As Stocks Tumble, Lenders Take a Hit

first_imgHome / Daily Dose / As Stocks Tumble, Lenders Take a Hit Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo 2018-02-05 David Wharton Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Dow Jones industrial average closed down 1,200 points on Monday, after having dropped 1,500 points earlier in the day. This came on the heels of a 666-point drop in the Dow last Friday. With the Standard & Poor’s index down in four out of the last five sessions and Nasdaq won the last six out of eight, what’s causing this level of investor skittishness, and what does it mean for the housing industry?The Washington Post throws the stock turmoil into stark relief, pointing out that the Dow “has swung more than 2,100 points in the last two sessions, a decline pushing more than 8 percent and shattering long-term momentum.” The Post cites changes at the Fed as one likely contributing factor, with new Fed Chair Jerome Powell having just taken over from the departing Janet Yellen. While Powell, who was officially sworn in on Monday, is widely expected to continue many of the cautious policy approaches championed by Yellen during her time in the role, a new Fed Chair can nevertheless contribute a level of uncertainty into the economic landscape.The Post cites investor concerns that Powell and the Fed will accelerate interest rate hikes, which could slow the economy. The Fed increased their benchmark interest rates to a range of 1.25 percent to 1.5 percent in December, but left them unchanged at last week’s meeting of the Federal Open Market Committee. Analysts expect another rate hike to come in March, following the first FOMC meeting under Powell, with several more rate hikes being widely predicted throughout 2018. Further interest rate hikes would drive up mortgage rates, which, when combined with widespread affordability and inventory issues throughout many parts of the country, could make the difference between many potential homebuyers choosing to purchase a home or stick with the rental market.In a video posted to the Fed’s website Monday, Powell said, “Today, unemployment is low, the economy is growing, and inflation is low. Through our decisions on monetary policy, we will support continued economic growth, a healthy job market and price stability.” Powell also stated his belief that the financial system is now stronger and more resilient than in the days of the housing crisis. “We intend to keep it that way,” Powell added. “My colleagues and I will remain vigilant, and we are prepared to respond to evolving risks.”During an appearance on CBS Sunday Morning, Yellen praised Powell, saying, “I’ve worked with Gov. Powell for five years, very constructively,” Yellen said. “He is thoughtful, balanced, dedicated to public service. I’ve found him to be a very thoughtful policymaker.”As one of Yellen’s final acts, the Fed announced on Friday that it would restrict Wells Fargo’s growth due to “widespread consumer abuses.” The Fed is limiting Wells Fargo from growing any larger than its total assets at the end of 2017 until such time as “sufficient improvements” have been made. In response, Wells Fargo announced that it would be replacing four directors by the end of the year. Shares of Wells Fargo stock fell 9.2 percent on Monday, as of this writing.During an appearance on CNBC’s Power Lunch, veteran banking analyst Dick Bove downplayed the impact of the Fed’s actions, saying, “There will be no reduction in the ability of this company to lend money, take in deposits, or operate the way they have historically.”Investors are likely also watching the yield on 10-year Treasury bonds. As the Post explains, “Bond yields are rising as the Federal Reserve trims its U.S. bond holdings. The U.S. Treasury is also having to borrow more money, partly because of the tax cuts, and issuing more debt tends to raise yields.”There are other potential landmines on the horizon as well. After a brief government shutdown followed by a stopgap agreement in late January, the government is once again poised to shut down unless the House and Senate can come to terms. Last week, the Congressional Budget Office announced that if the debt ceiling is not raised by mid-March, “the government would be unable to pay its obligations fully, and it would delay making payments for its activities, default on its debt obligations, or both.”David Kelly, Chief Global Strategist for JPMorgan Asset Management, told ABC News, “It’s like a kid at a child’s party who, after an afternoon of cake and ice cream, eats one more cookie and that puts them over the edge.”On Monday, Wells Fargo shares sank $5.91 to $58.16, a drop of 9.22 percent. Bank of America closed at $30.26, down 5.29 percent. JPMorgan Chase dropped 4.80 percent to close at $108.80. Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Previous: Top 5 Cities to Rent and to Own a Home Next: Bracing for a Sea of Change in Mortgage Servicing Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Bank of America Federal Reserve Interest rates Janet Yellen Jerome Powell JPMorgan Chase Stock Market Wells Fargo As Stocks Tumble, Lenders Take a Hit Related Articles  Print This Post Share Save About Author: David Wharton Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago February 5, 2018 2,166 Views Subscribelast_img read more

Tedeschi Trucks Band Celebrates Love On Valentine’s Day In New Jersey [Full Audio]

first_imgPhoto: Bob Schultz Photo: Bob Schultz Tedeschi Trucks Band returned to the stage at the esteemed Count Basie Theatre in Red Bank, New Jersey for their final show of their two-night run. Many of the audience members were celebrating Valentine’s Day, and romance was in the air, even before the band took their positions on stage. With Amy Helm opening the show, Tedeschi Trucks Band played a hearty collection of music throughout one extended set.The band—dressed in all black—blew the dust off the track “Don’t Let Me Slide” from their debut album Revelator to commence the evening’s music. The band already performed this song three times in the first two months of the year, marking a drastic increase considering the song made it into one performance. Next, Susan Tedeschi began singing the inspirational lyrics to “Laugh About It” with Derek Trucks, the horns, and backup singers expertly supplementing her powerful vocals.The band continued with “Just As Strange”, another track from their latest album Let Me Get By. The song featured a swampy rolling drumline, Derek’s renowned slide guitar, and Susan’s choir-like vocals. With the back-up vocals harmonizing with Susan, the band’s distinguished sound transformed the elegant theater into a sacred church. Keeping the world-class performance at a sentimental pace, “All the World” followed—a relatively new track that hasn’t found a place on an album yet with a sweet and soulful tone like so many Tedeschi Trucks Band tunes.The band abandoned their gospel sound momentarily and returned to the swamps with a dirty little number, “Right On Time”, also from their last studio album. Mike Mattison’s gravelly voice commanded lead vocals while Susan Tedeschi accompanied him with back-up vocals. Elizabeth Lea blasted her trombone in sporadic bursts to give the other musicians room to weave their notes around her steady rhythms. The setlist continued to rely heavily on their most recent studio album with the original tune “Don’t Know What It Means” coming next. This track featured a lively Susan Tedeschi delivering heartfelt lyrics and husband Derek Trucks absolutely destroying his guitar accompaniments. As per usual with this group of brilliant musicians, the three other singers nailed the back-up vocals, and the overall timing remained continually on-point.As the band foreshadowed in recent tours, the newly written “Shame” continued to be displayed, as the performers experimented and redeveloped its song structure in the pursuit musical perfection. The original tune was introduced on June 8th at the Merriam Theatre in Philadelphia and has been in a state of constant evolution ever since, and during this rendition, Derek Trucks whipped a flawless solo around the unusually heavy bass line provided by Tim Lefebvre. This song has unlimited potential, heavy jams, poignant lyrics with a smooth delivery, and has already proven itself to be a staple of the Tedeschi Trucks band’s repertoire.The band then began a barrage of covers beginning with a debut of Cowboy’s “All My Friends” for a poignant tribute to Scott Boyer who passed away two days ago. Cowboy hailed from Jacksonville, Florida, and recorded for Capricorn records in Muscle Shoals with the recommendation from Duane Allman to his friend, the legendary Phil Walden. Duane Allman also plays on Cowboy’s well-known track “Please Be With Me”, which is featured on Duane’s Anthology.To follow, the band dove into a badass rendition of the old blues standard “Leaving Trunk”, with Mike Mattison singing lead vocals. This song is accredited to Sleepy John Estes but was popularized by Taj Mahal. Tash Neal, the guitarist from The London Souls and who also opened the show in Amy Helm’s band, joined the already-crowded stage to contribute his guitar talents. Derek and Tash traded guitar licks that built into the rockin’, explosive focal point of the show.A soulful cover of Elmore James’s“The Sky is Crying” began with a heavily influenced blues solo by Derek Trucks before giving way to Susan’s emotional singing and a stand-out blues guitar solo that could easily be mistaken for one of B.B. King’s.Next, the band revisited a much sought-after cover of Neil Young’s song, “Alabama”, which was recently released as a new single. The cover featured a cutting guitar segment with Susan acing the southern-styled lyrics, and the song marked one of the most formidable three minutes of music of the night. This rendition was also the seventh time that the band has covered this song since its debut in November of last year.Returning to their partial roots as the Derek Trucks Band, Mike Mattison returned to center stage to sing lead on the beginning of Billy Taylor’s song “I Wish I Knew How It Would Feel to Be Free”, which featured a mesmerizing one-two punch between Derek Trucks off-the-cuff slide guitar and Susan who retook vocals after the first verse. The song broke down into a furious flurry of horns and percussion, with Ephraim Owens slaying his instrument of choice, the trumpet. Mike Mattison also traded vocal duties with Alecia Chakour, as the song rebuilt for one last incredible solo by Derek Trucks.To close the lengthy solitary set, the band executed a high-quality twenty-minute version of “I Want More”, another track off their latest studio album Let Me Get By. The closer utilized a stompin’ bass drum, horn punctuations, and Susan singin’ to the heavens, as Derek Trucks patiently waited for his opportunity to shred the unholy hell out of his trusted Gibson SG. The rest of his massive band quietly subsided to give him more acoustic space, but soon jumped back in line to resurrect the melodies of the song. Eventually, Kofi emerged from behind his keyboards to perform one last stunning flute solo before relinquishing control to Derek who continues his acoustic onslaught. The drummers were the next at-bat, and made the most of the opportunity, with both Tyler Greenwell and J. J. Johnson thrashing and thumping their kits in synchronous rhythms. Derek got the last word, however, with a final continuation of his guitar prowess.A stripped-down ensemble reappeared onstage to play a sentimental version of the traditional song “Will the Circle Be Unbroken?”, with Derek Trucks ripping a cutting solo right from the start. Susan sings the lyrics in her pristine voice with backup vocals provided by Marc Rivers, Mike Mattison, Alecia Chakour, and Amy Helm. The band then finished with an extended rendition of “Bound for Glory”, another track from Revelator to complete their two-night residence in a truly inspiring fashion.Kofi crushed a keyboard solo and worked hand-in-hand with the horn section to get the audience dancing. The groove was supplemented further by Derek Trucks overpowering guitar riffs and Susan’s unbeatable vocals. As Derek Trucks captivated the audience with one last guitar solo, Susan finalized the night with the declaration that “We’re bound for glory.”Setlist: Tedeschi Trucks Band | Count Basie Theatre | Red Bank, NJ | 2/14/17Don’t Let Me Slide, Laugh About It, Just As Strange, All the World, Right On Time, Don’t Know What It Means, Shame, All My Friends (Gregg Allman), Leaving Trunk (Sleepy John Estes), The Sky Is Crying (Elmore James), Alabama (Neil Young), I Wish I Knew How It Would Feel To Be Free (Billy Taylor), I Want MoreE: Bound For Glory[Audio: edtyre]Tedeschi Trucks Band | Count Basie Theatre | Red Bank, NJ | 2/14/17 | Photos by Bob Schultz Photo: Bob Schultz Load remaining imageslast_img read more

Tourist activity of population of Republic of Croatia in 2016

first_imgIn 2016, at least one private multi-day trip was 1.6 million people or 44.0% of the population of Croatia aged 15 and over, according to data from the Central Bureau of Statistics (CBS).A total of 3.8 million of private trips were realized, of which 2.5 million (67.8%) were realized in Croatia and 1.2 million (32.2%) were realized abroad. The most common international destinations were Bosnia and Herzegovina (21.5% trips), Italy (13.7%), Germany (12.0%), Austria (11.3%) and Slovenia (9.1%).The most common reasons for going on a private trip with overnigh stays were visiting relatives and friends (1.2 million trips or 32.7%) and seaside vacation (1.1 million trips or 28.3%).The largest number of nights was realized in non-commercial AccommodationThe population of the Republic of Croatia realized a total of 23.1 million nights on trips with overnight stays, of which 16.8 million (72.8%) were realized in Croatia, while 6.3 million (27.2%) were realized abroad. An average of 6.1 nights were realized on a single trip. An average of 6.6 nights were realized on trips in Croatia, while for trips abroad the average amounted to 5.2 nights.By type of accommodation, the largest number of nights was realized in non-commercial accommodation establishments (16.5 million nights or 71.5%), of which 8.6 million nights were realized in non-commercial accommodation establishments owned by relatives and friends and 7.3 million nights were realized in own vacation homes (second homes).Average travel expenses amounted to HRK 1The total expenditure on private trips with overnight stays amounted to 6.5 billion kuna, of which 3.1 billion (48.8%) were spent in Croatia, while 3.3 billion (51.2%) were spent abroad. Average travel expenses amounted to HRK 1.In 2016, 56% of the population of the Republic of Croatia did not go on a trip, usually due to financial reasonsOut of the total population of the Republic of Croatia aged 15 and over, 2.0 million or 56.0% of them did not go on a private trip with overnight stays in 2016. The most common reasons for not going on private trips with overnight stays (multiple answers possible) were the lack of finances (61.6%), health reasons (24.3%) and lack of free time due to family obligations (15.9%).More business / professional trips were realized abroadThere were 318 thousand persons or 8.8% of the total population of the Republic of Croatia aged 15 and over in 2016 that went on at least one business / professional trip with overnight stays. A total of 784 thousand business / professional trips were realized, of which 380 thousand (48.5%) in the Republic of Croatia and 403 thousand (51.5%) abroad.Almost 7 million same-day visits were realizedIn 2016, the population of the Republic of Croatia aged 15 and over realized 6.8 million same-day visits, out of which 6.1 million (88.8%) were for private and 765 thousand (11.2%) were for business / professional purposes.For the first time in Croatia, 100 million overnight stays were realizedCroatian tourism has achieved historic tourism results this weekend.The long-awaited and anticipated record of 100 million overnights has been recorded for the first time in Croatia’s eVisitor system, which includes tourist traffic realized in commercial and non-commercial facilities and nautical charter (eCrew system).So, in the period from 1 January to 29 October. According to the first data, in Croatia, 17.8 million arrivals and 100.1 million nights spent in Croatia. This is an increase of 13 percent in arrivals and 12 percent in nights. The largest number of overnight stays were made from Germany, Slovenia, Austria, Poland and the Czech Republic, and most of the overnight stays were realized in Dubrovnik, Rovinj, Poreč, Medulin and Umag. Analyzing traffic by type of accommodation, in the mentioned period most of the overnight stays were realized in household facilities (about 35 million), hotels (around 24 million) and camps (around 19 million).last_img read more

Ooni Lauds Kanu Heart Foundation

first_imgHis Royal Majesty, Ooni of Ife, Oba Adeyeye Enitan Ogunwusi,  has hailed former Nigeria international Kanu Nwankwo for his Heart Foundation, saying he had touched the heart of God.While receiving the two-time Africa Footballer of the Year Award winner in his palace in Ile Ife in Osun State at the weekend, the Royal father observed that Kanu through his Foundation had extended love to a lot of poor people who otherwise would have died with their heart ailments.Explaining that God is love and anyone who was able to show genuine love to humanity has touched God’s heart. Oba Adeyeye EnitanOgunwusi, the Ooni of Ife In accepting his appointment as the Patron of the Kanu Heart Foundation, Oba Ogunwusi said that he had followed with keen interest the lifestyle of the former Arsenal play maker during his playing days and after retirement and what baffled him most was his ability to give back to the less privileged through his foundation, adding “that is the purpose of God bestowing wealth to people in order to help the poor”The Oba further relived some of the magical goals of the Super Eagle goalador that the Kanu Heart Foundation had become a global brand that needed to be encouraged to do more.In his response, the founder/president – Kanu Heart Foundation Pastor Onyebuchi Abia said he was dumfounded with the humility and show of love exhibited by the Oba in welcoming him and his entourage to his palace and observed that he would always remain grateful.Kanu further remarked that what motivated his coming and choice as patron was the Oba’s open mindedness and spirit of oneness to which His Royal Majesty has been known. Earlier in his speech, the coordinator of the foundation has stated that the foundation has carried out 562 open heart surgery since inception in the year 2000.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Firearms frustrations

first_imgShare Facebook Twitter Google + LinkedIn Pinterest This is the first deer season in several, thanks to being skunked so far using a compound bow, in which I have been able to participate in the firearms opportunity. For harvesting a buck, anyway. It’s been interesting having the capability to shoulder a gun and consider taking a deer beyond 30 yards, which is as far as I am comfortable take a shot with my bow. A gun broadens the horizons, so to speak, while offering different challenges.For example, I have two guns from which to choose to hunt deer: a semi-auto shotgun and an in-line muzzleloader. Choosing which one to use on any given hunt is easy, for all the wrong reasons: I have hardly been successful with either one. In fact, in two decades of using a muzzleloaders from borrowed beater percussion models to my present cutting edge, scoped, in-line, I have yet to even cut hair on a deer with a front-loaded projectile. And only close friends know how many slugs it took for me to harvest my only shotgun-slayed buck.The advantage of using a modern the muzzleloader is its range: some blackpowder enthusiasts drop deer at 200 yards with the modern-day smoke-poles. On the downside, you are limited to a single shot. At least before a reloading process that few deer are going to stand for.A shotgun such as mine may be loaded with three slugs and shot as fast as you can pull the trigger. The problem there is the range and accuracy are not close to what the muzzleloader can offer — at least in my hands. A slug barrel and modern sabots help both, but my shotgun is a left handed model for which no fully rifled barrel is available. So, based on my sighting-in efforts and the shot groups they reveal, I limit my efforts with the Remington toward deer at 50 yards or fewer.Based on that data, I choose to use the three-shot option of the shotgun when walking through thick cover such as that offered by CRP acreage, where I expect to jump a deer at close quarters and may need multiple trigger pulls to place the lead where I want it. When hunting from a stand or in open country, where I anticipate shots at standing deer at distances beyond 50 yards, I select the scoped, single-shot Thompson/Center.If it were only so easy. Every time I have had the shotgun in hand while walking in the thick stuff, the bucks have jumped out of my set range, run a ways, and stopped at about 75 yards to turn broadside to see what spooked them — offering a clear shot were I armed with the far-reaching muzzleloader. When I take the blackpowder rifle with its reach into the same stand of CRP, the bucks (yes, during the gun week opener two did the same thing in the same patch of thick grass and thistle ten minutes apart) wait until I am practically on top them before jumping and running non-stop into the next county.The same scenarios took place the last time I had a tag to fill and tried both firearms on separate occasions. It’s as though the deer know which gun I’m toting and what evasive maneuver will be required to frustrate my efforts on any given one-man deer drive.Will that stop me? Nope. It’s fun as heck and every time I get back to the truck and hang my license and deer tag on the rear view mirror I smile and remind myself that I get to do it all over again the next day.And I get to do so thanks to folks like Jim Stewart, John Wing, and the Baker and Whitney families who grant me and my family access to their land.Speaking of whitetail hunting… Youths harvest a bounty of deerOhio’s young hunters braved less than ideal weather conditions last month and checked 4,958 white-tailed deer during the two-day youth gun season held Nov. 18 and 19, down a bit from last year’s youth gun season when 5,930 white-tailed deer were checked. The youth deer-gun season is one of four special youth-only hunting seasons designed to offer a dedicated hunting experience for young hunters, including opportunities for small game, wild turkey and waterfowl. Find complete details in the 2017-2018 Ohio Hunting and Trapping Regulations or at wildohio.gov.Youth hunters can commemorate their hunt with a First Harvest certificate, available at wildohio.gov. Participants can upload a photo and type in their information to personalize the certificate. Hunters can also share photos by clicking on the Photo Gallery tab online. For summaries of past deer seasons, youth and otherwise, visit wildohio.gov/deerharvest.last_img read more

Are we at the edge of fast?

first_imgLast year about this time I wrote a lengthy piece showing how OSU’s snap speed had progressed over the years since Gundy took over. This year I wondered, despite the deficiencies in maturity on offense (seemingly a quality you’d need for going fast), whether or not OSU would continue to aim for more.I even implored John Helsley to ask the question at OSU’s media day on [email protected] The goal has always been go faster on offense than the year before. Still the case?— Pistols Firing (@pistolsguys) August 2, 2014I’m pretty sure he (or somebody) did because Kyle Fredrickson wrote about it here and there seems to be a bit of confusion among the team about what the goal is.On one hand you have some veteran offense guys saying things like this.Offensive lineman Brandon Garrett: “Fast is our game and that’s how we win.”Wide receiver Jhajuan Seales: “With all the talent and speed that we’ve got, it’s going to be much faster this year.”But then you have younger guys and, ahem, the head ball coach saying stuff like this.Gundy: “We want to play as fast as possible, but we also don’t want to extend ourselves out there and make ourselves vulnerable if we’re not capable of playing as we really need to.”Ra’Shaad Samples: “We’re going to go at the pace we need to go to win games.”Interesting.I wanted to look at what Seales was talking about, though. Just how fast was OSU going last year compared to other years and how much faster is this offense capable of going?The numbers I’m about to throw at you are simply this: total time of possession on offense divided by total plays. Passing teams are sometimes helped by this because the play clock stops for them on incompletions…though if you’re throwing that many incomplete passes, you likely have bigger issues.The reason these numbers might seem inflated is because a team holds the ball for a while when it punts, has turnovers, and commits penalties. I didn’t include these as offensive “plays” because, well, those are all things that slow an offense down and I don’t feel like they should be added to artificially enhance these numbers.Total time/total plays2005: 24 seconds per play2006: 26 seconds per play2007: 23 seconds per play2008: 26 seconds per play2009: 28 seconds per play2010: 22 seconds per play2011: 20 seconds per play2012: 21 seconds per play2013: 21 seconds per playSo it would seem as if OSU has sort of hit a wall in terms of speed on offense. Will a team every know the book better than that 2011 team with Weeden and Blackmon? Doubtful, and even if they do I’m not sure anyone will ever be as efficient as Weeden was in running that offense.I was actually pleasantly surprised to see last year’s mark so low with the QB merry-go-round and Legoman at the helm. Under 22 seconds isn’t a joke — only 60 teams have done it since 2007 (out of 849) including OSU in each of the last three years.Speaking of, here are the 10 fastest teams in that span.10 fastest teams 2012Houston18.15 2012Louisiana Tech19.13 2013BYU19.44 2012Marshall18.74 Team 2013Baylor19.80 2013Wyoming19.56center_img Seconds/Play Year 2009Houston19.56 2012Arizona19.38 2013Texas Tech19.53 Baylor was so impressive last season. You know what’s even more impressive, though? Baylor ran a play every 17.5 seconds against OSU in Stillwater and OSU was deep enough (and opportunistic enough) to crush them.This year, though. This year will be different.It might actually work to OSU’s disadvantage to go as fast as humanly possible. I’m not sure that’s a rhythm you want to put JW Patton in and with the lack of depth on defense I’m not sure you want to be giving Baylor and OU (not to mention FSU) 90 plays a game.Gundy always seems to press the right buttons, though, and this is something I’ll be taking a look at as the year wears on.If you’re looking for the comments section, it has moved to our forum, The Chamber. You can go there to comment and holler about these articles, specifically in these threads. You can register for a free account right here and will need one to comment.If you’re wondering why we decided to do this, we wrote about that here. Thank you and cheers!last_img read more