NC Media Watch

New Accounting Standards could reveal more unfunded liabilities (updated)

Russ Steele

The Governmental Accounting Standards Board (GASB) has issued two documents outlining proposed amendments to the existing pension standards. The reforms are intended to improve how costs and obligations associated with government pensions are calculated and reported.

In San Jose the City Auditor's office has re-examined their pension liabilities under the proposed GASB guidelines, and found the city's unfunded pension liabilities will nearly double, from $1.1 billion to $2.1 billion.

These new accounting rules could reduce California city and county net assets, by requiring them to recognize their pension liabilities in all financial statements.  Exposing these liabilities on government books could force some cities into formal bankruptcy.

The question is, how will these new rules impact Nevada County and City pension reporting?  Inquiring minds want to know?  Stay tuned for the answer.

Update( 08-01-11, 12:10) A regular reader sent this e-mail, with a "Here we go." This is just the begining: Cash strapped RI city files for bankruptcy.

The state-appointed receiver overseeing Rhode Island's cash-strapped Central Falls on Monday filed for bankruptcy on the city's behalf in an effort to solve its fiscal crisis.

Receiver Robert G. Flanders described the step as one of last resort after city taxes had been raised and services cut "to the bone," and after municipal retirees and current workers failed to agree on deep -- but voluntary -- cuts to their pensions and benefits. [My emphasis added]

Sun Spots, Big Sun Spots

Russ Steele

Space Weather is reporting the finest display of sunspots since 2006.

BIG SUNSPOTS: The finest display of sunspots since 2006 is underway. Three behemoth sunspot groups are transiting the sun's northern hemisphere, shown here in a July 31st image from NASA's Solar Dynamics Observatory:

Nature fogets it is a science journal

Russ Steele

Nature, the widely respected science journal, has a feature story and an unsigned editorial in its latest issue addressing The Heartland Institute’s contribution to the global debate over climate change. The
articles can be read for free here and here.

You can read the full defence of the Heartland's 800 page report Climate Change Reconsidered by Joseph Bast the institutes President here.

In my mind Bast makes the most important observation at the end of his analysis of Natures crtitique.

Finally, the editors declare they are in pursuit of “a theory that can explain observations of
the world,” whereas the skeptics seem content to point out gaps in that theory. “The
Heartland Institute and its ilk,” they say, “are not trying to build a theory of anything.” Well,
where to begin?

I am not a scientist, and it certainly is not my place to tell the editors of such an esteemed
publication as Nature what they ought to be about. But it is my understanding of the
scientific method that it proceeds by the falsification of hypotheses, not their defense by
every means possible, which is what Nature and regrettably other leading science journals
have resorted to in the case of man-made climate change. The goal ought not to be to
defend a hypothesis, but to test it, and if it fails, to consider competing hypotheses and test
those just as rigorously.

Nature, it seems to this nonscientist observer, has lost its way. Until the journal opens its
eyes, it will not be a serious voice on climate science.

 

Cost of CARB: Mary Nichols on new CAFE Rules - Fuel prices continue to rise.

Russ Steele

CARB's Mary Nichols has been commenting on the new CAFE rules proposed by the President. KQED's Climate Watch has the details on the new CAFE standards here.

Fifteen years from now, the average car in the United States must get nearly 55 miles to the gallon, according to new fuel-efficiency standards proposed Friday by the Obama Administration.  That’s a sharp increase from the current requirement that vehicles average 34.5 miles per gallon by 2016.

California officials, environmental groups, and automakers are praising the new rules, which would require a fleet-wide average for cars and light trucks of 54.5 miles per gallon by 2025.

Let's see, California has the second highest unemployment in the nation, with thousands of our best and brightest escaping the economic misery and the loss of freedom in the state, and our bureaucrats are proud to be part of a scam to keill more jobs in California.

“We think this is a very good deal, and we are happy and proud to have played a role in shaping it,” said California Air Resources Board head Mary Nichols.

“What California does is push the envelope.  But not just for the sake of pushing the envelope. We do this because we have a need to reduce the impact of our whole transportation system on our environment and to improve its economic performance,” Nichols said.

Right now the envelope that California is pushing is a full scale depression, all with CARB's assistance in raising energy and transporation costs.  Here are the lastest fuel prices:


I have no explaination why US fuel prices are approaching those in California

Could we have more than one GOLD mine in Grass Valley?

Russ Steele

My Uncle Fred Whitford was a mining engineer at the Empire Mine before it closed in the 1950s. The mine closed due to the low price of gold and the high cost of operations. According to my Uncle, there was still a lot of gold to be mined under Grass Valley when the Empire closed down.  That was in the 1950s. Now the price of gold is soaring and the gold still in the ground under Grass Valley grows more valuable every day.

Our local liberal blogger just announced that the Newmont Mining Corporation has closed escrow on the 740-acre North Star parcel this week Why would a mining company buy the North Star Property?   Not to build houses? According to the Newmont webpage:

Newmont Mining Corporation is primarily a gold producer, with significant assets or operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Founded in 1921 and publicly traded since 1925, Newmont is one of the world’s largest gold producers and is the only gold company included in the S&P 500 Index and Fortune 500. Headquartered near Denver, Colorado, the company has over 34,000 employees and contractors worldwide.

Newmont recently acquired several gold mines in Nevada from an Canadian company.  In April Newmont  acquired Vancouver-based Fronteer Gold for roughly $2.3 billion, expanding their development opportunities in Nevada according to the company webpage:

Fronteer holds interests in three Nevada gold projects, which currently have 5.7 million ounces of measured, indicated and inferred resource. Its flagship property, Long Canyon, is located on a gold trend that is similar to the Carlin Trend in terms of its characteristics and potential. Based on exploration potential, the current 2.2 million ounces of measured, indicated and inferred resource at Long Canyon could double or triple in size.

The North Star property was originally being developed by Sandy Sanderson’s North Star/Grass Valley LLC which filed Chapter 11 bankruptcy in 2008. Sanderson was planning a housing development.

One has to wonder if maybe Newmont has their eye on another Canadian Mining company that holds the Idaho Maryland Mine property.  There is plenty of room on the North Star property to establish a mining operation, and access the gold still under the Idaho Maryland property. More space that is avilable to IMM.

As the price of gold soars, the value of gold under Grass Valley soars as well. It is not if that gold will be mine, only when and by whom.  It may be the Newmont Mining Corporation.

Exit Question:  Did Newmont buy the property to build houses?

Note:  Comments are closed, too many stupid off topic comments. If your comment vanished, you know why!

Is this PR to rebuild reputation of Clerk-Recorder Office after the lawsuit?

Russ Steele

This is a press release that appeared in the County CEO's Friday Memo.

Nevada County Clerk-Recorder, Gregory J. Diaz, is pleased to announce that the California Secretary of State’s office has certified Nevada County Elections as an official Ballot Finisher, defined as an entity that “processes sheets or unfinished ballot cards to make ballot cards to be used in California elections.”

Certification requires:
• Knowledge of ballot creation and layout regulations
• Accurate inventory control forms and ballot security documentation
• Enforcing a high level of ballot security during the finishing (printing) process
• Ensuring finished ballots are securely transported from one location to another
• Voting System vendor testing and certification of ballot production quality
• On-site inspection

The rigorous certification process was a year-long endeavor, beginning with the creation of the ballot finishing program, requiring approval from the voting system vendor, and culminating in an on-site inspection of the facility and security measures by a representative from the Secretary of State’s office; Nevada County Elections staff successfully satisfied all these requirements.

Earning this certification allows the Nevada County Elections Office the opportunity to realize possible cost savings on ballot printing in upcoming elections. Printing ballots on demand eliminates the practice of estimating ballot inventory levels needed for an election, which will increase both efficiency and security going forward.

Special thanks to Assistant Clerk-Recorder, Gail Smith, and Clerk-Recorder Assistant I, Elise Strickler, for their hard work during the process and successful completion of Nevada County Elections’ Ballot Finishing Certification.

I wonder if this training and certification was mandated after they screwed up the numbering of past ballots?  If it saves taxpayer money, that is a good thing. After the lawsuit the County Elections Office has a lot of making up to do, if they hope to recover the tax dollers flushed down the legal drain.  Your thoughts?

This guy is "Mad and Hell" and is "not going to take it any more."

Russ Steele

This came in over the e-mail transom, spoken from the heart without a teleprompter. 



I must admit,  I find this guy making a lot of sense. Your thoughts?

H/T to a regular reader for sending this video.

Oh no, not another Texas over California jobs analysis

Russ Steele

This is not good news for California's high tech industry. California is losing the most successful and productive people in the State.  Texas grew 85,000 professional jobs and California lost 109,000 over the alst five years.

"Twenty-six states have more jobs today than they did five years ago in the broad sector encompassing such diverse occupations as accounting, advertising, business consulting, computer programming and the law.

The state of California has 109,600 fewer professional services jobs today than it did five years ago, according to an On Numbers analysis of U.S. Bureau of Labor Statistics data."
 
Details at Sac Business Journal.
 
We could lose even more professionals, according to Brad Smith Microsoft's General Council, as of May, Microsoft had 4,551 job openings--including 2,629 computer science positions--but it's taking the company up to 65 days on average to find qualified workers for open spots.

Washington gained 19,100 professional jobs over the  last five years. They were in forth place behind Texas, New York, and Virginia.  So, if you have technical skills and are looking for a job, give Microsoft a call.

Does Gavin Newsome "Get it"? (Updated)

Russ Steele

I attended the Economic Resource Council Breakfast yesterday and listed to Assemblyman Dan Logue speak about job creation in California. Dan gave us an update on his trip to Texas to meet with Texas Governor Rick Perry. Gavin Newsom accompanied Dan on the trip, and he related Perry's remark to Newsom. "You cannot create jobs if you are against businesses."   Dan said he thinks that Newsom, "gets it" meaning the connection between job creation and the support of business, and he is working on a plan.

The Sac Bee Captol Alert this morning: Newsom Heads to Silicon Valley

Newsom will be in the Bay Area at an invitation-only event co-hosted by the Silicon Valley Leadership Group, where he will unveil a report titled "An Economic Growth and Competitiveness Agenda for California," which advises the state to look to exports, manufacturing, cutting-edge technologies and clean jobs.

Among the report's other suggestions: Create a "California government app store" to support business development and economic growth, including a competition for programmers to come up with an app "enabling seamless registration for state and local taxes, licensing and permitting within an individual jurisdiction."

The event runs from 11 a.m. to 2 p.m. at Wyse Technology in San Jose. Newsom's news conference starts at 11 a.m., followed by two panel discussions. All will be broadcast live via webcast at www.ltg.ca.gov. Click here to read a news release, which lists panel participants.

It will be interesting to see how Silicon Valley reacts to Newsome's job creation plan. Update when the plan is published.

Update (07-29-11, 11:45) The Union had a story on the Newsome Job creation plan, my comments are in {Brackets]

The proposal lays out the broad strokes of a plan to set the state on a course toward job growth. Among its proposals:

— Consolidate and streamline fragmented economic development efforts into a cabinet-level office to assist businesses and coordinate support for regional development efforts. The plan calls for keeping staffing and state spending at their present levels.  [Remember Trade and Commerce which Arnold killed right after he got in office.]

— Emphasize innovation and manufacturing, particularly by small and agile companies serving global supply chains. Encourage expanded exports of both goods and services.

— Re-establish a state presence in foreign markets to promote trade, starting with a privately funded office in China within 180 days, then one in Brazil.

— Improve or eliminate state tax incentives that do not produce sufficient, measureable economic benefits. [Let's start with renewable energy subsidies, they donot have any economic benefits.]

— Remove thickets of "onerous and inconsistent regulations, slow bureaucracies and misaligned policies" that slow California businesses and impose barriers to global competition, without weakening standards. [ We need to start with CARB's efforts to control CO2 as there is no scientific justification for this effort and the rules and regulations are driving companies out of the state.]

— Plan education and job training with economic development in mind, emphasizing the skills workers will need for "new economy" jobs. [ These new economy jobs, according to the just published Clean Energy Partnership Academy Guidelines , includes Building Analyst, AC Intall Speciallist, Home Energy Rating Systems Rater, Certified Industrial Maintenance Mechanic, Certified Energy Auditor.  According to Microsoft and other high tech firms California really needed to be focused on producing more computer scientist and engineers, rather than "new economy jobs" we do not have enough computer scientist and engineers to meet the needs of our "old economy.]

With the proposal as a starting point, Newsom said, "the question is how we begin to make it real."

Good question?

A climate change tipping point - drowning Polar Bears - under investigation

Russ Steele

A federal wildlife biologist Charles Monnett whose observation in 2004 of drowned polar bears in the Arctic helped to galvanize the global warming movement has been placed on administrative leave.  He is being investigated for scientific misconduct, possibly over the veracity of his 2004 article on drowning bears.

Charles Monnett was on of the main scientist behind the idea that polar bears are increasingly drowning because of global warming. Remember those swimming polar bears in Al Gore's movie that were faked with graphics.  Why? There may not have been any drowning bears, just a faked report by Monnett.  Here are some details from the Reference Frame: 

Charles Monnett, employed by the U.S. Bureau of Ocean Energy, Management, Regulation, and Enforcement, was put on leave until the verdict about the investigation of his "integrity issues". Obama administration officials are behind the investigation: they confiscated Monnett's hard drives and notebooks, among other possible proofs.

Gleason, the second author in both papers, has told the investigators that none of the polar bears in either article had anything real to do with global warming (and they haven't even mentioned the term global warming) and Monnett has added this spin to his interpretations . . .[My emphasis added]

This was certainly another effort by a small group of people, an environmentalist minority and Al Gore, attempting to sway the public views on global warming using fraudulent science. One more attempt to create a tipping point in the public perception on the danger of global warming.  (See RR here for more on tipping points.)

As contrary global warming data comes to light and climate change fraud continues to be revealed, remember that public policy has been made using this fraudulent science. Public policy that is costing you big time, higher gas prices, lost jobs and more expensive energy.  When are you going to rise up against this abuse of our freedom?

Update (07-29-11, 15:50)  Suspension not related to polar bear paper, details at Sac Bee:

The recent suspension of Alaska wildlife biologist Charles Monnett is unrelated both to an article that he wrote about presumably drowned Arctic polar bears and to his scientific work, a federal official said Friday.

The director of the U.S. Bureau of Ocean Energy Management, Enforcement and Regulation, told agency staff in Alaska via email that it instead was the result of new information on a separate subject that was recently brought to officials' attention.

The email, written by Michael Bromwich, was obtained by The Associated Press.

Read the rest here.