Issue link: https://www.epageflip.net/i/10831
Friday, May 21, 2010 – Daily News – 3A Local Calendar FRIDAY, MAY 21 Red Bluff Al-Anon, 6 to 7 p.m., Presbyterian Church, Jef- ferson and Hickory Celebrate Recovery, 6:15 p.m., Vineyard Christian Fellowship, 738 Walnut St. 527-2449 Knit for Kids, 9:15 to noon, Presbyterian Church, 838 Jefferson St., 527-0372. Mommy and Me Breastfeeding Class, 10 a.m., Family Resource Center, 220 Sycamore St. Ste. 101, 528-8066 Reeds Creek School Board, 1:30 p.m., 18335 Johnson Road, library Corning Spanish Adult Education, 8:30 a.m. and 1:30 p.m., Family Resource Center, West and South streets, 824-7670 SATURDAY, MAY 22 Red Bluff California Houndsman for Conservation, 5 p.m., Tehama District Fairground, Tyler Jelly Build- ing, 692-9515. SUNDAY, MAY 23 Corning Evangelist services, 7 p.m., Family Bible Church, 609 Marin St., 824-9989 MONDAY, MAY 24 Red Bluff Al-Anon, 6 p.m., Presbyterian Church, Jeffer- son and Hickory (additional meetings noon and 6 p.m.Wednesdays, 6 p.m. Fridays) Head Injury Recreational Entity, 10 a.m., St. Elizabeth Community Hospital, Coyne Center, Rusty, 529-2059 Key to Life, 6 p.m., Family Resource Center, 220 Sycamore St. Suite 101, 528-8066 North State Barrel Racers, 5 p.m., Tehama District Fairground, Bull Sale Arena, 526-4210. Red Bluff Community Band, 6:45-8:45 p.m., Red Bluff Community / Senior Center, 1500 S. Jackson St., 527-3486. Salvation Army Writing Class, 9:30 to 11 a.m., 940 Walnut Street , 527-8530. Sun Country Quilters Community Service Group, 9 a.m. to 3 p.m., Family Resource Center, 220 Sycamore St. Suite 101, 528-8066 Sun Country Quilters Guild Meeting, 7 p.m., Westside Room, Red Bluff Community and Senior Center, 1500 S. Jackson St. Corning Healthcare District, 6 p.m., district office build- ing, 145 Solano St., conference room Narcotics Anonymous, and 7 p.m., 815 First St., 385-1169 or 566-5270. Meetings daily through Saturday, additional meeting noon Mondays Sewing group, 9 a.m., Family Resource Cen- ter, West and South streets, 824-7670 Spanish Adult Education, 5 p.m., Family Resource Center, West and South streets, 824- 7670 Strategies for Success, Life Skill classes, 1:30 p.m., Family Resource Center, West and South streets, 824-7670 Rancho Tehama Meet Dave Hencratt, 6:30 p.m., Rancho Tehama Association Recreation Hall. TUESDAY, MAY 25 Red Bluff Alzheimer’s and dementia support group, 6 p.m., Lassen House, 705 Luther Road, 529-2900 International Order of the Rainbow for Girls, 6:45 P.M., Masonic Hall 822 Main St. 527-6715 PAL Kickboxing, 4 p.m., 1450 Schwab St., 529-8716 or 200-3950 Playtime Pals Playgroup, 9:30 a.m., Family Resource Center, 220 Sycamore St. Suite 101, 528-8066 Red Bluff Rotary, noon, Elks Lodge Tehama County Board of Supervisors, 10 a.m., board chamber, 727 Oak St. Tehama County Patriots, 6 p.m., Trinity Landmark Missionary Church, 20920 Hampton Rhodes Drive Veterans of Foreign Wars Post 1932, 7 p.m. Veterans Building, Oak St. Corning City Council, 7:30 p.m., City Hall, 794 Third St. High-tech solutions needed to avert panic The recent market "glitch" was shocking to behold in real time. As it happened, I was in the boardroom of the Chicago Mercantile Exchange when the slide started. The huge room is equipped with screens that can be viewed from every seat around the table, and all eyes turned to the screens as the numbers changed quickly in red. Full disclosure: I am a director of CME Group -- but my commentaries do not speak for the company, and I have no non-public information on what caused Thursday's strange events. CME Group issued a statement Friday morning, saying that both its floor and electronic markets func- tioned without anomaly, and its clearinghouse performed flawlessly. The New York Stock Exchange and Nasdaq issued similar reports. So far, the Securities and Exchange Commission and the Commodity Futures Trading Commission have not announced any conclusions on how the event started. But many traders report that prices fell precipitously in several stocks, with the most notice- able being Proctor & Gamble, a rela- tively staid stock that is one of the 30 that make up the Dow Jones industrial average. Its sudden 30 percent drop was immediately reflected in the DJIA calculations -- calling widespread attention to the anomaly. The cascade of selling triggered "stops" -- orders to sell -- which had been placed below then-current trad- ing levels. When prices fell, those stop orders became market orders, adding to the selling pressure. While stocks and indices rebound- ed within the hour, the market tsunami left both losses and questions in its wake. The NYSE and Nasdaq announced that they would bust trades made during a 20-minute period of the most extreme volatility, in cases where the losses were more than 60 percent. No futures trades on the indices were canceled. The Tehama-Glenn Unit of the California Department of Forestry and Fire Protection (CAL FIRE) and the Tehama County Fire Department wants to remind residents that debris burning will be suspended as of Tuesday, June 1 to the end of sum- mer preparedness staffing levels. The burn ban includes all areas of Tehama County with the exception of the communi- ties of Mineral, Childs Meadows, Deer Creek and Mill Creek. The burn ban in these areas goes into effect Thursday, July 1, to the end of summer preparedness staffing levels, unless fire conditions require an earli- er burn ban. Police reports The following informa- tion is compiled from Red Bluff Police Department, Tehama County Sheriff’s Department, Corning Police Department and Cal- ifornia Highway Patrol. Big rig A big rig lost its load at 3:08 a.m. Thursday while pulling off southbound Interstate 5 at South Avenue. The truck was starting to travel over the overpass when an axle with wheels for a compactor tractor slid back and busted the tail gate, landing on the road and damaging the road and curb. No one was injured, however, the over- pass was temporarily closed with traffic diverted to Lib- eral Avenue. A crane was brought in to clean up the mess, but had a hydraulic failure. A loader was brought from Redding to clean up the mess and the overpass was completely cleared up by 8:30 a.m. Fire Will we ever know why it hap- pened in the first place? The "fat fin- ger" theory just doesn't work in prac- tice. The fanciful idea that someone hit "billions" instead of millions fails because there is no keystroke for bil- lions. But it could be that one order was punched repeatedly, or that zeroes were inadvertently added to the number of shares in a sell order. That seems more likely because the drop hit just a few stocks at first. It's not beyond pos- sibility that some malicious hack- ers got into the system, perhaps as a test -- or as a warn- ing. But no one has taken blame. And there's no explanation as to why the market suddenly rebounded instead of con- tinuing to the downside. What is certain is that as Now the debate will rage: Can you trust electronic exchanges, or do you need the "human touch" to provide guidance in extreme market events? Obviously, those who think that mere humans will provide rational calm in times of distress have forgotten what happened in 1987 during that stock mar- ket crash. That crisis demon- strated that even professional "specialists" can become par- alyzed with fear and stop making markets. Terry Savage The Savage the wave retreated, it exposed the faults in an intricate network of elec- tronic trading. Most investors think their stock orders are executed on the NYSE or Nasdaq, unaware that orders in shares listed on those exchanges are routed electroni- cally to get the "best price" available on any electronic exchange. When the cascade started, the NYSE floor immediately declared a "pause" of about 90 seconds to assess whether these trades were "for real." During those few seconds, orders were automatically directed to smaller elec- tronic stock exchanges, which were still posting bids. The sales pushed prices downward, hitting the stops in these thinly traded markets. Some stock prices dropped to pennies a share, as in the case of Accenture, which fell from $40 to 1 cent! Similar- ly impacted were shares of 295 other companies, including Exelon, Google and Apple. Agricultural, forest management and other industrial type burning may proceed if an autho- rized fire official inspects the area and issues a spe- cial permit. Always check with Air Pollution Control to verify if it is a legal bum day prior to starting any bum. Campfires will be allowed in designated campgrounds with permis- sion of the jurisdictional authority and a valid camp- fire permit. Experience has shown that suspending burning is an effective way of pre- venting wildfire escapes, especially as Tehama County enters a period of hotter and drier weather. Although all fires cannot be prevented through a • CalFire responded at 6:03 p.m. Wednesday to a debris fire escape in the area of Oren Avenue and Moon Road in Corning. Someone had burned a debris pile by tossing wood from one pile into another a little at a time. After the man had fin- ished burning for the day, the wind blew an ember from the burn pile onto the unburned pile starting a fire. The fire, which was con- tained at 6:24 p.m., did no damage and CalFire left the scene at 7:21 p.m. Arrests • Jose Martin Perez, 32, and Emelida Perez, 35, both of Red Bluff, were arrested Wednesday at the Social Services Department by the DA’s office on suspicion of perjury and using false citi- zenship documents. Bail was set at $20,000 for each. • Kip Ricardo Strong, Day’s Mini Storage STORAGE RENTALS Get Them While They Last 8160 Highway 99 E, Los Molinos 530-384-2751 $25.00 5 X 10 50 sq ft $40.00 10 X 10 100 sq ft $50.00 10 X 15 150 sq ft $60.00 10 X 20 200 sq ft BLOWOUT MINI Mon.-Fri. 10:30 to 5:30 Sat. 11-3 40 Crafters in 1 Shop! 650 Main St., Red Bluff 530 528-2723 Come & Shop Crafter’s Boutique Or Rent a Space to Sell Your Crafts Gifts for family & friends Wrapping available$1.00 Truth on Money No, I think a better solu- tion is to require all electron- ic markets to have a "failsafe" provision in their order sys- tems -- instituting a trading halt based on common para- meters. The electronic systems didn't make a mistake. That mistake was made by the people who designed them. And by the regulators who did not recognize the danger inherent in small electronic market-makers that post bids for only a small number of shares. Just as you can't move back to the horse and buggy days because of a braking system flaw in automobiles, you can't move back to the "human hands and chalkboard" system because a small, but signifi- cant, part of the system suffered a fail- ure. The good news is that because all of this trading was handled electroni- cally, the SEC and CFTC will certain- ly be able to eventually uncover the cause. It's not so certain that they will be willing to reveal the cause. But for our financial markets to regain the public trust, we need to understand both the problem and what is being done to fix it. That's The Savage Truth. Terry Savage is a registered investment adviser and is on the board of the Chicago Mercantile Exchange. She can be reached at www.terrysavage.com. Reminder of debris burning suspension June 1 burning suspension, the number of fires can be sig- nificantly reduced. In addition, seasonal firefighters are being hired to augment CalFire’s per- manent workforce. These firefighters will be going thru a week long firefighter returnee acade- my to refresh their skills before reporting for duty at their assigned fire sta- tions. The first batch of thirty two firefighters started the academy on May 17. By Monday May 24, 2010 the Tehama- Glenn Unit will have 5 fire engines staffed with both seasonal firefighters and permanent personnel. During the academy there will be numerous fire engines and crew carrying 42, Red Bluff, was arrested Wednesday morning on Givens Road on suspicion of issuing criminal threats. Bail was set at $10,000. • William Matthew Craig Olde, 47, was arrest- ed Wednesday evening on Belle Mill Drive by the TCSD on suspicion of will- fully discharging a firearm is a grossly negligent man- ner. Bail was set at $5,000. Violence • An 18-year-old Gerber man was reportedly attacked Wednesday night by a trio of twenty-some- thing men armed with a box cutter. After escaping from a chokehold, the man was admitted to St. Elizabeth Community Hospital for minor lacerations to his arms and lower back. • A Lassen View Ele- mentary student was report- edly treated Wednesday vehicles in and around the Red Bluff area conduct- ing training. CalFire would like to reassure the public that the increase in fire equipment is not the result of a fire but just routine training in prepa- ration of this summers fires. The media is wel- come to come out and view the firefighters con- ducting this training. CalFire reminds home- owners that this is the time they can help protect their homes and families, as well as firefighters, by providing 100 feet of defensible space around all structures. To ensure residents are ready to evacuate early and safely when wildfire strikes visit www.Fire.ca.gov or www.ReadyForWildfire.org. afternoon for a black eye caused by something her father threw at her. Theft • A meter was reportedly stolen Wednesday after- noon from South Avenue. • A $300 flare kit, a First Aid kit, a black boombox and an empty five-gallon bucket were reported stolen Wednesday morning from Best Western in Red Bluff. It is believed the theft took place sometime last week. • A vehicle break-in was reported Wednesday morn- ing on Ashmount Street. • A trailer was reported broken into Wednesday afternoon on Sale Lane. • An attempted stereo theft from an unlocked vehicle was reported Wednesday morning on Orange Street. About $50 in damage was done to the dashboard in the process. Jack the Ribber Come by for the Best Lunch in town • Ribs •Tri-Tip • Pulled Pork • Specials Mon.-Fri. 11am-8pm Sat. 4-9pm 1150 Monroe St. 527-6108