask for a better way to end the year than this rematch. This will last longer than the first but not by much. I'm picking Cigano by KO R1. Cain has amazing wrestling and ground and pound. However, I think Junior is the guy that has his number and things won't go as planned for Cain. Velasquez will come out more aggressive than the first fight and that will spell the end. Junior will rock him with some brutal counters causing Cain to shoot in for the take down. Junior will stuff the attempt and finish the fight with an uppercut around 3 minutes into the first. -- Jackson Torres

Kevin Iole: Joe Lauzon W3 Jim Miller -- Definitely will be the Fight of the Night in my opinion (is there any other kind of fight for Lauzon?) I don't think Joe will be able to submit Jim, but he is so active and works so hard I think he'll pile up the points to win.

Maggie Hendricks: Joe Lauzon Sub2 Jim Miller -- Lauzon's submission game is tough to beat. He will need to avoid Miller's well-rounded game, but can do it.

Cagereaders: My two favorite 155 pound fighters. When I saw Miller step in for Maynard, my heart sank. I'm going to see one them lose, and it looks to be J-Lau. Miller matches up really well for Lauzon's style. He has power in his punches and solid wrestling, backed up with a serious ground game and outstanding cardio. Joe has a killer instinct and a more dangerous ground game. Still, I like Miller taking this fought by a UD. -- Tom Hogan

Kevin Iole: Tim Boetsch W3 Costas Philippou -- Boetsch will grind out a victory by controlling the distance and limiting Philippou's power

Maggie Hendricks: Tim Boetsch W3 Costa Phillippou -- Ditto on what Kevin said. Boetsch won't make it a thrilling fight, but it will be a convincing win.

Cagereaders: Boetsch over Phillipou by 3rd Round TKO -- I think this fight will be back to forth, I have counted out Tim Boetsch in many fights just to be shocked, from the poor decision in the Lombard fight, to the amazing knock out of Okami, I think Phillipou gets the better of him early in the fight, while Boetsch owns the latter part of the fight, this could easily be fight of the night and if it does go decision, it will be close, but I see Phillipou gassing late and Boetsch taking advantage. -- Daniel Ryan

Kevin Iole: Alan Belcher TKO2 Yushin Okami -- This outcome would have been unthinkable a year ago, but Belcher improves tremendously each time out and is now one of the world's most complete fighters.

Maggie Hendricks: Alan Belcher W3 Yushin Okami -- With title shot hopes hanging over him, Belcher has good reason to fight a smart game and come out with a win over Okami.

Cagereaders: Yushin Okami will beat Alan Belcher by decision. Okami will go back to what made him successful before his fight with Anderson Silva. He will use his jab and height, keeping Belcher back, then take him down for ground and pound. This will continue for 3 full rounds and Okami will come out with the unanimous decision. -- Marcus Min

Kevin Iole: Chris Leben TKO3 Derek Brunson -- This is a big fight for Leben, and I think he knows it. I expect him to eventually catch Brunson with something big that will end it.

Maggie Hendricks: Derek Brunson W3 Chris Leben -- In his first fight after a long layoff, Leben will have a hard time dealing with a wrestler with power like Brunson.

Cagereaders: Derek Brunson should be able to defeat Chris Leben by decision because he has a great wrestling background and Chris Leben may not be in the best shape coming off a 13-month layoff. -- Edgar Diaz

Source: http://sports.yahoo.com/blogs/mma-cagewriter/ufc-155-picks-kevin-iole-maggie-hendricks-cagereaders-161442619--mma.html

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Obama, top lawmakers meet over fiscal cliff

President Barack Obama waves to reporters as he steps off the Marine One helicopter and walks on the South Lawn at the White House in Washington, Thursday, Dec. 27, 2012, as he returns early from his Hawaii vacation for meetings on the fiscal cliff. (AP Photo/Charles Dharapak)

House Minority Whip Rep. Steny Hoyer of Md., pauses during a news conference on Capitol Hill in Washington, Thursday, Dec. 27, 2012, where he urged House Republicans to end the pro forma session and call the House back into legislative session to negotiate a solution to the fiscal cliff. (AP Photo/ Evan Vucci)

Senate Minority Leader Mitch McConnell of Ky. walks to the Senate floor on Capitol Hill in Washington, Thursday, Dec. 27, 2012. (AP Photo/Susan Walsh)

WASHINGTON (AP) ? The end game at hand, President Barack Obama and congressional leaders made a final stab at compromise Friday to prevent a toxic blend of middle-class tax increases and spending cuts from taking effect at the turn of the new year.

Success was far from guaranteed in an atmosphere of political mistrust ? even on a slimmed-down deal that postponed hard decisions about spending cuts into 2013, and pessimism vied with optimism in a Capitol where lawmakers grumbled about the likelihood of spending the new year holiday in the Capitol.

"The clock is ticking," Sen. Max Baucus, chairman of the Senate Finance Committee, said in remarks on the Senate floor as Obama and congressional leaders were meeting several blocks away at the White House. "My message to them is simple. We can do this. We can get this done, and we must," added the Montana Democrat.

Congressional Democrats said Obama was ready with a revised offer to present.

But that drew a denial from a person familiar with the talks, who said the president would review his proposal from a week ago, when he urged lawmakers to preserve tax cuts for most while letting rates rise above incomes of $250,000 a year. At the same time, Obama said lawmakers should extend unemployment benefits for the long-term jobless. The person was unauthorized to discuss the private meeting publicly and spoke on condition of anonymity.

The meeting lasted a little over an hour and neither the president nor the four lawmakers spoke with reporters before or immediately after the session.

The guest list included two Republicans, House Speaker John Boehner, and Senate Republican leader Mitch McConnell; as well as Democrats Harry Reid, the Senate Majority Leader, and Rep. Nancy Pelosi of California, her party's leader in the House.

The same group last met more than a month ago and emerged expressing optimism they could strike a deal that avoided the fiscal cliff. At that point, Boehner had already said he was willing to let tax revenues rise as part of an agreement, and the president and his Democratic allies said they were ready to accept spending cuts.

Since then, though, talks between Obama and Boehner faltered, the speaker struggled to control his rebellious rank and file, and Reid and McConnell sparred almost daily in speeches on the Senate floor. Through it all, Wall Street has paid close attention, and in the moments before the meeting, stocks were trading lower for the fifth day in a row.

The core issue is the same as it has been for more than a year, Obama's demand for tax rates to rise on upper incomes while remaining at current levels for most Americans. He made the proposal central to his successful campaign for re-election, when he said incomes above $200,000 for individuals and $250,000 for couples should rise to 39.6 percent from the current 35 percent.

Boehner refused for weeks to accept any rate increases, and simultaneously accused Obama of skimping on the spending cuts he would support as part of a balanced deal to reduce deficits, remove the threat of spending cuts and prevent the across-the-board tax cuts.

Last week, the Ohio Republican pivoted and presented a Plan B measure that would have let rates rise on million-dollar earners. That was well above Obama's latest offer, which called for a $400,000 threshold, but more than the speaker's rank and file were willing to accept.

Facing defeat, Boehner scrapped plans for a vote, leaving the economy on track for the cliff that political leaders in both parties had said they could avoid. In the aftermath, Democrats said they doubted any compromise was possible until Boehner has been elected to a second term as speaker when the new Congress convenes on Jan. 3.

Apart from income tax rates, congressional officials in both parties said a handful of other issues were the subject of private talks in the Capitol. These included the Alternative Minimum Tax, which would effectively raise taxes on millions of upper-middle-class families unless Congress acts; as well as taxes on capital gains, dividends and estates.

In addition, benefits for the long-term unemployed are due to expire in the next few days, and doctors face the prospect of a deep cut in the fees they receive for treating Medicare patients unless legislation is passed to prevent it.

Further compounding the year-end maneuvering, there are warnings that the price of milk could virtually double beginning next year.

Congressional officials said that under current law, the federal government is obligated to maintain prices so that fluid milk sells for about $20 per hundredweight. If the law lapses, the Department of Agriculture would be required to maintain a price closer to $36 of $38 per hundredweight, they said. It is unclear when price increases might be felt by consumers.

______

Associated Press writers Alan Fram and Andrew Taylor contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2012-12-28-Fiscal%20Cliff/id-64be6a0dd4804def82ae61a60542ff76

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Friday, December 28, 2012

This Origami Wine Tote Is A Great Gift For Holiday Hosts

Wine is the easiest thing to grab to take to a holiday party. But don't bring your bottle in the buff—dress it up with this awesome origami wine tote. More »

Source: http://feeds.gawker.com/~r/gizmodo/full/~3/hj7FeipTb_o/this-origami-wine-tote-is-a-great-gift-for-holiday-hosts

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Movie review: Not Fade Away | canada.com

Chris Knight

Not Fade Away

2.5 stars out of 5

Starring: John Magaro, Jack Huston, Will Brill

Directed by: David Chase

Running time: 112 minutes

Parental guidance: Language, some drug use and sexual content

David Chase has been busy for much of the past decade making TV?s The Sopranos, so it?s not surprising his newest movie feels a bit half-baked. The story of a group of rock-band wannabes in 1960s New Jersey, this is The Contraltos. There?s even a part for The Sopranos? James Gandolfini as a father who just doesn?t understand kids these days.

John Magaro plays Douglas, the central character in a story that manages to lose track of him from time to time. Entranced by the music of Bo Diddley and The Rolling Stones, he gets his mates together and starts playing covers in recreation-room parties, all the while dreaming of bigger things.

One of those things is his neighbour Grace (Bella Heathcote), who grew up alongside him and thus has an awkward time moving from friend to romance territory. This is further complicated by the attention given her by Douglas?s bandmates, played by Jack Huston and Will Brill.

If Not Fade Away (named after the oft-covered 1957 song by Buddy Holly) confined itself to the rise and/or fall of Douglas?s band and/or love life, it might gel dramatically. But Chase, who also wrote the script and based some of it on his own adolescent dreams, wants to put as much into the film?s 112 minutes as he can.

The Kennedy assassination, the war in Vietnam and the changing cultural landscape are all sign-posted. Douglas is a fan of The Twilight Zone, but when he takes Grace to see Blow Up at the cinema, he?s dumbfounded: ?What kind of film is this?? Chase also adds voice-over narration from Douglas?s little sister, but so sporadically that it seems superfluous.

The film also suffers from odd pacing. It takes place over a number of years, but the action tends to skip from one holiday gathering to another. Some scenes are cut short just as they?re getting interesting, while the movie as a whole tends to drag. Longer scenes and fewer of them might be the solution.

Despite my caveats, Not Fade Away features strong, believable performances from its young cast, and deftly recreates the look and feel of early ?60s suburbia. Another editing pass might produce a more coherent film ? or perhaps Chase, a TV veteran whose resume stretches back to The Rockford Files, needs a multi-episode format to make the story shine. He certainly has enough material.

2.5 stars

Source: http://o.canada.com/2012/12/27/movie-review-not-fade-away/

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Energy Independence is Nothing but an Illusion in the Modern World

Anyone who tells you that energy independence can be achieved based on globally traded commodities such as oil, coal and natural gas is either trying to mislead you or doesn't understand the structure of energy markets. As of 2011 fossil fuels produced 83 percent of the world's energy according to the U.S. Energy Information Administration (EIA). Because fossil fuels can be transported anywhere in the world, producers seek out the highest price unless they are constrained by law or infrastructure from doing so.

This means that energy independence for a country is something of an optical illusion when it is based merely on the domestic production of fossil fuels. Here's why:

1.??? Events far away such as wars; embargoes; strikes; and mine, oilfield and refinery disasters affect the level of domestic prices for fossil fuels in all countries where these fuels are freely exportable regardless of whether that country produces enough for its own consumption. In such countries consumers of these fuels including domestic industry and transportation, commercial establishments, households and government agencies are all subjected to fluctuating world prices that can be unrelated to anything happening in the host country even if the country extracts enough fossil fuel from its own soil to meet domestic demand.

2.??? Even fossil-fuel exporting countries that subsidize purchases of fossil fuel energy by businesses and consumers are affected by events outside those countries as prices for their exports are largely determined by external events. The revenue they forgo by keeping domestic prices low is a hidden cost to the energy sector of the economy. Those subsidies mean reduced investment both in new production and in the maintenance of the existing energy-producing infrastructure. That hidden cost grows as energy prices rise if subsidized domestic prices do not rise as well.

3.??? Unless fossil fuel companies are owned by a government, those companies focus on maximizing both returns for their shareholders and compensation for their managers. They seek out the highest prices for their products worldwide (adjusting for transportation costs) regardless of the effect on the energy security or energy independence of the country in which the oil, natural gas or coal is produced--unless, of course, those companies are prevented from doing so by law or by the infrastructure. It is disingenuous, therefore, for such producers to tell the public in any country that they are focused on energy independence. On the other hand, government-controlled fossil fuel companies such as those in China actively seek acquisitions in other countries that can serve as suppliers to the home country regardless of the needs of the country those companies operate in.

Let's see how this is playing out in the United States where the oil and gas industry and its financial backers on Wall Street have lately been touting in the media the notion that the United States will soon become energy independent. That same industry is currently seeking permission for oil exports even though U.S. crude oil production of 6.3 million barrels per day (mbpd) this year remains far below U.S. consumption of finished petroleum products including gasoline and diesel of 16.2 mbpd. (To be precise we should subtract U.S. exports of finished petroleum products of about 2.5 mbpd to come up with a net U.S. consumption figure of 13.7 mbpd which is still far above U.S. crude production). Yes, it's possible for the United States to become free of oil imports; but, the most likely course will be a drastic reduction in oil consumption made possible in part by the electrification of the nation's transportation system and by aggressive conservation measures.

Related Article: Energy Report: Keystone XL and U.S. Natural Gas Exports

As for the supposed natural gas boom in the United States, U.S. natural gas imports were 12.7 percent of U.S. consumption so far this year, according to the EIA. That's down from an average of 15.7 percent for the 20 years prior. It's progress, but it's not energy independence. Nevertheless, the natural gas industry is pushing ahead with plans for U.S.-based natural gas export terminals which must be approved by the Federal Energy Regulatory Commission (FERC). One terminal in Sabine, Louisiana has already been approved and is under construction. Many more applications are under review.

Naturally, the industry will tell you that it is seeking permits for these terminals in anticipation of the day when U.S. natural gas production exceeds U.S. needs. Does that mean they'll hold off exporting gas until that day? Not a chance. Not when liquified natural gas (LNG)--the form in which natural gas is transported by ship--is selling in Japan for $17.30 per million BTUs and $11.83 in Europe (both as of November 30). Compare that to $3.42 for spot natural gas in the United States (the Henry Hub price as of December 21). The profit potential for U.S. producers is too great to pass up.

So, what does this mean for manufacturers, especially those chemical and fertilizer companies that rely heavily on natural gas as a feedstock. They have been moving operations back to the United States because of cheap natural gas prices. If the natural gas industry gets all of its currently planned export facilities approved and built, that would mean 22 percent of current daily production of U.S. natural gas could be exported. This is certainly enough to bring U.S. prices much closer to world prices. If we include all projects identified by sponsor companies but not yet under review by the FERC, the percentage rises to 37 percent of current daily production. Of course, natural gas producers tell us that U.S. production will rise significantly from here even though production has been essentially flat for a year. That's only temporary, they will say. But should we take their word for it?

And, even if production grows significantly, can we not assume that the producers will simply ask for more export terminals to be permitted so that these producers can capture world prices for natural gas?

So, U.S. manufacturers are in for a surprise if they believe natural gas prices in the United States will stay low because America is moving toward "energy independence." It is the duty of U.S. natural gas producers to seek the highest price for their product. Only two things could stop them: If the FERC ceases issuing permits for export facilities or if the U.S. Congress passes a law preventing the export of LNG. Both seem unlikely.

On the other hand, it may be that there will simply not be enough natural gas produced to justify very many export terminals which require extremely long-term delivery contracts, on the order of 30 years. If American natural gas producers cannot guarantee adequate production to fulfill such contracts over their full period, it seems unlikely that those interested in receiving the gas will be willing to make the necessary commitment to and investment in import facilities. With all the talk about America's vast shale gas deposits, this may seem an unlikely scenario. But a growing number of skeptics have outlined plausible reasons why shale gas will turn out to be much more expensive and much more limited in its production than is currently believed. Keep in mind that it is NOT the size of the resource that matters so much to the daily functioning of society, but rather the rate at which we can extract gas on a daily basis.

Related Article: Why the US should not Invest in Exporting Natural Gas

So, is there anything that really could make a country energy independent? The answer is yes, and the method is two-fold. First, vast reductions in energy use can be had through retrofitting buildings to the so-called passive house standard. This almost eliminates the need to burn fuel to heat most buildings. Those reductions could also come from changes in the transportation system: more emphasis on public transportation including rail and on ridesharing for drivers. The electrification of most transportation would almost surely be part of any such independence plan. And, we need to reconfigure the way we live so that our cityscapes allow us to work, socialize, and shop nearer to where we live.

Second, we would need to build a distributed energy system, allowing people to gather energy at the individual household and business level. Much of this would have to be renewable energy from wind and solar. Expanding hydropower where possible is another way, particularly small hydropower utilizing the myriad smaller dams which either used to generate electricity or which have never been exploited for this purpose.

This path would require a sustained effort over decades to achieve. But once it is achieved, the country that undertakes this path would never be subject to disruptions of energy supplies in faraway places. And, that country would never have to worry about the inevitable declines in the production of fossil fuels which must come someday because they are finite.

This alternate route to energy independence is rarely discussed as the world continues to fixate on increasing production of fossil fuels as the path to energy independence. But in truth, these fuels only put us further in thrall to fickle global markets and unstable exporting nations while exposing us to the ever present threat that fossil fuel supplies will begin to decline before we've made adequate preparations for an energy transition. Already worldwide crude oil production has been on a plateau since 2005.

If any country really wants to be truly energy independent, a feasible, durable path is already available. All that country has to do is look away from the false advertising of the fossil fuel industry and look toward the future of energy that is already unfolding before us.

By. Kurt Cobb

Kurt Cobb is an author, speaker, and columnist focusing on energy and the environment. He is a regular contributor to the Energy Voices section of The Christian Science Monitor and author of the peak-oil-themed novel Prelude. In addition, he writes columns for the Paris-based science news site Scitizen, and his work has been featured on Energy Bulletin, The Oil Drum, OilPrice.com, Econ Matters, Peak Oil Review, 321energy, Common Dreams, Le Monde Diplomatique and many other sites. He maintains a blog called Resource Insights and can be contacted at kurtcobb2001@yahoo.com.

Source: http://oilprice.com/Energy/Energy-General/Energy-Independence-is-Nothing-but-an-Illusion-in-the-Modern-World.html

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Morphing samples/waveforms - Renoise Forums

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#1 ? Daft Cunt?

Group: Normal Members
Posts: 75
Joined: 28-May 07

Posted Today, 11:17 AM

Any chance of seeing such a functionality implemented in the sample editor ?
I tried It-alien's Morpher tool but it won't work with single-cycle waveforms for instance.
Anybody else interested in this ?

#2 ? Gooze?

Group: Normal Members
Posts: 146
Joined: 21-September 09
Gender:Male
Location:Bangkok

Posted Today, 01:42 PM

I'd love to mix different samples beyond just layering two sounds.
But how does the sample morphing work? Is it a spectral analysis the gives a timbral mix like vocoding, an envelope analysis that matches attack and sustain from one sample to another or a signal convolution?

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Source: http://forum.renoise.com/index.php?/topic/36892-morphing-sampleswaveforms/

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