Archive for October, 2008

Obama rally in Virginia

Friday, October 31st, 2008

I have uploaded some initial photos into a Flickr set you can see here. I had access to the press gallery so was able to take some reasonably good shots. I took some of the press corps themselves, including some of BBC journalist Jon Sopel, who was doing a live broadcast for the BBC 9 o’clock news.

Here he is just before the broadcast;

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And the man himself:

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And here was a fighter jet passing in the distance, with what looks like a press helicopter hovering.

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I have some videos too, will upload them once I get some sleep.

Obama at Virginia Beach

Thursday, October 30th, 2008

This morning myself and Conor Ryan, from the Irish Examiner, head over to an Obama rally in Virginia Beach. It starts at about 5pm and I will be updating my Twitter status while there. You can follow me on Twitter here. I will try and take some pics and maybe do a video or two and take lots of photos. Will update the blog when I get back.

Washington sights

Wednesday, October 29th, 2008

Well following a weekend off from blogging, I had a look around Arlington Cemetery today, where I watched the changing of the guard at the memoral of the unknown soldier. I took a good few photos, I hope they turn out ok.

Tomorrow I plan to attend an Obama rally in Virginia Beach, outdoor and by all accounts it should be huge. Saturday, McCain has a rally just south of DC, so I might try and get to that too.

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General Lee’s house:
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View from the upstairs bedroom in Lee’s house:

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Robert Kennedy grave:

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John F Kennedy’s grave:

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Tomb of the unknown soldier:

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Changing the guard at the tomb:

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Selling your soul at Moody’s

Wednesday, October 22nd, 2008

Rating agency Moody’s employee emails:

Employees at Moody’s Investors Service told executives that issuing dubious creditworthy ratings to mortgage-backed securities made it appear they were incompetent or “sold our soul to the devil for revenue,” according to e-mails obtained by U.S. House investigators.

I love this one:

An e-mail that a S&P employee wrote to a co-worker in 2006, obtained by committee investigators, said, “Let’s hope we are all wealthy and retired by the time this house of cards falters.”

If you’re not sure about the role Moody’s and Standard and Poors played in the debacle, Barry has a good brief rundown:

The proximate cause of the Housing crisis were 1) Ultra-low rates; and 2) Abdication of traditional lending standards, thanks to 3) originators ability to resell mortgages for securitization purposes, and hence, 4) not have to worry about loan defaults.

The credit crisis was caused by 1) the above securitized mortgage paper, that was 2) rated triple AAA by Moody’s and Standard & Poors 3) Which was then “insured” by credit default swaps (CDS) — the unreserved for, shadow insurance products 4) whose exemption was made possible by the Commodities Futures Modernization Act.

That legislation exempted these derivatives from any supervision or regulation. The lack of reserve requirements is why there is now $62 trillion in CDS, many of which will never pay their counter parties the promised insurance.

He has more here, including IM conversations between staff at Standard and Poors.

Rahul Dilip Shah: btw: that deal is ridiculous

Shannon Mooney: I know right … model def does not capture half of the risk

Rahul Dilip Shah: we should not be rating it

Shannon Mooney: we rate every deal

Shannon Mooney: it could be structured by cows and we would rate it

Washington bound

Wednesday, October 22nd, 2008

Tomorrow I head off to the US for a couple of weeks, and it is certainly an interesting time to be going (and an interesting contrast to Georgia two weeks ago). I will be in Washington DC for the majority of the trip, but will be calling to New York and do a quick jaunt to Canada while I’m there. I will be shacking up with the Examiner’s US correspondent and intrepid traveller Conor Ryan (he’s not blogging, yet).

Hopefully I will be able to catch up with old friends of the blog, Steve Clemons and Jonathan Smith (former blogger and a reader). And who knows who I else I might meet…

I have been to Washington before, and managed to get in many of the sights. On this trip I will finally get out to Arlington Cemetery and visit the enormous Basilica of the National Shrine of the Immaculate Conception.

Does anyone have any other suggestions for my time in Washington during the election? Any people I should meet?

Nakalakevi, Georgia

Wednesday, October 22nd, 2008

I visited the ruins at Nakalakevi (Nokakalevi, ნოქალაქევი) in Georgia for only a brief time. You can read a history of the city here. Some interesting notes about the city:

1200 BC: Jason and the Argonauts’ mythical journey to Colchis to retrieve the Golden Fleece

Beginning 1st BC to end of 3rd AD Sparse evidence for occupation by the Roman Empire, unconfined to a specific stratigraphical event. A piece of Sinopian pottery has been found and some coins marked with Constantine I who ruled 306 – 337 AD.

Beginning of 4th to end of 6th Renovation and additional construction of Archaeopolis to include bath houses, water cisterns, kilns for workshops and churches. Archaeopolis is the stage for the battle between the Persians, led by Mermeroes and the Byzantines, led by Odonachus and Babas in 551 AD, during the war of 540-562. Coins found on second level marked with Flavius Mauricius Tiberius who ruled 582 – 602 AD. Human, possibly Christian burials found in the lower town near the 7 Martyrs Church.

17th – 19th Site occupied by a branch of the princely Dadiani family, who repaired/rebuilt some of the standing remains and conducted small scale amateur archaeology.

10th – 11th Period indicated by glazed green pottery. 40 Martyrs Church reconstructed. Mid 8th Nokalakevi destroyed by the invading Arab general Murvan Ibn-Muhammad (later caliph).

Beginning of 8th The Byzantines besiege Archaeopolis unsuccessfully, attempting to recover Lazika from the Arabs; coincides with the first iconoclastic period.

I was told that Irish archaeologists are involved, and come back every Spring to continue their work. I took some photos, but as it was close to dusk, the quality is not great. Here is a satellite photo.

The Eastern entrance:
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The wall, with some archaeological work beside it:

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The River Tekhuri, looking south:

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You really do wonder what might be under all those trees. The ruins look untouched.

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The city had easy access to the river via this tunnel, which remains intact. Pretty long tunnel too.

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Old people protest

Wednesday, October 22nd, 2008

I sympathise with their plight.

But by the same token I have to ask myself three questions, based in part on instinct and in part on statistical probability.

1. How many of the old people protesting voted Fianna Fail?

2. How many of the old people protesting have always voted Fianna Fail?

3. How many of the old people protesting will vote Fianna Fail in the next election?

Crazily, I suspect most of them.

By the way my favourite protester sign read:

No country for old men, or women.

Palin, Wasilla, and qualifications

Wednesday, October 22nd, 2008

The Punchestown scandal

Wednesday, October 22nd, 2008

Ah more memories…Batt O’Keeffe defends the indefensible. March 30, 2004.

Noel Demspey on PPARS

Wednesday, October 22nd, 2008

I dug it out from the RTE archives. Remember this? €170m wasted.

Habitable planets

Tuesday, October 21st, 2008

Space.com explains a new idea that the “goldilocks” zone around suns may be different than previously thought.

Some extrasolar planets that one might assume are too cold to host life could in fact be made habitable by a squishing effect from their stars, a new study found.

A planet’s midsection gets stretched out by its star’s gravity so that its shape is slightly more like a cigar than a sphere. Some planets travel non-circular, or elongated paths around their stars. As such a world moves closer to the star, it stretches more, and when it moves farther away, the stretching decreases.

When a planet’s orbit is particularly oblong, the stretching changes are so great that its interior warms up in a process called tidal heating.

“It’s basically the same effect as when you bend a paper clip, and it gets hot inside,” said researcher Brian Jackson of the University of Arizona’s Lunar and Planetary Laboratory.

Jackson and colleagues created a computer model to simulate this effect on exoplanets, and found that the process could shift the range and distance of the “habitable zone” around a star in which planets would have the right temperatures needed to harbor life.

Yahoo results

Tuesday, October 21st, 2008

Well Mr Market has liked Yahoo’s decision to fire 1,500 workers. The shares are trading up by about 5% in after market.

The purge outlined Tuesday represents a 10 percent reduction in Yahoo’s payroll of about 15,000 employees. It’s the second time in nine months that Yahoo has resorted to mass layoffs in what so far has been an ineffectual effort to rebound from a financial funk that has left its stock price near a 5 1/2-year low.

Things got worse in the third quarter as Yahoo earned $54.3 million, or 4 cents per share. That was a plunge of 64 percent from $151.3 million, or 11 cents per share, at the same time last year.

Remember, Microsoft were prepared to pay up to $35 a share under the original deal. Yahoo now trades at $12.

Mac Mini RIP?

Tuesday, October 21st, 2008

Gizmodo reports that the Mac Mini has ceased shipping to some retailers and may be cancelled altogether. Does Apple have a replacement in mind, or is it planning to simple let the Mac Mini go the way of the Dodo?

I have a Mac Mini, as do several people I know. All of whom hooked it up to HDTVs in their living rooms. It provides a great fully featured juke box/computer/internet device for the living room at not too high a cost.

The story brings to mind Cringely’s recent musings on the subject of Apple. He talks about the recently released MacBooks and MBPs and then goes onto this:

Back on July 21st in his regular conference call with industry analysts, Apple Chief Financial Officer Peter Oppenheimer said that Apple’s profit margin would likely shrink from 34.8 percent in the just-concluded quarter to 31.5 percent in the quarter ending in September. “We’ve got a future product transition that I can’t discuss with you today,” Oppenheimer said as he spelled out the reasons for the anticipated profit reduction. “One of the reasons that we see gross margin being down sequentially is because of a product transition.”

What kind of Apple product could be expected to come along, taking a $244 million profit hit for the company? It certainly isn’t any of the products we’ve discussed so far, nor is it the iPhone 3G or the new iPod Touch, which have both been publicly dissected and found to have gross margins in the 56 percent range.

It’s something else that was probably intended to be announced this week but wasn’t.

Apple has also just released Q4 earnings a few minutes ago.

The Company posted revenue of $7.9 billion and net quarterly profit of $1.14 billion, or $1.26 per diluted share. These results compare to revenue of $6.22 billion and net quarterly profit of $904 million, or $1.01 per diluted share, in the year-ago quarter. Gross margin was 34.7 percent, up from 33.6 percent in the year-ago quarter. International sales accounted for 41 percent of the quarter’s revenue.

“Apple just reported one of the best quarters in its history, with a spectacular performance by the iPhone — we sold more phones than RIM,” said Steve Jobs, Apple’s CEO. “We don’t yet know how this economic downturn will affect Apple. But we’re armed with the strongest product line in our history, the most talented employees and the best customers in our industry. And $25 billion of cash safely in the bank with zero debt.”

What has Apple got in store? Maybe Robert has some thoughts?

Eminem endorses Obama

Tuesday, October 21st, 2008

Well I guess it’s not as high profile as Colin Powell. Though the conservative base may see it as a good thing for a bad man like Eminem to endorse the socialist Obama.

I doubt it will have much of an affect either way.

Seven Questions for Larry Wilkerson

Tuesday, October 21st, 2008

FP ask some questions of Colin Powell’s chief of staff on Powell’s endorsement of Obama.

I like these two:

FP: What’s your take on the tone of the campaign?

LW: I was fully expecting the grand wizard of the Klu Klux Klan to arrive from Maryland and endorse McCain. I was becoming frightened that we were returning to 1968, when they assassinated Bobby Kennedy and Martin Luther King Jr. Those were bad times.

One of the most dramatic moments for me was when I was watching McCain on television, and I thought I saw in McCain’s eyes himself, when someone yelled something out, a recognition of, ‘Oh, God, what have I done?’ This is not McCain; he doesn’t cater to this. But for the first time in his political life, I think he realized that there are some strange people in the Republican tent. My father used to say, ‘Larry beware of the left because they will bankrupt you; beware of the right because they will kill you.’

And (my emphasis)

FP: How much progress can the next president make in restoring America’s reputation in the world, and how should he do so?

LW: That’s an easy question to answer, but hard to do. On Inauguration Day in my inauguration speech, I would do two things: I would ban torture and I would direct the closure of Guantánamo. And then I would do other things in the first 100 days: I would take a look at negotiations with Iran and at the six-party talks with [North] Korea. I would take a look at U.S.-Cuba relations. Those are actions that would indicate that America is back.