Taxmaggedon is coming. Unless President Obama and Congress act, Americans will be hit with what would be in total dollars the largest tax increase in history in little more than five months.
Income taxes will go up on every single taxpaying American. The Alternative Minimum Tax, designed decades ago to ensure that 154 wealthy Americans paid income taxes, would hit an additional 27 million Americans with a $92 billion tax hike. The death tax will come roaring back -- hitting farmers, ranches and businesses.
The cost? A family of four earning $50,000 would see their tax bill go up by $2,200. A single mother with a $36,000 a year paycheck would see $1,100 more go to Uncle Sam. And a married senior citizen couple with $40,000 in income would see their taxes double -- paying $1,700 in higher taxes.
Sen. Orrin HatchAnd there's a clear difference in vision for how to address this fiscal crisis.
I and other Republicans have proposed stopping these tax increases for all Americans. As the top Republican on the Finance Committee, I've put forward a proposal to prevent the largest tax hike in history from taking place and to pave the way for comprehensive tax reform in 2013.
If Congress doesn't agree with President Obama's plan to raise taxes on one of the most productive segments of our economy by allowing the top two marginal tax rates to expire, Washington Democrats' default position appears to be to let everyone's income tax rates skyrocket.
The Senate Democrats' plan would hit just under 1 million small business owners who file their taxes not as C corporations but as individuals. These are the job creators trying to lead our economic recovery and the Democrats seek to raise their taxes substantially. That doesn't make any sense.
Goolsbee on tax reform
Lee: Congress should extend tax cuts
Sen. Blumenthal: Extend tax cuts Taxmageddon is real, and the uncertainty caused by it is contributing to the lackluster economic recovery. That's not a Republican talking point; that's based on comments from job creators across the country.
It's based on people like Brent Gines from Sandy, Utah, who said that "Any increase in expenses or outlay always has a big decrease on our ability to do business."
It's based on data like those from a recent report by accountants at Ernst & Young, who find that President Obama's proposed tax hike would shrink the economy by 1.3% and shed 710,000 from the American workforce. It's based on information from the National Federation of Independent Business and the U.S. Chamber of Commerce.
Federal Reserve Chairman Ben Bernanke recently told the Senate Banking Committee that our country's economic recovery "could be endangered by the confluence of tax increases and spending reductions that will take effect early next year if no legislative action is taken."
The Congressional Budget Office and International Monetary Fund have also both issued warnings.
The American people understand that raising taxes is not a solution. In 2010, the president said that allowing tax rates to increase "would have been a blow to our economy, just as we're climbing out of a devastating recession." He was right, and the same idea applies today.
The only solution is to provide job creators and working families the certainty they need by extending all the current tax rates for another year, as we did in 2010, and then work next year to fundamentally reform our broken, costly tax code.
The president and his allies need to listen to what Americans are saying. They need the certainty of an extension of current tax rates for another year, and they need Congress to move forward together to reform the tax code to spur economic growth and job creation.
What does fundamental tax reform look like?
It means lower marginal income tax rates that would lead to more hiring, greater capital formation, better returns on our investments and a stronger economy.
A simpler tax code means that many of the resources currently poured into complying with the tax laws could be put to other uses -- investing in new businesses, paying for our children's education, and giving money to charitable causes, to name a few.
This is not a time for political games, divisiveness and vilifying business and industry. Businesses continue to sit on the sidelines because they don't know what Washington is about to throw at them. The uncertainty is holding them back, and it's stifling our economy.
The president and his liberal allies in the Senate need to stop holding America's economy hostage in order to get what they want -- which is higher taxes that would hit small businesses and the workers they hire.
Let's extend current tax rates for a year to give job creators and working families some certainty, then roll up our sleeves and pass meaningful tax reform to ensure America remains the leader we know it to be.
Thursday, July 26, 2012
Aurora heroes: Three who gave their lives
Great evil often brings out the best in good men, men like Todd Beamer on Flight 93, Medal of Honor recipient Michael Murphy in Afghanistan and now the Aurora three -- the three young men, each in different parts of theater nine, who gave their lives to protect their girlfriends.
Twenty-five-year-old Jon Blunk was sitting next to his girlfriend, Jansen Young, at the midnight premiere of "The Dark Night Rises" when the gunman (who shall remain nameless) opened fire in the dark theater. Blunk instinctively pushed his girlfriend to the ground and threw his body on top of hers. Blunk, a security guard, served eight years in the Navy and was in the process of re-enlisting in hopes of becoming a Navy SEAL, family and friends said. He was killed in the gunfire; his girlfriend survived.
Twenty-four-year-old Alex Teves dived on top of his girlfriend, Amanda Lindgren, when the gunfire erupted. Covering her body, he took the bullets so they did not harm her. She survived the massacre; he did not.
Matt McQuinn, 27 years old, threw his body in front of his girlfriend, Samantha Yowler, as the shooting continued. Yowler survived with a gunshot wound to the knee; McQuinn's body absorbed the fatal shots.
William BennettThese men were three of the 12 innocent people killed early that morning. Their incredible sacrifice leaves us asking: Why? Why would a young man with his entire life ahead of him risk everything for a woman he has no legal, financial or marital obligations to?
Opinion: Looking into the minds of killers
As Hanna Rosin so eloquently pointed out in a recent article, calling it chivalry would be a tremendous understatement. By all appearances, these men believed that a man has a responsibility to protect a woman, even to the point of death. They believed that there are things in life worth dying for and the innocent woman sitting next to them was one.
Meet the man behind the Aurora crosses
Widow's kids struggle to understand
Babysitter tried to save youngest victim They believed, to put it simply, in a code of honor. They put the lives of the women before their own, an old fashioned notion to be sure, but certainly an honorable one (if you have any doubt, ask the survivors). Their instincts were to protect, not run away.
From all accounts, these young men were average, working men in their 20s. (We know a little about Jon Blunk, but not much, and we know even less about the others.) Like all men, they had their own struggles. After his death we learned that Blunk had an ex-wife and two children living in Nevada. He was scheduled to visit them to resolve marital issues. This isn't to take anything away from Blunk or the other two heroes, but to illustrate that, in spite of shortcomings, men can still recognize what it means to be a good man and act like one.
Frum: Fear drives gun debate
This is especially important given the state of many men today. Record numbers of men aren't working or even looking for work. Record numbers aren't marrying or even acting as fathers to their children. These men need heroes to imitate whom they can relate to in everyday life, not just make-believe superheroes who catch their imagination for an hour or two. They need heroes like the Aurora three.
While much of the media obsesses over the psychology and motivations of this deranged killer, we should hold the Aurora three high. It is only by telling their story that this code of honor will survive for future generations of men. "The world is forwarded by having its attention fixed on the best things," Matthew Arnold wrote.
In an age when traditional manhood has been increasingly relegated to fiction -- capes, masks and green screens -- these three men stand as real-life heroes. Their actions remind us that good triumphs over evil, not just in movies, but also in reality.
Twenty-five-year-old Jon Blunk was sitting next to his girlfriend, Jansen Young, at the midnight premiere of "The Dark Night Rises" when the gunman (who shall remain nameless) opened fire in the dark theater. Blunk instinctively pushed his girlfriend to the ground and threw his body on top of hers. Blunk, a security guard, served eight years in the Navy and was in the process of re-enlisting in hopes of becoming a Navy SEAL, family and friends said. He was killed in the gunfire; his girlfriend survived.
Twenty-four-year-old Alex Teves dived on top of his girlfriend, Amanda Lindgren, when the gunfire erupted. Covering her body, he took the bullets so they did not harm her. She survived the massacre; he did not.
Matt McQuinn, 27 years old, threw his body in front of his girlfriend, Samantha Yowler, as the shooting continued. Yowler survived with a gunshot wound to the knee; McQuinn's body absorbed the fatal shots.
William BennettThese men were three of the 12 innocent people killed early that morning. Their incredible sacrifice leaves us asking: Why? Why would a young man with his entire life ahead of him risk everything for a woman he has no legal, financial or marital obligations to?
Opinion: Looking into the minds of killers
As Hanna Rosin so eloquently pointed out in a recent article, calling it chivalry would be a tremendous understatement. By all appearances, these men believed that a man has a responsibility to protect a woman, even to the point of death. They believed that there are things in life worth dying for and the innocent woman sitting next to them was one.
Meet the man behind the Aurora crosses
Widow's kids struggle to understand
Babysitter tried to save youngest victim They believed, to put it simply, in a code of honor. They put the lives of the women before their own, an old fashioned notion to be sure, but certainly an honorable one (if you have any doubt, ask the survivors). Their instincts were to protect, not run away.
From all accounts, these young men were average, working men in their 20s. (We know a little about Jon Blunk, but not much, and we know even less about the others.) Like all men, they had their own struggles. After his death we learned that Blunk had an ex-wife and two children living in Nevada. He was scheduled to visit them to resolve marital issues. This isn't to take anything away from Blunk or the other two heroes, but to illustrate that, in spite of shortcomings, men can still recognize what it means to be a good man and act like one.
Frum: Fear drives gun debate
This is especially important given the state of many men today. Record numbers of men aren't working or even looking for work. Record numbers aren't marrying or even acting as fathers to their children. These men need heroes to imitate whom they can relate to in everyday life, not just make-believe superheroes who catch their imagination for an hour or two. They need heroes like the Aurora three.
While much of the media obsesses over the psychology and motivations of this deranged killer, we should hold the Aurora three high. It is only by telling their story that this code of honor will survive for future generations of men. "The world is forwarded by having its attention fixed on the best things," Matthew Arnold wrote.
In an age when traditional manhood has been increasingly relegated to fiction -- capes, masks and green screens -- these three men stand as real-life heroes. Their actions remind us that good triumphs over evil, not just in movies, but also in reality.
Friday, July 20, 2012
Featured Videos Bubba’s Take Chart School The Stock Enthusiast Wealth Building Daily US, China square off over South China Sea
The Obama administration pressed Beijing on Thursday to accept a code of conduct for resolving territorial disputes in the resource-rich South China Sea, a difficult U.S. mediation effort that has faced resistance from the communist government. It has endeared the U.S., however, to once-hostile countries in Southeast Asia.
U.S. Secretary of State Hillary Rodham Clinton will meet with Chinese Foreign Minister Yang Jiechi on the sidelines of the Association of Southeast Asian Nations’ annual conference, where several governments have expressed worry about China’s expansive maritime claims. Tensions have threatened to boil over in recent months, with a standoff between Chinese and Philippine ships and sharp disagreements between China and Vietnam.
China claims virtually the entire area and has created an entirely new city to administer it, sparking deep concern from rival claimants. The sea hosts about a third of the world’s cargo traffic, has rich fishing grounds and is believed to store vast oil and gas reserves.
“The United States has no territorial claims there and we do not take sides in disputes about territorial or maritime boundaries,” Clinton told foreign ministers gathered in Cambodia’s capital. “But we do have an interest in freedom of navigation, the maintenance of peace and stability, respect for international law and unimpeded lawful commerce in the South China Sea.”
Asian countries should “work collaboratively and diplomatically to resolve disputes without coercion, without intimidation, without threats and without use of force,” Clinton added.
ASEAN’s 10 members announced earlier this week that they have drafted a set of rules governing maritime rights and navigation, and procedures for when governments disagree. But China is not a member of the group and hasn’t agreed to anything.
The ASEAN countries are presenting their proposal to China at this week’s conference in Cambodia’s capital, though Beijing will probably want to water down any language that ties its hands.
For the United States, the difficult diplomacy ahead could be a major test of the Obama administration’s efforts to “pivot” American power toward the world’s most populous continent. Just speaking out on the subject already has helped the U.S. deepen ties with Vietnam, and relations are warming with other governments in the region.
But countless meetings between American and Chinese officials have not led to progress on a lasting solution.
Various longstanding disputes among China, the Philippines, Vietnam, Taiwan, Malaysia and Brunei involve the area’s busy sea lanes, and many observers fear the complicated web of disputes could spark a violent conflict.
The standoff between China and the Philippines in the Scarborough Shoal off the northwestern Philippines began in April when the Philippines accused Chinese fishermen of poaching in its exclusive economic zone, including the shoal. During the tensions, both sides sent government ships to the area though both have since withdrawn vessels.
Vietnam has protested a recent announcement by the China National Offshore Oil Corp. opening nine oil and gas lots for international bidders in areas overlapping with existing Vietnamese exploration blocks. Vietnam says the lots lie entirely within its 200-nautical mile exclusive economic zone and continental shelf.
U.S. Secretary of State Hillary Rodham Clinton will meet with Chinese Foreign Minister Yang Jiechi on the sidelines of the Association of Southeast Asian Nations’ annual conference, where several governments have expressed worry about China’s expansive maritime claims. Tensions have threatened to boil over in recent months, with a standoff between Chinese and Philippine ships and sharp disagreements between China and Vietnam.
China claims virtually the entire area and has created an entirely new city to administer it, sparking deep concern from rival claimants. The sea hosts about a third of the world’s cargo traffic, has rich fishing grounds and is believed to store vast oil and gas reserves.
“The United States has no territorial claims there and we do not take sides in disputes about territorial or maritime boundaries,” Clinton told foreign ministers gathered in Cambodia’s capital. “But we do have an interest in freedom of navigation, the maintenance of peace and stability, respect for international law and unimpeded lawful commerce in the South China Sea.”
Asian countries should “work collaboratively and diplomatically to resolve disputes without coercion, without intimidation, without threats and without use of force,” Clinton added.
ASEAN’s 10 members announced earlier this week that they have drafted a set of rules governing maritime rights and navigation, and procedures for when governments disagree. But China is not a member of the group and hasn’t agreed to anything.
The ASEAN countries are presenting their proposal to China at this week’s conference in Cambodia’s capital, though Beijing will probably want to water down any language that ties its hands.
For the United States, the difficult diplomacy ahead could be a major test of the Obama administration’s efforts to “pivot” American power toward the world’s most populous continent. Just speaking out on the subject already has helped the U.S. deepen ties with Vietnam, and relations are warming with other governments in the region.
But countless meetings between American and Chinese officials have not led to progress on a lasting solution.
Various longstanding disputes among China, the Philippines, Vietnam, Taiwan, Malaysia and Brunei involve the area’s busy sea lanes, and many observers fear the complicated web of disputes could spark a violent conflict.
The standoff between China and the Philippines in the Scarborough Shoal off the northwestern Philippines began in April when the Philippines accused Chinese fishermen of poaching in its exclusive economic zone, including the shoal. During the tensions, both sides sent government ships to the area though both have since withdrawn vessels.
Vietnam has protested a recent announcement by the China National Offshore Oil Corp. opening nine oil and gas lots for international bidders in areas overlapping with existing Vietnamese exploration blocks. Vietnam says the lots lie entirely within its 200-nautical mile exclusive economic zone and continental shelf.
Express Scripts lays off 258 in Jersey [The Record, Hackensack, N.J.]
July 20----244 lose jobs in Bergen as prescription service finishes takeover of Medco.
FRANKLIN LAKES -- Express Scripts Holding has some good news for Wall Street next month: The company that manages pharmacy benefit programs for employers, unions and government health plans is making the cuts it promised will result in $1 billion in cost savings after its acquisition of Medco Health Solutions.
Express Scripts, which reports second-quarter earnings on Aug. 7, laid off 258 employees throughout New Jersey on Thursday, including 244 in Bergen County, the company said. Shedding those jobs represents about a 12 percent reduction in Express Scripts' workforce in Bergen County, one of the largest single layoff announcements in the county this year.
Most of the layoffs, 216 people, were at Medco's campus in Franklin Lakes, which was the company's headquarters before the acquisition, according to an Express Scripts spokesman, Brian Henry. Another 28 were let go at two former Medco facilities -- 17 in Montvale and 11 in Fair Lawn, he added. Express Scripts also idled 14 people at its Willingboro location, Henry said.
The majority of the laid-off workers were informed on Thursday, and the layoffs were effective immediately, according to Henry. The employees affected were primarily doing business-support functions, he added.
"We continually assess our operational needs to ensure we are as efficient as possible, while meeting the needs of the clients and patients we serve," St. Louis-based Express Scripts said in a prepared statement. "As an organization, we position ourselves for future growth."
Express Scripts had 4,000 employees in New Jersey, with about 2,000 in Bergen, making it one of the county's largest employers. There have been some job cuts since the $29.1 billion takeover was completed in April, but Express Scripts has declined to say how many employees were involved. When the purchase was announced, Express Scripts said the acquisition would result in $1 billion in one-time savings.
Express Scripts current and former employees began arriving at the Blue Moon Mexican Cafe in Wyckoff shortly after 3 p.m. Thursday. The restaurant and bar has over the years been a sort of "Cheers" destination for employees of Medco. In the past, they gathered there to celebrate promotions and birthdays. This year it has become the place where everyone heads to after the latest round of layoffs.
Employees, who spoke anonymously with a Record reporter, said they knew the layoffs were coming and were pleased with the generosity of the severance packages they received. The employees said packages differed based on job and length of employment. One employee said she is receiving six months' worth of severance.
"They took care of us," said one woman.
The laid-off workers who gathered at Blue Moon were joined by other workers who are still employed by Express Scripts. The former and current employees said Medco was a great place to work, but they weren't so sure about Express Scripts.
"From what we've seen so far, we might be better off leaving than working for Express Scripts," said one laid-off employee.
The workers at Blue Moon said the staff camaraderie at Medco was one of things that made it a good place to work.
"It was a great job for a lot of years, so I'm not bitter," one laid-off worker said.
News of the job cuts came the same day the Walgreen pharmacy chain said it would begin filling prescriptions from customers in the Express Scripts network again starting in September under a new multiyear contract.
The pact comes after a series of disputes between Walgreen and Express Scripts that ended with the discontinuation of the contract last year.
FRANKLIN LAKES -- Express Scripts Holding has some good news for Wall Street next month: The company that manages pharmacy benefit programs for employers, unions and government health plans is making the cuts it promised will result in $1 billion in cost savings after its acquisition of Medco Health Solutions.
Express Scripts, which reports second-quarter earnings on Aug. 7, laid off 258 employees throughout New Jersey on Thursday, including 244 in Bergen County, the company said. Shedding those jobs represents about a 12 percent reduction in Express Scripts' workforce in Bergen County, one of the largest single layoff announcements in the county this year.
Most of the layoffs, 216 people, were at Medco's campus in Franklin Lakes, which was the company's headquarters before the acquisition, according to an Express Scripts spokesman, Brian Henry. Another 28 were let go at two former Medco facilities -- 17 in Montvale and 11 in Fair Lawn, he added. Express Scripts also idled 14 people at its Willingboro location, Henry said.
The majority of the laid-off workers were informed on Thursday, and the layoffs were effective immediately, according to Henry. The employees affected were primarily doing business-support functions, he added.
"We continually assess our operational needs to ensure we are as efficient as possible, while meeting the needs of the clients and patients we serve," St. Louis-based Express Scripts said in a prepared statement. "As an organization, we position ourselves for future growth."
Express Scripts had 4,000 employees in New Jersey, with about 2,000 in Bergen, making it one of the county's largest employers. There have been some job cuts since the $29.1 billion takeover was completed in April, but Express Scripts has declined to say how many employees were involved. When the purchase was announced, Express Scripts said the acquisition would result in $1 billion in one-time savings.
Express Scripts current and former employees began arriving at the Blue Moon Mexican Cafe in Wyckoff shortly after 3 p.m. Thursday. The restaurant and bar has over the years been a sort of "Cheers" destination for employees of Medco. In the past, they gathered there to celebrate promotions and birthdays. This year it has become the place where everyone heads to after the latest round of layoffs.
Employees, who spoke anonymously with a Record reporter, said they knew the layoffs were coming and were pleased with the generosity of the severance packages they received. The employees said packages differed based on job and length of employment. One employee said she is receiving six months' worth of severance.
"They took care of us," said one woman.
The laid-off workers who gathered at Blue Moon were joined by other workers who are still employed by Express Scripts. The former and current employees said Medco was a great place to work, but they weren't so sure about Express Scripts.
"From what we've seen so far, we might be better off leaving than working for Express Scripts," said one laid-off employee.
The workers at Blue Moon said the staff camaraderie at Medco was one of things that made it a good place to work.
"It was a great job for a lot of years, so I'm not bitter," one laid-off worker said.
News of the job cuts came the same day the Walgreen pharmacy chain said it would begin filling prescriptions from customers in the Express Scripts network again starting in September under a new multiyear contract.
The pact comes after a series of disputes between Walgreen and Express Scripts that ended with the discontinuation of the contract last year.
Troops Get OK to March in Gay Parade _ in Uniform
About 200 active-duty troops participated in last year's San Diego gay pride parade, but they wore T-shirts with their branch's name, not military dress.
This year for the first time ever, U.S. service members will be able to march in a gay pride event decked out in uniform.
In a memorandum sent to all its branches, the Defense Department said it was making the allowance for the San Diego parade on Saturday — even though its policy generally bars troops from marching in uniform in parades.
The Defense Department said it did so because organizers had encouraged military personnel to march in their uniform and the event was getting national attention.
Former sailor Sean Sala, who organized the military's participation in the parade, said he wanted service members to wear their official uniform this year to show there is no longer anything to hide.
"My soul is on fire," he said after hearing the news Thursday. "They don't fight in T-shirts. They fight in uniforms. This is about showing who they are."
Thursday's move came only weeks after the Pentagon joined the rest of the U.S. government for the first time in marking June as gay pride month and made an official salute to gay and lesbian service members.
Defense Secretary Leon Panetta vowed in a video message to remove as many barriers as possible to making the military a model of equal opportunity and said gays and lesbians can be proud in uniform with the repeal last year of the "Don't Ask, Don't Tell" law.
AP
FILE - In this July 16, 2011 file photo, two... View Full Caption
Last year, San Diego's gay pride parade had the nation's largest contingency of active-duty troops participate before the military lifted its ban on openly gay service members.
The Pentagon said the allowance is only for this year's parade in San Diego and does not extend beyond that. Military personnel wearing civilian clothes do not need permission to march in any parades.
The Defense Department policy says personnel cannot march in parades in uniform unless they receive approval from their commanding officers or other Pentagon-approved authorities.
Sala believes there will be no going back after Saturday. He said he has reached his dream in seeing the U.S. military sanction participation in a gay pride parade, as the armed forces have done in Canada and Great Britain.
Uniformed soldiers in those countries have marched down the streets of Toronto and London next to scantily clad men, drag queens and civil rights activists.
"I think across the country we will start seeing active-duty members in uniform march in pride parades," Sala said.
San Diego Pride Executive Director Dwayne Crenshaw called it an historic moment.
"San Diego Pride is honored to have the privilege of celebrating our country and our service members with dignity and respect," he said. "The fight for equality is not over, and it is not easy, but this is a giant leap in the right direction."
Before Thursday, several service members wanting to participate in San Diego's parade were told they could not do so in uniform. Others were granted permission by their commanding officers.
"I think many people thought after 'Don't Ask, Don't Tell' was gone, discriminatory things would be eradicated," Sala said. "But now these parades have become a very sticky subject as far as commanders using their own discretion because they are showing either a bias toward a pride parade, or the right view, which this is about recognizing who people are."
This year for the first time ever, U.S. service members will be able to march in a gay pride event decked out in uniform.
In a memorandum sent to all its branches, the Defense Department said it was making the allowance for the San Diego parade on Saturday — even though its policy generally bars troops from marching in uniform in parades.
The Defense Department said it did so because organizers had encouraged military personnel to march in their uniform and the event was getting national attention.
Former sailor Sean Sala, who organized the military's participation in the parade, said he wanted service members to wear their official uniform this year to show there is no longer anything to hide.
"My soul is on fire," he said after hearing the news Thursday. "They don't fight in T-shirts. They fight in uniforms. This is about showing who they are."
Thursday's move came only weeks after the Pentagon joined the rest of the U.S. government for the first time in marking June as gay pride month and made an official salute to gay and lesbian service members.
Defense Secretary Leon Panetta vowed in a video message to remove as many barriers as possible to making the military a model of equal opportunity and said gays and lesbians can be proud in uniform with the repeal last year of the "Don't Ask, Don't Tell" law.
AP
FILE - In this July 16, 2011 file photo, two... View Full Caption
Last year, San Diego's gay pride parade had the nation's largest contingency of active-duty troops participate before the military lifted its ban on openly gay service members.
The Pentagon said the allowance is only for this year's parade in San Diego and does not extend beyond that. Military personnel wearing civilian clothes do not need permission to march in any parades.
The Defense Department policy says personnel cannot march in parades in uniform unless they receive approval from their commanding officers or other Pentagon-approved authorities.
Sala believes there will be no going back after Saturday. He said he has reached his dream in seeing the U.S. military sanction participation in a gay pride parade, as the armed forces have done in Canada and Great Britain.
Uniformed soldiers in those countries have marched down the streets of Toronto and London next to scantily clad men, drag queens and civil rights activists.
"I think across the country we will start seeing active-duty members in uniform march in pride parades," Sala said.
San Diego Pride Executive Director Dwayne Crenshaw called it an historic moment.
"San Diego Pride is honored to have the privilege of celebrating our country and our service members with dignity and respect," he said. "The fight for equality is not over, and it is not easy, but this is a giant leap in the right direction."
Before Thursday, several service members wanting to participate in San Diego's parade were told they could not do so in uniform. Others were granted permission by their commanding officers.
"I think many people thought after 'Don't Ask, Don't Tell' was gone, discriminatory things would be eradicated," Sala said. "But now these parades have become a very sticky subject as far as commanders using their own discretion because they are showing either a bias toward a pride parade, or the right view, which this is about recognizing who people are."
Wednesday, July 18, 2012
Kyle Korver dealt to Hawks
The Chicago Bulls have traded Kyle Korver to the Atlanta Hawks in a move that saves the team money and ends Korver's two-year run with the team.
"It's a bit of a bummer for sure," Korver told ESPN 1000's "Chicago's GameNight" on Friday. "I love Chicago. I loved putting on a Bulls uniform. & What do you do? We learned this is a business and teams are going to make business decisions. & I'm gonna go to Atlanta and try and go out there and play well."
Chicago's Gamenight
After his trade to the Hawks, former Bulls guard Kyle Korver joined Nick Friedell and Johnathan Hood on Friday's edition of "Chicago's GameNight."
More Podcasts »
The teams needed the Minnesota Timberwolves to facilitate the deal, which will save the Bulls $500,000 and net either a second-round draft pick and player exception or a player with a small contract from the Wolves, the Chicago Tribune reported.
The Bulls have a potentially expensive decision coming up. The Houston Rockets reached a verbal agreement on a three-year, $25 million deal with backup center Omer Asik. The Bulls have not said yet whether they plan to match.
The Bulls also reportedly have a deal in place to bring guard Kirk Hinrich back to Chicago on a two-year deal worth $6 million. Chicago had until Sunday to pick up Korver's $5 million option or pay him a $500,000 buyout.
Korver's trade is the latest move in a considerable offseason roster overhaul the Bulls are conducting. The team also cut ties with guards C.J. Watson and Ronnie Brewer, who, along with Korver, were key members of one of the NBA's deepest benches the past two seasons.
Even with those moves, Korver expressed confidence the Chicago could remain among the NBA's elite.
"They still got a great core. You got some really good players on the team. So now, maybe, they aren't going to be quite as deep as we were the past couple years. & I thought signing (Hinrich) was a really good move for them. He can fill in a lot of holes for them -- especially with Derrick being out for a while. The Bulls are a really well-run team. They're gonna be fine."
During Korver's time with the Bulls, the team twice had the best record in the Eastern Conference, entering the playoffs as a No. 1 seed. In spite of that, Korver expressed disappointment the team was unable to win a title.
More On The Bulls
Can't get enough NBA news and notes? ESPNChicago.com has all the latest on the Chicago Bulls. Blog
"I think we made a lot of ground as a team," Korver told ESPN 1000. "We've got great chemistry. I think the longer you can keep any team together the better shot you have of actually winning that golden trophy. & It's a tough thing. I think anytime you play as hard and put as much into it as we all did the last two years and you come up short, it's a tough thing to walk away from."
Signed as a free agent from the Utah Jazz, Korver averaged 8.1 points and shot 43.5 percent from 3-point range last season in his two seasons in Chicago.
The deal is pending a physical, which Korver said he will have over the weekend.
The Chicago Tribune first reported the news on Friday.
"It's a bit of a bummer for sure," Korver told ESPN 1000's "Chicago's GameNight" on Friday. "I love Chicago. I loved putting on a Bulls uniform. & What do you do? We learned this is a business and teams are going to make business decisions. & I'm gonna go to Atlanta and try and go out there and play well."
Chicago's Gamenight
After his trade to the Hawks, former Bulls guard Kyle Korver joined Nick Friedell and Johnathan Hood on Friday's edition of "Chicago's GameNight."
More Podcasts »
The teams needed the Minnesota Timberwolves to facilitate the deal, which will save the Bulls $500,000 and net either a second-round draft pick and player exception or a player with a small contract from the Wolves, the Chicago Tribune reported.
The Bulls have a potentially expensive decision coming up. The Houston Rockets reached a verbal agreement on a three-year, $25 million deal with backup center Omer Asik. The Bulls have not said yet whether they plan to match.
The Bulls also reportedly have a deal in place to bring guard Kirk Hinrich back to Chicago on a two-year deal worth $6 million. Chicago had until Sunday to pick up Korver's $5 million option or pay him a $500,000 buyout.
Korver's trade is the latest move in a considerable offseason roster overhaul the Bulls are conducting. The team also cut ties with guards C.J. Watson and Ronnie Brewer, who, along with Korver, were key members of one of the NBA's deepest benches the past two seasons.
Even with those moves, Korver expressed confidence the Chicago could remain among the NBA's elite.
"They still got a great core. You got some really good players on the team. So now, maybe, they aren't going to be quite as deep as we were the past couple years. & I thought signing (Hinrich) was a really good move for them. He can fill in a lot of holes for them -- especially with Derrick being out for a while. The Bulls are a really well-run team. They're gonna be fine."
During Korver's time with the Bulls, the team twice had the best record in the Eastern Conference, entering the playoffs as a No. 1 seed. In spite of that, Korver expressed disappointment the team was unable to win a title.
More On The Bulls
Can't get enough NBA news and notes? ESPNChicago.com has all the latest on the Chicago Bulls. Blog
"I think we made a lot of ground as a team," Korver told ESPN 1000. "We've got great chemistry. I think the longer you can keep any team together the better shot you have of actually winning that golden trophy. & It's a tough thing. I think anytime you play as hard and put as much into it as we all did the last two years and you come up short, it's a tough thing to walk away from."
Signed as a free agent from the Utah Jazz, Korver averaged 8.1 points and shot 43.5 percent from 3-point range last season in his two seasons in Chicago.
The deal is pending a physical, which Korver said he will have over the weekend.
The Chicago Tribune first reported the news on Friday.
Ohio woman charged with prostituting daughter
A 37-year-old Ohio woman is being held in an Akron jail on charges of allegedly prostituting her underage daughter, police said Tuesday.
According to Akron Police Captain Dan Zampelli, the woman, who was arrested Friday, has been charged with compelling prostitution and promoting prostitution in incidents that involved her daughter, who was 11 and 12 years old at the time.
The woman allegedly drove her daughter to different apartment complexes in their neighborhood and forced her to engage in sexual activities with men in exchange for money and drugs, Zampelli said. The activity went on for at least a year or more, mostly in 2007, he said.
Rescuing child sex slaves in Minnesota Task force busts sex trafficking ring
Grand jury: No indictment against father who killed daughter's alleged abuser
The girl, who is not being named by authorities, said in an interview with CNN affiliate WEWS, "It would start from the afternoon and it would end at like 7 (a.m.)" the next day. Then, the girl said, "It would start again the afternoon the next day."
Zampelli said the girl fled to Mexico to get away from the abuse, leaving with someone she thought would help her. But once in Mexico, she was allegedly forced into prostitution there, too, he said.
The girl, now 16 years old, is under the care of a foster parent.
Her mother is in Summit County Jail on $100,000 bond. She has not yet, to Zampelli's knowledge, been appointed an attorney.
According to Akron Police Captain Dan Zampelli, the woman, who was arrested Friday, has been charged with compelling prostitution and promoting prostitution in incidents that involved her daughter, who was 11 and 12 years old at the time.
The woman allegedly drove her daughter to different apartment complexes in their neighborhood and forced her to engage in sexual activities with men in exchange for money and drugs, Zampelli said. The activity went on for at least a year or more, mostly in 2007, he said.
Rescuing child sex slaves in Minnesota Task force busts sex trafficking ring
Grand jury: No indictment against father who killed daughter's alleged abuser
The girl, who is not being named by authorities, said in an interview with CNN affiliate WEWS, "It would start from the afternoon and it would end at like 7 (a.m.)" the next day. Then, the girl said, "It would start again the afternoon the next day."
Zampelli said the girl fled to Mexico to get away from the abuse, leaving with someone she thought would help her. But once in Mexico, she was allegedly forced into prostitution there, too, he said.
The girl, now 16 years old, is under the care of a foster parent.
Her mother is in Summit County Jail on $100,000 bond. She has not yet, to Zampelli's knowledge, been appointed an attorney.
Tuesday, July 17, 2012
The unbearable lightness of the Internet
This just in: Male Beliebers Exist.
I know this thanks to a monitor installed in the newsroom that flashes the very latest trending topics on Twitter.
What's trending, as I write this sentence? A few hashtag games like "#OverusedWords," a tribute to former teen queen Hilary Duff, "Hilary is our Cinderella," and "Male Beliebers Exist," a reference to obsessive fans of Justin Bieber.
On my desk I have a multitude of networked devices -- PC, iPhone, BlackBerry, iPad. No surprise there. The Internet dominates our workspace. But it literally owns our life space as well. Americans -- and that includes me -- spend at least eight hours a day staring at a screen. And more than one-third of smartphone users get online before they get out of bed.
We all know by now that the Internet is not just a means of communication. It's a parallel ecosystem, our digital state of nature. But how much of our Internet-based time is wasted time? And how much is absolutely integral to our daily lives?
Read more posts from Kristie Lu Stout
DARPA may not have intended the Internet to be used this way, but I regularly find myself online to settle nagging pop culture questions. When was The Smiths' first concert appearance? Who wrote "Before Sunrise?" Did Gilda Radner ever guest star in "The Muppet Show?" A swift surf of IMDB.com or Wikipedia and *score* -- I have the answer. But then I end up wandering through various hyperlinks and suddenly it's 3:30 am and I'm watching back-to-back episodes of the Muppets in bed.
I often wonder what blogger Paul Miller would do. As he's on a year-long Internet fast, Miller would have to go to a local library and microfiche his way to pop culture know-how.
Pulling the plug on the Internet
Right now, I'm bored a lot. I'm a little lonely too. But I'm learning to fill that in with things that are not like browsing Reddit or hanging on the Internet.
Paul Miller, blogger
During his self-imposed Internet exile, Miller cannot browse the Web -- not even over someone's shoulder. He cannot access NetFlix or other forms of streaming media. Nor can he pay bills online or send a text message.
One month into his fast, I asked him why he decided to give up the Net for an entire year. "I just wanted some time to myself and do some personal study," he said.
"I know I am most productive when I don't have the Internet on. I disconnect, I unplug at a coffee shop with no Wi-Fi to get something done. So why not spend a year getting stuff done?"
He describes his first day off the Net as calm and Zen-like: "For me, it's such a relief. No one can get hold of me. No one can infringe on my time -- text message me, email me or pull me out of my head space."
But perhaps the greatest takeaway from talking to Miller and reading his regular updates, is knowing that the first generation to come of age on the Internet is becoming the first generation to realize that the Internet ain't all that.
"Maybe a generation before me or my parents see the Internet as this perfect modern convenience of getting things done. But I know a lot of people my age just live on the Internet, and it fills all their free time," he added.
"The big thing I'm trying to do is reclaim my free time. Right now, I'm bored a lot. I'm a little lonely too. But I'm learning to fill that in with things that are not like browsing Reddit or hanging on the Internet."
The Internet has become our hedge against solitude. I admit, I have been guilty of glancing at my smartphone to scroll down a social media feed and thus feel immediately plugged in. But over the years -- and especially since I've become a parent -- I've learned to wean myself away from an always online life to spend more face time with family, friends and real world things like parks, picnics and play dates.
And yet the Internet is just so seductive. Some crave the sweet lightness of an Instagram sunset. Many are addicted to social media's short-term rewards like scoring a re-tweet. And yes, a few of us enjoy an occasional hit of downward comparison by laughing at the mishaps of others on FAIL blog.
But in addition to the fluff and frivolity, our lives require meaning and significance. Thankfully, that does happen -- and often -- on the Internet. Collective action online has launched groundbreaking new projects, saved women from human trafficking and sparked a revolution.
The faces of Egypt's 'Revolution 2.0'
But as much as we want to give our modern lives weight, it can't be just that. We desire the sweet frivolities of the Internet as well. And like real world junk food, a spoonful of click-through sugar can be good for the soul every now and then.
This just in: CNN anchor looks at FAIL blog. Occasionally. Only on Fridays.
I know this thanks to a monitor installed in the newsroom that flashes the very latest trending topics on Twitter.
What's trending, as I write this sentence? A few hashtag games like "#OverusedWords," a tribute to former teen queen Hilary Duff, "Hilary is our Cinderella," and "Male Beliebers Exist," a reference to obsessive fans of Justin Bieber.
On my desk I have a multitude of networked devices -- PC, iPhone, BlackBerry, iPad. No surprise there. The Internet dominates our workspace. But it literally owns our life space as well. Americans -- and that includes me -- spend at least eight hours a day staring at a screen. And more than one-third of smartphone users get online before they get out of bed.
We all know by now that the Internet is not just a means of communication. It's a parallel ecosystem, our digital state of nature. But how much of our Internet-based time is wasted time? And how much is absolutely integral to our daily lives?
Read more posts from Kristie Lu Stout
DARPA may not have intended the Internet to be used this way, but I regularly find myself online to settle nagging pop culture questions. When was The Smiths' first concert appearance? Who wrote "Before Sunrise?" Did Gilda Radner ever guest star in "The Muppet Show?" A swift surf of IMDB.com or Wikipedia and *score* -- I have the answer. But then I end up wandering through various hyperlinks and suddenly it's 3:30 am and I'm watching back-to-back episodes of the Muppets in bed.
I often wonder what blogger Paul Miller would do. As he's on a year-long Internet fast, Miller would have to go to a local library and microfiche his way to pop culture know-how.
Pulling the plug on the Internet
Right now, I'm bored a lot. I'm a little lonely too. But I'm learning to fill that in with things that are not like browsing Reddit or hanging on the Internet.
Paul Miller, blogger
During his self-imposed Internet exile, Miller cannot browse the Web -- not even over someone's shoulder. He cannot access NetFlix or other forms of streaming media. Nor can he pay bills online or send a text message.
One month into his fast, I asked him why he decided to give up the Net for an entire year. "I just wanted some time to myself and do some personal study," he said.
"I know I am most productive when I don't have the Internet on. I disconnect, I unplug at a coffee shop with no Wi-Fi to get something done. So why not spend a year getting stuff done?"
He describes his first day off the Net as calm and Zen-like: "For me, it's such a relief. No one can get hold of me. No one can infringe on my time -- text message me, email me or pull me out of my head space."
But perhaps the greatest takeaway from talking to Miller and reading his regular updates, is knowing that the first generation to come of age on the Internet is becoming the first generation to realize that the Internet ain't all that.
"Maybe a generation before me or my parents see the Internet as this perfect modern convenience of getting things done. But I know a lot of people my age just live on the Internet, and it fills all their free time," he added.
"The big thing I'm trying to do is reclaim my free time. Right now, I'm bored a lot. I'm a little lonely too. But I'm learning to fill that in with things that are not like browsing Reddit or hanging on the Internet."
The Internet has become our hedge against solitude. I admit, I have been guilty of glancing at my smartphone to scroll down a social media feed and thus feel immediately plugged in. But over the years -- and especially since I've become a parent -- I've learned to wean myself away from an always online life to spend more face time with family, friends and real world things like parks, picnics and play dates.
And yet the Internet is just so seductive. Some crave the sweet lightness of an Instagram sunset. Many are addicted to social media's short-term rewards like scoring a re-tweet. And yes, a few of us enjoy an occasional hit of downward comparison by laughing at the mishaps of others on FAIL blog.
But in addition to the fluff and frivolity, our lives require meaning and significance. Thankfully, that does happen -- and often -- on the Internet. Collective action online has launched groundbreaking new projects, saved women from human trafficking and sparked a revolution.
The faces of Egypt's 'Revolution 2.0'
But as much as we want to give our modern lives weight, it can't be just that. We desire the sweet frivolities of the Internet as well. And like real world junk food, a spoonful of click-through sugar can be good for the soul every now and then.
This just in: CNN anchor looks at FAIL blog. Occasionally. Only on Fridays.
5 games to watch from Comic-Con
Geek is chic these days, especially around the San Diego Convention Center. The worlds of Hollywood, video games and comic books collided for four days at the annual International Comic-Con 2012.
Gaming has always played an important role in this pop-culture convention.
Several of the larger Hollywood studios -- Paramount Pictures, 20th Century Fox and Universal Pictures -- sat out "the Con" this year, which opened up more room for the growing number of online series from the likes of YouTube, Hulu and Netflix as well as gaming.
In some instances these worlds collided as Microsoft showcased the talent behind the live-action series "Halo 4: Forward Unto Dawn."
Hollywood also remains infatuated with games as a big-screen source of inspiration. Sony Pictures debuted footage from "Resident Evil: Retribution 3D," the fifth film in the successful franchise starring Milla Jovovich.
Capcom creators showed attendees a first look at "Resident Evil 6," which will hit PlayStation 3 and Xbox 360 just a few weeks after the movie opens September 14.
Open Road Films and Konami Digital Entertainment offered a similar double feature with "Silent Hill Revelation 3D" making its movie debut in the main hall while just down the street the game makers showed its interactive cousin, "Silent Hill: Book of Memories."
Walt Disney Animation Studios explored the classic world of arcade games with "Wreck-It Ralph," a new computer animated adventure featuring the voices of Sarah Silverman and John C. Reilly. Activision will be releasing games for Nintendo's platforms based on this film.
More game publishers used Comic-Con to debut brand new titles, even though the show is just a month after the big E3 convention.
But while that trade show is closed to the public, the San Diego shindig allowed game makers to reach the socially active early adopters that Hollywood and other marketers have long coveted by giving them hands-on time with some of the biggest games of this year (and next).
Here are five new games worth checking out that debuted at the show:
"Marvel Heroes" (Gazillion Entertainment, PC, Xbox 360, PlayStation 3, 2013)
While Sony Online Entertainment continues to allow gamers to explore the world of Batman, Superman and Wonder Woman with DC Universe Online, that popular massively multiplayer online, or MMO, game only allows fans to play alongside those iconic characters.
"Marvel Heroes" is the first licensed comic book MMO that will allow players to step into the roles of Spider-Man, Thor, Hulk, Captain America and a full roster of Marvel superheroes.
In the game world, Doctor Doom has gotten his hands on the Cosmic Cube -- also known as the "Tesseract" in this summer's "The Avengers" movie. It's up to players to save the world.
The game, at least at launch, will focus heavily on New York, complete with Mutant Town, but there will also be locations such as Savage Land. Fans can don their virtual costumes and play with friends starting next year.
"Spartacus Legends" (Ubisoft, Xbox 360 and PlayStation 3, 2013)
Starz Entertainment has made swords and sandals cool again with Steven DeKnight's "Spartacus" TV series.
Now Ubisoft and developer Kung Du Factory are bringing the fighting action home in the first console game based in this graphic novel-infused bloody world. The game features actors from the show, including Liam McIntyre (who plays Spartacus) and Manu Bennett (who plays Crixus).
Fans will also be able to create their own gladiators and fight in the same arenas featured in the series. One catch that's sure to pique the interest of fighting fans is that when a warrior has fallen in combat, if the victor decides to vanquish his opponent, that character is dead forever.
That adds a whole new twist to the game's online experience as players can build up powerful gladiators, train them and arm them with an assortment of weapons and then see them die in battle. The Xbox Live Arcade and PlayStation Network title will debut in early 2013 in conjunction with the final season of the show, "Spartacus: War of the Damned."
"The Expendables 2" (Ubisoft, Xbox 360 and PlayStation 3)
Sylvester Stallone returned to Comic-Con, which helped generate buzz for the action flick that has become a franchise -- complete with a new game.
Developer Zoot Fly has worked closely with Stallone to craft an original story that bridges the gap between the two films. This prequel to the August 17 movie sequel from Lionsgate and Millenium Films puts players in control of four characters from the movie -- Barney Ross (Stallone), Gunner Jensen (Dolph Lundgren), Hale Caesar (Terry Crews) and Yin Yang (Jet Li).
The four-player co-op game sends players on a mission to rescue a kidnapped billionaire. The action blends isometric shooting with vehicle combat in helicopters and tanks across locales such as the Somalian deserts and Burmese jungles.
Each character has a specialty, such as sniper or demolitions expert, as well as a signature kill that players can use, such as Ross' dual pistols, for an up-close offing of an enemy. The game debuts on PlayStation Network on July 31 and hits PC and Xbox Live Arcade on August 17.
"Fortnite" (Epic Games, PC, 2013)
Epic Games, which also showcased the Xbox 360 exclusive prequel, "Gears of War: Judgment" at Comic-Con, debuted its first Unreal Engine 4 game, "Fortnite," during a panel.
The gameplay is split into two unique experiences. Players will explore, forage, collaborate and build by day in their own dynamic and expanding world.
Once the sun goes down, they'll work together to defend their fortress from zombies and other assorted creatures. The building system has been designed so that players can use scavenged materials to build and renovate structures of varying materials and complexity quickly.
The game, which offers a third-person perspective and overhead view of the action, shows off the potential of next-generation (PlayStation 4 and Xbox Next) visuals by giving gamers a taste of what Unreal Engine 4 can do. The blend of strategy and survival horror serves as something fresh from the game developer best known for its shooters. "Fortnite" will be released in 2013 for the PC.
"The Walking Dead" (Activision/Terminal Reality, PC, Xbox 360, PlayStation 3, 2013)
Fans of AMC's hit show "The Walking Dead," based on David Kirkman's graphic novel, already have a fun interactive adventure from Telltale Games.
While that episodic horror game is based on the source material, developer Terminal Reality is serving up a prequel to the TV series starring popular characters Daryl and Merle Dixon.
Players will contend with "walkers" (zombies) as they make their way to the supposed safety of Atlanta after an outbreak has left the country overrun with the living dead. The first-person action game features Daryl's crossbow as well as an assortment of other weapons that players can scavenge as they contend with obstacles living and dead in a brand new adventure.
The Emmy-winning series has been able to blend horror with drama, but this game will allow fans to experience this rich universe with an action and horror focus. These walkers are fast and can hunt down players in hordes, which makes for an interesting new game experience for the growing number of fans. Activision unleashes the dead in 2013.
Gaming has always played an important role in this pop-culture convention.
Several of the larger Hollywood studios -- Paramount Pictures, 20th Century Fox and Universal Pictures -- sat out "the Con" this year, which opened up more room for the growing number of online series from the likes of YouTube, Hulu and Netflix as well as gaming.
In some instances these worlds collided as Microsoft showcased the talent behind the live-action series "Halo 4: Forward Unto Dawn."
Hollywood also remains infatuated with games as a big-screen source of inspiration. Sony Pictures debuted footage from "Resident Evil: Retribution 3D," the fifth film in the successful franchise starring Milla Jovovich.
Capcom creators showed attendees a first look at "Resident Evil 6," which will hit PlayStation 3 and Xbox 360 just a few weeks after the movie opens September 14.
Open Road Films and Konami Digital Entertainment offered a similar double feature with "Silent Hill Revelation 3D" making its movie debut in the main hall while just down the street the game makers showed its interactive cousin, "Silent Hill: Book of Memories."
Walt Disney Animation Studios explored the classic world of arcade games with "Wreck-It Ralph," a new computer animated adventure featuring the voices of Sarah Silverman and John C. Reilly. Activision will be releasing games for Nintendo's platforms based on this film.
More game publishers used Comic-Con to debut brand new titles, even though the show is just a month after the big E3 convention.
But while that trade show is closed to the public, the San Diego shindig allowed game makers to reach the socially active early adopters that Hollywood and other marketers have long coveted by giving them hands-on time with some of the biggest games of this year (and next).
Here are five new games worth checking out that debuted at the show:
"Marvel Heroes" (Gazillion Entertainment, PC, Xbox 360, PlayStation 3, 2013)
While Sony Online Entertainment continues to allow gamers to explore the world of Batman, Superman and Wonder Woman with DC Universe Online, that popular massively multiplayer online, or MMO, game only allows fans to play alongside those iconic characters.
"Marvel Heroes" is the first licensed comic book MMO that will allow players to step into the roles of Spider-Man, Thor, Hulk, Captain America and a full roster of Marvel superheroes.
In the game world, Doctor Doom has gotten his hands on the Cosmic Cube -- also known as the "Tesseract" in this summer's "The Avengers" movie. It's up to players to save the world.
The game, at least at launch, will focus heavily on New York, complete with Mutant Town, but there will also be locations such as Savage Land. Fans can don their virtual costumes and play with friends starting next year.
"Spartacus Legends" (Ubisoft, Xbox 360 and PlayStation 3, 2013)
Starz Entertainment has made swords and sandals cool again with Steven DeKnight's "Spartacus" TV series.
Now Ubisoft and developer Kung Du Factory are bringing the fighting action home in the first console game based in this graphic novel-infused bloody world. The game features actors from the show, including Liam McIntyre (who plays Spartacus) and Manu Bennett (who plays Crixus).
Fans will also be able to create their own gladiators and fight in the same arenas featured in the series. One catch that's sure to pique the interest of fighting fans is that when a warrior has fallen in combat, if the victor decides to vanquish his opponent, that character is dead forever.
That adds a whole new twist to the game's online experience as players can build up powerful gladiators, train them and arm them with an assortment of weapons and then see them die in battle. The Xbox Live Arcade and PlayStation Network title will debut in early 2013 in conjunction with the final season of the show, "Spartacus: War of the Damned."
"The Expendables 2" (Ubisoft, Xbox 360 and PlayStation 3)
Sylvester Stallone returned to Comic-Con, which helped generate buzz for the action flick that has become a franchise -- complete with a new game.
Developer Zoot Fly has worked closely with Stallone to craft an original story that bridges the gap between the two films. This prequel to the August 17 movie sequel from Lionsgate and Millenium Films puts players in control of four characters from the movie -- Barney Ross (Stallone), Gunner Jensen (Dolph Lundgren), Hale Caesar (Terry Crews) and Yin Yang (Jet Li).
The four-player co-op game sends players on a mission to rescue a kidnapped billionaire. The action blends isometric shooting with vehicle combat in helicopters and tanks across locales such as the Somalian deserts and Burmese jungles.
Each character has a specialty, such as sniper or demolitions expert, as well as a signature kill that players can use, such as Ross' dual pistols, for an up-close offing of an enemy. The game debuts on PlayStation Network on July 31 and hits PC and Xbox Live Arcade on August 17.
"Fortnite" (Epic Games, PC, 2013)
Epic Games, which also showcased the Xbox 360 exclusive prequel, "Gears of War: Judgment" at Comic-Con, debuted its first Unreal Engine 4 game, "Fortnite," during a panel.
The gameplay is split into two unique experiences. Players will explore, forage, collaborate and build by day in their own dynamic and expanding world.
Once the sun goes down, they'll work together to defend their fortress from zombies and other assorted creatures. The building system has been designed so that players can use scavenged materials to build and renovate structures of varying materials and complexity quickly.
The game, which offers a third-person perspective and overhead view of the action, shows off the potential of next-generation (PlayStation 4 and Xbox Next) visuals by giving gamers a taste of what Unreal Engine 4 can do. The blend of strategy and survival horror serves as something fresh from the game developer best known for its shooters. "Fortnite" will be released in 2013 for the PC.
"The Walking Dead" (Activision/Terminal Reality, PC, Xbox 360, PlayStation 3, 2013)
Fans of AMC's hit show "The Walking Dead," based on David Kirkman's graphic novel, already have a fun interactive adventure from Telltale Games.
While that episodic horror game is based on the source material, developer Terminal Reality is serving up a prequel to the TV series starring popular characters Daryl and Merle Dixon.
Players will contend with "walkers" (zombies) as they make their way to the supposed safety of Atlanta after an outbreak has left the country overrun with the living dead. The first-person action game features Daryl's crossbow as well as an assortment of other weapons that players can scavenge as they contend with obstacles living and dead in a brand new adventure.
The Emmy-winning series has been able to blend horror with drama, but this game will allow fans to experience this rich universe with an action and horror focus. These walkers are fast and can hunt down players in hordes, which makes for an interesting new game experience for the growing number of fans. Activision unleashes the dead in 2013.
Monday, July 16, 2012
Credit bureaus to get federal oversight for first time
America’s credit bureaus are about to get some new scrutiny. The Consumer Financial Protection Bureau adopted a rule on Monday that will allow it to keep an eye on the nation’s credit reporting industry.
Starting September 30th, the agency will monitor the country’s big credit bureaus and conduct on-site examinations to see if these companies are complying with the law. It’s similar to what the CFPB already does with the nation’s big banks.
This is the first time the federal government will be take an active role in trying to clean up an industry that has a reputation for sloppiness and arrogance, consumer advocates say. Until now, no single federal government agency could access all the information necessary to generate a complete picture of what’s happening inside these companies. The CFPB will enforce the laws already on the books and write new rules as needed.
“Supervising this market will help ensure that it works properly for consumers, lenders, and the wider economy,” CFPB director Richard Cordray says in a prepared statement. “There is much at stake in making sure it is both fair and effective.”
Consumer groups, which have urged better federal oversight for years, are extremely pleased with today’s announcement.
“It’s important because credit report mistakes are all too common,” says Pamela Banks at Consumers Union, the advocacy arm of Consumer Reports. “We hear from people that when they find a mistake on their credit report, they contact the credit bureau and the bureau does little to investigate, or refuses to remove the mistake – even after the consumer has made a case that the information is wrong or inaccurate.”
Credit bureaus are required by federal law (the Fair Credit Reporting Act) to remove or correct inaccurate, incomplete or unverifiable information, generally within 30 days of being notified about the problem.
How errors can hurt you
Credit bureaus collect information on your transactions. They know if you pay on time, late or not at all. They know how much credit you have from various lenders, the balances on your credit cards and if you’ve paid off your mortgage. They also collect information from public records about court judgments, liens and bankruptcies.
Almost every adult in this country has a credit file. Each of the three largest credit reporting companies (Equifax, Experian and TransUnion) maintain files on more than 200 million Americans. The amount of information collected and distributed is mind-boggling. According to the CFPB, the industry sells more than 3 billion reports a year to lenders, utilities, landlords, insurance companies and prospective employers.
A bad credit history can be devastating. You could be denied a car loan or mortgage, pay more for insurance, have higher interest rates on your credit cards, be unable to rent an apartment or even lose a job. And those negative consequences are the same whether the report is accurate or based on erroneous information.
John Ulzheimer, president of Consumer Education at SmartCredit.com, worked at one of the big three credit reporting agencies. He supports any effort that encourages the industry to do a better job of maintaining accurate records.
“People are sick and tired of having inaccurate credit information that impedes their ability to get jobs, get competitive financing or get competitive premiums on insurance policies,” he says. “Quite frankly, they’re fed up.”
How many mistakes?
No one knows for sure how many mistakes the credit reporting agencies makes. Estimates are all over the map. The most recent information comes from The Columbus Dispatch which reported the results of a yearlong investigation in May.
For its series, Credit Scars, the paper collected and analyzed tens of thousands of consumer complaints filed against Equifax, Experian and TransUnion. The findings are eye-opening:
Nearly a quarter of the complaints filed with the Federal Trade Commission involved mistakes about credit cards, mortgages and car loans.
More than 5 percent of the complaints dealt with basic personal information – such as birth dates, addresses or Social Security numbers – listed incorrectly.
More than 5 percent of those who complained to the FTC said their reports listed an account that was not theirs.
And nearly 200 people said their credit reports listed them as dead, which made it impossible for them to get credit.
The Dispatch reports that Stuart Pratt, president of the Consumer Data Industry Association, questioned the validity of the results. He told the paper that about a fifth of the complaints are filed by people who are trying to have negative but accurate information removed from their file.
The Consumer Financial Protection Bureau has been looking at this issue and plans to publish its findings this fall.
My two cents
This new federal oversight is long overdue and much welcomed. The industry may say it’s doing a good job, but by all indications it is not. Even one mistake can be devastating if it’s your credit at risk.
The trade group for the credit reporting industry says mistakes happen less than 1 percent of the time. Even if that figure is correct – and I find that had to believe – a 1 percent error rate means about 2 million files contain inaccurate information. That’s simply unacceptable.
We live in a world where an error in a credit report can have serious negative consequences. We can’t opt-out of the system, so it must work properly. Hopefully, the Consumer Financial Protection Agency can make that happen. You shouldn’t be forced to take a credit bureau to court to get a mistake in your file corrected.
Finally, you need to do your part. Federal law gives you the right to get a free copy of your credit report every 12 months from each of the credit reporting agencies. Right now, about 96 percent of these reports are not claimed. That’s terrible. The only way to spot a mistake before it hurts you is to look for it. That’s your responsibility.
Get those free reports at AnnualCreditReport.com or by calling 1-877-322-8228. Check for errors and if you spot them, report them. If they’re not corrected – file a complaint.
The CFPB has a factsheet about its supervision of credit reporting. It’s also released a Consumer Advisory about credit reports and a series of questions and answers about credit reporting in its ‘Ask CFPB’ database.
Starting September 30th, the agency will monitor the country’s big credit bureaus and conduct on-site examinations to see if these companies are complying with the law. It’s similar to what the CFPB already does with the nation’s big banks.
This is the first time the federal government will be take an active role in trying to clean up an industry that has a reputation for sloppiness and arrogance, consumer advocates say. Until now, no single federal government agency could access all the information necessary to generate a complete picture of what’s happening inside these companies. The CFPB will enforce the laws already on the books and write new rules as needed.
“Supervising this market will help ensure that it works properly for consumers, lenders, and the wider economy,” CFPB director Richard Cordray says in a prepared statement. “There is much at stake in making sure it is both fair and effective.”
Consumer groups, which have urged better federal oversight for years, are extremely pleased with today’s announcement.
“It’s important because credit report mistakes are all too common,” says Pamela Banks at Consumers Union, the advocacy arm of Consumer Reports. “We hear from people that when they find a mistake on their credit report, they contact the credit bureau and the bureau does little to investigate, or refuses to remove the mistake – even after the consumer has made a case that the information is wrong or inaccurate.”
Credit bureaus are required by federal law (the Fair Credit Reporting Act) to remove or correct inaccurate, incomplete or unverifiable information, generally within 30 days of being notified about the problem.
How errors can hurt you
Credit bureaus collect information on your transactions. They know if you pay on time, late or not at all. They know how much credit you have from various lenders, the balances on your credit cards and if you’ve paid off your mortgage. They also collect information from public records about court judgments, liens and bankruptcies.
Almost every adult in this country has a credit file. Each of the three largest credit reporting companies (Equifax, Experian and TransUnion) maintain files on more than 200 million Americans. The amount of information collected and distributed is mind-boggling. According to the CFPB, the industry sells more than 3 billion reports a year to lenders, utilities, landlords, insurance companies and prospective employers.
A bad credit history can be devastating. You could be denied a car loan or mortgage, pay more for insurance, have higher interest rates on your credit cards, be unable to rent an apartment or even lose a job. And those negative consequences are the same whether the report is accurate or based on erroneous information.
John Ulzheimer, president of Consumer Education at SmartCredit.com, worked at one of the big three credit reporting agencies. He supports any effort that encourages the industry to do a better job of maintaining accurate records.
“People are sick and tired of having inaccurate credit information that impedes their ability to get jobs, get competitive financing or get competitive premiums on insurance policies,” he says. “Quite frankly, they’re fed up.”
How many mistakes?
No one knows for sure how many mistakes the credit reporting agencies makes. Estimates are all over the map. The most recent information comes from The Columbus Dispatch which reported the results of a yearlong investigation in May.
For its series, Credit Scars, the paper collected and analyzed tens of thousands of consumer complaints filed against Equifax, Experian and TransUnion. The findings are eye-opening:
Nearly a quarter of the complaints filed with the Federal Trade Commission involved mistakes about credit cards, mortgages and car loans.
More than 5 percent of the complaints dealt with basic personal information – such as birth dates, addresses or Social Security numbers – listed incorrectly.
More than 5 percent of those who complained to the FTC said their reports listed an account that was not theirs.
And nearly 200 people said their credit reports listed them as dead, which made it impossible for them to get credit.
The Dispatch reports that Stuart Pratt, president of the Consumer Data Industry Association, questioned the validity of the results. He told the paper that about a fifth of the complaints are filed by people who are trying to have negative but accurate information removed from their file.
The Consumer Financial Protection Bureau has been looking at this issue and plans to publish its findings this fall.
My two cents
This new federal oversight is long overdue and much welcomed. The industry may say it’s doing a good job, but by all indications it is not. Even one mistake can be devastating if it’s your credit at risk.
The trade group for the credit reporting industry says mistakes happen less than 1 percent of the time. Even if that figure is correct – and I find that had to believe – a 1 percent error rate means about 2 million files contain inaccurate information. That’s simply unacceptable.
We live in a world where an error in a credit report can have serious negative consequences. We can’t opt-out of the system, so it must work properly. Hopefully, the Consumer Financial Protection Agency can make that happen. You shouldn’t be forced to take a credit bureau to court to get a mistake in your file corrected.
Finally, you need to do your part. Federal law gives you the right to get a free copy of your credit report every 12 months from each of the credit reporting agencies. Right now, about 96 percent of these reports are not claimed. That’s terrible. The only way to spot a mistake before it hurts you is to look for it. That’s your responsibility.
Get those free reports at AnnualCreditReport.com or by calling 1-877-322-8228. Check for errors and if you spot them, report them. If they’re not corrected – file a complaint.
The CFPB has a factsheet about its supervision of credit reporting. It’s also released a Consumer Advisory about credit reports and a series of questions and answers about credit reporting in its ‘Ask CFPB’ database.
Price of gas continues to fall, but that may change soon
Consumers have caught a break from the slowing economy as gasoline prices extended their steep three-month decline, but the cost of filling the tank may soon head back up, a widely followed survey said on Sunday.
The Lundberg Survey said the national average price of self-serve, regular gas was $3.41 on July 13, down from $3.478 on June 22, and from $3.615 a year ago.
That decline was the sixth straight in the survey of 2,500 gas stations, which comes out every other or every third week.
Gasoline prices have fallen 14 percent from a recent peak of $3.967 a gallon set on April 6. The record high is $4.112 set on July 11, 2008.
Trilby Lundberg, who conducts the survey, in an interview said prices may soon enter a period of "comparative stability," reflecting crude oil price trends and the summer driving season.
She added that there is "no strong reason" to expect prices to keep hurtling toward $3 a gallon.
"The retail price may well have bottomed out," Lundberg said. "Crude oil prices turned around during the period, and we are in our seasonal period of higher consumption. Lower prices are also an incentive for consumers to drive more, including to work."
There are countervailing forces that might tend on their own to push prices lower or higher.
The U.S. dollar this month has risen to a two-year high against the euro and a nearly two-year high against a basket of currencies. A rising dollar often causes the price of dollar-denominated commodities such as oil to decline.
On the other hand, the price of U.S. crude, which Lundberg said "dictates more than any other factor what happens to gas prices," has risen nearly 13 percent from its recent trough on June 28, settling Friday at $87.10 per barrel. That price had been as high as $110.55 as recently as March 1.
Gas prices could also rise if Iran follows through on its renewed threat to close the Strait of Hormuz, through which 40 percent of global sea-borne oil exports passes, in retaliation for Western sanctions on crude exports.
The lowest average price for a gallon of unleaded gas in the 48 contiguous states was $3.00 in Jackson, Mississippi, and the highest price was $3.78 in Chicago, Lundberg said.
Diesel fuel prices also fell in the latest three-week period, dropping to $3.7272 from $3.7783.
The Lundberg Survey said the national average price of self-serve, regular gas was $3.41 on July 13, down from $3.478 on June 22, and from $3.615 a year ago.
That decline was the sixth straight in the survey of 2,500 gas stations, which comes out every other or every third week.
Gasoline prices have fallen 14 percent from a recent peak of $3.967 a gallon set on April 6. The record high is $4.112 set on July 11, 2008.
Trilby Lundberg, who conducts the survey, in an interview said prices may soon enter a period of "comparative stability," reflecting crude oil price trends and the summer driving season.
She added that there is "no strong reason" to expect prices to keep hurtling toward $3 a gallon.
"The retail price may well have bottomed out," Lundberg said. "Crude oil prices turned around during the period, and we are in our seasonal period of higher consumption. Lower prices are also an incentive for consumers to drive more, including to work."
There are countervailing forces that might tend on their own to push prices lower or higher.
The U.S. dollar this month has risen to a two-year high against the euro and a nearly two-year high against a basket of currencies. A rising dollar often causes the price of dollar-denominated commodities such as oil to decline.
On the other hand, the price of U.S. crude, which Lundberg said "dictates more than any other factor what happens to gas prices," has risen nearly 13 percent from its recent trough on June 28, settling Friday at $87.10 per barrel. That price had been as high as $110.55 as recently as March 1.
Gas prices could also rise if Iran follows through on its renewed threat to close the Strait of Hormuz, through which 40 percent of global sea-borne oil exports passes, in retaliation for Western sanctions on crude exports.
The lowest average price for a gallon of unleaded gas in the 48 contiguous states was $3.00 in Jackson, Mississippi, and the highest price was $3.78 in Chicago, Lundberg said.
Diesel fuel prices also fell in the latest three-week period, dropping to $3.7272 from $3.7783.
Wall Street waits to see what Bernanke may do for economy
Investors are looking at an onslaught next week. If it's not corporate earnings, it's Ben Bernanke talking about economic issues before Congress.
Recent warnings from a number of companies, including chipmaker Advanced Micro Devices, helped drag the S&P 500 lower for six straight days before a Friday rebound.
The S&P 500 and Dow erased losses for the week, barely finishing higher by 0.2 percent and less than 0.1 percent, respectively. The Nasdaq composite fell 1 percent for the week.
With a slew of companies set to report results next week, the hope among investors is that the bad news has been factored in, but the broader picture remains lackluster. That may limit the market's gains even if companies clear a low bar.
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"Expectations have been beaten down a lot," said Robbert Van Batenburg, head of equity research at Louis Capital in New York. "The problem is we're dealing with a global slowdown, and I'm sure that's going to be reflected in some of the comments you're going to be hearing."
Data showing slower growth in Europe, China and the United States has weighed on the stock market, while U.S. companies have warned about overseas weakness and a stronger dollar hurting profits on exports.
The minutes from the Federal Reserve's June meeting suggested it is not ready to inject more monetary stimulus into the economy, but traders will be hanging on Federal Reserve Chairman Ben Bernanke's every word for mention of such a possibility and how he views the slowing economy.
Next week dozens of Standard & Poor's 500 companies are to report. They run from top technology names, including Intel and Microsoft to General Electric and Coca-Cola Co .
Earnings estimates have already fallen sharply. S&P 500 earnings for the second quarter now are expected to rise just 5 percent from a year ago, down from an estimate of 9.2 percent at the beginning of April, according to Thomson Reuters data.
Nearly all sectors have seen estimates fall due in part to weak demand in Europe. Energy and utilities are expected to be the weakest performers this quarter after big declines in energy prices in the second quarter.
The fall in estimates could be enough so that the majority of companies end up beating expectations, as they typically do, inspiring a relief rally. That could bolster the S&P, where trading has narrowed to a range between 1,310 and 1,370 for most of a month.
Investors could see some downside surprises in high-end consumer companies, industrials and financials, said Paul Mangus, head of equity research and strategy for Wells Fargo Private Bank in Charlotte, in North Carolina.
For example, Bank of America Inc is expected to report earnings of 15 cents a share on Wednesday, but Thomson Reuters StarMine's SmartEstimates put expectations at 13.5 cents per share, or a miss of about 9 percent.
The technology sector could end up being a mixed bag, Mangus said.
"On one hand, there are very good trends on the software side. (But) there may be some disappointments among some of the hardware manufacturers. In certain cases, we're seeing some weak PC sales," he said.
Besides Advanced Micro Devices, a weak forecast was issued by fellow chipmaker Applied Materials this week, while engine maker Cummins Inc warned on sales. AMD reports results on Thursday.
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Negative to positive earnings guidance for the second quarter is 3.3 to 1, the worst since 2008, Thomson Reuters data showed.
Among other S&P companies scheduled to report are Goldman Sachs , Citigroup and Johnson & Johnson .
The final details of a Spanish bank bailout are expected next week among developments in the 2 1/2-year old euro zone debt crisis.
Bernanke is due to deliver his semiannual monetary policy report to Senate and House committees on Tuesday and Wednesday, though analysts said he is not likely to divulge plans of further economic stimulus.
Stocks lost ground this week as minutes from the Fed's June meeting showed policymakers are open to the idea of more economic stimulus, but that conditions might need to worsen first. Investors were hoping the Fed's June minutes would suggest the central bank was getting closer to another round of stimulus.
"I don't think he's going to allude to any quantitative easing, so I don't think you'll get any solace from that," Van Batenburg said.
Bernanke is more apt to urge Congress to act on fiscal policy and tackle the issues of huge budget deficits and the impact on the economy of approaching sharp cuts in government spending known as "the "fiscal cliff."
"I would expect him to try to bring the message home to policymakers to address the fiscal cliff. Fiscal tightening flies in the face of any effort to dodge deflation."
Below, CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top business and financial stories.
Recent warnings from a number of companies, including chipmaker Advanced Micro Devices, helped drag the S&P 500 lower for six straight days before a Friday rebound.
The S&P 500 and Dow erased losses for the week, barely finishing higher by 0.2 percent and less than 0.1 percent, respectively. The Nasdaq composite fell 1 percent for the week.
With a slew of companies set to report results next week, the hope among investors is that the bad news has been factored in, but the broader picture remains lackluster. That may limit the market's gains even if companies clear a low bar.
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"Expectations have been beaten down a lot," said Robbert Van Batenburg, head of equity research at Louis Capital in New York. "The problem is we're dealing with a global slowdown, and I'm sure that's going to be reflected in some of the comments you're going to be hearing."
Data showing slower growth in Europe, China and the United States has weighed on the stock market, while U.S. companies have warned about overseas weakness and a stronger dollar hurting profits on exports.
The minutes from the Federal Reserve's June meeting suggested it is not ready to inject more monetary stimulus into the economy, but traders will be hanging on Federal Reserve Chairman Ben Bernanke's every word for mention of such a possibility and how he views the slowing economy.
Next week dozens of Standard & Poor's 500 companies are to report. They run from top technology names, including Intel and Microsoft to General Electric and Coca-Cola Co .
Earnings estimates have already fallen sharply. S&P 500 earnings for the second quarter now are expected to rise just 5 percent from a year ago, down from an estimate of 9.2 percent at the beginning of April, according to Thomson Reuters data.
Nearly all sectors have seen estimates fall due in part to weak demand in Europe. Energy and utilities are expected to be the weakest performers this quarter after big declines in energy prices in the second quarter.
The fall in estimates could be enough so that the majority of companies end up beating expectations, as they typically do, inspiring a relief rally. That could bolster the S&P, where trading has narrowed to a range between 1,310 and 1,370 for most of a month.
Investors could see some downside surprises in high-end consumer companies, industrials and financials, said Paul Mangus, head of equity research and strategy for Wells Fargo Private Bank in Charlotte, in North Carolina.
For example, Bank of America Inc is expected to report earnings of 15 cents a share on Wednesday, but Thomson Reuters StarMine's SmartEstimates put expectations at 13.5 cents per share, or a miss of about 9 percent.
The technology sector could end up being a mixed bag, Mangus said.
"On one hand, there are very good trends on the software side. (But) there may be some disappointments among some of the hardware manufacturers. In certain cases, we're seeing some weak PC sales," he said.
Besides Advanced Micro Devices, a weak forecast was issued by fellow chipmaker Applied Materials this week, while engine maker Cummins Inc warned on sales. AMD reports results on Thursday.
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Negative to positive earnings guidance for the second quarter is 3.3 to 1, the worst since 2008, Thomson Reuters data showed.
Among other S&P companies scheduled to report are Goldman Sachs , Citigroup and Johnson & Johnson .
The final details of a Spanish bank bailout are expected next week among developments in the 2 1/2-year old euro zone debt crisis.
Bernanke is due to deliver his semiannual monetary policy report to Senate and House committees on Tuesday and Wednesday, though analysts said he is not likely to divulge plans of further economic stimulus.
Stocks lost ground this week as minutes from the Fed's June meeting showed policymakers are open to the idea of more economic stimulus, but that conditions might need to worsen first. Investors were hoping the Fed's June minutes would suggest the central bank was getting closer to another round of stimulus.
"I don't think he's going to allude to any quantitative easing, so I don't think you'll get any solace from that," Van Batenburg said.
Bernanke is more apt to urge Congress to act on fiscal policy and tackle the issues of huge budget deficits and the impact on the economy of approaching sharp cuts in government spending known as "the "fiscal cliff."
"I would expect him to try to bring the message home to policymakers to address the fiscal cliff. Fiscal tightening flies in the face of any effort to dodge deflation."
Below, CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top business and financial stories.
Grocery prices headed higher as drought lingers
Shoppers across the country should stand up and take notice of the Midwestern drought that has already hurt supplies of corn and soybeans.
The drought will lead to higher prices when you head to the supermarket for everything from milk to meat. How high will depend on what happens with rain and high temperatures in the Corn Belt in the next few weeks.
“We’re at the cusp of seeing how severely this is going to impact consumer prices,” said Darrel Good, professor emeritus of agricultural and consumer economics at the University of Illinois at Urbana-Champaign.
The drought and heat, he continued, “has already done permanent damage to the crops but our concern is the outlook for the weather is not very good and we’re expecting a further deterioration.”
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If that happens, he continued, “Prices will go up ever higher and have more severe and long-lasting impacts.”
In a pricing twist that may sound counterintuitive, prices in the next few weeks for certain products may end up being major deals as a result of the drought.
For example, you may want to make room in your freezer for meat because prices for beef and pork are expected to drop in the next few months as farmers slaughter herds to deal with the high cost of grains that are used as livestock feed, said Shawn Hackett of the agricultural commodities firm Hackett Financial Advisors Inc., in Boynton Beach, Fla. But, he added, everything from milk to salad dressings are going to cost you more in the near term, and in the long term the meat deals will evaporate as demand outstrips supply.
Agriculture experts and economists largely agree that the weather conditions are expected to hurt corn crops, and in turn will impact retail prices in the weeks ahead. But we won’t know the full impact of the drought until early August or September, said Richard Volpe, research economist for the Economic Research Service of the U.S. Department of Agriculture.
“We don’t yet know what’s going to happen and we don’t yet know how severe the drought will be and the amount we end up getting at the end of the corn harvest,” he stressed.
The USDA provides monthly estimates of food prices but the June data showing increases of less than 5 percent for key items such as dairy and meat products does not take the recent grain issues into account. Updated figures on the drought’s impact will be released July 25.
Volpe wouldn’t provide specific projections based on conditions now, but he did say price increases for milk, that were expected to be flat or decline this year, could head up “if there’s a major jump in feed prices.”
At this point, he added, “there’s been enough damage that we know we’re not going to have a record crop in field corn. Now the question is, how far below the record crop is this going to fall? What happens in next two weeks will drive what happens to corn and that will have an affect on all food prices.”
Field corn, also known as feed corn -- which is different from the sweet corn many of us eat during our barbecues -- is in about 74 percent of the foods consumers buy in supermarkets, he pointed out.
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This year, corn supplies were expected to be more than ample because many growers in the Corn Belt -- including Illinois, Indiana, Iowa, Nebraska and Minnesota -- increased acreage of the crop to meet growing global demand, said John Riley, assistant extension professor at Mississippi State University. “But it will now fall short because of the drought and heat,” he noted.
The price for a bushel of corn hit $7.48 a bushel at the Chicago Board of Trade this week, and government figures now project this year and next that a bushel will be as much as $6.40 a bushel, up significantly from last month's projections of $4.20 to $5 a bushel.
The expected rise in food prices is nothing new for consumers. “Food price inflation in 2011 was well above normal,” explained Corinne Alexander, an agricultural economist at Purdue University. Grocery store food inflation was 4.8 percent last year, she said, and the expectations were of about 2 percent this year.
“The drought means above normal food price inflation in 2012, and going into 2013,” he noted.
While prices for processed foods such as cereal are not expected to rise considerably unless the shortages get much worse because producers had already instituted huge price hike last year, she continued.
But, she added, the cost of things like oil and salad dressing are likely to rise because soybean crops have also been impacted.
The food-price roller coaster is a scary ride consumers have been on for some time. There have been tight supplies going back to 2006, said Mississippi State’s Riley. “Weather events and a bump up in demand for corn for renewable fuel,” he explained, have all contributed to the problem.
When asked if consumers should start praying for rain, he said, “any rain moving forward is a blessing and is going to help, but I don’t know if it’s going to make it better.”
The drought will lead to higher prices when you head to the supermarket for everything from milk to meat. How high will depend on what happens with rain and high temperatures in the Corn Belt in the next few weeks.
“We’re at the cusp of seeing how severely this is going to impact consumer prices,” said Darrel Good, professor emeritus of agricultural and consumer economics at the University of Illinois at Urbana-Champaign.
The drought and heat, he continued, “has already done permanent damage to the crops but our concern is the outlook for the weather is not very good and we’re expecting a further deterioration.”
Advertise | AdChoices
If that happens, he continued, “Prices will go up ever higher and have more severe and long-lasting impacts.”
In a pricing twist that may sound counterintuitive, prices in the next few weeks for certain products may end up being major deals as a result of the drought.
For example, you may want to make room in your freezer for meat because prices for beef and pork are expected to drop in the next few months as farmers slaughter herds to deal with the high cost of grains that are used as livestock feed, said Shawn Hackett of the agricultural commodities firm Hackett Financial Advisors Inc., in Boynton Beach, Fla. But, he added, everything from milk to salad dressings are going to cost you more in the near term, and in the long term the meat deals will evaporate as demand outstrips supply.
Agriculture experts and economists largely agree that the weather conditions are expected to hurt corn crops, and in turn will impact retail prices in the weeks ahead. But we won’t know the full impact of the drought until early August or September, said Richard Volpe, research economist for the Economic Research Service of the U.S. Department of Agriculture.
“We don’t yet know what’s going to happen and we don’t yet know how severe the drought will be and the amount we end up getting at the end of the corn harvest,” he stressed.
The USDA provides monthly estimates of food prices but the June data showing increases of less than 5 percent for key items such as dairy and meat products does not take the recent grain issues into account. Updated figures on the drought’s impact will be released July 25.
Volpe wouldn’t provide specific projections based on conditions now, but he did say price increases for milk, that were expected to be flat or decline this year, could head up “if there’s a major jump in feed prices.”
At this point, he added, “there’s been enough damage that we know we’re not going to have a record crop in field corn. Now the question is, how far below the record crop is this going to fall? What happens in next two weeks will drive what happens to corn and that will have an affect on all food prices.”
Field corn, also known as feed corn -- which is different from the sweet corn many of us eat during our barbecues -- is in about 74 percent of the foods consumers buy in supermarkets, he pointed out.
Advertise | AdChoices
This year, corn supplies were expected to be more than ample because many growers in the Corn Belt -- including Illinois, Indiana, Iowa, Nebraska and Minnesota -- increased acreage of the crop to meet growing global demand, said John Riley, assistant extension professor at Mississippi State University. “But it will now fall short because of the drought and heat,” he noted.
The price for a bushel of corn hit $7.48 a bushel at the Chicago Board of Trade this week, and government figures now project this year and next that a bushel will be as much as $6.40 a bushel, up significantly from last month's projections of $4.20 to $5 a bushel.
The expected rise in food prices is nothing new for consumers. “Food price inflation in 2011 was well above normal,” explained Corinne Alexander, an agricultural economist at Purdue University. Grocery store food inflation was 4.8 percent last year, she said, and the expectations were of about 2 percent this year.
“The drought means above normal food price inflation in 2012, and going into 2013,” he noted.
While prices for processed foods such as cereal are not expected to rise considerably unless the shortages get much worse because producers had already instituted huge price hike last year, she continued.
But, she added, the cost of things like oil and salad dressing are likely to rise because soybean crops have also been impacted.
The food-price roller coaster is a scary ride consumers have been on for some time. There have been tight supplies going back to 2006, said Mississippi State’s Riley. “Weather events and a bump up in demand for corn for renewable fuel,” he explained, have all contributed to the problem.
When asked if consumers should start praying for rain, he said, “any rain moving forward is a blessing and is going to help, but I don’t know if it’s going to make it better.”
Stocks slip following weak retail sales data
Stocks slipped Monday following a weak read on retail sales, the latest data to indicate slowing in the economy.
Concerns about how the economy might be impacted by slowing growth and issues in Europe have pressured equities in recent weeks. While Citigroup Inc rallied after posting stronger-than-expected profit on Monday, many investors remain concerned about the impact economic uncertainty will have on outlooks.
Retail sales unexpectedly fell in June, dropping 0.5 percent, compared to the expectation of 0.2 percent growth. A second report on Monday showed manufacturing in New York state rose in July by a bit more than forecast.
"This is another example of how broader economic uncertainty is having an impact on economic activity," said Eric Fine, managing director of Van Eck G-175 Strategies in New York, speaking of the retail sales figures.
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Many companies, especially in the tech space, have warned on profits in recent weeks. Negative to positive earnings guidance for the second quarter is 3.3 to 1, the worst since 2008, Thomson Reuters data showed.
Citigroup reported adjusted second-quarter earnings that beat expectations. The results follow JPMorgan Chase & Co's on Friday, which contributed to gains of 1 percent on major indexes.
"Citigroup is just one company; the fact that there are still concerns about lower economic growth globally is what's keeping us in lower territory now," said Jay Feuerstein, chief executive officer of the Chicago-based 2100 Xenon Group, an alternative asset manager.
The impact of global economic issues will remain a focus in a busy week for earnings. In addition to Citigroup, Goldman Sachs, Intel Corp , Johnson & Johnson and Coca-Cola Co are on tap to report this week.
U.S. Federal Reserve Chairman Ben Bernanke will also likely drive markets this week as he delivers his semiannual monetary policy report to Senate and House of Representatives committees on Tuesday and Wednesday. Analysts said he is not likely to divulge plans of further economic stimulus.
In other company news, Human Genome Sciences Inc rose after sources said GlaxoSmithKline is expected to announce a deal to buy the company for about $2.8 billion, ending a three-month hostile pursuit of the U.S. biotech company on friendly terms after sweetening its offer.
Comcast Corp, the parent company of NBC, has bought out Microsoft Corp's 50 percent stake in MSNBC.com for a reported $300 million to assume full control of the news website.
Ford Motor Co is recalling some of its 2013 Escape compact sport-utility vehicles because a carpeting flaw may cause drivers to apply the brakes improperly, increasing stopping distances and the risk of crashes. Shares edged lower in premarket trading.
U.S. shares rose more than 1 percent on Friday, snapping a six-day losing streak. In addition to results from JPMorgan, investors were cheered by Chinese growth data that eased concerns about a slowdown.
Concerns about how the economy might be impacted by slowing growth and issues in Europe have pressured equities in recent weeks. While Citigroup Inc rallied after posting stronger-than-expected profit on Monday, many investors remain concerned about the impact economic uncertainty will have on outlooks.
Retail sales unexpectedly fell in June, dropping 0.5 percent, compared to the expectation of 0.2 percent growth. A second report on Monday showed manufacturing in New York state rose in July by a bit more than forecast.
"This is another example of how broader economic uncertainty is having an impact on economic activity," said Eric Fine, managing director of Van Eck G-175 Strategies in New York, speaking of the retail sales figures.
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Many companies, especially in the tech space, have warned on profits in recent weeks. Negative to positive earnings guidance for the second quarter is 3.3 to 1, the worst since 2008, Thomson Reuters data showed.
Citigroup reported adjusted second-quarter earnings that beat expectations. The results follow JPMorgan Chase & Co's on Friday, which contributed to gains of 1 percent on major indexes.
"Citigroup is just one company; the fact that there are still concerns about lower economic growth globally is what's keeping us in lower territory now," said Jay Feuerstein, chief executive officer of the Chicago-based 2100 Xenon Group, an alternative asset manager.
The impact of global economic issues will remain a focus in a busy week for earnings. In addition to Citigroup, Goldman Sachs, Intel Corp , Johnson & Johnson and Coca-Cola Co are on tap to report this week.
U.S. Federal Reserve Chairman Ben Bernanke will also likely drive markets this week as he delivers his semiannual monetary policy report to Senate and House of Representatives committees on Tuesday and Wednesday. Analysts said he is not likely to divulge plans of further economic stimulus.
In other company news, Human Genome Sciences Inc rose after sources said GlaxoSmithKline is expected to announce a deal to buy the company for about $2.8 billion, ending a three-month hostile pursuit of the U.S. biotech company on friendly terms after sweetening its offer.
Comcast Corp, the parent company of NBC, has bought out Microsoft Corp's 50 percent stake in MSNBC.com for a reported $300 million to assume full control of the news website.
Ford Motor Co is recalling some of its 2013 Escape compact sport-utility vehicles because a carpeting flaw may cause drivers to apply the brakes improperly, increasing stopping distances and the risk of crashes. Shares edged lower in premarket trading.
U.S. shares rose more than 1 percent on Friday, snapping a six-day losing streak. In addition to results from JPMorgan, investors were cheered by Chinese growth data that eased concerns about a slowdown.
Justin Verlander shakes off All-Star drubbing with near-shutout
It was Verlander’s first start since he gave up five runs in an inning in losing Tuesday’s All-Star Game for the American League.
Verlander struck out eight and walked two. He’s second in the AL with 136 strikeouts, four behind Felix Hernandez. Jose Valverde pitched the final inning today with Verlander at 117 pitches after eight.
Verlander was just 5-4 after 13 outings this season, but now he’s now reeled off five wins in six starts — even though he hasn’t lowered his ERA much in the process — he should be right back among the Cy Young leaders in the AL.
With the win today, Verlander is 7-0 lifetime in 10 career starts against the Orioles.
Verlander struck out eight and walked two. He’s second in the AL with 136 strikeouts, four behind Felix Hernandez. Jose Valverde pitched the final inning today with Verlander at 117 pitches after eight.
Verlander was just 5-4 after 13 outings this season, but now he’s now reeled off five wins in six starts — even though he hasn’t lowered his ERA much in the process — he should be right back among the Cy Young leaders in the AL.
With the win today, Verlander is 7-0 lifetime in 10 career starts against the Orioles.
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