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Showing posts with label Stock. Show all posts
Showing posts with label Stock. Show all posts

Wednesday, November 9, 2011

Taking stock of America's first suburb

AppId is over the quota
AppId is over the quota
8 November 2011 Last updated at 00:55 GMT By Kate Dailey BBC News Magazine Levittown's early history in the post-World War II boom (Video by the BBC's David Botti)

Almost 60 years ago, a planned community embodied the hopes and prosperity of America. Now, it represents a more realistic picture of the American experience. The BBC investigates Levittown, Pennsylvania, as part of a year-long series.

In 1960, BBC journalist Ludovic Kennedy travelled to Levittown, Pennsylvania in advance of the Nixon-Kennedy election. Reporting for Panorama, Kennedy's on-the-scene accounts provided an ideal perspective from which to measure the concerns of a fast-changing nation.

Levittown had been founded eight years earlier, when America was on the cusp of a huge burst of prosperity. GIs home from the war had started families in earnest. The baby boom had begun, and a new middle class was driving the economy.

Continue reading the main story Aerial view of Levittown, Pennsylvania

Throughout the 2012 presidential campaign season, the BBC will return to Levittown, Pennsylvania to explore issues facing America's middle class

For the first time, people who once rented apartments in the city could afford a modest home of their own.

"The people who moved into these places initially weren't in the professions: doctors, lawyers bankers," says Gary Cross, professor of history at the Pennsylvania State University.

"It was creating the opportunity for people to own a house instead of rent, and do so for the same amount of money," he said. In doing so, Levittown helped solidify the idea of America as the place where anyone could make it, if only they worked hard enough.

For journalists like Kennedy, Levittown was a metaphor for American prosperity and the emerging middle class. When he visited, the mix of Catholic, Jewish, and Protestant neighbours represented the melting pot ideal of the US, while also allowing easy shorthand for the suburban revolution that was spreading across the country - a strong, growing demographic that had the power to shape the election.

The BBC visited Levittown in 1960 as residents campaigned for the presidential candidates

Changing times

In 2012 Levittown will turn 60. And just as when Panorama visited, the country will hold a contentious presidential election.

Now, as then, the community is home to a diverse cross-section of middle-class voters. But whereas in 1960 unemployment rates were less than 6% and business in Levittown could not expand fast enough to meet growing demand, the outlook for current residents is grimmer.

Shugart family moving into Levittown The Shugarts were the first family to move into Levittown in 1952.

"The economy has been hard on all of us," says Levittown resident Lillian Wilson. Now a senior citizen, Ms Wilson spends her days at the thriving senior centre near her home. She was one of the first residents of Levittown, buying her home before it was even built.

When she first moved in, milk and egg men delivered to her door - a good thing, as there was nowhere else to buy groceries. The house she moved into had a strict modification policy, just like every other house in the development.

Though Levittown was often marketed as a suburban ideal, that ideal could not include white picket fences - or fences of any kind. "We couldn't even have a clothes line," says Ms Wilson.

"Levitt was very serious about all of the houses looking the same," she says, referring to William Levitt, the real-estate developer who built three separate Levittowns in the post-war boom: one in New York, one in Pennsylvania, and one, later called Willingboro, in New Jersey.

Now, the outer roads around Levittown are lined with strip malls, and in them a dozen different grocery and convenience stores, a Super WalMart, McDonalds, and hotel chains.

Promotional flyer for Levittown home A promotional flyer for the Jubilee-style home - one of a handful of house models available in Levittown

The houses, once indistinguishable from one another, have developed individual flair: on one street, one house has painted pink brick face, while another has built a covered front porch.

Several residents enclosed their car port, creating either a proper garage or an additional room, while some have added second-storey additions onto the classic ranch-style houses - one of four home models available to the original buyers.

The subdivisions, with names like Junewood and Goldenridge, were once considered diverse for their mix of German, Hungarian, Irish and Polish residents, though residents started a riot when the first black family moved in.

Now Ms Wilson has black, Indian, and Puerto Rican neighbours.

Returning to Levittown

Levittown is far from a monolithic community, straddling four different townships.

Neighbourhoods fortunate enough to fall in a wealthier area flush with tax revenues have pristine sidewalks and well-manicured public spaces. In other areas, more than one home displays prominent sheriff's stickers and No Trespassing signs, indicators of foreclosure and economic distress.

Residents include Levittown's original settlers, like Ms Wilson, who came to the community a young bride and has children and grandchildren who still live close by.

It's not a greying district by any means - thanks in part to the housing collapse, Levittown is once again an abundant source of inexpensive housing, and as a result more new families are moving here to get their start.

The community has changed, and continues to change, since the BBC first visited it more than a half-century ago.

The country has changed much, as well. But one thing has not: the middle class residents make up the heart of America, and are still viewed as the "real" voice of the nation. Candidates vie to win their vote, and politicians battle over who best represents their interests.

So like Ludovic Kennedy before us, the BBC will turn to Levittown for insight into what matters most to Americans.

As Levittown prepares to turn 60 and the nation prepares to vote in the next presidential election, the BBC will focus on Levittown in depth. For the next year, we will meet its citizens, documenting their concerns and dreams, and tell the stories of residents who used to inhabit the American Dream.



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Friday, October 7, 2011

Why Obama Stock Is Down and Romney's Is Up on Wall Street

AppId is over the quota
AppId is over the quota

He's met with the Donald (Trump, that is), and mingled with types like Jamie Dimon, CEO of JPMorgan Chase, in the past week. He's also attended high-priced Manhattan fundraisers in his honor. Former Mass. Gov. Mitt Romney, a onetime exec at private equity investment firm Bain Capital, is no stranger to Wall Street, and that's beginning to look like a real advantage as he continues his campaign for the presidency.

Obama's policies as president have been a disappointment for many in the business world, and his anti-rich rhetoric—in 2009, for example, he called those on Wall Street "fat cat bankers"—hasn't helped him win their favor either. That's been terrific so far for Romney, whose longtime business experience has reportedly put him on the receiving end of Obama's finance industry losses.

As many as 100 Wall Street donors, including many investors, who previously backed Obama in 2008 have switched to Romney's side, Bloomberg reported this week. And according to an insider familiar with Romney's recent fundraising efforts, the numbers from the next Federal Election Committee filing period which ends Friday (September 30), should show even better support from individuals on Wall Street for the campaign. [Read about Romney's gains in the recent GOP debates.]

Romney—and pretty much everyone else in the 2012 Republican nomination field—is winning the financial industry by default, says Mike Green, a partner at La Jolla, Calif.-based Benham and Green Capital Management. It's been popular on Wall Street and among those who work in financial services around the nation to be in the "anybody-but-Obama camp," he says, largely due to the uncertainty that Obama-sponsored legislation, like the healthcare law and the Dodd-Frank financial reform law, has introduced to the business world. Obama's oft-expressed desire to raise taxes on high earners has also debased some old support from the industry.

Notably, Green says that Obama's policies shouldn't have been a surprise to the business world since they were apparent even before his 2008 presidential run. "Everything in his past said he was going to be bad for business," he says. "All that was always there. Why people didn't see it is beyond me."

During the 2008 campaign, Obama convinced voters, and many of his Wall Street donors, that his leadership would be good for the economy, according to Phil Levy, a scholar at the conservative American Enterprise Institute. Since taking the presidency, however, Obama hasn't been able to commit to the pro-business policies that some had expected or that helped past Democratic president Bill Clinton strengthen the economy, he says. "President Obama did a masterful job as a candidate of being all things to all people," Levy says, adding that Obama's financial team during his last campaign, which included Clinton administration alums like former Treasury Secretary Larry Summers, had also given him extra credibility with the business community. "Part of what's happened is that both in polices and rhetoric he's done some things that have really alarmed Wall Street." [Read more about Romney's private sector experience.]

Obama's campaign has the help of super-rich mogul Warren Buffett, who's come out publicly in support of the president's policies and is scheduled to attend an Obama fundraiser Friday. In addition, the campaign says that Obama has made up for his lost supporters on Wall Street with roughly 230,000 new donors from all over the country that he didn't have in 2008. Indeed, as the majority of Obama's backers through the second quarter funded him in smaller amounts ($250 or less), he still retained high-dollar financial support from individuals on Wall Street and the broader business world. "It's no surprise that the Romney campaign is raising money from Wall Street by saying they want to repeal consumer protections and allow Wall Street to write its own rules," Obama spokesman Ben LaBolt said in a statement. "The President has attracted support from Americans across the country, including business leaders, who recognize the President's leadership in putting us on a path to recovery and laying the foundation for a fairer economy—and believe we should pass his plan to create jobs and provide middle class security."



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Tuesday, October 4, 2011

Why Obama Stock Is Down and Romney's Is Up on Wall Street

AppId is over the quota
AppId is over the quota

He's met with the Donald (Trump, that is), and mingled with types like Jamie Dimon, CEO of JPMorgan Chase, in the past week. He's also attended high-priced Manhattan fundraisers in his honor. Former Mass. Gov. Mitt Romney, a onetime exec at private equity investment firm Bain Capital, is no stranger to Wall Street, and that's beginning to look like a real advantage as he continues his campaign for the presidency.

Obama's policies as president have been a disappointment for many in the business world, and his anti-rich rhetoric—in 2009, for example, he called those on Wall Street "fat cat bankers"—hasn't helped him win their favor either. That's been terrific so far for Romney, whose longtime business experience has reportedly put him on the receiving end of Obama's finance industry losses.

As many as 100 Wall Street donors, including many investors, who previously backed Obama in 2008 have switched to Romney's side, Bloomberg reported this week. And according to an insider familiar with Romney's recent fundraising efforts, the numbers from the next Federal Election Committee filing period which ends Friday (September 30), should show even better support from individuals on Wall Street for the campaign. [Read about Romney's gains in the recent GOP debates.]

Romney—and pretty much everyone else in the 2012 Republican nomination field—is winning the financial industry by default, says Mike Green, a partner at La Jolla, Calif.-based Benham and Green Capital Management. It's been popular on Wall Street and among those who work in financial services around the nation to be in the "anybody-but-Obama camp," he says, largely due to the uncertainty that Obama-sponsored legislation, like the healthcare law and the Dodd-Frank financial reform law, has introduced to the business world. Obama's oft-expressed desire to raise taxes on high earners has also debased some old support from the industry.

Notably, Green says that Obama's policies shouldn't have been a surprise to the business world since they were apparent even before his 2008 presidential run. "Everything in his past said he was going to be bad for business," he says. "All that was always there. Why people didn't see it is beyond me."

During the 2008 campaign, Obama convinced voters, and many of his Wall Street donors, that his leadership would be good for the economy, according to Phil Levy, a scholar at the conservative American Enterprise Institute. Since taking the presidency, however, Obama hasn't been able to commit to the pro-business policies that some had expected or that helped past Democratic president Bill Clinton strengthen the economy, he says. "President Obama did a masterful job as a candidate of being all things to all people," Levy says, adding that Obama's financial team during his last campaign, which included Clinton administration alums like former Treasury Secretary Larry Summers, had also given him extra credibility with the business community. "Part of what's happened is that both in polices and rhetoric he's done some things that have really alarmed Wall Street." [Read more about Romney's private sector experience.]

Obama's campaign has the help of super-rich mogul Warren Buffett, who's come out publicly in support of the president's policies and is scheduled to attend an Obama fundraiser Friday. In addition, the campaign says that Obama has made up for his lost supporters on Wall Street with roughly 230,000 new donors from all over the country that he didn't have in 2008. Indeed, as the majority of Obama's backers through the second quarter funded him in smaller amounts ($250 or less), he still retained high-dollar financial support from individuals on Wall Street and the broader business world. "It's no surprise that the Romney campaign is raising money from Wall Street by saying they want to repeal consumer protections and allow Wall Street to write its own rules," Obama spokesman Ben LaBolt said in a statement. "The President has attracted support from Americans across the country, including business leaders, who recognize the President's leadership in putting us on a path to recovery and laying the foundation for a fairer economy—and believe we should pass his plan to create jobs and provide middle class security."



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