2011:Year you weren’t expecting

What does 2011 hold in store? It may well start with a flashback. Remember the Y2K bug, when the world’s computers were expected to shut down because they couldn’t handle the “00” in 2000? There’s another one expected this year. It’s known as the Y1C problem, and although equally serious, it’s confined to the island of Taiwan, which uses a calendar that dates year 1 from the founding of the Republic of China in 1912. For many computers in Taiwan, 2011 is the year 100, and with the “00,” chaos may ensue.

f you’re writing that down, make sure your marker is honeysuckle, which Pantone has designated the color of 2011. The year has also already been proclaimed the year of forests and the year of chemistry by the United Nations. You’ll be able to book tickets to two places you’ve never been able to visit before: a massive new Legoland in Dubai and the abandoned city of Chernobyl, which opens to tourists this year. If you’re Canadian, you’ll be able to pay for these using Canada’s new plastic money, set to be released in the second half of this year.

What’s that? You didn’t have any of that on your calendar?

When looking forward to a new year, all too often we focus on the big and the obvious: elections, royal weddings, Harry Potter movies. But a year is much more than that: It’s one enormous landscape of exciting events you had absolutely no idea were about to occur. What follows is the Ideas guide to the year in the obscure and unexpected.

January Chernobyl begins to offer official tours for the first time since April 26, 1986, when the worst nuclear reactor explosion in history devastated the region and made the Ukrainian city a byword for techno-dystopian disaster. Tourists can see both the nuclear plant and the abandoned nearby towns. It’s reachable as a day trip from Ukraine’s capital, Kiev.

January Van Halen is expected to begin recording an album with, for the first time in more than 25 years, original singer David Lee Roth.

January 9 The world will gain a new nation if voters in Southern Sudan choose independence in a referendum that begins today. The youngest countries in the world currently are Curacao and the Republic of Kosovo.

January 11 The Dali Museum opens in St. Petersburg, Fla. It will be home to more works of Salvador Dali than any other museum in the world. Costing $36 million, it will house 2,140 pieces of art and is designed to withstand a category 5 hurricane.

January 12 A new $1 coin debuts in Plymouth, Mass., depicting the hands of Governor John Carver and Supreme Sachem Ousamequin Massasoit exchanging a peace pipe. It joins more than 1 billion dollar coins already minted. Though most Americans rarely see them in circulation, they are very popular in Ecuador, which began using the US dollar as its currency in 2000.

(source:boston.com)

Top 11 stories to watch in 2011

1. Arlington's really big game

The yearlong drumbeat is reaching a crescendo with the final countdown to Super Bowl XLV at Cowboys Stadium in Arlington on Feb. 6. This will be the biggest single event held in North Texas, with almost 300,000 visitors expected, half from outside the state. Out-of-town visitors are expected to create a sales tax bonanza for local merchants.

The National Football League has only praise for the work of the North Texas Super Bowl Host Committee, which has orchestrated this regional effort through unprecedented cooperation among the four major cities -- Fort Worth, Arlington, Irving and Dallas.

An allocation of $31.2 million from the state comptroller's Major Event Trust Fund is expected to ensure that taxpayers can enjoy all the worldwide attention created by the Super Bowl and not pay for any of it.

The only disappointing note is that the Cowboys won't be the first team to play a Super Bowl in its home stadium. They failed to make the playoffs.

2. Gas drilling concerns

The question of whether to impose stronger environmental regulations on natural gas drilling in the Barnett Shale -- to reduce air emissions and protect groundwater supplies from potential contamination -- is expected to be on the front burner again.

The Texas Railroad Commission, which regulates the state's oil and gas industry, has scheduled a Jan. 10 hearing in Austin on an order that the U.S. Environmental Protection Agency filed against Fort Worth-based Range Resources. The EPA contends that Range natural gas wells drilled in 2009 contaminated two residential water wells in far south Parker County.

Range has said it doesn't believe its wells are the source of the contamination.

Fort Worth will spend an additional $402,000 to complete a study on the effects of natural gas drilling on air quality.

The Arlington City Council will vote to strengthen the city's 7-year-old drilling ordinance, such as limiting the number of years drillers can tie up a piece of land and setting other requirements to minimize effects on infrastructure, the environment and residents.

And in Southlake, city leaders have yet to give XTO Energy the OK to drill the first well site in the city. Another vote is scheduled for this month.

3. Tea Party momentum builds

The first Tea Party rally in Tarrant County took place in 2009, but the movement showed its political clout in 2010.

Different activist groups played a role in several Republican primaries and general election races. Now comes the hard part. At the state level, lawmakers will tackle a budget shortfall likely to top $20 billion.

Activists are calling for cutting spending and keeping taxes low, which could affect a wide range of popular state services. Tea Party activists have promised to field primary opponents in 2012 for Republicans who don't act like "true conservatives." But it remains to be seen whether the disparate groups can stick to the same message once debates flare over where to cut and how much.

The drama will likely begin in earnest Jan. 11, when some conservative groups plan a rally at the Capitol to coincide with the first day of the legislative session.

4. Will the school finance system get fixed?

While redistricting and a multibillion-dollar shortfall will take center stage during the legislative session, local educators are calling on politicians to change the way public schools are financed.

Officials with the Carroll, Grapevine-Colleyville and Keller school districts plan to collect letters and deliver them in person to legislators. And dozens of other districts statewide have followed the lead of Aledo and joined the grassroots Make Education a Priority campaign.

School districts have slashed budgets for fiscal 2010-11, and many have had to dip into savings to cover shortfalls. Deeper cuts are expected for 2011-12.

5. Grapevine-Colleyville investigation continues

The Tarrant County district attorney's investigation into theft and mismanagement allegations in the Grapevine-Colleyville school district should conclude this year, according to David Lobingier, investigator with the district attorney's economic crimes unit.

"The investigation is ongoing, and we want to take our time with it and be thorough," Lobingier said.

The school district launched an internal investigation into misdeeds in its facilities services department in March, resulting in the resignations of Scott Monaghan, the department's director; and two departmental employees. The district's relationship with primary job-order contractor Paul Hamilton was also severed. The investigation involved about $10,000 in missing district equipment, mismanagement of job order contracts and payroll discrepancies.

6. Pension changes loom in Fort Worth

At some point this year, the Fort Worth City Council will act to save the city's troubled retirement system from insolvency by voting on modifications to the pension formula for new general-fund employees. The vote could become the basis for the city's position when contract negotiations with police officers begin in late 2011. The Fort Worth Police Officers Association has vowed that it would never accept a two-tier retirement system for the force.

Two systems would divide the police force, said Rick Van Houten, president of the police association, and be demoralizing. "That's not good for my officers, and that's not good for our citizens," Van Houten said.

7. Be prepared to stop

Tarrant and Johnson county motorists will be dodging a lot of orange barrels in 2011 and beyond.

The $1.6 billion Southwest Parkway/Chisholm Trail Parkway toll road gets under way from downtown Fort Worth to Cleburne. The road is expected to open in the second half of 2013.

In Northeast Tarrant County, the $3.3 billion North Tarrant Express project -- including the revamping of Loop 820, Texas 121/183 and Interstate 35W -- starts this year and is scheduled to be complete in 2017.

And in Grapevine, the $1.02 billion DFW Connector project, which began in early 2010 on the Texas 114/121 corridor, is expected to take four years to complete.

8. Arlington Heights scandal lingers

There were allegations of students cleaning and doing work at the school for class credit, record tampering, an improper sexual relationship between a teacher and an assistant principal, unreported thefts and racial tensions.

All came to light last year during an investigation at Arlington Heights High School, which resulted in the resignations of Principal Neta Alexander and Assistant Superintendent Chuck Boyd.

The Tarrant County district attorney's office is investigating the use of booster club funds at the school, and the Texas Education Agency is conducting an attendance audit.

Meanwhile, Joseph Palazzolo, a former assistant principal, has filed a whistle-blower lawsuit against the district, saying he was fired for alerting officials to the wrongdoings.

Stayed tuned -- this one is far from over.

9. Reshaping downtown, Trinity River

More than four years after construction began, classes will begin this fall at Tarrant County College's Trinity River East Campus. The striking downtown facility, which features an outdoor classroom, will allow students to enjoy downtown and river views as they move through the campus.

Despite cost overruns and design changes, TCC officials have promised that the project will be completed under the $203 million that has been budgeted.

The campus will include a sunken plaza and a water feature that stretches from Weatherford Street toward the Trinity River.

And by the end of the year, just to the west, one of the first visible signs of the Trinity River Project, the Henderson Street bridge, is scheduled to begin.

This bridge will not replace the existing bridge over the Trinity River. Instead, it is being built to span the flood control and economic development project's bypass channel, which is projected to start construction in 2013.

10. M.D. program needs approval

Money has been raised and regents have approved a proposed M.D. program at the University of North Texas Health Science Center.

All that's left is an OK from the Texas Legislature, which convenes this month.

UNT regents voted to proceed with plans for the program in August. The project has received many financial commitments, including $2.5 million from the JPS Health Network. About $25 million had been raised for startup costs by the fall, according to the health science center.

Despite that support, the M.D. program has also drawn critics who say it will detract from the Texas College of Osteopathic Medicine.

Classes are expected to begin in 2013.

11. Legislative redistricting

When Texas legislators return to work Jan. 11, one of their main tasks will be redrawing congressional boundaries to add four districts based on population growth registered in the latest U.S. census.

State lawmakers must determine where those new districts go and configure other districts to make sure that each has at least the required 710,767 constituents.

Many believe that at least one new district will wind up in the Dallas-Fort Worth area.

State representatives and senators will also redraw their own district boundary lines and those of the Board of Education. The Democratic-appointed Justice Department must review and sign off on the new maps. The new districts will be in place for the 2012 elections.

Staff writers Pete Alfano, Eva-Marie Ayala, Aman Batheja, Jessamy Brown, Gordon Dickson, Bill Hanna, John Henry, Shirley Jinkins, Susan Schrock, Jack Z. Smith and Anna M. Tinsley contributed to this report.

(source:star-telegram.com)

Las Vegas on tap to record its coldest New Year’s Eve

It’s going to be a chilly start to 2011: 28 degrees in Las Vegas at midnight, if the National Weather Service’s prediction is correct.

Today’s high temperature will likely enter the record books as Las Vegas’ coldest New Year’s Eve with the mercury dropping to levels not seen in more than two years.

The National Weather Service said Las Vegas will see a high of 38 degrees today. That’s well below the coldest high temperature ever recorded on Dec. 31 in Las Vegas, which is 45 degrees set in 1975.

The last time the high temperature reached only the 30s was during a snowstorm on Dec. 17, 2008, when the high was 39 degrees.

The average low temperature for New Year’s Day in Las Vegas is 36 degrees and the record low was 18 degrees in 1990. The average high for the day is 56 degrees; the record high was 74 degrees in 1995.

Forecasters expect temperatures in 2011 to remain below 50 degrees until at least Tuesday, with a high of 42 degrees Saturday, 45 on Sunday and 48 on Monday.

Skies should be clear to watch fireworks tonight, but a storm system is expected to move toward the area Sunday and bring a 20 percent chance of rain Monday.

In the meantime, weather officials recommend residents prepare their homes for freezing by wrapping pipes and keeping plants and pets indoors.

Visitors and locals who plan to ring in the new year outdoors should wear warm layers of clothing and limit alcoholic beverages, the weather service said.

(source:lasvegassun.com)

2011

2011 (MMXI) is a common year starting on Saturday in the Gregorian calendar and is the current year in Oceania, East Asia including China, and Eastern Russia, while the rest of the world is in 2010. It is the 2011th year of the Common Era/Anno Domini designation; the 11th year of the 3rd millennium and of the 21st century, and the second year of 2010s decade.

The United Nations has designated 2011 the International Year of Forests and International Year of Chemistry.

Predicted and scheduled events

2011 January

January 1 – The Y1C Problem will occur.

January 1 – Start of the Hungarian presidency of the Council of the European Union.

January 1 – Estonia is set to adopt the euro.

January 1 – Inauguration of Dilma Rousseff as President of Brazil, making her the first woman to hold that office.

January 1 – Civil partnerships will become legal in Ireland

January 2 – Conjunction between Jupiter and Uranus at 13:41 UTC, with Jupiter 34 minutes of arc to the south; the third conjunction of a triple conjunction.

January 4 – Partial solar eclipse visible over most of Europe, the Arabian peninsula, North Africa, and Western Asia.

January 9 – Southern Sudan will hold a referendum on independence.

2011 February

19 February – 2 April – 2011 Cricket World Cup will be held in India, Sri Lanka and Bangladesh.

2011 March

March 18 – NASA's MESSENGER spacecraft is scheduled to arrive in orbit around Mercury.

March 18 – NASA's Pluto probe New Horizons will cross the orbit of Uranus, after a five-year journey. This will be faster than Voyager 2, which took eight years.

2011 April

April 1 – The Space Shuttle will undertake its final mission before retirement.

April 29 – 2011 Men's World Ice Hockey Championships will start in Slovakia.

April 29 – The wedding of Prince William of Wales and Kate Middleton will take place in Westminster Abbey on St. Catherine's Day.

Pakistan will launch its first space satellite.

The Universal House of Justice will announce the new Five Year Plan.

2011 May

Jupiter, Venus, Mercury, and Mars all visible within a roughly 6° area of sky.

2011 June

June 1 – Partial solar eclipse in the Arctic.

June 15 – Total lunar eclipse, mainly visible in Africa, India, and the Middle East.

2011 July

The Dawn spacecraft is scheduled to arrive at the minor planet 4 Vesta during July. The exact date remains uncertain.

July 1 – Start of the Polish presidency of the European Union.

July 1 – Partial solar eclipse off the coast of Antarctica.

July 6 – The International Olympic Committee will decide the host city of the 2018 Winter Olympics.

July 10 – Neptune completes its first full orbit since its discovery in 1846.

2011 August

August 15 – The comet 45P/Honda-Mrkos-Pajdušáková will pass within 0.0601 astronomical units (about 5,589,300 miles (8,995,100 km)) of Earth.

August 15–21 – XXVI World Youth Day will be held in Madrid, Spain.

2011 September

September 9 – October 23 – New Zealand will host the 2011 Rugby World Cup.

2011 October

2011 November

November 25 – Partial solar eclipse in Antarctica.

2011 December

December 10 – Total lunar eclipse, visible mainly in Asia, Australia and Alaska.

December 31 – All United States troops are scheduled to leave Iraq

2011 Unknown dates

California will open the world's largest solar power plant.

Several electric vehicles are expected to enter the U.S. market, perhaps most notably the Tesla Model S and BYD e6.

Predicted solar maximum (also predicted by other research groups for 2012).

The IPv4 unallocated address pool is projected to be exhausted.

The Nord Stream natural gas pipeline from Russia to Germany will be completed.

Blue Waters, a petascale supercomputer being designed and built as a joint effort between the National Center for Supercomputing Applications, the University of Illinois at Urbana-Champaign and IBM is expected to be completed in this year.

A new definition of the kilogram, based on universal constants, is likely to be announced at the 24th General Conference on Weights and Measures.

Computer games on the subjects of climate change, medical innovation and women's rights will be developed in 2011.

Major holidays

January 1 – New Year's Day.

January 7 (6 in Armenia) – Orthodox Christmas.

January 14 – Makar Sankranti, Hinduism & Pongal, Tamil New Year - Says Thanks to Sun.

February 2 – Imbolc, a Cross-quarter day.

February 3 – Chinese New Year.

March 8 – Shrove Tuesday / Mardi Gras, end of Mardi Gras / Carnival season.

March 9 – Ash Wednesday (first day of Lent).

March 20 – Holi.

March 21 – (Northern hemisphere) Vernal equinox, also known as Ostara & Persian New Year

April 4 – Ugadi or Telugu New Year.

April 18 – Passover begins at sundown.

April 24 – Easter (Western and Orthodox).

May 1 – Beltane, a Cross-quarter day.

June 7 – Shavuot begins.

June 21 – Summer solstice (northern hemisphere), also known as Midsummer or Litha. Winter solstice (southern hemisphere).

August 1 – Ramadhan Begins — Islam.

August 1 – Lammas, a Cross-quarter day.

August 31 – Eid al-Fitr.

September 23 – (Northern hemisphere) Autumnal equinox, also known as Mabon.

September 28 – Rosh Hashana begins at sundown.

October 7 – Yom Kippur begins at sundown.

October 26 – Diwali, a religious holiday in India.

November 1 – Samhain, a Cross-quarter day and Neopagan new year.

November 6 – Eid al-Adha.

November 26 – Islamic New Year.

December 20 – Chanukah.

December 22 – Winter solstice (northern hemisphere), also known as Yule. Summer solstice (southern hemisphere).

December 25 – Western Christmas.

In fiction

2011 Film

Killer Tattoo (2001)

Millennium Mambo (2001)

2011 Television

In the television series FlashForward episode "Future Shock", the date March 14, 2011 is seen on a note during a blackout.

The Heroes television series visits 2011 in several different potential futures.

In the Aeon Flux film, 99% of the world's population is wiped out by a mysterious virus in the year 2011.

In Terminator: The Sarah Connor Chronicles television series "Judgment Day" is predicted to take place on April 21.

2011 Computer and video games

Heavy Rain (2010)

Persona 4 (2008)

Tom Clancy's Splinter Cell: Conviction (2010)

Call of Duty 4: Modern Warfare (2007)

2011 Literature

In K. A. Applegate's Remnants book series, 2011 is the year life on Earth becomes extinct after a 73-mile-wide asteroid nicknamed "The Rock" impacts Portugal. Eighty other humans are placed in a shuttle named the Mayflower mere hours before impact and put into artificial hibernation, while a handful of humans in shelters survive the impact on Earth.

(source:wikipedia)

11 questions that frame 2011

WASHINGTON ― President Obama ended a tumultuous 2010 on high notes with the passage of a tax-cut deal, a new nuclear arms treaty with the Russians, and the ending of "don't ask, don't tell" for gay members of the military.

But his Democrats also suffered devastating losses in the November elections, and the economy ended 2010 as it began: in an uneven, uncertain struggle to climb out of the deepest recession since the 1930s.

Now, 11 key questions greet 2011:

― Will the jobs recession finally end?

2010 will almost certainly end with 20 straight months of unemployment over 9% when the December jobs report comes out. Job creation will be Job One leading into the 2012 elections.

― Will there be a crisis-inducing showdown on the federal government's debt limit?

Many of the 84 new Republicans elected to the House of Representatives ran campaign ads criticizing opponents for raising the debt limit. Will they use it as an opportunity to shut down the government, or force deep spending cuts, when the need to raise that limit arrives early in 2011?

― How will the president handle a potential lose-lose situation in his promise to begin withdrawing troops from Afghanistan as early as July?

Those expecting whole brigades to come marching home may be disappointed; those who want a stable Afghanistan before the U.S.-led forces start pulling out may be, too.

― Will a shaky peace hold on the Korean Peninsula?

2010 ended with more saber rattling between North and South Korea than any time since the truce nearly six decades ago. North Korea ― nuclear-armed, isolated and under sanction – is the proverbial powder keg.

― What will Sarah do?

Sarah Palin is ``prayerfully" considering a presidential run. Unlike many of her potential rivals, she can wait until the latter half of 2011 to declare her intentions. Money and name ID won't be a problem. The GOP '12 field will not be complete until Palin declares one way or another.

― Who emerges as hot, fresh Republican challengers for Obama?

For the first time in recent memory, Republicans don't have a logical next-in-line for the 2012 presidential nomination. Any number of newcomers could step into the breach, especially if Palin doesn't run.

― Can Obama placate his liberal base?

He'll need an energized left to get re-elected in 2012. Liberals were mad at him for a tax deal that keeps breaks for wealthy taxpayers for two more years. But the gay military service breakthrough salved left-wing wounds. A big drawdown of troops from Afghanistan in 2011 might mend that left wing even more.

― Will surviving Democratic moderates play along or defy Obama?

House Blue Dogs staged an insurrection against Nancy Pelosi for leader. But there are far fewer Blue Dogs since the November elections, and they may run with Republicans on issues like deficit reduction.

― Will the Tea Party be as big a force in legislative battles as it was in the election?

We've seen a hint of what might be ahead. In December, a Tea Party backlash helped turn former Republican pork advocates into born-again pork busters after a massive spending bill contained a few billion dollars of pet "earmarks." That bill was rejected.

― Will veteran Democrats stick it out or decide to call it quits leading into the 2012 elections?

Some House Democrats barely won re-election in 2010 and might look at serving in the minority as futile. Democrats or independent allies hold 23 of the 33 Senate seats up for grabs in 2012, several in GOP states.

― Will Americans shake their wrong-track blues?

Surveys show that Americans are more sour on the country's direction and on their leading institutions than they have been in decades. New job creation could topple mountains of doubt. But many of the country's challenges defy short-term fixes, from debt to terrorism.

They are problems for the long haul.

(source:koreatimes.co.kr)

Five Fearless Predictions for 2011

In Washington, 2011 is opening with a mixture of anticipation and dread. Things are going to be different than 2010, but we can't be sure exactly how.

In this moment of uncertainty, I can offer five sure things for 2011.

Media Steeped in Tea

Some of the very same reporters and commentators who spent much of 2010 pondering whether the members of the Tea Party movement were racists, corporate-backed phonies or militia nuts will find a strange new respect for the small-government enthusiasts.

It's won't be because the New York Times will suddenly be taken by the spirit of the Founding Fathers but for the same reason that conservatives so often find mainstream acceptance: for criticizing Republicans. As Tea Party activists complain about wishy-washiness of Republicans in Congress in 2011, they will find the doors to the media establishment thrown open to them.

It might be hypocritical for pressies who once discerned dark motives in the movement to suddenly be trumpeting its message, but that won't make it any less dangerous to Republicans looking to keep their base on board.

A Republican in the White House

As President Obama looks to recover his standing with disenchanted moderates and independents, look for him to find a GOPer to bring into his administration.

Obama appointed four Republicans to top jobs in his first three years.

He tapped Sen. Judd Gregg to head the Commerce Department, but Gregg walked away citing policy disagreements. Obama made former Illinois Rep. Ray LaHood secretary of Transportation, but LaHood's limited portfolio has kept him out of view. Obama also chose New York Rep. John McHugh secretary of the Army, another job with a low public profile. Obama sent Utah Gov. Jon Huntsman to China as ambassador, but the faraway posting did little to burnish Obama's reputation for bipartisanship.

As he continues his pivot to the center in the run up to 2012, Obama will need to show that there are Republicans with whom he can work.

Many have put forward former Sen. Chuck Hagel of Nebraska, an apostate Republican, as a replacement for Defense Secretary Robert Gates, expected to retire sometime in 2011.

Hagel is widely reviled on the right and had bitter disagreements with his fellow Senate Republicans, so it wouldn't do much in the way of bridge building. And since Hagel endorsed him in 2008, Obama wouldn't be seen as stretching very far. Plus, Hagel is famously headstrong and not known as a team player.

Other potential candidates would have to include Maine Sen. Olympia Snowe. Snowe faces reelection in 2012 and will surely suffer the wrath of conservative Mainers for supporting key parts of the Obama agenda. Plus, with her in his cabinet, Obama would enhance the chances of Democrats picking up her Senate seat.

Dems Break Away on Afghanistan

While President Obama has a large coalition of Republicans and moderate Democrats behind his Afghan war effort, he is on the brink of losing the mainstream of his party on the conflict.

The nation-building effort showed modest progress in 2010, but has also been beset by rising violence and weak allies. A series of reports on corruption in the Karzai government in Kabul and the instability of key ally Pakistan have reinforced Democratic doubts about the Obama surge strategy.

America's main ally in the effort, Britain, has will soon be reducing its presence and the aid from other NATO allies will similarly shrink as brutal austerity measures take hold on the continent. Europeans won't accept cuts to social programs and continued spending on the American-led war.

With tough going ahead and an increased share of the financial burden, liberals in Congress will increasingly buck Obama on his central foreign policy initiative. It's not likely to lead to Congress defunding the war, but it will further fracture Democrats. In fact, with Republicans at the helm in the House, the consequences of opposition will be lower and Democrats will have a freer hand to attack the war and Obama's strategy.

This division will complicate Obama's other efforts that will require Democratic support, including a possible deal with Republicans on tax simplification and entitlement cuts. It will also tend to dampen the hopes for change among the president's political base, much of which was drawn to him for his opposition to the Iraq war and Bush surge there.

Energy Back to the Fore

One of the consolations of a lousy economy has been low energy prices, but as a weak dawn of recovery breaks across the land, that comfort is disappearing.

Big demand for energy in fast-growing nations like China and Russia is driving up costs around the world, as are new regulations from the Obama administration, particularly on the coal industry.

Add to that increased domestic demand and you have the recipe for sky-high prices.

Economists worry that the energy spike, particularly if coupled with inflation in other areas, could kill off the tenuous recovery. But the politics will be interesting, no matter what.

On one hand, higher prices will strengthen Democratic arguments for energy alternatives. But they will also strengthen Republican arguments against any limits on existing sources, particularly President Obama's hard line on offshore oil exploration and new coal mining permits.

A Sordid Sex Scandal

Why should this year be any different than any other in Washington?

Happy New Year.

(source:foxnews.com)

New Year's Eve 2011 around the world

By the time you read this, you may have already seen the fireworks in Sydney. One of the first major cities to cross into the new year, Sydney’s celebration is often broadcast around the world. It’s also one of the world’s largest New Year’s Eve celebrations – the Guardian reports that at least 1.5 million people were expected to gather around Sydney Harbor (roughly 500,000 more than the number of folks expected in New York's Times Square) to watch the fireworks display.

So many people wanted to gather around the harbor that police said they had to cut off entrance to the area around the harbor at 3 p.m. Some people camped out the night before to make sure they could snag a spot, AOL News reported.

2010 year in review: Revival and change

Remember the saying, "It was the best of times, it was the worst of times?" For Metro Detroit, the year 2010 was neither.

Thankfully.

It was a year of recovery and change as the region took the first steps to dig out from a decade of job loss, economic decline and corruption. After a brutal industrywide restructuring, our carmakers began to find their footing — and profits. City Hall started cleaning up as Bing replaced bling. Unemployment dropped from the nation's worst. And the gridlock in Lansing, for better or worse, seemed set to end.

Chrysler Group LLC and General Motors Co. continued to recover from federally backed bankruptcies, with GM going public in November. Meanwhile, Ford Motor Co. earned $6.37billion, making it the most profitable carmaker in the world.

Detroit Mayor Dave Bing moved ahead with plans to consolidate neighborhoods in a city that has shrunk from nearly 2 million to less than 900,000. But the prison population threatened to swell as racketeering indictments were issued against convicted ex-Mayor Kwame Kilpatrick, his father and cronies.

Voters swept incumbents, especially Democrats, out of Lansing, installing Republican Gov.-elect Rick Snyder and a Republican-controlled Legislature in hopes of breaking years of political paralysis. The state economy bottomed out and began bouncing back, with unemployment dropping 2.2 percentage points from a worst-in-the-nation 14.6 percent last Dec. 31.

In sports, the Wolverines and Tigers faltered and the Pistons went to the auction block — maybe to a new downtown stadium. We ended the year without Ernie Harwell and Sparky Anderson. And just to prove anything can happen if we wait long enough, the hapless Lions ended 2010 with three straight wins.

We gave up smoking in bars but got to buy booze on Sundays. We tuned in "Detroit 1-8-7," cheered Eminem's new hit, missed the striking Detroit Symphony and prayed for Aretha.

In short, 2010 was a year that inspires only the briefest New Year's toast: "Better days." And while that's a wish for tomorrow, it's also a weary sigh that the worst seems to be behind us.

(source:detnews.com)

Top Five Personal Finance Predictions for 2011

A New Year is a chance for a new beginning and an end to old, bad habits. But for the financial market and economy, it’s not necessarily going to be a year of renewal. My prediction is that conditions will mainly remain consistent with 2010. Here are my top 5 forecasts.

1. Home sales will continue to fall.

Market watchers predict 2011 will be another sour year for the housing market, with an overall 7% decline in home sales nationally, according to Fiserv Inc. Headwinds include a sour job market, stricter lending standards and an overall lack of confidence in the buying market. A recent Fannie Mae survey found that 30% of Americans say they’re more likely to rent their next home, not buy. Unless we see employment improve and fewer foreclosures on the market, it’s impossible to predict a rebound in housing in 2011.

2. Student loans will make more headlines.

While news outlets focused on the mortgage crisis and credit card bubble, stories about student loan defaults got somewhat buried. But in 2010 we learned that student loan debt has eclipsed credit card debt in this country. And the default rate is soaring – and expected to keep at it. In the last year we’ve seen more books and documentaries on the subject, turning people’s attention to what some are calling the next bubble to burst.

3. Job creation will improve – albeit slightly.

Businesses are in no rush to hire in 2011, especially after learning how to be lean and mean during a recession. The 15+ million unemployed Americans may need to switch industries or rethink their career strategy, since it’s fair to say that their old job is no longer as in demand as before. Add to that rising taxes and health care costs and it’s challenging to feel upbeat about the job market in 2011. Labor forecasters say the average unemployment rate will be 9.5% in 2011 and 8.6% in 2012.

4. Mortgage rates will continue to go up.

A funny thing happened on the way to economic recovery. As consumer spending rose and as gross domestic product got upwardly revised for 2010, investors started to get jittery about inflation. In turn we saw a year-end sell-off in the long-term treasury market, specifically the 10-year bond. As prices fell, yields rose, triggering an upward climb in mortgage rates, as well, since 10-yr treasury yields and mortgage rates move in tandem. One thing is certain: the days of rock-bottom interest rates are gone.

5. Entrepreneurship will boom.

Finally, a silver lining. With few jobs, more Americans will be inspired to start businesses, in particular the Gen Y group that’s recently graduated from college and baby boomers entering retirement. The Gen Y crowd, with their optimism and free rent in mom and dad’s house, will increasingly find ways to innovate and become their own boss. On the other end of the spectrum the 55+ crowd, already the fastest growing age group of entrepreneurs – will keep up the momentum, as they seek more financial security in retirement.

(source:credit.com)

2011 Market Outlook, Why I'm Bullish on Stocks

At risk of offending any vegetarian readers, few meals are more delectable than rare roast beef served with root vegetables and a Yorkshire pudding cooked in beef drippings. During my time in London, I enjoyed making my regular Sunday constitutional to the local pub for a delicious roast. I haven’t abandoned this tradition; every time I return to the UK I make time to enjoy this gastronomic delight.

Unfortunately, I’ve never been able to re-create a proper Yorkshire pudding in my own kitchen. What should have come out as a light pastry would always emerge from the oven as a doughy mess.

But this Christmas, the Yorkshire pudding that accompanied my standing rib roast came out perfectly. Perhaps it was the new flour I purchased or the organic eggs from my local farmers market, but I’ve produced enough subpar Yorkshire puddings to know that my success stemmed purely from luck.

I don’t know how many investors tried their hand at a roast over the holidays, but many likely disengaged from the markets for a few days to attend to seasonal tasks. For those of us who closely follow the financial markets, disconnecting--even for a few days--involves a certain degree of separation anxiety.

But forgetting about the day-to-day market action is the best move you can make this time of year. Most of the Big Money is on holiday, many foreign markets were closed for at least part of the week, and wintry weather is wreaking havoc on New York and London, reducing trading volume in the final week of 2010. Investors shouldn’t read too much into the market’s moves over the next few days.

Now is the time to reflect on 2010 and develop a coherent strategy for 2011. That’s exactly what I did in the most recent issue of Personal Finance.

Bearish commentators had it wrong in 2010: The S&P 500 is poised to end the year with a 13 percent gain and remains within spitting distance of its 52-week high, in line with my prediction of a 10 to 15 percent rally.

Although I share some of the bears’ concerns about the long-term economic outlook for the developed world, the stock market’s recent rally is grounded in solid fundamentals. As I’ve predicted all year in Personal Finance Weekly, the US economy won’t suffer a double-dip recession. The expansion that started in mid-2009 has been decidedly subpar, but slow growth is better than no growth.

And US economic growth appears to be accelerating. The November reading of the Conference Board’s US Leading Economic Index (LEI) was up 1.1 percent from October--a bullish indication--while the extension of the George W. Bush-era tax cuts is another positive development.

US gross domestic product should grow roughly 3 percent in 2011. Hiring will also pick up steam next year, with the unemployment rate decreasing slightly in the final six months. These improvements should push stocks 15 to 20 percent higher on the year.

That’s not to suggest that stocks are in for a smooth ride. The fiscal health of a handful of EU countries remains a concern. Uncertainty about Greece’s solvency and other peripheral EU economies sparked a correction in the S&P 500, which gave up 17 percent between April and June 2010. Similar concerns about Ireland prompted the S&P 500 to pull back 5 percent in November.

In 2011 attention will shift to Portugal and Spain, two nations that could require a bailout. Further turmoil in EU sovereign debt markets could send global stock markets temporarily lower.

But the market has a better understanding of Europe’s credit woes, while overblown concerns about the dissolution of the EU and a second global credit crunch appear to have faded.

The eurozone has implemented a system for bailing out countries in exchange for agreements to implement fiscal austerity measures. And countries throughout the EU have overcome resistance from a vocal minority and implemented austerity measures that will put them on a more sustainable path over the long haul. Even more impressive, EU austerity has focused more on cutting governmental spending than it has on raising taxes--historically, a key to lowering deficits without jeopardizing economic growth.

What about the latest bearish argument that the recent increase in interest rates will sidetrack the US economy? This fear puts the proverbial cart before the horse. Rates are rising because the market is discounting stronger US economic growth and future inflationary pressures. If the rally in rates reflected near-term concerns about US fiscal policy, financial stocks would lag the broader market instead of leading it higher.

Not all of my predictions for 2010 have come to pass; my biggest error was underestimating the resilience of the US consumer and retailers. I expected US consumers to continue to deleverage and rein in spending, a trend that should have weighed on consumer discretionary names.

Although households continue to pay down debt, this process is far enough along that consumers felt comfortable shelling out this holiday season. Meanwhile, I was dead wrong about consumer discretionary stocks; this sector led the market in 2010. Fortunately, a strong performance from our favored sectors in Personal Finance made up for this oversight.

Don’t let the bears coax you into hibernation in 2010; the stage is set for the market to rally in 2011. Investors should focus on our Fab Four sectors: energy, industrials, basic materials and technology. The latest issue of Personal Finance runs down our favorite picks within these groups.

Not a Personal Finance subscriber? Sign up for a risk-free trial of the newsletter to gain access to my top stocks for 2011. Click here for more details.

Don’t Get Sentimental

Market corrections elicit complex emotions.

Most investors have a natural aversion to buying a stock after a significant rally. After all, no one wants to overpay. Many spend weeks watching a stock rally, waiting patiently for an opportunity to jump aboard at a more favorable price.

Timing market corrections accurately is an extraordinary challenge. Oftentimes, the market’s upward momentum means that anticipated pullbacks occur from much higher levels.

In recent weeks some have speculated that the S&P 500 will pull back in early 2010, noting that sentiment has become overly bullish and that the market is due for a rest after the recent rally. A graph like the one below typically accompanies such articles.

his graph tracks the percentage of respondents to the AAII Investor Sentiment Survey who expect the market to head higher over the next six months. As you can see, the recent spike in bullish responses is the highest reading in some time. Conventional wisdom suggests that high levels of bullishness signal a market that’s due for a pullback.

This argument doesn’t hold water. Bullish sentiment reached similar levels in June 2003 as well as in November, April and January 2004. In every case, the market traded higher three months later, and the average gain was an impressive 8.6 percent. Apparently, bullish sentiment isn’t so bearish after all.

Fear and general bearishness usually accompany meaningful pullbacks, paralyzing many of the investors who decided to stand aside until such a correction occurred.

Subscribers often ask me whether it’s better to buy a hot stock and risk missing a near-term pullback or wait for a correction that may never come.

Unfortunately, there’s no easy solution to this conundrum, though breaking up your investment into multiple purchase can help. For example, if you wish to buy $15,000 worth of a particular stock, consider making the purchase in three increments of $5,000 over several weeks or months.

If you immediately deploy a third of your money, you’ll have some exposure if the stock keeps rallying but won’t get burned too badly if there is a near-term correction. Meanwhile, if the stock pulls back, you’ll also have some dry powder to take advantage of lower prices.

(source:investingdaily.com)