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Tuesday, November 26, 2013
This November at IFTTT we’re thankful for…
Sunday, November 10, 2013
AFI Fest: David O. Russell Sneaks 'American Hustle' First Scene: 'Everybody ...
At the Nov. 8 AFI Fest tribute to David O. Russell, the director screened the first six minutes of the hotly anticipated American Hustle, which stars Christian Bale and Amy Adams as con artists working for federal agent Bradley Cooper.
The audience chuckled at the first words in the clip: 'Some of this actually happened,' and again when Bale, somewhat resembling Tom Cruise's fat Les Grossman character in Tropic Thunder, laboriously and hilariously prepares a bald man's elaborate comb-over, as America's tune 'Horse With No Name' plays on the soundtrack.
VIDEO: David O. Russell's 'American Hustle' Debuts First Full Trailer
Then he joins brassy British-sounding con woman Adams, her braless breasts barely contained by an open shirt, and Cooper's irritably high-strung Brooklyn Federal agent to sweet-talk a mayor ( Jeremy Renner) into accepting an attache case stuffed with cash, to the tune of Steely Dan's 'Dirty Work.' Jennifer Lawrence, who plays Bale's wife, did not appear in the clip, but at the pre-screening party at the Hollywood Roosevelt Hotel, she said, evidently referring to the film, 'I come in with a big pow!'
Despite hours of horrifying sound problems that provoked Russell to walk out of the event briefly, muttering, 'No way!' the clip played well the second time it was screened, when the sound worked. Russell graciously returned to acknowledge the applause. Though it's hard to tell how the whole film will go over, the first scene clearly resonated with the AFI crowd.
Russell noted that American Hustle, a potential Oscar magnet that opens Dec. 13 (and Dec. 18 in wide release), is in the style he discovered with 2010's The Fighter and developed in 2012's Silver Linings Playbook -- a character-based piece rooted in a real story. ' The Fighter was a great revelation to me, about these people, the way they talk, their behavior, their emotion, their romance, their heartbreak,' Russell said. 'In Silver Linings, I took the true story and put my own life into it. In American Hustle, I took some of the true story and made it personal and fictional, so it became a movie.'
Asked what that means, Russell replied, 'It means that I want to focus on the characters more than an event. In American Hustle, there was an event in the '70s where a Bronx-born con artist and his partner in crime -- that's Christian Bale and Amy Adams, a woman from England, or supposed to be from England -- were forced to work for the Federal government, and they taught the government how to con, and how to create a theater to draw other people in, based on what their hopes were. And this was during a recession. So I wanted to make it about those people and their love affair, these two characters, and Christian's wife, really -- that's Jennifer -- a very, as she describes her, 'a Picasso of a passive-aggressive[ness]. Jennifer was very excited about playing someone wildly different from who she's ever played, a real housewife of Long Island.'
'Everybody [is] playing against type,' said Russell. 'Jeremy Renner, who's very guarded typically, play[s] a big, open-hearted Italian mayor of a New Jersey community, who wants to do anything for his community. There's a real romance between him and Christian Bale as well. And Louis CK -- I'm probably answering too many questions.' In fact, Russell didn't answer very many questions about American Hustle, but he well explicated his previous career under Jenelle Riley's gentle interrogation.
When Riley asked what more we can expect from the film, Russell grinned and said, 'Well, there will be sound!'
from newsandtalking.blogspot.com News And Talking
George Clooney Honored by "Great Friend" Julia Roberts at BAFTA Britannia ...
Kevork Djansezian/Getty Images for AFI
George Clooney may have been the big honoree at tonight's BAFTA Los Angeles Jaguar Britannia Awards in Beverly Hills, but that didn't stop his A-list celeb friend Julia Roberts from cracking some jokes about the Oscar winner.
'I'm normally in my second REM cycle by now so let's get this done,' Roberts joked on stage while presenting Clooney with the Stanley Kubrick Britannia Award for Excellence in Film. 'George Clooney, or as my daughter calls his, 'George Looney.' So, so honored to be here tonight. And there are two obvious reasons why I was chosen to do this.'
'One, was out of town,' she went on. 'Two, , he's in town but he was unavailable. I consider George a friend. We have worked together in many capacities. We have acted together a few times. He's been my producer and my director, all of which he is immeasurably gifted at. He's handsome, he's talented, he is an exemplary humanitarian and a gifted prankster.'
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Clooney was quick to return the compliments. 'It has been such a pleasure to watch the woman you have become,' he gushed. 'Its' very hard for me to be just straight nice because she'll get me later. But just an amazing mother, an amazing wife and a great, great friend. It's really an honor to have her here.'
Before the show, Clooney (sans rumored gals Monika Jakisic or Amal Alamuddin) and Roberts chatted it up during dinner. The former Ocean's Twelve costars were smiling and laughing while catching up.
Other stars who were honored during the bash included Kathryn Bigelow (John Schlesinger Britannia Award for Excellence in Directing), Sacha Baron Cohen (Charlie Chaplin Britannia Award for Excellence in Comedy), Benedict Cumberbatch (Britannia Award for British Artist of the Year), (Britannia Humanitarian Award) and Sir Ben Kingsley (Albert R. Broccoli Britannia Award for Worldwide Contribution to Entertainment).
The BAFTA Britannia Awards will be broadcast on BBC America on Nov. 10 at 9 p.m.
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from newsandtalking.blogspot.com News And Talking
Saturday, November 9, 2013
AFI Fest 2013: David O. Russell shows first six minutes of 'Hustle'
David O. Russell unveiled the first six minutes of his latest movie, 'American Hustle,' during a career tribute at Hollywood's Egyptian Theatre on Friday night. And though technical issues with the sound forced the footage to be stopped and restarted, it was clear from watching the opening scenes that the filmmaker is working with the same energetic brio and stylistic command that propelled his last two movies, 'The Fighter' and 'Silver Linings Playbook,' to best picture Oscar nominations.
'Hustle' opens with a long shot of Christian Bale's pot-bellied con artist character preparing for a sting operation by fussing and combing and spraying an elaborate hairpiece in a way that recalls Richard Dreyfus sculpting that mound of mashed potatoes into the Devil Towers Monument in 'Close Encounters of the Third Kind.'
'When you see him with his hair, that's one of the themes of the picture,' Russell tells me in a conversation after the tribute. 'What that is for yourself and your life, when you're constructing something. It's real and it's not real. It's both things. It's the best version of yourself. How long does it serve you and how long does it not serve you?'
From the comb-over, we're then taken into a hotel room where Bale, his partner ( Amy Adams, wearing an insanely plunging neckline) and Bradley Cooper's unhinged FBI agent try to coerce a New Jersey politician ( Jeremy Renner) into taking a cash-filled briefcase while surveillance cameras record them.
Noting Adams' dress and a similarly revealing leather jacket seen in a publicity still, Russell smiled and said, 'I wanted her to wear classic fashion of the '70s, and [costume designer] Michael [Wilkinson] took it where he took it. She was game and she's never been so glamorous or beautiful. She's not like that of course the whole time, but she wears a lot of glamorous clothes. She has 50 wardrobe changes. Five. O.'
Russell also revealed that Robert De Niro's role in the 130-minute 'Hustle' will be vital, featuring the 'Silver Linings' alum in a handful of 'important' scenes. ( Jennifer Lawrence, another member of the 'Silver Linings' ensemble, is in the movie too, playing a volatile housewife.)
'There's a whole bunch of surprises in the movie actually,' Russell told me, coyly. Adding that since Thanksgiving falls late this year, it appears that 'Hustle' will start screening for the media before the November holiday. (The movie opens in theaters on Dec. 13.)
Russell was still writing the film last year while promoting 'Silver Linings Playbook' through the awards-season gauntlet. It's the first time in his career he has made movies in back-to-back years.
'I wouldn't want to do it every year,' Russell says. 'But to have done it this once. ... You know, there are guys like the Coen brothers, I've always been impressed by how prolific they are. Or even Woody Allen. Woody loves being in the river too, the river of storytelling and the narrative. That's what I love. I love being with these characters and their narratives as they're trying to change them or remake them. Narrative is everything. Without narrative, I don't know what anything would be, frankly.
'So you strike while the iron's hot,' Russell continues. ' I don't want to take a break when things are going too well. I'm happiest when I'm telling a story. it's very exciting to me. It keeps me young.'
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from newsandtalking.blogspot.com News And Talking
Clippers bury Rockets behind Blake Griffin, JJ Reddick
HOUSTON -- Blake Griffin and J.J. Redick scored 22 points, and the Los Angeles Clippers used an 18-0 run in the second half to rally for a 107-94 win over the Houston Rockets on Saturday night.
Jamal Crawford had 16 points, Chris Paul added 14 points and 13 assists and DeAndre Jordan had 12 points and 18 rebounds for the Clippers. Griffin also had seven rebounds and Redick shot 8 for 15 from the field.
Los Angeles shot 14 for 23 on free throws, but just 9 for 24 on 3-pointers.
Dwight Howard had 21 points and eight rebounds for the Rockets, but was just 5 for 11 on free throws. Chandler Parsons added 23 points and eight rebounds, while Patrick Beverley scored 19 points.
James Harden, who was a game-time decision with a bruised left foot, had 12 points on 4-for-15 shooting.
Houston finished 17 of 27 from the free throw line.
Trailing 71-60 with 5 minutes remaining in the third, the Clippers scored the final 13 points of the quarter to take a two-point lead on a tip-in by Crawford at the buzzer.
Los Angeles kept the run going to start the fourth, with Crawford capping it with a three-point play with 10:21 remaining in the game to increase the lead to 78-71. Crawford had seven points and Jared Dudley added five points in the spurt that lasted nearly seven minutes.
Houston pulled to 84-80 on Harden's three-point play with 7:21 remaining, but that would be as close as they would get.
Los Angeles had a 9-3 run over the next three minutes to increase the advantage to 92-83 on Griffin's free throw with 4:15 to go.
Houston tried a `Hack a Jordan' tactic with 3 minutes remaining, and despite Jordan missing both free throws, Los Angeles countered by fouling Howard and taking Jordan out of the game. Howard made a free throw to get the Rockets to 97-90, but Redick hit two free throws and Darren Collison made a 3-pointer with 1:39 remaining to make stretch the lead to 102-90.
The Clippers opened up an 18-8 lead midway through the first quarter as Redick scored eight of Los Angeles' first 10 points. Houston finished the quarter on an 11-0 run over the final 3:40 of the period. Howard had 10 points in the first, including the first four of the run.
Houston kept it up in the second quarter, extending the lead to 10 at 39-29 on back-to-back 3-pointers by Beverley with 7:26 left in the period.
The Rockets led 55-46 at halftime.
Game notes
Los Angeles F Matt Barnes missed his third straight game with a right thigh contusion. ... Beverley had a career-high four steals. ... The Sandau Trio Russian Bar, who were on 'America's Got Talent' performed at halftime.
Copyright by STATS LLC and newsandtalking.blogspot.com
from newsandtalking.blogspot.com News And Talking
Trey Edmunds, Virginia Tech cruise past No. 11 Miami
MIAMI GARDENS, Fla. -- Trey Edmunds ran for four touchdowns, the first three of them set up by Miami special-teams miscues, and Virginia Tech knocked off the 11th-ranked Hurricanes 42-24 on Saturday night.
Edmunds had scoring runs of 10, 2, 4 and 1 yards for the Hokies (7-3, 4-2 Atlantic Coast Conference). Logan Thomas completed 25 of 31 passes for 366 yards, giving him consecutive games of 300 yards or more for the first time in his Virginia Tech career.
Stephen Morris completed 16 of 29 passes for 324 yards for Miami (7-2, 3-2), which lost its second straight. Morris had an 81-yard touchdown pass to Stacy Coley and an 84-yarder to Allen Hurns, but the Hurricanes were still outgained 549-352.
Virginia Tech held Miami to 28 rushing yards. The Hokies had 26 first downs to Miami's 12.
The win turns the ACC's Coastal Division into a muddled mess.
from newsandtalking.blogspot.com News And Talking
James White's 3 TDs lift No. 22 Wisconsin past BYU
MADISON, Wis. (AP) - James White ran for two touchdowns and caught a pass for another score, and No. 22 Wisconsin stalled BYU's fast-paced offense in a 27-17 victory Saturday.
BOX SCORE: Badgers 27, Cougars 17
White finished with 147 yards rushing, while Chris Borland looked just fine coming back from a hamstring injury in flying around the field for 13 tackles and two sacks for the Badgers (7-2).
Kyle Van Noy went step-for-step with Borland in a matchup of star linebackers with eight tackles and an interception for BYU (6-3). Taysom Hill threw two touchdown passes to Cody Hoffman, but the dual-treat quarterback was held in check by Wisconsin pressure.
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White locked up the win with his third score on a 14-yard run with 13:51 left in the fourth for a three-possession lead.
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from newsandtalking.blogspot.com News And Talking
James White's 3 TDs lift No. 22 Wisconsin past BYU
MADISON, Wis. (AP) - James White ran for two touchdowns and caught a pass for another score, and No. 22 Wisconsin stalled BYU's fast-paced offense in a 27-17 victory Saturday.
BOX SCORE: Badgers 27, Cougars 17
White finished with 147 yards rushing, while Chris Borland looked just fine coming back from a hamstring injury in flying around the field for 13 tackles and two sacks for the Badgers (7-2).
Kyle Van Noy went step-for-step with Borland in a matchup of star linebackers with eight tackles and an interception for BYU (6-3). Taysom Hill threw two touchdown passes to Cody Hoffman, but the dual-treat quarterback was held in check by Wisconsin pressure.
COLLEGE FOOTBALL'S WEEK 11 HIGHLIGHTS
White locked up the win with his third score on a 14-yard run with 13:51 left in the fourth for a three-possession lead.
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from newsandtalking.blogspot.com News And Talking
Belfort vs. Henderson predictions
Saturday will mark the second time in four days that the UFC is live on Fox Sports 1, which means it is time to break out the crystal ball once again and offer up some picks for UFC Fight Night: Belfort vs. Henderson.
Vitor Belfort (23-10) vs. Dan Henderson (29-10)
As good as Henderson has been over his lengthy, decorated career, he has become too one dimensional to pick at this point, at least against strong competition like Belfort.
While there is always the potential of the 43-year-old landing that nasty overhand right of his, it's easy to see it coming these days, and given that Belfort has a significant speed advantage and much younger legs, there is little chance of it happening here.
Look for Belfort to pace himself, staying out of harm's way and doing damage in short bursts from the outside. Though the chances of him knocking out the durable veteran Henderson (he's never been KO'ed in his career), 'The Phenom' should win a fairly clean decision here.
Prediction: Vitor Belfort by Unanimous Decision
Cezar 'Mutante' Ferreira (6-2) vs. Daniel Sarafian (8-3)
These two were supposed to meet in the Ultimate Fighter: Brazil middleweight finals last summer, but an injury to Sarafian kept it from happening. Both have since made a pair of appearances in the Octagon, and will finally lock horns here.
'Mutante' is Vitor Belfort's protégé and I think we see the student earn a victory on the same card as the teacher in this one.
Ferreira is the most explosive and athletic of the two, and looks to have the superior conditioning as well. Sarafian looked very good last time out, but took a while to get going in his UFC debut against C.B. Dollaway. He'll start sluggish here, and Ferreira will make him pay for it.
Prediction: Cezar Ferreira by TKO, Round 1
Rafael 'Feijao' Cavalcante (11-4) vs. Igor Pokrajac (25-10)
'Feijao' can't possibly look as poorly as he did against Thiago Silva last time out... can he?
Both men need a victory in a bad way, and while the abysmal showing Cavalcante turned in last time should make Pokrajac the choice, the Croatian has a tendency to play to his opponent's strengths, and it will cost him here.
Much like he did in his fight with Vinny Magalhaes, Pokrajac will make a mistake along the fence, leaving his neck out, at which point, 'Feijao' will snag a guillotine, and secure the finish.
Prediction: Rafael 'Feijao' by Submission, Round 1
Paulo Thiago (15-5) vs. Brandon Thatch (10-1)
Thatch is more than just a regional talent that has been beating up tomato cans on smaller shows, and the finisher known as 'Rukus' should continue to prove that here.
As much as Thiago is a significant step up in competition, there is nothing in Thatch's background that suggests he's not capable of making the leap. He's an aggressive, offensive fighter that won't be overwhelmed fighting in Brazil, and his power is legit.
Thiago will need to close the distance to have a chance, and Thatch will catch him on the way in.
Prediction: Brandon Thatch by TKO, Round 1
Ryan LaFlare (8-0) vs. Santiago Ponzinibbio (18-1)
LaFlare maintained his perfect record through his UFC debut, using his superior wrestling skills to earn a decision win over Ben Alloway back in April. Now he faces off with Ponzinibbio, who would have been a finalist on Season 2 of TUF: Brazil had a broken forearm not sidelined him.
While LaFlare could certainly turn this into another wrestling exhibition, there is just something about the Argentine Ponzinibbio that is hard to overlook. Going 18-1 is one thing, but mixing in 16 finishes through those 18 victories speaks to an ability to capitalize on openings and win fights by various methods.
Ponzinibbio will be active off his back if he's put there, and do just enough to earn the nod on the scorecards.
Prediction: Santiago Ponzinibbio by Unanimous Decision
Rony Jason (13-3) vs. Jeremy Stephens (21-9)
After three straight wins against lower tier opposition, Jason gets a significant step up in competition here, taking on Stephens in his second appearance at featherweight and 17th trip into the Octagon.
As much as this is the toughest fight the TUF: Brazil featherweight winner has faced to date, he's shown improvement each time out, and has the kind of all-around skills to get the better of 'Lil' Heathen' here.
Stephens can be too aggressive for his own good at times, and while he worked the ground-and-pound well against Payan, Jason is much more of a threat of his back, and has far more power standing.
Look for the Brazilian to land with his hands, stun Stephens, and finish him with the submission.
Prediction: Rony Jason by Submission, Round 2
Godofredo Pepey (9-2) vs. Sam Sicilia (11-3)
This one comes down to whether Pepey wants to use his ground game or not. For the record: he should, as he's the superior of the two on the canvas, and Sicilia throws everything with power.
The problem is that sometimes he gets too caught up in the energy of the fight and too aggressive, and it costs him, as it did last time out against Felipe Arantes. When he should be working hard to close the distance and fight on the ground, Pepey will leave his chin exposed, and Sicilia will tag him.
Prediction: Sam Sicilia by TKO, Round 1
Thiago Perpetuo (9-1-1) vs. Omari Ahkmedov (11-0)
This one is easy: with the run of success being enjoyed by the recent slew of Russians entering the UFC, it's impossible to pick against the unbeaten Ahkmedov.
Prediction: Omari Ahkmedov by TKO, Round 1
Thiago Tavares (17-5-1) vs. Justin Salas (11-4)
Salas looked really good earning a win over veteran Aaron Riley last time out, and Tavares hasn't been seen since Khabib Nurmagomedov dropped him with a single punch back in January.
Tavares' rust and Salas' more fluid striking game give 'J-Bomb' the edge.
Prediction: Justin Salas by Unanimous Decision
Daron Cruickshank (13-3) vs. Adriano Martins (24-6)
Cruickshank does a very good job of maintaining space and using his kicks to score without putting himself in too much danger.
As dicey as it is to keep tapping 'Out of Towners' in Brazil, this is Martins' first fight since last January, and 'The Detroit Superstar' is a much better than the opposition the Brazilian has faced as of late.
Prediction: Daron Cruickshank by Unanimous Decision
Jose Maria Tome (33-4) vs. Dustin Ortiz (11-2)
Ortiz is a nice addition to the flyweight division and should eventually have some success, but this feels like a tall order in his debut.
Tome looked good in the early going of his fight with John Lineker, and likely would have beaten just about anyone else, except than Lineker has a granite jaw and ate some gnarly shots before firing back with fire of his own and putting 'No Chance' away.
After losing for the first time in five years, look for Tome to start another winning streak here.
Prediction: Jose Maria Tome by TKO, Round 2
from newsandtalking.blogspot.com News And Talking
Fed Anxiety Rises as QE Increases Risk of Loss With Costs
The longer the Federal Reserve continues its bond-buying stimulus, the higher the odds it will face a year without any money to give the U.S. Treasury after taxpayers received a record $88.4 billion profit in 2012.
The Fed's financial-crisis actions -- from acquiring debt in the 2008 rescues of Bear Stearns Cos. and American International Group Inc. to three rounds of quantitative easing -- have led so far to the record payments. Now, the prospect of a stronger economy and rising interest rates means the value of the Fed's bond holdings will fall at the same time its funding costs climb because the central bank pays interest on the excess reserves it holds for banks.
This could cause operating losses and invite increased scrutiny from lawmakers already critical of the central bank's policies.
That's a risk central bankers are grappling with as they consider when to slow the $85 billion monthly pace of their government and mortgage-backed securities purchases. Federal Reserve Bank of New York President William C. Dudley said in a speech last month that the central bank's balance-sheet expansion does 'create some budget risk' that threatens the institution's independence.
'They've done a few things to try to insulate themselves from this concern, but I suspect in the back of their minds it still haunts them,' said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York. 'It's not going to go away.'
Key Question
Dudley said Oct. 15 in Mexico City that the Fed's 'traditional monetary-policy framework' has helped assure the central bank's budget independence and thus support its overall independence. A 'key question' is how unconventional measures that have ballooned the central bank's balance sheet to a record $3.85 trillion may have threatened that status, he said.
'The Fed is a lightning rod: It attracts withering criticism from the Republican base,' said Greg Valliere, chief political strategist at the Potomac Research Group in Washington. 'So even after several years of turning huge profits over to Treasury, losses would embolden the Fed-haters.'
The Fed receives interest payments on its holdings of government securities and mortgage debt. It uses this and other income for the operations of its board of governors and 12 regional reserve banks, returning the remainder to the Treasury, where the funds are added to the department's total receipts.
Legitimate Concern
The prospect of no remittances prompted questions earlier this year from Republican lawmakers. Central bank losses are 'a legitimate concern and something we will be watching,' Representative John Campbell of California said in an interview in February. He leads a monetary-policy subcommittee of the House Financial Services Committee.
Federal Reserve Bank of Atlanta President Dennis Lockhart said today that the central bank will consider reducing the pace of its bond buying at next month's policy meeting.
'I would not take off the table at least consideration at that time,' Lockhart told reporters in Oxford, Mississippi, in response to a question. 'The question of changing the mix of accommodative tools ought to be on the table at every meeting for the foreseeable future.'
Funding Assets
Historically, the Fed didn't have to use any of its interest income to fund its assets because it didn't pay interest on the cash banks put on deposit. In 2008, the Fed gained the ability to pay interest on these reserves -- a tool it plans to rely on to tighten policy and keep its bloated balance sheet from spurring inflation. The rate is currently 0.25 percentage point.
As the Fed's balance sheet grows, so do total excess reserves because under QE, policy makers direct the markets desk at the New York Fed to buy securities from primary dealers, or brokers who are authorized to trade directly with the central bank. That adds funds to the dealers' accounts and creates reserves at their clearing banks, increasing the amount of money the Fed will have to pay interest on.
'If the balance sheet expands further from here, the possibility of a loss becomes more and more real,' said Roberto Perli, a partner at Cornerstone Macro LP in Washington and a former Fed economist.
Interest Rates
At the current balance-sheet level, an interest rate of 4.9 percent would be sufficient to wipe out the Fed's income, according to Perli's calculations. If the balance sheet grows for another year, the rate that causes interest on reserves to produce a loss falls to 4.3 percent.
'It's not dangerous yet, but it's getting there,' said Perli. That's because, in the longer-run, most Fed officials see their target rate rising to 4 percent.
Fed policy makers have tried to address the prospect for losses from the bond holdings themselves by abandoning a plan to sell mortgage-backed securities as part of their eventual exit strategy.
Chairman Ben S. Bernanke said in June the central bank would hold on to the debt after Fed economists led by Seth Carpenter, a senior associate director in the Board's Division of Monetary Affairs, said in a January paper that the institution was on course to lose an unprecedented amount of money and might be unable to remit a profit to the Treasury for as long as six years.
Mortgage Bonds
Carpenter updated his paper and estimates in September to reflect the decision not to sell mortgage bonds. He found the central bank can continue to have earnings by never selling these securities -- as long as the benchmark federal funds rate gradually climbs from near zero to 4 percent by 2018, with the yield on the 10-year Treasury note slowly rising to about 5 percent from 2.6 percent at 4:59 p.m. yesterday in New York, according to Bloomberg Bond Trader data.
Under a higher-interest-rate scenario -- where 10-year Treasury yields climb 3 percentage points by the end of 2016 -- the Fed doesn't remit any money to the Treasury from 2017 to 2019 if it refrains from selling any bonds, and has no money to pass on for six-and-a-half years if it does sell securities, the Carpenter paper shows. The Fed accounts for a loss as a 'deferred asset.'
'It feels like they've tried to convince themselves this isn't a problem, in part because they came up with this deferred-asset way of looking at operating losses and because they switched to a no-asset-sale approach,' said Feroli, a former Fed Board economist. 'As you add up really big numbers, it does start to creep back into their thinking.'
'Real' Risk
Dudley said Oct. 15 that while 'this risk is real,' it is 'not a big threat' because rates would have to 'rise appreciably' for losses to occur.
Also, 'we should take a long-term perspective,' reflecting the Fed's elevated remittances of about $80 billion annually 'in recent years,' compared with $20 billion to $30 billion before the financial crisis, Dudley said.
Four economists including Frederic Mishkin, a former Fed governor and co-author with Bernanke, said in a paper presented in New York on Feb. 22 that the central bank's grip on policy may weaken if losses coincide with high U.S. budget deficits and an inability of Congress and the White House to put fiscal policy on a sustainable path.
'This mix could induce a bias toward slower exit or easier policy and be seen as the first step toward fiscal dominance,' the economists said in the paper, written for the U.S Monetary Policy Forum, referring to fiscal influence on monetary policy. 'It could thereby be the cause of longer-term inflation expectations and raise the risk of inflation overall.'
Stable Profits
While deciding against selling mortgage debt leads to more stable profits, the strategy change would mean the central bank's balance sheet wouldn't return to normal for the foreseeable future, according to the Fed economists. Even by 2025 -- almost two decades after the housing bubble that precipitated the financial crisis began to burst -- the Fed still would own $407 billion in mortgage bonds.
The Carpenter projections assume the Fed pares the pace of its bond purchases in December and finishes the program in June.
Economists expect quantitative easing to go on for longer. The Fed won't begin tapering its bond buying until March and will continue purchasing securities until October, according to the median estimate of 40 analysts in a Bloomberg News survey last month.
Economic Benefits
'The right way to think about it is -- what were the economic gains or benefits associated with the way the Fed manages the portfolio?' said Robert Shapiro, chief executive officer of Sonecon LLC, an economic advisory firm in Washington.
'Congress will ask about all these losses, if taxpayers will be on the hook? Well, taxpayers are on the hook for interest payments that rise with other interest rates, but that's always the case,' said Shapiro, a former Commerce Department official under President Bill Clinton.
'Will they demand an accounting from Janet Yellen?' he said, referring to the Fed vice chairman, who was nominated by President Barack Obama to succeed Bernanke when his term ends Jan. 31. 'They certainly could.'
To contact the reporters on this story: Caroline Salas Gage in New York at csalas1@bloomberg.net; Joshua Zumbrun in Washington at jzumbrun@bloomberg.net
To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net
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from newsandtalking.blogspot.com News And Talking
Kansas State hands No. 23 Texas Tech its third consecutive loss
LUBBOCK, Texas - Jake Waters and Daniel Sams each ran for two touchdowns and Waters passed for another score to lead Kansas State over No. 23 Texas Tech 49-26 on Saturday.
Sams' TDs came on a 1-yard rush and a 5-yarder, and Waters scored from 1 yard and 13 yards.
BOX SCORE: Wildcats 49, Red Raiders 26
Waters threw a 20-yard touchdown to Tramaine Thompson. John Hubert, who scored on a 63-yard run early in the game, finished with 157 yards on 23 carries to lead the Wildcats.
Ty Zimmerman scored a 43-yard touchdown after intercepting a pass from Texas Tech backup quarterback Baker Mayfield early in the fourth quarter.
The win was the third in a row for the Wildcats (5-4, 3-3 Big 12), while the Red Raiders (7-3, 4-3) dropped their third straight game.
Mayfield, who came in for starter Davis Webb late in the second quarter, was 34 for 44 for 276 yards and two interceptions.
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Dak Prescott plays in mourning
Mississippi State quarterback Dak Prescott is expected to start at Texas A&M on Saturday. Prescott's mother, Peggy, was buried in Louisiana on Wednesday and Prescott returned to practice that night.
Prescott's mother died Sunday at 52 after a year-long bout with colon cancer.
Prescott wrote on Twitter on Saturday afternoon:
I Live for you, I Play for you #MOM #BeatTXAM #Hailstate
- Dak Prescott (@15_DakP) November 9, 2013
This week, Prescott changed his Twitter profile picture to a photo of him kissing his mother on the back of her head.
He also tweeted this week 'Heaven gained an Angel' and 'At Mississippi State we don't have fans, we have family.'
Prescott told Mississippi Stat staffers that his mother had told him that if he did not attend practice after she died that she would haunt him.
Prescott, a sophomore, is Mississippi State's leading rusher with 558 yards and passer with 1,393 yards.
College Football
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Kevin Ware sits out as No. 3 Louisville routs College of Charleston
LOUISVILLE, Ky. -- Shaky at the start, No. 3 Louisville outscored College of Charleston 22-3 over the final 6:41 on Saturday to pull away to a 70-48 victory in the first game of its national championship defense.
Preseason All-America Russ Smith led Louisville with 21 points and five assists. His new backcourtmate Chris Jones, last season's junior college player of the year, added 12 points and five assists.
Charleston trailed 48-45 after freshman Canyon Barry's hit a 17-footer with 6:55 to play. Then Smith asserted himself, hitting two free throws and driving to find forwards Montrezl Harrell and Wayne Blackshear for easy baskets that gave the Cardinals a 54-45 lead with 5:05 left. Charleston scored again with 2:42 remaining, making it 61-47 and ending a 13-0 Louisville run.
Barry led Charleston with 10 points while Adjehi Baru added eight points and nine rebounds.
Louisville raised its third national championship banner to the rafters before the game.
Kevin Ware, whose poise last season after his gruesome compound leg fracture turned him into Louisville's rallying point and the NCAA tournament's most memorable figure, did not play. He saw his first game action since the injury on Wednesday, 220 days after injuring his leg against Duke in the Midwest Regional final. He played 10 second-half minutes in an exhibition win against Pikeville, draining his first shot, a 3-pointer.
Louisville was also without Luke Hancock, the Final Four's Most Outstanding Player who scored 22 points and hit all five of his 3-pointers in the title game. He is out with an Achilles tendon injury. Forward Chane Behanan returned to practice on Friday for the first time in nearly a month but remains suspended.
Opening game jitters were evident early as the Cardinals hit just 4 of their first 17 shots before Harrell skied to slam down an alley-oop pass from Jones, giving Louisville a 15-13 lead midway through the first half. The Cardinals were outshot and outrebounded in the first half but led 29-27 at the break after Smith hit a floating jumper with 45 seconds left.
Tied at 29 with 19:13 left, Barry missed two free throws -- shot underhanded like his Hall of Fame father Rick -- that would have put the Cougars ahead before a 9-0 Louisville run made it 38-29 with 15:30 to play.
Charleston kept it close -- in contrast to last season's 80-38 scalding -- until Louisville unleashed one of its pressure-fueled spurts late in the half, so evident during last season's national championship run.
Louisville shot just 38 percent from the field (26 of 68). Blackshear, who led the Cardinals with 18 points in last season's matchup, missed his first 11 shots before hitting a jumper from the right baseline with 9:04 left. He finished with 11 points on 3-of-14 shooting and six rebounds.
Jones and big men Stephan Van Treese and Mangok Mathiang began Louisville's attempt to replace the production from last season's leaders now in the NBA -- point guard Peyton Siva and center Gorgui Dieng. Van Treese had six points and seven rebounds, all in the second half, after picking up two fouls in the first 3:10. Mathiang had seven points and 10 rebounds in his collegiate debut.
Copyright by STATS LLC and newsandtalking.blogspot.com
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Rumor: Delayed Retina iPad mini launch blamed on LCD burn
A rumor out of the Far East claims issues relating to burn-in on Sharp-made LCD panels is holding up Apple's release of the iPad mini with Retina display, supposedly prompting the company to seek help from Samsung.
Citing an industry source, Korean language publication ETNews claims Apple partner manufacturer Sharp is having problems with its advanced IGZO display technology, causing low yield rates for Retina panels bound for the second-generation iPad mini. This unforeseen setback is purportedly slowing down the production process substantially, leading Apple to look elsewhere for additional supply.
Supposedly at fault are malfunctions relating to Sharp's thin-film transistor, or TFT, implementation, which is causing burn-in on an unknown percentage of produced displays. The Japanese firm is said to be employing low-power IGZO display technology, so named because it uses semiconductor material indium gallium zinc oxide for the LCD's TFT backplane.
The source went on to say that although Sharp's LCD burn-in is not visible to the naked eye, the panels cannot be used due to Apple's strict Retina display standards.
While Sharp is thought to be Apple's secondary Retina display supplier for the new mini, the company is reportedly responsible for 40 percent of all orders, with LG taking the remaining 60 percent. According to the report, LG is using a different, more common substrate called amorphous silicon, or a-Si, for its TFTs.
Apple may be looking to Samsung for display supply for the Retina mini starting in 2014, as the Korean tech giant's low temperature polycrystalline silicon (LTPS) technology is not affected by the burn-in issue, the source said.
Thursday's rumor echoes a report from last week, which also claimed Apple was eyeing a Samsung deal due to Sharp's panel yield issues. That account, however, added that LG is also experiencing problems with its version of the high-resolution screen, quoting a DisplaySearch analyst as saying the display maker was 'not close to full production.'
Apple announced the iPad mini with Retina display in October alongside the recently-released iPad Air. The full-size tablet started shipping last week, but Apple has yet to disclose a sell-by date for the mini, but promises the tablet will hit store shelves in November.
from newsandtalking.blogspot.com News And Talking
Recap: Houston vs. Sporting Kansas City
The Sports Network
Houston, TX (SportsNetwork.com) - Sporting Kansas City and the Houston Dynamo battled to a tense scoreless draw in the first leg of the Eastern Conference championship on Saturday at BBVA Compass Stadium.
The Dynamo entered their third straight conference finals after shocking the New York Red Bulls in the semifinals looking to grab the initiative in the series, but struggled to generate quality scoring chances over the first 45 minutes of play.
Houston's best opportunity came late in the half when forward Will Bruin came charging down the field and decided to have a strike on goal from about 40 yards out that just grazed the crossbar on its way into the stands.
Sporting didn't fare much better over the duration of the match after outlasting New England on Wednesday in the semifinals. The visitors best opportunity came in the 65th minute as defender Aurelien Collin got free for a header on goal off a corner kick, but it went just over the bar.
Both teams kept pushing for the goal that would have made the difference as the fourth official's board showed a staggering seven minutes of stoppage time. But players from both sides were running on tired legs and the clubs settled for a scoreless draw.
The sides will have it all to play for in the second leg when the tie resumes at Sporting Park on Nov. 23.
Game Notes
Thursday, Oct. 31: Houston 3, Montreal 0
Sporting Kansas City and the Houston Dynamo battled to a tense scoreless draw in the first leg of the Eastern Conference championship on Saturday at BBVA Compass Stadium.
Sporting Kansas City's Jimmy Nielsen made three saves, and Houston's Tally Hall had two stops as Kansas City and the Dynamo played to a 0-0 tie in the first leg of the Eastern Conference finals Saturday.
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D'Antoni plans to sit Nash against Pelicans
Posted Nov 8, 2013 8:06 PM
NEW ORLEANS (AP) -- Los Angeles Lakers coach Mike D'Antoni says he has no plans to play point guard Steve Nash in Friday night's game against the New Orleans Pelicans.
The Lakers are trying to be cautious about overworking the 39-year-old point guard, who is in his 18th season.
The Lakers played in Houston on Thursday night and did not get to New Orleans until 3 a.m. Friday. When the Lakers played on back-to-back nights earlier this season, Nash sat out the second of those games as well.
Nash played about 28 minutes in Houston, finishing with 12 points and six assists.
D'Antoni says the Lakers hope to avoid any setbacks with Nash, who was sidelined much of last season with broken leg as well as hip and hamstring injuries.
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Charlie Sheen custody battle latest: Restricting order, gagging clauses and threats
A temporary restraining order has been issued against Charlie after he threated Brooke on Twitter
A judge has warned Charlie Sheen to stay away from his ex-wfe - or face jail.
As well as being barred from seeing Brooke, the judge reinstated a gagging order, banning him from talking about the case - after he Two And A Half Men actor tweeted Brooke a picture of a cake with a grenade in it.
Ironically it was a tweet about Brooke losing her battle to keep her ex husband away from her.
Mueller, 36, who said she is sober now after four stints in rehab, told a judge Sheen had put her in fear of her life after his vitriolic tweeting.
It is believed the actress, who struggled with susbstance abuse in the past, begged a judge for custody after current carer Denise Richards 'turned her boys against her'.
Radar reports Richards, who has two daughters with Sheen, wrote a letter to the court detailing alleged behavioural problems and mood swings of her 4-year-old twins Bob and Max.
oh, by the way, nice try this morning Brooke. you are a chubby weirdo who will lose at every turn trying to get between me and my boys. c
- Charlie Sheen (@charliesheen) November 5, 2013
According to the letter, submitted to the child dependency court in Los Angeles, Brooke alleges Denise is turning the boys against her after a supervised visit where they wouldn't meet her eye or play with their toys.
Brooke, who claims to be seven months clean, wanted the children to live with her mother Moire Fiore but a judge turned her appeal.
Yesterday Sheen tweeted Brooke a picture of a cake with a grenade in it, calling for her to 'blow this candle out' after her restraining order was rejected.
Two And A Half Men star Sheen, 48, took to Twitter after Mueller lost her bid to stop him from coming near her and told his ex-wife of three years: ' Nice try this morning Brooke. You are a chubby weirdo, who will lose at every turn trying to get between me and my boys.'
Since splitting the pair have become embroiled in a bitter custody battle over their 4-year-old twins Bob and Max. Sheen has repeatedly accused his ex, who has struggled with substance abuse, of putting the children in danger.
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Kansas State hands No. 23 Texas Tech its third consecutive loss
LUBBOCK, Texas - Jake Waters and Daniel Sams each ran for two touchdowns and Waters passed for another score to lead Kansas State over No. 23 Texas Tech 49-26 on Saturday.
Sams' TDs came on a 1-yard rush and a 5-yarder, and Waters scored from 1 yard and 13 yards.
BOX SCORE: Wildcats 49, Red Raiders 26
Waters threw a 20-yard touchdown to Tramaine Thompson. John Hubert, who scored on a 63-yard run early in the game, finished with 157 yards on 23 carries to lead the Wildcats.
Ty Zimmerman scored a 43-yard touchdown after intercepting a pass from Texas Tech backup quarterback Baker Mayfield early in the fourth quarter.
The win was the third in a row for the Wildcats (5-4, 3-3 Big 12), while the Red Raiders (7-3, 4-3) dropped their third straight game.
Mayfield, who came in for starter Davis Webb late in the second quarter, was 34 for 44 for 276 yards and two interceptions.
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