Handing out tax money to get people to buy cars was nothing more than robbing from our children to postpone the inevitable for the auto industry. But it was easy to sell: just make it a “green” program. Conserving energy! Stopping global warming! Saving the polar bears! And the flock of sheep we’ve become as a nation says, “Baaaaaa.”
Not only did “cash for clunkers” enable gas-guzzler motorists to buy new gas guzzlers, but the program was also rife with fraud. Much like the first-time homebuyer handouts, which are now going to be made permanent and extended to existing homeowners who want a new house. Just keep printing dollars, America. Party on.
Written by Travel News on November 5th, 2009 with no comments.
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In performing our quarterly checkup of the financials of OnPoint Community Credit Union — a Portland institution that we watch as a gauge of the local economy — we picked up on some news that shows the disturbing state of money institutions nationwide: On OnPoint’s third quarter profit and loss statement, it took a $3,557,068 hit for an “NCUSIF Stabilization Expense.” This charge appears to be of a similar nature to the much larger loss that OnPoint took in the last quarter of 2008, all attributable to the shaky condition of the national credit union deposit insurance system. Since that system has had to bail out a few large “commercial” credit unions that got into serious trouble about a year ago, all members of the insurance pool have had to show losses on their books, and this time around, pay special premiums announced in late September.
And that’s not the end of it — the insurance folks have warned:
Further credit losses are expected for the corporates, and insurance losses will rise, but NCUA is not giving specific estimates for 2010 and beyond, largely because such information may lead to credit unions having to recognize them when they are stated.
Boy, doesn’t that just say it all about our nation’s financial house of cards? “We aren’t going to say how bad things are, because then the credit unions would have to tell the truth in their financial statements.” The same thing is going on with the banks; they’re carrying commercial real estate loans on their books as “performing” even though the underlying properties are under water, with no sign of ever resurfacing. Balance sheets have never been more misleading.
OnPoint currently shows an asset with a book value of $20,093,864 called its “NCUSIF Deposit.” This past spring, the book value of that class of asset was suddenly slashed by nearly 67 percent to account for the “commercial” credit union failures up to that point. The big profit that the OnPoint brass had bragged about on their shiny annual report was turned into a loss overnight. One has to wonder whether something bad like that may happen again, not just locally, but throughout the credit union system.
Aside from that alarming news, at least on paper, OnPoint appears to have muddled through the quarter without too much further slippage from where it’s been left after the freefall of a year ago. Still, the picture on delinquent debt isn’t pretty:
| Item |
9/30/08 |
6/30/09 |
9/30/09 |
Quarterly increase (decrease) |
12-month increase (decrease) |
| Total investments |
$246,342,512 |
$449,482,460 |
$431,120,688 |
(4.09%) |
75.01% |
| Federal agency securities |
$140,786,482 |
$274,981,426 |
$267,096,828 |
(2.87%) |
89.72% |
| Total reportable delinquency – total delinquent loans |
$14,302,884 |
$26,526,766 |
$25,324,131 |
(4.53%) |
77.06% |
| Total reportable delinquency – indirect lending |
$977,090 |
$5,096,962 |
$5,360,245 |
5.17% |
448.59% |
| Total outstanding loan balances subject to bankruptcies |
$9,979,220 |
$13,911,518 |
$17,031,887 |
22.43% |
70.67% |
| Ratio of delinquent loans to total loans (percent) |
0.63 |
1.23 |
1.16 |
|
|
| Ratio of total delinquent loans to net worth (percent) |
5.74 |
10.67 |
10.05 |
|
|
Delinquent loans are those delinquent for two months or more.
Over on the profit and loss side, after taking the special deposit insurance hit into account, OnPoint’s year-to-date net income through the quarter ended September 30 was $21,965,019, up 34.51% from the year-to-date figures in the same quarter last year ($16,329,466). For the third quarter alone, however, net income was $3,378,247, down 45.42% from last year’s $6,189,580. In the third quarter of 2009, deposits fell from $2,411,602,745 to $2,373,916,394 — a 1.56% decrease — after two straight quarters of increases. Deposits a year earlier were $2,221,206,727, however, and thus for the 12-month period ended September 30, deposits were up 6.88%.
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It’s time for another week of trying to figure out American pro football. Two weeks into our charity underdog pool, we have 11 players with points — more than half the participants. And they’ll be poring over this list of underdogs (in caps) to see which one can win its game outright, without the benefit of the point spread. The spread is relevant only in that it determines how many points the pool players get if they’re right:
14 CAROLINA at New Orleans
10.5 MIAMI at New England
10.5 TAMPA BAY vs. Green Bay
10 DETROIT at Seattle
10 WASHINGTON at Atlanta
9 HOUSTON at Indianapolis
6.5 KANSAS CITY at Jacksonville
5.5 TENNESSEE at San Francisco
3.5 SAN DIEGO at NY Giants
3 ARIZONA at Chicago
3 CINCINNATI vs. Baltimore
3 DALLAS at Philadelphia
3 DENVER vs. Pittsburgh
On the administrative side, the charitable contribution that we’ll be making when the playoffs are over now totals $420, which will be divvied up $300 for first, $75 for second, and $45 for third. And bragging rights among our players? Priceless.
Even if you’re not formally playing, you may have an opinion about which of the ‘dogs is this week’s best bet. Don’t be shy, now.
Written by Travel News on November 5th, 2009 with no comments.
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In our recent check of our property tax bill, we noticed that a Portland parks tax that was there in previous years was gone. But we should have known — it will back again soon. Zsa Zsa says they may borrow up to another $150 million if the voters let them.
I remember the last time we voted in a bond and accompanying tax for parks. It was supposed to be for maintenance, but they used it for new capital projects.
I wish we would take the millions that the city is putting aside to run a superfluous streetcar system, dedicate it to the parks, and leave the property taxes where they are. But hey, I guess I’m just not enough “for the children.”
Meanwhile, they’ve come up with yet another plan to turn Washington High School into a community center for the long-suffering Buckman neighborhood. You guessed it — condos! I wish I were kidding.
Written by Travel News on November 5th, 2009 with no comments.
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Ah – the glory days of travel: excitement, romance and luxury. The first time I stepped onto a plane, the experience was alluring. Seating felt roomy (I was young), there was food on little trays, and the cabin crew visibly loved their jobs – or put on a good show of doing so. Not any more. Here are three (plus one) things that take the shine off air travel.
Mealtime Woes
On most flights these days, you don’t get a meal unless you are flying long haul. Perhaps that’s good for our waistlines in a more health conscious era, but there are some flights where you could do with a bit of sustenance. I’ve spent a lot of time on AA flights this year. Sure there are food choices available, but the range of sandwiches, cheese and crackers, chips and cookies available is not exactly inspiring. As a semi-vegetarian, I’d love to have more choice on board. Since it’s not there, I have to prowl the airport looking for something decent or starve. Let’s not talk about the prices – this is a money spinner, pure and simple, and it increases the feeling that you’ve been had.
Paying For Booking Seats
So far, for me at least, AA has been in the clear on this one, but others are not so great. On many of the budget European airlines you can’t pre-book seats at all. Those that do allow it want to charge you for the ‘inconvenience’. Last I heard, you needed a seat to fly, so why should you have to pay extra? It’s not as though you are getting any extra comfort – it’s still what the British call cattle class – economy to us. Economy?! It’s the airlines who are raking it in from this move.
Paying For Carrying Bags – Or Not
How are you to travel without a suitcase? While there are times when it’s best to travel light (a good packing list will help with this), if you’re traveling for more than a few days, you need a suitcase. This year I’ve noticed many airlines changing their rules on bags. On some domestic flights you pay for an extra bag, while on some European budget airlines, they charge you both for checking a bag and for not checking one – having their cake and eating it too. That is soooo unfair, as my six year old would say.
Bonus – Too Much Reality
I’ve been lucky enough to get seats with extra legroom on the last couple of flights. That means I’m near the jump seats the crew members use for takeoff and landing. I can tell by the way they talk that these seats are their living room, and they behave as if no one can hear them. There’s lots of bitching and moaning about other crew members, some passengers and the tours they are assigned. It’s a bit too much like being a part of a reality show for me.
With these trends and others, travel just isn’t what it used to be. I still love the excitement of seeing a new place, but flying has lost its allure for me. I feel like part of a herd – and that’s not a good way to start a trip. What are your pet peeves about travel?
Written by Travel News on November 5th, 2009 with no comments.
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Start packing your swimsuits and sunglasses, and head to the Caribbean this
winter! BA has launched several new flights to the Caribbean this season, bringing their total number of flights to the region up to 45 flights every week. The new flights will be between
London Gatwick and Montego Bay, Jamaica, and Punta Cana in the Dominican Republic (both known for their sun-drenched beaches). These new routes mean that
British Airways currently
offer more flights to the Caribbean than any other UK carrier.
So if your summer tan is fast fading away and you’re languishing under layers of knitted jumpers, maybe it’s time to ask the boss nicely for a week or two off. After all, lounging about on the golden sands of a beach in St. Kitts, rum-based cocktail in hand, will surely help recharge your batteries in no time. Just tell your boss you’re trying to boost your productivity. If St Kitts or Montego Bay isn’t your scene, BA also offers flights to Barbados, Trinidad and Tobago, Grenada, and St. Lucia. Just open up a map of the Caribbean, close your eyes point, and BA will take you there.
And don’t forget to pack your sunscreen!
(Photo: travelmodule.csiadmin.co.uk)
Written by Travel News on November 5th, 2009 with no comments.
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I was 10 and living in suburban America when the Berlin wall fell. I remember learning about it in school and not quite understanding what it was all about. The Wall made another brief appearance during an undergraduate European history course (I understood it better that time around) and I began to appreciate the symbolism of this massive barrier. However, until I stood at the foot of one of the last remaining stretches of wall in Berlin, I had never fully pondered the impact of this structure on the people who lived in the city.
As I looked up at the relatively low wall (9 feet, 11 feet with the 2 feet of barbed wire that ran along the top of the wall – I had always imagined it to be higher), I wondered what it would be like to wake up one morning and not be able to see those I cared most about, to know that the landscape of my city had drastically changed, and that my home city may never be the same again.
The border was sealed off along Bernauer Strasse on August 13, 1961, causing a drastic shift in the daily lives of those living on this street. Residents of Prenzlauer Berg could no longer travel freely through their own neighborhood. Even worse, neighbors, friends, and relatives were separated from one another. The house across the street was suddenly part of a different political paradigm.
Due to the geographical placement of their homes, the people of Bernauer Strasse became directly implicated in this important period in post-war German history. Out of desperation and panic, people jumped out of the windows of apartments along Bernauer Strasse. Though some were successful in making it to West Berlin, many lost their lives.
The section of the former border strip running from Behmstrasse to Bernauer Strasse is now known as Mauer (“wall”) Park. In addition, you can see various fragments of the wall from Behmstrasse along Norwegerstrasse in the direction of Bornholmer Strasse or from Eberswalder Strasse along Bernauer Strasse. Along Bernauer Strasse, there is an informational wall 
(called a “street gallery”) with photos, testimonials and descriptions of experiences associated with the wall.
Another part of the memorial is the The Berlin Wall Documentation Center, located on Bernauer Strasse. It is home to a wide variety of exhibits, archival information, and opportunities to explore the history of the Berlin Wall. The center also hosts seminars on politics and other events throughout the year. It is open Tuesday-Sunday 10 a.m. – 6 p.m. (March to November: 10 a.m. – 5 p.m.).
S-Bahn station Nordbahnhof (S1, S2), U-Bahn station Bernauer Strasse (U8), Bus 245
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Written by Travel News on November 4th, 2009 with no comments.
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The Ardèche Gorge, the largest natural canyon in Europe, angles through southern France, northwest of Avignon. Its craggy limestone cliffs rise as high as 1,000 feet. The Ardèche River begins in the massif central, cuts through the gorge and crosses the plateau to flow into the Rhone.
The best-known landmark of the gorge is Vallon Pont d’Arc, a huge natural bridge arching far above the river. A pleasant way to spend part of a day is to rent kayaks and paddle along the river to the awe-inspiring bridge, perhaps stopping at a beach along the way for a picnic. Shortly after passing under the bridge you can come ashore, where the kayak rental company will meet you with transportation back to your car. Being on the water allows for an intimacy with the place that tourists who only watch from high on the cliff never experience.
Millennia ago, prehistoric people may have floated the river too, in hand-carved boats. You can see remnants of their lives on the plateau above the river, where standing stones remain, the dolmens and menhirs that had deep meaning in ancient times. In caves dotting the cliffs, arrowheads and knives are often found and, in some, paintings from Paleolithic times.
Along the cliff road are signs to the grottes (caves) or avens (deep holes). The most famous by far is Grotte Chauvet, near the Pont d’Arc. Discovered in 1994, its walls have more than 300 designs painted and engraved some 30,000 years ago. There are rhinoceroses, lions, bears, owls, mammoths and more, all beautifully rendered and in amazing perspective. The Chauvet works are the oldest found in the world so far.
The cave is closed to the public, but there’s an excellent exhibit in the nearby village of Vallon Pont d’Arc, open from mid-March to mid-November. It shows cave painting replicas and much more. There are artifacts from archeological finds, a reconstruction of a prehistoric dwelling, and full-size animal reproductions. At the end, there’s a movie that shows more about Chauvet Cave.
Quite different is Grottes de St-Marcel d’Ardèche, which is open to visitors. Walking down the long main passageway, you come to an array of beautiful rimstone pools, perhaps a hundred of them. Continuing through this enchanting place, you arrive at the last chamber, full of stalactites, stalagmites and other mineral formations. Classical music and lighting add to the effect.
L’Aven Grotte de la Forestiére, discovered in 1966, is open April to September. The cave has several levels, formed at different time periods. Near the surface are roots from trees that grew into the cave for its water. On a lower level, hundreds of animal bones were found, some from animals now extinct. In one 
chamber, the animals and fish that once lived here adapted to the dark environment and were eyeless and colorless.
The Grotte de la Madeleine contains beautiful and irregular formations set off by special lighting. This cave, set into the side of the cliff, can be reached from the river or from the plateau above. There’s a gift shop, snack shop, and a viewpoint overlooking the gorge.
Aven de Marzal was investigated in 1892 but left and forgotten until 1949, and now is open for guided tours daily between April and October. It has numerous stalactites, stalagmites, cauldrons and multi-colored crystals. A museum shows the equipment used for early explorations. There’s also a “”zoo” with life-sized models of prehistoric animals.
Finally, there is the splendid Aven d’Orgnac, an enormous cavern filled with strange and eery shapes, all carved by nature over eons. A staircase and pathway descend into the cavern, where lights show off the formations (you return to the top by elevator). It is open year-round.
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Related posts:
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The immortal city of Rome is never more stunning than at night when all of its incredible buildings, fountains, and piazzas are artfully lit. My girlfriend Kristin and I have explored several walks throughout the city at night, but we keep coming back to one in particular, which takes us past many of Rome’s most impressive sites. If you have a good map and are willing to go on an adventure, this walk is perfect for you.
After the sun has set, we make our way toward the Ponte Sisto, the bridge that spans the Tiber River near the Spada Gallery. After catching a glimpse of the ancient river, we head to the nearby piazza, Campo dei Fiori. Usually filled with college students and 20-somethings, the piazza is full of nighttime revelry. I like to buy a beer at a nearby convenience store and sit on the obelisk in the center of the piazza to take in the spectacle.
From Campo dei Fiori, walk along Via dei Baullari to the main street of Corso Vittorio Emanuele II. Crossing Via Vittorio Emanuele II, walk through Piazza S. Pantaleo and along Via della Posta Vecchia until you reach the fountain-filled Piazza Navona. Though refurbishing work is often being done on the fountains, there is always at least one fountain on display. The finely carved gods, horses, and mermaids reflect the light off of the water. Its wonderful!
Leave Piazza Navona by the street that goes through its center. Take the 
short side street to Corso de Rinascimento. Turn left on Rinascimento, then take your first right. This street takes you straight to the Pantheon. There is something unbelievable about the Pantheon at night. It seems even more massive, even more gargantuan. Its dome, made from poured concrete, is the largest of its kind. I am not architecturally inclined but the dome never fails to make me stare with amazement.
The next bit of navigation takes a little cunning. Leave Piazza D. Rotonda on Via d. Seminario and try to continue going straight. When you cross Via del Corso, you can look to your right and see the beautifully lit Museo dei Risorgimento in the distance. Do not turn right however, continue going straight. If you can navigate the slightly winding streets well, you will come to Via Vincenzo where you will see signs for the Trevi Fountain. Turn left on Via Vincenzo and you will run right into it. The beautiful fountain, usually overrun with people, is peaceful at night.
The Trevi Fountain is the last stop on our walk, though there are plenty of places to go to from the fountain. The entire walk—from Ponte Sisto to Trevi Fountain—should take about one hour if you walk quickly. I find it nearly impossible to finish in this time however, because there are so many great stops along the way.
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