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The Bo Xilai scandal has drawn attention to rampant corruption within the party. The public has grown increasingly outraged by the wealth gap, land grabs, incidents like the high speed rail crash, and government efforts to suppress protests and censorship.
Listening to Hu Jintao's speech at the 18th Party Congress one could tell the Communist Party (CPC) had taken note of growing public anger.
First, outgoing president Hu spent a significant amount of time talking about corruption within the party. He said corruption could "prove fatal to the party, and even cause the collapse of the party and the fall of the state," and toughened his rhetoric, warning that party members found guilty of corruption would be "brought to justice without mercy".
And another little detail caught our attention too.
In setting new growth targets, Hu said China would double its 2010 GDP and per capita income for rural and urban residents by 2020. This is the first time that per capita income had been included in the economic growth target set, according to Xinhua.
China's per capita income has been on the rise for some time now but residents are still unhappy. The country has a high Gini coefficient, a measure of income inequality. The Gini coefficient is measured on a scale of 0 to 1 where zero expresses perfect equality and 1 expresses perfect inequality. The UN has said 0.4 is the level beyond which there is a risk of social unrest and China is reported to have a Gini coefficient above that critical level.
The government has for the eleventh straight year refused to publish the Gini coefficient because it claims that data on high-income groups is incomplete. But Caixin Online reports that it is because the government wants to mask the wealth gap in the country, another cause of unrest among the public.
In delivering his speech Hu acknowledged the income inequality problem and spent some time talking about boosting the incomes of the lower-income groups. From Xinhua:
China should deepen reform of the wage and salary system in enterprises, government bodies and public institutions, promote collective bargaining on wages in enterprises, and protect income earned through work, and increase proprietary individual income through multiple channels.
"We should improve the way in which income is distributed, protect lawful income, increase the income of low-income groups, adjust excessively high income, and prohibit illicit income," he said.
Academics like Minxin Pei (in a Project Syndicate column) have warned that the Communist Party is right to worry about its future:
"The CCP?s monopoly of public moral authority is long gone, and now its monopoly of political power is at risk as well. That loss is compounded by the collapse of the Party?s credibility among ordinary people.
For a regime whose credibility is gone, the costs of maintaining power are exorbitant ? and eventually unbearable ? because it must resort to repression more frequently and heavily.
But repression is yielding diminishing returns for the Party, owing to a third revolutionary development: the dramatic decline in the cost of collective action. ...If governing by fear is no longer tenable, China?s new rulers must start fearing for the CCP's future.
To this point, Cheng Li at the Brooking Institution has warned that "if the CCP intends to regain the public?s confidence and avoid a bottom-up revolution, it must abandon the notion of ?authoritarian resilience? and embrace a systematic democratic transition."
If the Communist Party wants to secure its future, it needs to ensure that it is heeding the concerns of the public by bridging income inequality and stamping out corruption.
Note: The piece was updated to include comments by Minxin Pei and Cheng Li.
SEE ALSO: IT BEGINS - China's Once-In-A-Decade Leadership Transition Kicks Off >
Source: http://www.businessinsider.com/heres-how-we-know-beijing-is-terrified-about-social-rest-2012-11
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ScienceDaily (Oct. 31, 2012) ? The latest research on the impact of cyberbullying on children has just been collected in a special double issue of the journal Emotional and Behavioural Difficulties, published by Routledge. From the complex relationships between cyberbullies and their victims, to a greater moral disengagement in cyberbullies compared to traditional bullies.
Advances in technology have made life better for most people. But they've also meant that school bullies can now torment their victims by mobile phone or over the Internet, rather than just in school or in the playground, making life much worse for many young people.
Cyberbullying is now a large part of all bullying in schools, and has its own characteristics. While still fundamentally a 'systemic abuse of power' like 'traditional' bullying, cyberbullying is mainly 'indirect, rather than face to face, and may be anonymous'; the bully rarely sees the reaction of his or her victims immediately (and thus the consequences); the potential audience for the bully is wider; and nasty messages can follow a victim around by phone or computer to any location, at any time of day, making it very hard to escape from.
For these reasons, cyberbullying is now a topic of major international concern. The latest research on its impact has just been collected in a special double issue of the journal Emotional and Behavioural Difficulties (17 [3/4] 2012).
Guest Editor Peter K. Smith from Goldsmiths, University of London, has collected 15 articles with data from 12 countries. Five papers provide context by discussing traditional forms of bullying. Two papers introduce, define and explain the concept of cyberbullying, while eight further papers examine the phenomenon in more detail, often using traditionally bullying as comparison. The papers discuss the complex relationship between emotional and behavioural factors for both cyberbullies and their victims, to help understand and prevent its rise. One paper found, for example, that 'those involved in cyberbullying showed greater moral disengagement than those involved in traditional bullying', but also that children who were happier at school were less at risk of becoming victims', hopefully pointing the way to at least one form of prevention.
Academics, educators, social workers and parents have been tackling the issue of bullying in one form or another for years. Unfortunately, the advent of cyberbullying presents them with yet another front in their battle. Efforts to tackle this new form of bullying can draw on established techniques, but more research is needed. This special issue is a very important first step in reducing the misery bullying, both 'cyber' and 'traditional', causes for so many young people.
For more information, see: http://www.tandfonline.com/toc/rebd20/17/3-4
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As of Tuesday morning, Sandy was blamed for power outages affecting more than 8 million people. Although?of little help to people in the dark today, so-called smart-grid technologies being installed around the country will make the electric grid more resilient to future storms, according to an industry expert.
One caveat: ?It is economically unfeasible to storm-proof your system, and by storm-proof I mean resilient to anything that could happen,? Dean Oskvig, president of engineering consulting firm Black & Veatch?s global energy business, told NBC News Tuesday.
But utilities are installing technology such as self-healing switches that automatically route power around outages in an effort to minimize disruptions to service, he said.
Much of the smart grid is really about the installation of sensors and other equipment that offer utilities real-time monitoring of the grid so that they can detect and isolate power outages more quickly, which limits their spread and impact.?
Real-time monitoring of the grid also enables integration of small-scale distributed power stations onto the grid, which can provide electricity to a neighborhood, for example, when the city?s main plant is down.
Distributed power stations harken back to early days of the electric system when it was a hodgepodge of ?small individual generators all over the place and it was simply chaotic,? Oskvig said. As a result, greater reliability and efficiency drove evolution toward a system that relies on central power plants.
Today, however, the communications technology that underpins smart-grid systems ?has a way of accommodating a lot more distributed generation than we were able to do in the past,? he added.?
By the same token, a more intelligent grid is able to accommodate increased wind and solar power, which are plagued by intermittency.
?But, when you are faced with something like the storm out east, a smart grid will only take you so far,? Oskvig said.?
Utilities can make their grids more resilient with more traditional approaches such as?putting more of their power lines underground, which puts them out of the way of wind-toppled trees. But undergrounding lines costs several million dollars per mile versus a few hundred thousand dollars for overhead lines.
And even when lines are underground, that doesn?t mean the system is storm-proof. Power lines in New York City, for example, are already mostly underground. That didn?t stop floodwater from shutting down substations, Oskvig noted.
What measures a utility takes to make their systems more resilient to storms is a cost-benefit calculation. Sandy is considered a once-in-a-generation-type storm. Is it worth spending to put in?underground lines, install self-healing technology or build more, smaller distributed generation plants?
Given that Sandy is the type of storm that experts believe is consistent with global climate change, a more resilient grid seems prudent for our stormier future, a future that by some accounts is already here.
In the last year?New York, for example, has seen two tropical storms and a ?freak? snowstorm on Halloween 2011 that dumped a foot of snow. Each of those storms led to costly power outages that were, in isolation, considered rare events.
The cost of implementing the technologies required to smarten up and improve the grid will cost about $1.5 trillion over the next two decades, Mark Brownstein with the Environmental Defense Fund told American Public Media?s Marketplace on Monday.?
John Roach is a contributing writer for NBC News Digital. To learn more about him, check out his website. For more of our Future of Technology series, watch the featured video below.
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Unlike many entrepreneurs who build companies these days, George Lucas didn't raise any VC money.
And that means he gets to keep the whole check Disney wrote for his company, which was for a not-inconsequential $4 billion.
How did George Lucas build a company worth $4 billion without any outside investors?
Here are the key points:
Put all those things together, and you've got yourself a recipe for building a great business.
And how here are the details, as described by Wikipedia:
George Walton Lucas, Jr. (born May 14, 1944) is an American film producer, screenwriter, director, and entrepreneur. He was the founder, chairman and chief executive of Lucasfilm before selling the company to Disney on October 30, 2012. [8] He is best known as the creator of the space opera franchise Star Wars and the archaeologist-adventurer character Indiana Jones. Lucas is one of the American film industry's most financially successful directors/producers, with an estimated net worth of $3.3 billion as of 2012.[1]
George Lucas was born in Modesto, California, the son of Dorothy Ellinore (n?e Bomberger) and George Walton Lucas, Sr. (1913?1991), who owned a stationery store.[9][10]
Lucas grew up in the Central Valley town of Modesto, and his early passion for cars and motor racing would eventually serve as inspiration for his USC student film 1:42.08, as well as his Oscar-nominated low-budget phenomenon, American Graffiti. Long before Lucas became obsessed with film making, he wanted to be a race-car driver, and he spent most of his high school years racing on the underground circuit at fairgrounds and hanging out at garages. On June 12, 1962, while driving his souped-up Autobianchi Bianchina, another driver broadsided him, flipping over his car, and almost killing him, causing him to lose interest in racing as a career.[5][11] He attended Modesto Junior College, where he studied, amongst other subjects, anthropology, sociology and literature.[5] He also began filming with an 8?mm camera, including filming car races.[5]
At this time, Lucas and his friend John Plummer became interested in Canyon Cinema: screenings of underground, avant-garde 16?mm filmmakers like Jordan Belson, Stan Brakhage and Bruce Conner.[3] Lucas and Plummer also saw classic European films of the time, including Jean-Luc Godard's Breathless, Francois Truffaut's Jules et Jim, and Federico Fellini's 8?.[3] "That's when George really started exploring," Plummer said.[3] Through his interest in autocross racing, Lucas met renowned cinematographer Haskell Wexler, another race enthusiast.[3][5] Wexler, later to work with Lucas on several occasions, was impressed by Lucas' talent.[5] "George had a very good eye, and he thought visually," he recalled.[3]
Lucas then transferred to the University of Southern California School of Cinematic Arts. USC was one of the earliest universities to have a school devoted to motion picture film. During the years at USC, George Lucas shared a dorm room with Randal Kleiser. Along with classmates such as Walter Murch, Hal Barwood and John Milius, they became a clique of film students known as The Dirty Dozen. He also became very good friends with fellow acclaimed student filmmaker and future Indiana Jones collaborator, Steven Spielberg. Lucas was deeply influenced by the Filmic Expression course taught at the school by filmmaker Lester Novros which concentrated on the non-narrative elements of Film Form like color, light, movement, space, and time. Another huge inspiration was the Serbian montagist (and dean of the USC Film Department) Slavko Vorkapich, a film theoretician comparable in historical importance to Sergei Eisenstein, who moved to Hollywood to make stunning montage sequences for studio features at MGM, RKO, and Paramount. Vorkapich taught the autonomous nature of the cinematic art form, emphasizing the unique dynamic quality of movement and kinetic energy inherent in motion pictures.
Lucas saw many inspiring films in class, particularly the visual films coming out of the National Film Board of Canada like Arthur Lipsett's 21-87, the French-Canadian cameraman Jean-Claude Labrecque's cin?ma v?rit? 60 Cycles, the work of Norman McLaren, and the documentaries of Claude Jutra. Lucas fell madly in love with pure cinema and quickly became prolific at making 16?mm nonstory noncharacter visual tone poems and cin?ma v?rit? with such titles as Look at Life, Herbie, 1:42.08, The Emperor, Anyone Lived in a Pretty (how) Town, Filmmaker, and 6-18-67. He was passionate and interested in camerawork and editing, defining himself as a filmmaker as opposed to being a director, and he loved making abstract visual films that create emotions purely through cinema.[3]
After graduating with a bachelor of fine arts in film in 1967, he tried joining the United States Air Force as an officer, but he was immediately turned down because of his numerous speeding tickets. He was later drafted by the Army for military service in Vietnam, but he was exempted from service after medical tests showed he had diabetes, the disease that killed his paternal grandfather.
In 1967, Lucas re-enrolled as a USC graduate student in film production. Working as a teaching instructor for a class of U.S. Navy students who were being taught documentary cinematography, Lucas directed the short film Electronic Labyrinth: THX 1138 4EB, which won first prize at the 1967?68 National Student Film Festival, and was later adapted into his first full-length feature film, THX 1138. Lucas was awarded a student scholarship by Warner Brothers to observe and work on the making of a film of his choosing. The film he chose was Finian's Rainbow (1968) which was being directed by Francis Ford Coppola, who was revered among film school students of the time as a cinema graduate who had "made it" in Hollywood. In 1969, George Lucas was one of the camera operators on the classic Rolling Stones concert film Gimme Shelter.
George Lucas is a filmmaker, with a film career dominated by writing and production. Aside from the nine short films he made in the 1960s, he also directed six major features. His work from 1971 and 1977 as a writer-director, which established him as a major figure in Hollywood, consists of just three films: THX 1138, American Graffiti, and Star Wars. There was a 22-year hiatus between the original Star Wars film and his only other feature-film directing credits, the three Star Wars prequels.
Lucas acted as a writer and executive producer on another successful Hollywood film franchise, the Indiana Jones series. In addition, he established his own effects company, Industrial Light and Magic (ILM), to make the original Star Wars film. The company is now one of the most successful in the industry.
Lucas co-founded the studio American Zoetrope with Coppola?whom he met during his internship at Warner Brothers?hoping to create a liberating environment for filmmakers to direct outside the perceived oppressive control of the Hollywood studio system[citation needed]. His first full-length feature film produced by the studio, THX 1138, was not a success. Lucas then created his own company, Lucasfilm, Ltd., and directed American Graffiti (1973). His new-found wealth and reputation enabled him to develop a story set in space. Even so, he encountered difficulties getting Star Wars made. It was only because Alan Ladd, Jr., at Fox Studios liked American Graffiti that he forced through a production and distribution deal for the film, which ended up restoring Fox to financial stability after a number of flops.[12]
Star Wars quickly became the highest-grossing film of all-time, displaced five years later by Spielberg?s E.T. the Extra-Terrestrial. After the success of American Graffiti and prior to the beginning of filming on Star Wars, Lucas was encouraged to renegotiate for a higher fee for writing and directing Star Wars than the $150,000 agreed.[5] He declined to do so, instead negotiating for advantage in some of the as-yet-unspecified parts of his contract with Fox, in particular ownership of licensing and merchandising rights (for novelizations, T-shirts, toys, etc.) and contractual arrangements for sequels.[5] The studio were apparently unconcerned to let go of these rights - at the time, licensed products and merchandising did not represent the significant market that it is now.[5] This negotiation has earned Lucasfilm hundreds of millions of dollars over the years, as Lucas has exploited merchandising rights wisely, and now directly profits from all licensed games, toys, and collectibles created for the franchise.[5]
Over the two decades after the first Star Wars film, Lucas worked extensively as a writer and/or producer, including the many Star Wars spinoffs made for film, TV, and other media. He acted as executive producer for the next two Star Wars films, assigning the direction of The Empire Strikes Back to Irvin Kershner and Return of the Jedi to Richard Marquand, while receiving a story credit on the former and sharing a screenwriting credit with Lawrence Kasdan on the latter. Lucas also acted as executive producer and story writer on all four of the Indiana Jones films, which he convinced his colleague and good friend, Steven Spielberg, to direct. Other notable projects as a producer or executive producer in this period include Kurosawa's Kagemusha (1980), Lawrence Kasdan's Body Heat (1981), Jim Henson's Labyrinth (1986), Godfrey Reggio's Powaqqatsi (1986) and the animated film The Land Before Time (1988). There were also some less successful projects, however, including More American Graffiti (1979), the ill-fated Howard the Duck (1986), which was arguably[citation needed] the biggest flop of his career; Willow (1988, which Lucas also wrote); and Coppola's Tucker: The Man and His Dream (1988). Between 1992 and 1996, Lucas served as executive producer for the television spinoff The Young Indiana Jones Chronicles. In 1997, for the 20th anniversary of Star Wars, Lucas went back to his trilogy to enhance and add certain scenes using newly available digital technology. These new versions were released in theaters as the Star Wars Trilogy: Special Edition. For DVD releases in 2004, this series has received further revisions to make them congruent with the prequel trilogy. Besides the additions to the Star Wars franchise, in 2004 a George Lucas Director's Cut of THX 1138 was released, with the film re-cut and containing a number of CGI revisions.
The animation studio Pixar was founded as the Graphics Group[citation needed], one third of the Computer Division of Lucasfilm. Pixar's early computer graphics research resulted in groundbreaking effects in films such as Star Trek II: The Wrath of Khan[13] and Young Sherlock Holmes,[13] and the group was purchased in 1986 by Steve Jobs shortly after he left Apple after a power struggle at Apple Computer. Jobs paid U.S. $5 million to Lucas and put U.S. $5 million as capital into the company. The sale reflected Lucas' desire to stop the cash flow losses from his 7-year research projects associated with new entertainment technology tools, as well as his company's new focus on creating entertainment products rather than tools. A contributing factor was cash-flow difficulties following Lucas' 1983 divorce concurrent with the sudden dropoff in revenues from Star Wars licenses following the release of Return of the Jedi.
The sound-equipped system, THX Ltd, was founded by Lucas and Tomlinson Holman.[14] The company was formerly owned by Lucasfilm, and contains equipment for stereo, digital, and theatrical sound for films, and music. Skywalker Sound and Industrial Light & Magic, are the sound and visual effects subdivisions of Lucasfilm, while Lucasfilm Games, later renamed LucasArts, produces products for the gaming industry.
In 1994, Lucas began work on the screenplay for the prequel Star Wars Episode I: The Phantom Menace, which would be the first film he had directed in over two decades. The Phantom Menace was released in 1999, beginning a new trilogy of Star Wars films. Lucas also directed Star Wars Episode II: Attack of the Clones and Star Wars Episode III: Revenge of the Sith which were released in 2002 and 2005, respectively. Numerous critics considered these films inferior to the previously released Star Wars, The Empire Strikes Back, and Return of the Jedi.[15][16][17]
In 2008, he reteamed with Spielberg for Indiana Jones and the Kingdom of the Crystal Skull.
Lucas currently serves as executive producer for Star Wars: The Clone Wars, an animated television series on Cartoon Network, which was preceded by a feature film of the same name. He is also working on a so-far untitled Star Wars live-action series.
For the film Red Tails (2012), Lucas serves as story-writer and executive producer. He also took over direction of reshoots while director Anthony Hemingway worked on other projects. Lucas is working on his first musical, an untitled CGI project being produced at Skywalker Ranch. Kevin Munroe is directing and David Berenbaum wrote the screenplay.[18]
?I?m moving away from the business... From the company, from all this kind of stuff.?
?George Lucas on his future career plans.[19]In January 2012, Lucas announced his retirement from producing large-scale blockbuster films and instead re-focusing his career on smaller, independently budgeted features. He did not specify whether or not this would affect his involvement with a fifth installment of the Indiana Jones series.[19][20][21] In June 2012, it was announced that producer Kathleen Kennedy, a long-term collaborator with Steven Spielberg and a producer of the Indiana Jones films, had been appointed as co-chair of Lucasfilm Ltd.[22][23] It was reported that Kennedy would work alongside Lucas, who would remain chief executive and serve as co-chairman for at least one year, after which she would succeed him as the company's sole leader.[22][23]
In 1991, The George Lucas Educational Foundation was founded as a nonprofit operating foundation to celebrate and encourage innovation in schools. The Foundation's content is available under the brand Edutopia, in an award-winning web site, social media and via documentary films. Lucas, through his foundation, was one of the leading proponents of the E-rate program in the universal service fund,[24] which was enacted as part of the Telecommunications Act of 1996. On June 24, 2008, Lucas testified before the United States House of Representatives subcommittee on Telecommunications and the Internet as the head of his Foundation to advocate for a free wireless broadband educational network.[25]
In 2005, Lucas gave US$1 million to help build the Martin Luther King, Jr. National Memorial on the National Mall in Washington D.C. to commemorate American civil rights leader Martin Luther King, Jr.[26]
On September 19, 2006, USC announced that George Lucas had donated $175?180 million to his alma mater to expand the film school. It is the largest single donation to USC and the largest gift to a film school anywhere.[27] Previous donations led to the already existing George Lucas Instructional Building and Marcia Lucas Post-Production building.[28][29]
Lucas has pledged to give half of his fortune to charity as part of an effort called The Giving Pledge led by Bill Gates and Warren Buffett to persuade America's richest individuals to donate their financial wealth to charities.[30][31]
The American Film Institute awarded Lucas its Life Achievement Award on June 9, 2005.[32] This was shortly after the release of Star Wars Episode III: Revenge of the Sith, about which he joked stating that, since he views the entire Star Wars series as one film, he could actually receive the award now that he had finally "gone back and finished the movie."
On June 5, 2005, Lucas was named among the 100 "Greatest Americans" by the Discovery Channel.[33]
Lucas was nominated for four Academy Awards: Best Directing and Writing for American Graffiti, and Best Directing and Writing for Star Wars. He received the Academy's Irving G. Thalberg Award in 1991. He appeared at the 79th Academy Awards ceremony in 2007 with Steven Spielberg and Francis Ford Coppola to present the Best Director award to their friend Martin Scorsese. During the speech, Spielberg and Coppola talked about the joy of winning an Oscar, making fun of Lucas, who has not won a competitive Oscar.
On June 17, 2006, the Science Fiction Hall of Fame inducted George Lucas and three others.[34][35]
On January 1, 2007 George Lucas served as the Grand Marshal for the 2007 Tournament of Roses Parade, and made the coin toss at the 2007 Rose Bowl.
On August 25, 2009, Governor Arnold Schwarzenegger and Maria Shriver announced that Lucas would be one of 13 California Hall of Fame inductees in The California Museum's yearlong exhibit. The induction ceremony was on December 1, 2009 in Sacramento, California.
On September 6, 2009, Lucas was in Venice to present to the Pixar team the Golden Lion for Lifetime Achievement during the 2009 Biennale Venice Film Festival.
In 1969, Lucas married film editor Marcia Lou Griffin, who went on to win an Academy Award for her editing work on the original Star Wars film. George and Marcia adopted a daughter, Amanda, in 1981, and divorced in 1983. Lucas has since adopted two more children: Katie, born in 1988, and Jett, born in 1993. All three of his children have appeared in the three Star Wars prequels, as has Lucas himself. During the 1980s, Lucas was in a relationship with singer Linda Ronstadt. He has been dating Mellody Hobson, president of Ariel Investments, since 2006 and she has accompanied him to several events including the 79th Academy Awards ceremony in February 2007, an American Film Institute event in October 2007, the 2008 Cannes Film Festival held in May, and the 2010 Golden Globes.[36][37][38]
Lucas was born and raised in a Methodist family.[5] The religious and mythical themes in Star Wars were inspired by Lucas' interest in the writings of mythologist Joseph Campbell,[39] and he would eventually come to identify strongly with the Eastern religious philosophies he studied and incorporated into his films, which were a major inspiration for "the Force." Lucas eventually came to state that his religion was "Buddhist Methodist". Lucas resides in Marin County.[40][41]
Lucas has said that he is a fan of Seth MacFarlane's hit TV show Family Guy. MacFarlane has said that Lucasfilm was extremely helpful when the Family Guy crew wanted to parody their works.[42]
Source: http://www.businessinsider.com/george-lucas-made-4-billion-without-investors-2012-10
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Wall Street remained shuttered Tuesday as post-tropical storm Sandy battered New York City for the second straight day.
The New York Stock Exchange, Nasdaq and CME exchanges remained closed while officials tested contingency plans and backup systems, hoping to ensure trading can resume as normal later in the week.
Large parts of Manhattan were flooded by late Monday and early Tuesday. Water cascaded over several seawalls in lower Manhattan and a highway close to the island's east side was flooded.
CNN and other U.S. media reported early Monday morning that the trading floor of the NYSE was under a metre of water.
But a spokesman for the exchange confirmed to CBC News that those reports were untrue. "[That] report was totally wrong," Ray Pellechia said. "No water at all in [the] building or surrounding streets."
Officials say they hope the exchange can open and get back to normal business on Wednesday. "It's a monumental event, and we take it very seriously," said Larry Leibowitz, NYSE's chief operating officer. "It's not a hyped-up drama."
At a Duane Reade drugstore a block or so away from the NYSE building, there were signs of life. One man was buying candles, scented, and asking for extra matches, as another walked out clutching a 12-pack of beer.
Airlines cancelled thousands of flights and stranded travellers, while insurers brace for payouts estimated to be in the $5 to $10 billion range, catastrophic loss modelling firm Eqecat said.
The company's preliminary estimates are that the total damage will range between $10 billion and $20 billion. That could top last year's $15.8 billion tally for Hurricane Irene. CoreLogic, a private data provider, estimates there are 284,000 homes worth about $88 billion in the hurricane's path.
If so, Hurricane Sandy would be among the 10 most costly hurricanes in U.S. history. But it would still be far below the worst ? Hurricane Katrina, which cost $108 billion and caused 1,200 deaths in 2005.
"Assuming the storm simply disrupts things for a few days and it doesn't do significant damage to infrastructure, then I don't think it will have a significant national impact," Mark Zandi, chief economist at Moody's Analytics, said Monday.
Experts also note that while natural disasters often hit the economy in the short term, the rebuilding dollars that follow often stimulate the economy to come back stronger than it was before.
Here are some more ways the world's largest economy is being affected by the storm:
Air travel in the Northeast is all but stopped for at least two days. Airlines cancelled more than 10,000 flights for Monday and Tuesday from Washington to Boston. The disruptions spread across the nation and overseas, stranding passengers from Hong Kong to Europe. Carriers could suffer a short-term hit to earnings as they spend more to shuffle crews and planes. The airline cancellations have already surpassed those from Hurricane Irene last August and are on par with those from a major snowstorm that socked the East Coast early last year.
Three nuclear plants were shut down as a precaution, and authorities dispatched monitors to examine 11 others for signs of stress. The Salem Unit 1 in southern Delaware, Nine Mile Point and Indian Point 3 in N.Y. were all shuttered. The fear is that Sandy could disrupt the flow of water that the plants need to intake to stay cool, but as of yet there's no evidence that's happening.
The nation's major retailers are expected to lose billions of dollars, and the losses could extend into the crucial holiday shopping season. Sales at department stores, clothing chains, jewellers and other sellers of non-essential goods are expected to suffer the most.
Power outages and disruptions in major East Coast cities "may take a toll on demand unlike anything we have seen before," Phil Flynn, a senior market analyst for Price Futures Group, wrote in a report. Some of the biggest oil refineries in the Northeast were closed, and others were running at reduced capacity. As businesses closed and drivers stayed home, demand for gasoline was expected to fall.
The cost to insurers is expected to rival the insured damage from Hurricane Irene last year. Damage from Irene cost insurers roughly $5 billion, according to Sterne, Agee & Leach Research. Because the storm is hitting a highly populous region, with "one of the highest concentrations of wealth in the world," the damages are likely to run into the billions, say analysts at Morgan Stanley.
Source: http://news.yahoo.com/nyse-shuttered-2nd-day-sandy-pounds-away-144417162--finance.html
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