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PT 1- Which of Us Has the Best & Worst Uber Rating by Maine's Coast 93.1

In this episode, I interviewed David Zemach-Bersin, a 50-year veteran practitioner of the Feldenkrais Method. David explains how this unique approach to movement and pain management works with the brain's neuroplasticity to create lasting change without pain or strain.Key Points:- The Feldenkrais Method focuses on the brain's learning capacity rather than muscle exercise- Unlike traditional exercise, it doesn't rely on effort or "no pain, no gain" philosophy- The method can help reduce pain, improve movement, and decrease stress at any age- Practitioners call their sessions "lessons" rather than exercises to emphasize the learning aspect- The approach can be particularly effective for anxiety and trauma-related physical symptomsAbout David Zemach Burson:- Among the first practitioners trained in the Feldenkrais Method in the US- Has been teaching for over 50 years- Founder of Feldenkrais Access (feldenkraisaccess.com)- Offers both in-person and online classesResources Mentioned:David has provided my listeners with a special offer. You can find it here but the details are right below.The link provides access to one free Feldenkrais lesson focused on breathing. If they opt into our email list, they can get four more free lessons to help with back, shoulder, and mouth & jaw pain, as well as anxiety, plus an option to purchase select programs at 45% off. (there is no deadline on the offer.)Free resources available on the website include "Soothe and Calm" lessons created during COVID. These can help anyone with ongoing anxiety or stress, no Covid needed.

Follow us on Instagram: https://www.instagram.com/antiwarcom/Phone bank for Defend the Guard: https://defendtheguard.us/phonebankChapters00:00 - Intro00:21 - US F/A-18 Shot Down Over Red Sea in Friendly Fire06:57 - Dozens of Israelis Wounded as Houthi Rocket Strikes Tel Aviv08:09 - Israel Kills Dozens in Gaza, Including Many Children10:36 - Pope Francis Doubles Down on Criticism of Israel's 'Cruelty' in Gaza15:04 - Netanyahu: No End to Gaza War Until Hamas 'Removed'17:43 - US Has 'Good' Meeting With AQ-Linked Julani20:44 - Turkey Demands US End Support for Syrian Kurds22:33 - Israel Seizes New Villages in Southern Syria, Fires on Protesters24:06 - Rpt: Trump To Continue Ukraine Arms Shipments26:09 - US $571 Million Military Aid Package for Taiwan28:28 - Saudi Man Rams Car Into Christmas Market in Germany30:06 - Viewpoints/Outro

Does the way we practice Humanism help or hurt us in cultivating pluralism? A talk from Rev. Kelli Clement The post Each of Us Has a Piece of the Truth: the Gifts of Pluralism appeared first on First Unitarian Society of Minneapolis.

Literally Anybody Else :: Does the ADL run Twitter? :: The opportunity to stand up against tyranny :: Musk's SpaceX is building spy satellite network for US :: Has government ever protected any children? :: Negative reporting can be a crime :: The state is child abuse :: 2024-04-06 Hosts: Captain Kickass, Riley, Peakless Mountaineer Support Riley on Patreon: https://www.patreon.com/crblake86 Send Bitcoin: 1MnoYoPirXQHfhknDxbDHhLsF9u7kUggKy Send Bitcoin Cash: qpp62s8uupdqkrfew7vgp805pnsh5jk2ncnfkndwrd Dash: XpApo1jcPzTJyLLB6G8GJ7DoW9CGjcV5xT Ether: 0xFb1a23163bea743BB79B93849D864ad070597855 Lightcoin ltc1q6ygsamrkwl0at93datyqfh47z4crg4jkg4fx30

Literally Anybody Else :: Does the ADL run Twitter? :: The opportunity to stand up against tyranny :: Musk's SpaceX is building spy satellite network for US :: Has government ever protected any children? :: Negative reporting can be a crime :: The state is child abuse :: 2024-04-06 Hosts: Captain Kickass, Riley, Peakless Mountaineer

Literally Anybody Else :: Does the ADL run Twitter? :: The opportunity to stand up against tyranny :: Musk's SpaceX is building spy satellite network for US :: Has government ever protected any children? :: Negative reporting can be a crime :: The state is child abuse :: 2024-04-06 Hosts: Captain Kickass, Riley, Peakless MountaineerBecome a supporter of this podcast: https://www.spreaker.com/podcast/heartland-newsfeed-radio-network--2904397/support.

Literally Anybody Else :: Does the ADL run Twitter? :: The opportunity to stand up against tyranny :: Musk's SpaceX is building spy satellite network for US :: Has government ever protected any children? :: Negative reporting can be a crime :: The state is child abuse :: 2024-04-06 Hosts: Captain Kickass, Riley, Peakless Mountaineer Support Riley on Patreon: https://www.patreon.com/crblake86 Send Bitcoin: 1MnoYoPirXQHfhknDxbDHhLsF9u7kUggKy Send Bitcoin Cash: qpp62s8uupdqkrfew7vgp805pnsh5jk2ncnfkndwrd Dash: XpApo1jcPzTJyLLB6G8GJ7DoW9CGjcV5xT Ether: 0xFb1a23163bea743BB79B93849D864ad070597855 Lightcoin ltc1q6ygsamrkwl0at93datyqfh47z4crg4jkg4fx30Become a supporter of this podcast: https://www.spreaker.com/podcast/heartland-newsfeed-radio-network--2904397/support.

Pastor Mike Brownie preaching “One of Us Has to Go” (Sunday afternoon service, February 25th, 2024).   Romans 8:13-14  For if ye live after the flesh, ye shall die: but if ye through the Spirit do mortify the deeds of the body, ye shall live. For as many as are led by the Spirit of […] The post One of Us Has to Go appeared first on Rehoboth New Life Center.

On today's episode Charlie from Charisma on Command interviews Andrew Henderson aka Nomad CapitalistHis company Nomad Capitalist helps people relocate, lower their tax burden and upgrade their lifestyleWe talk about why he feels the U.S. is offering a bad deal to its taxpayers, the ethics of trying to reduce or even eliminate your taxes and how Andrew's own childhood struggles shaped his philosophy of going where you are treated best.Thank you for listening!Subscribe to Nomad Capitalist:https://www.youtube.com/@nomadcapitalistIf You'd Like To Help Support The Podcast:http://www.patreon.com/charismaoncommandIf you enjoy the podcast please SUBSCRIBE and Click the Notification bell

News Links for the Week:INTELLIGENCE OFFICIALS SAY U.S. HAS RETRIEVED CRAFT OF NON-HUMAN ORIGIN: https://thedebrief.org/intelligence-officials-say-u-s-has-retrieved-non-human-craft/Enormous 9-foot-long catfish caught in Italy could break world record: https://www.usatoday.com/story/news/2023/06/08/catfish-caught-italy-po-river/70301201007/US Has 12 Or More Alien Spacecraft, Say Military And Intelligence Contractors: https://public.substack.com/p/us-has-12-or-more-alien-space-craftMan gets sued after leaving his blind date and her 23 relatives at restaurant: https://nextshark.com/china-blind-date-relatives-lawsuitLas Vegas police respond to home after 911 call claims UFO with aliens crashed in backyard: https://6abc.com/las-vegas-aliens-ufo-alien-news/13359881/Feral Hog Steals 18 Beers, Gets Drunk And Starts A Fight With A Cow Before Passing Out Under A Tree: https://www.whiskeyriff.com/2023/06/05/feral-hog-steals-18-beers-gets-drunk-and-starts-a-fight-with-a-cow-before-passing-out-under-a-tree/Visit our brand spanking new home on the web @ www.earthoddity.net!!!We would to thank Cajun Curl Original Spice for their support! For some spice that's extra nice that taste spicy but doesn't feel spicy, check them out over at www.cajuncurl.com. Be sure and use coupon code "EOP10" and get ten percent off your order.Special thanks to Silencyde for providing the music! Check out his music on Soundcloud here: https://soundcloud.com/silencyde or on his YouTube channel here: https://www.youtube.com/user/Silencyde and on Facebook here: https://www.facebook.com/Silencyde/Like what you hear? Please consider joining our Patreon. Sign up at the $5 dollar level and get access to Earth Oddity Extended where you get an extended version of the show and an all exclusive show once a month! You can find that at www.patreon.com/earthoddity.

News Links for the Week:INTELLIGENCE OFFICIALS SAY U.S. HAS RETRIEVED CRAFT OF NON-HUMAN ORIGIN: https://thedebrief.org/intelligence-officials-say-u-s-has-retrieved-non-human-craft/Enormous 9-foot-long catfish caught in Italy could break world record: https://www.usatoday.com/story/news/2023/06/08/catfish-caught-italy-po-river/70301201007/US Has 12 Or More Alien Spacecraft, Say Military And Intelligence Contractors: https://public.substack.com/p/us-has-12-or-more-alien-space-craftMan gets sued after leaving his blind date and her 23 relatives at restaurant: https://nextshark.com/china-blind-date-relatives-lawsuitLas Vegas police respond to home after 911 call claims UFO with aliens crashed in backyard: https://6abc.com/las-vegas-aliens-ufo-alien-news/13359881/Feral Hog Steals 18 Beers, Gets Drunk And Starts A Fight With A Cow Before Passing Out Under A Tree: https://www.whiskeyriff.com/2023/06/05/feral-hog-steals-18-beers-gets-drunk-and-starts-a-fight-with-a-cow-before-passing-out-under-a-tree/Visit our brand spanking new home on the web @ www.earthoddity.net!!!We would to thank Cajun Curl Original Spice for their support! For some spice that's extra nice that taste spicy but doesn't feel spicy, check them out over at www.cajuncurl.com. Be sure and use coupon code "EOP10" and get ten percent off your order.Special thanks to Silencyde for providing the music! Check out his music on Soundcloud here: https://soundcloud.com/silencyde or on his YouTube channel here: https://www.youtube.com/user/Silencyde and on Facebook here: https://www.facebook.com/Silencyde/Like what you hear? Please consider joining our Patreon. Sign up at the $5 dollar level and get access to Earth Oddity Extended where you get an extended version of the show and an all exclusive show once a month! You can find that at www.patreon.com/earthoddity.

An interview with David Dunaway. We'll be discussing the following: ✅ Moving from corporate sales to industrial real estate ✅ Texas vs the rest of the US ✅ Has experience and education been helpful? This will be a live interview so join in and ask any questions that come to mind! About David: David Dunaway is an agent for KW Commercial (Keller Williams) in Dallas. He grew up in Memphis and got an Elec Engr degree from Univ of Tenn, Knoxville. He got his MBA from Univ of TX at Dallas. He worked in sales for large technology companies (Cisco, Hewlett Packard, others) before changing into CRE in 2019. He has 2 kids, one in Dallas, one in Berlin, Germany. He is active with the Rotary Club. He has experience with industrial properties, RV parks, hospitality and land. Hobbies: working out, playing guitar, reading, travel Connect with David on LinkedIn: https://www.linkedin.com/in/dadunaway -- ⚡ Subscribe: https://www.youtube.com/c/ChadGriffit...

We hope you have your push notifications on, because we are on one last run to keep One of Us Has to be Right. This week Josh and I get back into it as we give our scaries, two take aways from the NFL this week, hate and hype trains, as well as a new segment called Dawg of the Week. --- Support this podcast: https://podcasters.spotify.com/pod/show/oouhtbr/support

The digital divide is the gap between those who have access to digital technologies and resources and those who do not.  If you asked most people what the digital divide was, they would probably assume it's a reference to Internet access or computer usage. While these are both accurate representations of the digital divide, there's more to it than that. The digital divide is actually a social divide that exists between individuals based on their access to technology and its benefits. In other words, it's the disparity in technological knowledge, skills, and usage among different social groups.  One of the areas in which this divide has massive implications is privacy. For example, state governments that surveil women who are seeking abortions can discourage them from going online and taking advantage of all of the benefits that technology has to offer for entrepreneurship, education, and remote work.   Bio Joi O. Chaney is a domestic legal policy expert, a political strategist, and currently the Executive Director of the Washington Bureau and Senior Vice President, Policy and Advocacy at the National Urban League. The Washington Bureau represents the League before the Legislative and Executive Branches, leads policy discussions that advance economic and social equality for the communities we serve, and engages the Urban League movement in advocacy campaigns aimed at achieving policy wins. Bios Dr. Alisa Valentin Twitter LinkedIn Instagram Dr. Alisa Valentin recently joined the National Urban League as the Senior Director of the Technology and Telecommunications Policy where she works on a broad range of issues including broadband, privacy, and media diversity. Alisa was previously the Special Advisor to FCC Commissioner Geoffrey Starks where she advised the Commissioner on broadband access and adoption, prison phone justice, and future of work policies. Joi Chaney Joi O. Chaney is a domestic legal policy expert, a political strategist, and currently the Executive Director of the Washington Bureau and Senior Vice President, Policy and Advocacy at the National Urban League. The Washington Bureau represents the League before the Legislative and Executive Branches, leads policy discussions that advance economic and social equality for the communities we serve, and engages the Urban League movement in advocacy campaigns aimed at achieving policy wins. Resources National Urban League Washington Bureau State of Black America Podcast Condé Nast (Wired), The US Has a Historic Opportunity to Bridge the Digital Dividec(2022), https://www.wired.com/story/digital-divide-broadband-fcc/ (last visited Aug 8, 2022).      

Merch:Kilowatt StoreNews:Hyundai will show some new N stuff next weekRivian Noticeably Increased Production And Sales In Q2 2022Fisker asks extra $5,000 nonrefundable deposit from its Ocean reservation holdersEV Charging Network: 8 Ways US States & Cities Can Make it WorkUS Has 6,000 Fast Charging Stations for EVs, Here's Where They AreTesla (TSLA) announces just over 250,000 deliveries - first down quarter in a long timeTesla's Q2 Earnings Call set for July 20Tesla is facing yet another racial discrimination lawsuitTesla vehicles are now scanning for potholes and rough roads to help avoid themWorld's largest direct air carbon capture facility will reduce CO2 by .0001%Support this show http://supporter.acast.com/kilowatt. See acast.com/privacy for privacy and opt-out information. Become a member at https://plus.acast.com/s/kilowatt.

Charan is an elite trainer, author, and speaker who’s inspired thousands of people to embrace their inner warrior with his recently released book, “Warrior Wisdom Vol. 1.”In our conversation we discuss Charan’s guiding philosophy, his favorite warrior cultures throughout history, and how to manifest the warrior within you against the backdrop of modern life. Charan presents us with a more complete picture of the often-misunderstood warrior archetype – a version that emphasizes virtue, discipline, and composure.==================== Outline: 0:00 Introduction0:52 What is Warrior Wisdom?2:48 The Victim Mentality 5:22 Skilled Negative Thinking 7:32 The Toughest Things Charan’s Done Physically 10:07 The Warrior Archetype and Warrior Culture 11:59 The Warrior Mentality in Modern Life16:55 Charan’s Book, “Warrior Wisdom Vol. 1”20:42 Are You Where You Want to Be?22:30 Charan’s Version of 2020 25:52 The Caterpillar State of Mind 29:12 Being A Trailblazer32:24 Finding Wisdom in Difficult Situations 33:18 Charan’s Mantra This Past Year35:07 Every Single One of Us Has the Warrior Instinct 36:16 How Charan Became Interested in Warrior History 37:24 The Difference Between Viking and Samurai Cultures 42:47 Charan’s Four Pillars 46:28 Giving Without Expecting Anything in Return ====================References:“Warrior Wisdom Vol. 1” by Charan SinghBuy The Book:https://amzn.to/36ye0dsFollow Charan on Instagram@trainwithcharan==================== Subscribers make the difference. Find us on all audio podcast platforms and YouTube! Visit us on our website www.risinglaterally.com to sign up for the “Lateral Letter.”If you believe our podcast has ever shifted your perspective, please share it with someone you know and rate us.Thank you so much for tuning in and we welcome you back to our next episode.====================Instagram https://www.instagram.com/risinglaterally/Twitter https://twitter.com/RisingLaterallyArjun Sachdev Instagram https://www.instagram.com/therealarjunsachdev/Jay Beaulieu Instagram https://www.instagram.com/yourfriendjayb/ Apple Podcasts: https://podcasts.apple.com/us/podcast/rising-laterally/id1524717120Spotify: https://open.spotify.com/show/3hbMEHVOZJVMdCZBhthTIh YouTube: https://www.youtube.com/channel/UCaIDpt943-sihvPBxX7oXaw

It's been almost 20 years and the US HAS captured the man they believe planned the attack. And yet, nothing seems to be happening . . . . http://www.lehtoslaw.com

While Becky Eldredge sat and had one of her last conversations with her grandfather, he asked her for one thing: “Becksa, promise me you'll tell people that they are not alone. Promise me you will not stop what you are doing and will keep sharing the Good News with others.”   Eldredge fulfilled her promise. In her second book, The Inner Chapel: Embracing the Promises of God, she shares the gift given to each of us: the inner chapel, and how visiting it allows us to discover the promises of God. The Inner Chapel: Embracing the Promises of God guides readers in entering their inner chapel, a sacred space within us where God resides, through prayer and Ignatian spirituality practices. While offering practices on how to enter the inner chapel, each chapter provides an opportunity to reflect on a certain promise of God. Reflecting on events in her own life, Eldredge writes about the many promises of God present in our everyday lives. These include: We Are Never Alone: God is always with us, even in our times of loneliness and despair. In these times we must embrace God's gift of the inner chapel and be comforted knowing he is always present. We Are Loved—Unconditionally: Eldredge reminds us that we are loved by God and we have to increase our capacity to receive God's love for us. By opening to God's love, we are able to love others in ways we never thought possible, which internally pulls us to share the good news of this promise with others. We Have a Companion in Suffering: Recalling her grandfather's battle with brain cancer, Eldredge discovers our companion in suffering—God. In the same way God companioned Jesus in his suffering, God companions us in ours. We are never alone because Jesus who suffered walks with us. Each of Us Has a Unique Call: We all are invited by God to understand and use the unique gifts he gave us. Through discernment, we are guided in saying yes to Jesus and allowing his gifts to guide our true calling.   In this episode, Valeria Teles interviews Becky Eldredge. Becky is an Ignatian-trained spiritual director, retreat facilitator, and author. She invites people deeper in their walk with Christ through facilitating retreats and days of reflection, writing, online retreat experiences, and spiritual direction.  Passionate about Ignatian spirituality and teaching people how to pray, Becky leans on her twenty years of ministry experience to help people make room for God in the busyness and invite then into deeper relationship with God.  Becky lives in Baton Rouge, LA, where she meets with men and women of all ages for monthly spiritual direction and leads people through the Spiritual Exercises of St. Ignatius. She directs in-person days of reflections and retreats, as well as online retreats to make the Ignatian retreat experience accessible to all, and is co-founder of the women's ministry, Women of the Well.  In addition, she offers weekly reflections on her own website, www.beckyeldredge.com, as well as reflections on Loyola Press' Ignatian Spirituality blog, dotMagis.  She shares life with her husband and three children.    To learn more about Becky Eldredge please visit her website: www.beckyeldredge.com For Intro-free episodes: https://www.patreon.com/aquestforwellbeingpodcast Podcast Page: https://fitforjoy.org/podcast   ** Bio intro and outro one by Heidi Lynn Peters. 

Pandemic/BLM Update- 1:34 Transitioning Back into Sports- 8:08 Body Composition Change- 17:42 Training Explosiveness 'til Failure- 23:33 Ice Bath Benefit for Recovery?- 29:49 What Would You Say to Your 17-year Old Self?- 35:55 What State in the US Has the Best Raw Athletes in the World- 40:10 Why is Kyrie so Good at Finishing through Contact?- 42:13 TRAINING PROGRAMS The Vert Code & The Vert Code Elite: http://www.pjfperformance.net/the-vert-code-elite-2/ Edge U: https://theedgeu.com PROTEIN Upper Echelon Nutrition: https://uenutrition.com (Use discount code PJFPERFORMANCE to get 20% off)

- WHAT WE'VE BEEN UP TO - We Chopped It Up With B-honest & Kit From the Raresonance Network. - NEWS - Andrew Gillum Gets Found Out, Tom Brady Leaves New England - BREAK - Spring Breakers Don't Care about COVID19 -FUCKERY/LISTENER FEEDBACK - One of Us Has a New Addition to the Family, We Talked a Little Bar Etiquette, Cisco Grizzly Defends the Corvette, We Revisited the Jay Electronica's Album, Clean vs Dirty Sex, Harvey Weinstein Caught the Coronavirus The website is www.Shootfromthehip.xyz! Subscribe to the show on Apple Podcasts, Stitcher, Spotify, Google Play Music or wherever you get your Podcasts! Reach us at @FromThe_Hip on Twitter. Email us at shootfromthehip1@gmail.com. The Facebook page is www.facebook.com/ShootFromTheHipShow/ and the voicemail line is (559)825-SHOT! #SFTH #BLACKPODCAST #HTOWN #TX #HUMOR #COMMONSENSE

It’s the 10th anniversary of the Affordable Care Act (ACA). How has the ACA impacted the US? Has it been successful? How has each state been affected? Has it increased competition in individual markets? This week on the podcast Jackie Lee chats will Hans Leida, Paul Houchens and Lindsy Kotecki, answering all the questions on the ACA through their research paper 50 States, 50 Stories.

Bold Sports Episode 108. The Stargell Check Screen Shots for Numbers. PGA Tour- The US win the Presidents Cup at Royal Melbourne 16-14. Tiger was the Captian as well as a player an was in true tiger fashion dominate. The US Has only lost 1 Presidents cup and that was in 1998. This Match Play tournament is left for the top players in the world and some captians picks. This brings up talk of more Match Play style tournaments for the future. All the Soccers - NCAA- Bowl Season is appon us. Pull Schedule . NCAA Basketball - Pitt- 8-3 and 1-1. 5th in ACC, Pitt has 2 more Non Conference games left before the bulk for conference play starts. They recently had a comeback win over Northern IL. WVU- 9-1 and 0-0 number one in Big 12 the Mountaineers had a few tough games coming upon after Christmas with OSU and Kansas but find themselves at #25 as of now. PSU- 9-2 and 1-1 2nd in Big 10 PSU finds themselves at #23 with 2 games left before Conference play Begins. ND- 8-3 and 0-2 and 12th in the ACC. UNC- 6-4 and 1-15th in the ACC currently not a top 25 team with som tough Non Conference games left before ACC Play Duke- 9-1 and 1-0 and first in ACC, #4 in Country with some pretty easy games left before ACC Play. TOP 25- look up Penguins- had a good win last night in Calgary with 2 more games on their western Cananada swing. Late Games are fun for us. The Pens after that will have a quick true Home N Home with Nashville. The Pens are 4th in the Division with lots to work on for the Injury stricken team. The team is going to have to get hit hear soon as we approach the end of the first half of the season. Pull Standings of NHL MLB- Good Offseson for Pitchers. Madison Bumgardner signs 88 mill deal with Arizona 4years. Keep an eye out for more moves coming this off season . NFL- Pats are at it again, Playoff Pushs, Fantasy stuff. Steelers- The Duck didn’t get his wings clipped after the Bills game. Discuss.

Bold Sports Episode 108. The Stargell Check Screen Shots for Numbers. PGA Tour- The US win the Presidents Cup at Royal Melbourne 16-14. Tiger was the Captian as well as a player an was in true tiger fashion dominate. The US Has only lost 1 Presidents cup and that was in 1998. This Match Play tournament is left for the top players in the world and some captians picks. This brings up talk of more Match Play style tournaments for the future. All the Soccers - NCAA- Bowl Season is appon us. Pull Schedule . NCAA Basketball - Pitt- 8-3 and 1-1. 5th in ACC, Pitt has 2 more Non Conference games left before the bulk for conference play starts. They recently had a comeback win over Northern IL. WVU- 9-1 and 0-0 number one in Big 12 the Mountaineers had a few tough games coming upon after Christmas with OSU and Kansas but find themselves at #25 as of now. PSU- 9-2 and 1-1 2nd in Big 10 PSU finds themselves at #23 with 2 games left before Conference play Begins. ND- 8-3 and 0-2 and 12th in the ACC. UNC- 6-4 and 1-15th in the ACC currently not a top 25 team with som tough Non Conference games left before ACC Play Duke- 9-1 and 1-0 and first in ACC, #4 in Country with some pretty easy games left before ACC Play. TOP 25- look up Penguins- had a good win last night in Calgary with 2 more games on their western Cananada swing. Late Games are fun for us. The Pens after that will have a quick true Home N Home with Nashville. The Pens are 4th in the Division with lots to work on for the Injury stricken team. The team is going to have to get hit hear soon as we approach the end of the first half of the season. Pull Standings of NHL MLB- Good Offseson for Pitchers. Madison Bumgardner signs 88 mill deal with Arizona 4years. Keep an eye out for more moves coming this off season . NFL- Pats are at it again, Playoff Pushs, Fantasy stuff. Steelers- The Duck didn’t get his wings clipped after the Bills game. Discuss.

Welcome to Finance and Fury, the Furious Friday edition! Today’s misunderstanding is about the “Too big to fail” myth. I want to tell you a story. It’s probably a relatively unheard-of story… of our “Big 4” banks and their recent history.   The whole point of this is to answer: Are financial collapses created by too many regulations, or not enough?   The answer seems to be that more regulation is the only way to solve future financial crashes and any financial collapse has had some form of regulation come out of it as a result. But, the aim of this episode is to see if this has helped or hurt the economy and the banks overall   Warning: The banking system is pretty complicated, so there’s some points in this episode that might be pretty in depth. But that seems to be the whole point of the financial system: Make it so complicated not many people know what is going on. I have tried to make this as simple as possible so hopefully it isn’t a bore.   In this episode: What we will go through Banking sector: Vertical integration – One single company controls several others along the supply chain = profits come from different activities in different areas Look at history repeating itself – Comparing Australia to the US between 1999 and 2008 What really lead to the GFC, and how we may be blindly following the same path The big 4 banks - market share of the economy – the effects on the Stock Exchange and the population   Timeline: How did we get where we are now? Banks listed: early 80s to 91 for CBA - No guarantee on deposits at that point APRA Australian Prudential Regulation Authority – Regulation for Banks - has only been around since 1998 Before this: The riskier banks wanted to be, the higher the interest rate they would need to offer Under tighter regulations, risky banks had to comply to less risky standards Goodbye risk premium on interest Regulations continued as normal for a while, until financial crisis: We had a scare in 2008 – during the GFC banks stopped lending to one another for short term funding for their expenses Banks who can’t operate shut doors. Lehman Brothers for instance Bank runs – Great depression in the US 4,000 banks closed from 1929 to 1933 US banks started doing ‘bailouts’ – In essence, printing money to buy Mortgage Backed Securities off the banks (we’ll come back to this) Fearing a bank run in Australia - October 2008, right at the peak of the GFC, the Australian government decided to guarantee bank deposits This is new-Australian Deposit Insurance – Guaranteed for the public (ironically by the public as well) History has shown Government can’t risk the market effects of wiping out people’s bank deposits – especially when voters money was on the line A guarantee helps to calm the public – if a policy says the money is secure it must be! The Financial Claims Scheme (FCS) was created - emergency measure to secure the banking system. Who is eligible: Authorised Deposit-taking Institutions (ADIs) - bank, building society or credit union. This means that this money is guaranteed if anything happens to the ADI. It applies to all ADIs incorporated in Australia, including Australian-owned banks, foreign subsidiary banks, building societies and credit unions. ADIs insured for up to $1m Feb 2012 – Dropped to $250,000   Sounds good right? Nice and safe! Safety has a dark side – It isn’t really safety for us, but the Banks! Removes incentives for depositors to review a bank before depositing – Onus is taken off us Some banks could offer higher returns, if riskier. But with this it is all the same – almost zero risk – removed risk premium on interest What behaviours it incentivises Increased risk Insurance creates moral hazard – Insurance to cover risky actions Maximise profits as the risks are covered for the most part It really provides safety to banks, and they can increase their risks – like giving a gambler a guarantee on his losses if he made a risky bet? Increased incentives to maximise profits But where from? Derivatives, asset backed securities and covered bonds – these can be risky Massive spike since 2011 of bank profits coming in the form of derivatives Derivatives: Complex financial bits of magic The options – Forward & Future Contracts, swaps, etc. Locking in rates now for the future Asset Backed Securities – Investment with an underlying asset - MBS – CBA: in one security - $2.65bn in mostly AAA rated Covered Bonds – Change in regulation in 2011 = AAA rated bonds issued Debt instruments covered by mortgages Sitting at over $80bn in value since 2011 One difference is issuer covers bonds if they default, not on securities though   What stops this all going wrong: APRA has to overregulate in response – Strong regulatory intervention through the (APRA). Australia has strong regulation but even the best regulation can be gamed. They have to be closely monitored by APRA – But banks are still incentivised to take on more risk Derivatives are held ‘off the books’ and very hard to regulate NAB and CBA stopped disclosing theirs, so who knows what their current levels are?!   Why does it matter? What happens to just 4 banks has an affect on everything! Where we sit today: The big 4 = 25% of the ASX   The ASX is one of the most concentrated in the world Financials – 35% of our index, 25% is just the big 4 banks What is the fate of our market if the big 4 tank? We saw it in the GFC Declines in the banks of over 50% = Big drop in index and panic selling across the board If our banks rise, our market does, they fall, we all suffer, because the government will print money to stop the collapse (bailouts!) Double death! – Both Equity and Debt markets – Comes from regulation. Used to be just one at a time   Why are just 4 banks so big? The regulations lead to concentration at the top – Economies of scale to survive The banks love (or loved – see the Banking Royal Commission) vertical integration! It was needed to survive in the regulatory world.   Current state of the banks 1991 - Commonwealth – Bankwest (2008), Aussie, Colonial First State 1982 - Westpac – RAMS, St George (2008), BankSA, Bank of Melbourne, BT Hastings (Infrastructure), Ascalon, Advance, Securitor, Magnitude 1982 - NAB – Ubank, MLC, Banks of New Zealand JBWere BOQ – Virgin Money, Investec Bank, Home Building society Bendigo bank – Adelaide bank, Delphi Bank, Rural bank The party is over for most as they are selling other divisions: CFS for CBA   Hopefully the vertical integration can be looked at – A brief history of things: It was similar in the US: Has the guarantee $250,000USD, however something went wrong Glass-Steagall – Part of the 1933 Banking Act of the USA – Prohibited vertical integration Congress debated bills to repeal Glass–Steagall's affiliation provisions (Sections 20 and 32). In 1999 Congress passed the Gramm–Leach–Bliley Act, also known as the Financial Services Modernization Act of 1999, to repeal them – But not the guarantee (almost the same place as our system since 2011) How much safety does the guarantee provide to the public? They had it in the US, but that arguably lead to the banks behaviours – Look at this in next Fridays episode How bailouts are funded through “Quantitative Easing” as it was called in the US, but it is printing money by any other name What allows for these bail outs, where the money comes from and the flow on effects of cash advancing your unlimited credit card, but at the government level it is ‘Quantitative Easing’ Thanks for listening! Next Friday we look at Part 2 of this question

Each of Us Has an Internal Map of Reality Which is Made Up of Our Experiences and Their Effect On Us.   Your internal map of reality is your perception of the world around you and how you perceive yourself fitting into it.  If your childhood experiences led you to believe that making mistakes was akin to death, your internal map will ensure your survival by making you averse to doing anything that could potentially result in a less than perfect outcome.   In addition, on a subconscious level you are so convinced that your map of reality is correct, you pull evidence from the outside world to validate it.  If your experiences led you to believe that you were unlovable, you will look for evidence to validate this and perhaps attract people to you who are incapable of loving.   But remember, your internal map is not who you are, it is a tool that you have developed to assist you with navigating in the world. You created it, so you can change it.