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Bond Market Hide & Seek – A Domed House & 3 Peaks...
And here:
Another Expert Weighs in on Bonds...
Now another expert, Martin Weiss, weighs in with this enlightening piece that spells out the effects of the rapid move in recent days:
That's quite a move in 6 weeks – 12.85%! And TLT (20 year bonds) went down anther .87% today.
5 Years of Interest Destroyed in 6 Weeks!
by Martin D. Weiss, Ph.D.
Last month, investors from all over the world — spooked by the debt crisis — flocked to buy long-term U.S. Treasury bonds.
They bought U.S. bonds with money earned from China's export boom. They scooped up bonds with money gleaned from the savings of millions of Japanese families ... with government money ... oil money ... even drug money.
Investors large and small, haughty and humble — Asian central bankers, mid-East sheiks, and retired Americans living on fixed income — all piled into Treasury bonds at the same time.
And they all had a similar goal: To escape the terrifying dangers ... find what they thought was a safe haven ... and grasp for something — anything — better than the near-zero yields on short-term Treasury bills.
Many reached out as far as they possibly could in maturity, buying the longest Treasury bond in existence — the 4.5% "long bond" expiring May 15, 2038.
But as the Treasury bond buying frenzy reached a crescendo on December 18 of last year, they didn't get the coupon yield of 4.5%.
Instead, they had to pay such a high price for the bond, they wound up locked into the lowest Treasury-bond yield in history: A meager 2.52%!
That was bad enough.
But the saga of woes does not end there. The real disaster came with the events that have ensued since...
For each $10,000 in face value bonds, they paid an exorbitant $14,091. And now, the value of that bond has plunged to only $12,200, delivering a shocking loss of $1,890.
The summary of these results reads like a fixed-income horror story:
Annual yield: A meager 2.52%
Market loss: 12.85%
Years of interest lost: 12.85/2.52 = 5.3
Time elapsed: 6 weeks
Conclusion: They lost the equivalent of more than FIVE YEARS OF INTEREST in just SIX weeks.
It was easily among the most disastrous Treasury bond investments of all time! Meanwhile, investors who followed our recommendation to buy strictly short-term Treasury bills didn't lose a penny.
Now do you understand why we've been warning you not to touch long-term bonds with a ten-foot pole? And now do you see why we've been working so hard to find other, alternative, depression-proof sources of income and profits for you?
Then this afternoon we learn that the Treasury had difficulty with their latest TIPS auction as Mike Larson spells out at his blog, Interest Rate Roundup:
Stinko 20-year TIPS auctionSo, they are having trouble selling 20 year TIPS and that's producing higher interest rates and lower yields… Darn that old supply and demand! See, Bernanke believes that he can flood the entire globe with supply and that he can just buy all our own debt back ourselves – a great parlor trick that has, unfortunately, never worked before in the history of mankind – although it most certainly has been tried.
The Treasury just sold $8 billion of 20-year TIPS at what looks like a stinko auction. The notes were sold at a yield of 2.5% versus pre-auction talk for a yield of 2.37% (per Bloomberg). The bid-to-cover ratio came in at 1.92, compared with an average of 1.98 for the past five sales. Indirect bidders bought 54% of the notes issued, below the five-auction average of 57.2%.
Long bond futures fell on the news, recently down 31/32 to a price of 128 20/32. Ten-year yields are up about 5 basis points. Next up: $40 billion in 2-year notes tomorrow and $30 billion in 5-years on the 29th.
But they do know there are ramifications of their action, at least some people do, just not the ones in charge. Their game is to give lip service to reporters in hopes that their words will get investors to front-run their buying so that they don't have to! Well, the insiders aren't buying the bull:
Bloomberg article:
Bernanke Risks 'Very Unstable' Market as He Weighs Buying BondsSo, the question is, can Bernanke buy all the debt across the entire yield curve to drive rates down? They already have short term rates (IRX) at zero, does anyone really believe that they can buy up enough of the long end spectrum to drive rates down and keep them there? I don't.
By Rich Miller
Jan. 26 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke and his colleagues may try once again to cure the aftermath of a bubble in one kind of asset by overheating the market for another.
Fed policy makers meeting tomorrow and the day after are exploring the purchase of longer-dated Treasury securities in an effort to push up their price and bring down their yield. Behind the potential move: a desire to reduce long-term borrowing costs at a time when the Fed can't lower short-term interest rates any further because they are effectively at zero.
The risk is that central bankers will end up distorting the Treasury market, triggering wild swings in prices -- and long-term interest rates -- as investors react to what they say and do. "It sets forth a speculative dynamic that is very unstable," says William Poole, former president of the Federal Reserve Bank of St. Louis and now a senior fellow at the Cato Institute in Washington.
The Treasury market has "some bubble characteristics," Bill Gross, the manager of Newport Beach, California-based Pacific Investment Management Co.'s $132 billion Total Return Fund, said in December on Bloomberg Television. He echoed that sentiment last week.
"I will say, and I have said for the past three months, the governments are very overvalued," Gross said in a Jan. 20 interview. Treasuries last year returned 14 percent, according to Merrill Lynch & Co.'s Treasury Master Index, their best performance since 1995.
Inflated Prices
Recent history shows the economic danger of inflating asset prices. After a stock-market bubble burst in 2000, the Fed slashed interest rates to as low as 1 percent and in the process helped inflate the housing market. The collapse of that bubble is what eventually helped drive the U.S. into the current recession, the worst in a generation.
Faced with the danger of a deflationary decline in output, prices and wages, the Fed is considering steps to revive the moribund economy. On the table besides bond purchases: firming up a pledge to keep short-term interest rates low for an extended period and adopting some type of inflation target to underscore the Fed's determination to avoid deflation.
The central bank has been buying long-term Treasury debt off and on for years as part of its day-to-day management of reserves in the banking system. Yet it has always gone out of its way to avoid influencing prices. What it's discussing now, says former Fed Governor Laurence Meyer, is deliberately trying to push long rates below where they otherwise might be.
Fed Purchases
Bernanke raised this possibility in a speech on Dec. 1. While he didn't specify what maturities the Fed might buy, in the past he has suggested that purchases might include securities with three- to six-year terms.
Investors immediately took notice, with the yield on the 10-year note falling to 2.73 percent from 2.92 percent the day before. Yields fell further on Dec. 16, dropping to 2.26 percent from 2.51 percent the previous day, after the central bank's policy-making Federal Open Market Committee said it was studying the issue.
"Every time they mention it, the market reacts," says Stephen Stanley, chief economist at RBS Greenwich Capital Markets in Greenwich, Connecticut.
Yields have since risen, with the 10-year note ending last week at 2.62 percent. Behind the reversal: expectations of massive fresh supplies of Treasuries as the government is forced to finance an $825 billion economic-stimulus package and a possible new bank-bailout plan. This week alone, the Treasury is scheduled to auction $135 billion worth of securities.
Jump in Yields
David Rosenberg, chief North American economist for Merrill Lynch in New York, says the jump in yields may prompt the Fed to go ahead with Treasury purchases.
This isn't the first time Bernanke and the Fed have discussed buying longer-dated securities and ended up roiling the market. Bernanke touted the idea as a tool to fight deflation in speeches in November 2002 and May 2003.
Egged on by his comments -- and later remarks by then-Fed Chairman Alan Greenspan that the central bank needed to build a "firewall" against deflation -- many investors became convinced the central bank was poised to buy bonds. The yield on the 10-year Treasury note fell to 3.11 percent in June 2003 from 3.81 percent at the start of the year.
Traders quickly reversed course as it became clear the Fed had no such intentions, sending the 10-year Treasury yield soaring to 4.6 percent just three months later, on Sept. 2.
Poole, who was then at the St. Louis Fed, was critical at the time of what he called the central bank's "miscommunication." He now sees the Fed making the same mistake with its latest suggestions that it might buy longer- dated securities.
"If they do it, it's going to be disruptive to the market," says Poole, who is a contributor to Bloomberg News. "If they don't do it, it will impair the Fed's credibility and erode the confidence the market has in the statements that the Fed makes."
Meyer, now vice chairman of St. Louis-based Macroeconomic Advisers, says the Fed should, and probably will, go ahead with purchases as a way to lower borrowing costs. "The story is stop talking and start buying," he says.
Still, he notes that not everyone at the Fed is enthusiastic about the idea. One concern: Foreign central banks and sovereign-wealth funds, which are big holders of Treasuries, might cool to buying many more if they believe prices are artificially high.
Undermine the Dollar
That may undermine the dollar. "There's no guarantee that international investors would switch to other dollar- denominated debt if flushed from the Treasury market," says Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, New Jersey.
Tony Crescenzi, chief bond-market strategist at Miller Tabak & Co. in New York, says foreign investors might also get spooked if they conclude that the Fed is monetizing the government's debt -- in effect, printing money -- by buying Treasuries.
Bernanke himself, in his 2003 speech, said monetization of the debt risked faster inflation -- something bond investors, foreign or domestic, wouldn't like.
Some economists argue the Fed would help the economy more if it bought other types of debt. Even after their recent rise, 10-year Treasury yields are still well below the 4.02 percent level at the start of last year.
Corporate Bonds
Yields on investment-grade corporate bonds, in contrast, stood at 8.24 percent on Jan. 22, the latest date for which information is available, compared with 6.45 percent at the start of 2008, according to data compiled by the Fed.
No, once parabolic collapses begin, the government cannot stop it... their best hope is to slow the tide by using lip service, and that's exactly what they're doing.
If you hold a lot of long dated bonds and haven't been checking the markets lately, well... when you open up your next statement there might be tears to shed:
Roy Orbison – Crying:


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You have arrived at the page to apply for Leisure Craft, Cruisers, Yachts Insurance in Greece. Before you complete the form below for Leisure Craft, Cruisers, Yachts Insurance quote, please note what is required:
In Greece, Boat, Yacht and Small Craft are covered under policies similar to automobile insurance. Boat insurance benefits range from third party liability to a fully comprehensive insurance policy which covers damage to your vessel.
Greek Insurers need to know the following information necessary to calculate a boat/yacht/leisure craft quote .The information necessary to calculate a quote is the following:
Be Prepared! When you have chosen the quote that suits your needs and you are ready to proceed with insurance coverage - the insurer will require of you the following information:
Please be specific and give the required details to help Stavros focus on getting you the correct information. All fields in the form are required.
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Brits in Crete is pleased to recommend its insurance associate in Greece, the Stavros Sideris Insurance Agency. Stavros who heads the firm offers a wide range of policies suitable for the foreign community all over Greece. Brits in Crete recommends Stavros, as a reliable and trusted partner who has many types of insurance policies to offer. Stavros, a fluent English speaker knows UK and the United States personally very well.
Stavros's agency network of local offices covers the whole of Crete. Stavros can help you personally. He has back up support locally across Crete (from Chania/Hania to Lasithi) and across Greece proper. All the associates are also English speakers, who know the needs of Ex-Pats. Stavros in the initial instance will contact you personally once you have completed the online contact form.
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subset: commoncrawl


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Irvin D. Reid Honors College
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PlayStation All-Stars Battle Royale DLC characters detailed
Superbot Entertainment's Seth Killian has dropped a few details on PlayStation All-Stars Battle Royale's first post-launch DLC characters, Starhawk's Emmett Graves and Gravity Rush's Kat.
Killian told Push Square that both characters are still in the very early design stages, but are starting to take shape.
"I've been really happy with the way that Emmett's trending on paper at least. He's got a lot of what they call the 'Build and Battle' system," he said.
"Starhawk had a lot of great technology where you're always dropping crazy things from the sky, and we've tried to really implement that to represent the character. You can assume that some gun attacks will end up in his design as well, but we really wanted to accentuate this construction mechanic."
Meanwhile, Gravity Rush's Kat is "a bit broken right now", Killian said, but even now is already proving distinctive.
"Kat moves around the screen right now like nobody else. I'm sure, even if it doesn't stay in the way that it is right now, that she'll have a lot of crazy movement options and definitely the ability to play with gravity," he said.
"Obviously, she's immune from it, and she'll have the opportunity to exploit that in battle. She's got a lot of great combos already actually."
Kat's inclusion was motivated by a number of factors.
"She is a new character, but she had a huge impact as soon as Gravity Rush released," Killian noted.
"Obviously, as one of the stars of the PlayStation Vita, and with PlayStation All-Stars Battle Royale being on the same platform, we wanted to unite those families. And also, we just need more ladies in the game," he added.
"Kat's an awesome one too, because she's obviously an interesting character with unique abilities, so everyone on the team was really excited about adding her to the game. Thankfully, we were able to get the Gravity Rush team on board, and now it's full steam ahead."
PlayStation All-Stars Battle Royale is out now on PlayStation 3 and Vita. The DLC has not been dated, but will be free for two weeks after launch.
Thanks, Shoryuken.


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In 2012, the Panasonic DMP-BDT220 Blu-ray player won an Editor's Choice Award, and now with a couple of cosmetic changes and a few more features like Miracast, the BDT230 appears in its place.
While real-world performance is still excellent, there is one important distinction this year, and it's a fairly sinister one. Buy this Blu-ray player and you will be subject to advertising over and above what is already in your media, including undefeatable video ads when browsing for new apps. While most people are used to seeing ads on cable and in free apps, this is one of the first times it's been used to bolster the profits from a home theater product. And advertising aside, the menu system can be confusing at times.
By contrast, Sony's BDP-S5100 ($90 street) player not only offers a simpler interface, but also has more apps, costs less, and doesn't subject you to advertising. If I were buying a Blu-ray player today, I'd buy the Sony instead.
When Blu-ray players first emerged they were large hulking beasts, both overengineered and overpriced. But as the prices have fallen away unfortunately so have the cosmetics. Last year, the BDT220 had an attractive drop-down flap that covered the front of the player, but on the BDT230 the flap is gone. The player may be trapezoidal in shape, and in this way closely mimic the Sony BDP-S790, but the Panasonic is fairly drab-looking in comparison with both the previous model and the Sony. The Panasonic's top is gunmetal-gray steel, and juxtaposed against the black plastic of the rest of the machine, it gives the player a slightly mismatched look.
Last year, Sony's BDP-S790 was an excellent player, but, though nifty, its capacitive buttons were easily activated by accident. The Panasonic with its hard buttons is preferable, even if the buttons themselves are small and nubby.
So let's talk about that menu system, shall we? The Panasonic offers three different menus and menu styles with the main page, Viera Connect and the Marketplace. None of them operates like the others and the first two are the worst offenders in the ease-of-use stakes. Though the menu system hasn't changed much since last year, our thinking on it has.
CNET Executive Editor John Falcone said he found the menu system to be like a "Choose Your Own Adventure"; I prefer the term "mystery meat navigation" -- you never know where each icon will take you. While you will learn how to get to everything, the Blu-ray's competitors are much easier to use. Let's take an example of how befuddling this player can be. If you want to play Pandora, say, you'd think clicking "Music" might take you there, but instead it's Network, then Network Services, which sounds more like a settings page.
The worst thing about the menus is the advertising that appears, and it's not subtle -- from startup to the Viera Connect interface to the Marketplace banner, ads are everywhere, and in that last case you even have to put up with a video ad. While it's possible that Panasonic could remove this capability with later firmware, the latest version seems to have added more ads.
I did find that you can move the Sponsored Ad on the front page of Viera Connect to the back of the interface, but most users won't go through the trouble and will continue to see the ads. Also speaking of usability, the Marketplace doesn't indicate if you have already installed an app, which is a little frustrating.
Lastly, the remote control is compact and features most of the buttons you'll need. One minor annoyance is that it's very easy to accidentally hit the Netflix button instead of up, leaving you to wait around 30 seconds while it boots up.
Given there's only about a $30 difference between a "cheap" player and a "high-end" Blu-ray player from the major manufacturers, why would you bother getting one without features? The Panasonic is fairly well stocked at the top of the company's lineup, including Miracast support, which enables screen mirroring from supported devices. (On the other hand, mirroring didn't work well in our tests -- more on that later.)


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Arthur Barrett
Bulger Accused Of Killing, Dismembering Infamous Bank Thief
Arthur "Bucky" Barrett, infamously known as the mastermind of the 1980 Depositor's Trust bank heist, was tricked into attending a secret meeting and subsequently shot in the back of the head by reputed mobster James "Whitey" Bulger," White Hill gang hit man Kevin Weeks said in his 2006 tell-all book.
After stealing more than $1.5 million in jewels, money and heirlooms in one of the biggest bank heists of all time, Barrett, a drug dealer and associate of Bulger, refused to give Bulger a share of the stolen money. Instead, Barrett gave $100,000 to rival gang member Frank Slamme, Weeks alleges.
In his book, Weeks claims Bulger told him to lure Barrett into attending a secret meeting. Pretending he was a thief unloading stolen diamonds, Weeks, along with Bulger and Stephen "The Rifleman" Flemmi, held Barrett at gunpoint and forced him to reveal details of a marijuana ring. After doing so, Weeks, Bulger and Flemmi stole thousands of dollars from Barrett's home.
Then, Weeks claims, Bulger brought Barrett to a house and shot him in the back of the head. After removing his fingers, feet and teeth, Bulger buried him in the same common grave as Deborah Hussey and John McIntyre. Barrett's body was discovered with the other bodies in 2000.
Barrett's niece, Sandra Patient, remembered her uncle in the weeks following Bulger's capture and arrest.
"He [Barrett] got in with a tough crowd. He made some tough decisions, made his choices in life, but he never murdered anyone. He never hurt anyone like that. He didn't deserve what happened," Patient said.
Bulger has pleaded not guilty in the murder of Arthur Barrett.


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Listen to the interview on your mobile device - http://snd.sc/OWkoLA
EDMONTON - Saying he fears delays and rising costs could price the proposed $450-million downtown arena project "out of this market," Oilers owner Daryl Katz made an impassioned pitch Monday to close this deal with Edmonton city council — and soon.
In an hour-long telephone interview with the Journal arranged at his request, Katz termed the project "far too important to fail," a spectre that arose last week as a result of a report to city council that pegged the new cost of the arena at $475 million and revealed other requests from the Katz Group, including a $6-million annual operating subsidy to run the facility.
"I'm focused on making this deal work — God knows, I've spent enough money," Katz said. "My wife thinks I'm nuts, OK?
"If this deal doesn't work, what can I say, obviously all bets are off and we'll have to figure out what comes next. And I don't know what that will be."
Katz said he chose to speak up about stalled negotiations because, "there's a lot at stake and people in Edmonton need to understand the full picture."
The picture became more cloudy last week, when the subsidy issue, in particular, rankled and blindsided members of city council.
In October 2011, the Katz Group agreed to make mortgage payments of $5.5 million a year for 35 years to cover Katz's $100-million share of the arena's construction cost.
Katz also agreed to pay roughly $10 million a year in operating and maintenance costs. To many, that $6-million 'offset' resembles a clawback of the $100 million he originally promised.
"I'd like to clear the air on this issue of an operating subsidy," Katz said. "Because what has come out of the city over the last several days, to be frank, is unfair, untrue and totally counterproductive if what we're trying to do is secure the Oilers future in Edmonton and have us participate in the development of a new arena and sports entertainment district."
Katz said a "mechanism to offset capital and operating costs of the new arena" had been contemplated from the beginning of the four-and-a-half-year negotiations, and should not have been a surprise to city council.
"I feel badly if members of council were caught off guard, but I guess that is politics and that's not actually our responsibility," Katz said.
In discussions among Katz, the city and NHL commissioner Gary Bettman in New York City in October 2011, one mechanism identified to achieve such a subsidy was casino and gambling revenue, which the city agreed to facilitate with the provincial government.
"We don't care if it's a casino and gaming initiative, or something else," Katz explained. "We need a mechanism to offset operating and maintenance costs, just like Pittsburgh and Winnipeg.
"Casino and gaming is just one way and it happens to be used in other markets all over North America."
Katz reinforced the need for a public-private collaboration to build a new arena, one Edmonton badly needs, one the city would have to fund entirely itself if he and the Oilers were not prepared to invest in the project.
Without the Oilers, Katz said, the city "would have to pay all the capital and operating costs, just like Quebec City will, just like Kansas City, just like Phoenix, just like Seattle, just like Hamilton, and just like other cities that would all like an NHL or an NBA team to subsidize their arenas.
"So, you see, in our view it is the team that acts as a subsidy for a city's arena, which is effectively infrastructure, not the other way around."
In Katz's view, the Oilers franchise, for which he paid $200 million, makes possible a major-league arena which, in turn, will drive downtown revitalization, expressed in "billions of new investment downtown," to be harvested by the proposed community revitalization levy.
Conservative estimates suggest this tax on new development could generate between $1.2 billion and $1.6 billion for the city. Terming the CRL a "gold mine for the city," Katz said it might produce more than $2 billion in revenue, and could be used as a source for the operating subsidy.
The current funding model for the arena earmarks $45 million from the CRL to help cover the $125 million the city has pledged as its contribution to arena construction costs.
Katz also said a proposal to centralize city employees in an office tower to be built adjacent to the arena, along with a hotel and other parts of the surrounding development, would "supercharge the CRL and drive it forward faster for the city to realize their billions of dollars in tax revenue."
Katz dismissed suggestions he is changing the deal in midstream, making new demands to try to sabotage his own negotiations as a pretext to move the team.
"That worry has been expressed," Coun. Don Iveson told the Journal last week. "That's been the leverage behind this all the way along. If that's their intent, it would be handy if they could come out and say it."
Stressing that he stepped up four years ago when the Edmonton Investors Group was fracturing, purchased the Oilers and pledged to contribute to a new downtown arena, Katz flatly rejected the notion he is scuttling his own deal.
"Oh, so he's questioning my track record and good faith?" Katz said of Iveson's comments. "If you want to judge the quality of my commitment, look at what we said we'd do with the hockey team four years ago and what we've done since ... and we're just getting started."
Katz underscored he had spent $200 million on the franchise, "funded operating losses since (and) put $70 million into acquiring land.
"Nobody can question my good faith or my commitment."
Like most, if not all parties involved in the project, Katz is deeply frustrated the process has dragged on so long.
"Quebec City is in the ground (on their arena project) and they started three years after us."
Given cost increases owing to the economic boom in Alberta, Katz noted, "If we don't move quickly, this deal is done.
"We'd like to be able to agree on a deal in the next month or two. We'd like to be able to break ground on the project in the spring and get hard pricing by late fall."
Despite the apparent disconnect between the Katz Group and city council, Katz said: "I think we are close to realizing our vision with the city and I think if we work together and are reasonable, we can do so.
"We have to move quickly, time is our enemy. The longer it takes, the more it will cost, and cost (increases) will make the project prohibitive for all of us.
"It's crunch time."
Check out my blog, Sweatsox, at edmontonjournal.com/blogs


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TeacherFolio for Learning Plans and Microteaching
TeacherFolio is a set of tools that can be used for teacher development in teacher and student programs. The tools are designed to allow teachers to document the work that they are doing so that it can be used for purposes beyond STARTALK. Individual teac ...
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To provide further support to STARTALK programs, STARTALK Central collaborated with the Teacher Effectiveness for Language Learning (TELL) Project to develop a framework called the STARTALK TELL Alignment, or STELLA for short. Click the link below to acce ...
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Return to STARTALK Classroom Video Collection The elementary students in this video attend the San Diego Turkish School on Saturdays. They are heritage learners who may or may not speak Turkish at home. Most understand spoken Turkish. The lesson that is s ...


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The final four contestants sing their hearts out on The Voice grand final on Sunday. The second part of the grand final, which will reveal the winner of The Voice, will air tonight.
THE Voice contestants are a force to be reckoned with after taking six spots in this week's ARIA singles chart and knocking off the reigning number one.
THERE'S one simple reason why I think young blues singer Karise Eden will win The Voice tonight – iTunes.
THE highly anticipated first half of The Voice grand final featured the finalists singing original songs for the first time in front of millions of viewers.
THE Voice Australia grand final is going to be a two-horse race.


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Auto Hypnosis
Of all the deceased presidents, the picture of the 28th, Woodrow Wilson, on the United States $100,000 bill commands by far the most respect. Issued in 1934 and backed with gold, Wilsons gave the Federal Reserve bankers a means of accountsettlement long before the advent of electronic wire transfers. Today, dropping a Wilson--or more--is the hallmark of an ultraluxury-carbuyer.
No one needs a "Wilsonmobile." Of course, no one really needs a $40,000 designer gown or a $2,000,000 string of black pearls, either. At this rarefied level, cars are a pure extension of self, as personal in fit and finish as a fine Savile Row suit.
Since a vehicle of this sort is rarely an investment or a mere means of transportation, it stands to reason that acquiring one is an irrational lifestyle decision that expressesthe ego and achievement of the owner. For example, the in-your-face Lamborghini has considerable cachet with in-your-face athletic megastars. The baddest--Dennis Rodman, Mike Tyson and Deion Sanders, not a shrinking violet in the bunch--all picked up Diablo VTslast year.
What does a such a car bring its owner? Besides proclaiming an immunity to Richter-scale sticker shock, superluxury
automobiles offer exceptional styling, performance and exclusivity. They are undoubtedly the most beautiful, powerful, and rarestcars, to be kept hidden in estate garages or furtively glimpsed onthe road. Most are individually built and come only in runs ofabout 300 a year, the number of vehicles Toyota makes in 15 minutes. Buying one means showing up at the club with the assurance that the rest of your foursome didn't drive up in the same car.And suddenly, every parking valet and service-station attendantis your best friend.
You do not save up for these cars by putting pennies into a cookie jar; nor are they financed by taking out a home-equityloan. The base price is just that. Options, when available, aren't cheap: a rear spoiler for a Lamborghini makes a $5,000 tailwind, while a cell phone to call from your Porsche Turbo will ring up charges of an additional $3,134. Luxury, gas-guzzler and localsales taxes typically add 16 percent to the manufacturer's suggested retail price. Then there are annual expenses for registration,insurance, gas, service and perhaps state tax and parking that can add another 10 percent. Replacement tires alone for these exotic creatures can run to more than $2,000 a set.
But the expenses directly associated with the car are only the beginning. A purely aspirational buyer will feel compelled to play the part. This creates an urge to upgrade wardrobe, restaurantsand clubs, and even friends or spouses to accommodate the imageof the new vehicle. It's difficult to go on a job interview or shopat the A&P while driving a Bentley. And if you have mortgaged your house to buy one, every dent and ding becomes a source of recurring anxiety.
The profile of dream-car owners: male entrepreneurs with successful, private businesses that throw off significant cash. One MercedesS 600 owner runs a business that nets $40 million in profits a year. While perhaps 15 percent of superluxury automobiles are leased, most are purchased for cash, apparently as something of an afterthought. One Mercedes dealer recounts the story of an unassuming couple who came in to shop for an S-class sedan. The husband couldn't decide between the S 500 and the S 600. Finally, he asked the salesman, "Which one would my chauffeur prefer?" After hearing that the S 600 would certainly be more appreciated, he bought two, for cash.
The garage manager at the Beverly Hills Hotel tells a similar story of a visiting guest calling the local Ferrari dealership, which dispatched six cars to the hotel for review. The guest bought twofor cash and left them covered in long-term parking at the hotel.
A Bentley buyer is likely to have six other cars already. A hundred thousand or more for an entire two-ton package of machinery doesn't seem expensive from the perspective of someone who spenta Wilson or more for two ounces of exclusive tourbillon wristwatch.
Which cars break the Wilson barrier? No Japanese or American brands come close. The priciest Japanese offering, the race-bred Acura NSX-T, peaks at $88,000, while the American macho military Hummer and the 8.0-liter V10 Dodge Viper GTS both top off at only $66,000. Surprisingly, even the most expensive, obviously status-oriented Eurocars from BMW (850Ci at $95,000); its subsidiary, Land Rover (Range Rover 4.6 HSE with Kensington interior at $66,000); Ford's luxury marque, Jaguar (XK-8 at $72,500), or GM's former subsidiary, Lotus (Esprit V8 at $85,000), all fail to reach the stratosphere of truly costly cars.
Most of the world's limited supply of $100,000-plus motor chariots come from but three European countries and only six companies. In Germany, only the cream of the crop from Porsche--its two Turbo models--and Mercedes-Benz--its three V12 models--make the grade. In the United Kingdom and Italy, all the models from Rolls-Royce, Aston Martin, Ferrari and Lamborghini weigh in over a 100K. All are rear- or all-wheel-driven and leather upholstered. All are powered by magnificent engines that have an unslakable thirst for gasoline--big V12s or blown sixes or eight-cylinder engines. None have cottoned to the American mania for cup holders. And regrettably, none have cigar lighters adequate for lighting a decent-sized torpedo.
Here are my top six choices of the nearly two dozen models of Wilsonmobiles now available in America.
The Porsche Turbo, despite any rumors to the contrary, is truly the "ultimate driving machine." Other cars might be more expensive, more glamorous or showy, more plush and luxurious, and better prepared to carry a family around in style, but this is not the Turbo's game. The Turbo exists for one purpose only--to be driven. Porsche buyers are driven introverts, and this is their car. Ferry Porsche started building sports cars in 1948. The flagship 911 series, the $6,500 car with every one of its 2,381 pounds packing 130 horsepower and 120 foot-pounds of torque, debuted in 1964. The first Turbo appeared 10 years later. So depending on how you count, Porsche has had between 23 and 33 years to perfect this car. The breeding and experience are evident in the car's stellar performance and the absence of any annoying design flaws.
The Turbo feels roomier than the stock 911. Be warned, however, that the class designation "2+2" refers to the car's carrying two adults and two tiny, well-behaved pets. This is rarely an issue, since driving a Turbo is typically an individual meditation. No wood trim adorns the cockpit, unless you opt for Porsche factory customization. With the exception of the ignition key, which is located on the left of the steering wheel, the controls are neatly laid out. This affectation dates back to races that used the running Le Mans start. Being able to start the car and shift simultaneously really provides an edge for a dead-start event. The standard Becker stereo with 10 speakers is one of the few great-sounding, high-tech sound systems that you don't need a Ph.D. to figure out. The deeply bolstered electrically adjustable leather seat comfortably secures the driver while carving turns. The Xenon headlamps cast an eery bluish nighttime glow down the road. Twice as bright as standard halogens, these "Litronic" lights give the driver a deeper view into the distance--a safety feature that proves its worth when you're driving fast.
The Turbo extracts 400 hp and 400 foot-pounds of torque out of its smallish, 3.6-liter, flat six "boxer" engine by adding exhaust gas-driven turbochargers to each bank of cylinders. This is enough to power the car from 0 to 60 in a mere 4.4 seconds and reach a top speed of 180 mph. More impressive than the numbers is its effortless manner. Turbo lag is surprisingly absent. And Porsche makes all-wheel drive (AWD) standard on the Turbo with good reason. Without AWD all that raw power is tricky to control. With AWD, the power is divided among all four wheels, eliminating any chance of burning rubber. AWD also makes the Turbo's handling pleasantly neutral without any oversteer fussiness in turns.
A car is only as fast as it can stop with full control. Confident, power-assisted antilock 12.7-inch four-piston ventilated disc brakes match the engine's performance. On dry pavement these brakes can halt a Turbo moving at 100 mph in four seconds and inside 120 yards. Overall, the complete package behaves effortlessly. The car always seems to be asking its driver, "Is that all you want me to do?"
This year, Porsche has tweaked the engine to deliver another24 hp (but no additional torque). With some carbon fiber trimand new styling cues, this limited-availability Turbo S model sellsfor $50,000 more. Either is a serious investment of money and emotions. Losing one creates a depression clinically known as Turbo Remorse, for which nothing else, not even a lesser Porsche, will compensate. After driving the Turbo for one week, I got an elegant, new, glass-roofed Porsche 911 Targa with a Tiptronic automatic transmission as a replacement test car. My attitude was a blasé "Give me back that crisp-shifting six-speed and get this sluggish piece of junk away from me."
Of all the Wilsonmobiles, the Mercedes V12s come closest to being practical rather than pure extravagance. With a worldwide production run of 4,600 units last year, they benefit from being able to spread the costly engineering effort over a reasonable number of units. Mercedes are safe, reliable, spacious and supported by a large dealer service network. No special marketing is done to promote the V12s, and their styling is so conservative that only the cognoscenti can distinguish the S 600 from the other S-class sedans. Only the S 600 sedan has six horizontal chrome cross bars on its grille; the non-V12s have only three.
The S 600 embodies the philosophy that "more is better." It has more features and subtleties than the average owner could noticein a year. The S 600 also has sensors that vary the speed of the windshield wipers according to the amount of rain, adjust the speed of the air conditioning fan according to the amount of sunlight,automatically switch to cabin air recirculation if smog levels surpass a given threshold, dim headlight glare in the rearview mirror, and secure the doors and trunk should they be left slightly ajar. The key fob will close the windows and the sunroof when the car is locked. The excellent Bose Beta sound system shifts the volume to accommodate changes in the speed of the car. Like the Porsche Turbos,the 600s come with nifty Xenon headlamps.
The cabin is luxurious. The dashboard, steering wheel, center console and doors are lavished with a forest of burl walnut. The seats are two-toned Nappa leather. The dashboard shift knob, steering wheel, sun visors, rear shelf and upper door panels are all trimmedin leather. Even the headliner is genuine suede. The heated front seats are adjustable 12 ways, have three levels of variable back support, inflatable side bolsters, three separate memory settings, and front- and side-impact air bags. But then again, the back seats are also heated and adjustable and have individual lit vanity mirrorsand powered rear-window sunscreen, all of which makes the sedan eminently suitable for chauffeured driving.
Driving the S 600 is like driving a vault. Volvos seem flimsyby comparison. The combination of double-thick window glass and heavy engine-compartment insulation makes the car exceedingly quiet. Like other Mercedes, the 600s have great suspensions and brakes. The S 600 coupe is so buttoned-down that only when the speed exceeds 120 mph does it begin to manifest personality. The S 600 sedan is more accessibly practical, being one of the few exotic cars in which four adults can ride in sustained comfort. This staid car will hustle from 0 to 100 mph in 12.3 seconds, only a second slower than a Corvette. For those with more than a million dollars and a craving for something more exotic, Mercedes is considering building 20 to 30 "street" versions of its racing mid-mounted, 6.9-liter V12 engine-powered CLK-GTR.
My favorite experience regarding the Aston Martin DB7 Volante was listening to a couple's conversation, which went like this:
Woman: "Isn't that the new Celica?"
Man: "No, that's a new Aston Martin."
Woman: "All cars look alike."
Man: "That Volante is just another car, like Claudia Schifferis just another woman."
That the DB7 is such a lush motoring machine with archetypal sports car lines is completely due to Ian Callum, its Scottish, ex-Ghia of Turin designer. The Aston Martin DB7 is the true James Bond fantasy car. Upon getting into one, the immediate sensationof heading for a casino, wearing a tuxedo and sitting next to Honey Ryder (or Claudia) overcomes you.
The British know how to convey sophisticated luxury in their motorcars. Nobody does the wood, leather and carpeting number better. The cabin of the DB7 is simple and elegant. All the controls, warning lights (neatly color-coded for severity) and gauges (analogue white-on-black) are laid out so as to be accessible and unobtrusive. The Connolly leather seating, with contrasting piping, is heated and has inflatable lumbar support. Sitting in the car is like wearing a fine, fitted cashmere blazer--soft, warm and soothing.
The convertible DB7 Volante, with its winged Aston Martin logos on the C-pillar shining like blazer buttons, has a powered roof and a heated glass rear window. Although it is a tad less stiff than the coupe, the open-air joy of taking the top down while venturing through sunny countryside more than compensates for the occasional squeak. Both come with a four-piece set of matching luggage.
Driving it isn't bad, either. The perfectly balanced, dual overhead cam, 24-valve, in-line six-cylinder 3.2-liter engine, assisted by a belt-driven Eaton supercharger, delivers 335 hp and 361 foot-pounds of torque. Its four-speed automatic transmission can deliver the goods. Handling is crisp, although it is subject to noticeable oversteer during braking. Off the track, the DB7 can run comfortably with the Ferrari.
The Aston Martin Lagonda is an old marque, a bit like threadbare royalty. Established in 1913 by Lionel Martin to build race cars, the AML has struggled financially through many owners for most of its existence. In more than 80 years, it has produced only about 13,000 hand-built cars. In 1994, it was bought by Ford, which has kept it an exclusive and independent manufacturer. In this age of robotics, each DB7 takes 180 hours of handwork to build. Buyers are encouraged to customize everything.
As beautiful as it is, the DB-7 is really the baby of the Aston Martin litter. All the more expensive brethren, such as the $400,000 AM Shooting Brake (station wagon), are V8-powered, and none are exported to America. Designed and built by AML at the Newport Pagnell factory, the DB7s borrow a modified Jaguar XJS floor pan matched with an exclusive Aston Martin engine and a GM transmission. Wags in Britain call the DB7 a "Jag in drag." This derision is unfair except for the practical issue of price. A Jaguar XJR sells for $67,400, or about half the price of the DB7. But why not be a fool for a pretty face?
The experience of driving my first Bentley in silver pearl lacked the spirit of ecstasy as much as its grille lacked the famous Rolls-Royce hood ornament. Here was a car that went for more than $300,000, more than just about any other car on the planet. Was it that great? Was it worth all that? Throughout my childhood, advertisements had conditioned me to expect a car so reliable that it was guaranteed for life and so quiet that, at 60 mph, the loudest cabin noise was the sound of the analogue clock.
Well, the analogue clock was there, as well as an analogue thermometer. Sure, the Azure had Connolly hides with contrasting piping, burr walnut veneer that didn't look like photo-grain, toe-wriggling deep lamb's wool rugs, heavy chromed air vents and dash switches, but so what? Couldn't you get cruise control, anti-lock brakes, traction assistance, suspension management and a tilt wheel on a Lexus?
Were we having fun yet?
Etore Bugatti once remarked that Bentleys were the fastest trucks around. The Azure is no exception. It's heavy and huge--long and broad enough and nearly tall enough to match a Chevy Suburban. Next to an Azure, a Jaguar XK-8 convertible looks as tiny as a Mazda Miata. The Azure runs on a 1950s-vintage low-revving, 6.75-liter, 16-valve, pushrod V8 engine, with a Garret turbocharger, pushing a GM truck transmission. But to its credit, it develops 385 hp and very high torque (553 foot pounds) without much fuss. Bentley claims it will do 0 to 60 in 6.3 seconds on its cushy 255/55 WR17 Avon tires and max out at 150 mph.
The name Azure conjures up the blue skies and sea alongthe Grand Corniche. But the Riviera is closer than just a spiritual home for the car. The chassis are individually built in Crewe, United Kingdom. Then they are flown to Pininfarina, in Italy, where the folding roof, the one without the "starved cow" look,is installed. Finally, they return by air to England to be fittedwith interiors and completed, making this the most sophisticated and well traveled of convertibles. The process takes six months.
My second Bentley turned me around. Lacquered in peacock blue, a deeply satisfying ultramarine, it resonated with the Azure name. The car was finally properly dressed for its classic styling.The Azure is a bit like a fine Bordeaux. It clearly needs to be opened up to properly breathe and be appreciated. No wonder these cars are happiest tooling around warm, wealthy enclaves like Cap Ferrat in the Riviera, Hong Kong, Palm Beach and Palm Springs. A Partagas, a beautiful companion, the Azure with the top down, a sunny day and a quiet road. Things could definitely be worse.
Like Porsche, Ferrari is a postwar marque, having been founded in 1947 by the director of Alfa Romeo's racing division, Enzo Ferrari. Since then, Ferrari has turned out a series of 43 models of competitive racing cars and has still managed to make grand-touring road cars that have earned the brand worldwide recognition. Although almost 90 percent of Ferraris are exported, to my mind they look their best in their native habitat. Last autumn I was driving the Autostrada One from Rome to Florence, doing a comfortable 210 kilometers an hour, when I saw a red Ferrari 308 approaching in the distance. I changed lanes to let him pass. The driver pulled up momentarily, smiled and waved, and then blew by at 260. It was a memorable Ferrari moment.
The 550 Maranello is the latest offering to carry the black prancing horse on the yellow ground, and it celebrates 50 years of Ferrari automotive finesse. Refinement is the leitmotiv of the Maranello. The classically graceful low and wide body with thelong bonnet and cutoff tail is fabricated of aluminum alloy on a tubular steel frame. As with the aluminum Acura NSX and theAudi A8, the Ferrari 550 has a certain lightness and silken quality that match the subtlety of its styling and the suppleness and sensitivity of handling. The center cowl feeds dual air intakes to the fuel feed. Dual engine bay exhaust gills accent the front fender between the wheel arch and the door. Even the undercarriage is totally faired for aerodynamic stability.
The Ferrari 550 has a thoroughly modern design, with the usual air bags, antilock brakes and antiskid features that one expects. The windows automatically lower a fraction of an inch when you exit the car to effect a better seal. The black-leather dash with aluminum air vents holds a neatly laid out set of basic gauges. The drilled alloy pedals contrast with the tan saddle-leather seats and carpeting. The only noise in the cockpit comes from the ball-shaped solid aluminum gear lever hitting against the heavy aluminum shift gate with a satisfying "kerchunk."
Mechanically, the two-seat, Berlinetta-styled 550 is similar to the earlier Ferrari 456 GT coupe. Both have a 5.5-liter V12 up front coupled to a rear-positioned six-speed transaxle, and both share roughly the same dimensions, capacities and weights. The Maranello packs 485 hp, which can be used to accelerate from 0 to 60 in 4.3 seconds and reach a maximum speed of 199 mph. The 13-inch drilled disc brakes, the adaptive suspension system and the traction-control system keep a comfortable rein on the car, which performs any assigned chores without breaking a sweat. One wishes for a control to dial engine noise into the cabin.
When viewed as a replacement for the Testarossa, the rowdy, assertively angular mid-engine star of "Miami Vice," the new Maranello seems tame, almost docile. This is an accessible carwithout excesses whose quiet, unassuming beauty and discipline appeals to aesthetes, not cowboys.
Lamborghini is the newest marque among the over-$100,000 club. When it was introduced in 1963 by Ferruccio Lamborghini, the story goes, the manufacturer of farm machinery was so miffed by the treatment that he received from Enzo Ferrari that he decided to beat him at his own game. Lamborghini was a proud Taurean who loved bullfighting. Hence, the logo of his company is a raging bull, and allthe models (except the Countach) have been named for breeds of bulls. The current model Lamborghini Diablo VT's radical styling and aggressive performance truly befit the logo.
The driver who delivered mine told me that when other truckers inquire what he is hauling, he radios back on his CB: "I am hauling this thing to Washington from Area 51 in the Nevada desert, where the government has been hiding it the last 40 years." You can believe it. The chassis resembles a DeLorean, with scissoring doors and Nike swooshlike lines. Whatever its specs say, it is the fastest, wildest machine I have ever driven. As you change into second gear in under four seconds, a glance at the speedometer tells you that you're topping 60 mph; but then, this car can do 65 mph in reverse.
While its makers encourage buyers to drive it every day inordinary situations, I would pass. The car is as wide as a Hummer,but unlike the commanding view of the road ahead offered by a sport-utility vehicle, the Diablo VT sits so low to the ground (five inches) that while driving you can actually look up to a guard rail. This isnot a car to drive when learning to parallel park. It has too many blind spots, and a rear window that's only a tad larger than a mail slot. The optimum situation would be to have diplomatic immunity or a decent race track on your own estate. Otherwise, you might consider relocating to Montana, where highway speed limits have been abolished. City traffic and potholes are death to a car this low and wide.
The VT experience comes across as elemental and raw. It manifests the untamed exuberance of riding a rocket while holdingthe engine in your right arm. You get a steering wheel (adjustable),a stick shift (gated five-speed) and the largest tires (Pirelli Pzero 335/35 ZR17) found on any production car. No frills like traction control, ABS or even air bags clutter the 1997 model. Everything but the ethereal cabin sound is extraneous.
The sounds (not of the Alpine radio) are what you live forin this car. The revving engine shrieks like Valkyries. The wind howls in tandem with the blur past the windshield. Even the manifolds sucking in air scream with differentials in the throttle. Thisis the most excitement you can have as a civilian.
While the car comes with standard all-wheel drive, the mid-engine 492 hp double overhead cam V12 overpowers the 12.8-inch Brembo brakes. Accelerating up through the 7,000-rpm red line is akin to dumping jet fuel into an afterburner: "Warp drive, Mr. Sulu." In sum, consider the Diablo a beautiful ivory-handled, engravedand gold-inlaid straight razor--beautiful to look at and an incomparable performer when used knowledgeably. Otherwise, it can doserious and lasting damage.
Three things are worth remembering when you're buying a Wilsonmobile: 1) Specifications such as top speed and acceleration might be inaccurate and don't reveal what a car feels like to drive. The ownership and road experience for each of these cars is significantly different. Some, like the Diablo, require major driving time before you can begin to understand and appreciate them. 2) Despite appearances to the contrary, each car requires professional-level driving skills. Ferrari, Lamborghini and Rolls-Royce provide their customers with factory driving schools. The other option is to go to a domestic performance-driving school, such as the programs run by Skip Barber, Bob Bondurant or Jim Russell. Learn your car's parameters. Experience its performance envelope in a safe track environment. Develop the reflexes for throttle steering and heel/toe power shifting. 3) Buy several. How else can you choose between getting that Ferrari in red or black, manual or automatic, coupe or convertible?
Joshua Shapiro is a freelance writer based in New York. Wilsonmobiles Porsche / Turbo Coupe* / $112,000 / www.porsche.com / Turbo S Coupe / $160,000 Mercedes-Benz / S 600 Sedan* / $130,300 / www.mercedes.com S 600 Coupe* / $133,300 / SL 600 / / $123,200 / Lamborghini / Diablo VT Coupe* / $249,000 / www.lamborghini.com / Diablo VT Roadster / $275,100 / Ferrari / 550 Maranello* / $204,000 / www.ferrari.it / 456 GT / $224,800 / 456 GTA* / $229,900 / F 355 Berlinetta / $127,000 / F 355 GTS / $133,000 / F 355 Spider / $137,000 / Aston Martin / DB7 Coupe* / $125,000 / DB7 Volante* / $135,000 Rolls-Royce Motor Cars / RR Silver Dawn / $159,000 / ww.rolls-royce.com / RR Silver Spur / $186,000 / RR Park Ward / $299,900 Bentley / Brooklands / $149,000 / Bentley Turbo R / $203,500 / Bentley Continental R / $307,100 / Bentley Continental T / $324,500 / Bentley Azure* / $329,400 /
* reviewed


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Donald Sterling's Doctor -- I Didn't Lie to Him
Donald Sterling Doctor Says ... I Didn't Lie to Him!
Donald Sterling knew full well he was being tested for Alzheimer's when a doctor examined him last month ... but it's unclear if Donald knew his control over the L.A. Clippers was on the line.
TMZ Sports has obtained a letter written by the examining doctor to Shelly Sterling's lawyer, Pierce O'Donnell. According to the letter, the doc met Donald at his house on May 22. Shelly was also present.
After the exam the doctor concluded Donald's mind was impaired by the disease, to the point he was "at risk of making potentially serious errors of judgment, impulse control, and recall in the management of his finances and his trust."
Here's what's murky. It's unclear if Donald knew he was being examined for the purpose of determining if he should be stripped of control over the team. The doctor explains Sterling had previously been examined by a doctor at Cedars-Sinai Medical Center who concluded he had Alzheimer's, and the doctor was there for a second opinion.
The doctor writes, "I asked him if he knew why I was there, and he said, 'I think so.'"
Donald went nuts on the doctor's answering machine, accusing him of sandbagging him.
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text: Pathetic. Bharath Upendra Blog Roll December 5, 2019 1 Minute That sad moment when you know That You helped her find herself At the cost of losing yourself. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Like this:Like Loading... Related Tagged#lovebreakupfeelingslifelostpainrelationshipthoughts Published by Bharath Upendra I'm that cynical, sarcastic, hypocritical self loathing masochist you rarely cross paths with. View all posts by Bharath Upendra Published December 5, 2019


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Suppose that you have a signal source, a set of point-transducers, and a handful of moderately powerful DSPs. Is it possible to construct an arrangement of the transducers such that the original signal propagates within a given region, but is absent or significantly attenuated outside of that region?
The obvious application would be sound systems that don't leak loud sound into neighboring rooms. But this would also be useful for limiting RF propagation to a physical space. In the audio example, you can shield the room with sound-absorbing materials. You could also build a faraday cage for the RF case, but either physical solution is likely to be prohibitively expensive. Now that powerful DSPs are cheap, can this be done entirely in the signal domain?


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New Grantee: The BLK ProjeK
Although the Hunts Point Cooperative Market in the South Bronx is one of the largest food distribution centers in the world, many of its neighbors are without access to quality, healthy food. The median annual income in the South Bronx is $19,113, and good groceries are sparse.
The BLK ProjeK was born out of the frustrations of one such inhabitant: Tanya Fields. Tanya was a poor, single mother who moved to the South Bronx and found her asthmatic child struggling with the pollution generated by the hundreds of thousands of semis that deliver food to Hunts Point every year.
The struggles of her son led Tanya to think increasingly more about environmental justice. She began drawing connections between the unhealthy urban environments in which poor people lived, and the unhealthy food available to them. She also, naturally, began drawing connections between the unhealthy food available to poor urban communities, and the women who serve that food to their families. Tanya realized that poverty has a feminine face.
In order to tackle the insufficient access to healthy food in the South Bronx, Tanya consequently turned to mothers. She starting small, facilitating "Mommy & Me" classes in order to educate mothers about nutrition. In 2009, her efforts expanded beyond the classroom to the garden, and the BLK ProjeK was born.
The women of BLK ProjeK were guerilla gardeners from the outset. They broke into abandoned lots in the South Bronx and planted vegetables. They created a groundswell, compelling more than 200 residents to petition and telephone the Housing Preservation and Development of NYC, demanding that the city allow the BLK ProjeK to turn one of those lots into an urban farm. Eventually their demands were heard, and that lot became the Libertad Urban Farm. In order to deliver produce from the Libertad Urban Farm to their community, the women of the BLK ProjeK then renovated an old school bus, turning it into a beautiful mobile market running exclusively on used vegetable oil.
But Tanya and the BLK ProjeK have their sights set higher still. They want the South Bronx to be able to feed itself. They want to change the economic and political landscape of the community by creating local jobs and promoting municipal participation. And women remain the catalyst in all this. The BLK ProjeK is driven by its firm belief in the "girl effect" – the notion that investing in women and women-led efforts is the most effective way to promote social change. Women plant the seeds of physical and fiscal health in every community.
In order to support the BLK ProjeK, the Spark grant will:
- Provide funds for the growth and sale of produce from the Libertad Urban Farm
- Provide stipends for volunteer farmers
- Promote community outreach in order to encourage participation in the Libertad Urban Farm, as well as the farm's CSA
And source the following Pro Bono needs:
- Web Design
If you would like to support Spark's fundraising efforts for The BLK ProjeK, you can make a donation on Spark's website. If you are interested in providing pro bono services for them, please email firstname.lastname@example.com.
We are thrilled to support this wonderful organization. Visit BLK ProjeK's website to learn more.


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Blue Ridge PBS Passport
We're excited to introduce Blue Ridge Passport, our newest member benefit that provides you with extended access to an on-demand library of quality public television programming.
Blue Ridge Passport allows you to watch your favorite PBS shows whenever and wherever you want. You can catch up on a single episode or binge watch full seasons, streaming straight to your Roku, computer, tablet, smartphone, Apple TV and Amazon Fire TV! Through Blue Ridge PBS Passport, you'll have access to tens of thousands of hours of the best national PBS programs on demand!
Highlights include current and past seasons of your MASTERPIECE favorites along with other popular series. Also included are series and documentaries produced by Blue Ridge PBS along with bonus content just for our members!
If you are an active member of Blue Ridge PBS with a donation of $60 or more in the past 12 months, watch your inbox. You will receive an email with information on how to access Blue Ridge Passport.
If you are not a member, make your tax-deductible gift of support to Blue Ridge PBS and begin enjoying Blue Ridge PBS Passport today.


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The literary reputation of Colm Tóibín, born in Irelands County Wexford in 1955, just keeps growing and growing. He worked as a journalist in the 1980s and became a published author in 1990 when he released a novel, The South, and also a non-fiction book, Homage to Barcelona. Tóibín had worked as a teacher in Barcelona after graduation.
Three more novels followed in the 1990s. The past 10 years have seen Tóibín in demand as a visiting professor in places like Stanford and Princeton Universities. He has lectured at many other major seats of learning.
Tóibíns 2004 novel, The Master, is a fictional account of parts of Henry James life, and was shortlisted for the 2004 Man Booker Prize for Fiction. He has also published a collection of short stories in 2006 called Mothers and Sons. His 2009 book, Brooklyn, has been widely acclaimed and won the novel section of the Costa Prize. The novel concerns a young womans emigration from 1950s Ireland to New York.
The authors writing targets several themes, including the Irish at home and abroad. Tóibín is openly gay and homosexuality also features in his work. He is a member of Aosdána, an Irish organisation that promotes the arts.


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WASHINGTON — — Longtime U.S. Magistrate Judge Paul W. Grimm was promoted to a U.S. District Court judgeship in Maryland by a nearly unanimous confirmation vote in the Senate on Monday despite a backlog of nominations that has left dozens of vacancies on the federal bench.
Grimm, a Towson resident who has served as a magistrate judge for the District of Maryland since 1997, fills the opening left by Judge Benson E. Legg, who assumed senior status this year.
Grimm's nomination by President Barack Obama in February was uncontroversial — members of both parties supported him — but the gridlocked Senate has been slow to confirm judges. The District Court now has 67 vacancies, about 10 percent of the bench.
Sen. Barbara A. Mikulski thanked colleagues on the Senate floor Monday evening for "breaking the logjam." The Democratic lawmaker described Grimm as "an outstanding legal mind" who is "a public servant first and foremost."
Grimm, 60, served as an assistant state's attorney in Baltimore County in the 1980s, then worked for three years as an assistant attorney general. Born in Japan, he graduated from the University of California, Davis, in 1973 and received his law degree from the University of New Mexico in 1976.
He was admitted to the Maryland bar in 1977.
Despite broad bipartisan support — Grimm was confirmed on a 92-1 vote — his nomination had languished for months. Experts say federal court vacancies have significantly slowed review of civil cases in some jurisdictions.
"It's a hopeful sign" that Grimm was confirmed, said Carl Tobias, a law professor at the University of Richmond, who described Grimm as "highly respected." But, he added, "there's just no reason why he shouldn't have received a vote months ago."
There are 18 District Court nominees awaiting a final Senate confirmation vote.
Iowa Sen. Chuck Grassley, the top-ranking Republican on the Senate Judiciary Committee, defended the chamber's confirmation rate, noting that 32 district judges, including Grimm, have been cleared this year.
Full-time U.S. magistrate judges are appointed to their eight-year terms by federal judges. They oversee a wide range of proceedings to expedite civil and criminal cases in federal court, including detention hearings and arraignments. Federal judges, by contrast, are nominated by the president and are tenured for life.
"Judge Grimm is a nationally recognized expert on cutting-edge issues of law and technology," said Maryland Sen. Ben Cardin, a Democrat. "He also is a well-regarded and admired legal scholar who has the respect of the Maryland legal community."
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NEW YORK, NY - October 20, 2010- Bravo takes a bite out of the big apple as "The Millionaire Matchmaker" scored its highest rated season premiere among all key demos, according to Nielsen Media Research. The season four premiere delivered 1.3 million total viewers and 874,000 adults 18-49, marking double-digit growth with a 15 percent increase among total viewers and adults 18-49 from the season three premiere (1/19/10). On the day of the premiere, BravoTV.com's showsite for "The Millionaire Matchmaker" generated over 20,000 daily uniques and over 37,000 video streams, which was an impressive 44 percent and 426 percent increase from the previous season's premiere respectively.
For more matchmaking expertise and tough love, tune-in on Tuesday, October 26 at 9pm for the second episode of "The Millionaire Matchmaker." Jersey is in the house as Patti is surprised with a visit from Caroline Manzo, the powerhouse of Bravo's "The Real Housewives of New Jersey," who wants Patti to set up her two sons, Albie and Chris. For more information, visit www.BravoTV.com. Follow us on Twitter at http://twitter.com/BravoPR.
Source: Nielsen Media Research, Live+Same Day data through 10/19/10. Digital: Omniture SiteCatalyst; 10/19/10 vs. 01/19/10, daily unique visitors and short-form video clip streams.
Intuitive Entertainment and Bayonne Entertainment, Inc. produce the series for Bravo. Kevin Dill, Mechelle Collins, Kathryn Vaughan and Rob Lee serve as executive producers.
Bravo is a program service of NBC Universal Cable Entertainment, a division of NBC Universal, one of the world's leading media and entertainment companies in the development, production, and marketing of entertainment, news, and information to a global audience. Bravo has been an NBC Universal cable network since December 2002 and was the first television service dedicated to film and the performing arts when it launched in December 1980. For more information, visit www.BravoTV.com. Follow us on Twitter at http://twitter.com/BravoPR.


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The Letters You Keep
Tell us about a letter you've kept and you could win a Crane Stationery wardrobe valued at $500.
Some letters are destined to be saved and savored for years. For more than 200 years, Crane has provided canvases for the words that mean the most.
To celebrate the tradition of letter writing, we welcome you to share a treasured letter that you've received and kept. One winner will be awarded a Crane stationery wardrobe for all of his or her correspondence needs, valued at $500. Crane will award $250 worth of Crane stationery to three runners up. Contest ends May 1st. The winner will also receive a copy of Crane's Blue Book of Stationery as well as signed copies of books by our esteemed guest judges Letitia Baldrige and Samara O'Shea.
Note: Please do not send us the actual letter at this time. Should your entry be chosen as a finalist, Crane will contact you via e-mail and arrange to receive a copy of the correspondence you describe.
Wednesday, April 23, 2008
~Artof Letter Writting
The Letters You Keep
Posted by Wallflower Diaries at 8:08 PM


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Last week, the Google MapMaker team announced (thanks to Forum TC Treebles for a heads up on this) a new bot whose purpose is to help fix Map Maker – Plus Page inconsistencies. The bot is called the "Mapmaker Syncer".
The purpose of the change is to lay the foundation for better and quicker synchornization between MapMaker and the Google+ local/Maps listings. But like all bots unleashed in MapMaker, there appears to be a dispute about whether overall data quality has improved or been set back… the reality appears to be best stated by this poster in the MM forum: "Technically, the bad data was already there in some database, and now that the databases are synchronized (or are being synchronized), you have a chance to get rid of the bad data and have the changes you make in Map Maker elsewhere." Like with all of these changes it will create an improvement for some users and a wild ride for others.
Here is the full announcement:
Dear users –
As several of you must be aware, local business listings information provided by Google is synthesized from a few different sources. Among these sources is Map Maker, with the content coming directly from all of you.
Jayanth, Product Manager of Map Maker – on behalf of the Map Maker team


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The City of Minneapolis offers several options to help employees reduce your commuting expenses.
The Metropass program allows eligible employees to enroll in a pass for unlimited bus or light rail rides at a discounted price. Payment for the Metropass is made through payroll deductions.
Transportation Benefit Plan
The City of Minneapolis Transportation Benefits Plan gives you options to pay certain commuting costs—such as qualified parking and van pool expenses—with pre-tax dollars. The plan is available to regular full-time and part-time employees of the City of Minneapolis.
Last updated Aug 10, 2017


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(Pocket-lint) - Twelve months ago the ins and outs of 3DTVs were a mystery to us all as a plethora of high-priced LED TVs were thrown our way, but now we know the truth; if you want convincing 3D in your living room, choose a plasma. Panasonic, the only brand to offer 3D plasmas until Samsung joined the fray just before Christmas (and more recently, LG), scooped around half of the 3DTV market - and for good reason.
So the arrival of this 50-inch in its brand new mid-range GT30 is something to get excited about for anyone into the latest and greatest in home entertainment. That excitement proves well founded. Accompanied in the GT30 range by the 42-inch TX-P42GT30B and 46-inch TX-P46GT30B, all three sit between Panasonic's high-end 3D-ready VT30 and budget 3D-ready ST30 range, but still represent a high-end purchase for most consumers.
In place of last year's crop of 3D plasmas, this generation adds an all-new Infinite Black Pro Panel, something that's destined to be the must-have panel in home cinemas in 2011. By way of confirmation, the TX-50GT30 also boats THX certification for 2D and 3D, though it's the ancillary features that will likely spread the word far and wide. Quite literally in the case of Skype video calling, though Viera Connect - a newly developed system that sees cloud-based content and those ubiquitous apps - is likely to be just as appealing.
Exclusive to Panasonic TVs, Viera Connect is the upgrade to Viera Cast, 2010's peerlessly designed, highly functional, but virtually pointless content hub. Viera Connect sees the arrival not only of a plethora of apps (via an app store) such as free games and information apps, but of some genuinely engaging content in the form of BBC iPlayer. Most of the rest of the "core" Apps can be found on the older Viera Cast service, but it's still good to see the likes of Twitter, Facebook, Picasa, Dailymotion, Acetrax streamed movies, Euronews, Bloomberg, QTom and Skype video calling (the latter only if you buy a camera).
Sadly, the TX-50GT30 is Wi-Fi ready only via a USB dongle, which does seem rather odd at this price (the VT30 Series ships with one USB wireless LAN adaptor) especially since Viera Connect is joined by DLNA networking.
It also adds good looks in the shape of a quite stunning "highline" design, though it lacks the "one sheet of glass" approach of the VT30 screens; here you'll find a narrow (18mm) bezel around the panel that's set-off nicely with a hint of silver around the glass. The set measures just 37mm in depth at its narrowest part, though the underslung speakers do jut out of the back some (while also helping create a built-in sound not to be embarrassed about - in contrast to most flat TVs). While it's great to have such a slim depth, we've seen a lot slimmer, and it comes at a cost; you'll find a full complement of adaptors for almost all the connections, HDMI and USB aside.
The TX-50GT30's Freeview HD electronic programme guide is unchanged from last year; it shows programme information for 2 hours at a glance and is highly functional, but still saddled with a space for adverts. Freeview programmes can be recorded to a HDD attached to one of this set's three (one side, two rear) USB slots, though only one at a time. In practice this features "rewind live TV" aspect is more useful - and can be done on a small USB stick permanently inserted into one of those USB slots.
Digital files are playable from a USB stick, too (support covers JPEG, MP3 and WMA music, and DivX, DivX HD, MP4, MOV and WMV video files), while we managed to stream DivX (AVI), AVC HD and MOV video and JPEG pictures (no music whatsoever), over a network (via wired LAN) from a Mac using the set's DLNA networking feature. A mixed bag.
From an SD card it's also possible to view images and videos recorded in 3D (with the aid of the 3D glasses, of course). At first we thought it was a mistake, but nope, the TX-50GT30 doesn't actually come with any 3D glasses. That's almost criminal, though one possible excuse could be Panasonic's wise decision to sell three different sizes of 3D glasses. However, each pair costs a shade under £100 and are as uncomfortable as last year's efforts.
That, however, is our 3D gripes over because the TX-50GT30 otherwise excels. The pictures from our test disc Open Season proved so easy to watch compared to most 3D LCD TVs, with the dual bonus of brighter pictures than we saw on Panny's 2010 efforts. Black areas are studded with more detail than in last year's duller (though still reference-level) 3D images; it's the most convincing 3D performance we've seen so far.
The NeoPlasma panel used here also offers the most luscious 2D picture we've witnessed. Tighter, brighter colours abound and the accuracy of the screen is stunning; check-out the subtlety of black areas of the picture and you'll see why plasma is favoured above LED-backlit TVs by the home cinema crowd - though it's possibly thanks to 3D that these improvements to brightness have been made. There's just so much detail within blocks of colour, and skin is as cleanly reproduced as we've ever seen it on a plasma. The Intelligent Frame Creation feature, which inserts frames into video to get rid of judder in a Blu-ray disc, is worth auditioning, though the smoothness it introduces can detract from the cinematic effect on this plasma; it's a bit hit and miss, as is the novelty 2D-to-3D conversion.
Killer blacks, peerless colour and the best 3D performance we've seen so far; this 50-inch "neo plasma", complete with multimedia features including BBC iPlayer, DivX playback and Skype video calling, sees Panasonic in confident mood. If Wi-Fi and 3D glasses were included this set would edge top marks.


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Flash Animations
Here's a collection of Flash animations I did a long time ago, before I started developing games.
My oldest animations can be found on Newgrounds.
My YouTube channel can be found here.
I post random videos every once in awhile.
Game Prototypes
These are early versions of some of my games. They're quite different from the final products.


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- Buy One/Donate One Masks
- >
- Buy One/Donate One Pleated Mask - Solid Dusty Blue with Toggle
Buy One/Donate One Pleated Mask - Solid Dusty Blue with Toggle
per item
For every Pleated Mask purchased, Masks of Love donates a mask to a charity or high needs group in Western North Carolina.
Adjustable, one size fits most. Comes with 2 filters.All masks of this style are made from different cuts of the same fabric. Each mask is unique and will not exactly match the pictured mask.
To be used for asymptomatic patients in medical offices, nursing homes, non-front line health care positions, as well as grocery stores, pharmacies, etc.
Please review our Use & Care tips, included with your order, for proper usage.
Due to sanitation concerns, Masks of Love does not allow returns.
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Kenji's Top 8 Bites in New York From 2012
Only after putting together my list did I realize that a full seven out of eight of the very best bites I had in New York this year were from East Asian restaurants. Not a single burger or pizza on the list!
Does that mean that I didn't have any awesome burgers or pizzas this year? Certainly not. But it does indicate perhaps a trend in the New York dining scene. We saw the opening of at least one authentic Sichuanese restaurant (Legend in Chelsea) and one very inauthentic-but-still-delicious one (Mission Chinese). A Northern Thai restaurant run by a Northwesterner (Pok Pok) and a sit-down branch of one of my favorite cheap regional Chinese eateries (Biang!). Two Masa alums branched out to bring ultra high-grade sushi to folks unwilling or unable to spend $400 a head (Neta), and great ramen made its way all the way up to Harlem (Jin Ramen).
Meanwhile, I discovered that vegan food can be amongst the most exciting stuff in the city when executed with care, quality ingredients, and a sense of place. My dinner at Kajitsu was the most memorable meal of the year, perhaps in several years.
As for the lone non-Asian dish? The sea urchin spaghetti at Marea, which has become a strong contender for my favorite pasta dish in the world, right up there with the Sheep's Milk Ricotta Gnudi at the Spotted Pig.
Check out the slideshow above for a closer look at all eight dishes.
All products linked here have been independently selected by our editors. We may earn a commission on purchases, as described in our affiliate policy.


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TRADESMENS NAT. BANK OF OKLAHOMA CITY v. OKLAHOMA TAX COM'N.(1940)
- [309 U.S. 560, 561] Mr. E. A. Walker, of Oklahoma City, Okl., for appellant.
Mr. F. M. Dudley, of Oklahoma City, Okl., for appellee.
Mr. Justice MURPHY delivered the opinion of the Court.
This is an appeal under 237 of the Judicial Code, 28 U.S.C.A. 344, from a judgment of the Supreme Court of Oklahoma, denying recovery of taxes alleged to have been exacted from appellant, a national banking corporation, in violation of the provisions of R.S. 5219, 12 U.S.C.A. 548, and the Constitution of the United States.
Section 16 of the Oklahoma Income Tax Law of 1935, S.L.1935, c. 66, art. 6, 68 Okl.St.Ann. 887,1 lays a tax upon every national banking association located or doing business within the state 'according to, or measured by, its net income' at the [309 U.S. 560, 562] rate of six per centum. Section 17, 68 Okl.St.Ann. 888, provides for a similar tax upon state banks and Morris Plan Companies.
The net income used as the measure of the tax under 16 and 17 is determined by subtracting from gross income, as defined in 18, certain deductions allowed by 9, 68 Okl.St.Ann. 880, 889. Section 18 defines gross income for the purposes of 'national banking associations, state banks, trust companies and other financial corporations' ( 8(c), 68 Okl. St.Ann. 878(c)). It specifically includes in gross income 'interest upon the obligations of the United States, or its possessions, or upon securities issued under the authority of an Act of Congress, the income from which is tax free.'
All other types of corporations are taxed at the flat rate of six per centum upon the net income allocable to business transacted within the state ( 6, 68 Okl.St.Ann. 876). Net income for this purpose is determined by making certain specified deductions from gross income ( 7, 9, 68 Okl.St.Ann. 877, 880), which is defined expressly so as to exclude interest on taximmune federal securities ( 8(b)(4)).
The appellee Oklahoma Tax Commission, in assessing appellant's tax for the year 1936 under 16, included in gross income the dividends received by appellant on stock owned by it in a federal reserve bank and the interest received on bonds and notes issued pursuant to acts of Congress declaring the income from such securities tax exempt. 2 The present suit was brought by appellant to recover that portion of the tax, paid under protest, which resulted from including such dividends and interest in the computation. [309 U.S. 560, 563] R.S. 5219, 12 U.S.C. 548, 12 U.S.C.A. 548, copied in the margin, 3 authorizes four alternative methods whereby a state may impose a tax on national banking associations located within its limits. Method numbered ( 4) provides for a tax on such associations 'according to, or measured by' 'the entire net income received from all sources' subject only to certain restrictions as to the rate. This method was added to the three previously authorized under R.S. 5219 by an amendment of March 25, 1926, c. 88, 44 Stat. 223, 12 U.S.C.A. 548. The plain meaning of the amendment is confirmed by its legislative history showing beyond doubt that Congress intended to authorize a franchise [309 U.S. 560, 564] tax measured by net income including interest on tax-immune federal securities. 4
Oklahoma in the 1935 act expressly followed and adopted the method thus authorized in the amendment. See First National Bank v. Oklahoma Tax Commission, 185 Okl. 98, 90 P.2d 438. Subsection (b) of 16 expressly declares that the state thereby adopts method numbered (4) authorized by R. S. 5219, 12 U.S.C. 548, 12 U.S.C.A. 548.
The power of Congress to authorize a state to impose a tax on the franchise of a national banking association can not now be doubted. Van Allen v. Assessors, 3 Wall. 573. Compare Keifer & Keifer v. R.F.C., 306 U.S. 381, 389 , 59 S.Ct. 516, 517; Helvering v. Gerhardt, 304 U.S. 405, 411 , 412 S.n, 58 S.Ct. 969, 971; Federal Land Bank v. Priddy, 295 U.S. 229, 234 , 235 S., 55 S.Ct. 705, 707, 708. Any immunity attaching to the franchise by virtue of R. S. 5219 as it read prior to the 1926 amendment, compare Pittman v. Home Owners' Corp., 308 U.S. 21 , 60 S.Ct. 15, 124 A.L.R. 1263, could be withdrawn by Congress and the franchise subjected to state taxing power, just as national bank shares were so subjected by the Act of June 3, 1864. Van Allen v. Assessors, 3 Wall. 573; See Des Moines National Bank v. Fairweather, 263 U.S. 103 , 44 S.Ct. 23; Peoples National Bank v. Board of Equalization, 260 U.S. 702 , 43 S.Ct. 98.
The power of a state to levy a tax on a legitimate subject, such as a franchise, measured by net assets or net income including tax-exempt federal instrumentalities or their income is likewise well settled. Society for Savings v. Coite, 6 Wall. 594; Provident Institution v. Massachusetts, 6 Wall. 611; Home Insurance Company v. New York, 134 U.S. 594 , 10 S.Ct. 593; Educational Films Corp. v. Ward, 282 U.S. 379 , 51 S.Ct. 170, 71 A.L.R. 1226. Thus state laws taxing the shareholders of national banks in accordance with R.S. 5219 on the full net value of their shares, although the banks owned tax- [309 U.S. 560, 565] exempt federal securities, have been consistently upheld. Des Moines National Bank v. Fairweather, 263 U.S. 103 , 44 S.Ct. 23; People's National Bank v. Board of Equalization, 260 U.S. 702 , 43 S.Ct. 98; Van Allen v. Assessors, 3 Wall. 573. The rule that a tax upon a legitimate subject, measured by net income, including that from tax-immune federal instrumentalities, is not an infringement of the immunity, was affirmed in Flint v. Stone Tracy Co., 220 U.S. 107, 147 , 165 S., 31 S.Ct. 342, 347, 354, Ann.Cas.1912B, 1312; and followed in Educational Films Corp. v. Ward, 282 U.S. 379 , 51 S.Ct. 170, 71 A.L.R. 1226. Compare Pacific Co. v. Johnson, 285 U.S. 480, 490 , 52 S.Ct. 424, 426. The tax-immunity conferred on the securities owned by appellant has not been shown to be any greater in extent than that conferred on the federal securities included in the measure of the taxes sustained in the cited cases.
Sections 16 and 17 of the 1933 act, Laws Okl.1933, c. 195, 68 Okl.St. Ann. Appendix, were for present purposes identical with the corresponding sections of the 1935 act, but 18 of the prior act contained a provision expressly excluding from gross income the interest on tax-immune federal securities.
Appellant contends that the act of 1935, by expressly including in the measure of the tax the interest on federal securities which before had been expressly excluded from the measure, must be regarded not as a valid franchise tax but as an unconstitutional levy on the tax-immune income itself. In support of its position, its main reliance is placed upon our decision in Macallen Co. v. Massachusetts, 279 U.S. 620 , 49 S.Ct. 432, 65 A.L.R. 866.
A similar contention was urged against the California franchise tax measured by net income, including tax-exempt income on state bonds, which was upheld in Pacific Co. v. Johnson, 285 U.S. 480 , 52 S.Ct. 424. In rejecting the claim, the holding in the Macallen case was referred to as follows (285 U.S. at page 494, 52 S.Ct. at page 427): 'There the commonwealth, which had long imposed a tax on corporate franchises measured by taxable income of the corporation, amended [309 U.S. 560, 566] its statutes, so as to add the income from tax exempt bonds of the federal government to the measure of the tax. It was held that this change of taxation policy, embodied in the statute and 'adopted, as though it had been so declared in precise words, for the very purpose of subjecting these securities pro tanto to the burden of the tax,' was invalid. Thus the legislative abandonment of a policy which had previously discriminated in favor of tax exempt securities was treated as a discrimination against them, and the tax, although in fact nondiscriminatory, was condemned as analogous to the discriminatory tax held invalid in the Miller Case ( Miller v. Milwaukee, 272 U.S. 713 , 47 S.Ct. 280).' See also Educational Films Corp. v. Ward, 282 U.S. 379, 392 , 393 S., 51 S.Ct. 170, 173, 71 A.L.R. 1226
It cannot be said that the Oklahoma tax in question here was aimed at tax-exempt federal securities in the manner thus disclosed and condemned in the Macallen case. The history of the Oklahoma legislation on this subject discloses only that it sought to change its policy pursuant to the express authorization conferred by R.S. 5219. It has effected its purpose by including within the measure of its franchise tax on national banks the entire net income without respect to source and without discrimination against tax-exempt federal securities. See First National Bank v. Oklahoma Tax Commission, 185 Okl. 98, 90 P.2d 438.
We do not now decide just what circumstances, if any, would bring a situation within the precise scope of the Macallen case, assuming that case still has vitality. It is sufficient to hold, as we do, that the statute in the instant case merits the test stated in Pacific Co. v. Johnson, viz.: 'Since the mere intent of the legislature to do that which the Constitution permits cannot deprive legislation of its constitutional validity, ... the present act must be judged by its operation rather than by the motives which inspired it. As it operates to measure the tax on the cor- [309 U.S. 560, 567] porate franchise by the entire net income of the corporation, without any discrimination between income which is exempt and that which is not, there is no infringement of any constitutional immunity.'
Appellant finally contends that the tax here in question violates the restriction in R.S. 5219 that 'the rate shall not be higher than ... the highest of the rates assessed ... upon mercantile, manufacturing, and business corporations doing business' within the state. 5
A consideration of the course of judicial decision on R.S. 5219 and its predecessors can leave no doubt that the various restrictions it places on the permitted methods of taxation are designed to prohibit only those systems of state taxation which discriminate in practical operation against national banking associations or their shareholders as a class. Compare First National Bank v. Hartford, 273 U.S. 548 , 47 S.Ct. 462, 59 A.L.R. 1; People of State of New York ex rel. Amoskeag Savings Bank v. Purdy, 231 U.S. 373, 375 , 34 S.Ct. 114; Covington v. First National Bank, 198 U.S. 100 , 25 S.Ct. 562; Lionberger v. Rowse, 9 Wall. 468. Thus it is not a valid objection to a tax on national bank shares that other moneyed capital in the state or shares of state banks are taxed at a different rate or assessed by a different method unless it appears that the difference in treatment results in fact in a discrimination unfavorable to the holders of the shares of national banks. People of State of New York ex rel. Amoskeag Savings Bank v. Purdy, 231 U.S. 373, 375 , 34 S.Ct. 114; Covington v. First National Bank, 198 U.S. 100 , 25 S.Ct. 562. 6 We think the same purpose to prevent actual discrimination but to allow the states considerable freedom in working out an equitable tax system [309 U.S. 560, 568] is discernable in the particular restriction upon which appellant relies.
The resolution of the issue raised by appellant thus turns upon an examination of the whole tax structure of the state. Counsel have stipulated that six thousand business and mercantile corporations, in addition to paying the income tax imposed by 6 on six per centum of their net income, filed a corporation license tax return for the year 1936 and paid a tax based on one dollar per one thousand dollars of the value of the capital stock employed within the state, and that the Government bonds held by each were included as capital in the measure of the franchise tax. They further stipulated that only thirty-seven of these six thousand corporations owned Government bonds and that, in the case of all but three, the franchise taxes paid exceeded the additional amounts which would have been due under the income tax imposed by 6 had their gross income, contrary to the fact, included the interest derived from the bonds. In addition to the foregoing taxes, so it is stipulated, each of these corporations paid an ad valorem tax on its moneyed capital.
This brief survey suffices to show that, considering all the taxes imposed upon business and mercantile corporations doing business in the state, the scheme of taxation adopted by Oklahoma does not discriminate against national banking associations. Discrimination is not shown merely because a few individual corporations, out of a class of several thousand which ordinarily bear the same or a heavier tax burden, may sustain a lighter tax than that imposed on national banking associations. Compare People of State of New York ex rel. Amoskeag Savings Bank v. Purdy, 231 U.S. 373 , at page 393, 34 S.Ct. 114, at page 122; Lionberger v. Rowse, 9 Wall. 468. Judged in the light of the established policy of Congress with respect to this subject, the 1935 Oklahoma taxing statute cannot be held to violate the provisions of R.S. 5219. [309 U.S. 560, 569] The other contentions advanced by appellant have been considered and found to be without substance.
Mr. Justice McREYNOLDS took no part in the consideration or decision of this case.
[ Footnote 1 ] The text of Section 16 reads as follows:
[ Footnote 2 ] The stipulation of facts shows that the interest used in the computation of the tax was derived from the following types of securities: U.S. Treasury Notes; U.S. Treasury Bonds; Bonds of the Federal Farm Loan Act; Joint Stock Land Bank Bonds; Home Owners' Loan Corporation Bonds; and Federal Land Bank Bonds.
[ Footnote 3 ] 'The legislature of each State may determine and direct, subject to the provisions of this section, the manner and place of taxing all the shares of national banking associations located within its limits. The several States may (1) tax said shares, or (2) include dividends derived therefrom in the taxable income of an owner or holder thereof, or (3) tax such associations on their net income, or (4) according to or measured by their net income, provided the following conditions are complied with:
[ Footnote 4 ] 67 Cong.Rec. 5760-5762, 5822-5823, 6082-6089.
[ Footnote 5 ] No claim is made that state financial institutions receive more favorable treatment than national banking associations. Sections 17, 18 and 8(c) show that the tax imposed on such state institutions is the equivalent of the tax levied by 16 on national banks.
[ Footnote 6 ] See also Davenport Nat. Bank v. Davenport Board of Equalization, 123 U.S. 83 , 8 S.Ct. 73; Mercantile Nat. Bank v. New York, 121 U.S. 138 , 7 S.Ct. 826; Des Moines Nat. Bank v. Fairweather, 263 U.S. 103 , 44 S.Ct. 23.