MEMPHIS LIGHT, GAS AND WATER DIVISION, et al. TEXAS GAS TRANSMISSION CORPORATION, Petitioner, v. MEMPHIS LIGHT, GAS AND WATER DIVISION, et al.
Section 441 of the Tax Reform Act of 1969 does not deprive the Federal Power Commission of the Authority to permit a utility that is subject to its jurisdiction under the Natural Gas Act to change the depreciation method that it uses for purposes of rate-making from accelerated depreciation with 'flow through' of the utility's tax savings to customers to accelerated depreciation with normalization (where the income tax expense allowed in the cost of service is computed on a straight-line depreciation basis) with respect to pre-1970 property as well as replacement property. Pp. 465—474.
149 U.S.App.D.C. 238, 462 F.2d 853 and 865, reversed and remanded.
Samuel Huntington, Washington, D.C., for F.P.C.
Christopher T. Boland, Washington, D.C., for Texas Gas Transmission Corp.
George E. Morrow Memphis, Tenn., for Memphis Light, Gas and Water Div.
Richard A. Solomon, Washington, D.C., for Public Service Comm. of New York.
We granted certiorari in these cases to determine whether § 441 of the Tax Reform Act of 1969, 26 U.S.C. § 167(l), circumscribes the authority of the Federal Power Commission under the Natural Gas Act, 52 Stat. 821, as amended, 15 U.S.C. § 717 et seq., to permit a regulated utility to change its method of computing depreciation for rate-making purposes from 'flow-through' to 'normalization' with respect to property acquired prior to 1970 as well as 'replacement' property.
Since the resolution of this issue depends largely on the background and history of § 441 and the Commission's regulatory powers, a brief review is in order at the outset. Section 167 of the Internal Revenue Code authorized taxpayers, including regulated utilities, to use accelerated or liberalized depreciation in calculating their federal income taxes.1 The Commission retained jurisdiction to prescribe the depreciation method to be used by regulated utilities in calculating their federal income tax expense for ratemaking purposes.2 Initially, the Commission required utilities to compute their cost of service, which includes federal income taxes, as if they were using straight-line depreciation. This method, referred to as 'normalization,' was designed to avoid giving the present customers of a utility the benefits of tax deferral attributable to accelerated depreciation. If a utility used accelerated depreciation in determining its actual tax liability, the difference between the taxes actually paid and the higher taxes reflected as a cost of service for ratemaking purposes was required to be placed in a deferred tax reserve account. See Amere Gas Utilities Co., 15 F.P.C. 760.
It soon became apparent that accelerated depreciation in practice resulted in permanent tax savings. Because most utilities had growing or at least stable plant investments, the depreciation allowances from additional and replacement equipment offset the declining depreciation allowance on existing property. Accordingly, the Commission required utilities using accelerated depreciation for tax purposes to use the same method for calculating their cost of service and, thus, to 'flow through' any tax savings to their customers. Alabama-Tennessee Natural Gas Co., 31 F.P.C. 208, aff'd sub nom. Alabama Tennessee Natural Gas Co. v. FPC, 359 F.2d 318 (CA5). Subsequently, the Commission decided that it would impute the use of accelerated depreciation for ratemaking purposes regardless of the method used for computing actual taxes. Midwestern Gas Transmission Co., 36 F.P.C. 61, aff'd sub nom. Midwestern Gas Transmission Co. v. FPC, 388 F.2d 444 (CA7).
'(1) If straight line depreciation is presently being taken, then no faster depreciation is to be permitted as to that property.
'(2) If the taxpayer is taking accelerated depreciation and is (normalizing' its deferred taxes, then it must go to the straight line method unless it continues to normalize as to that property.
Thus, as added to the Internal Revenue Code in 1969, § 167(l) distinguishes between two basic types of 'public utility property':8 'pre-1970 property,' which is property acquired by the taxpayer before January 1, 1970 (§ 167(l)(3) (B)), and all other property, referred to as 'post-1969 property' (§ 167(l)(3) (C)). A further distinction is drawn between post-1969 property 'which increases the productive or operational capacity of the taxpayer' (expansion property) and post-1969 property which merely replaces existing property (§ 167(l)(4)(A)). With respect to pre-1970 property, a utility may use (1) straight-line depreciation, (2) the method used prior to August 1969 if it also employs normalization, or (3) accelerated depreciation with flow-through, but only if that method was used prior to August 1969 (§ 167(l)(1)). With respect to post-1969 property, a utility may use (1) straight-line depreciation, (2) accelerated depreciation with normalization, or (3) accelerated depreciation with flow-through if the utility used flow-through prior to August 1969 (§ 167(l)(2)). In addition, under § 167(l)(4)(A), a utility may elect to abandon accelerated depreciation with flow-through with respect to post-1969 expansion property.
The proceedings in issue here involve Texas Gas Transmission Corp., the operator of a major interstate pipeline system certificated by the Federal Power Commission. Although Texas Gas utilized accelerated depreciation with flow-through prior to the adoption of the Tax Reform Act, it filed a proposed rate increase with the Commission on June 27, 1969, based upon 'the proposed discontinuance of the use of liberalized depreciation and the revision to a straight-line method of tax depreciation.' After § 167(l) was enacted, Texas Gas advised the Commission that it intended to exercise the election provided in § 167(l)(4)(A) and sought permission to use accelerated depreciation with normalization with respect to its post-1969 expansion property.9 It also sought assurance, before it made the election, that it would be able to change from flow-through to straight-line or, preferably, accelerated depreciation with normalization with respect to its pre-1970 property and post-1969 replacement property.
The Commission, holding that its authority 'to determine whether a company may effect such a change is not diminished' under the Tax Reform Act, permitted Texas Gas to change from flow-through to normalization for ratemaking purposes. Opinion No. 578, 43 F.P.C. 824, 828, rehearing denied, 44 F.P.C. 140.10 The Commission reasoned that the basis of its decisions in Alabama-Tennessee and Midwestern would no longer be applicable if Texas Gas were to switch to normalization with respect to post-1969 expansion property. In that event, the tax savings resulting from the deferral attributable to accelerated depreciation would not be permanent. Rather, if Texas Gas were required to continue flow-through for all but its new expansion property, it would be faced with a steadily increasing cost of service which would necessitate repeated rate increases. Under these circumstances, the Commission concluded: 'Texas Gas is correct in contending that normalization in computing the tax allowance for rate purposes with respect to its pre-1970 faciities offers more hope for stability of rates for its customers and more assurance that the company can earn its fair rate of return without future rate increases. Further benefits of normalization are that it will improve the company's before tax coverage of interest, thereby enhancing the quality of its securities, and that it will help alleviate present day cash shortages.' Id., at 829—830.
The Court of Appeals, on petitions for review, reversed the Commission's order.11 149 U.S.App.D.C. 238, 462 F.2d 853, rehearing denied, id., at 250, 462 F.2d, at 865. Although the court recognized that the version of the Tax Reform Act passed by the House would have supported the Commission's order, it held that the limited nature of the election provision as finally passed deprived the Commission of authority to permit regulated utilities to abandon flow-through with respect to their existing and replacement property. We reverse and remand to the Court of Appeals for further proceedings consistent with this opinion.
In § 441 of the Tax Reform Act of 1969, Congress dealt primarily with a revenue measure under the tax laws and only indirectly with the regulatory power of the Commission under the Natural Gas Act. We have had before us on numerous occasions cases arising under the Natural Gas Act. In the early case of FPC v. Hope Natural Gas Co., 320 U.S. 591, 64 S.Ct. 281, 88 L.Ed. 333, we emphasized two aspects of the power of the Commission to fix 'just and reasonable' rates under 15 U.S.C. § 717. First, was the desire 'to protect consumers against exploitation,' 320 U.S., at 610, 64 S.Ct., at 291, and second, was the aim to promote the 'financial integrity' of the natural gas companies as measured, not only by revenues sufficient to recover operating expenses and capital costs, id., at 603, 64 S.Ct., at 288, but also by revenues 'sufficient to assure confidence in the financial integrity of the enterprise, so as to maintain its credit and to attract capital.' Ibid. We mention those matters because (1) the treatment of depreciation bears on rates and (2) there is no indication in the legislative history of this tax measure that Congress desired to modify, as respects the precise issue involved here, the broad discretion of the Commission delineated in Hope Natural Gas and in other rate cases.
The lower courts have allowed the Commission broad discretion in determining proper depreciation methods for rate-making purposes. See, e.g., Alabama-Tennessee Natural Gas Co. v. FPC, 359 F.2d 318; Midwestern Gas Transmission Co. v. FPC, 388 F.2d 444.
'Your committee's bill provides that, in the case of existing property, the following rules are to apply: '(1) If straight line depreciation is presently being taken, then no faster depreciation is to be permitted as to that property.
'(2) If the taxpayer is taking accelerated depreciation and is 'normalizing' its deferred taxes, then it must go to the straight line method unless it continues to normalize as to that property.
The word 'existing' property as used in that Report included 'replacement' property in the mind of the Court of Appeals.
The Senate version of the bill13 would have permitted Texas Gas to shift from liberalized depreciation with flow-through either to straight-line depreciation or with the Commission's approval to liberalized depreciation with normalization. 149 U.S.App.D.C., at 247, 462 F.2d, at 862.
'The House bill provides that in the case of certain listed regulated industries (the furnishing or sale of . . . gas through a local distribution system, . . . and transportation of gas by pipeline) a taxpayer is not permitted to use accelerated depreciation unless it 'normalizes' the current income tax reduction resulting from the use of such accelerated depreciation. . . .
'This rule is not to apply in the case of a taxpayer that is at present flowing through the tax reduction to earnings for purposes of computing its allowable expenses on its regulated books of account. Also, if the taxpayer is now using straight line depreciation as to any public utility property it may not change to accelerated depreciation as to that property.
'The Senate amendment makes the following changes in the House bill: . . . (d) an election is permitted to be made within 180 days after the date of enactment by a company at present on flow-through to come under the rules of the bill . . ..
'The conference substitute (sec. 441 of the substitute and sec. 167(l) of the code) follows the Senate amendment except that the special provision referred to in (e) above is stricken and the 180-day election (item (d), above) is modified to apply to new property and not to replacement property.
From these four paragraphs the Court of Appeals concluded that the second paragraph of the Conference Report prohibits Texas Gas from abandoning liberalized depreciation with flow-through and that the right of election was restricted to post-1969 expansion property only.
The second paragraph, however, as we read it, when it uses the words 'This rule' refers, not to the final bill, but to the initial House bill. That initial bill, as summarized in the House Report, as already noted,15 had somewhat different provisions for depreciation. The first paragraph of the quotation from the Conference Report in our view summarized the House's proposed second rule. The words 'This rule' in the second paragraph, therefore, refer to the House's proposed second rule.16 Only the third paragraph of the excerpt reached the changes made by the Senate. Only the fourth paragraph resolved the differences between the two bills. There is nothing in either the third or the fourth paragraph to indicate that the election authorized by the Conference Report was to limit or replace the three general rules proposed by the House, the third House-proposed rule17 authorizing precisely what the Commission allowed in this case. The second paragraph, read in the context of the Conference Report, does not state that the Commission lacks authority to permit a company on flow-through to abandon it with respect to existing property. It only states that a company on flow-through may remain on flow-through. Thus, it is solely a limitation on the requirement that a company must normalize if it wants to continue accelerated depreciation with respect to pre-1970 property. This is entirely consistent with the structure of § 167(l)(1).
As we read the Reports, the purpose was to forestall switches to faster methods of depreciation, to guard against widespread rate increases, and to avoid putting some utilities at a competitive disadvantage. But the 'freeze' was not put in absolute terms. Shifts from straight-line to accelerated depreciation were outlawed, as were shifts from normalization to flow-through on existing property. We find no trace of a suggestion that the Federal Power Commission was denied authority to determine whether on particular facts the abandonment of flow-through by a utility within the parameter of the Tax Reform Act of 1969 would be in the public interest as envisaged by the Natural Gas Act, even though it might increase rates. The 'freeze' certainly was designed to cover changes to faster methods of tax depreciation but not changes to slower methods of tax depreciation that the Commission might permit.
The Court of Appeals sustained the Commission as respects the post-1969 expansion property of Texas Gas, and reversed it as respects the pre-1970 and post-1969 nonexpansion property. The Court of Appeals did not reach the validity of the Commission's order, assuming the Commission was correct in its reading of the Tax Reform Act of 1969, as we think it was. The Court of Appeals did, however, state that § 167(l) 'should not be construed to prevent' the Commission from finding in 'extraordinary circumstances' that consumer interests 'would be furthered by permitting the abandonment of flow-through.' But it added: 'It is clear, however, that such consumer interests would not be furthered by permitting Texas Gas to abandon flow-through in the circumstances presented by the case at bar.' 149 U.S.App.D.C., at 250, 462 F.2d, at 865. The Commission in its petition for certiorari states that in connection with the main question raised it would argue, if the petition were granted, that its decision on the merits was correct in all respects. And in its brief on the merits it urges us to decide the merits. But by statute23 the Court of Appeals is the tribunal where review must be sought; and we remand the cases to it for proceedings consistent with this opinion. We note in closing, however, that the judgment of the Court of Appeals is reversed in toto. Its holding that the consumer interests were not furthered by the Commission's action is short of the application of the appropriate standard for review. As already noted, under Hope Natural Gas rates are 'just and reasonable' only if consumer interests are protected and if the financial health of the pipeline in our economic system remains strong.
Section 167(a) provides that '(t)here shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence)' of qualified property. Section 167(b) defines 'reasonable allowance' to include an allowance computed under the declining balance method and the sum-of-the-years-digits method, as well as the straight-line method. Under the declining-balance and sum-of-the-years-digits method, both commonly referred to as accelerated or liberalized depreciation methods, depreciation allowances in the early years are higher than under the straight-line method, but steadily decrease over the useful life of the asset. Under the straight-line method, the depreciation allowance for an asset remains equal over its useful life.
Federal income taxes are properly included as an expense under the cost-of-service ratemaking utilized by the Commission in the regulation of rates for sales of natural gas subject to its jurisdiction under the Natural Gas Act, 15 U.S.C. § 717 et seq. See FPC v. United Gas Pipe Line Co., 386 U.S. 237, 243, 87 S.Ct. 1003, 1007, 18 L.Ed.2d 18.
See H.R.Rep.No.91—413, pt. 1, pp. 131—132; S.Rep.No.91 552, p. 172, U.S.Code Cong. & Admin.News 1969, p. 1645.
See H.R.Rep.No.91—413, pt. 1, pp. 132—133; S.Rep.No.91 552, p. 172.
H.R.Rep.No.91—413, pt. 1, p. 133, U.S. Code Cong. & Admin.News 1969, p. 1783.
S.Rep.No.91—552, p. 173, U.S.Code Cong. & Admin.News 1969, p. 2206.
In Order No. 404, 43 F.P.C. 740, rehearing denied, 44 F.P.C. 16, the Commission announced that as a general policy it would permit utilities making the election under § 167(l)(4)(A) to use accelerated depreciation with normalization with respect to their expansion property. The Court of Appeals, in the same decision under review here, affirmed this order. 149 U.S.App.D.C. 238, 250, 462 F.2d 853, 865. That part of the court's decision is not before us.
'(A) In the computation of its Federal Income Tax allowance for ratemaking purposes as well as for accounting purposes, Texas Gas is permitted to use liberalized depreciation with normalization with respect to its property other than that subject to election under Section 167(l)(4)(A) of the Internal Revenue Code as amended by Section 441 of the Tax Reform Act of 1969. Such election applies to property constructed or acquired on or after January 1, 1970, to the extent it increases the productive or operational capacity of the company and does not represent the replacement of existing capacity. Texas Gas may reflect any such change in its rates, as well as any change in costs arising from its proposed election. In computing its cost-of-service for ratemaking purposes balances in Account 282 (deferred tax reserve account) should continue to be deducted from the rate base.' 43 F.P.C. 824, 831.
Memphis Light, Gas & Water Division, a municipally owned distributor of natural gas and a city-gate customer of Texas Gas, and the Public Service Commission of the State of New York petitioned the Court of Appeals for review of the Commission's Opinion No. 578. Each had filed an application for rehearing before the Commission which was denied in Opinion No. 578—A. Both the Federal Power Commission (in No. 72—486) and Texas Gas (in No. 72—488) petitioned this Court for a writ of certiorari.
H.R.Rep.No.91—413, p. 133, U.S.Code Cong. & Admin.News 1969, p. 1783.
S.Rep.No.91—552, pp. 173—174, U.S.Code Cong. & Admin.News 1969, p. 2206.
'The (Senate) committee amendments, while in most respects the same as the House provisions, differ in one principal area. The amendments permit an election to be made within 180 days after the date of enactment of the bill for a utility covered by this provision to shift from the flow-through to the straight-line method, with or without the permission of the appropriate regulatory agency, or permit it with the permission of the regulatory agency to shift to the normalization method (that is, to come under general rules of the bill).
H.R.Conf.Rep.No.91—782, pp. 312—313, U.S.Code Cong. & Admin.News 1969, p. 2427.
H.R.Rep.No.91—413, pt. 1, p. 133, U.S.Code Cong. & Amin.News 1969, p. 1783.
The second rule, as noted, provided, 'If the taxpayer is taking accelerated depreciation and is 'normalizing' its deferred taxes, then it must go to the straight line method unless it continues to normalize as to that property.' Ibid.
The third rule, as noted, provided, 'If the taxpayer is taking accelerated depreciation and flowing through to its customers the benefits of the deferred taxes, then the taxpayer must continue to do so, unless the appropriate requalatory agency permits a change as to that property.' Ibid.
H.R.Rep.No.91—413, pt. 1, pp. 132—133.


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text:
Górną Woltę na Letnich Igrzyskach Olimpijskich 1972 reprezentował jeden zawodnik.

Skład kadry

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Note: This is a great activity to do on a rainy day or with a playgroup. For younger toddlers choose larger items to put inside and play with under supervision only; i.e. keep choking hazards in mind.
Using your ruler and chalk, draw a pattern on the felt. You need the crown / tiara + two rectangles for straps. The straps bed to be long enough to tie at the back of your child's head.
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Collect some leaves and pine cones on your walk and take them home to dry.
Tip: Putting then on newspaper or a towel in the hot water cupboard works well.
Once the leaves are dry they make a wonderful canvas for painting. Again, they dry well in the hot water cupboard and can be hung up for a few days as decorations.
Tip: You could try spraying them with varnish to help them last longer.
Today we went and explored a beautiful secret garden after Miss 2's post-op Doctor's appointment. I'm still working my way up to talking about our experiences with her multiple surgeries and instead thought I'd share a glimpse of the beautiful landscapes we saw.
She won't leave the house without him!


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It's been many long months since my last post on this blog. Many loooong months. I thought about shutting the thing down, but I didn't. I thought someday, maybe, I'd feel like writing again. But why the long pause?
Infertility. It came as a shock. Month after month turned into years. All I had ever wanted was to be a mother, then bam, nothing. Nothing, nothing, nothing, nothing, nothing.
Then finally, a positive test. A baby!
And snaking its way throughout all of that was what I now, on the other side, will finally admit was probably the miserable thing people call depression.
Infertility is hard. The month to month of trying to cope with it is brutal.
Depression is hard, and the moment to moment of trying to cope with it is brutal.
I have little desire to dive deeply into darkness in this post. In summary, the last several years were some of the most bewildering of my life. What does one do when darkness drowns out happiness for months on end no matter how fiercely you fight it, when your mind feels hazy and you lose control of your emotions? You can hide it somewhat, but sometimes the mask slips.
Logic can turn into a weapon when it only serves to remind you how you are failing miserably and repeatedly. You know there's absolutely no good reason why you should feel so unable to stop crying all the time, or to stop the swirling thoughts and just go to sleep, or sing in church, or behave normally around pregnant people. The best you can do, sometimes, is really absolutely not enough…to yourself and the people around you.
I believe one's mind can become one's greatest enemy.
But darkness doesn't last forever, and when you finally gain a foothold and crawl out of the pit the light is all the more precious. This year I am thankful for so many things.
There are the obvious ones: a God who DOES care, family and friends, the husband I thoroughly enjoy living life with, and, most amazing of all, a little miracle growing inside me after all that waiting. This one we might get to keep.
I am firmly and fiercely convinced it is one of the most wonderful and awe-inspiring things in the world to be able to feel joy, happiness, hope, and a desire to live.
This year I have had all that, and I am unutterably thankful.
There is hope, it will get better, and He does. Please believe me.


text:
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Are Humidifiers Good For Skin?
Why Are Air Purifier Filters So Expensive?
Can You Use Dehumidifier Water To Water Plants?
What Is The Difference Between Wet Air And Dry Air?
Reliable Brands
Detailed Guides
The Ultimate Guide To Choosing The Best Portable Air Conditioner
When you're smack in the middle of one of UK's cold winters, it can be a bit hard to imagine ever needing an air conditioner. But just wait till the height of spring and summer when temperatures rival those of an average cooking oven. There's nothing more uncomfortable and irritating like a hot, dry and stuffy house.
This is when almost every room becomes uninhabitable, and you can't focus on any task you set out to do. See, if it's cold, at least you can wrap yourself in a warm coat and blanket. But how on earth do you escape degree upon degree of pure, unadulterated sweltering heat?
Of course, you could always get a fan and try to beat the heat; but at this rate, it'll be like trying to down an elephant with a toothpick. UK's summers are becoming quite hot that you will need about three fans per room. Alternatively, you could turn up the AC, but the electricity bills are more likely to give you a stroke long before the heat does.
If you want to have the best of both worlds, then what you really need is the best portable air conditioner in the market. Portable air conditioners work better and faster than fans while still keeping the electric bills to a bare minimum.
Best Portable Air Conditioner – Our Top Picks
Extraction Level
ChillFlex
Cooling, Fan, Dehumidifier
Up to 21 sqm
PAC N82
Cooling, Dehumidifer
Up to 80 m3
32 L/day
Pac2000
Cooling, Dehumidifier
0.75 L/hr
N87 Pinguino
28.0 x 28.0 x 140.8 cm
We have gone through a myriad of models and talked to all sorts of homeowners in an effort to pinpoint the best portable air conditioners in the UK. Here's what we found out as well as some information that will help you get the best unit for your home.
Portable Air Conditioner Reviews
1. OUR TOP PICK: AEG ChillFlex Pro Portable Air Conditioner
If you want a summer cooling solution that is cheaper to buy and operate than a central AC but better than a fan, the AEG AXP26U338CW ChillFlex Pro is a great choice.
It is a compact portable air conditioner, manufactured by a respectable German brand, that comes with three integrated functions.
It can cool a room down to 16 degrees Celsius, it can dehumidify your humid and mould-friendly indoor air and it can also operate as a fan.
Like other portable ACs, you'll need to vent it outside a sliding window or door to get the hot air out of the room. But it's an easy process that takes less than 10 minutes.
The ChillFlex Pro comes with three fan speed settings, an on/off timer and an auto mode that maintains the room at a constant temperature.
It also has caster wheels to make it easier to move it from room to room. Read our full review of AEG ChillFlex Pro.
2. GOOD ALTERNATIVE: De'Longhi PAC N82 ECO Real Feel Portable Air Conditioner
The Pinguino PAC N82 is among the smaller models in the Pinguino portable AC range. But despite being an entry level air conditioner, it's actually more robust, energy efficient and powerful than most other portable units in its class.
Users can enjoy a maximum cooling capacity of 9400 BTU which is more than suitable for rooms up to 80 cubic meters.
The PAC N82 is packed with the latest in cooling technology and plenty of other environmentally friendly features. These include air to air and real feel systems that use data from the environment to set the desired temperature.
And like all portable Delonghi air conditioners in the pinguino range, the N82 also comes with a built in dehumidifier to achieve maximum comfort. If you're looking for all-inclusive air conditioning without the hassle of installation, the N82 might be just right up your alley.
Read our full review of Delonghi PAC N82.
3. BEST SMALL PORTABLE AIR CONDITIONER: TROTEC PAC 2000 E Local Air Conditioner
TROTEC PAC 2000
The Trotec Pac 2000 is a 7000-BTU portable AC designed for small to midsize rooms. It comes with 3 functions: cool, dry (dehumidify) and fan. Using the included remote control you can change the fan speed, set a timer for automatic switch on/off and activate the night mode.
It's a manual drainage AC so you have to drain it regularly. A warning light will come on when the water levels inside the AC is too high.
It has a nice homely design and operates quietly enough that it won't distract you or wake the baby. It's probably the best compact home air conditioner on the UK market now.
Read our full review of Trotec Pac 2000.
4. BEST LARGE PORTABLE AIR CONDITIONER: De'Longhi PAC N87 Pinguino Air-to-Air Silent Air Conditioner
De'Longhi PAC N87
The De'Longhi PAC N87 Pinguino Air Conditioner is without question a great unit with all the features that typically come with a high end model. It's 9800 BTU cooling capacity makes it ideal for small and medium rooms (up to 30 sq metres or 322 sq feet).
However, it's the low noise levels that really make this conditioner stand out. Sure, not all AC can be used in sensitive places, but the N87 is so silent that it can be used on full setting in a nursery, library, hospital or your office without being noticed.
Combine that with the stylish design and Italian heritage and you have something that you can proudly display in your home. And if you need a truly portable unit, the handles and castors will make your heavy lifting a lot easier.
What's more, the unit also incorporates a dehumidifier to help mitigate the overly humid UK climate. I don't know about you, but what more could you ask for in an air conditioner? Read our full review of De'Longhi PAC N87 Pinguino.
5. BEST FAN FOR HOME: Dyson AM07 Cooling Tower Fan
The Dyson AM07 is not a portable air conditioner in the usual sense, nor it is your normal fan with spinning blades and a loud whirring noise to keep you awake at night. Instead, it uses bladeless technology first invented by Toshiba in 1981. Instead of having visible blades, they are hidden inside the cylindrical base.
These blades pull in air from the bottom and channel it upwards where it comes out of slits in the ring. As the air comes out, it sucks in more air from the surroundings, creating a powerful air stream that cools the room down in no time. Dyson calls this Air Multiplier technology.
The Dyson AM07 is not just powerful it's quiet too, making it a great choice for nurseries, bedrooms and offices.
There are 10 airflow settings to choose from, a sleep timer and two arrow buttons that let you direct airflow towards a particular direction.
The Dyson AM07 is way more expensive than a normal fan but it provides better and faster cooling, less noise and maximum safety for kids since there are no exposed blades.
It looks pretty cool as well. Read our full review.
6. Inventor Cool 8.000 Btu/h Portable Air Conditioner
The Inventor Cool portable AC is an easy and energy efficient way to cool a single room. Instead of using the central AC which uses a lot of energy or resorting to a fan which doesn't cool effectively, this portable AC lets you cool and dehumidify any room in your home.
It comes with everything you need to set it up, including a complete window kit. There is also a remote control with settings for fan-only, temperature and dehumidification.
Read our full review of Inventor Cool
Easy to use and Eco-friendly
Fairly quiet.
Has caster wheels for moving from room to room.
Involves a bit of work during setup but it's nothing you can't handle.
7. Igenix IG9902 Portable Air Conditioner
Coming to you with both powerful heating and cooling functions, the Igenix IG9902 Portable Air Conditioner is the ultimate unit for all year round climate control. In addition to having a 9000 BTU cooling capacity, the IG9902 model has 3 in 1 multifunctional capabilities for heating, cooling and dehumidifying the air as well. The unit is able to hit cooling temperatures between 18 to 32 degrees and extract as much as 20 litres of water from the air every day. However, it only works efficiently in small and midsized rooms.
Read our full review of Igenix Portable Air Conditioner.
Decent dehumidification capabilities
Comes with broad range of temperature variations
Multifunctional features for all year round application
The IG9902 Portable Air Conditioner is a bit heavy and not as portable as Igenix says
8. Electrolux Portable Air Conditioner
If you are tired of the heat and want to beat your allergies at the same time, then this is an excellent place to start. Complete with a smooth and roll off the tongue name, the EXP09HN1WI portable air conditioner strikes you as a well built white unit. The unit is designed to work best in modest sized rooms, so most homes in the UK should be just fine. Electrolux included both a heating and cooling function for all year round use as well as a dehumidifier that really improves the quality of breathable air. However, people with allergies will be especially glad to hear about the built-in air purifier that traps all allergens and contaminants. Just one problem though, the manufacturer could have included a collection tank and reduced the rear piping that reduces the unit's portability significantly.
Read our full review of Electrolux Portable Air Conditioner.
Great for controlling allergens
Extremely user friendly design
Multifunctional unit for all year round use
You will have to try your hand in plumbing to get the most out of the unit
9. Amcor 12000 BTU Portable Air Conditioning Mobile Unit
Standing proud and tall like a computer CPU, this portable air conditioner from Amcor comes with a very straightforward and user-friendly design. But don't be fooled by its simplicity; the unit boasts of a 4 in 1 function that includes your typical conditioner, heater, fan and dehumidifying system. All these features make it more than ideal for all year round use. With an exceptionally powerful 12000 BTU cooling capacity and a low power consumption rating, Amcor has really given customers more value for their money. The unit also boasts of a well-designed control panel with setting for function, time, intensity, among others.
Read our full review of Amcor Portable Air Conditioning Unit.
One of the most versatile air conditioners in the UK
Super low power consumption
Space-saving construction and design
For all its power, the Amcor 12000 BTU tends to run a tad noisy
10. EcoAir ECO8P 8000 BTU Portable Air Conditioning Unit
EcoAir's new ECO8p portable air conditioner is among the most popular units for budget conscious customers worldwide. If you are looking to save money on both the purchase as well as daily operating costs, then your search ends here and now. The ECO8P offers one of the lowest efficient energy ratings in the UK because it only comes with a cooling function. It's this specialization and an 8000 BTU cooling capacity that makes EcoAir's new unit energy efficient and affordable. However, we're all glad that the manufacturer chose to include a dehumidifier with a modest moisture suction rate of 0.75 litres per hour.
Read our full review of EcoAir Portable Air Conditioning Unit.
Industry leading energy saving capabilities
User friendly controls with LED display
Memory function for convenient operation
In addition to having no collection tank, the ECO8P is quite heavy at 23 Kg
11. Gree Mini Portable Air Conditioner
The Gree portable air conditioner is among one of the best portable units in the UK. Not only does it have all the features you need to make it through the day and night, but the manufacturer tried as hard as possible to improve the user-friendliness. And if you're looking for something that will barely make an impact on your power bills, what's better than an A rated energy efficient unit? Get the mini air conditioner today and enjoy powerful, space saving and diversified cooling.
Read our full review of Gree Mini Portable Air Conditioner.
Top tier quality construction from a well know brand
A-rated for energy efficiency
Extremely compact and user-friendly
Will have to be vented outside
12. Honeywell CS12AE Evaporative Air Cooler
Got an eye for style? Then you'll love the Honeywell CS12AE Evaporative Air Cooler which is without a doubt one of the most stylish and versatile units in the UK. With an unmistakeable sleek beige and silver exterior, the unit works even better than it looks. Its powerful airflow of 460M/Hr makes it ideal for smaller and medium sized rooms, hotels and offices. However, anything larger than 130sq feet will not be as effective. At lower settings, the CS12AE can keep a room cool for up to 8 hours and just a little under that in UK's current heat wave.
Read our full review of Honeywell Evaporative Air Cooler.
Relatively low power consumption
Sleek, stylish and beautiful exterior
Excels in small and medium rooms
Some customers have claimed that the casters on the CS12AE are a tad flimsy, so watch out
13. EcoAir ARTICA Cooling Portable Air Conditioning Unit
The manufacturer incorporated all the features you would expect in a high-end portable AC and gave the Artica more than enough power to get the job done. And while you will definitely have to figure out how to vent your unit while cooling and drain absorbed water after dehumidification, it really doesn't affect the mobility of the device. And if you absolutely have to move the conditioner around, the space saving design and easy roll castor wheels make the process a breeze (pun intended). But if you're still not convinced, then the Class A energy efficiency rating should sort things right out. After all, who doesn't enjoy saving money in form of power bills?
Read our full review of EcoAir ARTICA.
Extremely energy efficient thanks to Class A rating
3 in 1 functions for cooling, cleaning, and dehumidifying air
Great cooling capacity
At 24.5 Kg, the Artica is quite a hefty unit, but it's much lighter than its predecessors
Portable Air Conditioner Buying Guide
With UKs annual heat wave peaking at an all-time high, the need for decent air conditioning has never been higher. Fortunately, homeowners and workers now have a full range of affordable, portable air conditioners to choose from.
However, the huge number of different air cons also means that users are now finding it more difficult to get the right unit. If you are considering getting a portable air conditioner, here are some crucial factors that you need to consider.
a. Size And Cooling Capacity
One of the most important factors to consider when buying a portable air conditioner is the size. If your air conditioner is too small, then there's no way that it's going to keep up with the cooling demands of your rooms.
On the other hand, if your air conditioner is too large, then it will cool the area fast and shut down long before it clears excess moisture in the air. When sizing up a portable AC, you need to look at the BTU rating on the unit.
BTU (British Thermal Units) measure the heat amounts that an air conditioner can clear from the air within a certain period. Most portable units have cooling capacities that range from 5000 o 12000 BTU.
As a rule of thumb, portable air conditioners need 20 BTU for every square foot to be effective. Small spaces of about 300 sq feet will require an AC with between 7000 and 1000 BTU while 300+sq feet will be well suited by 12000 to 14000 BTU.
However, larger, commercial spaces will definitely need the most powerful portable air conditioners on the market for maximum efficiency.
Here is a simple "rule of thumb" table:
7,000 BTU 9,000 BTU 12,000 BTU
18,000 BTU
Shaded room N/E facing
(258 sqf)
(301 sqf) 35 sqm
Sunny room S/W facing
35 sq
b. Energy Efficiency
Portable air conditioners are designed to work all year round; as such, it pays to buy a unit that is energy efficient. Energy efficiency ratings (EERs) are the numbers that measure the exact amount of energy a unit requires to deliver a certain amount of cooling. The higher the EER, the less energy a unit requires.
Of course, this will translate to a higher cost margin when purchasing, but it will save you a lot of money in electric bills in the long run.
Portable air cons with the Energy Star label are especially viable since they not only help you reduce the electricity bills, but also protect the environment as well. That's because these units meet strict energy efficiency guidelines set by US Environmental Protection Agency, meaning they use significantly less energy than non-certified models.
Always weigh out the higher cost of energy efficient air conditioners against the potential mountain of savings you will make to find out if the unit is ideal for you.
c. Ventilation And Exhaust
As part of the cooling process, portable air conditioners vent hot air while others require hoses to get rid of excess vapour in the air. Typically, most units vent hot air through an exhaust hose that can then be vented out of a window, sliding door, ceiling or even through the wall. You can, however, find also portable air conditioners without hose, e.g. evaporative coolers.
Similarly, portable air conditioners with a dehumidification function will require a hose to dump the water; either through a drainage, window or a hole in the wall.
If you are really going for maximum savings, then buckets and collection tanks will do just fine. However, those going for convenience over savings will want to look into self-evaporative units or condensate pumps. This is why it helps to buy a unit that includes window kits and other necessary hose and exhaust parts.
d. Special Features
In an effort to enhance your cooling experience and create the desired level of functionality and comfort, most portable air conditioners come jam packed with additional features. Some features to look out for include:
Timers – Again, today's appliances are all about the convenience. Instead of waiting till you get home or to the office to begin cooling, timers make it possible to pre-cool a room before you get there. On and off timers help program your unit to create the most conducive temperatures before you get there. Similarly, the off timer is useful at night since they switch your conditioner off instead of letting it run all night.
Remote Control – We're not saying that you are lazy, but remote controls are becoming an integral part of any appliance. Remote controls allow you to operate your portable air conditioner from the comfort and convenience of your couch, desk or bed.
Window Kits – These kits are very helpful in allowing you to vent the waste products efficiently. Typically, window kits come with filler panels to close gaps in open windows.
Multifunctional Features – These include reverse cycle modes for cooling and heating, dehumidification, fans, purifiers, among other functions. This also includes automatic functions where the unit decides which function to use depending on the temperature.
Portable Air Conditioner FAQs
1. Should I use my unit with a power cord?
Typically, manufacturers do not recommend using an extension cord with portable air conditioners. In fact, user manuals specifically advise against it and claim it could void your warranty.
Portable air cons are very power hungry, and an extension cord may be unable to cope with the demand. Instead of risking overheating your unit, it's better and safer to plug in directly to the socket.
2. How do I cut down the noise from my portable AC?
Since they have compressor systems and motorised fans to cool the air, portable air cons tend to produce subtle noise levels. While most people consider it background noise, others are very concerned about the noise levels.
If you feel that the noise levels might disrupt your work or sleep, it's advisable to get portable ACs with special features that cut down the noise. This includes a low decibel rating, programmable timer, sleep modes among others.
3. Are there other ways to drain my portable AC?
Since some air cons also act as dehumidifiers, you'll need a method to direct the water away from the unit. While most air cons have a collection tank that can be emptied manually, there are simpler ways to do this.
One way is by getting yourself a self-evaporate conditioner where no drainage is required. Another way is by use of a condensate pump that pumps out excess water through a hose to your desired drainage point.
With all this information at your disposal, finding the right portable air conditioner for your home, business or office should be much easier now. Remember, you get more value for your money if you buy a unit that can be used all year round as opposed to one that only cools.
Today's portable ACs are becoming more innovative and packed with a host of intriguing features. It's all about identifying what you need most and which unit will help your entire family in the long run.
Air Reviews Copyright © 2019. Air Reviews does not provide medical advice, treatment or diagnosis. Air Reviews is a participant in the Amazon EU Associates Programme, an affiliate advertising programme designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.co.uk. Amazon and the Amazon logo are trademarks of Amazon.com, Inc or its affiliates.


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Greenspan's Laissez Fairy Tale
Posted on January 10, 2012 by admin | 2 Comments
By William K. Black
(Cross-posted from Benzinga.com)
We continue to witness remarkable developments inthe intersection of the related fields of economics, finance, ethics, law, andregulation. Each of these five fieldsignores a sixth related field – white-collar criminology. The six fields share a renewed interest intrust. The key questions are why wetrust (some) others, when that trust is well-placed, and when that trust isharmful. Only white-collarcriminologists study and write extensively about the last question. The primary answer that the five fields giveto the first question is reputation. Thefive fields almost invariably see reputation as positive and singular. This is dangerously naïve. Criminals often find it desirable to developmultiple, complex reputations and the best way for many CEOs to develop asterling reputation is to lead a control fraud. Those are subjects for futurecolumns.
This column focuses on theoclassical economics' useof reputation as "trump" to overcome what would otherwise be fatal flaws intheir theories and policies. FrankEasterbrook and Daniel Fischel, the leading theoclassical "law and economics"theorists in corporate law, use reputation in this manner to explain why seniorcorporate officers' conflicts of interest pose no material problem. The most dangerous believer in the trump,however, was Alan Greenspan. Hisstandard commencement speech while Fed Chairman was an ode to reputation as thecharacteristic that made possible trust and free markets. I've drawn on excerpts from one example, his May15, 2005 talk at Wharton.
I find Greenspan's odes to reputation as theantidote to fraud to be historically inaccurate and internally inconsistent intheir logic. Here, I ignore his factualerrors and focus on his logical consistency.
"The principles governing business behavior are an essential support to voluntary exchange, the defining characteristic of free markets. Voluntary exchange, in turn, implies trust in the word of those with whom we do business.
Trust as the necessary condition for commerce was particularly evident in freewheeling nineteenth-century America, where reputation became a valued asset. Throughout much of that century, laissez-faire reigned in the United States as elsewhere, and caveat emptor was the prevailing prescription for guarding against wide-open trading practices. In such an environment, a reputation for honest dealing, which many feared was in short supply, was particularly valued. Even those inclined to be less than scrupulous in their personal dealings had to adhere to a more ethical standard in their market transactions, or they risked being driven out of business.
To be sure, the history of world business, then and now, is strewn with Fisks, Goulds, Ponzis and numerous others treading on, or over, the edge of legality. But, despite their prominence, they were a distinct minority. If the situation had been otherwise, late nineteenth- and early twentieth-century America would never have realized so high a standard of living.
Over the past half-century, societies have chosen to embrace the protections of myriad government financial regulations and implied certifications of integrity as a supplement to, if not a substitute for, business reputation. Most observers believe that the world is better off as a consequence of these governmental protections. Accordingly, the market value of trust, so prominent in the 1800s, seemed by the 1990s to have become less necessary. But recent corporate scandals in the United States and elsewhere have clearly shown that the plethora of laws and regulations of the past century have not eliminated the less-savory side of human behavior. We should not be surprised then to see a re-emergence of the value placed by markets on trust and personal reputation in business practice. After the revelations of recent corporate malfeasance, the market punished the stock and bond prices of those corporations whose behaviors had cast doubt on the reliability of their reputations. There may be no better antidote for business and financial transgression. But in the wake of the scandals, the Congress clearly signaled that more was needed.
The Sarbanes-Oxley Act of 2002 appropriately places the explicit responsibility for certification of the soundness of accounting and disclosure procedures on the chief executive officer, who holds most of the decisionmaking power in the modern corporation. Merely certifying that generally accepted accounting principles were being followed is no longer enough. Even full adherence to those principles, given some of the imaginative accounting of recent years, has proved inadequate. I am surprised that the Sarbanes-Oxley Act, so rapidly developed and enacted, has functioned as well as it has. It will doubtless be fine-tuned as experience with the act's details points the way.
It seems clear that, if the CEO chooses, he or she can, by example and through oversight, induce corporate colleagues and outside auditors to behave ethically. Companies run by people with high ethical standards arguably do not need detailed rules on how to act in the long-run interest of shareholders and, presumably, themselves. But, regrettably, human beings come as we are–some with enviable standards, and others who continually seek to cut corners.
I do not deny that many appear to have succeeded in a material way by cutting corners and manipulating associates, both in their professional and in their personal lives. But material success is possible in this world, and far more satisfying, when it comes without exploiting others. The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
Our system works fundamentally on trust and individual fair dealing. We need only look around today's world to realize how valuable these traits are and the consequences of their absence. While we have achieved much as a nation in this regard, more remains to be done."
Greenspan appears to have relied on the trump ofreputation as the basis for causing the Fed to oppose financial regulationgenerally and at least five specific examples of proposed or existingregulation designed to deal with conflicts of interest. He supported the repeal of the Glass-SteagallAct despite the conflict of interest inherent in combining commercial andinvestment banking. He supported thepassage of the Commodities Futures Modernization Act of 2000 despite agencyconflicts between managers and owners of firms purchasing and selling creditdefault swaps (CDS). He opposed usingthe Fed's unique statutory authority under HOEPA (1994) to regulate banfraudulent liar's loans by entities not regulated by the Federalgovernment. He opposed efforts to cleanup outside auditors' conflict of interest in serving as auditor and consultantto clients. He opposed efforts to cleanup the acute agency conflicts of interest caused by modern executivecompensation. He opposed taking aneffective response to the large banks acting on their perverse conflicts ofinterest to aid and abet Enron's SPV frauds.
Greenspan'shypothesis: reputation trumps perverse incentives
Greenspan's overall anti-regulatory hypothesis seemsto be that laissez faire led tosubstantial control fraud, which gave business actors a strong incentive toavoid being defrauded. This caused themto care a great deal about reputation, which successfully prevented fraud. Indeed, the frauds "had to adhere to a more ethicalstandard in their market transactions, or they risked being driven out ofbusiness."
The mostobvious logic problem with this hypothesis is why laissez faire led to substantial control fraud. Here is his key sentence, discussing businesslife under laissez faire: "In such an environment, a reputation forhonest dealing, which many feared was in short supply, was particularly valued." How could "many" American business peopleoperating under laissez faire fearthat reputations for honest dealing were "in short supply" among theircounterparts? Under Greenspan's logicreputations for honest dealing should have been omnipresent among Americanbusiness people during laissez faire. Greenspan assures us that under laissez faire even frauds "had to adhereto a more ethical standard in their market transactions, or they risked beingdriven out of business." If this istrue, then the "many" who "fear[ed]" that "a reputation for honest dealing "wasin short supply" must have been irrational. Reputations for honest dealing should have been virtually universalunder Greenspan's logic.
Markets make the Mensch
Greenspanasserted that unethical CEOs who act like scum in their personal lives engagedin a daily "Road to Damascus" conversion whenever they worked. Greenspan concedes that CEOs dominatecorporations and that a honest CEO will prevent any material corporate fraud ("ifthe CEO chooses, he or she can, by example and through oversight, inducecorporate colleagues and outside auditors to behave ethically"). In short, Greenspan asserts (contrary to AdamSmith's warnings) that there is no serious "agency" problem caused by theseparation of ownership and control in corporations. Markets force CEOs to act as if they werehonest because a good reputation is essential to the CEO. The CEO, in turn, is able to ensure thatsubordinates act ethically. ButGreenspan then contradicts his logic again, despairing that: "regrettably, human beings come as weare–some with enviable standards, and others who continually seek to cutcorners." Greenspan has just assertedthat humans do not "come as we are"to business. Markets force us to behaveas if we are moral regardless of our actual morality. When we are in our business mode we are atour patriarchal Grandfather's house on our best behavior in constant fear ofarousing his ire.
Greenspan claimed that we were inthe midst of a renewal of CEO honesty – in 2005
InSeptember 2004, the FBI warned that there was an "epidemic" of mortgage fraudand predicted that it would cause a financial "crisis" if it were notcontained. The fraud epidemic grewmassively, and I have shown why we know that it was overwhelmingly lenders whoput the lies in liar's loans – at a rate of roughly a million fraudulentmortgages annually at the time that Greenspan gave his talk at Wharton inmid-2005.
"We should not be surprised then to see a re-emergence ofthe value placed by markets on trust and personal reputation in businesspractice. After the revelations of recent corporate malfeasance, the marketpunished the stock and bond prices of those corporations whose behaviors hadcast doubt on the reliability of their reputations. There may be no betterantidote for business and financial transgression."
Again, myemphasis here is on Greenspan's logic. It does not follow that because "the market punished the stock and bondprices of those corporations" that collapsed because they were looted by theirCEOs this served as the best "antidote" to prevent future accounting controlfrauds. George Akerlof and Paul Romerpublished their famous article in 1993 ("Looting: the Economic Underworld ofBankruptcy for Profit"). Indeed, GeorgeAkerlof received the Nobel Prize in economics in 2001. Greenspan was Charles Keating's principaleconomic expert and had seen him loot Lincoln Savings in the late 1980s. Accounting control frauds are funded by stockand bond sales. The markets fundaccounting control frauds, and they do so massively even when the CEO islooting the firm and causing losses principally to the shareholders andcreditors. The CEO walks away wealthyfrom the husk of the failed corporation. Almost everyone agrees that leverage is one of the great causes oflosses in our recurrent, intensifying financial crises here and abroad. Debt drives leverage. Debt is supposed to provide the "privatemarket discipline" that prevents accounting control fraud, and reputation issupposed to be the piston that adds immense power to this great brake. But accounting control fraud, as Akerlof& Romer (and we criminologists) emphasize is a "sure thing" – it producesrecord (albeit fictional) profits in the near-term. When there are epidemics of accountingcontrol fraud, bubbles hyper-inflate. The combined result is that loss recognition is hidden byrefinancing. Reporting record profitsand minor losses via accounting control fraud is the surest means for a CEO togrow wealthy and develop a strong reputation. Creditors rush to lend to corporations reporting stellar results, whichis what produces the extraordinary leverage. Far from acting as an "antidote" to accounting control fraud, reputationhelps explain why private market discipline becomes an oxymoron. Reputation is the great booster shot aidingand encouraging accounting control fraud.
In anyanalogous context we would consider Greenspan's "antidote" claim to be faciallyinsane. If the head of the public healthservice announced proudly that the service had triumphed because, while onemillion Americans had died of an epidemic of cholera, the death rate had beenso severe and rapid that the epidemic had burned out, we would consider him tobe delusional and heartless. The deathof the pathogen's host (us) does not constitute a triumph over cholera. It also does not leave the survivors who werenot exposed to the pathogen with additional antibodies that will prevent futureepidemics.
"Texas Triumphs"
In an article I wrote in 2003 during the unfolding Enron-era frauds I calledsimilar claims by prominent Texas politicians that Enron's failure representeda triumph of capitalism "Texas triumphs."
I distinguished Texas triumphs from Pyrrhic victories. The origin of that phrase comes from King Pyrrhus' (of Epirus in Greece) victory over theRomans in 279 BC at the battle of Asculum in Apulia (on the Eastern side of theItalian peninsula). The Roman legionswere elite and outnumbered Pyrrhus' forces (which had many mercenaries). Nevertheless, he twice defeated the Romanforces, inflicting significantly greater casualties on their forces. After the battle of Asculum he responded tocongratulations by remarking that one more such victory would undo him. He was a great commander who defeated highlycompetent opponents defending their own lands.
Only theoclassical economists could call thefailure of our most elite firms that were looted by their CEOs a triumph ofcapitalism. I wrote:
"MartinWolf repeated the well-worn claim that Enron's failure demonstratescapitalism's virtues in 2003. It is aview most famously stated by Larry Lindsey, a member of George W. Bush's first(failed) economic team, when he saidin January 2002 that Enron's failure was "a tribute to American capitalism." Thethen treasury secretary, Paul O'Neill, wasn't to be outdone. He insistedEnron's failure proved "the genius of capitalism.""
Our family's rule that it isimpossible to compete with unintentional self-parody remains intact. Adiscipline (economics) that counts massive looting by the CEOs of elite controlfrauds as its greatest triumphs desperately needs an intervention. None of these control fraud failures (andthat includes Fannie and Freddie) involves valiant efforts by economists toprevent the looting. The theoclassicalfailures to prevent control fraud did not occur because the economists stroveto prevent the looting but were defeated by impossible odds. Theoclassical economists were theanti-regulatory architects of the criminogenic environments that produce ourepidemics of control fraud. They are theelite frauds' most valuable allies.
Bill Black is the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. He spent years working on regulatory policy and fraud prevention as Executive Director of the Institute for Fraud Prevention, Litigation Director of the Federal Home Loan Bank Board and Deputy Director of the National Commission on Financial Institution Reform, Recovery and Enforcement, among other positions.
Bill writes a column for Benzinga every Monday. His other academic articles, congressional testimony, and musings about the financial crisis can be found at his Social Science Research Network author page and at the blog New Economic Perspectives.
Follow him on Twitter: @WilliamKBlack
This entry was posted in Uncategorized, William K. Black and tagged William K. Black. Bookmark the permalink.
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Think Bond Girl meets mermaid.
This item was made in collaboration with To The Seaa and will be shipped directly from their store. If you are ordering this item with other Thessalonike items from our site, please be aware that you will receive two separate packages.
.: Can be used as a makeup bag, travel bag, toiletry bag, pencil case, etc.!
Before cleaning the bag, remove all the items from bag. Suggested to pretreat visible stains with stain remover. Mix warm water with laundry detergent and clean the bag with terry washcloth or soft bristle brush. Let the bag air dry.


Our new kettlebell class is getting a lot of interest. Our overall enrollment is now up to 64 (three more staff members than last session) and the average number of classes is up to 2.0 from 1.8.
@Incentive Intelligence Thank you for your comments. We're contemplating taking attendance during our classes so that we could try some of your suggestions. We successfully used commitment forms with our Biggest Loser Campaign. I think you're right that they postively influence behavior.


An easy side dish featuring ingredients you probably have on hand, this lighter version adds extra fibre from the potato skins and a hint of sweetness from the parsnips. Using heart-healthy olive oil and nondairy milk keeps the excessive richness of most scalloped potato dishes to a minimum.
Heat the olive oil in a medium skillet over medium-high heat. Add the onions. Cook for 5 minutes until softened. Add the garlic, flour, thyme, salt, and mustard. Cook for an additional minute. Add the nondairy milk, a little at a time, whisking constantly until smooth. Reduce to low heat and cook until thickened, about 5 minutes, stirring often.
Meanwhile, layer half of the potatoes in the crock. Top with half of the parsnips. Once the sauce has thickened, pour about a third of the sauce over the potatoes and parsnips. Layer the remaining potatoes and parsnips. Top with the remaining sauce. Sprinkle with paprika and pepper.
Cook on high for 4 to 5 hours, until potatoes and parsnips are tender. Let cool 15 to 20 minutes without the lid on before serving to thicken up the sauce.
That looks great! I've pinned it to try for dinner.
Thanks, Rochelle! I hope you enjoy it.
Looks super tasty. I don't have a slow-cooker, so I'll try 'em in the oven. I bet they will still turn out pretty well.


Hyperphosphatemia is a condition caused due to high level of phosphate or phosphorous in the blood. Phosphate is a chemical found in body and contain mineral called phosphorous. Phosphorus mineral is very important for the development of teeth and bones and also convert food into energy for body.
Phosphate is mainly found in the teeth, bones, inside the cells, and in very smaller amounts in the blood. Kidney functions for the management of phosphate level in the body. However, various complications/diseases results into impairment of kidney, which leads to chronically high level of phosphate in blood.
Hyperphosphatemia is very common in people with chronic kidney disease more often in people with end-stage kidney disease. Some other possible causes of hyperphosphatemia includes diabetic ketoacidosis, uncontrolled diabetes, high vitamin D levels, and low parathyroid hormone levels.
Increasing launches and approval of novel drugs in key regions are expected to fuel the global hyperphosphatemia drugs market growth in near future. For instance, in 2016, Astellas Pharma Inc. received marketing approval for its Kiklin Granules 86.2%, indicated for the treatment of hyperphosphatemia in patients with chronic kidney disease in Japan. In 2015, Keryx Biopharmaceuticals, Inc. received approval from European Commission for new drug Fexeric (R) (ferric citrate coordination complex), indicated for the treatment of hyperphosphatemia in adults with chronic kidney disease.
Strategic merger and acquisition by key players in the market is also expected to create a lucrative environment for the hyperphosphatemia drugs market growth. For instance, in 2013, OPKO Health, Inc. acquired Canada-based Cytochroma Inc., with this strategic acquisition OPKO Health, Inc. has expanded its portfolio with Cytochroma Inc.'s Alpharen, a non-absorbed phosphate binder to treat hyperphosphatemia in dialysis patients.
Furthermore, risk of developing hyperphosphatemia is very high in the people suffering from chronic kidney disease. Hence, increasing prevalence of chronic kidney disease is expected to increase the chances of hyperphosphatemia among population, which in turn is expected to increase demand for hyperphosphatemia drugs and drive hyperphosphatemia drugs market growth.
For instance, according to the data published in National Chronic Kidney Disease Fact Sheet 2017, an estimated 30 million people or 15% of U.S. adults are suffering from chronic kidney disease. Chronic kidney diseases were estimated to be more common in Women (16%) as compared to men (13%).
North America is expected to hold a dominant position in global hyperphosphatemia drugs market and it is expected to account for largest market size, due to presence of key players in region and frequent research and development activities by them for development of novel drugs for treatment of hyperphosphatemia. For instance, in 2017, U.S.-based Ardelyx, Inc. received positive results in Phase 3 clinical trial for new drug Tenapanor. Tenapanor is a first-in-class, proprietary, oral, experimental medication indicated for the treatment of hyperphosphatemia in patients with end-stage renal disease.
Furthermore, Asia Pacific hyperphosphatemia drugs market is expected to witness significant growth in near future owing to increasing approval of novel hyperphosphatemia treatment drug in key regions such as China, and Japan. For instance, in 2014, Japan Tobacco Inc. and its subsidiary Torii Pharmaceutical Co., Ltd. received manufacturing and marketing approval of Riona Tablets 250 mg from Japanese Ministry of Health, Labor and Welfare. Riona tablet is indicated for treatment of hyperphosphatemia, it is a new phosphate binder containing ferric citrate hydrate as the active pharmaceutical ingredient.
Key players operating in global hyperphosphatemia drugs market include: Keryx Biopharmaceuticals, Inc., Astellas Pharma Inc., Japan Tobacco Inc., Ardelyx, Inc., OPKO Health, Inc., BioLink Life Sciences, Inc., F Hoffmann-La Roche AG, Lupin Limited, Fresenius Medical Care, and Vifor Pharma Group.


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In a large skillet, saute onion and fennel in oil until tender. Add garlic; cook 1 minute longer. Stir in the tomatoes, broth, wine, pepper and salt. Bring to a boil. Reduce heat; simmer, uncovered, for 5 minutes. Stir in basil and butter. Remove from the heat and set aside.
Brush steaks with oil; sprinkle with salt and pepper. Using long-handled tongs, moisten a paper towel with cooking oil and lightly coat the grill rack. Grill swordfish, covered, over medium-hot heat or broil 4 in. from the heat for 5-7 minutes on each side or until fish just turns opaque. Serve with tomato mixture.
1 steak with 2/3 cup tomato mixture: 512 calories, 28g fat (6g saturated fat), 90mg cholesterol, 1225mg sodium, 17g carbohydrate (7g sugars, 5g fiber), 45g protein.


text:
Field Guide 1966
Incredible Animals
ODS Curriculum
Long Stations >
The Bat Cave
Pelts A & B
Short Stations >
Canines & Felines
Mustelidae & Mephitidae
Primarily Prey
The Hike >
Aplodontia
Build a Nest
Camouflage Trail
Damaged Plants
Fox Walk & Bobcat's Breakfast
Pelt Squares
Predator vs. Prey
The Shaker Battle Game
Supermarket Niche
Yoshio
SL Teams
Field Study Rubric
Whirligig Beetles Inspire Energy-Efficient Robots
Light micrographs of the whirligig beetle. (A) Dorsal view of the beetle, demonstrating the overall shape. (B) Ventral view of the beetle showing the fore, middle and hind legs. (C&D) Micrographs of dissected middle right (C) and left (D) legs. (E&F) Micrographs of dissected hind right (E) and left (F) legs. Measurements of leg length (Lh and Lm) and area (Sh− and Sm−) were made from micrographs of dissected legs. The scale bars are 1 mm. (Credit: Zhonghua Xu, Scott C. Lenaghan, Benjamin E. Reese, Xinghua Jia, Mingjun Zhang. Experimental Studies and Dynamics Modeling Analysis of the Swimming and Diving of Whirligig Beetles (Coleoptera: Gyrinidae). PLoS Computational Biology, 2012; 8 (11): e1002792 DOI: 10.1371/journal.pcbi.1002792)
ScienceDaily (Nov. 29, 2012) — Whirligig beetles are named for their whirling movement on top of water, moving rapidly in and taking off into flight.
While many may have found the movements curious, scientists have puzzled over the apparatus behind their energy efficiency -- until now, thanks to a study performed by a team led by Mingjun Zhang, associate professor of mechanical, aerospace and biomedical engineering, at the University of Tennessee, Knoxville.
"The propulsive efficiency of the species has been claimed in literature to be one of the highest measured for a thrust-generating apparatus within the animal kingdom," Zhang said. "But nobody knew exactly why, so we conducted a quantitative study with experiment support that uncovered this mystery."
Zhang saw the curious beetle as inspiration for developing energy-efficient propulsion mechanisms for swimming vehicles and robots. His team discovered separate leg functions, alternative patterns of leg propulsion, a unique take-off technique and maximizing surface area as key to the beetle's inner workings.
The findings have been published in this month's PLOS Computational Biology.
His team performed a combination of microscopic high-speed imaging, dynamics modeling and simulations to unlock the beetle's secret.
They discovered each of the beetle's three pairs of legs conducts a different function. Their curved swimming trajectories gained energy efficient over linear trajectories by alternating the ways leg propelled. Using high-speed cameras, the researchers observed that the beetles beat their legs in different directions in order to transition from swimming to diving. This provides the force required to alter the angle of the body's tilt and break the surface tension of water. Finally, the swimming legs rely on the extension of "swimming laminae" to increase the surface area and generate larger thrust.
"Nature folds the laminae, or a thin tissue, after the beetle is done moving its legs," Zhang said. "It extends it when it is propelling to generate thrust. The legs may also be oriented at different angles, so that the maximum area is not perpendicular to the direction in which the beetle is moving. I am always amazed how nature does this with the small organism."
Zhang's team looks to nature for inspiration in engineering. By studying the movements of the whirligig beetle, the team is applying nature's principles to bio-inspired swimming and diving robots. He is designing the robots for the Office of Naval Research through their Young Investigator Program award which he received in 2011. The award gives him $170,000 in annual research grants for three years.
The Tree of Life Web Project is like Wikipedia for animal (and plant) classification nerds.
Search for something (like one of the categories below) to see what all is contained within that phylogenetic group. You might be surprised! Just below the tree of any group is a link for the "containing" group, to move backward out of the tree. Clicking on any blue link within the tree will take you forward into the tree, deeper down the lagomorpha hole.
Cnidaria
Edentata
Iguania
Pholidota
Procellariiformes
Serpentes


DicomObjects Version 8 we have added support for video handling with pluggable custom codec. We have provided primary support for FFmpeg codec which is replaceable and optional. FFmpeg is a well established multimedia software that handles all sorts of popular video formats. We have implemented it in DicomObjects to allow importing of supported video formats, embedding them into DICOM and exporting them using the appropriate transfer syntax and vice versa.


text:
Q: Querying database in real time I am retrieving some data from a database having a specific date and hour. Supposing I would like to see the data in real time.
Is there a way to automatically extract the data  without specifying the exact data and time?
Here is my query:
select
    store,
    Count(bananas)
from
    database_name
where
    Date_hour between '2017-04-06 07:00:00' and '2017-04-07 07:00:02'
Group by
    sore

A: Select data for the last hour:
SELECT   store,
         Count(bananas)
FROM     table_name
WHERE    date_hour > DATE_SUB(NOW(), INTERVAL 1 HOUR)
GROUP BY store

redpajama_set_name: RedPajamaStackExchange