Friday, July 27, 2012

Toyota passes GM globally, and VW is closing fast

By Paul Lienert and Christiaan Hetzner, Reuters

Toyota Motor Corp. regained the lead in global car sales over General Motors Co. in the first half of the year, with Volkswagen AG poised to move past GM and push the U.S. automaker into third place for the full year.

The bigger question is how soon the German auto giant also will pass Toyota and secure the global sales crown ? an internal goal that VW management has targeted for 2018 as part of the company's so-called Strategie 18.

VW, in a cautious statement released Thursday, said: "The Volkswagen Group is right on track for 2018, but has not crossed the finish line yet. For us, quality takes precedence over quantity. We don't want to be the biggest, but rather the best and most sustainable automaker in the world. For us, environmentally friendly products and satisfied customers and employees are at least as important as sales rankings and profitability."

It still has to maneuver past a resurgent Toyota, which has rebounded smartly from the effects of last year's earthquake and tsunami in Japan. Toyota in February said it expects to sell a record 9.58 million vehicles globally in 2012, shattering the old mark of 9.37 million in 2007.

Toyota had held the global sales crown from 2008 through 2010, before the natural disasters in Japan dropped it last year to third place, behind GM and VW.

"We have recovered greatly from the earthquake and tsunami," said Javier Moreno, a spokesman for New York-based Toyota North America. "Our dealers now have plenty of inventory and showroom traffic is up on a global basis."

Toyota said it sold 4.97 million vehicles worldwide in the first six months, a substantial increase from the 3.72 million it sold last year, when all Japanese automakers were reeling from the earthquake's aftermath.

GM said it sold 4.67 million vehicles in the first half, up 3.0 percent from 4.54 million the previous year. GM's global performance was driven by record first-half sales in China, which now accounts for more than 30 percent of the automaker's worldwide total. The U.S. market, where GM's sales are growing at a much slower pace, accounts for only 28 percent of the company's total sales.

GM spokesman James Cain on Wednesday said: "We continue to grow our sales and share in China . . . We are in the early days of the most aggressive roll out of new products in our history, which will help us press our advantage in the U.S. and China and grow profitably around the world."

VW, in a mid-year company report released Thursday, said its first-half sales totaled 4.64 million, up 12.4 percent from 4.13 million last year. But the German auto giant, which recently added sports-car maker Porsche to a diversified brand portfolio that also includes heavy-truck makers MAN and Scania, sounded a note of restraint.

"Deliveries by the Volkswagen Group developed very well in the first half of the year," sales boss Christian Klingler told reporters earlier this month. "But that is by no means cause for euphoria. The economic situation, particularly in Western Europe, remains tense and difficult."

Klingler added: "We remain on track and are entering the second half (of the) year, which will be altogether more challenging, with confidence."

A renewed focus on the U.S. market is part of VW's long-range plan to boost global sales to more than 10 million units by 2018, with the United States contributing at least 10 percent of that volume.

Tom Libby, senior automotive analyst with Southfield, Michigan-based R.L. Polk, said VW's management "has been very aggressive, with the U.S. playing a significant role in their global growth strategy. They have become more competitive on pricing here, and we expect their sales and share will continue to rise."

Copyright 2011 Thomson Reuters. Click for restrictions.

Source: http://bottomline.nbcnews.com/_news/2012/07/26/12974558-toyota-passes-gm-globally-and-vw-is-closing-fast?lite

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TEXT-S&P summary: DBS Bank (Hong Kong) Ltd.

(The following statement was released by the rating agency)

July 26 -

===============================================================================

Summary analysis -- DBS Bank (Hong Kong) Ltd. --------------------- 26-Jul-2012

===============================================================================

CREDIT RATING: AA-/Stable/A-1+ Country: Hong Kong

Primary SIC: Commercial banks,

nec

Mult. CUSIP6: 237009

===============================================================================

Credit Rating History:

Local currency Foreign currency

19-Jul-2005 AA-/A-1+ AA-/A-1+

10-Jul-2005 AA-/A-1+ A+/A-1

===============================================================================

Ratings Score Snapshot

Issuer Credit Rating AA-/Stable/A-1+

SACP a

Anchor a-

Business Position Adequate (0)

Capital and Earnings Strong (+1)

Risk Position Adequate (0)

Funding and Liquidity Average

and Adequate (0)

Support +2

GRE Support 0

Group Support +2

Sovereign Support 0

Additional Factors 0

Major Rating Factors

Strengths:

-- Status as a "core" subsidiary of DBS Group

-- Strong capitalization

-- Strong track record of containing credit losses

Weaknesses:

-- Recent rapid growth in credit risk exposures

-- Loan-to-deposit ratio exceeding domestic industry average

Outlook

The stable outlook on DBSHK reflects the outlook on its parent.

An upgrade of DBS could trigger a similar action on DBSHK. We could lower the

rating on DBSHK if we downgrade DBS or if we no longer consider DBSHK to be a

core subsidiary of DBS group. A change in SACP of DBSHK is not likely to have

a direct impact on the issuer credit rating on DBSHK, unless it is significant

enough to change the parent group's credit profile.

Rationale

The rating on DBS Bank (Hong Kong) Ltd. (DBSHK) reflects the bank's status as

a core subsidiary of DBS Bank Ltd. (AA-/Stable/A-1+; axAAA/--/axA-1+). We

expect the banking sector regulator in Singapore to allow DBS to provide

timely and strong support to its Hong Kong subsidiary.

We assess DBSHK's stand-alone credit profile (SACP) as 'a' based on the anchor

SACP for banks operating predominantly in Hong Kong. We also consider DBSHK's

"adequate" business position, "strong" capital and earnings, "adequate" risk

position, "average" funding, and "adequate" liquidity, as our criteria define

those terms.

The anchor SACP for a bank operating predominantly in Hong Kong is 'a-'. This

draws on our Banking Industry Country Risk Assessment methodology and our view

that Hong Kong has an economic risk score of '3' and an industry risk score of

'1'.

Our economic risk assessment of Hong Kong reflects its wealthy, highly

competitive, and resilient economy. Substantial potential imbalances have

built up in the economy because of volatile housing prices and rapid credit

growth over the past few years. The robust financial profile of Hong Kong's

household and corporate sector, the strong payment culture and effective legal

framework, and major banks' underwriting standards mitigate the credit risks

in the economy.

Our industry risk assessment benefits from Hong Kong's strong institutional

framework and effective banking regulations and supervision. The sector's

funding is well supported by the customer deposit base. Banks' risk appetite

is generally restrained, and we do not note any market distortions in Hong

Kong.

DBSHK's seventh rank in terms of total assets among banks incorporated in Hong

Kong supports its business position. However, the bank's market shares in

loans and deposits are below 5%. While DBS' corporate banking business is

booked outside DBSHK, the latter focuses on serving retail customers and small

and midsize entities. DBSHK has a fairly well established franchise in

segments such as credit cards and trade finance. Leveraging on DBS group's

franchise and regional connectivity, DBSHK has been growing its offshore

Chinese renminbi business, which enhances its earnings. The bank's revenue

stability and customer stickiness are in line with industry average, in our

view.

We expect DBSHK's risk-adjusted capital ratio to stay above 10% over the next

two years. We anticipate that the bank's loan growth will slow down

substantially in 2012 and 2013, as compared with the rapid growth in 2011. We

also believe the bank's profit generation and retention will partially

mitigate the negative impact of continuous loan growth on capitalization.

These factors support our assessment of DBSHK's capital and earnings.

Our risk position assessment for DBSHK reflects our expectation that the

bank's strong growth momentum, driven by a sharp rise in trade bills

discounting in 2011, will cool down substantially amid reduced demand and

challenging economic conditions in 2012. We also expect DBSHK to contain its

potential credit losses through its prudent underwriting standards and

sophisticated risk management capabilities.

We consider DBSHK' funding to be "average" and its liquidity as "adequate".

The bank's loan-to-deposit ratio is higher than the domestic industry average.

However, a significant proportion of its loan book is trade bills or trade

finance, which are typically short-term. The bank's retail network is also

stronger than that of many of its smaller peers in Hong Kong, in our view.

Reliance on external wholesale funding is also limited, as the bulk of DBSHK's

interbank borrowings are from its parent, which would be more flexible to the

bank.

The issuer credit rating on DBSHK is equated to DBS's group credit profile of

'aa-'. DBSHK operates in key business lines and is integral to the group's

regional aspiration. The bank represents a significant part of the group's

balance sheet and is a significant profit contributor. DBSHK also shares the

group's brand and leverages the broad recognition of it.

We consider DBSHK to have "moderate" systemic importance in Hong Kong,

implying a "moderately high" likelihood of extraordinary support from the

government of Hong Kong (AAA/Stable/A-1+; cnAAA/cnA-1+). This potential

support does not affect the current rating, as the impact is less than the

parent group support.

Related Criteria And Research

-- Hong Kong And Singapore Banks' Credit Quality Can Withstand A Mild

Recession In Europe, May 17, 2012

-- Banking Industry Country Risk Assessment: Hong Kong, April 12, 2012

-- Research Update: DBS Bank Ltd. And DBS Bank (Hong Kong) Ltd.

'AA-/A-1+' Ratings Affirmed On Parent's Announced Acquisition Of Danamon,

April 3, 2012

-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011

-- Banking Industry Country Risk Assessment Methodology And Assumptions,

Nov. 9, 2011

-- Group Rating Methodology And Assumptions, Nov. 9, 2011

-- Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011

Source: http://news.yahoo.com/text-p-summary-dbs-bank-hong-kong-ltd-090624094--sector.html

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Wyndham Worldwide Reports Second Quarter 2012 Earnings ...

Wyndham Worldwide Corporation logoSecond Quarter Adjusted EPS Up 36% Year-Over-Year Increases 2012 EPS Guidance

PARSIPPANY, N.J. (July 26, 2012) ??Wyndham Worldwide Corporation (NYSE:WYN) has announced results for the three months ended June 30, 2012.

Highlights:

  • Second quarter adjusted diluted earnings per share (EPS) was $0.87, compared with $0.64 in the second quarter of 2011, an increase of 36%. ?Second quarter 2012 reported diluted EPS was $0.88, an increase of 31% from the same period in 2011.
  • Second quarter Adjusted EBITDA increased 10% to $281 million.
  • During the quarter, the Company repurchased 3.8 million shares of its common stock for $190 million at an average price of $49.35.
  • The Company announced on July 19, 2012 that it completed a term securitization transaction involving the issuance of $300 million of investment-grade asset-backed notes at an advance rate of 90% and an overall weighted average coupon of 2.66%.
  • Raises full year Adjusted EPS Guidance to $3.10 ? $3.20 from $3.00 ? $3.15

?In the first half of 2012 we achieved back-to-back 36% increases in quarterly adjusted EPS growth in an economic environment that remains uncertain,? said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide.??Underlying this growth is strong execution from each of our businesses and diversified product offerings well positioned to capitalize on consumers? desire to travel.? In addition, we benefited from capital allocation that included the return of capital to shareholders.?

SECOND QUARTER 2012 OPERATING RESULTS Second quarter revenues were $1.1 billion, an increase of 4% from the prior year period. ?The increase reflected growth in our Lodging and Vacation Ownership businesses partially offset by unfavorable currency movements in our Vacation Exchange and Rentals business.

For the second quarter of 2012, adjusted net income was $128 million, or $0.87 per diluted share, compared with $108 million, or $0.64 per diluted share for the same period in 2011. ?The increase in adjusted net income primarily reflected stronger operating results in our Lodging and Vacation Ownership businesses. ?The increase in EPS also benefited from our share repurchase program, which decreased our weighted average share count by 14%.

Reported net income for the second quarter of 2012 was $128 million, or $0.88 per diluted share, compared with net income of $114 million, or $0.67 per diluted share, for the second quarter of 2011. The second quarter of 2011 included a refund of value added taxes, restructuring costs and legacy adjustments costs.

Free cash flow was $567 million for the six months ended June 30, 2012, compared to $595 million for the same period in 2011.? Excluding a $51 million refund of value added taxes received in the first half of 2011, free cash flow increased by 4%. ?The Company defines free cash flow as net cash provided by operating activities less capital expenditures, equity investments and development advances.? For the six months ended June 30, 2012, cash provided by operating activities was $647 million, compared with $696 million in the prior year period, which included the refund of value added taxes.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group) Revenues were $233 million in the second quarter of 2012, an increase of 23%, compared with the second quarter of 2011.? The increase reflected domestic RevPAR gains of 8%, as part of a total system RevPAR increase of 5%, revenues associated with the Wyndham Grand hotel in Orlando, which opened at the beginning of the fourth quarter of 2011, and higher intersegment licensing fees for use of the Wyndham brand trade name.? The revenue increase also included a combined $21 million of reclassifications and incremental global conference fees, both of which were fully offset in expenses.

Adjusted EBITDA was $74 million, an increase of 12% compared with the second quarter of 2011, largely a result of the revenue increases, partially offset by the operating costs associated with the Wyndham Grand hotel in Orlando and higher marketing costs.

As of June 30, 2012, the Company?s hotel system consisted of over 7,170 properties and approximately 608,300 rooms. The development pipeline included approximately 900 hotels and 113,900 rooms, of which 53% were new construction and 53% were international.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)Revenues were $348 million in the second quarter of 2012, compared to $361 million in the second quarter of 2011. ?In constant currency and excluding the impact of acquisitions, revenues were flat.

Exchange revenues were $162 million, a decrease of 4% compared with the second quarter of 2011. ?In constant currency, exchange revenues were flat, as a 2% increase in exchange revenue per member was offset by a 2% decline in the average number of members due to the non-renewal of an affiliation agreement in the beginning of 2012.

Vacation rental revenues were $170 million, a 6% decrease compared with the second quarter of 2011. Excluding the impact of foreign currency and acquisitions, vacation rental revenues were flat, reflecting a 4% increase in the average net price per vacation rental offset by a 3% decrease in transaction volume.

Adjusted EBITDA for the second quarter of 2012 was $82 million, flat compared with the prior-year period.

Vacation Ownership (Wyndham Vacation Ownership) Revenues were $570 million in the second quarter of 2012, a 5% increase over the second quarter of 2011, primarily reflecting increased vacation ownership interest (VOI) sales.

Gross VOI sales were $460 million in the second quarter of 2012, up 12% from the second quarter of 2011, primarily reflecting a 6% increase in volume per guest and a 5% increase in tour flow.

Adjusted EBITDA for the second quarter of 2012 was $150 million, a 15% increase compared with the second quarter of 2011, primarily reflecting contributions from increased VOI sales.

Other Items

  • The Company repurchased 3.8 million shares of common stock for $190 million during the second quarter of 2012 at an average price of $49.35. ?From July 1 through July 24, 2012, the Company repurchased an additional 1.1 million shares for $58 million at an average price of $50.77.? The Company has $733 million remaining on its current share repurchase authorization.
  • Net interest expense in the second quarter of 2012 was $30 million, compared to $34 million in the second quarter of 2011.? The decline was primarily due to the absence of an accrual for interest on value added taxes in the second quarter of 2011 and a lower average cost of funds resulting from our debt tender and issuance activity during the first quarter of 2012.

Balance Sheet Information as of June 30, 2012:

  • Cash and cash equivalents of approximately $285 million, compared with $142 million at December 31, 2011
  • Vacation ownership contract receivables, net, of $2.8 billion, unchanged from December 31, 2011
  • Vacation ownership and other inventory of approximately $1.1 billion, unchanged from December 31, 2011
  • Securitized vacation ownership debt of $1.9 billion, unchanged from December 31, 2011
  • Long-term debt of $2.3 billion, compared with $2.2 billion at December 31, 2011. The remaining borrowing capacity on the revolving credit facility was $908 million, compared with $771 million as of December 31, 2011

A schedule of debt is included in Table 5 of this press release.

Outlook

For the full year 2012, the Company:

  • Reiterates Revenues of approximately $4.425 ? $4.6 billion
  • Updates Adjusted EBITDA guidance to $1.040 ? $1.055 billion from $1.030 ? $1.055 billion
  • Raises Adjusted EPS Guidance to $3.10 ? $3.20 from $3.00 ? $3.15
  • Reduces diluted shares to 147 million from 149 million

The guidance reflects assumptions used for internal planning purposes. Guidance may exclude non-recurring or special items, which may have a positive or negative impact on reported results. If economic conditions change materially from current levels, these assumptions and our guidance may change materially.

Conference Call Information Wyndham Worldwide Corporation will hold a conference call with investors to discuss this news on Wednesday, July 25, 2012 at 8:30 a.m. EDT. Listeners may access the webcast live through the Company?s website at?www.wyndhamworldwide.com/investors/. An archive of this webcast will be available at the website for approximately 90 days beginning at noon EDT on July 25, 2012. The conference call may also be accessed by dialing (800) 369-2052 and providing the passcode ?WYNDHAM.? Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available for approximately 90 days beginning at noon EDT on July 25, 2012, at (800) 551-8154.

Presentation of Financial Information Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items.?These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons. A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.? It is not practicable to provide a reconciliation of forecasted adjusted EBITDA and EPS to the most directly comparable GAAP measure because certain items cannot be reasonably estimated or predicted at this time.? Any such items could be significant to our reported results.

About Wyndham Worldwide Corporation As one of the world?s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses over 7,170 hotels with approximately 608,300 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.7 million members, access to approximately 100,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 160 vacation ownership resorts serving over 813,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 27,800 employees globally.

For more information about Wyndham Worldwide, please visitwww.wyndhamworldwide.com.

Forward-Looking Statements This press release contains ?forward-looking statements? within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management?s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company?s revenues, earnings and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company?s Quarterly Report on Form 10-Q, filed with the SEC on April 25, 2012. Except for the Company?s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

SOURCE: Wyndham Worldwide Corp.

Related Posts

  1. Marriott Vacations Worldwide Reports First Quarter 2012 Financial Results
  2. Wyndham Worldwide Reports First Quarter 2012 Results
  3. Wyndham Worldwide Reports Fourth Quarter and Full Year 2011 Earnings
  4. Wyndham Worldwide to Report Fourth Quarter and Full Year 2011 Earnings on February 8, 2012
  5. Wyndham Worldwide Reports First Quarter 2010 Earnings

Source: http://www.insidethegate.com/2012/07/wyndham-worldwide-reports-second-quarter-2012-earnings/

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NASA X-ray concept inspired from a roll of Scotch? tape

ScienceDaily (July 26, 2012) ? The inspiration behind NASA scientist Maxim Markevitch's quest to build a highly specialized X-ray mirror using a never-before-tried technique comes from an unusual source: a roll of Scotch? tape.

Markevitch and a team of X-ray optics experts at NASA's Goddard Space Flight Center in Greenbelt, Md., have begun investigating the feasibility of fashioning a low-cost mirror from plastic tape and tightly rolling it like the sticky adhesive commonly found in most homes and offices.

"I remember looking at a roll of Scotch tape and thinking, 'was it possible to use the same design for capturing hard X-rays,'" Markevitch recalled. "I talked with a few people, and to my surprise, they didn't see any principal reasons why it couldn't be done."

With funding from NASA's Center Innovation Fund, the team now is pursuing Markevitch's "early-stage" idea and has already begun testing candidate materials that could be fashioned into a rolled mirror capable of collecting X-rays -- in itself a challenging proposition. To capture these ever-elusive photons, the mirrors must be curved and nested inside a cylindrical optical assembly. The rounded geometry allows the high-energy light to graze their surfaces, much like a stone skimming the surface of a pond.

Motivating Markevitch is the fact that these highly specialized mirrors are time-consuming and expensive to build and assemble, despite efforts to dramatically reduce production costs. Making matters more demanding is the fact that X-ray observatories in the future likely will require much larger collecting areas, therefore requiring an even greater number of individual mirror segments that all must be nested, coated with layers of highly reflective materials, and perfectly coaligned inside their optical assemblies. "It's a lot of work fabricating these rigid shells and making sure they're properly aligned," he said.

The Science

The science Markevitch would like to pursue is one that would require a larger mirror. Over the past few decades, NASA has launched several X-ray observatories sensitive to lower-energy "soft X-rays," including the Chandra X-ray Observatory. They discovered and imaged the faint, diffuse X-ray signal from a variety of astrophysical sources dominated by thermal emission, such as galaxies and clusters of galaxies. Other missions, like NASA's Swift satellite, were sensitive to higher-energy gamma rays, but they lacked imaging capabilities.

"There remains a large and totally unexplored discovery space of faint, diffuse nonthermal astrophysical objects emitting at high X-ray energies," Markevitch said.

One class of objects waiting to be better understood is cosmic rays -- highly energetic subatomic particles generated in deep space -- that reside in galaxy clusters and other large-scale structure in the universe. Scientists believe that cosmic rays and the magnetic fields between galaxy clusters can alter the physics within galaxy clusters. A better understanding of these physics could reveal more about the birth and evolution of the cosmos, Markevitch said.

To study cosmic rays, however, observatories would have to be tuned to hard X-rays. Although NASA's recently launched Nuclear Spectroscopic Telescope Array (NuSTAR) and Japan's New X-ray Telescope, also known as Astro-H, are sensitive to hard X-rays, Markevitch said they only "will graze the surface of this discovery space." Because the signal is so faint, only an imaging X-ray telescope with a collecting area 30 times larger than that of NuSTAR, working with current and future radio telescopes, could do the job, Markevitch said.

"However, to our knowledge, nothing of the kind is planned or even proposed in the U.S. or elsewhere because of the cost something like this presents," he said.

The only solution then is developing a new technology that would dramatically reduce the cost of building X-ray optics and increase the size of the light-collecting area. "If we can build a mirror that's big enough, this might be the way to go," he said.

Under his research plan, Markevitch, Takashi Okajima, Will Zhang, and Peter Serlemitsos are acquiring and testing candidate tape that would be coated on one side with a multilayer of reflective material and then wound into a roll, forming a large number of densely packed nested shells that are spaced by the varying thickness of the tape. "The collecting surface is automatic, it's rolled, self-supporting, and already aligned," Markevitch said. Multiple rolls then would be placed in an optical assembly, providing a much larger collecting area, or, in other words, a larger mirror.

"Maxim's Scotch tape idea is in an early stage," Zhang said. "In the next year, we will know whether it has a chance of working."

If it does, it could prove "game-changing for hard X-ray astronomy," Markevitch said. "It could significantly reduce the cost of building large mirrors, bringing within reach the possibility of building a mirror with 10 to 30 times greater effective area than current X-ray telescopes."

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Disclaimer: Views expressed in this article do not necessarily reflect those of ScienceDaily or its staff.

Source: http://www.sciencedaily.com/releases/2012/07/120726180342.htm

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Sandusky shower abuse victim to sue Penn State

FILE - In this combination of 2012 file photos, former Penn State University assistant football coach Jerry Sandusky, left, leaves the Centre County Courthouse in Bellefonte, Pa. in handcuffs, and former Penn State assistant football coach Mike McQueary waits in line for a public viewing for Penn State football coach Joe Paterno in State College, Pa. A man who claims to be the unknown victim molested in a Penn State shower by Sandusky in a case that led to Paterno's firing intends to sue the university for its "egregious and reckless conduct" that facilitated the abuse, his lawyers said Thursday, July 26, 2012. The identity of so-called Victim 2 has been a central mystery in the Sandusky case, and jurors convicted Sandusky last month of offenses related to him judging largely by the testimony of McQueary, who was a team graduate assistant at the time and described seeing the attack. (AP Photo/Gene J. Puskar)

FILE - In this combination of 2012 file photos, former Penn State University assistant football coach Jerry Sandusky, left, leaves the Centre County Courthouse in Bellefonte, Pa. in handcuffs, and former Penn State assistant football coach Mike McQueary waits in line for a public viewing for Penn State football coach Joe Paterno in State College, Pa. A man who claims to be the unknown victim molested in a Penn State shower by Sandusky in a case that led to Paterno's firing intends to sue the university for its "egregious and reckless conduct" that facilitated the abuse, his lawyers said Thursday, July 26, 2012. The identity of so-called Victim 2 has been a central mystery in the Sandusky case, and jurors convicted Sandusky last month of offenses related to him judging largely by the testimony of McQueary, who was a team graduate assistant at the time and described seeing the attack. (AP Photo/Gene J. Puskar)

FILE - This Thursday, July 12, 2012 file photo, a Penn State University student walks across campus in front of Old Main on main campus in State College, Pa. Penn State's general liability insurer hopes to deny or limit coverage for Jerry Sandusky-related claims. The Pennsylvania Manufacturers' Association Insurance, argues that the university withheld key information needed to assess risk, at least after school officials investigated a May 1998 complaint that Sandusky had showered with a boy on campus. In a memo filed in June 2012 in Common Pleas Court in Philadelphia, the company argues that Penn State failed to disclose that it had information about Sandusky that "was material to the insurable risk assumed by PMA." (AP Photo/Gene J. Puskar)

(AP) ? For months, the identity of the boy who was sexually assaulted in the locker room showers by Jerry Sandusky was one of the biggest mysteries of the Penn State scandal. Now, for the first time, a man has come forward to claim he was that boy, and is threatening to sue the university.

The man's lawyers said Thursday they have done an extensive investigation and gathered "overwhelming evidence" on details of the abuse by Sandusky, the former assistant football coach convicted of using his position at Penn State and as head of a youth charity to molest boys over a period of 15 years.

Jurors convicted Sandusky last month of offenses related to so-called Victim 2 largely on the testimony of Mike McQueary, who was a team graduate assistant at the time and described seeing the attack.

"Our client has to live the rest of his life not only dealing with the effects of Sandusky's childhood sexual abuse, but also with the knowledge that many powerful adults, including those at the highest levels of Penn State, put their own interests and the interests of a child predator above their legal obligations to protect him," the lawyers said in a news release.

They did not name their client, and The Associated Press generally does not identify victims of sex crimes without their consent.

The university said it was taking the case seriously but would not comment on pending litigation.

University President Rodney Erickson and the board of trustees "have publicly emphasized that their goal is to find solutions that rest on the principle of justice for the victims," a school spokesman said.

The statement from the man's attorneys said Victim 2 suffered "extensive sexual abuse over many years both before and after the 2001 incident Michael McQueary witnessed."

McQueary testified in December at a hearing that he had seen Sandusky and a boy, both naked, in a team shower after hearing skin-on-skin slapping sounds.

"I would have described that it was extremely sexual and I thought that some kind of intercourse was going on," McQueary said.

McQueary, who estimated the boy to be around 10 years old, reported the abuse to school officials, including longtime coach Joe Paterno, but none of them told police. In a recent report conducted by former FBI Director Louis Freeh and commissioned by Penn State, the investigators excoriated Paterno and the other administrators for not attempting to identify Victim 2, saying it showed "a striking lack of empathy."

Trustees fired Paterno, who has since died, because he failed to do more about claims against Sandusky, and the scathing independent review said several top school officials looked the other way because they were afraid of bad publicity. The NCAA has vacated 112 Penn State wins.

In a pair of voicemails recorded last year, released with the statement and posted online by the lawyers, a voice that's purportedly Sandusky's expresses his love and says he wants to express his feelings "up front."

The voicemails are dated Sept. 12 and Sept. 19, less than two months before the former Penn State coach was arrested on child sex abuse charges. Sandusky was convicted in June of 45 sex abuse counts and awaits sentencing.

The second voicemail asks whether Victim 2 would like to attend Penn State's next game.

Sandusky left "numerous" voicemails for their client that fall, the attorneys said.

Sandusky has said very little publicly since he gave interviews in the weeks after his arrest and did not testify at his trial.

Before the trial, defense attorney Joe Amendola said he had met with a man he believed he might be Victim 2 and the man told him he had not been abused by Sandusky. Amendola said he was not convinced and did not intend to subpoena him, but also said Sandusky himself was insistent they had the right person.

The statement from Victim 2's lawyers leaves many questions unanswered, including whether he had been in contact with prosecutors before or during the trial, whether he remembers McQueary, and whether he is the same person who met with Amendola.

"Jerry Sandusky's abuse of Victim 2 and other children is a direct result of a conspiracy to conceal Sandusky's conduct and the decisions by top Penn State officials that facilitated and enabled his access to victims," the statement read. "We intend to file a civil lawsuit against Penn State University and others and to hold them accountable for the egregious and reckless conduct that facilitated the horrific abuse our client suffered."

The statement did not say when the lawsuit would be filed or contain details on what redress the plaintiff is seeking. The lawyers said they would not have further comment, and messages left for their spokesman were not immediately returned.

Several messages seeking comment from Amendola and Sandusky's other lawyer, Karl Rominger, were not immediately returned.

Prosecutors had said on several occasions they did not know the identity of the boy, and they offered no reaction to the lawyers' announcement Thursday.

"We can't comment, given both our ongoing criminal prosecutions and our ongoing investigation," said Nils Frederiksen, spokesman for the attorney general's office.

The attorneys who released the statement include several based in Philadelphia and in State College, home to Penn State's main campus ? where the shower assault took place. They also represent three other young men Sandusky was convicted of abusing but have not filed any lawsuits.

A second accuser has filed paperwork indicating an additional complaint is in the works, while other lawyers also have indicated they represent young men with potential claims.

This week Penn State's general liability insurer sought to deny or limit coverage for Sandusky-related claims. Pennsylvania Manufacturers' Association Insurance argued that Penn State withheld key information needed to assess risk.

In June, after Sandusky was convicted, the university said it hoped to quickly compensate victims and would reach out to their lawyers. Penn State spokesman Dave La Torre declined to comment on anything related to the victims and any settlement discussions.

___

Online:

Lawyers' statement and voicemails: http://bit.ly/NYmGvl

___

Associated Press writer Maryclaire Dale in Philadelphia contributed to this report.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/347875155d53465d95cec892aeb06419/Article_2012-07-26-Penn%20State-Abuse/id-43c47bc83d0d4b46b72e0699de8465d0

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Monday, July 23, 2012

Can I get a home equity loan to refinance? The property value is ...

My home is in M1 zoning and my co-borrower had a short sale over 2 yrs ago. WE both have credit scores in mid 700s though my co-borrower has a higher score, one being about 780 or 790. We are current on the mortgage and have?never been late. We cant find a traditional refinance because of the zoning and/or the short sale. We?have a balloon in 5 months and are in a panic!?

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Source: http://www.zillow.com/advice-thread/Can-I-get-a-home-equity-loan-to-refinance-The-property-value-is-about-330K-and-I-owe-about-188K/452132/

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Friday, July 20, 2012

Twitter May Face Sisyphean Challenge in Protected Speech Battle

Twitter indicated Thursday that it will appeal a decision by New York County Criminal Court Judge Matthew Sciarrino Jr. that the microblogging site must hand over a user's posts. The case stems from an investigation by the Manhattan District Attorney regarding the Occupy Wall Street protests in 2011 -- in particular, one that occurred in October, when protestors blocked the Brooklyn Bridge.


Source: http://ectnews.com.feedsportal.com/c/34520/f/632000/s/218c3170/l/0L0Stechnewsworld0N0Crsstory0C756870Bhtml/story01.htm

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Thursday, July 19, 2012

Sony?s latest Walkman media players offer Android 4.0, 32GB storage, and more

Smartphones may seem like they?ve killed the MP3 player, but the newest devices from Sony show that?dedicated?devices still have some life in them.

First up is the Walkman?F800, a personal media player with a 3.5-inch screen. Offered in 8GB, 16GB, and 32GB models, the device offers five hours of video playback and up to thirty-six hours of audio playback.

Surprisingly, the F800 comes equipped with Android 4.0, which is more than can be said for many smartphones.

Cost, however, might be a concern: The F800 starts at $279 (?210), which is a bit pricy for a dedicated device. Moreover, the storage offerings cap at 32GB, another big concern for those with larger music collections.

Alongside the F800, Sony also?announced?the Walkman?S770BT, which comes?equipped?with a pair of bluetooth headphones, the noise-canceling?E570, and the?Walkman E473K, which comes with a speaker dock that runs of the player?s battery.

While all the devices are available in?Europe?starting today, there?s no word on a North American release?just?yet.

Source: http://feedproxy.google.com/~r/Venturebeat/~3/nDFOnDdxwU8/

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Thursday, July 12, 2012

Graphene holes 'heal themselves'

Graphene - the "wonder material" made of sheets of carbon just one atom thick - undergoes a self-repairing process to correct holes, researchers report.

Graphene's outstanding mechanical strength and electronic properties make it a promising material for a wide range of future applications.

But its almost ethereal thinness makes it easily damaged when working with it.

The study, published in Nano Letters, suggests it can be repaired by simply exposing it to loose carbon atoms.

It was carried out by researchers at the University of Manchester, UK - including Konstantin Novoselov, who shared a Nobel prize as graphene's co-discoverer - and at the SuperStem Laboratory of the Engineering and Physical Sciences Research Council in Daresbury, UK.

The team was initially interested in the effects of adding metal contacts to strips of graphene, the only way to exploit its phenomenal electronic properties.

The process routinely creates holes in the atom-thick sheets, so the researchers were trying to understand how those holes form, firing electron beams through graphene sheets and then studying the results with an electron microscope.

But to their surprise, they found that when carbon atoms were also near the samples, the atoms snapped into place, repairing the two-dimensional sheet.

"It just happened that we noticed it," said co-author of the study Quentin Ramasse of the SuperStem laboratory.

"We repeated it a few times and then tried to understand how that came about," he told BBC News.

The team found that when metal atoms were around, they too would snap into the edges of the holes, and when carbon was around as part of molecules called hydrocarbons, the carbon atoms from them could form irregular shapes in the sheets.

But pure carbon atoms would bump metal atoms out of the way, perfectly repairing the holes and forming a fresh and uninterrupted lattice of hexagons - textbook graphene - as they report in an online preprint of the article.

"If you can drill a hole and control that 'carbon reservoir', and let them in in small amounts, you could think about tailoring edges of graphene or repairing holes that have been created inadvertently," Dr Ramasse said.

"We know how to connect small strips of graphene, to drill it, to tailor it, to sculpt it, and it now seems we might be able to grow it back in a reasonably controlled way."

Source: http://www.bbc.co.uk/news/science-environment-18782151#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa

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Manhattanhenge's sunset show wows New Yorkers

Julio Cortez / AP

Photographers aim their cameras as the sun sets through the buildings on 42nd Street in Manhattan during a phenomenon known as Manhattanhenge on July 11, 2012. Manhattanhenge, sometimes known as the Manhattan Solstice, occurs when the setting sun aligns with east-to-west streets of the main street grid.

By Alan Boyle

Tonight's showing of New York's hometown celestial alignment, known as Manhattanhenge, was a spectacular success that more than made up for the washout in May.

Some of Manhattan's best-known east-west streets ??42nd Street, for instance ? were filled with the glow of the setting sun at 8:24 p.m. ET. They were also filled with crowds straining to snap pictures.

"When did Manhattanhenge turn into Woodstock?" Brooklyn resident Joe Raskin asked in a Twitter update.


Julio Cortez / AP

People stand in the middle of 42nd Street as the sun nears the horizon on July 11, 2012.

Andy Dallos / The Rachel Maddow Show

Manhattanhenge occurs when Earth's tilt is just right to have the sun right on the horizon, in line with the orientation of the street grid. That happens twice a year, generally in late May and mid-July. This year, the best viewing times were on May 29 and 30, and again on July 11 and 12. May's opportunity wasn't the greatest, due to clouds and rain. This week, however, the skies have been sunnier, and so have the dispositions of the New Yorkers hoping to get a good view.

"A Manhattanhenge sun sets, leaving a luminous glow in its wake," photographer Inga Sarda-Sorensen wrote in an oft-retweeted Twitter update.

The best news for New Yorkers is that the show replays Thursday at 8:25 p.m. ET, when the sun can be seen as a half-disk sitting on the western horizon. (Remember, don't gaze at the sun for any length of time with unshielded eyes.) Here's a quick viewing guide from Life's Little Mysteries.

Did you get a great picture tonight? Share it with us and other msnbc.com users via our FirstPerson upload page.


Alan Boyle is msnbc.com's science editor. Connect with the Cosmic Log community by "liking" the log's Facebook page, following @b0yle on Twitter and adding the?Cosmic Log page?to your Google+ presence. You can also check out?"The Case for Pluto,"?my book about the controversial dwarf planet and the search for new worlds.

Source: http://photoblog.msnbc.msn.com/_news/2012/07/11/12690728-manhattanhenges-sun-show-wows-new-yorkers?lite

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Kristen Stewart Teases 'First Hunt' In 'Breaking Dawn - Part 2'

'You're used to vampires behaving a certain way, [but] it feels fresh for her,' Robert Pattinson adds during Comic-Con live stream.
By Jocelyn Vena, with reporting by Josh Horowitz


Robert Pattinson, Kristen Stewart and Taylor Lautner
Photo: MTV News

Source: http://www.mtv.com/news/articles/1689460/kristen-stewart-breaking-dawn-part-two-first-hunt.jhtml

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Unemployment Problem Includes Public Transportation That Separates Poor From Jobs

CHATTANOOGA, Tenn. -- In the two months since he lost his job driving a delivery truck for a door company, Lebron Stinson has absorbed a bitter geography lesson about this riverfront city: The jobs are in one place, he is in another, and the bus does not bridge the divide.

Stinson lives downtown, where many of the factories that once employed willing hands have been converted into chic eateries. The majority of jobs are out in the suburbs, in the strip malls, office parks and chain restaurants that stretch eastward. Most of this sprawl lies beyond reach of the public bus system, and Stinson cannot afford a car.

Friends have told him about a building materials business that would hire him on the spot, but the company is 26 miles away and over the Georgia state line, reachable only by car. A plywood company would hire him, too, but that job is 30 miles away. Merely getting to the state Career Center to maintain his a $180-a-week unemployment check and search through job listings on a public computer requires a 40-minute bus ride.

Lean, able-bodied and proud, Stinson is accustomed to earning his way. He does not want an unemployment check any more than he wants extra time to sit around his cramped apartment watching daytime television. He would much prefer not using the food stamps that have become the only thing sparing him from hunger. He wants what he has had for most of his 49 years: He wants a job.

But in Chattanooga, as in much of America, getting a job and getting to a job are two different things.

?That?s the thing that hurts me the most, having experience and qualifications, but you can?t get to the destination," Stinson says. "It?s a painful situation here. I?ll tell you, I?m not one to give up hope, but, man, it makes your self-esteem drop. Your confidence disappears. Sometimes, I just can't think about it. You get so it's all that's in your head. 'I need a job, but I can't get there.' I just want to feel like I?m back, like I?m part of the world again.?

Stinson's challenge underscores a formidable barrier separating millions of poor Americans from the working world, particularly as work continues to shift to the suburbs: Limited public transportation networks reduce the ability of those who need work to actually find it, worsening an already bleak job market.

On top of the most catastrophic economic downturn since the Great Depression, the continued impact of automation, and the shift of domestic production to lower-wage nations, here is a less dramatic yet no less decisive constraint that limits opportunities for many working-age Americans: The bus does not go where the paychecks are.

Nearly 40 million working-age people now live in parts of major American metropolitan areas that lack public transportation, according to an analysis by the Brookings Institution's Metropolitan Policy Program. The consequences of this disconnection fall with particular severity on the poor. One in 10 low-income residents relies on some form of public transportation to get to work, according to the report.

In the nation's 100 largest metropolitan areas, nearly half of all jobs lie more than 10 miles from the downtown core, according to a prior study by Elizabeth Kneebone, a Brookings researcher. For the typical resident, more than two-thirds of the jobs in the 100 largest metro areas are beyond range of a 90-minute commute using mass transit. A separate Brookings study released this week finds that the typical job in major metro areas is accessible to only 27 percent of all working age adults within an hour-and-a-half commute on public transportation.

Many of the country's best-connected metropolitan areas are in the West and the Northeast, according to Brookings. Despite its notoriety as a car-centric domain, the Los Angeles metro area has a mass transit system that gets within three-quarters of a mile of 96 percent of all working-age residents, the study finds. The San Francisco Bay Area, New York, Miami and Las Vegas are similarly well served. The least-connected urban areas are in the South, among them Nashville, Richmond, and Jackson, Miss.

At the bottom of the list is Chattanooga, a metropolitan area with an official labor force of about 262,000 people. Here, only 22.5 percent of working-age residents have access to public transportation.

Among urban planners, Chattanooga has developed a reputation as a place that has gotten a lot right in recent times. Its redeveloped waterfront on the banks of the Tennessee River features a pedestrian-only bridge. A free shuttle bus service operates downtown, using a fleet of electric vehicles. Bike rental stations dot denser neighborhoods.

But as work has continued its steady march to the suburbs, the transit system has failed to keep pace, limited by what local officials portray as weak public financing. The result is a metropolitan area in which anyone without a car faces severe limits on employment options.

?There are whole parts of town where the bus doesn?t go,? says Robert Lawrence, who runs a job search program at Chattanooga Community Kitchen, a social service agency focused on the homeless. ?Bus service doesn?t run at all if you?ve got a third-shift job. Some of them walk for miles, every day and late at night. A lot of them lose their jobs. It?s tremendously frustrating.?

For the frustrated people here, the limits of mass transit restrict the boundaries of possibility, reinforcing poverty and a nebulous sense of futility. They can see opportunities, but often cannot reach them -- at least not without extraordinary struggle.

For Stinson, it all dates back to a summer night five years ago, when a tire on his 1987 Chevy pickup truck went flat while he was driving near his house. He pulled into a parking spot, left the pickup and went home. When he returned the following morning, his vehicle was gone. He reported it stolen to the police, but it was never recovered.

His delivery job was only a five-minute walk. But when that business shut down in April and he began looking for other work, he found himself studying the bus schedule alongside the job listings -? an exercise full of exasperation and missed opportunities.

As the months pass without a paycheck, his eyes show the weight of sadness and wounded pride.

?Sometimes, it hits me and I get so depressed," he says. "I?m like, ?Man, what is happening?? You feel like you?re losing your mind. I?ve got to do something. If I had transport, I?d be back at work by now. I know this."

WHERE THE SKY IS BLUE

When Chattanooga Mayor Ron Littlefield was growing up in the 1950s, his father worked in textile plants in mill towns in Georgia and Tennessee. Nearly all the workers occupied modest homes clustered near the factories.

"My father never drove" Littlefield says. "He would always walk to work. We don?t build cities like that anymore. Perhaps we should."

As Littlefield, 66, forged his own career as an urban planner, he watched U.S. metropolitan areas push out their boundaries. "Everybody wanted to live out in the suburbs and have an acre or two," he says. "They wanted to be out where the sky is blue and the grass is green, with cul de sacs, and curvilinear streets and no sidewalks."

Government enabled this development by constructing an arterial system of roads and highways that put the private automobile at the center of life, yielding the suburban sprawl that defines major metro areas from Phoenix to Houston to Atlanta.

As people have come to live further apart from one another while commuting greater distances to their jobs, running public transit systems has proven increasingly challenging and expensive, requiring broader areas of coverage. At the same time, economic inequality has separated many communities into two camps -- those who can afford cars, and those who depend upon buses and trains.

This is especially so in medium-sized cities such as Chattanooga, whose metro area is home to about 530,000 people, putting it in the company of Modesto, Calif., and Jackson, Miss. In big, dense cities such as New York and Chicago, traffic can be so awful that even millionaires who can afford chauffeured limousines sometimes ride subways to avoid congestion. But in communities like this, traffic is nearly nonexistent, making cars the favored conveyance for anyone who can afford one.

Roughly three-fourths of the ridership on the public buses operated by the Chattanooga Area Regional Transportation Authority are people who lack an alternative, up from about half in the late-1970s, says Tom Dugan, the authority's executive director. The reality of the bus as a vehicle that most local people neither encounter nor desire translates into weak local funding for the transit authority, Dugan complains.

"Most of our people are the working poor," Dugan says. "In Chattanooga, no elected official is going to win an election based on a transit issue."

Roughly one-third of the system's $15.7 million operating budget comes from the city, with 40 percent coming from rider fares, and the rest from state and federal support. Two years ago, when Dugan compared his system to those of 56 metro areas with similar populations, he found that Chattanooga ranked 52nd in local funding per capita, and 53rd in the percentage of transit money that comes from local sources.

"In any city, public transport is an important part of the transit system and that seems to get lost," Mayor Littlefield says. "Some of the more conservative people in the community believe that it's OK to spend public money on roads, but it's not OK to spend on public transportation, such as buses and rail -- that those have to be self-supporting."

The tenets of the so-called New Urbanism infuse local planning discussions with encouragement of bicycling, walking and mass transit. Updated zoning policies have clustered condos near new office space and bus service. Young professionals are fixing up bungalow-style homes that formerly sheltered downtown factory workers, eschewing the suburbs for life within pedestrian proximity to shops and restaurants.

While this trend may eventually yield better-connected neighborhoods, the present is still colored by mismatch, with major employment centers setting up out on the periphery, far from mass transit.

In recent years, two major employers set up in an office park some 14 miles east of downtown. Volkswagen manufactures its popular Passat sedans here, employing some 3,200 people. Amazon.com has set up a distribution center that employs 2,000 people.

Yet one major barrier prevents would-be job seekers like Stinson from securing positions at either of those locations: The nearest bus stop is a half-hour walk away. The bus line that stops there, the Number 6, offers limited service, requiring that passengers call a dispatcher to request a bus.

That bus doesn't run before 6:45 in the morning, making it difficult for people on early shifts to get to work on time. It doesn't run after 6:45 in the evening, making it challenging for people who work nights to get home. On Sundays, it doesn't run at all.

TALKING TO GOD

On Sundays, when Sharon Smith must get to Amazon.com for her minimum-wage job cleaning the restrooms, she must walk along the shoulder of a highway for more than three miles.

She takes the Number 4 bus. She steps off at a busy intersection flanked by a BP gas station and a SunTrust bank and sets out on foot, walking alongside speeding cars for about 90 minutes.

Smith, 43, is willing to make that walk because her job at Amazon amounts to her escape route from the downward spiral that seized her last fall, when her beat-up 1997 Infiniti finally succumbed to wiring problems. Fixing the car would have cost $2,000. That was money she did not have, not on the $9-an-hour she was then earning cleaning the restrooms at the Volkswagen plant through a staffing agency.

Once her car died, she could no longer reliably get to work, and they were cutting her hours anyway. She had often driven all the way out to the plant, only to be sent home after an hour or two. Without a paycheck, she fell behind on the $350-a-month rent and was eventually evicted from her apartment. She landed in a homeless shelter that had been set up temporarily, just for the winter months.

When spring came, she pitched a tent in a makeshift encampment carved into a slice of scraggly brush set between railroad tracks and an abandoned warehouse. She bought a barbecue grill at a dollar store, using it to grill chicken and pork chops she procured with food stamps. Her restroom was the bushes or the public facilities at the Community Kitchen, the social service agency nearby.

She contended with ticks, spider bites, and the men in tents all around her, who were prone to drunken fights and petty theft. They stole clothing, bicycles, food and even toothbrushes, she says. One of them once sneaked into her tent seeking sex, she says, and she had to fight him off. Someone swiped her cell phone, which had all the phone numbers she valued in the world, including those of her four stepsisters.

Her cheeks burnt pink by the sun and her blond hair pulled back into a rough ponytail, Smith conveys a sense that she is prepared to protect herself. "I can take an ass-whooping as much as I can give an ass-whooping," she says. But after two months in the tent, she could bear it no longer. She took refuge in a vacant house that had been lost to foreclosure, a place lacking both water and power. She lights candles, cooks on her grill, and cadges buckets of water from unsuspecting neighbors, tapping their garden hoses when they are away, in order to flush the toilet.

"This is humiliating to me," Smith says. "It's embarrassing to be in this situation. How in the hell did this happen?"

This is a purely rhetorical question. Smith has been homeless before, and she has struggled with drug addiction -? crack cocaine in particular -? which devoured her life in Atlanta, where she worked as an installer for a local telephone company, earning some $60,000 a year. "I met this guy," she says, the preamble to a tangled story that involves losing her four-bedroom home, her job and her mental well-being, along the way landing in Chattanooga.

She has been clean in recent years, she says, and she is intent on achieving a modest form of self-sufficiency, a station centered on one key element -? a steady paycheck.

"My dream is just to have an apartment," she says, "a place somewhere where I can lock a door, and I don't have to worry about someone coming in and stealing my clothes. I'm just trying to get myself stable again. I'd be satisfied with a one-room shack, as long as it's got a door that could lock."

But even that aspiration felt beyond her as she trudged to staffing offices looking for work -? nearly any sort of work.

"There's all kinds of things I can do," Smith says, rattling off the ways she has earned a paycheck -? driving a forklift, operating factory machinery, mopping floors, and installing Internet service. But one thing she could not do kept tripping her up. She could not get to most of the jobs.

"They'd ask me, 'Can you get here?' and I'd be looking at the bus schedule," she says. "I'd tell them, 'I'll figure it out.' A lot of temp places don't even want to hire you if you don't have a car and you have to take the bus. If you call a temp agency and say, 'Do you have any jobs on the bus line?' they will flat out say, 'No,' and hang up on you."

The agency that hired her for the job at the Amazon plant cut her a break. She started on the morning shift, which required that she arrive by 6 a.m., but that was impossible given the bus schedule. The boss offered flexibility.

"She told me, 'Whatever time you can get here, that's when you start,'" Smith says.

She started in April. Since then, she has earned about $500 every two weeks, saving as much as she can toward securing an apartment. She has investigated the motels that have become de facto housing for low-wage service sector workers, but rejected them as a trap. Most would absorb most of her pay, leaving with her with almost nothing toward the security deposit she needs to get an apartment. The one motel she could afford ?- one that charges $125 a week ?- sits in a neighborhood known as Red Bank, which is devoid of bus service, making it impossible for her to get to work.

Back in her Atlanta days, she was making $26 an hour. Now, she is at the bottom of the American wage scale, but she celebrates this as a beginning.

"Seven twenty-five an hour is better than zero," she says. "I'm going to work, and if I have to continue to walk, I will. I will do whatever I've got to do, except get on my knees or lie on my back. It's tiring, it?s frustrating, it's rough, but you've got to crawl before you can walk."

This is the thought that drives her as she leaves the abandoned house and heads for the bus stop, trudging through the muggy southern Tennessee air.

She is working night shifts lately, so she makes this trip in the mid- afternoon. On a recent day, she is wearing a faded and too-big black T-shirt bearing pink letters: "MOTIVATION 101." She got it out of the donated clothes closet at the Community Kitchen. A purple backpack is slung over her shoulder, holding the ID card that gets her into the Amazon plant, the debit card on which her paycheck is deposited, her driver's license, her Social Security card.

"Everything that I really have to have in my life is in this book bag," she says.

She pulls out one of those items, a piece of plywood with a phone number written across it in pencil, the number of a man with a vacant apartment who will accept the so-called Section 8 voucher she has recently secured, entitling her to federally subsidized rent. Assuming that his apartment passes a required inspection, she can move in three weeks from this day.

"Three weeks," she says repeatedly, as if chanting a phrase that will open the gates to a better world. "If I can make it through these three weeks."

The Number 4 bus makes its way past the hulking shells of dismantled factories now shadowed by knee-high weeds, then across a highway overpass, and past a cemetery for soldiers, the white markers laid out like dominoes. It rolls past an Applebee's restaurant, a Krispy Kreme donut shop, a Bi-Lo supermarket, and a pawnshop. It goes by the Hamilton Inn, a tan fortress of a motel shimmering in the heat, where Smith knows a room with a mini-refrigerator and stovetop can be had for $231.72 a week, but where vacancies are rare. It goes past Fast Quick Loans, where a yellow banner draped across the storefront promises: "First Loan Free."

"Most of the time, I doze off," Smith says, "but sometimes I look out the window. It's relaxing. You can look at things and get a better view."

The bus goes past a Sears department store and a furniture outlet. Forty-five minutes after the beginning of this journey, it turns into the Hamilton Place shopping mall, where Smith steps off and transfers to the Number 6, which -? after another 30 minutes -? deposits her a half-hour's walk from Amazon.

Unless it is a Sunday.

On Sundays, she steps off the Number 4 at Shallowford Road and walks west for three blocks, then north up Hickory Valley Road, past mostly empty spaces punctuated by churches -? the Hickory Valley Baptist Church, St. Michael's Charismatic Anglican Church, Tyner Pent Church of God.

"I believe in God," she says. "I talk to him the whole way as I'm walking. I just thank him that I woke up today, and that I'm not using drugs. I thank him for my job. I look at this way: God has something in store for me. I just haven't figured out what it is yet."

She arrives at Amazon just before 6 p.m, tired and sweaty. She uses baby wipes to clean herself up. She spends the night scrubbing toilets, scraping gum off floors, putting soap in the dispensers, and wiping the mirrors.

When her shift ends, just after 6 in the morning on Monday, she walks a half-hour to a Shell station and dials the CARTA dispatcher to ask for a Number 6. Once, she waited in the pouring rain for more than two hours, she says, but most days, the bus comes within a half-hour. While she waits, she sits on a block of concrete and watches cars go by.

On a recent afternoon, Smith taps her latest paycheck for a $300 down payment on a used Ford Windstar van.

"I can live in the car, sleep in the car, find somewhere cool to park and just lie down," she says.

She can free herself from the Chattanooga bus system, and proceed with her plans.

"I don't care what the car looks like, as long as it gets me from point A to point B," she says. "All I've got to do is make it through these three weeks."

'I WAS A PART OF THAT'

For Lebron Stinson, time seems to be rolling backward, with each week adding to the distance separating him from the working world.

Back when Stinson was a teenager, he played trumpet in his high school band. He played so well that he got recruited into a working R&B group that played gigs in Atlanta and Knoxville -- the Inner City Emotions.

He enrolled in college. But when he was 19, he met a girl at a softball game, and everything changed.

?Lo and behold, there she was pregnant,? he says. ?I had to leave the band, leave school, and get familiar with Pampers.?

Needing to support a family, he began bartending a waiting tables at a local country club, earning about $350 a week -- decent money in the mid-1980s. Then he jumped to driving a truck and he earned more. By the early-1990s, he was earning about $40,000 a year, he says, running a distribution route for a local bakery.

?I loved that job,? he says. ?I?d wake up and spring out of bed like I was going to a party.?

He moved into a duplex apartment with wall-to-wall carpeting and a balcony -? "a small bachelor?s luxurious pad,? he says. He bought a motorcycle.

But when he came back from a vacation, the boss confronted him with complaints that out-of-date product had been landing on customer's shelves. It cost him his job.

?Ever since then, it?s been rough,? he says. ?All downhill since then.?

Desperate for something to pay the bills, he took what was available -- a job as a maintenance technician at a motel for $9 an hour. Then he got a job as a driver at a recycling company, where he made $10.25 an hour. But he lost that position after kidney surgery laid him up for several weeks, he says. His next job, at a building materials supply operation, paid only $8.50. He gave up the duplex apartment for a bedroom in a rooming house. For the last five years, he?s been making $7.25 as a driver for a door company.

?Backwards,? he says. ?It?s devastating.?

When the door company shut down in April, he found himself needing food stamps and an unemployment check. Merely figuring out how to apply was bewildering, he says.

"It?s still sinking in," he says. "I don?t know what to do. I don?t know where to go. I?m not accustomed to begging and relying on others.?

He went everywhere he could reach by foot in search of another job, he says. He stopped in at hotels downtown to ask about building maintenance or valet parking positions. He showed up at construction offices and courier services. Most of the time, he was turned away and told to apply online.

?Me being a truck driver, I?m almost computer illiterate,? he says.

On this day, Stinson takes the bus to the Career Center to check job listings. He sits in a waiting room and stares at the orange walls until a caseworker emerges and calls his name. She shows him three active listings, the maximum he is allowed to see each time.

One is a full-time job for $9.50 an hour driving a delivery truck for Dr. Pepper and Snapple. The loading dock is less than two miles from his house. The bus doesn?t go there, but it's a manageable walk, he says.

But this employer will only take applications online. When the caseworker helps him navigate to the Web page using a Career Center computer, the site shows only jobs in Louisiana and Texas, and not the position in Chattanooga.

The second listing is for a part-time position, driving a school bus for about $9 an hour, from a spot that is more than three miles from his house and far from the bus. The third one is a warehouse position at the Amazon plant. It pays more than $10 an hour, but it's a shift job that ends after midnight. He could take the bus out there, but how would he get home?

"It seems like every move you make, you run into a bigger obstacle,? he says.

Friends with cars have offered to shuttle him to and from work, but he does not see that as sustainable.

?They?ll do that for four, five days,? he says. ?Then they?ll start saying, ?Well, I?ve got something else to do today.??

What he has to do today is the same thing as most days: Try to stay focused. Try to stay fed. Try to get through the hours. Try to keep looking for work without dwelling on the particulars of a situation that does not add up.

The state deposits his weekly unemployment check onto his debit card -- $180, minus $65 for child support for his youngest daughter, who is about to turn 18. He pays $75 a week in rent. He goes to the grocery to buy some essentials -- toothpaste, eggs, and a beef roast that he plans to ration to get through the week. Like that, his balance is near zero.

?The grace of God is how I?m making it,? he says. ?It?s just rough.

When he rides the bus, he finds himself studying the surroundings for signs of his imprint, reminders of his labors. There is the recycling center where he used to move boxes. There is the motel he helped bring into existence by dropping off the rebar.

?It gives you a sense of satisfaction, seeing what you helped build,? he says. ?You think, ?I was a part of that.??

These days, Stinson feels a gnawing sense of torpor. He sits in his room watching television, the choices limited since he dropped cable to save money. ?Gunsmoke. Bonanza. I Love Lucy,? he says. ?Your old, wholesome, antenna TV.? He flips through women?s magazines that pile up in the mailbox, the subscriptions of a long-departed tenant.

?Sometimes, when you just sit at home for long periods of time, you get fatigued,? he says. ?You get bored. You do.?

He knows that his physical health is key to staying ready to work, but it's hard to stay in shape while he is sitting around, even as he forces himself to do calisthenics. It's hard to eat right when he is counting down to the penny and sometimes yielding to the temptations of cheap comfort in the face of too much time to kill.

?I?m not eating enough vegetables,? he says. ?You?re already depressed, so you just pull something out of a box and throw it in the microwave.?

It is debilitating, he says, the joblessness, the lack of transportation, the torturous feelings of being stuck. Yet there are moments of clarity. It hits him that he is but one break away from regular life. All he needs is a job.

?I just can?t get there, man,? he says. ?I say to myself every day, ?If I had transportation, I could do what I set out to do, find a job with fair pay and be productive.'"

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Source: http://www.huffingtonpost.com/2012/07/11/unemployment-problem-public-transportation_n_1660344.html

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The Neko Sentence

The Neko Sentence

After five nekos are found guitly for a major hiest they are sentenced to Earth where they must hide themselves among humans.

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This topic is an Out Of Character part of the roleplay, ?The Neko Sentence?. Anything posted here will also show up there.

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This is the auto-generated OOC topic for the roleplay "The Neko Sentence"

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ceh12
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Can I reserve the sly tongued?

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PrincessBoy
Member for 2 years


Can I have the stealth?

you cut my soul.
i cut my skin.
its like a game.
but who will win?

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KayEyeEmm
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Yes yes but the brains is taken by me

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ceh12
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Can I reserve the leader?

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xXSawsanXx
Member for 1 years



Could I reserve strength?

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nour06
Member for 1 years


Can I reserve a human musician?

In this world its not faith that saves us but defiance

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QuarantinedThoughts
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I want to reserve a human artist.

"Even The Sun Sets In Paradise."

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PerfectlyImperfect
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I would like to reserve human jock plz

FEAR ME LOVE ME FOR I AM YOUR KING
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dimon lord
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