Builder confidence in housing is at highest point since 2006













 Home builders


A Toll Bros. home under construction this year in Philadelphia. Builders' confidence in the housing market has improved, according to one index.
(Alex Brandon / Associated Press / February 8, 2012)































































Builder confidence in the housing market rose for the eighth straight month in December to its highest point in more than six years.


An index compiled by the National Assn. of Home Builders and Wells Fargo & Co. put the sentiment reading at 47 – the highest since April 2006.


That’s still far from heady readings in the 60s and 70s during the housing bubble. And under 50, it indicates that more builders have a negative outlook than positive.





But the trade group said signs were encouraging.


“Builders across the country are reporting some of the best sales conditions they’ve seen in more than five years, with more serious buyers coming forward and a shrinking number of vacant and foreclosed properties on the market,” NAHB Chairman Barry Rutenberg, a homebuilder from Gainesville, Fla., said in a news release.


The biggest problem, according to the builders, was the tight lending standards prevailing today – a distinct contrast to the easy-money practices that led to the mortgage meltdown and housing collapse.


“One thing that is still holding back potentialhomesales is the difficulty that many families are encountering in getting qualified for a mortgage due,”  Rutenberg said.


ALSO:


Holiday travel on rise


End near for banks still in TARP


Economists see mediocre growth in 2013






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Pasadena police shooting of Kendrec McDade was justified, D.A. says









Pasadena police officers acted lawfully when they fatally shot an unarmed college student, prosecutors said Monday.

The officers reasonably believed Kendrec McDade, 19, was armed with a gun based on false information from a 911 caller, according to a report on the March shooting released Monday by the Los Angeles County district attorney's office.

The controversial shooting sparked protests and outrage in Pasadena, with some drawing comparisons to the killing of Trayvon Martin in Florida.

McDade, 19, was killed March 24 when Officers Jeffrey Newlen and Mathew Griffin responded to a report of an armed theft of a man near a taco truck in northwest Pasadena.

"The actions of McDade during the pursuit in conjunction with the information known to the officers at the time of the shooting reasonably created a fear of imminent death or serious bodily injury," Deputy Dist. Atty. Deborah A. Delport wrote in the report. "Once the officers perceived that McDade posed an apparent lethal threat their response with deadly force was justified."

In a detailed account, prosecutors revealed that after one officer shot and wounded McDade, the second officer -- believing McDade had opened fire -- shot him after he was probably already wounded.

According to prosecutors, McDade fled on foot up Sunset Street with his right hand at his waist. As he ran, Officer Griffin sped past him in a patrol cruiser and blocked the street as Officer Newlen chased him on foot. McDade was about to run past the cruiser when he turned and ran directly toward the cruiser where Griffin was seated. "He left the sidewalk and he's running at me," Griffin told investigators. "This -- this scares the crap out of me. I don't know why he is running at me. He's still clutching his waistband. I think he's got a gun. I'm stuck in the car. I got no where to go."

Fearing for his life, Griffin said he fired four times through the open driver's side window. McDade was two or three feet away. Griffin said he then ducked down to his right to avoid being hit by shots he expected from McDade. He heard two shots and believed McDade had fired at him.

Newlen told investigators he heard the gunshots and believed McDade "was firing at Griffin."

He described seeing McDade walk toward the rear of the car and crouch down. Newlen said he heard a second gunshot at that point and saw muzzle flash. Believing McDade was firing at him, Newlen fired four or five shots at McDade, who fell to the ground after being hit.

McDade was later found to be unarmed. He was carrying a cellphone in his pocket.

In addition to confusion over who was firing shots, the two officers were operating on a false premise that McDade had committed an armed robbery. Oscar Carrillo, who reported that his computer had been stolen, had falsely told police that he had been robbed at gunpoint and later claimed he saw what he thought was the barrel of a gun.

A security video shows another young man taking a computer from Carrillo's car. McDade is seen only at the rear of the car.

According to an autopsy, McDade suffered three fatal wounds and five other non-lethal rounds.

The shooting has prompted four separate inquiries and a lawsuit by the family.

In a federal lawsuit, McDade's parents, Anya Slaughter and Kenneth McDade, allege their son was shot multiple times in the chest but did not die immediately. According to the lawsuit, McDade tried to speak with the officer, but was handcuffed and started to "twitch" and was left on the street for a prolonged period of time without receiving first aid.



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Channing Tatum, Jenna Dewan-Tatum expecting baby


NEW YORK (AP) — The Sexiest Man Alive will soon be a sexy dad.


Actor Channing Tatum and his wife Jenna Dewan-Tatum are expecting their first child in 2013, their reps confirm.


The news was first reported by People.com, which named Tatum the Sexiest Man Alive in November.


The couple, who recently co-starred in the film "10 Years," met on the 2006 dance film "Step Up," and wed in 2009.


Besides a baby, the new year will be a busy year for the parents-to-be. Tatum has at least four movies in the works while Dewan-Tatum appears on this season of "American Horror Story: Asylum" and has a TV movie called "She Made Them Do It" premiering Dec. 29 on Lifetime.


___


Online:


http://channingtatumunwrapped.com/


http://jennadewanunwrapped.com/


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Well: A Running Bias Against Really Dedicated Runners

From the moment it appeared online last month, an editorial in the journal Heart became a Rorschach test for opinions about runners.

Do you roll your eyes when they start talking about their races and times? Do you snigger when you see bumper stickers that simply say “26.2,” the number of miles in a marathon, or “13.1,” the half-marathon distance? Do you lose patience with family members who have to go for a run — even if it means waking up at 4 a.m. before leaving on a vacation?

Then perhaps the editorial will appeal to you. It was titled “Run for your life… at a comfortable speed and not too far.” The authors, Dr. James H. O’Keefe Jr. of Saint Luke’s Mid America Heart Institute Hospital in Kansas City, Mo., and Dr. Carl J. Lavie of the Ochsner Health System in New Orleans, wrote that those who run slowly and keep their mileage down gain health benefits. But those who run for more than about 40 minutes a day and those who run faster than eight minutes a mile actually increase their risk of death.

Too much or too intense running, the two cardiologists said, “appears to cause excessive ‘wear and tear’ on the heart.”

The editorial got extensive news attention, often tinged with schadenfreude. “What do you get if you finish a marathon? A finisher’s medal and a risk of death! ” said MSN-Now. The Wall Street Journal’s article was headlined “One Running Shoe in the Grave.”

On the other side, of course, were aggrieved runners. Runner’s World instantly published a rejoinder titled “The Too-Much-Running Myth Rises Again.” The Heart editorial, it said, was “twisting the data.”

Meanwhile, some runners panicked. “I got 650 e-mails in four hours,” said Dr. Aaron Baggish, associate director of the cardiovascular performance program at the Massachusetts General Hospital. (Dr. Baggish cycles, he runs — more than 30 marathons so far — and he competes in triathlons. “I certainly exceed any dose of exercise that has been said to be bad for you,” he noted.)

By now the evidence has been thoroughly dissected. Suffice it to say that leading exercise researchers agree with Runner’s World and have stacks of journal articles to bolster their arguments.

Dr. Benjamin Levine, a competitive tennis player and director of the Institute for Exercise and Environmental Medicine at Texas Health Resources and the University of Texas Southwestern Medical School, said: “You can always find one or two papers and studies that, if you spin the right way, can seem to reflect your argument.”

But, he added, while health benefits rise most sharply as people go from sedentary to moderately active, there is no good evidence that they decline, or even level off, for distance runners. “Our data and other data are quite convincing,” Dr. Levine said.

Dr. O’Keefe is not swayed. In an as yet unpublished editorial, he recommends running just two or three miles at a relaxed pace a few times a week, interspersed with days of swimming, a couple of sessions of weight lifting and some yoga. In an interview, he said that was his own exercise regimen.

The real question, though, is why does running arouse such passions? You don’t hear gleeful chortling about the health hazards to master swimmers or cross-country skiers or cyclists who do 100-mile “century” rides.

Dr. Paul Thompson, a cardiologist and exercise researcher at Hartford Hospital who is also an endurance athlete, cites two factors. First, he said, among runners “a lot of people use their athleticism in an attempt to show they are a superior human being.”

Paula Broadwell said she ran in the mountains of Afghanistan with Gen. David H. Petraeus, maintaining a pace of six or seven minutes a mile while interviewing him. The Wall Street Journal published her available race times, in an article that gushed over her speed.

But it was clear to runners that she could not possibly have run that fast, even at sea level. Her best time in a race was 7:21 minutes a mile, and most people race faster than they normally run. Even that pace barely put her in the 70th percentile for her age.

When runners use their prowess, real or exaggerated, to suggest superiority, they generate resentment, Dr. Thompson noted. As a result, he said, “people love to find studies that support the bias that too much exercise is bad.”

Why is this not an issue in other sports? Runners, Dr. Thompson and others say, are just so much more plentiful than other athletes; if you find yourself resenting an athlete who fancies himself superior, odds are that athlete will be a runner. And running appears so easy — anyone can run, it seems. Anyone can finish a marathon, even Oprah Winfrey did it. So those who do not run can feel a little defensive.

Added to that is all the running talk by devotees who may not realize how annoying and boring their monologues can be. Dr. Baggish said his patients often bring in huge folders full of decades worth of data — heart rates on various runs, finishing times in races.

“They can talk about it until the cows come home,” he said.

So it might behoove runners to keep their running talk and braggadocio to their running friends. There may be something more than health concerns behind those cracks from friends and family about failing knees and backs and heart attacks among runners.

“When I see runners in my office, I always encourage them to bring their spouses,” Dr. Baggish said. Often a wife, for example, will start to complain: her husband “can’t enjoy Christmas Day with the family because he has to run.” A husband might say he just can’t understand why his wife has to be out there all the time running.

“That sort of inconvenience translates into concerns about health,” Dr. Baggish said.

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U.S. mobile advertising to triple this year fueled by Facebook, Google













The U.S. mobile advertising market is growing swiftly and will nearly triple this year to more than $4 billion fueled by an uptick in advertising sales at Facebook, Google and Twitter, EMarketer said in a new report.


The U.S. mobile advertising market is growing swiftly and will nearly triple this year to more than $4 billion, fueled by an uptick in advertising sales at Facebook, Google and Twitter, EMarketer said in a new report.
(EMarketer)































































Mobile device users are going to see more ads a lot sooner than researchers anticipated.


The U.S. mobile advertising market is growing swiftly. It will nearly triple this year to more than $4 billion, fueled by an uptick in advertising sales at tech giants Facebook and Google and also at Twitter, EMarketer said in a new report.


Google is expected to ring up nearly $2.2 billion in mobile ad sales this year, mostly from its search ad business. Facebook is expected to generate more than $339 million after rolling out mobile ads this year. Its track record in the third quarter selling mobile ads is “one major reason for the change,” EMarketer said. It called the growth rate “astonishing” and “unexpected.”





Twitter, which did not make money on mobile last year, will record nearly $135 million in mobile ad sales this year, EMarketer said.


But Facebook, which has rolled out several types of advertising for mobile phones, is expected to edge out Google as the top seller of display mobile ads with more than 18% of the market. Google comes in a close second with a 17% share.


It’s a big market up for grabs. EMarketer estimates that U.S. mobile ad sales will reach more than $7 billion in 2013 and nearly $21 billion by 2016.


But it’s still a tiny percentage of the overall U.S. advertising market. Right now mobile ads account for 2% of the ad market. By 2016, EMarketer expects mobile ads to account for 11%.


ALSO:


Facebook makes gains in mobile ad sales


Facebook gift service may be present for firm, investors


EMarketer: Facebook won't become a mobile ad powerhouse overnight


Follow me on Twitter @jguynn






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Connecticut school gunman shot mother multiple times, autopsy finds









NEWTOWN, Conn. -- School shooter Adam Lanza killed his mother with "multiple" shots to her head and killed himself with a single shot to his head, according to a coroner’s report released Sunday.


After killing his mother in the home they shared, Lanza, 20, drove her car to Sandy Hook Elementary School, where he opened fire in two classrooms Friday morning, killing 20 children and six adults. He then turned the gun on himself.


The autopsy reports were released by Connecticut Chief Medical Examiner Dr. H. Wayne Carver II, who said earlier that all the children had been shot multiple times.





Officials have not identified the make of Lanza's weapon, which Carver has described only as a “long gun.”


As the autopsy reports were being released Sunday, a threatening phone call to a local church prompted a mid-service evacuation that jarred a day of mourning as residents throughout this community grappled with the aftermath of the elementary school massacre.


FULL COVERAGE: Connecticut school shooting


A church spokesman said police gave an all-clear soon after the evacuation at St. Rose of Lima Church. A SWAT team had surrounded the rectory across the parking lot from the main church building and hundreds of parishioners were forced to leave services that had been packed all morning.


"This is a very difficult time for all the families. We have seen incredible dignity in the faces of these people," church spokesman Brian Wallace said. The church was locked following the all-clear to "restore calm," Wallace said.


"I don't think anyone can be surprised about anything after what has happened," he said.


Earlier police said in a morning briefing that they may have to interview the youngest survivors of the school shooting as they try to determine the motive of the gunman.


State Police Lt. Paul Vance and Newtown Police Lt. George Sinko offered few new details of the crime or the investigation into the so-far inexplicable rampage at the elementary school.


Any motive -- speculation about Lanza's video game habits, and his relationship with the school and with his mother -- remained unconfirmed. Two days later, police still aren't saying why he did what he did.


PHOTOS: Connecticut school shooting


“For us to be able to give you the summary of the motive, we have to complete the investigation; we have to have the whole picture to say how and why this occurred," said Vance of the Connecticut State Police, the lead agency on the investigation. "There are weeks’ worth of work left for us to complete this."


Lanza's mother legally purchased the guns later recovered at the scene of the massacre, law enforcement officials have said. Officials have previously said those weapons included a military-style Bushmaster .223 rifle, a Glock 9-millimeter pistol and a Sig Sauer semiautomatic pistol, officials said.


Vance said police would be tracing the weapons' origins "back to their origin" at their manufacturers.


Connecticut Gov. Dan Malloy told CNN on Sunday morning: "What we know is he shot his way into the building, so he penetrated the building -- he wasn't buzzed in. He penetrated the building by literally shooting an entrance into the building."

Sinko, meanwhile, said it was "too early" to say if children ever would return to the two classrooms where the killings occurred. "It's too early to say, but I would find it very difficult for them to do that," he said.


Arrangements were under way for some children to report to another elementary school in Newtown when classes resume.


"We want to keep these kids together," said Sinko, explaining that they hoped children who were moved to new schools could stay with their classmates. "We want to move forward very slowly and respectfully," he added, by way of explaining why it was expected to take so long to interview surviving children.


At the news conference, Vance also said the FBI had been asked to help investigate false postings on social media sites that included "some things in somewhat of a threatening manner," and some that purported to be messages from the shooter himself or others involved in the incident.


"There are quotes by people who are posing as the shooter.... Suffice it to say, the information has been deemed as threatening," he said when asked to elaborate.


ALSO:


Suspect in massacre tried to buy rifle days before, sources say


In Newtown, death's chill haunts the morning after school shooting


Connecticut shooting: Gunman forced his way into school, police say






Read More..

'Hobbit' bests 'Rings' with $84.8 million opening


NEW YORK (AP) — Peter Jackson's "The Hobbit" led the box office with a haul of $84.8 million, a record-setting opening better than the three previous "Lord of the Rings" films.


The Warner Bros. Middle Earth epic was the biggest December opening ever, surpassing Will Smith's "I Am Legend," which opened with $77.2 million in 2007, according to studio estimates Sunday. "The Hobbit: An Unexpected Journey" also passed the December opening of "Avatar," which opened with $77 million. Internationally, "The Hobbit" also added $138.2 million, for an impressive debut well north of $200 million.


Despite weak reviews, the 3-D adaptation of J. R. R. Tolkien's first novel in the fantasy series was an even bigger draw than the last "Lord of the Rings" movie, "The Return of the King." That film opened with $72.6 million. "The Hobbit" is the first of another planned trilogy, with two more films to be squeezed out of Tolkien's book.


While Jackson's "Rings" movies drew many accolades — "The Return of the King" won best picture from the Academy Awards — the path for "The Hobbit" has been rockier. It received no Golden Globes nominations on Thursday, though all three "Rings" films were nominated by the Hollywood Foreign Press Association for best picture.


Particularly criticized has been the film's 48-frames-per-second (double the usual rate), a hyper-detailed look that some have found jarring. Most moviegoers didn't see "The Hobbit" in that version, though, as the new technology was rolled out in only 461 of the 4,045 theaters playing the film.


Regardless of any misgivings over "The Hobbit," the film was a hit with audiences. They graded the film with an "A'' CinemaScore.


"What's really important, what makes this special is the CinemaScore," said Dan Fellman, president of domestic distribution for Warner Bros. "All these things point to a great word of mouth. We haven't even made it to the Christmas holidays yet. Kids are still in school this week."


The strong opening culminated a long journey for "The Hobbit," which was initially delayed when a lawsuit dragged on between Jackson and "Rings" producer New Line Cinema over merchandizing revenue. At one point, Guillermo del Toro was to direct the film with Jackson producing. But eventually the filmmaker opted to direct the movie himself, originally envisioning two "Hobbit" films. The production also went through the bankruptcy of distribution partner MGM and a labor dispute in New Zealand, where the film was shot.


The long delay for "The Hobbit," nearly a decade after the last "Lord of the Rings" film, made it "one of those movies that had everyone scratching their heads as to how it would open," said Paul Dergarabedian, an analyst for box-office tracker Hollywood.com.


"It's been a decade since the 'Lord of the Rings' trilogy concluded," said Dergarabedian. "There's been so much anticipation for this film and having Peter Jackson back at the helm just made it irresistible both to fans and the non-initiated alike."


"The Hobbit" was far and away the biggest draw in theaters, with no other new wide release. Paramount's "Rise of the Guardians" continued to draw the family crowd, with $7.4 million, bringing its cumulative total to $71.4 millon. The Oscar contender "Lincoln" from Walt Disney crossed the $100 million mark, adding another $7.2 million to bring its six-week total to $107.9 million. And Sony's James Bond film "Skyfall," with another $7 million domestically, drew closer to a global take of $1 billion.


The box office continued to be on the upswing and with anticipated releases like "Les Miserables," ''Django Unchained" and "The Guilt Trip" approaching in the holiday moviegoing season. Dergarabedian expects the year to break the 2009 record of $10.6 billion. With some $10.2 billion in revenue thus far, he said, "We're on track to be in that realm."


Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Where available, latest international numbers are also included. Final domestic figures will be released Monday.


1. "The Hobbit: An Unexpected Journey," $84.8 million.


2. "Rise of the Guardians," $7.4 million.


3. "Lincoln," $7.2 million.


4. "Skyfall," $7 million.


5. "Life of Pi," $5.4 million.


6. "The Twilight Saga: Breaking Dawn, Part 2," $5.2 million.


7. "Wreck-It Ralph," $3.3million.


8. "Playing for Keeps," $3.2 million.


9. "Red Dawn," $2.4 million.


10. "Silver Linings Playbook," $2 million.


___


Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by News Corp.; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.


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Dr. William F. House, Inventor of Cochlear Implant, Dies





Dr. William F. House, a medical researcher who braved skepticism to invent the cochlear implant, an electronic device considered to be the first to restore a human sense, died on Dec. 7 at his home in Aurora, Ore. He was 89.




The cause was metastatic melanoma, his daughter, Karen House, said.


Dr. House pushed against conventional thinking throughout his career. Over the objections of some, he introduced the surgical microscope to ear surgery. Tackling a form of vertigo that doctors had believed was psychosomatic, he developed a surgical procedure that enabled the first American in space to travel to the moon. Peering at the bones of the inner ear, he found enrapturing beauty.


Even after his ear-implant device had largely been supplanted by more sophisticated, and more expensive, devices, Dr. House remained convinced of his own version’s utility and advocated that it be used to help the world’s poor.


Today, more than 200,000 people in the world have inner-ear implants, a third of them in the United States. A majority of young deaf children receive them, and most people with the implants learn to understand speech with no visual help.


Hearing aids amplify sound to help the hearing-impaired. But many deaf people cannot hear at all because sound cannot be transmitted to their brains, however much it is amplified. This is because the delicate hair cells that line the cochlea, the liquid-filled spiral cavity of the inner ear, are damaged. When healthy, these hairs — more than 15,000 altogether — translate mechanical vibrations produced by sound into electrical signals and deliver them to the auditory nerve.


Dr. House’s cochlear implant electronically translated sound into mechanical vibrations. His initial device, implanted in 1961, was eventually rejected by the body. But after refining its materials, he created a long-lasting version and implanted it in 1969.


More than a decade would pass before the Food and Drug Administration approved the cochlear implant, but when it did, in 1984, Mark Novitch, the agency’s deputy commissioner, said, “For the first time a device can, to a degree, replace an organ of the human senses.”


One of Dr. House’s early implant patients, from an experimental trial, wrote to him in 1981 saying, “I no longer live in a world of soundless movement and voiceless faces.”


But for 27 years, Dr. House had faced stern opposition while he was developing the device. Doctors and scientists said it would not work, or not work very well, calling it a cruel hoax on people desperate to hear. Some said he was motivated by the prospect of financial gain. Some criticized him for experimenting on human subjects. Some advocates for the deaf said the device deprived its users of the dignity of their deafness without fully integrating them into the hearing world.


Even when the American Academy of Ophthalmology and Otolaryngology endorsed implants in 1977, it specifically denounced Dr. House’s version. It recommended more complicated versions, which were then under development and later became the standard.


But his work is broadly viewed as having sped the development of implants and enlarged understanding of the inner ear. Jack Urban, an aerospace engineer, helped develop the surgical microscope as well as mechanical and electronic aspects of the House implant.


Karl White, founding director of the National Center for Hearing Assessment and Management, said in an interview that it would have taken a decade longer to invent the cochlear implant without Dr. House’s contributions. He called him “a giant in the field.”


After embracing the use of the microscope in ear surgery, Dr. House developed procedures — radical for their time — for removing tumors from the back portion of the brain without causing facial paralysis; they cut the death rate from the surgery to less than 1 percent from 40 percent.


He also developed the first surgical treatment for Meniere’s disease, which involves debilitating vertigo and had been viewed as a psychosomatic condition. His procedure cured the astronaut Alan B. Shepard Jr. of the disease, clearing him to command the Apollo 14 mission to the moon in 1971. In 1961, Shepard had become the first American launched into space.


In presenting Dr. House with an award in 1995, the American Academy of Otolaryngology-Head and Neck Surgery Foundation said, “He has developed more new concepts in otology than almost any other single person in history.”


William Fouts House was born in Kansas City, Mo., on Dec. 1, 1923. When he was 3 his family moved to Whittier, Calif., where he grew up on a ranch. He did pre-dental studies at Whittier College and the University of Southern California, and earned a doctorate in dentistry at the University of California, Berkeley. After serving his required two years in the Navy — and filling the requisite 300 cavities a month — he went back to U.S.C. to pursue an interest in oral surgery. He earned his medical degree in 1953. After a residency at Los Angeles County Hospital, he joined the Los Angeles Foundation of Otology, a nonprofit research institution founded by his brother, Howard. Today it is called the House Research Institute.


Many at the time thought ear surgery was a declining field because of the effectiveness of antibiotics in dealing with ear maladies. But Dr. House saw antibiotics as enabling more sophisticated surgery by diminishing the threat of infection.


When his brother returned from West Germany with a surgical microscope, Dr. House saw its potential and adopted it for ear surgery; he is credited with introducing the device to the field. But again there was resistance. As Dr. House wrote in his memoir, “The Struggles of a Medical Innovator: Cochlear Implants and Other Ear Surgeries” (2011), some eye doctors initially criticized his use of a microscope in surgery as reckless and unnecessary for a surgeon with good eyesight.


Dr. House also used the microscope as a research tool. One night a week he would take one to a morgue for use in dissecting ears to gain insights that might lead to new surgical procedures. His initial reaction, he said, was how beautiful the bones seemed; he compared the experience to one’s first view of the Grand Canyon. His wife, the former June Stendhal, a nurse, often helped.


She died in 2008 after 64 years of marriage. In addition to his daughter, Dr. House is survived by a son, David; three grandchildren; and two great-grandchildren.


The implant Dr. House invented used a single channel to deliver information to the hearing system, as opposed to the multiple channels of competing models. The 3M Company, the original licensee of the House implant, sold its rights to another company, the Cochlear Corporation, in 1989. Cochlear later abandoned his design in favor of the multichannel version.


But Dr. House continued to fight for his single-electrode approach, saying it was far cheaper, and offered voluminous material as evidence of its efficacy. He had hoped to resume production of it and make it available to the poor around the world.


Neither the institute nor Dr. House made any money on the implant. He never sought a patent on any of his inventions, he said, because he did not want to restrict other researchers. A nephew, Dr. John House, the current president of the House institute, said his uncle had made the deal to license it to the 3M Company not for profit but simply to get it built by a reputable manufacturer.


Reflecting on his business decisions in his memoir, Dr. House acknowledged, “I might be a little richer today.”


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Don't impoverish yourself to pay kids' student loans








Dear Liz: I'm in my 50s. My kids have college loan debts that might total more than $200,000. I allowed them to take out loans because I expected to inherit $300,000 to help them pay off the debt. Now that inheritance will not happen.


I have $250,000 saved for retirement. When I'm 58 1/2 years old, I would like to pull that money out and pay some or all of these debts. Or use home equity. I've recently been downsized in employment, but I am looking to increase my income so I can help with their debt. Advice?


Answer: If your goal is to impoverish yourself so your kids will have to take care of you in your old age, by all means proceed with your plan. Otherwise, you need to rethink this.






You've been laid off in the middle of what should be your peak earning years. Older workers often have a tougher time than younger ones finding replacement jobs, even in a better economy than this one. You may not be able to replace your former income, which means you may not be able to add much to the amount you've already saved. You should be conserving your resources, including your home equity, and not squandering it repaying debts that aren't yours.


And "squandering" is the right word. You may be able to avoid paying federal and state tax penalties on withdrawals under certain conditions; distributions made after age 59 1/2 avoid the penalties, as do those made if you're "separated from service" if the job termination occurred in or after the year you turn 55. But you'll still owe income taxes on the withdrawal, and those can be considerable.


Your children are the ones who will benefit from their educations. Those educations should allow them to earn incomes to repay these loans. The amount of debt they've accrued might be excessive — you didn't specify how many kids, or whether this debt is being incurred pursuing undergraduate or graduate degrees. Ultimately, though, they will be in a better position to pay the debt than you are.


If you promised them help you can't deliver, sit down with them now to break the bad news and strategize on how they can finish their educations without incurring substantially more debt.


Your story also should serve as a cautionary tale for anyone counting on an inheritance to pay future bills. Until the money is in your bank account, it's not yours and shouldn't be part of your financial planning.


Refinancing mortgage in divorce may not be wise move


Dear Liz: My soon-to-be ex wants to refinance our mortgage to pay for renovations so we can sell it for more money. He also wants to take out some cash to pay off unsecured loans. (I have $11,000 in credit card debt, and he has over $50,000.) The house recently appraised for $310,000 and we owe $158,000 on it. Is it wise to refinance in this circumstance?


Answer: A cash-out refinance would be a risky maneuver even if you intended to stay married. Renovations rarely boost a home sale price enough to cover their cost. Also, home equity that's used to pay off credit card bills is often wasted, since the borrower never fixes the problem that led to overspending in the first place and simply runs up more debt. Since he would be getting the bulk of the benefit by having more of his debt paid off, you also would need to adjust the rest of your property settlement.


Often, the best and easiest solution in a divorce is to simply sell the house. You certainly wouldn't want to remain on a mortgage with an ex after the divorce was final, if you could possibly avoid it. A good divorce attorney can give you advice about how to proceed from here.


Make saving money automatic


Dear Liz: What's the easiest way to save money? I have the hardest time. I want to save, but I feel that I don't make enough to start saving.


Answer: The easiest way to save is to do it without thinking about it.


That usually means setting up automatic transfers either from your paycheck or from your checking account. If you have to think about putting aside money, you'll probably think of other things to do with that cash. If it's done automatically, you may be surprised at how fast the money piles up.


The second part of this equation is to leave your savings alone. If you're constantly dipping into savings to cover regular expenses, you won't get ahead.


People manage to save even on small incomes because they make it a priority. They "pay themselves first," putting aside money for savings before any other bills are paid. Start with small, regular transfers and increase them as you can.


Questions may be sent to 3940 Laurel Canyon, No. 238, Studio City, CA 91604 or by using the "Contact" form at asklizweston.com. Distributed by No More Red Inc.






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Apple takes investors on a wild ride









SAN FRANCISCO — With only modest expectations, Robert Leitao of Santa Clarita made a decision in 1994 that would change his life. He bought Apple stock.


This was several years before Steve Jobs returned to resurrect Apple, long before the iPod, the iPhone or the iPads that would make Apple the most valuable company in the world. A $1 investment in Apple at the start of 1994 is now worth about $70.


"Even with the recent sell-off, I'm still doing very well with the stock," said Leitao, who works as director of operations at a Catholic church in Burbank. "Apple provided for a down payment on our home for our blended family of four kids."





Leitao is one of the countless people whose lives have been touched by Apple's stock, which has become a global economic force. It is now one of the most widely held stocks, and the most valuable. Even as Apple Inc.'s market value fell to $480 billion on Friday, it was still larger than the gross domestic product of Norway or Argentina, and more than the combined value of Google Inc. and Microsoft Corp.


Yet that astonishing size and economic influence is also what, many analysts believe, contributes to the extraordinary volatility that can make owning Apple's stock a hair-raising experience.


It was inevitable, analysts say, that after Apple's stock rose 74% in the first nine months of this year, a huge wave of selling would occur as fund managers locked in their profits. And yet, in recent years, these huge dips have been followed by even bigger run-ups that led to new record highs, a dynamic that one trader refers to as the "Apple slingshot."


That pattern has some analysts betting Apple will soar above $1,000 a share in 2013, a scenario almost guaranteed to drive the global obsession with the company's stock into an even greater frenzy.


"The impact on shareholders and on the economy is incredible," said Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. "We've not seen anything like this in the modern trading era. Ever."


Even after the remarkable decade of Apple's revival, the company's stock managed to reach new milestones this year. Early in 2012, Apple became the sixth company ever to surpass $500 billion in market value. In August, it became the only company in history with a market value topping $622 billion.


That performance affects just about anyone who has a 401(k) account or a pension. According to FactSet, a research firm that tracks investment funds, 2,555 institutional investors — mutual funds, hedge funds and pension funds, among others — owned stock in Apple, just behind the 2,590 that held Microsoft stock, as of Sept. 30, the most recent date funds had to disclose their holdings. However, the value of that Apple stock held by institutional investors on that day was $427 billion, compared with $172 billion for Microsoft, according to FactSet.


Silverblatt said the only company that has come close to having such a strong influence on the broader stock markets since World War II is IBM in the early 1980s, when the PC revolution was just getting started. But not only is the value of Apple's stock remarkable, so is its volatility. Such large stocks rarely have such big, quick swings.


Apple shares peaked at $702.10 on Sept. 19, up from $401.44 at the start of the year, a run that astonished analysts. But just as remarkable has been its collapse, falling as low as $505.75 in intra-day trading Nov. 16.


"It's just amazing because it's such a large company," said Brian Colello, a senior research analyst at Morningstar. "The company lost about $35 billion in market cap in one day. That's the size of some large-cap stocks."


Yet such swings have become commonplace for Apple stock. Before its latest swoon of 23.4% since its September high, Apple had experienced three previous corrections of more than 10% over the last two years.


The value of Apple's stock and its extreme swings have made researching it and trading it almost a full-time job for some people. Jason Schwarz of Marina del Rey edits EconomicTiming.com, which sends out up to five newsletters each week to its 1,000 clients that focus in large measure on Apple. He also helps run Lone Peak Asset Management, which has about $500 million in assets.


Schwarz says that what he calls the "Apple slingshot" is actually a virtue of the shares.


"The extraordinary volatility is the result of Apple's strength," Schwarz said. "People try to blame the volatility on Apple's weaknesses."


Schwarz and many other Apple believers argue that people are making a big mistake when they try to understand the stock's behavior by focusing on various bits of bad news such as an executive shake-up, the Maps controversy or questions about market share or competition. They have almost nothing to do with the regular hits taken by Apple shares, the argument goes.


Instead, folks like Schwarz say more technical factors are at work, such as the fact that the fiscal year for many stock funds ends Oct. 31. When the stock peaked in September, many fund managers rushed to sell to lock in profits for the year. Apple stock makes so much money for so many people, then plummets when shareholders pause to reap their profits, Schwarz says.


The volatility has continued in recent weeks, the argument goes, because fears of higher taxes next year have many fund managers trying to take advantage of short-term swings to make bigger profits. That volatility offers tantalizing windows for huge, short-term profits for investors willing to take the risk.





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