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Sent to me to-day

My Name is Rose And I Live In Florida (A True Story)

The first day of school our professor introduced himself and challenged us to get to know someone we didn’t already know. I stood up to look around when a gentle hand touched my shoulder.
I turned around to find a wrinkled, little old lady beaming up at me with a smile that lit up her entire being .
She said, ‘Hi handsome. My name is Rose. I’m eighty-seven years old. Can I give you a hug?’
I laughed and enthusiastically responded, ‘Of course you may!’ and she gave me a giant squeeze.

‘Why are you in college at such a young, innocent age?’ I asked.

She jokingly replied, ‘I’m here to meet a rich husband, get married, and have a couple of kids…’

‘No seriously,’ I asked. I was curious what may have motivated her to be taking on this challenge at her age.

‘I always dreamed of having a college education and now I’m getting one!’ she told me.

After class we walked to the student union building and shared a chocolate milkshake.

We became instant friends. Every day for the next three months we would leave class together and talk nonstop. I was always mesmerized listening to this ‘time machine’ as she shared her wisdom and experience with me.

Over the course of the year, Rose became a campus icon and she easily made friends wherever she went. She loved to dress up and she reveled in the attention bestowed upon her from the other students. She was living it up.

At the end of the semester we invited Rose to speak at our football banquet. I’ll never forget what she taught us. She was introduced and stepped up to the podium. As she began to deliver her prepared speech, she dropped her three by five cards on the floor.

Frustrated and a little embarrassed she leaned into the microphone and simply said, ‘I’m sorry I’m so jittery. I gave up beer for Lent and this whiskey is killing me! I’ll never get my speech back in order so let me just tell you what I know.’

As we laughed she cleared her throat and began, ‘ We do not stop playing because we are old; we grow old because we stop playing.

There are only four secrets to staying young, being happy, and achieving success. You have to laugh and find humor every day. You’ve got to have a dream. When you lose your dreams, you die.
We have so many people walking around who are dead and don’t even know it!

There is a huge difference between growing older and growing up.

If you are nineteen years old and lie in bed for one full year and don’t do one productive thing, you will turn twenty years old. If I am eighty-seven years old and stay in bed for a year and never do anything I will turn eighty-eight.

Anybody can grow older! That doesn’t take any talent or ability. The idea is to grow up by always finding opportunity in change. Have no regrets.

The elderly usually don’t have regrets for what we did, but rather for things we did not do. The only people who fear death are those with regrets.’

She concluded her speech by courageously singing ‘The Rose.’

She challenged each of us to study the lyrics and live them out in our daily lives. At the year’s end Rose finished the college degree she had begun all those years ago.

One week after graduation Rose died peacefully in her sleep.

Over two thousand college students attended her funeral in tribute to the wonderful woman who taught by example that it’s never too late to be all you can possibly be.

When you finish reading this, please send this peaceful word of advice to your friends and family, they’ll really enjoy it!

These words have been passed along in loving memory of ROSE.

REMEMBER, GROWING OLDER IS MANDATORY. GROWING UP AND OUT IS OPTIONAL. We make a Living by what we get. We make a Life by what we give.

God promises a safe landing, not a calm passage. If God brings you to it, He will bring you through it.

Renault scenic hell!

My Renault hell continues!

Last week my wife’s car needed to be repaired, the air fan in within the front counsel would not work and so it had to be repaired .Cost 365 Euro for the repairs

then to-day my own Renault had to be brought to the garage ,the front wheels were squeaking, the strange noise coming from the engine when starting the motor and then the LED lighting in the central council was going on and off during the drive (same problem ,my wife’s car had last year then cost to repair was 375 euro)

Now, I here from the garage that I need a timing belt change, can you here the cash register clinging?

I say again do not under any circumstances do not buy a Renault Scenic.

I have two of them bought brand new (No finance) , and I have never stopped paying for them for the last 5 years .I recon I must have now paid about 10,000 Euros in repairs over the same period !

the car cosmetics are great but the electronics are a disaster ,the service are enormously expensive ,the tyres had to be changed before the first service (18,000 km’s) after the first service then every 9,000klm’s and yeh! You have to have a timing belt change every 40,000 klm’s (the reason I was told was it’s the Irish weather!)

What a rip off!

This was sent to me to-day

The Mayonnaise Jar

When things in your life seem, almost too much to handle,

When 24 Hours in a day is not enough,

Remember the mayonnaise jar and 2 cups of coffee.

A professor stood before his philosophy class

and had some items in front of him.

When the class began, wordlessly,

He picked up a very large and empty mayonnaise jar

And proceeded to fill it with golf balls.

He then asked the students, if the jar was full.

They agreed that it was.

The professor then picked up a box of pebbles and poured

them into the jar. He shook the jar lightly.

The pebbles rolled into the open Areas between the golf balls.

He then asked the students again if the jar was full. They agreed it was.

The professor next picked up a box of sand and poured it into the jar.

Of course, the sand filled up everything else.

He asked once more if the jar was full. The students responded with a unanimous ‘yes.’

The professor then produced two cups of coffee from under the table and poured the entire contents into the jar, effectively

filling the empty space between the sand. The students laughed.

‘Now,’ said the professor, as the laughter subsided,

‘I want you to recognize that this jar represents your life.

The golf balls are the important things – family,

children, health, Friends, and Favorite passions –

Things that if everything else was lost and only they remained, Your life would still be full.

The pebbles are the other things that matter like your job, house, and car.

The sand is everything else –The small stuff.

‘If you put the sand into the jar first,’ He continued,

there is no room for the pebbles or the golf balls.

The same goes for life.

If you spend all your time and energy on the small stuff,

You will never have room for the things that are important to you.

So…

Pay attention to the things that are critical to your happiness.

Play With your children.

Take time to get medical checkups.

Take your partner out to dinner.

There will always be time to clean the house and fix the disposal.

‘Take care of the golf balls first —

The things that really matter.

Set your priorities. The rest is just sand.’

One of the students raised her hand and inquired what the coffee represented.

The professor smiled.

‘I’m glad you asked’.

It just goes to show you that no matter how full your life may seem,

there’s always room for a couple of cups of coffee with a friend.’

Please share this with other “Golf Balls”

I just did……

Keiser Report №22: Markets! Finance! Scandal!

Max again of top of the corrupt markets
well done max great stuff !!

Life Support for Ireland


THE national debt rose above €100bn for the first time yesterday as the Government added the entire €8.3bn cost of rescuing Anglo Irish Bank to it.

Under EU rules, the sum may also have to be added to this year’s deficit, sending it to a stratospheric 18pc of economic output (GDP).

This follows the EU ruling that the €4bn injected into Anglo last year must be treated as day-to-day government spending and appear on the deficit figure for 2009.

The change left Ireland with the biggest government deficit in the EU last year. At 14.3pc of GDP, it was higher than those of Greece and Britain.

The Government yesterday added the €8.3bn it plans to borrow for Anglo to the general government debt, even though the money may actually be raised over 10 years.

This is also in line with the EU “accruals” approach of recording a cost once it is known, rather than when it is paid. A similar issue arose with the pension costs of the privatised Eircom.

Finance Minister Brian Lenihan insisted the changes were purely technical and would have no impact on the budgetary arithmetic. Many analysts agree, but opposition politicians raised the spectre of even tougher tax rises and spending cuts.

An 18pc deficit this year would have no parallel in the EU. But it would be a one-off, with the deficit plummeting back to the planned 10pc of GDP in 2011. Whether this happens will depend on the EU rulings on the Anglo rescue scheme, which has to be submitted to Brussels. A decision is expected around June. Mr Lenihan has indicated that Anglo might need a further €10bn.

It is thought the Government might favour this “big bang” treatment of recording the costs in one year. It might strengthen its case that this is an accounting technicality, and limit the political embarrassment to just one year.

The alternative would be to add €1bn a year to the deficit. This would be relatively small in the context of an €18bn borrowing requirement, but would still add to the challenge of getting the deficit down to 3pc of GDP by 2014.

This figure is based on the EU measure. A €1bn extra annual borrowing for the bank rescue would still appear on the Exchequer deficit, and cost taxpayers around €50m a year in interest.

Taxes

Fine Gael finance spokesman Richard Bruton TD said the budgetary targets are now in question: “This means that this money will have to be found from extra taxes or cuts in spending,” he said.

The change showed there were real choices for the Government in their approach to the banking crisis.

Labour Party finance spokesperson Joan Burton TD said the Eurostat decision confirmed what the Government and Minister Lenihan had “sought to conceal”.

“The Government describes the upward revision as merely technical. This is a breathtaking attempt to airbrush out of economic history the financial consequences of the €4bn injection into Anglo Irish Bank,” she said.

The row erupted as TDs heard that taxpayers will have to pay €5bn this year to service the national debt — which is set to hit €112bn next year.

National Treasury Management Agency (NTMA) chief executive

Many Institutions Believe Ireland To Be A Model of Austerity Implementation But the Facts Beg to Differ!

 

Courtesy of Reggie Middleton

ZeroHedge ran an interesting article yesterday, A deteriorating external environment and a correction in the domestic housing market made 2009 a difficult year for the Irish economy. Ireland’s GDP growth registered a fall of 7.5% (the highest rate of decline since the country’s records have been compiled) with a fiscal deficit of 11.7% of the GDP for 2009. Moreover, amidst an ailing banking system Ireland’s economy is further expected to report a 1.3% decline in its GDP and a fiscal deficit of 11.6% of the GDP for 2010, as per the government estimates. Consequent to rising fiscal deficit, government’s debt levels have also increased enormously from 24.8% of GDP in 2007 to 44.1% in 2008 and 64.5% in 2009. This rising debt is further fuelling an increase in fiscal deficit through an increase in interest expenditure. Thus, in its 2010 Budget, Ireland’s government plans to secure structural improvements to the expenditure base, which is expected to result in a savings of €4 billion. However, considering the current economic slowdown and rising unemployment, deterioration in Ireland’s tax revenues is expected to continue in 2010, which will negate the impact of expenditure savings, and result in further widening of the fiscal deficit to 12.6%, as per our estimates.
IMF Prepares For Global Cataclysm, Expands Backup Rescue Facility By Half A Trillion For “Contribution To Global Financial Stability”, stating that the IMF will surcharge larger developed countries to raise an enormous amount of money for what apparently is preparation for a massive increase in default risk throughout the world. One of the countries in line for a significant charge is Ireland. This is interesting, for it plays directly into the Pan-European Sovereign Debt Crisis theory that we have been working for all of 2010. It is our belief that the very real threat of defaults will reverberate throughout a material portion of Europe. Even countries that are supposed to be on the right track, are in reality, skating the brink of insolvency. A forensic look of Ireland brings this thesis into focus.

We have performed a cursory overview of the risks inherent in Ireland though previous “preview” posts: Ovebanked, Underfunded, and Overly Optimistic: The New Face of Sovereign Europe and Reggie Middleton on the Irish Macro Outlook. For the most part, Ireland has considerable embedded risk through both foreign claims on troubled countries (ex. PIIGS) and significant bank NPAs as a percent of its GDP.


 

Moreover, as per the government’s “Stability Programme Update – December 2009″, the government plans to bring down its fiscal deficit from 11.7% in 2009 to 2.9% in 2014 (below the European Union target of 3%), primarily backed by a strong economic recovery starting 2011. However, we believe that this targeted reduction is based on overly optimistic growth targets, which are difficult to achieve.

The current government estimates fail to take into account additional funding that the government might have to infuse to stabilize Ireland’s banking system, which will further increase the government’s budget deficit.

  • According to Bloomberg (March 31), “Ireland’s banks need $43 billion in new capital after “appalling” lending decisions left the country’s financial system on the brink of collapse. The fund-raising requirement was announced after the National Asset Management Agency said it will apply an average discount of 47 percent on the first block of loans it is buying from lenders as part of a plan to revive the financial system.”
  • Ireland’s banking system is critically dependent on the government for financing. At the end of January 2010, Central Bank of Ireland’s lending to banks was €98 billion, which is equivalent of 60% of the country’s 2009 annual GDP. Moreover, it represents 13% of total Eurosystem lending to banks compared with Ireland’s 2% share of Eurozone GDP. Ireland’s lending to banks is much higher compared to other troubled European countries – the Bank of Greece’s lending to banks amounts to 20% of Greek GDP while numbers for Spain and Portugal are much lower.


In addition, Ireland (like practically every other country in the EU, see Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse!) unrealistically optimistic in their GDP growth projections.

Moreover, similar concerns on GDP growth estimates were highlighted by the European Commission in its March 2010 report, “The budgetary outcomes could be worse than targeted in 2010 and considerably worse than targeted thereafter. The authorities should stand ready to take additional measures beyond the planned consolidation packages in case growth turned out to be lower than projected in the programme. The biggest problem is the Government’s prediction that the economy will expand 3.3pc next year.” We have shown, beyond a shadow of a doubt, that the EU and the IMF have been dramatically optimistic concerning GDP growth and deficits regarding EU member countries

we believe that the government will over shoot its fiscal deficit target by 1% in 2010 and by much higher in 2011 and 2012, which in turn will result in higher debt and thus higher interest expenditure.

Now The Irish: Banks Need $43B; Ireland’s Deficit is 4X Eurozone Maximum

 

Those who think the crisis in Europe was finished with the supposed “bailout” of Greece are getting a dose of reality today.Bloomberg, as part of a plan to revive the financial system, the National Asset Management Agency said it will apply an average discount of 47% on the first block of loans it is buying from lenders . The central bank giving them 30 days to say how they will raise the funds.

It turns out Irish banks need $43B in new capital “after appalling lending decisions left the country’s financial system on the brink of collapse.”

Long time readers will recognize the stock AIB, Allied Irish Banks, in the report, and, unfortunately not in a good way.

According to

Irelands’s Finance Minister said in the parliament “Our worst fears have been surpassed,” “Irish banking made appalling lending decisions that will cost the taxpayer dearly for years to come.”

Allied Irish needs to raise 7.4B euros to meet the capital targets and Bank of Ireland will need 2.66B euros. Anglo Irish, long ago (last year) nationalized needs about 18.3B euros. And the list goes on.

Banks Will Have Majority Government Stake

If Allied Irish can’t raise enough funds, the governmet will have to provide aid. The government will then end up with a majority stake.

The banks “are in a better position today, but we also have to be cautious about thinking we are done and dusted here,” Forbes said.

Ireland Cannot Afford It

Ireland may not be able to afford to pump more money into the banks. The budget deficit widened to 11.7% of GDP last year, almost four times the European Union limit (where have we read this before?).

 

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