DT Fine Art

(Repeats analysis first released late on June 23)

By Ann Saphir

CHICAGO, June 23 (Reuters) – Ben Bernanke used his
second-ever news conference on Wednesday to teach the worlds
financial markets a lot more about the thinking at the Federal
Reserve than they could glean from its usual statements.

But the Fed chairman and former Princeton professor has yet
to face one of the most important oral exams of his career:
justifying and defending a change in the Feds extraordinary
monetary policy, when the time comes.

There havent been any big surprises or shifts in policy
for Bernanke to sell, Paul Ashworth, chief US economist at
Capital Economics said on Thursday.

When this will earn its money is when the market response
to the (earlier) statement is one way and he is able to correct
any misperceptions. That will be when the press conference
really pays off.

Bernankes news conferences mark an important departure
from the Feds approach to communications that for decades used
to put a premium on secrecy.

The Feds focus is now on clarity after the its decision
last year to embark on a second $600 billion round of
bond-buying touched off a political firestorm with politicians
accusing the central bank of jeopardizing the US dollar with
its bold experiments in monetary policy.

Looking less nervous than in his first news conference in
April, Bernanke took questions from reporters for an hour on
Wednesday and, displaying his professorial background, sounded
confident and calm in his answers.

Bernankes former number two said the gamble of exposing
the worlds most important monetary policymaker to the glare of
the media was worth taking, given how hard it was to defend the
Fed against the barrage of criticism over recent policy moves.

I thought the circumstances were sufficiently unusual and
the Fed was being sufficiently misunderstood and misinterpreted
that giving the chairman another shot, another couple of shots
of explaining what the Fed was doing was very much worth the
risk of an occasional misstatement or distraction, Former Fed
Vice Chairman Donald Kohn told Reuters in an interview.

On Wednesday, Bernanke and the top Fed officials kept
interest rates near zero and, using the same language they have
for two years, said they will stay exceptionally low for an
extended period.

Asked exactly how long that is, Bernanke said at least two
to three meetings … and I emphasize at least.

That unusually precise answer, for a central banker, helped
calm financial markets worried about the slow pace of the US
economic recovery, said Todd Colvin, a futures broker at MF
Global in Chicago.

Short-term US interest rates are expected to stay below 1
percent until August 2013, according to futures trading on
Thursday.

Bernanke also used the hour-long news conference to calm
fears that inflation is getting out of hand, ahead of a
hawk-heavy line-up of top Fed officials speaking next week that
includes Minneapolis Fed President Narayana Kocherlakota and
Kansas City Fed President Thomas Hoenig.

Its reasonable to think that core inflation will fall
back towards mandate-consistent levels, Bernanke said on
Wednesday.

At times last year, markets took their cues from the vocal
hawks whose outspoken concerns that Fed policy would fuel
inflation complicated attempts to create the sense of a Fed
consensus that Bernanke now promotes.

It gives markets a better context in which to interpret
what they are hearing later from other members of the
Committee, Kohn said of Bernankes news conferences. So I
think its a very positive development.

An analysis of Bernankes comments show he talked more
about unemployment on Wednesday than at his first news
conference, signaling growing concern over the labor market
(For a graphic please see:
here )

(Former Fed Chairman) Alan Greenspan was famous for
needing a secrete decoder ring for trying to understand what he
was saying, said Michael Hanson, a senior economist at Bank of
America/ Merrill Lynch in New York. I think Bernanke is much
more willing to say what is on his mind.

While arguing that rising inflation leaves little scope for
another round of stimulus, Bernanke listed several tools the
Fed could use to ease monetary conditions further should it
need to do so.

There were definitely things that one learns, said
Michael Feroli, an economist at JP Morgan Chase.
(Reporting by Ann Saphir, with additional reporting by Mark
Felsenthal in Washington and Alexandra Alper in New York;
editing by Andre Grenon)

Henry Sulima, Vero Beach

Letter: Turtles uncanny ability to predict storm season proves fascinating, educational

How do sea turtles predict hurricanes? Thats what Peggy Ginhoven (June 12 letter) and others, are asking.

Having been a World War II Air Corps weatherman, I became interested in sea turtle predictions about 25 years ago when my wife and I decided to become permanent Florida residents.

Our favorite pastimes were walking the beaches in search of new turtle nests, visiting the protected, long-gone, turtle hatchery on South Beach, and participating in the free, annually held turtle nesting tours conducted by the Sebastian Inlet State Park Rangers office.

It was a memorable experience witnessing how precisely and where sea turtles decide to dig their nests to lay as many as 150 eggs at a time, then seeing the tiny hatchlings after 45-plus days of incubation, depending on the species, digging out for days, from under about 30 inches of sand, and struggling to reach the ocean. Unfortunately, not many make it beyond the reefs.

The Treasure Coast nesting season runs from about mid-May until about early August. The turtles make their hurricane season predictions about mid-July. Many Treasure Coast natives have been relying for generations, on sea turtles annual predictions. Where they built their nests tells us what kind of season we can expect.

Whenever sea water inundates nests, it usually destroys the buried eggs. So, if they bury their eggs between the base of a dune and the tide line, they are telling us to expect a quiet season. If many more nests are dug atop of the dunes than on the beaches, as when Hurricanes Frances, Jeanne and Wilma visited us in 2004-05, the turtles are saying we can expect an active hurricane season.

Myth? Who knows. We only know that the turtles batting average over the years has been proven to be better than humans.

John Lennon once wrote all you need is love. If thats the case, then GOP unknown Jon Huntsman will be the next president of the United States.

The quasi-Republican former ambassador to China is finding the media environment filled with love. Huntsman, who was also the governor of Utah, is trying to position himself as electable because liberals, gays and the media love him. (Yes, sometimes those three groups arent identical.)

They love him because hes the kind of Republican they could vote for if they held their noses and someone forced them to choose a GOP candidate. (Actually, they wouldnt, but it makes a convenient fiction.) After all, they claim, hes a moderate Republican. Remember when we had liberal Republicans? According to Nexis, that term hasnt been used on ABC, CBS or NBC all year.

What else do you call a pro-gay Republican who not only worked for Obama and called him a remarkable leader, but still has respect for the president after ObamaCare and a host of other Big Government fiascos. Throw in Huntsmans lefty views on climate and what the Club for Growth calls inexcusable spending as governor, and you have an ideal media candidate.

Hence, Huntsman mania. No organization is more in love with this piece of presidential timber than Politico. The politics junkie outlet writes about Huntsman every day and twice on Sundays. From January through June 21, Politico has had more than 330 stories mentioning Huntsman, despite the fact that GOP voters dont know who he is or care. (They are writing so fast, I cant keep up. On June 22, they added eight more as of 5:38 pm)

Still, Politicos propagandized readers get bombarded with feel-good Huntsman stories such as: Jon Huntsman, the rock n roll years, Huntsman to take page from Reagan, or Huntsmans theme: Leadership. We are told about Huntsman fears growing at Team Obama, without it dawning on the Politico scribes that Team Obama fears him out of similarity not difference.

Contrast that with former Godfathers Pizza CEO Herman Cain whom many thought won the first GOP debate, has a strong Tea Party base of support, polls better and even Politico admits when it comes to passion, Herman Cain has the lead. Cain was only mentioned in 283 stories even though hes been in the race longer.

Of course, Huntsman has the right (or left) kind of support. So that makes it all OK.

Hes got former President Jimmy Carter, the one who defined the Misery Index and now just hates Israel full time, saying Huntsman is very attractive to me personally.

Then theres Senate Majority Leader Harry Reid chiming in on the fellow Mormon. If I had a choice, I would favor Huntsman over Romney, said Reid. Thats only fair since Huntsman appointed Reids son, Josh, to Utahs Board of Regents and Huntsmans family has given Reids Senate campaign more than $25,000.

Why stop there? Former Rep. Artur Davis, D-Ala., says Huntsman is an estimable figure who has obvious potential to threaten the 2008 Obama coalition. Much has been written about Huntsmans pro-gay strategy. The gay advocacy website On Top magazine called Huntsman a gay rights ally. And, of course, McCain campaign alumni were helping Huntsman behind the scenes.

Then there are the supposedly neutral news folks. Journalists have set this up as a battle of the businessmen pitting Huntsman against one top GOP candidate Mitt Romney. Naturally, given the nations high unemployment rate, horrible economy and fears of a double-dip recession, a businessman might fare well this election. But its a battle the media have already decided Romney should lose.

Romney is portrayed as dance-crazed Mormon, flitting across the cover of Newsweek his head superimposed on the body of an actor from the new Mormon musical. Journalists from CNN, The New York Times and other outlets jumped all over Romneys Im also unemployed joke, but Obamas insensitive shovel-ready comment got little mention.

On the other side is the motorcycle-riding (or is it his stunt double?), rock n roller Huntsman. Over at the other dying news magazine Time, the former ambassador to China is officially trendy. Times May 23 issue was headlined The Cool Kid: Jon Huntsman is a pro-civil union Mormon who spent nearly two years working for Obama.

So lets see, he loves Obama and gays, thats two pluses to most journalists. Even better for media types, the article showed its not too clear just how Mormon Huntsman is now. Im a very spiritual person, and proud of my Mormon roots. Neither one of those sounds like he has a firm belief system.

Syndicated columnist Charles Krauthammer summed up the media love affair nicely, saying PBSs Mark Shields wants a Republican nominee who is a squish and then hell vote against him anyway. In another year where the media could control the campaign, a McCain-esque candidate might win. But conservative voters are angry and they are more likely to be hunting a RINO than voting for one.

Dan Gainor is the Boone Pickens Fellow and the Media Research Centers Vice President for Business. He can also be contacted on Facebook and Twitter as dangainor.

Time for a geography lesson.

The Missouri River along eastern Nebraska is flooding. Phenomenal amounts of water are pouring past the state and will continue to do so for months.

The Missouri is dangerous and boating is banned.

The North Platte River in western Nebraska is above flood stage in places from the Wyoming state line to near Grand Island.

What about the Niobrara River in north-central Nebraska and the Elkhorn River in northeast and eastern Nebraska?

Or the Calamus, Loup, Cedar and Dismal rivers in central Nebraska?

Come on in. The waters fine.

Still, the Nebraska Game and Parks continues to field calls about the availability of state parks and recreation areas due to flooding along the Missouri and Platte rivers.

The vast majority are open for business and available for outdoor recreation, said Greg Wagner, a Game and Parks spokesman in Omaha.

Commercial outfitters said they, too, are suffering because of misconceptions that the Elkhorn and Niobrara are flooding.

People have been inundated with all of the news of the Missouri River flooding and dont realize that these local businesses are still operating on a safe river, said Brock Beran, a civil engineer who operates a side business on the Elkhorn known as Tubing Adventures.

Brocks tubing company which provides tubes specifically made for river use receives emails daily from people asking if the business is still operating during the flooding. Several groups have canceled Elkhorn tubing trips because of concerns about river levels.

The flawed assumption that all rivers must be flooding because the Missouri is flooding has greatly affected the livelihood of many outfitting businesses, said Steve Evers of Tank Down the Elkhorn.

Evers operation rents horse tanks with tables set in the middle.

The Elkhorn is safe and the outfitters that operate on the Elkhorn are eager to have people come and enjoy the river this summer, he said.

Wagner said people appear to believe that all rivers must be flooding.

Wagner said hes getting the most calls about the Louisville and Two Rivers state recreation areas, both of which are in the Omaha area but not near the Missouri River and open for business as usual.

Hes also received many inquiries about the Niobrara River near Valentine. Again, no problems. The river is fed by springs and remains ideal for canoeing, kayaking and tubing.

Some park grounds have been affected by flooding. Buffalo Bill Ranch State Recreation Area on the North Platte is closed.

Some state parks along the Missouri such as Indian Cave, Ponca and Niobrara may have flooding in low-lying areas, but the majority of parkland is up in the hills.

Water levels are good at Salt Valley Lakes such as Pawnee and Branched Oak.

Wagner advised people with questions about park access to call the park for firsthand information.

Beran said commercial outfitters monitor the Elkhorn daily to assure that the river is at safe levels for recreational use.

The Elkhorn River is not flooding, he said. The Elkhorn River, Platte River and Missouri River come from different drainage basins. One of the rivers could be flooding while the others are not.

Beran likes the Elkhorn for tubing because it has a distinct channel that is deeper and more defined than the Platte.

The Elkhorn runs typically between 4.5 feet to 6 feet deep on average due to high water tables in June, he said. River depths fluctuate daily because of rainfall, especially in May and June.

Beran said commercial outfitters make sure that the river is at or below a safe level of 5.5 feet, and they provide all of the proper safety equipment to legally and safely be on the river.

The water level usually drops in early to mid-July when farmers start irrigating. The river will drop to 3 to 4.5 feet on average, Beran said.

The Elkhorn is perfect for recreational use, such as tubing, canoeing, kayaking, tanking and airboating, he said.

The Papio-Missouri River Natural Resources District has three public ramps along the river, but the sites are closed because of damage from flooding in 2010.

Beran said floats from Elkhorn Crossing Recreation Area to River West Park in Douglas County generally take between four to five hours, depending on river depths.

Contact the writer:

402-444-1127, david.hendee@owh.com

AVILA BEACH — All three victims and a driver involved in a deadly crash last week near San Luis Obispo had connections to Chico and Butte County.

The driver, Evan A. Green, 21, is a student at Chico State University.

He was allegedly behind the wheel the night of June 17, with a blood alcohol level nearly three times the legal limit, when he missed a curve at high speed and crashed his 2004 Saturn Vue, according to a California Highway Patrol report.

The car flipped several times and came to rest on its hood near a golf course in Avila Beach.

Killed were Eureka resident Aaron Beaver, 21, a Butte College student, and Marcus Nelson, 21, of Castro Valley, who reportedly applied to Butte College, but had not reported for classes.

A third passenger, Jacob Zimmer, 21, of Castro Valley, reportedly planned to transfer to Chico State University.

Green entered a plea of not guilty in San Luis Obispo County Superior Court Wednesday to charges of gross vehicular manslaughter.

He was released after posting a bond on bail of $150,000.

His next court appearance is scheduled for July 11.

The pools havent been used since they closed for summer last year, said Frank Quintero, interim director of parks and community services.

As part of the city managers mandate to reduce 15 percent from department budgets, Quintero said the recreation and community services department looked at the return on investments dealing with pools and rentals. The pools also offered swim lessons, public swimming and rental options.

Quintero said the city spent $41,000 on its pools during an eight-week period last year, serving about 1,200 people. We need to be replacing pumps and filters, Quintero said. Simply put, we dont have the money to do that.

Damian Leon, Rosas uncle, said the pool closures mean kids will be sitting inside their houses and not swimming. The 15-year-old Mercedian said he visited the McNamara Park pool last year when it was open for limited summertime hours.

Gary Wright, 50, who visited McNamara Park on Friday afternoon, said the pools are a much-needed resource to stay cool, particularly with hot summer months ahead. They just need to open it up. Its getting in the hundreds. Its hot, he said. Ive been using hoses across the street and getting my Bible out of my pocket so it doesnt get wet. Just open the pool.

The pools help keep kids engaged in wholesome activities, Wright said, and away from the streets. Why take it out on the kids? The kids, theyre going to get into something. Kids have nothing to do to keep them busy, he explained.

Although many will likely be disappointed by the citys decision, Quintero pointed out other swimming options in the city, like Merced Colleges pool and the Millennium Sports Club, which offers swim lessons to nonmembers.

Some high school districts might also offer their pools for public laps in the mornings, said Mike Conway, city spokesman.

The recreation and community services department may consider a cost-effective option to convert the pool at McNamara Park into a splash pool, Quintero said, or a water feature that sprays water, during the next 18 months to two years. That way, he said, it could still provide a water recreation activity.

Reporter Ameera Butt can be reached at (209) 385-2477 or abutt@mercedsun-star.com.

NEWARK, NJ Throughout the anxious minutes of the first round of the NBA draft last night at Prudential Center, Tobias Harris sat in the stands with his family looking sharp in a charcoal suit and light blue shirt, showing no sign of nerves. When some of the top small forwards began to come off the board in the middle of the round, he simply propped his chin in his left hand.

Then came pick No. 19, a selection that belonged to Charlotte when the long day began but reportedly had been traded to Milwaukee as part of a three-team deal. When commissioner David Stern said, “Charlotte selects Tobias Harris,” the freshman from Tennessee simply leaned back and smiled while family and friends around him exchanged hugs and handshakes.

He had done it. He had made it to the NBA. There was a moment of confusion over his exact destination, but it soon became clear he was headed to Milwaukee to play for the Bucks, the last team he worked out for on Tuesday.

Harris was not immediately available to the media after the selection was announced because the trade had yet to be made official. But his father Torrel said, “This is a blessed day. I really like the fit in Milwaukee with Brandon Jennings.”

The elder Harris, who is a former basketball agent, saw another connection that might have had something to do with his son’s fate. Noting that Kelvin Sampson is an assistant on the Bucks’ staff, Harris said, “When Tobias was in the eighth grade, Kelvin Sampson offered him a scholarship to Indiana.”

Sampson no longer coaches the Hoosiers, but he’ll finally have a chance to work with the 6-8, 225-pound Harris, who averaged 15.3 points and 7.3 rebounds at Tennessee.

and helped the Volunteers reach the NCAA Tournament. If there was any disappointment that a young player with as much upside as Harris lasted longer than forwards Markieff and Marcus Morris, Kawhi Leonard and Chris Singleton who were chosen with four of the six picks immediately before him, it didn’t show.

Asked about his son’s calm reaction, Torrel Harris said, “Tobias doesn’t get nervous. It required a lot of teams to pass on him, but it feels great. I was surprised by some of the small forwards who went ahead of him because he outplayed a lot of them in the workouts. Tobias is going to have an impact.”

While Tobias headed to the podium to be introduced, the rest of his family basked in the moment. Besides his mother Lisa, Tobias was joined by his brothers Torrel Jr., 27; Tyler (who is headed to NC State), 17; and Terry, 15. Sisters Tesia, 21, who just completed her redshirt year at St. John’s, and Tori, 11, also were there to support him. They weren’t nearly as raucous as the Jimmer Fredette fans seated five rows higher in their section, but they were just as happy.

“I’ve been on a lot of his workout trips, trying to be there and give him support,” Torrel Jr. said. “It’s important for us all to be there for him.”

Added Torrel Sr.: “It’s a blessing by God. All his hard work paid off.”

HYDERABAD: Chief minister Kiran Kumar Reddy strongly believes that the media is biased against him and his government . This is the reason why he prefers to go to the people directly rather than through the media.

The media is biased against us. If a glass is one quarter empty, they highlight only that, and not talk about the three-fourths that is full. Of course, the media is doing its job, and we, the government have to do ours, which is highlighting the work we are doing , Kiran Kumar Reddy told TOI in an exclusive interview here on Friday.

Dismissing the notion that there are differences between him and PCC president Botsa Satyanarayana, which has been highlighted by the media in recent days, the CM said: There is no question of a rival power centre being created.

CROMWELL As a native of Fairfield, the crowd embraced JJ Henry as he tore through TPC River Highlands in 2006 en route to the tournament crown.

James Driscoll isnt getting entirely the same support. But Boston isnt far, and a year of high school at Taft-Watertown means hes made enough connections to feel a little love at the Travelers Championship.

Cannonballs off diving boards and games of Marco Polo — a dip in the water is the root of many fond memories. But whether it is a swimming pool or a local lake, getting wet also has a darker side.

Slipping under the surface for good is a danger anytime someone hits the water; drowning is one of the most common causes of death around the world. According to the International Life Saving Federation, a global association of aquatics organizations, 1.2 million people around the world die by drowning every year, which equals more than two people per minute. Of those deaths, more than 50 percent are children.

Those numbers serve as a constant reminder of the importance of water safety. And there is one major step almost everyone can take to prevent becoming another statistic — swimming lessons.

The main mission of swim lessons is to prevent accidents, Broomfield Recreation Services aquatics director Dawn Rachjabun said. Lessons are the most important element of any aquatics department. It is the reason why we have a swimming pool in the first place.

Recreations services runs swimming lessons year-round, but participation numbers peak in the summer. The overall scope of the lessons are amazing, with Rachjabun estimating around 12,500 students took lessons in 2010.

Swimming lessons aim to achieve a number of goals, depending on skill level.

Low-level classes teach basic skills that build a solid water safety and swimming foundation by working on blowing bubbles, holding breath, kicking, working arm strokes, floating and going under water. As students progress, they pick up more complex skills, such as specific strokes and rhythmic breathing. But lessons focus on more than the mechanics of swimming.

Early on especially, there is an emphasis on helping students become comfortable in the water. And in Ashley Roddy`s six years as a Recreation Services swim instructor, there is no single element that makes a bigger difference in swim lessons than when a person is stress-free in the pool.

Once that happens everything opens up, Roddy said. Their confidence level shoots up and things just start clicking for them.

People can learn to swim at any age, but it almost is never too early to start.

Recreation Services offers introductory classes for children as young as 6 months, many of which incorporate parents as part of the lesson. Moving up through the levels of swimming mastery is a matter of people understanding their own advancement.

How somebody progresses through the lessons is very individualistic, Rachjabun said.

Safety is the main, but not only, payoff of swimming lessons. Knowing the do`s and don`ts around water and how to swim opens a world of recreation and fitness.

There is so many things tied to swimming, from scuba to triathlons, Rachjabun said. It is truly a lifelong skill.