Friday, December 12, 2008

NIB Shimano Ultegra 6600 components for sale

For sale as a group or separately. Prices are significantly reduced from local shop prices and would make a great Christmas present. If you know of anyone that would be interested...


Components comprised of:
• Shimano Ultegra Rear Derailleur 10 Speed 6600 - $65
• Shimano Ultegra Front Derailleur Double 6600 Braze On - $30
• Shimano Ultegra STi Double 10 Speed 6600 - $250
• Shimano Ultegra Chainset HT II Double 6600 (172.5, 53/39) - $175
• Shimano Ultegra Bottom Bracket 6600/6603 6600 Ultegra bottom bracket - British thread - $15
• Shimano Ultegra Chain 10 Speed 6600 - $25
• Shimano Ultegra Cassette 10 Speed 6600 (12/25) - $55


ULTEGRA has been redesigned completely to appeal to a wide range of cyclists. In this new design, extra attention has been paid to increased ergonomics. Specifically the Dual Control lever the same style as the ST-7801 which achieves a smooth and effortless operation due to its ergonomic design. The front derailleur rigidity is increased by 20% compared to the previous model. The HOLLOWTECH II crankset improves rigidity and efficiency while reducing weight. Overall new ULTEGRA 10-speed is lighter than previous 9-speed model.
We are now offering a complete groupset kit, simply make your selection from the products below and confirm your selection.

Shimano Ultegra Rear Derailleur 10 Speed 6600
http://www.chainreactioncycles.com/Images/Models/150/7875.jpg

Features:

• Wide link design: Wide outer link design increases rigidity.
• SIS-SP41 cable housing. The cable housing with silicon grease reduces friction by 10%.
• 9 & 10-speed compatible

Specifications:

• Speeds: 10-speed
• Max. Sprocket: 27T
• Min. Sprocket: 11T
• Max Front Difference: 23T
• Total Capacity: 38T
• Guide Pulley: sealed ceramic bushing
• Tension Pulley: sealed bearing
• 11T Pulley: Yes
• Bracket Body: aluminium/clear coated
• Bracket Body Pivot Seal: double O-rings
• Plate Body: aluminium/clear coated
• Plate Body Pivot Seal: single O-ring
• Outer Link: aluminium/clear coated
• Inner Link: aluminium/barrel
• Sealed Link Pins: outer/inner link
• Link Pin Bushings: fluorine coated (4)
• Outer Plate: aluminium/anodized
• Inner Plate: aluminium/barrel
• Average Weight: 219g



Shimano Ultegra Front Derailleur Double 6600 Braze On
http://www.chainreactioncycles.com/Images/Models/150/13613.jpg

The wide pivot link design boosts strength and rigidity. Flex is suppressed, creating sharp, precise shifts that are faster and smoother, even from low to high gears off of the saddle.

Features

  • Wide link design:20% increased rigidity.
  • Pivot locations for less cage deflection:Pivot location at cage was moved to point of maximum force to reduce cage deflection.
  • Narrower chain cage:Narrower chain cage to accommodate 10-speed chain.
  • SG-X chainrings compatibility
  • Light action spring
  • DUAL SIS front index shifting
  • Weight: 103g


    Specifications
  • Rear speeds :10-speed
  • DUAL SIS: Yes
  • Top Gear Teeth: 50-56T
  • Capacity: 15T
  • Link Bushing: lower/A-pin
  • O-ring Seals: No.
  • Spring Cover: Yes
  • Chain Stay Angle: 61-66 deg.
  • Mounting: band
  • Applicable Chainline: 43.5mm
  • Band Diameter: 28.6***/31.8/34.9mm
  • Band/Brazed-on Clamp: aluminum/clear coated
  • Outer Link: aluminum/clear coated
  • Inner Link: aluminum/clear coated
  • Chain Guide: steel/pearl bright finish
  • Average Weight 103g




Shimano Ultegra STi Double 10 Speed 6600
http://www.chainreactioncycles.com/Images/Models/150/13643.jpg

Ergonomic innovation is probably more critical to the higher standard of the new 10-speed S.T.I. levers than the added gearing. The narrower cradle-style perch welcomes the high-on-the-hood riding style and accommodates all sizes of hands. The shift internals borrow the robustness from our MTB technology which results in a smooth and effortless shift.

Features

  • Ergonomic design: Refined lever hood for improved ergonomics.
  • Robust internal mechanism
  • Same lever response as Dura-Ace
  • Ergonomic shift stroke movment
  • Effortless shifting: Shift effort is reduced on release lever.
  • Short stroke shifting:Inward shift stroke distance is reduced by 10mm.
  • Weight:490g(pair)


    Specifications
  • Rear: 10-speed
  • Front: double
  • FLIGHT DECK: SM-SC70
  • Gear Sensor:Yes
  • Max. Single-Stroke Shifts: 3 (rear)
  • Handle Bar Diameter: 23.8-24.2mm
  • Bracket: engineering plastic
  • Levers: aluminum/clear coated
  • Super SLR: Yes
  • Shift Cable: stainless
  • Average Weight: 490g(pair)

Shimano Ultegra Chainset HT II Double 6600

http://www.chainreactioncycles.com/Images/Models/150/11787.jpg

The Hollowtech II crank and bottom bracket combines race-proven hollow forging technology with the integrated crankset & bottom bracket. Weight is reduced while rigidity & power transfer is radically increased.

In addition to Hollowtech II integrated design; the crank arms are hollow which provide amazing strength and rigidity at a light weight. Finally, SG-X chainrings enable super smooth front shifting. Special tooth profiles, pick-up spikes and ramps help make the front derailleur shifts quiet, easy and trouble free for you the rider.

Features

• Crankset with integrated Bottom Bracket.
• Crank Arm Lengths: 172.5
• Gearing:53-39T

Specifications:

• HYPERDRIVE: Yes
• DUAL SIS: Yes
• Chain compatibility: Super Narrow HG for 10-speed
• Hollow Crank Arm: HOLLOWTECHII
• Reinforced Spider: Yes
• Number of Teeth: 53-39T
• Bolt Circle Diameter: 130mm
• Crank Arm forged: aluminum/anodized
• Chainrings: aluminum/anodized
• Average Weigh:t 839g-53-39T,70mm,integrated BB
• 10 Speed

Shimano Ultegra Bottom Bracket 6600/6603 6600 Ultegra bottom bracket - British thread
http://www.chainreactioncycles.com/Images/Models/150/11725.jpg
Features

• The bottom bracket bearings for the HollowTech II FC6600 crankset
• Minimal bearing interface gives superbly smooth rolling
• Required for installation of FC7800 chainset, with a choice of English or Italian thread BB cups
• Set includes left and right hand cups, inner cover and inner O-rings
• Sealed cups keep out dirt and water
• Maintenance free

Shimano Ultegra Chain 10 Speed 6600 High performance super narrow 10-speed chain.
http://www.chainreactioncycles.com/Images/Models/150/12573.jpg
Features:
• Hyperglide (HG) series 10-speed compatible chain, recommended for Ultegra drivetrains
• HG technology has chamfered inner plates to optimise shifting performance on HG sprockets
• Durability is assured through a chromising treatment on link pins, and the heat treatment of rollers, pins, and plates
• Mushrooming of the pins gives unsurpassed side-plate retention, enabling the chain to far exceed the BS/ISO standard for breaking force
• 5.88 mm chain width, optimised for 10-speed Super Narrow HG drivetrains
• Zinc-alloy silver finish on outer plates, and grey finish on inner plates increase corrosion resistance

Shimano Ultegra Cassette 10 Speed 6600 12/25

http://www.chainreactioncycles.com/Images/Models/150/13592.jpg

Computer designed Hyperglide (HG) sprockets incorporate specifically positioned shift ramps and tooth profiles for improved chain control during shifting. Fast and responsive indexed shifting is the result.

Specifications

  • Speed: 10-speed
  • Finish: nickel plated
  • Average Weight: 235g (12-23T)

Friday, December 05, 2008

Bono about (RED)WIRE

U2 - I Believe In Father Christmas [U2's contribution to (RED)WIRE]

Not So Easy on His Knees: Balancing Faith with Celebrity

Not So Easy on His Knees: Balancing Faith with Celebrity, Part I

Part II

Part III

Editor’s Note: Here, we continue to publish the work of Dr. Laurie Britt-Smith and her exploration of Bono’s rock-n-roll rhetoric. In this installment, she begins an exploration of the tension between faith and celebrity grounded in the concept of a Discourse community.

Previous articles:

Community, Rock, & Rhetoric

Is Bono A Prophet

And A Rock Star Shall Lead Them


Some Carbon Candor: A climate guru rebukes his mates on cap and trade.

Liberal interest groups, think tanks, lobbyists, bloggers and other nuisances are inundating the incoming Obama Administration with advice, but James Hansen recently managed to say something interesting. Namely, the famous NASA scientist had the nerve to expose some of the global-warming fantasies widespread among children and politicians.

No, the spiritual leader of the climate-change movement hasn't recanted. Global warming threatens "not simply the Earth, but the fate of all its species, including humanity," he writes in his manifesto, which is tame by Mr. Hansen's normal rhetorical standards. (He likes to compare carbon to the Holocaust: "those coal trains will be death trains -- no less gruesome than if they were boxcars headed to crematoria.")

But Mr. Hansen also had the honesty to follow his convictions to their logical conclusion, while reproaching his followers -- President-elect Obama among them -- for not doing the same. To wit, Mr. Hansen endorses a straight carbon tax as the only "honest, clear and effective" way to reduce emissions, with the revenues rebated in their entirety to consumers on a per-capita basis. "Not one dime should go to Washington for politicians to pick winners," he writes.

The risks of fossil fuels remain speculative, but if they really are the apocalypse of Mr. Hansen's prophecies, then the cleanest remedy is a tax. That would raise energy and all other prices as the incentive for new technologies and investments. But a tax would be neutral, eliminating the market distortions caused by subsidies and regulation, and the proceeds could be used to offset other taxes. The transition to a world in which growth is not tied to carbon would still be long and extremely expensive, but a tax would be the least painful way to get there.



"A tax should be called a tax," Mr. Hansen writes. "The public can understand this and will accept a tax if it is clearly explained and if 100 percent of the money is returned." Clearly the man is not standing for elective office.

Beltway sachems prefer posturing that disguises the cost of rising energy prices, such as cap and trade. This "subterfuge," as Mr. Hansen terms it, shifts the direct burden onto businesses, which then pass it along to consumers. Congress may flatter itself that it is saving mankind, but what the Members really want is a cap-and-trade windfall that they can redistribute in the green pork of Mr. Obama's "new energy economy," whatever that means.

Unrealistically, Mr. Hansen also favors a complete phase-out of coal-fired electric power, arguing that it be replaced by advanced nuclear, which could be capable of recycling radioactive waste within a decade. He adds: "It is essential that hardened 'environmentalists' not be allowed to delay the R&D on 4th generation nuclear power." We'd like to see him debate Al Gore on that one.

Mr. Hansen can usually find a journalistic stenographer for his pronouncements. This one evaporated without a trace. Perhaps it's because the Obama transition is drowning in position papers. Or perhaps his candor is merely too embarrassing.

Barack's Windfall Reversal: Here comes the 'change' part of his Administration.

One of Barack Obama's emerging political qualities is how casually he has been dumping the ballast of his campaign promises. The latest lousy policy to go over the side is a windfall profits tax on U.S. oil companies.

Throughout his run for President, Mr. Obama argued the industry deserved special taxation on its "excess" earnings. He planned to use the proceeds to fund an "emergency" round of $1,000 rebate checks for families. "It isn't right that oil companies are making record profits when ordinary Americans are going into debt trying to pay rising energy costs," he said. The sentiment featured in campaign ads and attacks on John McCain.

Mr. Obama never did offer a good or even particular reason for the oil majors to face this Carter-era inspiration -- apart from appeasing the populist furies. And he couldn't, either, given that multiple other industries profit more both in absolute terms and in returns on equity or sales. Nor could he account for the fact the tax confiscation would merely be passed along to the public in forgone investment in new exploration and production (and thus higher prices at the pump) or lower dividends.

Now with the election safely over, a transition spokesman explained this week that the drop in oil prices to $50 a barrel has made the windfall tax a dead letter. Left unexplained was why the oil companies suddenly decided to stop profiteering, or manipulating commodity prices, or whatever it was they were supposedly doing. But be thankful for small mercies. It is reassuring that Mr. Obama's calls to arbitrarily soak an unpopular business were merely rooted in political expediency, not some economic philosophy.

Wednesday, December 03, 2008

Tisdale's biggest rebound comes after loss of leg to cancer

Wayman Tisdale

ESPN

Tisdale says his experiences on the basketball court helped him face the challenges of cancer.


Wayman Tisdale

ESPN

Tisdale has become a quick learner on his Sooners-style prothesis.



Wayman Tisdale

ESPN

"If you see me smile, you see the genuine love. That's me."

Citi’s ThankYou Network, Amazon.com Join Forces

Today, Citi’s ThankYou Rewards Network, a world-class loyalty program, unveiled a new rewards experience that allows its members to redeem ThankYou Points for products fulfilled through Amazon.com. Now, Members can enjoy using their points to shop the millions of items Citi has made available to them from Amazon.com, the online retailer that features earth’s biggest selection.

ThankYou Network’s enhanced rewards collection fulfilled through Amazon.com offers an incredible selection of merchandise backed by superb services and a new expedited shipping option, just in time for the holiday season. Members will now have even more redemption options in addition to the great deal of other useful rewards, such as travel and gift cards, they have long enjoyed.

“Providing rewards fulfilled through an industry leader such as Amazon.com reinforces Citi’s commitment to offering world-class rewards to our ThankYou Members,” said Nancy Gordon, executive vice-president of ThankYou Network. “Our goal is to create unique experiences for our customers. Providing ThankYou Members with the opportunity to use the points they’ve earned to shop for millions of goods through this amazing new channel makes that goal a reality.”

“We are pleased that Citi has chosen to make Amazon.com’s broad product selection and fast delivery capabilities available to ThankYou Rewards Network Members,” said Steven Shure, vice president of traffic at Amazon.com. “This integration will provide a dramatically different level of rewards selection and delivery capabilities.”

ThankYou Network’s newly expanded rewards inventory comes with a sophisticated new online interface inspired by best-in-class websites that empowers members to swiftly search and browse rewards by point range, category, and specific products. The expanded range of categories includes everything from books, music and DVDs to the latest in electronics, home goods, sports equipment, and more.

Since its inception in 2004, ThankYou Network has reinforced Citi’s focus on developing and nurturing long-term relationships with its customers. At launch, ThankYou Network represented a groundbreaking way to show appreciation to Members using select Citi credit card and retail banking products.

Over the years, the rewards program has grown to 13 million Members and has added other sponsors such as Citi Smith Barney and Expedia. Members can now earn points by making purchases with their Smith Barney Financial Management Account cards and by booking qualified travel on Expedia. They can also earn even more points by shopping through ThankYou Network’s Online Shopping Mall at thankyou.com, which features more than 300 brand-name online and in-store retailers.

To learn more about ThankYou Network, visit www.thankyou.com.

Sunday, November 30, 2008

A Time for Thanksgiving: Obama's debt of gratitude to George W. Bush.

As the transition progresses and Barack Obama's inauguration draws closer, it's a good moment to mull the gifts George W. Bush has left for the incoming president. Bush has made the world a better place, and if Obama wants to do the same, he will take the good things Bush has done and move forward with them.

Early indicators are in fact positive. In foreign policy, possibly embarrassed by the eagerness with which the world's most vile regimes have welcomed his election, Obama is backing off his many promises to sit down with dictators. His antiwar base is already outraged that he may not make closing the hated "Crusader gulag" at Guantánamo Bay his first act of national liberation from the Bush era. He is even reportedly considering allowing the CIA some leeway in interrogation techniques.

In the critical field of war and foreign policy, there are quite a few things for which President-elect Obama can thank George Bush.

First and foremost, Saddam Hussein-a state sponsor of terrorism, a producer of weapons of mass destruction, a warmonger, and a genocidal maniac-is gone. The threat he posed was a nagging concern to Bill Clinton, but Clinton, lacking the political will or perhaps a good excuse, was content to consider Saddam trapped in a box. George W. Bush didn't have that luxury. After the September 11 attacks the stakes were raised and Bush understood the world could not tolerate the presence of someone like Saddam, who defied all international challenges and was actively subverting the restraints upon him.

For the last five years, Saddam has been viewed, in retrospect, as having been harmless, but that is only because he was deposed and captured by forces acting on George Bush's orders, then tried and hanged by the Iraqi people. The Baathist regime is no more.

Thank you, George W. Bush.

That difficult task, which required the terrible resolve to send men to their deaths and also required several painful readjustments of strategy and tactics, was done in time so that Obama should be able to fulfill his campaign promise of getting out of Iraq and ramping up in Afghanistan.

It will be possible for Obama to draw down the U.S. troop presence in Iraq without a precipitous, premature withdrawal that could plunge the region into genocidal chaos and leave Iran the de facto regional power. Iraq is peaceful enough now that a policy fudge by Obama there-unlike on the Guantánamo issue-is something his liberal backers are unlikely to hold against him.

With minor policy adjustments that no one will notice, much less begrudge, he can stay past his 16-month deadline and continue to build Iraq as a beacon of democracy and a U.S. ally in the Middle East. Iraq's cabinet has approved a deal asking U.S. forces to stay until 2012, and Iraq's free parliament has been debating the matter in a highly spirited fashion-including fisticuffs-not unlike the early congressional proceedings of another nascent democracy.

Thank you, George W. Bush.

In the 1990s, anyone who told you Iraq would be a functioning, U.S.-allied democracy within a few short years would have been laughed out of the room. It has come at tremendous cost in both American and Iraqi lives. It is reasonable to assume, however, given the massive ethnic blood toll Saddam inflicted to maintain his regime, that establishing a Western-leaning Iraqi democracy has been accomplished with only a fraction of the violence that would have taken place absent U.S. intervention. Iran, while it meddles and wields deadly influence, has been kept at arm's length in the process, when Iran and Syria might both have been expected to descend on a post-Saddam Iraq. This highly dangerous region is stable-and has hope of remaining so.

The very concept of democracy in the region received a major boost when Arabs saw millions of Iraqis voting while under threat of death. This evolution is playing out in fits and starts in Lebanon and even the Palestinian territories, where voters have learned that the democratic process only begins with a vote. When Hamas chose to reward its backers with a bloodbath and international isolation, George Bush used that opportunity to draw an unprecedented gathering for former adversaries together to talk peace. Meanwhile, the very delicate Pakistan has advanced, with U.S. support, from military rule to elected civilian rule and remains an ally, if a problematic one, in America's war on Islamic extremism.

Thank you, George W. Bush.

George Bush has put a bow on his gift. The U.S. military's leading counterinsurgency warrior-philosopher, General David Petraeus, who resolved the initial mistakes of the Iraq occupation, now commands U.S. forces in the entire region, including Afghanistan. As some of the same voices that despaired in Iraq, declaring quagmires and demanding precipitous withdrawal, turn their despair to Afghanistan, Obama goes into battle without having to search for his Grant. He's already been found.

Thank you, George W. Bush.

The nuclear arms race in the Middle East was checked after 2003 when Iraq was cut out of it, Libya surrendered, and Iran momentarily halted its pursuit of nuclear weapons. Iran is back in the game, and apparently Syria as well, but Europe and the U.N. have come into line with George Bush on Iran, recognizing that ultimately someone must be willing to use force when all else fails. Bush has demonstrated to Obama that it is possible to negotiate from a position of strength with the international blessing that Obama craves.

Iran is perhaps the greatest challenge Obama will face. It requires him to be willing to take action on his own and not simply manage what was initiated by Bush. The prospect of a nuclear-armed Islamic Republic of Iran is one that threatens to upset the pro-democracy, pro-American balance of power Bush has painstakingly created.

There is one thing Bush did not do for Obama, a key bit of unfinished business in a midwar transition. Bush failed to increase the number of U.S. ground forces in the immediate post-9/11 period when Congress would have signed a blank check. As a result, Obama will become commander in chief of an overstressed military at a time when there is still more fighting to be done. To establish himself as a wartime president and show that he is serious about America's obligations and vital interests in the world, Obama, among his first acts as president, must make an effort to increase the size of the Army and the Marine Corps.

George W. Bush did not solve all the problems of the world's most troubled and dangerous region. But, for all his shortcomings, he has moved them forward and established the United States as the dominant agent for change in the Middle East. Consider the mess Obama would be inheriting in the region if the Bush administration had just sat on its thumbs-Ahmadinejad's Iran with an even further advanced nuclear arms program, an aging Saddam installing one of his psychopathic sons in power or Iraq being torn apart in a genocidal nightmare. Imagine all the regimes of the region, unchastened and unimpressed by the U.S. exercise of power, looking for any weakness or advantage to exploit and quite possibly finding it in al Qaeda and its affiliates.

Bush has set conditions that could allow Obama, if he abandons the desire to be liked as the underlying principle of his foreign policy and sticks to the path the Bush administration has laid out, to preside over the greatest blossoming of liberal democracy and stability the Middle East has ever seen, and in all likelihood, to get the credit for it.

For all of this, Barack Obama owes George W. Bush a tremendous debt of gratitude.

Jules Crittenden is an editor at the Boston Herald and blogs at JulesCrittenden.com.

Wednesday, November 26, 2008

Riding in Cold Weather - Tips

How To Dress For Cool-Weather Cycling!

Layer Like You Mean It!

How to Dress for the Cold

Tuesday, November 25, 2008

Heartfelt Thanks, Fulfilling Relationships Top Wish List This Holiday Season

ThankYou Network “Rewarding Life” Survey Finds 95 Percent of Americans Believe Receiving Genuine Expression of Gratitude is Best Reward

NEW YORK – Nov. 25, 2008 – As Thanksgiving and the holiday season quickly approach, Americans across the country have started to think about what they will do for friends and family this year. Despite challenging economic times, the one gift valued most by consumers costs nothing – expressions of gratitude.

According to a recent Ipsos poll sponsored by Citi’s ThankYou Network, there is a near unanimous agreement – 95 percent of Americans stated they feel “really good when others thank me for something I have done or accomplished.”

Nearly all respondents (19 out of every 20) of the “Rewarding Life” survey stated a belief that “more than anything else, getting a genuine thank you from someone is the best kind of reward that you can get.” In fact, when asked about the most meaningful reward they have ever received, the most common unprompted answer is a “sincere thank you.”

“While many consumers worry about what types of products express their gratitude, many don’t consider what is most meaningful to the recipient,” said Nancy Gordon, executive vice president of Citi’s ThankYou Network. “Many might approach their holiday shopping differently if they realized it is not the newest product or service but a simple ‘thanks’ topping most people’s wish list.”

Identifying The Most Meaningful Rewards
Other meaningful rewards – such as a simple, spoken thank you (65 percent very meaningful) or receiving a hug or a kiss (69 percent) – were ranked as some of the more sincere, heartfelt, and often simple expressions of appreciation providing an emotional benefit.

Still, many (63 percent) often struggle to find ways to express their appreciation to others. Beyond a simple expression of thanks, Americans used material rewards, such as jewelry, gifts, trophies or certificates, or money to serve as meaningful ways to recognize the accomplishments of others.

Family Lies at Cornerstone of Rewarding Life
While being thanked is the most commonly named reward across most demographic groups, some groups were slightly more likely to say that a rewarding life is enhanced by the most personal of relationships – their family. One in five Americans (21 percent) name their family as the single most meaningful reward that they had ever received. Grandparents (30 percent) and parents (26 percent) top the groups that are most likely to feel this way.

Beyond simply making their life more fulfilling, loved ones, including family members and friends, also serve as a primary source of the explicitly expressed appreciation for what they do or accomplish.

Husbands are much more likely than wives to say that their spouse shows them a great deal of appreciation (78 percent vs. 59 percent). Men (62 percent) are also more likely than women (56 percent) to say that their family in general shows them a great deal of appreciation. At the same time, women identified that they are more likely to feel appreciated by their friends.

Getting together with friends and family has become one of the more common ways for Americans to reward themselves. In fact, more than half (56 percent) have celebrated an accomplishment with family and friends in the past year.

Businesses Can Strengthen Connections to Consumers
With so many Americans placing great value on genuine appreciation, businesses can tap into this sentiment to expand the ways they thank customers to enhance relationships. Nine in ten respondents (90 percent) agreed that it is more important than ever for businesses to reward loyal customers.

At the same time, 72 percent of Americans said they are surprised when a company thanks them for their business, indicating that there are opportunities for businesses to engage customers by showing more appreciation.

“Now more than ever, businesses should be expressing their thanks and appreciation to their customers,” said Gordon. “Through the Citi ThankYou Network, we have made showing appreciation and thanking our members a core value.”

About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Nikko, and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.

About The Rewarding Life Study
Statistics were generated from the ThankYou Network Rewarding Life Study, commissioned by Citi and conducted by Ipsos Public Affairs in August 2008. A randomly selected sample of 1,000 adult Americans were polled to gain a greater understanding of Americans’ attitudes toward and perceptions of a rewarding life and rewards programs. Complete results from the ThankYou Network Rewarding Life Study will be available on or around Dec. 1, 2008.

Wednesday, November 19, 2008

Tarp the TARP

Treasury Secretary Henry Paulson has called for a pause in the financing request for the Troubled Assets Relief Program (TARP), halting it at $350 billion. (The original request was for $700 billion.) I think that’s an excellent idea. But in a recent hearing of Barney Frank’s Financial Services Committee, Democrats went ballistic at the thought of no more TARP money. They want to keep spending. They want to throw money at GM, the other Detroit car makers, plumbers, auto-parts suppliers, homeowners, mortgage problems, and foreclosures. Candy stores all over America now want TARP money.

Meanwhile, Senior Obama advisors are talking about another $600 billion to pull us out of recession. Some reports even suggest the development of a new industrial policy for big-government interference in housing, banking, energy, autos, and more.

But all this brings up a whole new problem in American finance: How are we going to transport and deliver trillions of dollars of new government money? It’s not an easy task. We’ve moved beyond show me the money. This is throw me the money. And shovels alone won’t do.

We’ll need to convert Caterpillar earth movers into money movers. We’ll need new streamlined helicopter fleets to drop money from the sky. We’ll need a trucking armada and full use of the railroads. And we’ll need an army of smaller trucks and SUVs to reach folks in the off-road areas. And let’s not forget FedEx and UPS -- we’ll need them to make sure the money arrives on time.

We may even need high-level planners at the Department of Transportation to help coordinate this vexing money-delivery problem. Sending out trillions of dollars may sound great to your average liberal Congress member. But this will not be easy. Perhaps the transitioning Obama administration can designate a Transportation Monetary Tsar. These logistical realities must be dealt with.

Or maybe there’s a better idea: Maybe we take Mr. Paulson at his word but go one step further. Let’s stop any new TARP money -- period. Enough is enough. The TARP has already done some good. Banks have more capital. Credit spreads in the money markets are narrowing. And there even are signs that business and consumer loans are flowing once again. So let’s cap the TARP -- or tarp the TARP.

The new congressional Keynesians believe government can spend us into prosperity. They’re wrong. Everything we have learned in the last four decades tells us that governments don’t create permanent new jobs or capital investment. In fact, the more we spend, the more we’ll have to raise tax rates. And that depresses growth. Europe went down this road and failed. So did Latin America and parts of Asia before they wised up.

And for some reason no one in Washington is talking about cutting tax rates, which would strengthen incentives to work, invest, and take new business risks. We should be making it pay more after tax for entrepreneurial activity of all kinds. How about this: Let’s get back on the path of free-market capitalism.

Even at the G-20 meeting in Washington this past weekend, all one heard was “global fiscal stimulus” -- or more spending on a worldwide scale to fight recession. It won’t work. It never has. Hundreds of academic studies over the past 25 years show clearly that countries that spend more, grow less; but that nations that tax less, grow more.

Why these lessons have been forgotten is beyond me. We have to restore market discipline and personal accountability. We should reward the economic good, but punish the bad. Instead we have launched a demoralizing government-spending nymphomania.

Incidentally, all this talk of big-government bailouts and a never-ending flow of government spending has disheartened the stock market, which is now down five of the past seven days. Since the November 4 election, the Dow is off 15 percent, or more than 1,400 points.

All this shows why, like the grounds crew at a baseball stadium on a rainy evening, we need to roll out the tarpaulin in order to preserve the field. To safeguard today’s economic field, it’s time to tarp the TARP. Let’s stop right here at $350 billion before everyone in the country demands a piece of the new TARP action. At the same time, let’s cut taxes to grow the economy. Slash the corporate tax rate. Reduce personal rates across-the-board. Promote investment with a lower capital-gains tax and a lower estate tax. Let’s restore the incentive model of economic growth.

Current political trends in Washington are gonna push us off some left-wing economic cliff. Instead, let’s have some sanity. It’s time for a reality check about what works and what doesn’t in fighting recession and promoting long-term economic growth.

I say tarp the TARP.