Economic Stories of Relevance in Today's World -- November 4, 2012

Job Creation Under Barack Obama: Less Than Meets The Eye? - Zero Hedge - Tyler Durden November 3, 2012 - In the aftermath of yesterday's better than expected jobs number there have been many analyses in the media on both sides of the aisle, either attacking or defending Obama's track record in creating jobs. All have come up with arguments which according to their authors, are solid and defensible. There is one analysis, however, which is missing, and that is a follow up of what we showed yesterday in "Chart Of The Day: America's Geriatric Work F(a)rce."  In it we demonstrated the very much "under the radar" schism of America's workforce since the NBER-defined official end of the recession in June 2009 into the "haves", or those above 55, who have been able to get a job since the end of the recession, and the "have nots", or all those in the labor force who have not been able to find a job. So how does this data look when extended to the beginning of Obama's term, or the 46 full months starting with his inauguration in January 2009, and continuing through the latest, October 2012 data point. The chart is presented below; you decide.                      In summary: while those in the 55-69 age group have gained nearly 4 million jobs under President Obama, everyone else has lost just over 2.5 million.              In other words, those aged 55 and over should be scrambling for "4 more years." Everyone esle... perhaps not so much.

Chart Of The Day: America's Geriatric Work F(a)rce - Zero Hedge - Tyler Durden - November 2, 2012 -The traditional excuse apologists for America's collapsing labor force participation rate use every month is that due to "demographics" and retiring baby boomers, increasingly more old workers are no longer counted by the BLS and as a result, are skewing the labor force. That's where they leave it because digging into details is not really anyone's forte anymore. This would be great if it was true. It isn't.                            A month ago in "55 And Under? No Job For You" we presented visually and quite simply that of the 3.3 million jobs "created" (updated for October's data), a gasp-inducing 3.8 million has gone to workers aged 55 and over, or the one cohort that according to conventional wisdom is retiring, and actively leaving the workforce. How can America's elderly workers account for more than the total? Simple: workers in the young (16-19) and prime (25-54) cohorts have cumulatively lost a whopping 1.3 million, with just the 25-54 age group losing 842,000 jobs (don't believe us: spot check it right here courtesy of the Fed).                           In other words, America's edlerly are not only not in a rush to retire, they are reentering the workforce (thanks to the Chairman's genocidal savings policy which has just rendered the value of all future deposits worthless thanks to ZIRP), and in doing so preventing younger workers, in their prime years, from generating incremental jobs.                                 And nowhere is this more visible than in today's jobs report. On the surface, the US generated a whopping 413,000 jobs (after generating a massive 873,000 last month) according to the Household Survey in October. That's great, unfortunately breaking down this cumulative addition by age cohort confirms precisely what we have said: all the jobs are going to old workers, who have zero wage bargaining leverage (as they just want to have a day to day paycheck). To wit: when broken down by age group, the total October increase shows that of the new jobs, 10.7% went to those aged 16-19 (source), 11.6% went to those aged 20-24 (source), a tiny 9.8% went to the prime agr group: 25-54 (source), and a massive 67.8% went to America's baby boomers: those aged 55 and over (source), and who refuse to leave the workforce and make way for others.

Food Stamp Growth 75X Greater than Job Creation - The Weekly Standard - Daniel Halper - November 2, 2012 - With the latest jobs report, it is now the case that "Under Obama, Food Stamp Growth [Is] 75 Times Greater Than Job Creation," according to statistics compiled by the Republican side of the Senate Budget Committee. "For Every Person Added to Jobs Rolls Since January 2009, 75 People Added To Food Stamp Rolls." Here's a chart detailing the growth:

October Jobs Report Shows Incomes Continuing to Decline - Newsbusters.org - Noel Sheppard - November 02, 2012 - One of the negative features of the current economic recovery has been declining incomes of average Americans. This trend continued in October.                      The Labor Department reported Friday that despite 171,000 jobs being added to nonfarm payrolls in October, average hourly earnings for such employees edged down by 1 cent to $23.58.
Average hourly earnings of private-sector production and nonsupervisory employees also dropped by 1 cent to $19.79.                        This continues a trend reported by the Census Bureau in August finding that since the recovery began in June 2009, median household incomes have fallen 4.8 percent adjusted for inflation.                    Also of note, the manufacturing workweek edged down by 0.1 hour to 40.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls also edged down by 0.1 hour to 33.6 hours.                 As such, despite the positive headline numbers in this report, this is by no means a strong jobs market this far into an economic recovery.             



America's best job creators are slowing down - Fortune through CNN Money - Nin-Hai Tseng - October 31, 2012 - We're only halfway through earnings season, but it's clear corporate America is struggling. After seeing remarkable growth amid a shaky economy, U.S. companies expect a decline in year-over-year earnings for the first time in three years. And Sandy's economic toll certainly won't help most companies.                             As big companies brace for tougher times ahead, the niche market of mid-sized firms expect trouble, too, as a blast of tax hikes and spending cuts threaten to weigh on earnings, according to a survey by the National Centre for the Middle Market at Ohio State University. This suggests another piece of bad news for the job market, given that in the years following the Great Recession, mid-sized companies created more jobs than most other companies. 


Without Electricity, New Yorkers on Food Stamps Can’t Pay for Food - Color Lines - Jorge Rivas - Thursday, November 1 2012 - It’s been more than three days since power went out in many parts of New York City, including the Lower East Side where multi-story public housing complexes like the La Guardia Houses don’t have electricity, heat or water.                    Many of the residents are also without food.                 Many of the low-income residents receive cash and supplemental nutritional assistance from the state electronically through what the New York State Office of Temporary and Disability Assistance calls Electronic Benefit Cards (EBT.)                      Recipients buying eligible foods are suppose to swipe their EBT cards like any other credit card for their purchases but since Hurricane Sandy hit, most Lower East Side stores don’t have electricity to run credit card transactions and are only accepting cash. Leaving many people on EBT with empty wallets, empty refrigerators and no access to food.                   “The supermarkets don’t even really want to sell anything. They’re open but if you don’t have cash, you messed up. And everybody in these projects, they take EBT…food stamps,” a La Guardia Houses resident told WNYC’s Marianne McCune.                 Listen to Marianne McCune from the La Guardia Houses below and visit WNYC.org to read her story.
 

Save the Bees

 

Colony collapse disorder (CCD) - (Wikipedia) - is a phenomenon in which worker bees from a beehive or European honey bee colony abruptly disappear. While such disappearances have occurred throughout the history of apiculture, the term colony collapse disorder was first applied to a drastic rise in the number of disappearances of Western honey bee colonies in North America in late 2006.^[1] Colony collapse is significant economically because many agricultural crops worldwide are pollinated by bees; and ecologically, because of the major role that bees play in the reproduction of plant communities in the wild.                 European beekeepers observed similar phenomena in Belgium, France, the Netherlands, Greece, Italy, Portugal, and Spain,^[2] and initial reports have also come in from Switzerland and Germany, albeit to a lesser degree^[3] while the Northern Ireland Assembly received reports of a decline greater than 50%.^[4]                Multiple possible causes of CCD have been identified. In 2007, some authorities attributed the problem to biotic factors such as Varroa mites and insect diseases (i.e., pathogens^[5] including Nosema apis and Israel acute paralysis virus).^[6][7] Other proposed causes include environmental change-related stresses,^[8] malnutrition, pesticides (e.g.. neonicotinoids such as clothianidin and imidacloprid^[9][10][11]), and migratory beekeeping. More speculative possibilities have included both cell phone radiation^[12][13] and genetically modified (GM) crops with pest control characteristics.^[14][15]


Controversy Deepens Over Pesticides and Bee Collapse - Wired Magazine - Brandon KeimEmail - April 6, 2012 -         controversial new study of honeybee deaths has deepened a bitter dispute over whether the developed world’s most popular pesticides are causing an ecological catastrophe.                     Researchers led by biologist Chensheng Lu of Harvard University report a direct link between hive health and dietary exposure to imidacloprid, a so-called neonicotinoid pesticide linked to colony collapse disorder, the mysterious and massive die-off of bees across North America and Europe.                          The study isn’t without critics, who say doses used in the study may be unrealistically high. But the level of a realistic dose is also a matter of controversy, and even critics say the findings are troubling.                  “Our result replicates colony collapse disorder as a result of pesticide exposures,” said Lu, who specializes in environmental exposures to pesticides. “We need to look at our agriculture policy and see if what we’re doing now is sustainable.”                   Developed in the 1990s as a relatively less-toxic alternative to pesticides that seriously harmed human health, neonicotinoids soon became the world’s fastest-growing pesticide class and an integral part of industrial agricultural strategy. In the United States alone, neonicotinoid-treated corn now covers a total area slightly smaller than the state of Montana.                         Like earlier pesticides, neonicotinoids disrupt insects’ central nervous systems. But unlike earlier pesticides, which affected insects during and immediately after spraying, neonicotinoids spread through the vascular tissues of plants. They’re toxic through entire growing seasons, including flowering times when bees consume their pollen.


Bees Colony Collapse Disorder - Google Articles

Richard Garrison speaks about his Mother's Passing and Grace Hospital

Richard Garrison needed an outlet to speak about his mother's death and the dealings he had with Grace Hospital, in Morganton, in relation to their billing practice in lieu of her passing. I am passing this story along to you and I hope that Grace Hospital will rethink such a practice, and its propriety, during a man's time of mourning.

After a recent experience involving Grace Hospital in Morganton, I am left with dissatisfaction and the loss both of my mom and my ability to grieve that loss. My mom was transported from our home on May 5th, 2012, to Grace Hospital where she was treated for about two hours. Mom later passed away at Carolinas Medical Center in Charlotte.

CMC sent a "regular" bill for the leftover amount due after mom was treated, and DID NOT contact the Mecklenburg County Clerk of Court, if anyone had the reason to they did, but CMC acted in a compassionate manner, as well as sending a sympathy card to me for the grief I was going through.

Grace Hospital wasn't HAPPY with over 9-thousand dollars, they really needed the additional 3-hundred dollars by whatever means they had to get it. Grace Hospital billed Medicare and State Health Plan more than $9500.00 dollars, and received over $9200.00 dollars. Without taking a breath, Grace Hospital FORGOT to send an ordinary, regular bill for what they say was an amount due of $320.31. Instead they ran down to the Burke County Clerk of Court's office and obtained a "claim" against my mom's estate.

The "official" document was delivered to me during the time I was dealing with the loss, mom had been gone only a short period then, and I was trying to organize affairs. I was forced to "STOP" thinking about the loss of my mom, and deal with this issue and when I did, I was further
surprised when an employee at Grace Hospital told me by phone that "She had placed a LIEN against the estate, and I could not close it until the balance was paid" I told her this was not true, and she was stating incorrect information. I confirmed what I told her was true with the local clerk of court the next day.

Since Grace Hospital has a 'KNOWN' reputation of 'selling out' debts to bill collecters before the ink has dried, I went to the hospital and asked to pay the balance. I realize this was not my debt; but I didn't want any additional unnecessary embarrassment. I was told by a cashier that the balance was ONLY $248.61 which is even LESS IMPORTANT than the $320.31 - OR - the loss of a mom or a dad.

I have filed this with the NC Attorney General's Consumer Protection, and I received a response from Grace Hospital by Associate Counsel David Pope, in which he states "this is our policy" The Attorney General's Office says it cannot help me, so now I ask, How can anyone, especially
a community non-profit hospital, act in such a careless and reckless manner, and then justify what they are doing as being acceptable ? On the surface, from a common sense standpoint, is this anywhere near fair, when considering that Grace Hospital is a non-profit community hospital ?

Ode to the Good Ole Boys of NC

Set to the theme of the Dukes of Hazzard - Good Ol' Boys - Waylon Jennings

Just them good ol' boys,
Don't care who they harm,
Beats all you've never saw, been finaglin' with the law since the day they was born.

Helpin themselves,
Laughin' at the shills.
Someday karma might get 'em, but the law never will.

Makin' their way,
The only way they know how,
That's even a little bit more than the law will allow.

You know what it's about,
It's like milk and honey,
Sellin' their soul to the Devil for the love of money,

Just the good ol' boys,
Wouldn't change if they could,
Breakin the system like we knew eventually they would

10 questions with Cliff Moone - Candidate NC 96th District House Seat

Cliff Moone is a candidate for the North Carolina 96th District House Seat. Cliff is one of the original founding members of the Citizen's for Equity in Government and he is one of the original eight people who met at the coffee shop in Viewmont with the goal  of reaching across political and cultural lines to form an alliance to work towards making local government more responsive towards all of Hickory's Citizens. He is the leading Diplomatic member of the CEG. I first became aware of Cliff at a Hickory City Council meeting when he attended a Hickory City Council meeting in 2010 and participated in a Proclamation celebrating the Constitution and the Bill of Rights.  Cliff continues to play a vital role in moving forward with the CEG's concerns, issues, and message for the interest of all of Hickory's citizenry and the people of the Hickory metro. In the beginning of the Hickory Hound I attempted to get local leaders to participate in this 10 Questions series so that we could get to know them better, but I met resistance, because most people are reticent to go on the record about issues in a constructive and thorough manner. I believe that they deem it risky. These questions are the same for everyone who participates in this series and there is no critique of the answers. I am very grateful to Mr. Moone for participating in this series. I believe that it helps us to get to know local leadership better. Anyone who wants to participate is free to do so. Please feel free to contact me at hickoryhound@gmail.com

1) Can you give us some background and a history of yourself? (Where were you born? What is your educational background? Why did you come to or stay in Hickory? Tell us about your professional accomplishments?   I was born in 1949 and grew up in Durham, NC, attending Charles E. Jordan HS where I was Senior Class President and President of my HS Band. I also ran track in HS was in the National Honor Society, the Student Council and Key Club. After HS, I attended UNC-CH from 1967-1971, graduating with a bachelor’s degree in Education. In 1975, I earned a Masters in Education Administration, also from UNC. In 1972 I married Gaye Sawyer of Lenoir, my wife of 40 years. We have 3 grown children, David, Amy, and Sarah. After the birth of our son in 1976, I left teaching for awhile to work as an insurance agent and small businessman. I returned to teaching in 1980 after we moved to Lenoir due to my wife’s father’s failing health. I directed Hibriten High School’s In-School-Suspension Program for 3 years. 

In 1983, I responded to the call to the Christian ministry and entered seminary. I graduated from Southeastern Southern Baptist Theological Seminary in 1986 with a M.Div. After pastoring for 2 years in Virginia, I accepted a call to Church of the Master UCC in Hickory in 1988. I pastored there for 7 years, then decided to plant a non-denominational church here in 1995. In 2003, we merged that church New Gate Covenant with Shekinah Glory Fellowship, led by Pastor Kathy Johnson. This was, I believe, the first merger between a predominately Caucasian and predominately African-American church in Hickory. I retired from the pastoral ministry in 2005.

Prior to this, from 1996-2001, I served as the first Headmaster at Hickory Christian Academy. From 2001-2007, I also taught as an adjunct instructor in English and religion at CVCC. From 2005-2010, I was employed as the Director of Education for Sylvan Learning Center here in Hickory. After retiring in 2010, I have returned to teach part-time again at CVCC.

Hickory and Catawba County have now been our home for almost 25 years. After retiring, I decided to renew my involvement in politics and civic affairs from before entering the ministry out of a desire to give back to this community which has blessed me and my family in so many ways.


2) Tell us about the accomplishments you are proudest of achieving in your life?   What’s the most exciting thing you saw/did/experienced/were a part of in your personal life? In your professional life?   Of my accomplishments, certainly being blessed to serve as a Christian pastor and lead a sizeable number of people to faith in Christ over the years stands out the most. My marriage and raising our children are also accomplishments that are significant. Additionally, getting to use my school administration credentials and to serve almost 5 years at Hickory Christian Academy during its formative years was especially gratifying. In politics, I am proud to have served as the Chair of two County Young Democrats Clubs in my younger years and particularly to be elected as the 10th Congressional District Democratic Chair in 2011. Running for the NC House has been one of the most exciting and interesting things I have ever done. I have enjoyed every minute of being involved in the campaign, meeting so many fantastic people, and discussing how we can improve the quality of life here in Catawba County for all our citizens.


3) If I were to ask people that know you to describe you what would they say?  That I am an energetic, passionate and sincere person who enjoys collaborating with as well as leading people to solve problems and accomplish mutual goals in the groups and organizations with which I have been involved. I am very loyal, a hard worker, who loves people, learning, and talking. I am a very verbal individual, sometimes too wordy and detail oriented, but I also tend to see the larger picture and am a good listener/learner. My biggest fault in leadership roles is sometimes getting too far out in front of those I am attempting to lead.


4) How much bearing do the opinions of the people around you have on your decisions?  I am old enough(63) and comfortable enough in “my own skin” at this point in my life that I almost always seek the advice of others in making important decisions, but I do not think that I allow those opinions or views influence me unduly, particularly where a principle is at stake. I have always tended to be somewhat too trusting of other people, although I think as I have grown older, I have become more discerning in this regard.


5) Can you tell us of a professional mistake that you have made that may have had an impact on who you are today? In 2001, at HCA, the school board changed personnel and leadership. I believe I misread the style and operating philosophy of the chair of that board. This ultimately led to a series of misunderstandings and to my “clinging” stubbornly to what I then viewed as “principled” positions. While this is not the whole story, my responses to this situation were unproductive and eventually led to my termination at HCA. I actually believe that my responses, in this and several other employer-employee situations over my early career, were conditioned from my elementary school years and a willingness to rarely but definitely” stand up to those in authority” if I believed their actions were either wrong or unjust to others. I believe I have learned over the years to better judge the difference between a principled stand and a stubborn recalcitrance. Today, I know that in most of these situations, I would have been better served by not creating a “win-lose” scenario and by seeking real reconciliation and understanding with those with whom I was in conflict at the time.


6) If you were given enough money to tackle one project (think nearly unlimited) that you felt was important to the Hickory Area, what would that issue be?   Hickory and Catawba County are strategically located between Charlotte, Winston Salem Asheville and Boone. Hickory is the last city of some size on I-40 before Asheville, and with the expansions of Hwy 16 and 321, within less than 45 minutes to Charlotte. We need to find ways to utilize this strategic location to develop even greater cooperative and collaborative business, educational, and cultural relationships in this greater Charlotte metropolitan area. With the right investments in education and emerging technologies, as well as transportation corridors and means of transportation, this area is well situated to link vital industries, educational opportunities, and entrepreneurial enterprises in a way that will encourage managed growth while maintaining a small-city quality of life. This could potentially enable us to quench the “youth drain” from our area while allowing us to continue development as a “non-mountain,” more moderate climate retirement haven.


7) Let’s say there is no money available for the foreseeable future. What one project (priority) would you push as part of your agenda that can be done with little or no money? As a candidate for the legislature, the first thing that comes to mind is my proposal that the Legislature, with input from all State agencies and departments, put true “sunset” provisions in place for all governmental regulations. This would require an ongoing evaluations and necessitate that every regulation be “justified” on a recurring basis. This will hopefully avoid politicizing deregulation, re-regulation, or the establishment of new regulations and put in place standards and time-frames by which regulatory effectiveness can be appropriately assessed. I am aware there is some cost associated with implementing this proposal, but everything else I can think of will probably cost more.


8) What is your overall philosophy of the development of this area? Where would you like to see us in 5 years? 10 years? 20 years?  I think I answered this question in number 6. That is probably a 10 year and 20 year vision.


9) If you could define your Personal Legacy what would you like it to be? What would you like to be remembered for? To be remembered as a person who loved God and his neighbor, who lived a life of integrity, with passion and commitment to making the world and the lives of others better because I was here. That I was loyal and trustworthy to both my family and my friends; that I was respected by those who disagreed with me; that I had the courage of my convictions and the wisdom to not have taken myself too seriously.


10) How do you define Leadership? Leadership is that quality of character which comes from the willingness of a person to take personal responsibility: for one’s beliefs, one’s words, and one’s actions. Thus, leadership requires decision and action in concert with others or at times over against them and the prevailing view of the moment. Leaders may lead from in front or from behind, but the defining feature of leadership is that if one is leading, others choose to follow.

Economic Stories of Relevance in Today's World -- October 28, 2012

Food Stamp Nation: What a Modern Day Bread Line Looks Like (Infographic) - SHTFPlan.com - Mac Slavo - October 25th, 2012

Russian General: “The USSR Collapsed and the Same Fate Has Been Prepared for the USA” - SHTFPlan.com - Mac Slavo - October 2nd, 2012




Army Suicides This Year Exceed 2012 Combat Deaths in Afghanistan - CNSNews.com - Patrick Burke - October 23, 2012 - The number of suicides among U.S. Army active duty and reserve personnel in 2012 is higher than the total combined military fatalities from Operation Enduring Freedom in Afghanistan over the same timeframe.                         Even without Army data for October, the number of deaths believed to be suicides among U.S. Army personnel from January through September still surpass the combined military combat deaths in Afghanistan from January up to October 22.                     In 2012, there have been a total of 247 suspected suicides among Army active and reserve duty personnel. Of those, 158 have been confirmed as suicides and 89 remain under investigation.                    According to the Afghanistan Index database maintained by the Brookings Institution, there have been 222 combined military deaths in 2012 among active and reserve components from “hostile causes,” as of Sept. 28...



Will Frustrated Homeowners And Armed Posses Take Matters Into Their Own Hands As Home Invasions Rise? - The End of the American Dream Blog - Michael - October 22nd, 2012 - Violent crime is on the rise in the United States, and many Americans are totally fed up.  According to the U.S. Bureau of Justice Statistics, the number of household burglaries rose by 14 percent last year, and the overall rate of violent crime in the United States increased by 18 percent during 2011.  Based on what we have seen so far this year, we will almost certainly see another huge increase once the statistics for 2012 are released.  All over the country criminals are becoming bolder.  Meanwhile, police budgets are being slashed from coast to coast.  Things have gotten so bad in some communities that police are openly admitting that crime is completely and totally out of control.  For example, police in Detroit recently handed out flyers with this message: "Enter Detroit at your own risk".  Sadly, you can't even escape the crime and the violence by staying in your own home these days.  Home invasions are becoming increasingly common, and many police departments seem powerless to stop them.  If many of the poorer areas of America today, if you are a victim of a home invasion you will be really lucky to get a police officer to show up a couple of hours later to fill out a report.  A lot of frustrated home owners have had enough and have started to arm themselves to the teeth.  Some have even begun to form armed posses to patrol their own neighborhoods.  We are watching America change right in front of our eyes, and it is frightening to think about what is coming next...


Will The Bottom Fall Out? 15 Signs That Layoffs And Job Losses Are Skyrocketing -  The economic Collapse Blog - If you still have a good job, you might want to hold on to it very tightly because there are a whole bunch of signs that unemployment in the United States is about to start getting worse again.  Over the past several weeks, a substantial number of large corporations have announced disappointing earnings for the third quarter.  Many of those large corporations are also loaded up with huge amounts of debt.  So what is the solution?  Well, the favorite solution on Wall Street these days seems to be to lay off workers.  In fact, it is almost turning into a feeding frenzy.  Since September 1st, we have seen more job cuts announced than during any other two month period since the start of 2010.  These announcements represent future layoffs and job losses which are not even showing up in the unemployment numbers yet.  So needless to say, things don't look very promising for the end of 2012 or for the beginning of 2013.  If this race to eliminate jobs becomes a stampede, will we see the bottom fall out of the employment market?                           If you are concerned about whether or not you will still have a job 12 months from now, you might find the numbers posted below to be quite alarming.  We have not seen layoff announcements come this fast and this furious since the gloomy days of the last recession....

GDP - The Warning Signs From Exports - Street Talk Live - Lance Roberts - October 27, 2012 - Over the past several months we have been discussing that this is no longer your "father's economy."  What we have meant by this is the economic environment today is vastly different than that which most of our parents grew up in.  We recently discussed in "Debt: Driving Our Economy Since 1980" that: "From the 1950’s through the late 1970’s...the U.S. was the manufacturing and production powerhouse of the entire global economy post the wide spread devastation of Europe, Germany and Japan during WWII.  The rebuilding of Europe and Japan, combined with the years of pent up demand for goods domestically, led to a strongly growing economy and increased personal savings.  However, beginning in 1980 the world changed.  The development of communications shrank the global marketplace while the rise of technology allowed the U.S. to embark upon a massive shift to export manufacturing to the lowest cost provider in order to import cheaper goods."             The importance of this shift in the U.S. from away from being the epicenter of global production and manufacturing to a service and finance based economy should not be overlooked.  This transition is responsible for the issues that are impeding economic growth in the U.S. today from structural unemployment, declining wage growth and lower economic prosperity.  The four-panel chart below gives you a visualization of this transition showing the year-over-year change in the data, with the exception of the personal savings rate which is linear, prior and post-1980... 

Derivative Meltdown and Dollar Collapse - Daily Business Report James Hall - October 17, 2012

The frightening prospects from a derivative meltdown, well known for years, seem to deepen with every measure to prop up a failing international financial system. The essay Greed is Good, but Derivatives are Better, characterizes the gamble game in this fashion:

"The elegance of derivatives is that the rules that defy nature are not involved in intangible swaps. The basic value in the payment from the risk is always dumped on the back of the taxpayer. Ponzi schemes are legal when government croupiers spin loaded balls on their fudged roulette tables."

Under conventional international trading settlement, the world reserve currency is the Dollar. The loss of confidence in the Federal Reserve System causes a corresponding decline in value in U. S Treasury obligations. Add into this risk equation, derivative instruments that are deadly threats that can well destroy national currencies. One such response to this unchecked danger can be found in a Bloomberg Businessweek perceptive article, A Shortage of Bonds to Back Derivatives Bets, makes a stark forecast.

"Starting next year, new rules will force banks, hedge funds, and other traders to back up more of their bets in the $648 trillion derivatives market by posting collateral. While the rules are designed to prevent another financial meltdown, a shortage of Treasury bonds and other top-rated debt to use as collateral may undermine the effort to make the system safer."

However, what happens when buyers of Treasury notes abandon the reoccurring cycle of rollover debt and stop buying new T-Bonds? Take the Chinese example as a template for things to come. China's yuan hits record high amid US pressure, "The Yuan touched an intraday high of nearly 6.2640 to $1.0, according to the China Foreign Exchange Trade System, marking the highest level since 1994 when the country launched its modern foreign exchange market."

10 questions with Dr. Joseph Inglefield - Candidate NC 42nd District Senate Seat 2012 - Candidate for Hickory Mayor 2013

Dr. Joseph (Jody) Inglefield is a candidate for the North Carolina 42nd District Senate Seat. He has become a friend over the last 4 years and is one of the original mailing list members of the Hickory Hound. He sent me letters of support and encouragement from the beginning. Dr. Inglefield took a leading role in bringing attention to the loss of the Public Swimming Pools here in Hickory that we believe are important parts of the fabric of the lower socio-economic communities. He and his wife Rebecca are fellow participants in the Citizens for Equity in Government. In the beginning of the Hickory Hound I attempted to get local leaders to participate in this 10 Questions series so that we could get to know them better, but I met resistance, because most people are reticent to go on the record about issues in a constructive and thorough manner. I believe that they deem it risky. These questions are the same for everyone who participates in this series and there is no critique of the answers. I am very grateful to Dr. Inglefield for participating in this series. Anyone who wants to participate is free to do so. Please feel free to contact me at hickoryhound@gmail.com
  
1) Can you give us some background and a history of yourself? (Where were you born? What is your educational background? Why did you come to or stay in Hickory? Tell us about your professional accomplishments?  My family came from England, Germany, and Wales to Pittsburg, Pa. where both my parents were born in Duquesne, Pa. My paternal grandfather was a bricklayer and maternal grandfather a machinist. My paternal grandmother was a pianist, organist and kindergarten teacher. My parents were high school sweethearts, married before my father went to medical school, the first male college graduate in our family.

I was born in Rochester, NY. where my father was in school, and subsequently he served in the US Army, taking us all over the country: Texas, Hawaii, New Mexico. We ended up in Danville, Pa., where my father was a pediatrician at Geisinger Medical Center, for most of my elementary and junior high school years. As the oldest brother of six, we moved to Arlington, Va. where I began high school. I was a competitive swimmer from age eight onward, state champion in several events in Pennsylvania YMCA swimming. Swimming and then water polo were big parts of my life and still are important to me. 

I attended Washington-Lee high school in Arlington, then Langley High School (yes, right next to the CIA) in McLean, finishing my high school years at St. Albans School on the National Cathedral grounds in Washington, DC. St. Albans was an incredible experience for me, changing my life and leading me in directions I would only later realize were so important. I was surrounded by politics, watching the Watergate hearings, having classes with sons and daughters of Congress members. Chapel every morning, football and swim practices in the afternoon all shaped my discipline and work ethic. The academic challenges and competition prepared me for the future. I thrived in that place, was elected Senior class president, despite starting as a junior, leading to a nomination for the Morehead-Cain scholarship to University of North Carolina at Chapel Hill.

Before classes started freshman year I met my future wife Rebecca thanks to a water polo friend who had met her roommate. I fell in love with her and North Carolina. 

At UNC, I swam for the varsity team and was an NCAA championship qualifier. I started the UNC water polo club, which is still active. Now my son Thacher plays as a junior. As a Morehead-Cain Scholar I spent a summer with the police department in Charlotte, getting an inside look at the criminal justice system. I was a history major with a special interest in European and American history. My pre-medical studies helped me receive early admission to Medical College of Virginia in Richmond, part of Virginia Commonwealth University. It was a great place to be a medical student and I decided to head to San Antonio Texas for my Pediatric and Allergy training. 

In Texas, I felt at home with the Arneson family; Rebecca's mother had grown up in San Antonio, with relatives at hand, the hard work whisked by for 5 years. The Riverwalk was a reminder of the Works Projects Administration, and its importance to our nation with projects like this and the Blue Ridge Parkway in NC. The Arneson River Theatre is named for Rebecca's grandfather. Rebecca switched from writing code for computers to law school where she excelled at St. Mary's University, making law review, and being offered a clerkship with a federal judge in Norfolk, Va. I was then able to pass the tests and verbal exam to be double boarded in Pediatrics and Allergy and Immunology. 

Soon after we moved to Virginia, Dr. Millie Hancock called with an offer to take over her practice. Shortly after my visit with her in Hickory, Dr. Hancock called to see if I could work the next day for her because her husband had suffered a heart attack. I drove through the night to arrive and see patients the next morning. It is rare to get to "test drive" a medical practice, which is what happened, and I was convinced this was the right place to move. Rebecca was offered a position in Statesville so we moved to her home town to begin our work. After ten years commuting to Hickory, we decided to move and built our home in Hickory. Son Thacher started first grade at Viewmont elementary; daughter Park preschool at the new YMCA child care center. 

My practice has grown from three employees to twenty which has allowed the Hickory Allergy Asthma Sinus Clinic and Cough Center to be one of the best known practices in the area. We do our best to offer the personalized care our patients and their families deserve. 

2) Tell us about the accomplishments you are proudest of achieving in your life? The development of my practice into one that is respected and one of the most influential in the Southeast USA. The use and development of "Rush Immunotherapy" in our practice makes us unique and far ahead in terms of patient satisfaction. "Rush" allows a patient to reach a safe and effective level of treatment for their allergies faster than traditional methods. We are able to innovate and be quick to change our approaches as newer medications and technology become available. We have an in-office CT scanner for sinuses that is fully credentialed, and I believe we are the only allergy practice in NC that has this to offer. 

What’s the most exciting thing you saw/did/experienced/were a part of in your personal life?
Playing water polo in the FINA World Championships in 2004, 2006, 2010(Silver medal) and 2012. Beating the UNC club team at their own tournament in 2011. Winning Master's national championship in our age-group in 2011 and 2008, with KAOS our club team made up of players from all over the country and world. Getting to swim at Greensboro's Master's swimming national championship this year with friends and a teammate from college on two relays that placed 6th in the country. Learning to ski two years ago, great challenge and exercise.

In your professional life?
Presenting papers on the use of "Rush Immunotherapy" at national meetings and being elected as governor of the South East region, for the state and local allergy societies(RSLs). Serving as President of the NC Allergy society for many years. 

Being called and elected to Session at my church, Northminster Presbyterian Church, and as the Clerk of Session. It was a very important opportunity that I will value in many ways both spiritually and in all the decisions I make as time moves forward. Attending bible study weekly, worshipping at church and Sunday school have helped me strengthen my beliefs and direction in life.

3) If I were to ask people that know you to describe you what would they say?
"He's a fun guy"

4) How much bearing do the opinions of the people around you have on your decisions?
I am a listener, so what other people say and think are very important to me and are part of my decision making process. I value opinions and look for guidance from others. I like to think carefully throughout the process of making a decision, by gathering data, brainstorming with others , and then I try to make the best decision with the information that is available.

5) Can you tell us of a professional mistake that you have made that may have had an impact on who you are today?  I have been fortunate and have not had any major devastating error. It is a constant worry and takes vigilance on a minute to minute basis to avoid. Minor errors have happened but by grace only, nothing became a terrible outcome. 

Does it still bother you? Yes, but I don't let this stop me or paralyze me. I come to grips with all errors by looking for the reasons, so the problem won't happen again. Most errors or irritations are completely my own fault, and I can spend time to make things better or more precisely change the system that resulted in the error. Being flexible and learning from mistakes helps prevent future problems. Questioning why we do things and the impact of changing those old habits or processes is how I try to improve and guard against errors.

6) If you were given enough money to tackle one project (think nearly unlimited) that you felt was important to the Hickory Area, what would that issue be? Make things more fun! Obesity, and all the reasons it happens, and the way a community with the right approach could make a difference for most people through good public health initiatives, healthy eating, education, and recreation. For me a big part of this would be swimming and aquatics which can be a lifetime activity. I want to prevent all drowning, and give everyone the pleasure of swimming and playing safely in water. Sustainable programming for the prevention of disease and maintenance of health is important to the local economy and will attract jobs. Public transportation, wide sidewalks, safe cycling, light rail to Charlotte, Raleigh and Asheville would be a part of the plan to get out and walk more. It has to be fun to be sustainable.

7) Let’s say there is no money available for the foreseeable future. What one project (priority) would you push as part of your agenda that can be done with little or no money?
Provide fun and better programming for the facilities we already possess. Collaborate with the resources we have to make the most of what is here like the Recreation department, YMCA, CVCC, and LRU.

8) What is your overall philosophy of the development of this area? Where would you like to see us in 5 years? 10 years? 20 years?
(5 years) - More jobs! due to a resurgence of manufacturing in the area. July 2012 we had only 65,621 employed people in Catawba county, 2005 we had 72,470 after the dot com recovery, 2000 we had 78514 at our boom peak, and 1990 we had 68829. We have fewer jobs now than 22 years ago!! Who has been in office from our area? This is a disgrace and lack of leadership. I don't think this a Republican or Democratic issue, this is a lack of leadership on behalf of the citizens of Catawba county. 

(10 years) - Better paying high skill jobs that require less manual, repetitive, mind-dulling labor but involve technical skills and thinking to solve problems and make things work. Regional airlines at our airport. Why not Southwest, it would draw everyone here from Charlotte. 

(20 years) - Mature community with a wealth of life-supporting jobs, spectacular recreation facilities, and equality with level playing field for all the kids and families. Young people wanting to stay and raise their families here.

9) If you could define your Personal Legacy what would you like it to be?
To leave things better than I found them.
What would you like to be remembered for?
That I was a good doctor, I had good friends and family, that I cared and stood up for all people.

10) How do you define Leadership?
Leadership is like respect, it needs to be earned. You need to listen, get the best information you can, surround yourself with smart, talented people and with their help, show up and make a difference. Be willing to be courageous, and expect to be attacked, but be willing to be persistent and uncompromising of your true values. Questioning and speaking up when it is hard to do is a necessity of good leadership. Being ready to admit your own mistakes and not blaming others will engender loyalty and respect of those who follow you.