Woods car crash - condition cited as 'serious'

SHOOT: Serious might mean that he broke a finger.

clipped from news.yahoo.com ORLANDO, Fla. – Tiger Woods was seriously injured in a car accident early Friday when his car struck a tree near his mansion in a gated waterfront community, authorities said. The Florida Highway Patrol said Woods, 33, hit the hydrant and a tree after pulling out of his driveway in his 2009 Cadillac sports utility vehicle. The patrol reported his injuries as serious, and that he was taken to Health Central Hospital. His condition was not immediately known. A supervisor in the emergency room said Friday afternoon that Woods was not a patient there. The report said alcohol was not involved, though the accident remains under investigation. No one else was in the car, patrol spokeswoman Kim Montes said.

The stock markets are overvalued, Dubai crisis likely to be the catalyst to trigger major correction

And while UK banks, such as Standard Chartered, HSBC (HBC), Royal Bank of Scotland (RBS) and Barclays (BCS) are much more exposed to Dubai World, with a total of more than $30 billion in default risk according to J.P. Morgan's note, U.S. banks have extensive dealings with UK institutions. Those include trading and guaranteeing debt, which could translate into losses for U.S. banks.

There's also U.S. banks' interactions with their German counterparts. Dubai has loaned a lot of money to Eastern European nations, as has Germany. Any losses from defaults there could expose U.S. banks to some risk.

Finally, there's the impact of already reeling commercial real estate markets worldwide.

"Dubai may have to unload some very prestigious properties at distressed prices, and this will drive the price of all commercial real estate lower," said Bove. "That would clearly be a problem for American banks."

SHOOT: The article summarises the situation best with this comment: 'the risk of default will put a damper on all commercial credit markets.'

clipped from money.cnn.com NEW YORK (CNNMoney.com) -- The news that the sovereign wealth fund of Dubai requested a postponement of billions of dollars of debt this week could pose a big problem for U.S. banks. According to CMA DataVision, which tracks credit markets, there's a 35.82% probability that Dubai will default on that debt. New York-based Citigroup (C, Fortune 500) has the most exposure to default risk at Dubai World, which a J.P. Morgan (JPM, Fortune 500) equity research note estimated at $1.9 billion. Citigroup declined to comment. While other major banks in the United States are believed to have little direct exposure, the ripple effect could be more crippling, according to Richard Bove, a bank analyst with Rochdale Securities. "There could be huge indirect exposure," he said. "One has to assume that U.S. banks will be hurt." J.P. Morgan declined to comment, while Goldman Sachs (GS, Fortune 500) and Bank of America (BAC, Fortune 500) were unavailable for immediate comment.

Rumpelstiltskin and the ogre return for the last: 'Shrek Forever After'

SHOOT: This ought to be good.

clipped from www.usatoday.com The premise is the Brothers Grimm meetIt's a Wonderful Life: After rescuing a princess, getting hitched and fathering triplets, Shrek is feeling over-domesticated. "He has lost his roar," says director Mike Mitchell (Sky High, Deuce Bigelow: Male Gigolo). "It used to send villagers running away in terror. Now they run to him and ask him to sign their pitchforks and torches." To regain his ogre mojo, he strikes a deal with Rumpelstiltskin, the wee troublemaker who popped up briefly in Shrek 2 and 3. Shrek must confront what life would be like in Far Far Away if he had never existed. That translates into Donkey being forced into cart-pulling duty, fat and lazy Puss in Boots trading his sword for a pink bow and the underhanded Rumpelstiltskin ruling the kingdom. So does Shrek Forever After wrap up with everyone living happily ever after? "I hate to give away the ending," Mitchell says, "but yes."

THE VELVETEEN RABBIT was of course the inspiration for the story of the doll Jessie in Toy Story II.

And if we remember that it is with the Rabbit that a child identifies, then I must suspect that the story's power derives from the all-too-common tragedy of the child who does not feel loved, who -- having been 'cared for' in at least the physical sense for a short time near the beginning of life -- does not receive loving treatment frequently thereafter, regardless of what the parents may 'feel'. Such a child must somehow find -- or wait for --an adult who will offer the loving behavior necessary not only to self-esteem but to the actual development of inborn abilities and talents, which cannot flourish until such love is found, but cannot be undone later on, even when the source of love is lost. "(O)nce you are Real you can't become unreal again."

SHOOT: Looking forward to seeing this.

clipped from www.epinions.com Now what strikes me most forcibly about the book when I read it as an adult is the extent to which only the Skin Horse and the Velveteen Rabbit seem 'lower-case' real to me as characters, in spite of the fact that the Boy's Nana and his doctor and the Boy himself are given equally excellent dialogue insofar as they need to speak in order to further the plot. We are left in no doubt whatsoever about the Boy's love for "his old Bunny" -- since we are privy to all their imaginative games, the Boy's concern for the Bunny's 'comfort' and the extent of the old toy's love and concern for him -- but the child remains a shadowy figure whose head we never 'get inside', and I believe this is intentional. It somewhat softens the blow -- not to the poor Rabbit, of course, but to the child reader -- when the Rabbit is taken from the Boy and sent on yet another journey. In other words, it is only with the Rabbit that a child need identify; too much pain would be found in identifying with both.

Budget Beach holidays in South Africa

SHOOT: I've got my money on Stilbaai or J-Bay.

clipped from www.samen.co.za Recession-hit holidaymakers should be packing their trunks for Stilbaai this summer. That's according to a survey by kulula holidays, the travel portal of kulula.com. Stilbaai, in the Western Cape, was identified as the most wallet-friendly beach destination, with Margate and Amanzimtoti (near Durban) close behind. Camps Bay and Hermanus might be larney, but came out as the most expensive destinations with significantly higher prices. 'Budget nibblers' (cheap and cheerful): 1.Stilbaai (22) 2.Margate (20) 3.Amanzimtoti (Durban) (20) 4.St Lucia (19) 5.Jeffreys Bay (18) 6.Port Elizabeth (17) 7.Gordons Bay (17)

"Smallville" Pariah - One of the most touching episodes of the series

SHOOT: Even more touching than the quoted text below is Chloe's visit to the graveyard immediately after. Clark is placing a rose on Alicia's grave, and Chloe says: "It must be so difficult, all these years, being different, and people judging you without knowing who you really are."

clipped from www.imdb.com Chloe Sullivan: Lois, if you found out something, something someone didn't want you to know about them, would you tell them? Lois Lane: That depends. Is that person someone you care about? Chloe Sullivan: Yeah. Lois Lane: And does keeping the secret hurt anyone? Chloe Sullivan: No. Lois Lane: Then my answer is no. If I really cared about that person, I wouldn't tell them that I knew. But I would go out of my way to be supportive of them so that hopefully, one day, they would be comfortable enough to tell me themselves.

Recordings released of wayward Northwest Airlines pilots who overshot Minneapolis [TRANSCRIPT]

The air traffic controllers asked if the pilots, Northwest Captain Timothy B. Cheney and First Officer Richard I. Cole, could "elaborate on the distraction."

"Ah [just] cockpit distraction, that's all I can say," is the response.

The flight -- carrying 144 passengers, two pilots and three flight attendants from San Diego, California -- eventually landed safely at Minneapolis. The FAA has revoked the licenses of both pilots, who have appealed the decision.

An air traffic controller told the pilots, "I just have to verify that the cockpit is secure."

SHOOT: The transcript really isn't worth reading. It confirms simply that when asked to elaborate on their 'distraction' they cited 'company issues', whatever that means.

clipped from www.cnn.com (CNN) -- One of the two Northwest Airlines pilots who overshot the Minneapolis, Minnesota, airport last month told air traffic control that they had dropped from radio contact because of "cockpit distraction." "Ah, roger, we got distracted and we've flown over, ah, Minneapolis, we are overhead Eau Claire and would like to do a 180 and do arrival from Eau Claire," the cockpit said. Later, air traffic controllers from Minneapolis asked, "Do you have time to give a brief explanation on what happened?" "[Ah we're just dealing with some company issues] and that's all I can tell you right now at this time," the cockpit responded. The FAA says that the brackets note where the recording is not entirely clear and that the words inside them represent "the best interpretation" under the circumstances. Read transcripts of how air traffic controllers tried to reach the pilots (PDF)

Dubai Debt points to vultures soaring over banks

"In the longer term we have no doubt that things are going to recover."- Arjuna Mahendran, head of Asian investment strategy at HSBC Private Bank in Singapore. South Korean construction firms have about 40 projects there whose remaining work is valued at as much as $3 billion. South Korea's government expected the problems to have minimal impact.

SHOOT: No doubt. Today a South African commentator on the Money Minute [Greg Volkwyn] said that while markets fell down earlier in the day on this news, as they should have, they recovered well. He described the level of exuberance in the market as unrealistic. Listen here: http://www.pod947.co.za/podcast/minute/Moneyminute20091127.mp3
The timing of the announcement [ahead of weeklong pilgrimmage in Mecca] and Thanksgiving holidays is very interesting. Any ploy to trick reality, but it's always just a temporary postponement.

clipped from news.yahoo.com But earlier concerns that the crisis might trigger another major financial meltdown seemed to ease Friday after some analysts downplayed the risks for U.S. banks. U.S. stocks rebounded from their earlier lows as investors grew confident that the damage might be contained. Still, the unfolding crisis in Dubai pointed to the vulnerability of the global economy despite recent signs of recovery. In recent years, Dubai has expanded with ambitious, eye-catching projects like the Gulf's palm-shaped islands and the world's tallest skyscraper in hopes of becoming a tourist friendly and cosmopolitan Middle Eastern metropolis. In the process, however, the state-backed networks nicknamed Dubai Inc. have racked up $80 billion in red ink, and the emirate may now need another bailout from its oil-rich neighbor Abu Dhabi, the capital of the United Arab Emirates. With Dubai World hard pressed to pay its bills, banks could take the biggest hit, analysts said.

Investors have been too quick to assume that the financial markets are on the mend

SHOOT: Dubai is just one signal that toxic debt is still circulating in the world economy.

clipped from news.yahoo.com NEW YORK – Stocks tumbled Friday as fear swept world markets that financial trouble in the Middle Eastern city-state of Dubai will upend a global economic recovery. Investors are worried that a default by a government investment company in Dubai over $60 billion in debt payments could have a ripple effect in world financial markets. The fear is that losses in the small emirate, which has drawn wealthy tourists from around the globe in the past decade with its Las Vegas-in-the-Middle East appeal, could imperil a nascent economic rebound. "I think this is a sign of things to come," said Dave Rovelli, managing director of trading at brokerage Canaccord Adams in New York. "Commercial real estate continues to go lower. People are going to continue to default on debt payments." "We're way ahead of ourselves in this market. We're in the eye of the storm now and we've been in it since March," he said. "Now we're in the back end of the storm."

Sun International said on Friday five security guards, who allegedly strip-searched several employees at Sun City, have been dismissed

SHOOT: Seems Cosatu are going ahead with their planned protest anyway.

clipped from www.eyewitnessnews.co.za Sun International said on Friday five security guards, who allegedly strip-searched several employees at Sun City, have been dismissed. It comes as Cosatu in the North West threatened to arrange a strike at the resort after complaints of racist behaviour towards staff there. Sun International said the guards were employed by 24/7 Security Services. The company’s Managing Director David de Lima confirmed they were first suspended and then dismissed. Police said one person had appeared in court on a charge of indecent assault but Cosatu said it would go ahead with a planned protest.

Telkom fined R7bn for alleged anti-competitive abuses

SHOOT: No! Can you believe that Telkom stands accused of abusing its dominance in the Internet market? I hope this bankrupts Telkom.

clipped from www.techcentral.co.za The supreme court of appeal in Bloemfontein has dealt a big blow to Telkom, opening the way for the telecommunications operator to fined as much as R7bn for alleged anti-competitive abuses. The court has ruled in favour of the Competition Commission, which had appealed an earlier judgment by the high court in Telkom’s favour. The commission lost the high court battle, not on merit, but rather as a result of procedural errors it made. The case related to a seven-year-old complaint against Telkom at the commission, brought by the SA Vans Association. The 2002 Sava complaint led to the commission recommending that the tribunal impose a fine of 10% of Telkom’s annual revenues, amounting to about R3,7bn at the time. The supreme court has ordered has ordered Telkom to pay costs.

TACKLING CLIMATE CHANGE: A fundamental requirement is to phase out the use of coal in 20 years

SHOOT: And one of the best ways to do this is to substitute nuclear for coal.

clipped from www.newsweek.com Do we still have time to avert climate calamity, and if so what would it take? We do, but just barely. If we phase out coal linearly by 2030, CO2 concentrations in the atmosphere will peak at 400 to 425 ppm, which is low enough that it allows you to get back to 350, especially if there is extensive reforestation of degraded areas. So a fundamental requirement is to phase out the use of coal in 20 years, which means you have to start now and not build any more coal-burning power plants: these have a lifetime of decades, and once they're built utilities don't want to retire them before their lifetime is up. You write that energy efficiency and renewables won't be enough to meet the energy needs of China and India in the next few decades. So what do we do? They will require nuclear power for electricity. They are both moving in that direction, and we really should help them. They have such polluted air and water that they'd love to get off dirty fuels like coal.

CO2 Parts Per Million - what level is acceptable? Ice sheets are not stable at 387ppm

SHOOT: They're saying 350ppm is the yardstick. We're already at 387ppm.

clipped from www.newsweek.com In the 1980s scientists worried about a doubling of pre-industrial levels of carbon dioxide, to 550 parts per million. Then 450 started to look like a problem. Now you and others say that 350 is dangerous, and we’re already at 387. What did climatologists learn that caused them to lower the estimate of dangerous CO2 levels? The new information came from observations of how the system is responding to 387ppm and to more detailed information on how earth responded in the past to different atmospheric compositions. For instance, we see that the ice sheets are not stable at 387ppm; the Greenland and Antarctic ice sheets are losing mass even with current warming. The Greenland ice sheet had been losing between 150 and 200 cubic kilometers a year in 2002, and now is losing almost 300 cubic kilometers a year. Antarctica had been losing less than 100 cubic kilometers a year, and is now losing more than 150, so it seems like we're heading into a period of much more rapid ice sheet loss.

Is there any scientific basis to dispute that climate change is happening?

SHOOT: I'll try to answer this as briefly as I can - No.

clipped from www.newsweek.com Policymakers who deny the threat of climate change cite the research of Richard Lindzen of MIT and other scientists, who question the link between carbon dioxide and global warming—as the last head of NASA, Michael Griffin, also did. As long as there remains this scientific dispute, why should policy makers act? These contrarians are not having much effect. None of the major countries are denying the problem anymore, though in the U.S. these contrarians are still widely heard, and when it comes to passing a bill in Congress they may still be an obstacle.

How serious a setback would it be if no agreement on a climate treaty is reached in Copenhagen, where 192 countries are meeting starting Dec. 7?

SHOOT: Answer below the fold.

clipped from www.newsweek.com How serious a setback would it be if no agreement on a climate treaty is reached in Copenhagen, where 192 countries are meeting starting Dec. 7? It's not a setback at all if it allows a careful reassessment of what is needed. The cap-and-trade scheme [that the Copenhagen negotiations were working toward] is just not going to be effective at controlling greenhouse emissions. Political leaders have to realize that the fundamental problem is that fossil fuels are the cheapest form of energy, so they will continue to be burned unless we put a gradually increasing price on carbon emissions [through a carbon tax]. That's a much better approach than national goals for emissions reductions, which will probably not be met.

HANSEN: Climate Change Evidence 'Overwhelming,' Hacked E-mails 'Indicate Poor Judgement'

SHOOT: The timing of the hacked emails is very convenient to those who would prefer that climate change efforts be abandoned.

clipped from blog.newsweek.com What's New Do the hacked e-mails undermine the case for anthropogenic climate change? No, they have no effect on the science. The evidence for human-made climate change is overwhelming. Do the e-mails indicate any unethical efforts to hide data that do not support the idea of anthropogenic global warming, or to keep contrary ideas out of the scientific literature and the Intergovernmental Panel of Climate Change reports? The contrarians or deniers do not have a scientific leg to stand on.  Their aim is to win a public-relations battle, or at least get a draw, which may be enough to stymie the actions that are needed to stabilize climate.

Ultimately, we are in the biggest credit contraction ever

SHOOT: Something we seem to keep forgetting.

clipped from www.theoildrum.com A few graphs could tell them all they need to know, like the number of residential mortgage resets still outstanding... Or that almost one quarter of homeowners owe more than their home is worth. They won't feel rich and they aren't going to spend. Plus, historically, when equity reaches less than 80% of the value of the home, walkaways increase dramatically, which further depresses housing prices. Haven't even mentioned commercial real estate or the debt to GDP level or the crashing M3 or any number of other measures that indicate we are in the early stages of a deflationary spiral. Because, ultimately, we are in the biggest credit contraction ever...

The number of white households living in informal dwellings rises 197%

There seemed to be different motivations for the different population groups to move into informal dwellings. In general, blacks seemed to migrate from rural areas, where the prospects of employment were bleak, to areas that could offer economic advancement.

SHOOT: Scary.

For the Indian and white population groups, Lebone said, the loss of jobs, income and subsequently homes seems to be the primary impetus.

clipped from www.fin24.com Johannesburg - Between 1996 and 2007, the proportion of whites moving into informal dwellings has grown the fastest of all South Africa's population groups. These figures appear in this year's edition of the South African Survey, published by the South African Institute of Race Relations (SAIRR). In the period under review, the number of white households living in informal dwellings rose by 197% from 1 972 to 5 863. Indians households registered growth of 92%, from 1 871 to 3 600. The number of white households living in open-space shacks grew by 309% while those moving into backyard shacks rose by 101%. For Indians the corresponding figures were 100% and 81%. In contrast, the number of black households residing in informal dwellings grew by a relatively low 25%, albeit from figures of 1 386 637 to 1 732 604 in the period under review. For coloured households, the increase was from 57 582 to 62 365, or by 8%.

Mexico has too many problems to keep going as it has

SHOOT: Mexico's cash cow, Pemex [an oil production company] has US$50-billion in debt. Production is in terminal decline, exports are down more than 13% from 2008.

clipped from www.financialpost.com Oil production from Pemex, the state-owned monopoly operator, averaged 2.61 million barrels a day in 2009, down 7% from 2008 and 22% from the 2004 peak. Although Pemex budgeted US$19-billion for deep water exploration in 2009, no new large fields have been found, and the company has US$50-billion in debt. In 2008, Mexico's Congress rejected a proposal from President Felipe Calderon's to allow some foreign investment in oil exploration. Pemex needs some help. Its production is declining and exports are falling even faster – down 13% from 2008 and 35% from 2004. With Mexico's population growing 1.1% annually, domestic consumption is set to rise over time, although the recession has brought it down this year.