Oil Declines From Near Highest in Week on Chinese Manufacturing, Dollar - Bloomberg

Oil Declines From Near Highest in Week on Chinese Manufacturing, Dollar - Bloomberg

Warren Buffett: 'Disruptive' Debt Limit Debates Are 'Waste of Congress's Time'

Official White House Photo by Pete SouzaWarren Buffett meets with President Obama in the Oval Office on July 18, 2011/As the White House and Congress continue to fight over raising the nation's debt limit, Warren Buffett says it would be better if the U.S. didn't have one at all.

Speaking to NBC's Kristen Welker at the White House today, Buffett said an "artificial" limit of the nation's debt is "disruptive" in Washington.

"All it does is slow down a process and divert people's energy, causes people to posture.  It doesn't really make any sense ... To have this artificial limit, which always gets raised in the end, disrupt the activities, in an important way, of Congress, periodically, I think is a waste of Congress's time."

He's not alone.  Today the credit rating agency Moody's suggested that eliminating a statutory limit on government debt would help ease uncertainty among bond holders.

Buffett was at the White House today with Bill Gates to speak with President Obama about their Giving Pledge project.

In the brief NBC interview after that meeting, Buffett said he encouraged Obama to continue to push for "something very big."

Buffett said it would be a "terrible mistake" if both sides agree to a compromise in which the White House would be able to raise the debt limit without the approval of Congress.

He also repeated the 'Russian roulette' analogy we first heard from him in his live CNBC interview on July 7.   While no one knows what would happen if there's no deal by the August 2 deadline, Buffett said there's no reason to find out.  "You're running a totally unnecessary risk and you're sending a signal to the rest of the world that we really can't think ahead in this country."

Despite all the cataclysmic talk we're hearing, Buffett said he doesn't think the U.S. will actually default on its debt.  "That's a level of immaturity that I don't believe even this Congress is up to."

A video clip of the entire NBC interview is attached to this post.  Here's our transcription:

KRISTEN WELKER, NBC News:  Thank you for doing this interview, we appreciate it.  So, what was just discussed in your meeting in regards to the debt ceiling?

WARREN BUFFETT:  Well…are you talking…excuse me…yeah, well I want to get clear first, are we talking about the meeting, the big meeting …?

WELKER:  That you just had, just had, with the President.  Where did…what came out of your discussions today with the President on the debt ceiling?

BUFFETT:  Well, I agreed with him going in, so there wasn’t much in the way of new thinking on it.  It was just,  I certainly encouraged him to keep shooting for something very big.  The American people want something big, he wants something big, and I certainly hope we get it out of the next week or two.

WELKER: Do you think it’s realistic, the big plan, four trillion dollars in deficit reductions over the next ten years, is that a realistic plan do you think?

BUFFETT:  Well I know it’s realistic, I mean we’re going to have to come to terms with it, so the real question is whether, you know, we have the foresight to do it today, or we keep waiting and waiting and waiting.  But we, the problem is with us, and the President believes in addressing a problem like that, and addressing it in a big way.  I believe in that.  The American people believe in it.  I mean, my friends, back in Nebraska, believe in that.  So I hope it gets done.

WELKER:  A lot of people are saying the most realistic option right now is the plan that’s being hammered out behind the scenes between Senators McConnell and Reid that would allow the President to increase the debt ceiling in three increments through 2012.  What do you think of that plan?

BUFFETT:  I think it’s designed to give political cover to people, and I don’t think we need political cover now.  I think we need a real deficit reduction plan, and I think it’s an opportunity to do that.  I think the President’s said he’s willing to talk about things that, that hurt in terms of his, what he would like to see in this world, and he expects the other side to do the same thing.  And I think that any plan that simply says, you know, we’re going to think about this later, essentially, and we’re going to try and figure out how if things go wrong we can blame it on the other party, is a terrible mistake.

WELKER:  The President has said it might be the last, best option in terms of preventing Armageddon.  Do you see it that way, do you agree with the President or no, should he…?

BUFFETT:  Well, in the end you prevent Armageddon, sure.  I mean we, we cannot go to August 2 and tell the rest of the world that because we’re having this little fight in our sandbox back here, that we’re going to essentially default on obligations of the United States for the first time in our history.  That, that, that’s a level of, of, of immaturity that I don’t believe even this Congress is up to.  So I…it’ll happen, we’ll get something and, and in the end we have to get something. But why not, why not aim high rather than aim low?

WELKER:  Do you worry that if the McConnell-Reid Plan does pass, that it looks like the Republicans have won this fight?

BUFFETT:  Well I don’t worry about whether it’s the Republicans.  I think what, what it looks like is that Congress couldn’t stand up to making a decision on something like this that they’ve known about for, for years and years and,  I think it reflects badly on Congress.  But forget about which party.

WELKER:  Moody’s has just come forward and said ‘You know what, maybe we should just get rid of the debt limit all together.’ What’s your reaction to that?

BUFFETT:  Well I think they’re right.  I mean here’s a debt limit, we’ve changed it almost a hundred times over the years.  We changed it, I think, seven times during the Bush administration.  It’s, all it does is slow down a process and divert people’s energy, causes people to posture.  It doesn’t really make any sense.  The way to limit debt is by taking in revenues that are appropriate in relation to your expenditures.  And, to have this artificial limit, which always gets raised in the end, disrupt the activities, in an important way, of Congress periodically I think is…it’s a waste of Congress’s time.

WELKER:  I’m getting the wrap so one more quick question.  As you know, Treasury Secretary Timothy Geithner has been hammering this point that if August 2 comes around and we haven’t resolved this, it could be calamitous.  Do you think the Treasury Secretary is right, or is that overstating?

BUFFETT:  Well I think he’s right in that it could be.  I mean nobody knows exactly what would happen.  If people thought that ten minutes later it was going to get solved it wouldn’t be calamitous.  But they’re, but…you’re running a risk that’s absolutely silly to run.  I mean why, why stick a gun to your head and say ‘Well there’s only a bullet in one of the six chambers, so I’ll spin it and pull it and probably it won’t happen.’  You’re running a totally unnecessary risk, and you’re sending a signal to the rest of the world that we really can’t think ahead in this country.

WELKER:  Thank you.

Current Berkshire stock prices:

Class B: [BRK.B  Loading...      ()   ]

Class A: [BRK.A  Loading...      ()   ]

For more Buffett Watch updates follow alexcrippen on Twitter.

Email comments todocument.write("");document.write("buffettwatch"+"@"+"cnbc.com");document.write('');

© 2011 CNBC, Inc. All Rights Reserved

View the original article here

India to head IRSG

Last Updated : 15 July 2011 at 17:00 IST

KOTTAYAM(Commodity Online): India has been elected as the new Chairman of the International Rubber Study Group (IRSG). The decision was made unanimously in the meeting of the Heads of Delegations (HOD) held at Singapore on 14 July 2011.

Head of the Indian delegation to IRSG, Sheela Thomas, Chairman of the Indian Rubber Board, will officiate as the Chairman of IRSG representing India. She will remain as the Chairman of the Group for the next two years.

The meeting was part of the 107th Group Meetings of IRSG held from 11 to 14 July 2011. The position of Chairman became vacant as Cote' d Ivoire completed two years as Chairman. EU was elected as the new Vice-Chairman for the next two years.

Members opined that India, being both a producer and a consumer of rubber, would be in a good position to protect the interests of both producers and consumers in IRSG. Apart from Chairman, Rubber Board, the Indian delegation to the IRSG Group Meetings included Mr. J.B. Upadhyay, Under Secretary, Ministry of Commerce and Industry and Mr. Toms Joseph, Deputy Director, Rubber Board.

Another major development in the meeting was the adoption of a revised constitution for IRSG. The Group was formed in its present form in 1944 and the constitution was formulated then. The headquarters of the Group was shifted from London to Singapore in 2008.

This necessitated changes in the constitution with regard to administrative and logistic matters. There was also need to change the structure of the organisation, its work pattern etc according to the changing trends in world rubber industry, developments in commodity organisations and requirements of stakeholders.

During the last three years several meetings were held to negotiate a revised constitution. Finally in a meeting of HOD held in November 2010 in Singapore, a revised text was accepted by the member countries. This revised text had to be approved by the governments of member countries before formal adoption. Govt of India accorded approval for the revised text in February 2011.

The revised constitution was formally adopted by the HOD meeting. Members hoped that the provisions in the new constitution would provide the leverage to the member governments, secretariat and Rubber industry as a whole to participate more effectively in the Group for common benefit.

The HOD also took several decisions to move the Group forward and make it more useful to rubber industry stakeholders. One of the important decisions was to organise the World Rubber Summit as a mega event in Singapore during the next three years on an annual basis. The Summit scheduled to be held in May 2012 would be organised by IRSG in association with International Enterprise, Singapore. The rubber industry stakeholders would have opportunity to be co-sponsors.

In the HOD pre-meeting held on 11 July, the member countries highlighted the relevance of the Group as it is the only forum where NR and SR producers and consumers can come together for discussing issues of mutual interest. It is also the only comprehensive source of rubber statistics in the world. Further it is the only International Commodity Body approved by Common Fund for Commodities for development financing in rubber sector. The communication circulated by chairman of the Indian Rubber Board among member countries, substantiating the relevance of the organisation and boosting the morale of the prevailing members was highly appreciated in the meeting.

The meeting of the Industry Advisory Panel (IAP) held on 12 and 13 July was attended by stakeholder representatives from public and private sectors. The members of the IAP coming from member and non-member countries strongly supported the work programme of IRSG.

There are three major international rubber organisations viz., ANRPC, IRSG and IRRDB. The first two are intergovernmental and the third one is a network of research institutions in the rubber sector in different countries.

The new Chairman of the Group, Mrs. Sheela Thomas, while presiding over the meeting of the HOD, highlighted the need for increased coordination among these organisations. She said that there should not be duplication of work among the organizations and the synergy of expertise of the three organisations would be appropriately utilised for the benefit of rubber industry.

The next meeting of the HOD will be held in Singapore in May 2012 in conjunction with the World Rubber Summit.

After reading this article, people also read:

View the original article here

Soft commodities remain mixed for the week

Last Updated : 16 July 2011 at 12:05 IST

NEW YORK (Commodity Online) : Soft commodities remained mixed at close for the week as Sugar and Coffee dropped while Cocoa and Cotton recorded marginal gains.

Reports of world’s largest coffee producer, Brazil is expecting a bumper harvest next year is not good enough to make any impact on global coffee price last week as prices remained steady in most markets.

Arabica-coffee futures for September delivery fell 4.8 cents, or 1.9 percent, to $2.5355 a pound in New York, marking a 3.7 percent decline for the week that was the fifth in six weeks.

In London, refined sugar and robusta coffee retreated, while cocoa rose on NYSE Liffe

Sugar fell, capping its first weekly decline since early May, as importers delayed purchases following a rally in prices to a five-month high. Cocoa climbed, while coffee declined.

Demand for sugar slowed after prices rose above 25 cents a pound in New York. The sweetener surged to a five- month high of 31.33 cents on July 13 as supply was disrupted from Brazil, the world's largest grower and exporter.

Raw sugar for October delivery dropped 0.05 cent, or 0.2 percent, to settle at 28.97 cents on ICE Futures U.S. at 2 p.m. in New York. Prices declined 1.3 percent this week.

The premium that buyers are prepared to pay for white Sugar from Brazil slumped 81 percent over the past month as high prices curbed physical demand, Kingsman SA said on July 13.

Cocoa futures for September delivery advanced $12, or 0.4 percent, to $3,168 a metric ton in New York, climbing 2.5 percent this week.

Spot Cotton quotations averaged eight and one-half cents lower than the previous week, according to the USDA. Quotations for the base quality of cotton in the seven designated markets averaged 117.85 cents per pound for the week ended Thursday.

The weekly average was down from 126.28 cents last week, but up from 75.05 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 124.34 cents on Friday, July 8, to a low of 124.00 cents on Thursday,

Spot transactions reported in the Daily Spot Cotton Quotations for the week ended July 14 totaled 2,228 bales. This compares to 78 bales last week and 393 bales reported a year ago. T

Total spot transactions for the season were 646,198 bales, compared to 888,355 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 106.35 cents, compared to 116.20 cents last week.

After reading this article, people also read:

View the original article here

Stimulus Shock: US unemployment is rising

Last Updated : 15 July 2011 at 22:50 IST

by Dr Jeffrey Lewis

Economics has been declared the “dismal science,” one in which there are very few opportunities to test the real world outcome of varying decisions made at a high level. Today, the study of economics may be dismal for other reasons: the boost from unemployment benefits and other stimulus programs will soon run out.

When we think about stimulus, the near $800 billion program often comes to mind. But the biggest stimulus program is that which touches the most budgets. Several of the largest stimulus programs and subsidies are ending.

Unemployment insurance

Unemployment insurance is approved by demand-side economists who suggest that automatic anti-cyclical government programs help boost demand when demand stifles. With each job loss, states and the federal government have offered up 99 weeks of unemployment benefits, nearly two years of cash payments.

The extension, approved last December, will end this year. Regular unemployment claims are met with 26 weeks of benefits. However, due to the length of the recession, the program has been extended to 46 weeks through December, 2011. Following those 46 weeks of benefits are four other unemployment extensions, scheduled to end on January 1, 2012, which tally up to a maximum of 53 weeks of unemployment.

Demand will surely fall as these benefits run out. Unemployment benefits are typically spent immediately after receipt, as those who receive them cannot, by law, have another source of income. The weakness of the American consumer was recently exposed in a piece by the Wall Street Journal. The newspaper reported that more than 50% of Americans could not come up with $2,000 in 30 days should they need to pay for an immediate financial difficulty.

FICA stimulus
Alongside the expiration in unemployment benefits comes another source of demand: the reduced FICA tax rate for employees, which was dropped from 6.2% to 4.2% for one year. In reducing the amount of taxes paid, the government can add some strength to the paystubs of the employed. Economists note that a stream of small stimulus benefits is better than one-off stimulus checks, which are typically saved, not immediately spent.

Food for Fed Thought?
The Federal Reserve has a dual mandate to increase aggregate demand and protect the US dollar’s value by minimizing inflation. As we have all experienced, the CPI, the Fed’s measure of inflation, hasn’t kept up with surging energy and food prices, which are excluded from the calculus.

Investors should be left to wonder where the next stimulus will be sourced. New extensions for unemployment benefits are a non-starter in election season politics, and Congress is concerned more with decreasing the cost of government than increasing its size.

This leaves us with one source that can skirt process of federal law: the Federal Reserve. The bank has been more active in legislation and regulation since Congress fell into budget discussion deadlock. It recently passed a policy which would cap debit card fees at 21 cents. That decision is now law, without the vote of Congress.

So if Congress is stuck on debt discussion, and the presidential election makes new spending unpalatable, who will step in? There hasn’t been a better case for QE3 than the removal of federal stimulus from the economy. If “deflation risks” arise, you can bet your bottom dollar that the Fed will come in strong with QE3.

After reading this article, people also read:

View the original article here

How to Become a Stockbroker in the UK

The first thing to consider when looking at becoming a broker is that the role of a traditional stockbroker is almost dead. Low cost online trading sites and cheap 'execution only' services dominate the traditional stock broking arena and leave little margin for broking firms to make money.

More diverse instruments have cropped up over the years such as 'Contracts For Difference' (CFDs), spread trading and other 'derivative' instruments. So becoming a 'stockbroker' is a little outdated, these days you are looking at becoming an 'advisory broker' or a 'trader'.

The difference between the two is wide. An advisory broker is typically someone who works within a firm and relies heavily on the recommendations of the research department in that firm and, generally, 'sells' those trades to clients. This may seem a cynical description of the job role but is not meant as such. Regulations within the financial service industry are heavy and investor protections fierce so each and every trade needs to be justified in order to pass regulatory scrutiny. To a certain extent this ties the hands of any advisory broker.

These days, however, many research departments are extremely professionally run and create trading ideas for brokers and their clients that are well thought out and justifiable. As a start in the broking world this is a great step. It gives you a grounding in the markets, you begin to understand why recommendations are being made and, along with training from the firm you work for, can be an excellent introduction to the world of broking.

Later in your experience of advisory broking you will be able to make recommendations of your own as you become more adept at spotting opportunities in the market and, as your success grows, you will be given more autonomy in your recommendations.

As a 'trader' you are more in the deep end. A typical trader will be focused, initially, on one particular marke e.g an equities trader. The firm you work with will have an extensive trading program and you will spend time as a 'trading assistant' to an experienced trader. After this period, and when your employer feels you are ready, you will be given limited trading funds of the banks own cash.

This is what is known as a 'Proprietary Trader' or 'Prop Trader’. Basically you are trading the firms own money in order to make profits for your employer. As you become, hopefully, more successful your trading limits will be increased, you may also be allowed to trade other instruments in order to make more sophisticated trades and, if your are profitable, your bonuses will increase.

The traditional Prop Trader will be working on the floor of a bank or trading house, however, 'prop traders' work in hedge funds and pension funds trading clients funds that have been deposited with the employer.

Another area of trading is 'discretionary trading'. This is typically where an experienced trader is responsible for trading the accounts of individual clients rather than a fund or employer’s funds.

This is an extremely interesting area of trading for those who enjoy the human element as well as trading. A discretionary trader will be responsible for a number of accounts which are traded individually. Many traders create relationships with a client base that have the same risk profile which enables them to trade on an 'omnibus' basis.

'Omnibus' accounts are, essentially, a number of accounts traded in the same manner across all accounts. This enables the trader to make trading decisions that are then executed across the accounts in proportion to the size of each account. For example, let’s say you are a trader and are looking to trade Google shares. You would make a 100,000 purchase of Google shares and execute these across the accounts allocating 5% of each account to the trade.

So this is a brief run-down of the types of broking jobs out there, so how do you get in?

Typically, you get into a prop traders job, these days, by having the necessary qualifications. A maths, economics and more frequently now, a physics degree will get you an interview. However, just smarts will not get you the job. Most successful traders have the 'X-factor', an ability to be confident in their own decisions and a track record of such. Involvement in after hours activities such as debating, sports and, of course, finance related activities will be a plus.

Taking qualifications off your own back, such as Securities Institute exams won't hurt and shows commitment.

Getting into advisory roles is probably easier than a prop trading role. Many firms are looking for good sales people to market the services of companies and will train you up on the technical and broking side of things but existing SI qualifications will give you a head start as no firm really wants to spend six months paying you and training you on the required FSA exams, although if you are a good candidate they will.

If you have no particular qualifications then you will have to start off at the bottom. You should research companies that are in the smaller company market and make enquiries; most do not advertise jobs but are always looking for good candidates. Turnover is high so new recruits are always required. You will be better received (and will probably get an interview) if you have taken the SI exams before you apply, or can demonstrate that you are studying for them.

In the interview for such a job, you will be asked your sales experience, you may even be put on the spot to sell something. (In my first interview I was asked to sell a cup on the desk to the interviewer!)

It is also important to know that the environments in dealing rooms are traditional male, and harsh. If you are a sensitive soul a trading floor may not be the place for you as you will be expected to give as good as you get. With all the rules these days on how to conduct yourself at work it is not as harsh as it used to be, but it is still a pressured environment.

Earnings

What can you expect to earn? As a prop trader you will probably be started on a salary of around £30,000 + if you have the right qualifications. It very much depends on who you are working for. A first tier bank or trading firm will pay higher than this.

You should expect (if the company is making profits) to get at least 50% of your salary as a bonus. As you progress and your trading prowess becomes better your salary can increase exponentially, million pound salaries and bonuses are common place for the best traders.

As an advisory broker, without the necessary qualifications you will probably earn £20,000 per annum plus commissions. Typically someone who approaches the job correctly and works hard could expect to be making £50,000 in their first year and £100,000 + thereafter.

As a discretionary account trader you will probably be on £30,000 plus a share of profits related to how much money the firm is making. Typically a discretionary trader will be managing 100 - 200 clients after 2 years. With an average of £50,000 per account that is £5mn - £10mn. Annual management charges to the company will be about 1%, so that is £50,000 - £100,000 which, essentially, covers your salary. A performance fee of 10%-20% is charged on the profits of the accounts, making this (at 10% performance) around £50,000 - £100,000 per annum. You would expect to get 25% of this.

Of course if your performance is higher, or your average client account size is more, you earnings will increase on that basis.

What if you are not so good?

Unfortunately the broking industry does not really care if you are a 'nice person' these businesses are based on performance and you will find that you will be unceremoniously dumped if you do not perform consistently.

The industry is also very cyclical and in times of a poor market or low profits, banks and trading house will cut back staff rapidly and you may find yourself looking for a job.

The good news, however, is that if you are dedicated and good at your job you will be able to apply for ever increasingly lucrative jobs in trading, management and fund management which can produce astronomical levels of pay.

I wish you all the best in your trading endeavors and would recommend that you download an online trading system in demo format to see if you have what it takes, or even to trade your own money and begin learning what is, to me, the best job in the world... apart from driving a Formula One car for Ferrari... but that is a whole new article...

View the original article here

PIMCO: +$50 Million; Morgan Stanley: -$50 Million

It just has not been Morgan Stanley's year: first the bank's prop desk got decimated by the massive tightening in MBIA CDS (previously discussed here), and then, as noted last week, the firm's rates desk got creamed by a massively wrong bet on 30s - 5s TIPS breakevens (courtesy of another ex-master of the universe who realized the hard way that things are not quite as profitable when you move away from being God's right hand guy). We previously broke down the details of the trade, and the only open question was: qui bonoed? Courtesy of the WSJ we can now close the file on that one. The firm, which as so often happens to be the case, that took Morgan Stanley to the cleaners is the one true rates behemoth, PIMCO, which sooner or later, always gets it pay day. Bottom line: "Pimco made about $50 million from its trade over several months." Perhaps prop trading really should be banned to protect banks, if not from their stupidity, then certainly from their hubris.

Some more details from the WSJ:

The bond powerhouse, a unit of Allianz SE (ALV.XE), scored gains of about $50 million on an inflation-related trade, according to people familiar with the matter. Morgan Stanley, meanwhile, suffered tens of millions of dollars in losses on an opposing trade and related moves, according to another person familiar with the matter.

After joining Morgan Stanley, Mr. Hadden put out word that his firm was determined to become a more-active bond player, according to two investors in contact with Mr. Hadden's team. They placed a trade reflecting a view that investors' expectations of inflation over the next 30 years were too high, while predictions for inflation over the next few years were too low, traders say. They began to "short"--or bet against--30-year TIPS, expecting long-term inflation to be muted, traders said. They also bought "nominal" 30- year Treasury securities, or bonds not protected against inflation.

This two-part trading move ensured their trade would rise and fall solely on changing long-term inflation expectations rather than other factors that drive prices of all bonds, including TIPS.

At first, the Morgan Stanley trade worked. Mr. Hadden made it clear to investors that Morgan Stanley was going to stick with its positions, and even add to them, traders say. When investors asked to buy 30-year TIPS, Morgan Stanley offered to sell investors even more of these bonds, these traders say. Morgan Stanley also recommended clients bet against 30-year TIPS, arguing it was the best move for those wishing to wager against bonds, according to a hedge-fund manager who received the pitch.

"It was a well-telegraphed trade" by Morgan Stanley, says Keith Price, head of U.S. inflation trading at BNP Paribas.

Like other traders, Pimco's team, headed by Mihir Worah, became aware of what Morgan Stanley was up to. As Morgan Stanley continued selling 30-year TIPS, Pimco bought even more of these bonds in the market, the people say. Meanwhile, Pimco's buying enabled Morgan Stanley to add to its own short position, traders say.

The standoff came to a head in the middle of June, as demand for 30- year TIPS grew. Some rivals say they came to a conclusion: Mr. Hadden's team, under pressure as prices of TIPS rose, would start exiting from its trade, probably by buying a big chunk of 30-year TIPS at an auction on June 23. Rivals decided to make strong bids in the auction, traders say. Pimco also decided to bid aggressively, to ensure it could get its hands on these bonds. The auction of $7 billion of 30-year TIPS resulted in a record amount of bids in relation to the auction size; Pimco succeeded in buying several billion dollars of the bonds, according to a person close to the matter.

It is as of now unclear just where the formerly amazing Mr. Hadden will go next if his masters end up being displeased with his performance of ~($50) million in six months.

In the meantime, the recent blow out in the USGGBE30 - USGGBE05 has served as a very appetizing entry point to those who wish to be the next Morgan Stanley, as expected: "What is ironic is that everyone and their grandmother will now slowly bleed MS' team to death as it is forced to unwind the spread, only to immediately put the compression trade back on, at which point the 30Y - 5Y will resume its tightening bias.... "

Well, when all else fails, there's always Jefferies, which will be a bulge bracket boutique, pardon, bank, any... minute.... now.

h/t London Dude

Your rating: None Average: 5 (1 vote)

View the original article here