The merchant bank Next Street has partnered with financial services company Citigroup Inc. to create Next Street Opportunity Fund, a $30 million pool of lending capital for inner-city, high-performing small businesses.
Citigroup will contribute $25 million. The Baltimore-based nonprofit Enterprise Community Partners will kick in $2.5 million, and the balance will come from Next Street and a group of high net-worth investors, according to Next Street's founding partner and president, Ron Walker. Next Street, based in New York City and Boston, specializes in working with urban small businesses across the U.S.
Only small-business clients of Next Street in New York City and Boston will be able to qualify for the Opportunity Fund. Existing and potential clients can apply through Next Street or Citi. Decisions about loans will be made by Next Street, which provides advisory services as well as cash to small businesses.
“Our model is to provide both high-level strategic advice and growth capital,” Mr. Walker said. “We believe the advice and guidance is as important, if not more important, than the capital. We have a staff of business consultants, marketing experts and organizational development specialists that work with each small business.”
Next Street, whose cofounder is Tim Ferguson, has about 50 employees. Since its launch six years ago, the bank has worked with about 100 small businesses in New York and Boston.
To qualify for Opportunity Fund money, a small business must be in growth mode, with revenues between $5 million and $60 million, and have a business checking account at a retail bank. “They have to be somewhat successful already,” Mr. Walker said. “This isn't a micro-loan program or a program for troubled companies. We are targeting small businesses that are 5 to 15 year old.” The goal is to help these city-based businesses grow so they can create jobs and help with economic recovery. Next Street would not disclose interest rates, but Mr. Walker said they will be commensurate with risk.
The creation of the Next Street fund comes at a time when access to capital is still a big problem for small businesses. For the third quarter of 2011, the Small Business Association reported that all loans under $1 million were down 1.2%, continuing a yearlong slide. Even loans by megalenders—those with $50 billion or more in assets—remained relatively flat from the second quarter to the third quarter of 2011.
But small-business lending may on its way back. Citi announced separately in September that it was committing $24 billion in small business lending over three years, from 2011-2013. The bank surpassed its $7 billion lending commitment to small business by more than $900 million in 2011, a 30% increase over its small business lending in 2010. This year Citi has stated it is working to surpass its $8 billion small business lending commitment.
Other big banks are stepping up lending, too. J.P. Morgan Chase & Co. reported this month that it lent $17 billion to U.S. small businesses in 2011, up 52% from 2010. The bank made 45 % more loans in 2011 than it did in 2010. And this week, Bank of America Corp. reported it had loaned $6.4 billion to U.S. small businesses in 2011, a 20% increase over 2010.
As a small business itself, Next Street gains credibility by partnering with banking giant Citi. “It's a validation of our model,” Mr. Walker said.
2012年2月2日 星期四
2012年1月30日 星期一
The Pentagon's giant sucking sound
Those draconian Obama defense cuts are actually not. As Fred Kaplan reports in Slate, the real spending reduction proposed for fiscal 2013 is a mere 1 percent less than the actual spending in FY 2012. More details have yet to emerge, but the obvious winners are technology and special operations; the losers the ground forces.
And none of this accounts for the many hidden places for defense spending, such as the State Department, which is spending heavily on its own drone fleet and security contractors. According to the New York Times, 5,000 private security contractors, along with drones, are protecting 11,000 embassy employees in Iraq alone. Mission accomplished.
Mr. Obama's line about using money spent on wars for nation-building at home was also a bit disingenuous. The $1.3 trillion-and-rising cost was mostly borrowed, including from China. Conservatively, the United States spends more on its military than the next 14 biggest military powers in the world. This is Ike's Military Industrial Complex in full flower. It distorts the economy and until its really addressed, America can't recover and compete.
There are winners from the status quo, including big defense contractors such as Boeing. While we've allowed our high-tech manufacturing to migrate to Asia, America has actually increased its market share as the world's largest arms merchant -- often with catastrophic consequences in the many small wars you never read about. But this edifice is not as productive, not as constructive for rebuilding the middle class, or, as Eisenhower foresaw, not healthy for a democracy, as a more balanced use of national resources and focus.
Someday, the United States will need to restructure its economy for peaceful competition in a neo-mercantilist world, to meet the national-security threats (acknowledged by the Pentagon) of climate change and peak oil. Or debt or another misbegotten military adventure will force us to, on very unfavorable terms. What's happening now is not making us safer. It's making us poorer, and ultimately more at risk.
And none of this accounts for the many hidden places for defense spending, such as the State Department, which is spending heavily on its own drone fleet and security contractors. According to the New York Times, 5,000 private security contractors, along with drones, are protecting 11,000 embassy employees in Iraq alone. Mission accomplished.
Mr. Obama's line about using money spent on wars for nation-building at home was also a bit disingenuous. The $1.3 trillion-and-rising cost was mostly borrowed, including from China. Conservatively, the United States spends more on its military than the next 14 biggest military powers in the world. This is Ike's Military Industrial Complex in full flower. It distorts the economy and until its really addressed, America can't recover and compete.
There are winners from the status quo, including big defense contractors such as Boeing. While we've allowed our high-tech manufacturing to migrate to Asia, America has actually increased its market share as the world's largest arms merchant -- often with catastrophic consequences in the many small wars you never read about. But this edifice is not as productive, not as constructive for rebuilding the middle class, or, as Eisenhower foresaw, not healthy for a democracy, as a more balanced use of national resources and focus.
Someday, the United States will need to restructure its economy for peaceful competition in a neo-mercantilist world, to meet the national-security threats (acknowledged by the Pentagon) of climate change and peak oil. Or debt or another misbegotten military adventure will force us to, on very unfavorable terms. What's happening now is not making us safer. It's making us poorer, and ultimately more at risk.
2012年1月10日 星期二
Why Regions Bank is Offering Secure Vault Online Payments
"We were interested in adding this to the depth and breadth of product features we offer," says Greg Miles, senior vice president and Regions Treasury Management product development executive. "It's important to us to be able to offer this to commercial clients interested in expanding the range of payment options available to their customers. We have a variety of client types that would be interested in Secure Vault payments."
For example, a banker calling on a university for its banking business might offer this as a way to accept large online payments such as tuition. Four universities — Auburn University, Columbus State University, University of Georgia and University of Wisconsin — accept Secure Vault to date.
It's also important to the bank to accept Secure Vault payments on the consumer side, Miles says, and be listed on the drop-down menu on sites that support Secure Vault.
Secure Vault uses technology from eWise and NACHA's clearing network. It appealed to the bank because "it combines the convenience of the automated clearing house network with security that isn't always available with an ACH payment," Miles says.
"An ACH payment is subject to non-sufficient funds and other issues. With SecureVault payments, there's a high degree confidence the that purchaser is who they say they are, and we do check funds availability and hold funds the way the way credit or debit card payments do."
The system lets the bank extend the security measures it's developed for online banking, such as multifactor authentication, to Secure Vault payments.
"It's not a full-fledged login to online banking," Miles explains. "The way the user experience works, our customer goes to a merchant's website that accepts Secure Vault. When Regions Bank is the selected bank, the user is presented a scaled-down authentication page, which then provides a list of eligible bank accounts the customer can select from to make payment. Once an account is selected and the funds available verified, then the payment is made. Behind the scenes, we place a hold on those funds, then we conclude that payment using the ACH network."
The hold is typically two or three days. The bank is in the process of creating a secure interface from Secure Vault to Region's online banking system.
Miles acknowledges that future acceptance of Secure Vault among merchants and consumers is unknown.
"To some extent, there's a chicken and egg scenario going on," he says. It's important to the Secure Vault Payment network that many financial institutions participate, and it's important to the banks that the network sign up more merchants.
"We're impressed with the range of financial institutions that are already part of the network and we felt it was important for us to be participants as well," he says. "We do think it's important to provide alternatives to commercial clients and consumers, beyond that I can't say."
For example, a banker calling on a university for its banking business might offer this as a way to accept large online payments such as tuition. Four universities — Auburn University, Columbus State University, University of Georgia and University of Wisconsin — accept Secure Vault to date.
It's also important to the bank to accept Secure Vault payments on the consumer side, Miles says, and be listed on the drop-down menu on sites that support Secure Vault.
Secure Vault uses technology from eWise and NACHA's clearing network. It appealed to the bank because "it combines the convenience of the automated clearing house network with security that isn't always available with an ACH payment," Miles says.
"An ACH payment is subject to non-sufficient funds and other issues. With SecureVault payments, there's a high degree confidence the that purchaser is who they say they are, and we do check funds availability and hold funds the way the way credit or debit card payments do."
The system lets the bank extend the security measures it's developed for online banking, such as multifactor authentication, to Secure Vault payments.
"It's not a full-fledged login to online banking," Miles explains. "The way the user experience works, our customer goes to a merchant's website that accepts Secure Vault. When Regions Bank is the selected bank, the user is presented a scaled-down authentication page, which then provides a list of eligible bank accounts the customer can select from to make payment. Once an account is selected and the funds available verified, then the payment is made. Behind the scenes, we place a hold on those funds, then we conclude that payment using the ACH network."
The hold is typically two or three days. The bank is in the process of creating a secure interface from Secure Vault to Region's online banking system.
Miles acknowledges that future acceptance of Secure Vault among merchants and consumers is unknown.
"To some extent, there's a chicken and egg scenario going on," he says. It's important to the Secure Vault Payment network that many financial institutions participate, and it's important to the banks that the network sign up more merchants.
"We're impressed with the range of financial institutions that are already part of the network and we felt it was important for us to be participants as well," he says. "We do think it's important to provide alternatives to commercial clients and consumers, beyond that I can't say."
2012年1月5日 星期四
Iran could be bluffing in the strait of Hormuz
Tehran's vow to stop US warships crossing international waters in the strait of Hormuz, following 10 days of provocative Iranian missile tests and naval exercises, is seen in Washington as evidence that ramped-up western sanctions are finally beginning to bite.
While this conclusion may be correct, there is always the danger of a disastrous miscalculation. Iran could be merely sabre rattling, as American analysts suggest. But what if it is not?
Seen from Tehran, the most serious threat to the survival of the regime led by supreme leader Ayatollah Ali Khamenei comes from within, not without – a consideration not sufficiently understood in the west. The political establishment is riven by deep divisions, principally between economic reformers loyal to President Mahmoud Ahmadinejad, and clerical arch-conservatives backed by the Revolutionary Guards and a wealthy, corrupt merchant class that has grown fat on the 1979 revolution.
Khamenei appears to be trying to hold the line between the two factions. What worries him more than the movements of the USS John C Stennis aircraft carrier group in the Gulf, or even US and EU oil sanctions, is the thought that crucial parliamentary elections due in March could produce a permanent rupture within the Islamic Republic. Such a split could open the way to a second Iranian revolution.
Memories of the mass demonstrations that shook Tehran and other cities in 2009 after rigged presidential elections have not faded. The Green movement's leaders are dispersed, in jail or under house arrest. But their demands for transparent democracy, freedom of expression and an end to misrule by mullahs have not been forgotten. Millions of young Iranians have been watching the Arab spring unfold and they believe Iran's turn will come.
Khamenei is running scared. As Yasmin Alem noted in a recent commentary, the supreme leader views the coming election as a potential "security challenge". The minister of intelligence, Heydar Moslehi, says the polls will be the "most sensitive elections in the history of the Islamic Republic".
Alem continued: "The regime is now in a quandary. While it has traditionally boasted about high voter participation as the symbol of its legitimacy, Tehran is increasingly concerned that an election boycott or turmoil could adversely affect its standing. In the wake of the Arab uprisings the clerical regime is seeking to project an image of its power and popularity. If the election becomes a dismal affair, however, it will have the reverse effect."
There can be little doubt that new US sanctions penalising dealings with Iran's central bank, announced by Barack Obama last month, and a prospective EU ban on Iranian oil, are adding to the internal pressures – even if habitual Iranian customers such as Japan and Turkey succeed in obtaining waivers.
Food prices are soaring, dollars are being hoarded, and Iran's currency, the rial, has fallen in value by 40% in recent weeks. The prospect of sharp falls in oil export earnings – the oil industry accounts for 60% of Iran's economy – is a dire one. Khamenei and other leaders have indicated that such an outcome would amount to a casus belli.
And this is the point that should worry the west's sanctioneers, fixated by Iran's nuclear programme to the exclusion of other considerations. At the moment the regime's deep internal contradictions could be leading towards a revolutionary climax, the US and its allies are giving Khamenei a possible way out by allowing him to externalise the problem and claim that the Iranian nation is under attack from hostile foreign forces, rather than definitively changing from within.
This is the overlooked domestic backdrop to the strait of Hormuz shenanigans and other provocations, such as the alleged plot against the Saudi ambassador in Washington. Iran, for all its aggressive rhetoric over the past few years, has studiously avoided military confrontation. In fact, it has studiously eschewed an open conflict that it would probably lose, relying instead on time-consuming diplomacy and occasional publicity stunts. But with the regime's back to the wall at home, that may be changing.
"The latest warning by Iran that a US aircraft carrier that recently transited through the strait of Hormuz should not do so again is a sign to the west that should be well-observed. It tells us the regime in Tehran is ready for a fight," warned Vali Nasr of Tufts University. "It wasn't preordained that Iran would opt for battle. For much of the past year its leaders have debated how best to deal with Western pressure … [but] subsequent events seem to have settled the policy debate in Tehran. They included the accusations by the US in the Washington plot; a UN report critical of Iran's record on human rights; the IAEA report articulating 'serious concerns' about a possible Iranian nuclear-weapons programme; and the ensuing fresh sanctions."
In other words, confident statements by the White House and state department that Iran is buckling under sanctions pressure appear to blithely ignore the possibility that the regime is being pushed into a corner from which it will come out punching, not negotiating. One result may be an acceleration of its nuclear activities – the opposite of what Obama wants. And then there is the unpredictable Gulf tinderbox. Fearing fatal insurrection at home and with their oil exports blocked, Khamenei and the mullahs, egged on by trigger-happy Revolutionary Guards, may choose to export chaos instead.
While this conclusion may be correct, there is always the danger of a disastrous miscalculation. Iran could be merely sabre rattling, as American analysts suggest. But what if it is not?
Seen from Tehran, the most serious threat to the survival of the regime led by supreme leader Ayatollah Ali Khamenei comes from within, not without – a consideration not sufficiently understood in the west. The political establishment is riven by deep divisions, principally between economic reformers loyal to President Mahmoud Ahmadinejad, and clerical arch-conservatives backed by the Revolutionary Guards and a wealthy, corrupt merchant class that has grown fat on the 1979 revolution.
Khamenei appears to be trying to hold the line between the two factions. What worries him more than the movements of the USS John C Stennis aircraft carrier group in the Gulf, or even US and EU oil sanctions, is the thought that crucial parliamentary elections due in March could produce a permanent rupture within the Islamic Republic. Such a split could open the way to a second Iranian revolution.
Memories of the mass demonstrations that shook Tehran and other cities in 2009 after rigged presidential elections have not faded. The Green movement's leaders are dispersed, in jail or under house arrest. But their demands for transparent democracy, freedom of expression and an end to misrule by mullahs have not been forgotten. Millions of young Iranians have been watching the Arab spring unfold and they believe Iran's turn will come.
Khamenei is running scared. As Yasmin Alem noted in a recent commentary, the supreme leader views the coming election as a potential "security challenge". The minister of intelligence, Heydar Moslehi, says the polls will be the "most sensitive elections in the history of the Islamic Republic".
Alem continued: "The regime is now in a quandary. While it has traditionally boasted about high voter participation as the symbol of its legitimacy, Tehran is increasingly concerned that an election boycott or turmoil could adversely affect its standing. In the wake of the Arab uprisings the clerical regime is seeking to project an image of its power and popularity. If the election becomes a dismal affair, however, it will have the reverse effect."
There can be little doubt that new US sanctions penalising dealings with Iran's central bank, announced by Barack Obama last month, and a prospective EU ban on Iranian oil, are adding to the internal pressures – even if habitual Iranian customers such as Japan and Turkey succeed in obtaining waivers.
Food prices are soaring, dollars are being hoarded, and Iran's currency, the rial, has fallen in value by 40% in recent weeks. The prospect of sharp falls in oil export earnings – the oil industry accounts for 60% of Iran's economy – is a dire one. Khamenei and other leaders have indicated that such an outcome would amount to a casus belli.
And this is the point that should worry the west's sanctioneers, fixated by Iran's nuclear programme to the exclusion of other considerations. At the moment the regime's deep internal contradictions could be leading towards a revolutionary climax, the US and its allies are giving Khamenei a possible way out by allowing him to externalise the problem and claim that the Iranian nation is under attack from hostile foreign forces, rather than definitively changing from within.
This is the overlooked domestic backdrop to the strait of Hormuz shenanigans and other provocations, such as the alleged plot against the Saudi ambassador in Washington. Iran, for all its aggressive rhetoric over the past few years, has studiously avoided military confrontation. In fact, it has studiously eschewed an open conflict that it would probably lose, relying instead on time-consuming diplomacy and occasional publicity stunts. But with the regime's back to the wall at home, that may be changing.
"The latest warning by Iran that a US aircraft carrier that recently transited through the strait of Hormuz should not do so again is a sign to the west that should be well-observed. It tells us the regime in Tehran is ready for a fight," warned Vali Nasr of Tufts University. "It wasn't preordained that Iran would opt for battle. For much of the past year its leaders have debated how best to deal with Western pressure … [but] subsequent events seem to have settled the policy debate in Tehran. They included the accusations by the US in the Washington plot; a UN report critical of Iran's record on human rights; the IAEA report articulating 'serious concerns' about a possible Iranian nuclear-weapons programme; and the ensuing fresh sanctions."
In other words, confident statements by the White House and state department that Iran is buckling under sanctions pressure appear to blithely ignore the possibility that the regime is being pushed into a corner from which it will come out punching, not negotiating. One result may be an acceleration of its nuclear activities – the opposite of what Obama wants. And then there is the unpredictable Gulf tinderbox. Fearing fatal insurrection at home and with their oil exports blocked, Khamenei and the mullahs, egged on by trigger-happy Revolutionary Guards, may choose to export chaos instead.
2011年12月12日 星期一
Start-Ups Bring Needed Disruption to Banking
These start-ups have a common dilemma. On the one hand they're seeking to disrupt the financial services industry by doing what banks don't; on the other hand, bank partnerships are often necessary to deliver the broad range of new services to a national customer base.
Many start-up founders are calling for regulatory change to allow nonbank innovators to operate nationally under a Federal charter, but they recognize that regulatory change is not going to happen over night. Congress moves slowly and deliberately; and lawmakers and financial industry participants are still dealing with Dodd-Frank and its intended (and unintended) consequences.
Bankers should welcome the opportunity to benefit from the billions invested in innovation and partner with the hundreds of start-ups that are building world-class products that banked customers clearly want.
WV United Federal Credit Union, a two-branch credit union based in Charleston, West Virginia, is actively promoting both Square and Dwolla on its home page as payment solutions for business customers. The credit union is likely not anticipating significant revenue from these referral relationships, but it will win big in the customer satisfaction stakes by expanding its product offerings and responding to its customers’ needs.
There are a number of compelling offerings that banks can bring to their consumers with little investment: PayNearMe's cash payment service can turn any under-used teller window into a busy bill payment station much like they’re doing in 7-11 stores.
Kabbage and OnDeck Capital offer small business loans online, and can just as easily offer loans to bank customers in store, increasing the productivity of loan officers and retaining small business customers.
Dwolla, Square and WePay are changing the payments landscape by offering simple to deploy and cost competitive alternatives to the merchant processing offers available through traditional channels.
Alternative credit providers Lending Club, Prosper, Progreso Financiero, and BillFloat (my own company) have built systems that can allow banks to compete in the underserved near-prime and sub-prime credit markets.
BancBox is offering data interfaces to banking systems, making it easier for partner banks to integrate their core account offerings into new solutions developed by technology providers.
The regulatory environment is ready for these relationships. As far back as 2001, the OCC published detailed risk managed principals for third-party relationships in bulletin 2001-47. The guidance covers all the prudent elements of a successful business plan and partnership: an assessment of a bank's needs and requirements; proper due diligence; written contracts that clearly outline responsibilities and obligations; and ongoing oversight of the third party and its activities by the bank.
Clashing worlds of banks and innovative disruptors can converge and deliver high demand and affordable financial services solutions to consumers. Both groups will benefit. The start-ups will grow their businesses and deploy their technologies. The banks stand to retain and satisfy their customers while increasing account activity and revenue.
Many start-up founders are calling for regulatory change to allow nonbank innovators to operate nationally under a Federal charter, but they recognize that regulatory change is not going to happen over night. Congress moves slowly and deliberately; and lawmakers and financial industry participants are still dealing with Dodd-Frank and its intended (and unintended) consequences.
Bankers should welcome the opportunity to benefit from the billions invested in innovation and partner with the hundreds of start-ups that are building world-class products that banked customers clearly want.
WV United Federal Credit Union, a two-branch credit union based in Charleston, West Virginia, is actively promoting both Square and Dwolla on its home page as payment solutions for business customers. The credit union is likely not anticipating significant revenue from these referral relationships, but it will win big in the customer satisfaction stakes by expanding its product offerings and responding to its customers’ needs.
There are a number of compelling offerings that banks can bring to their consumers with little investment: PayNearMe's cash payment service can turn any under-used teller window into a busy bill payment station much like they’re doing in 7-11 stores.
Kabbage and OnDeck Capital offer small business loans online, and can just as easily offer loans to bank customers in store, increasing the productivity of loan officers and retaining small business customers.
Dwolla, Square and WePay are changing the payments landscape by offering simple to deploy and cost competitive alternatives to the merchant processing offers available through traditional channels.
Alternative credit providers Lending Club, Prosper, Progreso Financiero, and BillFloat (my own company) have built systems that can allow banks to compete in the underserved near-prime and sub-prime credit markets.
BancBox is offering data interfaces to banking systems, making it easier for partner banks to integrate their core account offerings into new solutions developed by technology providers.
The regulatory environment is ready for these relationships. As far back as 2001, the OCC published detailed risk managed principals for third-party relationships in bulletin 2001-47. The guidance covers all the prudent elements of a successful business plan and partnership: an assessment of a bank's needs and requirements; proper due diligence; written contracts that clearly outline responsibilities and obligations; and ongoing oversight of the third party and its activities by the bank.
Clashing worlds of banks and innovative disruptors can converge and deliver high demand and affordable financial services solutions to consumers. Both groups will benefit. The start-ups will grow their businesses and deploy their technologies. The banks stand to retain and satisfy their customers while increasing account activity and revenue.
2011年11月6日 星期日
America's Illegal Immigration Debate Misses The Mark
No Republican campaign speech ever goes on for long without mention of illegal immigration and the desire to quell it. Though the debate itself invo kes a clear and present problem, the persistent use of it as a political jumping point without consideration or offering of reasoned solutions, continues to cloud the reality of its underreported dark side. From drugs to human trafficking, the lax state of our border security reflected in our inability to control illegal immigration, has taken a great toll on this nation. Secure borders are more than just keeping desperate, freedom seeking people out of the country but one would be hard pressed to hear the reality of the problem on the stage of the ongoing political circus featuring so many aspiring performers.
As the debate of illegal immigration rages on, many States have enacted anti-immigration policy mandates focusing on preventing people from living in this nation without documentation. Some of these mandates suggest that all those who are here illegally, despite their former domestic situations they suffered for in their countries of origin or their current productivity levels in this one, should be deported; bar none. From Arizona to the Carolinas, many citizens are voicing concern for the by product of routing out those here illegally: Racial and cultural profiling. Even though some here illegally are in fact, blights on their communities, many are positive additions to this great nation much like their "legal" counterparts on both accounts.
This argument which seems to contradict The New Colossus poem etched upon our Nation's iconographic Statue of Liberty, stems from claims that illegal immigrants take up too much space on the rosters of social assistance and when considered in combination with the crime incurred by them, has resulted in both our economic and judicial systems becoming overburdened and unsustainable. Supporting this claim, many incarceration statistics point to a larger level of crime and gang membership among this immigrant class which has done nothing to discredit but rather, justify the argument against illegal immigration into this nation. What these debates should produce though, instead of merely helping to demonize an entire people, is making clear that when jobs are few, children are hungry and pay rates are as low as they are for most of these immigrants; crime is a natural affectation.
Many have used the preceding statistics to justify immigration reform but like Andy Warhol's question of "Does art imitate life or does life imitate art?"; do these individuals actually commit more crime per capita or does racial profiling and harsher judgment of them induce more arrests and convictions? When the police hawk and harass these people, as in the always patrolled ghettos across this nation, arrests will innately become more numerous especially considering the ever growing laws in this nation making even common actions "illegal". If the "forces that be" want to harass and arrest these people along their determined course to demonize them, they certainly have the judiciary on their side.
It may come as a shock to some to learn that our border gaps present a greater threat to this nation than people entering our nation illegally. When looking at the bigger picture of border security or lack thereof, illegal immigration represents the least of our worries. Off the political talking point filled stage, the all but ignored subject of illegal drugs entering this nation over (or under) the border, through our seaports and airports adds precipitously to our nation's troubles. Drug use and the associated obsession by addicts to get a fix or acting outside of their natural selves while on them, has created an entire subculture of "criminals". Maybe if this country secured its borders and ports and stopped illegal drugs from entering, there would be fewer crimes within the spectrum of our racial and culturally diverse social palette thereby alleviating 60% of all crimes committed by residents; illegal or not .
As the debate of illegal immigration rages on, many States have enacted anti-immigration policy mandates focusing on preventing people from living in this nation without documentation. Some of these mandates suggest that all those who are here illegally, despite their former domestic situations they suffered for in their countries of origin or their current productivity levels in this one, should be deported; bar none. From Arizona to the Carolinas, many citizens are voicing concern for the by product of routing out those here illegally: Racial and cultural profiling. Even though some here illegally are in fact, blights on their communities, many are positive additions to this great nation much like their "legal" counterparts on both accounts.
This argument which seems to contradict The New Colossus poem etched upon our Nation's iconographic Statue of Liberty, stems from claims that illegal immigrants take up too much space on the rosters of social assistance and when considered in combination with the crime incurred by them, has resulted in both our economic and judicial systems becoming overburdened and unsustainable. Supporting this claim, many incarceration statistics point to a larger level of crime and gang membership among this immigrant class which has done nothing to discredit but rather, justify the argument against illegal immigration into this nation. What these debates should produce though, instead of merely helping to demonize an entire people, is making clear that when jobs are few, children are hungry and pay rates are as low as they are for most of these immigrants; crime is a natural affectation.
Many have used the preceding statistics to justify immigration reform but like Andy Warhol's question of "Does art imitate life or does life imitate art?"; do these individuals actually commit more crime per capita or does racial profiling and harsher judgment of them induce more arrests and convictions? When the police hawk and harass these people, as in the always patrolled ghettos across this nation, arrests will innately become more numerous especially considering the ever growing laws in this nation making even common actions "illegal". If the "forces that be" want to harass and arrest these people along their determined course to demonize them, they certainly have the judiciary on their side.
It may come as a shock to some to learn that our border gaps present a greater threat to this nation than people entering our nation illegally. When looking at the bigger picture of border security or lack thereof, illegal immigration represents the least of our worries. Off the political talking point filled stage, the all but ignored subject of illegal drugs entering this nation over (or under) the border, through our seaports and airports adds precipitously to our nation's troubles. Drug use and the associated obsession by addicts to get a fix or acting outside of their natural selves while on them, has created an entire subculture of "criminals". Maybe if this country secured its borders and ports and stopped illegal drugs from entering, there would be fewer crimes within the spectrum of our racial and culturally diverse social palette thereby alleviating 60% of all crimes committed by residents; illegal or not .
2011年6月6日 星期一
First Impressions: Eden Eternal
The game also features a crafting system, but it's presented in a somewhat unique manner. You don't actually gather the materials or craft the items yourself. Rather, you purchase (and perhaps find, I'm not certain on that) scrolls, which operate essentially as work orders for particular materials. For instance, you might buy a Mining Map that will yield 20 copper ore and three pure crystals (as seen above). You submit these work orders, along with a small fee, to an NPC, who then goes to work gathering the materials for you. Success is based on chance. Sometimes you'll get all the items listed on a work order, sometimes only part of them (like, say, 10 copper ore when the work order listed 20), and sometimes nothing at all. This is both a blessing and a curse in that it saves a great deal of time, as the NPC will continue to gather your materials for you even if you're off questing or even logged out entirely, but you run the risk of not getting all of the materials from a given work order, forcing you to sink more money into scrolls and gathering fees to get the materials you need.
Item production itself works in much the same way. Once you have your materials, you buy a blueprint for the item you want crafted and take it to an NPC, who crafts it for you. The blueprint is consumed in the process, so you have to buy a new one each time you want something crafted. Clearly, crafting is meant as a means of personal enhancement and not as a money-earning activity, which is somewhat odd but not altogether unwelcome, since at the very least the items you can have crafted are incredibly useful.
You can also use Fortification Scrolls to fortify your items, which essentially increases their defense (in the case of armor) and attack (in the case of weapons) capabilities as well as grants special stats such as +crit to daggers and the like at higher fortification tiers. There is a risk involved, however, as fortification past tier 4 has an alarmingly high chance of failure. Fortification failure results in the piece of equipment you're attempting to fortify being destroyed entirely, so it's certainly not for the faint of heart. There are items available, however, that can keep the item from being destroyed in case of failure in addition to some very rare items that will guarantee success.
Lastly, we come to the item shop. As someone who is militantly against the "pay-to-win" variety of free-to-play titles, I'd be remiss if I didn't cover this at least briefly. While the cash shop is currently incomplete (there are two entire sections listed as "coming soon"), what is currently being sold is far from game-breaking. There are a few convenience items, such as Portal Stones (which allow you to teleport directly to your quest objectives), Safety Stones (which prevent the destruction of a piece of equipment in case fortification fails), Gathering Aids (which increase the chance of success when having materials gathered), and remote bank and auction house access. You can also purchase dyes for your armor, health and mana potions, and larger backpacks.
Still, almost all of these items are obtainable over the course of normal gameplay in one fashion or another. For instance, each player earns some freebie items every five character levels, and dyes, Gathering Aids, and other cash-shop items can be acquired by completing certain quests. Players are also able to sell and trade cash shop items that they've purchased, so it's entirely within the realm of possibility to acquire these items without spending a cent. Of course, it's obviously more convenient if you buy them, but that's ultimately what it boils down to: The cash shop is convenient, but it doesn't unbalance the game. Granted, the game is still in closed beta, so any number of things could be added to the cash shop between now and launch.
All in all, I was pleasantly surprised (shocked, really) by how much I enjoyed my time in Eden Eternal, and I urge you to remember that this is by no means a complete account of what the game has to offer. I was unable to delve into any of the group dungeons, partake in PvP, join a guild, get to know the pet system in-depth, or check out guild towns. From what I got to sample, however, the game seems to be incredibly well-polished despite its closed beta status, which means that the team has plenty of time to take care of the small bugs and annoyances that do exist. I can honestly say that I'll be keeping Eden Eternal on my hard drive, at least for now, so that I can see how the game evolves and plays out on the road to launch.
Item production itself works in much the same way. Once you have your materials, you buy a blueprint for the item you want crafted and take it to an NPC, who crafts it for you. The blueprint is consumed in the process, so you have to buy a new one each time you want something crafted. Clearly, crafting is meant as a means of personal enhancement and not as a money-earning activity, which is somewhat odd but not altogether unwelcome, since at the very least the items you can have crafted are incredibly useful.
You can also use Fortification Scrolls to fortify your items, which essentially increases their defense (in the case of armor) and attack (in the case of weapons) capabilities as well as grants special stats such as +crit to daggers and the like at higher fortification tiers. There is a risk involved, however, as fortification past tier 4 has an alarmingly high chance of failure. Fortification failure results in the piece of equipment you're attempting to fortify being destroyed entirely, so it's certainly not for the faint of heart. There are items available, however, that can keep the item from being destroyed in case of failure in addition to some very rare items that will guarantee success.
Lastly, we come to the item shop. As someone who is militantly against the "pay-to-win" variety of free-to-play titles, I'd be remiss if I didn't cover this at least briefly. While the cash shop is currently incomplete (there are two entire sections listed as "coming soon"), what is currently being sold is far from game-breaking. There are a few convenience items, such as Portal Stones (which allow you to teleport directly to your quest objectives), Safety Stones (which prevent the destruction of a piece of equipment in case fortification fails), Gathering Aids (which increase the chance of success when having materials gathered), and remote bank and auction house access. You can also purchase dyes for your armor, health and mana potions, and larger backpacks.
Still, almost all of these items are obtainable over the course of normal gameplay in one fashion or another. For instance, each player earns some freebie items every five character levels, and dyes, Gathering Aids, and other cash-shop items can be acquired by completing certain quests. Players are also able to sell and trade cash shop items that they've purchased, so it's entirely within the realm of possibility to acquire these items without spending a cent. Of course, it's obviously more convenient if you buy them, but that's ultimately what it boils down to: The cash shop is convenient, but it doesn't unbalance the game. Granted, the game is still in closed beta, so any number of things could be added to the cash shop between now and launch.
All in all, I was pleasantly surprised (shocked, really) by how much I enjoyed my time in Eden Eternal, and I urge you to remember that this is by no means a complete account of what the game has to offer. I was unable to delve into any of the group dungeons, partake in PvP, join a guild, get to know the pet system in-depth, or check out guild towns. From what I got to sample, however, the game seems to be incredibly well-polished despite its closed beta status, which means that the team has plenty of time to take care of the small bugs and annoyances that do exist. I can honestly say that I'll be keeping Eden Eternal on my hard drive, at least for now, so that I can see how the game evolves and plays out on the road to launch.
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