Maddy's Graduation

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I've always been a fan of day care but this event really exceeded all my expectations. They did a great job. We're so proud. Plus fooling around with Jojo before.

New Photos CJ's Christening

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Pictures from cj's christening and the girls.
Josie really loves that bear.

David Sedaris in the Feltus Family Odyssey

I'm going to go a little post-modern this week. Just as David's writing is frequently commentary on his family, this posting is notable for the commentary on my family. Personally, it marks a low point in my own personal intellectual journey. Not only have I forsaken books, I get the CD that is the single disk "greatest hits" rather than the 3 - 4 disk version of his unabridged novels.

Me, Liz and Josie get in the mini-van to pick up Maddy and head to a birthday party. We swing by the library to return stuff and pick up anything on hold (park in the fire lane and run in). While waiting in line, I see a CD by David Sedaris. The name is vaguely associated with quality writing so I pick up and figure it'll give us something to listen to on our drive. Liz's comment is "I hear he has a foul mouth so we can't listen around Maddy" (but Josie is okay).

The CD is series of readings at Carnegie Hall. It starts off with a visit to his sister, a rant about NPR, a spat with his boyfriend (more of a bickering) , some "lessons" and story on santa claus in the Netherlands plus a short q and a.

This is all good. Very entertaining. But Josie loves it. She giggles, guffaws and roars -at the right parts too. You can hear her giggling as each bit winds to the end where she explodes. You have not lived until you've seen an eighteen month old bent over laughing silently while clapping in a car seat.

Maddy likes it too,but doesn't quite get it like Josie does. She'll laugh, repeat the line and declare it is so funny. Laugh " 'a brisk" (sp?) that is so funny papa" or laugh " " 'pee and do other things at the same time' that is so funny papa."

On the ride back from the party, the CD emerged from entertaining to superlative on "six to eight black men." This is his description of blind hunters in America and Christmas tradition. Basically, they have Saint Nicholas who is an ex-Turkish bishop who either delivers toys or beats and kidnaps children depending on their behavior with his six to eight black men (formerly slaves, now represented as friends, all living happily in Ibiza or somewhere in Spain). Of course, it is all PC-ed up now. Maddy enjoyed this bit but at first Josie was a little put off. But by the end, David has gotten his littlest fan back cackling away.

It was a little after three and none of us had had lunch so we were all a little hungry. I asked Maddy if she wanted to go out to dinner, one of her favorite activities. "No, I don't want to, Papa." Do you want out for lunch? "Yeah, that would be great." Where do you want to go to dinner. "No Papa ! I want to go to lunch. At the place with the giant chile pepper on the roof." And so off to Chile's we went.

Newswire Quote

Picking A Bottom In Perplexed US High Yield Bond Market

By Tom Sullivan
Of DOW JONES NEWSWIRES
891 words
18 May 2005
14:53
Dow Jones Capital Markets Report
English
(c) 2005 Dow Jones & Company, Inc.

NEW YORK (Dow Jones)--Bottom fishers in the high-yield bond market can't decide whether to take the bait.

After two months of relentless selling, junk bonds staged a rally Wednesday, sending prices in general up 1/2 to a point. But that's not much consolation for investors this year.

Triple-C-rated issues, the riskiest of speculative-grade securities and the most vulnerable to negative sentiment, are down 12 points, or cents on the dollar, year-to-date - including this month's drop of 3 1/2 points. Higher quality issues are down 6 1/2 points year-to-date, including a 1 1/2 point drop so far in May.

Money managers are understandably cautious, unsure if Wednesday's uptick represents just a rally on short-covering or the beginning of a steady reversal in the recent downtrend.

"There's good value in the market but it doesn't mean it won't get cheaper," said Andrew Feltus, vice president and portfolio manager of the Pioneer Global High Yield Fund, with $560 million in assets, who also manages another $850 million in high yield for Boston-based Pioneer. "I've given up trying to call a bottom," he said.

Concerns about the pace and strength of economic growth, stubbornly high oil prices, sagging consumer confidence and recent concerns about the scope of hedge fund losses have all taken their toll on the high-yield bond market.

Returns are down 3.704% year-to-date for an annualized rate around 8%, as measured by the widely followed Merrill Lynch U.S. High Yield Master II Index. In May alone, the index has posted a negative return of 1.235%.

The risk premium on the Merrill index has risen more than 1.50 percentage point over comparable Treasurys from its narrowest levels in March of this year. But buyers have been few.

"That's a huge increase in risk premiums but there doesn't seem to be a lot of optimism out there," said Eric Tutterow, senior director, high-yield corporate finance, Fitch Ratings. "A month ago, I was not optimistic at all" about the market, he said. Now the market is more attractive, and there are pockets of value, "but the overall trend is lower," he said. Tutterow cited the auto sector as a poster child for aversion to risk.

"Collins & Aikman is not going to help matters" if investors start to worry that defaults are beginning to pick up - especially with all the highly-speculative triple-C issuance the market has digested in the past two and a half years, he said.

Troy, Mich.-based auto parts supplier Collins & Aikman Corp. (CKC) filed for Chapter 11 bankruptcy this week. It was the latest blow to an auto sector already rocked by the downgrades of General Motors Corp. (GM) and Ford Motor Co. (F) to speculative grade earlier this month by credit rating agency Standard & Poor's. GM and Ford are two of the largest issuers of corporate bond debt and some people fear they may eventually overwhelm the high-yield market.

But there are some brave souls.

The bankruptcy filing "was widely expected," said Harry Resis, head of U.S. fixed income at U.K.-based Henderson Global Investors, adding that default rates remain very low by historical standards.

The global corporate speculative-grade default rate stood at 1.64% at the end of April, according to S&P, though that is up from March's 1.47%, an eight-year low that may represent the recent cycle's nadir.



Seeking Treasure In Junk Bonds


The negative currents in the market have spooked Mom and Pop retail investors. High-yield mutual bond funds have suffered 13 straight weeks of outflows, as calculated by AMG Data Services Services in Arcata, Calif., totaling some $7 billion.

As a result, the new issue market has almost completely dried up, with issuance this month "on track for (the) slowest month since late summer 2002," wrote Richard Peterson of Thomson Financial, in an email. Thomson tallies just $1.56 billion in new speculative-grade-rated debt from seven issuers through Tuesday.

But the lack of new issuance, and the run-up in risk premiums, has some market participants pausing for a longer look.

"The high-yield market is very, very attractively priced right now," said Resis of Henderson Global. Yield margins on triple-C-rated bonds "may still have some room to widen, but some of the high-rated credits widened for no good reason," he said.

Fitch's Tutterow is less enthusiastic, but also sees reason for giving junk bonds a look.

"Value is created in situations like this with investors exiting so quickly," he said. "Some credits are probably oversold," Tutterow added.

As for Pioneer's Feltus, he's squarely on the fence.

"Maybe if the rally sticks for a coupon of days, we'll see a reversal" of mutual fund outflows, he said, adding that his fund, which usually is fully invested, has 1% to 2% in cash ready to put to work should the market turns anytime soon.

-By Tom Sullivan, Dow Jones Newswires, 201 938-2048;


tom.g.sullivan@dowjones.com

In Concert : Nine Inch Nails

Boston Orpheum May 12th

Remember when Industrial Music ? I do but it seems like NIN is the last mainstream practicionor at this point. But he hasn't lost his edge and can still bang out the heavy guitar layered on top of the Industrial beats.

Life is good for Trent right now. Sold out concert tour. Number one album in the country. And he still puts on a helluva a show. Dressed in black jeans and a black tank top, he reminded me of a Goth Freddy Mercury and when playing guitar, he looked more like he was masturbating. But this was two hours of onslaught. High intensity with short breaks to play the piano before going on to more aggressive stuff. I loved the lights but behind the stage they seemed like a computer about to go blue screen and in addition to continual strobes, the spots spent most of the night flashing while directed at the audience from behind the band. It's cool but just reinforces the intensity. After a sweaty two hours, I was ready to go home. But I would go again in the middle.

He focused on the old stuff. I only caught one song from fragile (somewhat damaged). Every song from Broken (except physical and the instrumental). The high lights from pretty hate machine and downward spiral. I think he played the whole new album and there seem to be some promising songs here, but the crowd clearly quieted when they appeared. You don't need to know the new songs because he has a fairly predictable song writing pattern: drum/key board intro, guitar assault, wailing lyrics. I must admit thought that "hand that feeds" came off as almost a dance song. "Terrible Lie" was a big highlight (I would love to see a reggae/Dub version of Sin). "March of the pigs" and "hurt" stood out simply for the peaceful contrast of the piano/lyrics to the guitar onslaught. As we careened towards the end, double shot of "suck"/"gave up" brought home what this was all about before finishing with "head like a hole" which almost seemed a little tame and preachy after going through the raw emotion of broken and "reptile."

Trent took turns humping the mike and the guitarist. He has basically three poses when singing : hang on to the mike with both hands, raise one hand over the head like a wave, raise both hands over the head and give the double wave. He has lightened up though. He said thank you twice and some claim he was even smiling. Gone clean and sober, he's buffed up and is clearly hitting the weights pretty hard.

Band was solid. Bram, you would have looked bassist Jeordi White (formerly know as Twiggy Ramirez of Marilyn Manson) who strutted the stage slamming the bass. Some of the new songs allowed the guitarist to wander a little into a more layered sound than old NIN. Keyboardist and drummer didn't do anything great but did provide a solid backing. The most interesting songs were the ones that toned down the keyboards and became more bass driven, but we always go back to that industrial beat. But these guys were just sidekicks and the show was about Trent.

Dresden Dolls was a relation. I don;t really know how to describe them. It's a guy and a girl, a keyboard and a drum set. They've been called Goth and cabaret, but neither does them justice. Think Tori Amos when she cared playing with a crazed drummer (who after two songs stood and yelled "get on your feet!!! This is a rock and roll show!!!). Songs went from ballads to covers of "war Pigs" and "karma police." As proof of their talent and the power of a good drummer, I never like karma police but they did an excellent version. Went out and bought the album today. See them in concert if you can. I can't really describe what they do, but they do it well.

ztrip "changing gears"****

(1) first go to www.djztrip.com and launch player. Listen to the tunage.

(2) new computer is bitchin' fast

(3) I want to shout to to 90.3 BC's radio station and one show in particular - Funk to the Folks / Schoolbeats by Brian Coleman Mondays 5:30 to 7:30. This is a great show ! Starts with 1970's funk moves to 1980's rap/hip hop and then plays today's underground stuff. This is where I first heard of Z-trip. Check it out.

(4) A historical note. I think rap first peaked around 1989/1990. When I listen to Brian's show, you hear the early stuff. Simpler beats, straight forward rap, not every one trying to be a gangster positive vibe. Even the bragging is good natured. This is good stuff, Think what was out then : Run DMC, LL Cool J, Shcooly D, Ice T/NWA (when west coast was still looked down on), Boogie Down Productions (figured most people would not know BDP), Rob Bass, Fresh Prince, Salt n Pepa, Rakim. De la soul had just hit and Beastie Boys/dust Brothers put out the radical album Paul's Boutique which, as well as changing rap as much as NWA with it's radical sampling, crossed the color barrier. Rick Rubin was everywhere. Admit it - you even liked Vanilla Ice. But even bigger than all that was Public Enemy. "Fear of a Black Planet" has just hit - an awesome album Fight the Power, Welcome to the Terrordome, etc. side 2 was a DJ tour de force equal to Paul's Boutique. Listening to Funk to the Folks, you realize how much PE set the tone and style. - beat structure, positivity. Dr. Dre may had set the standard for rap after, but PE reveberated accros all pop music.

(5) Which brings us today's business. "Is it the DJ or the music?" Well here, it's the DJ but ztrip keeps the balance between the two that makes a great record. The first half of the album is a big house party. This is old school rap - Public Enemy (see "about face", "furious") is clearly the number one influence. Not the pounding hyper beats but crisp, straig ahead rythm. Beats are stripped down but not overly simple. MC's like Soup of Jurassic 5 bring their skills and keep the party going. Whipper Whip may be peurto rican but he could pass for Flavor Flav (chuck D era, pre vh1). About half way through, we switch over to house/techno style. ztrip can do that too. Walking Dead could be God Lives Underwater. In general, I find techno a little boring but z-trip can do it as well as rap. Once final shift occurs when Chuck D (yes that Chuck D) - his track is "shock and awe" and its a guitar romp. Not a hummable tune but powerful as he shouts down everyone, sounding like a rocking, left wing Bill Cosby.

I would have given it 5 stars but z-trip does go the Public Enemy route occasionally - military beats, over the top monologues. Yeah it's interesting, relevant and topical but doesn't hold up to repeated listening. For instance, revolution part 1 does the job - we don't need to turn it into a 15 mintue song by adding part 2. However, there is more than enough here to meet the standard.

Don't miss :

Listen to the DJ - perfect crossover rap/dj song
They get down - house party deluxe
Take Two Copies - Jethro Tull sample. rap needs more flute music.
Bury me Standing - Hard core for the rock crowd.
Breakfast Club - "If you can't relate to this song, you're takin this shit too seriosuly" celebration of Saturday morning cartoons
Walking Dead - Who let Joy Division in ?
Shock and awe - Chuck D does body count

For lefty propaganda, go to

Some guys at Starbucks told me about the site http://www.albasrah.net. This is Sunni propaganda but gives you an inside view of at least how some people see the US. If the Feds are watching you, you probably don't want to go to this web site. The pictures are fascinating. If you've seen the movie "Three Kings," looking through this site seems to give you the same flavor. It's surreal. I like this picture through.

Old stand-by www.anti-war.com is also good bookmark although I hadn't visited them in a while and they seem to have lost some of their bite.