Banks Paying Homeowners to Avoid Foreclosures

By Prashant Gopal

Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.

Lenders have routinely delayed or blocked such transactions, known as short sales, in which they accept less from a buyer than the seller’s outstanding loan. Now banks have decided the deals are faster and less costly than foreclosures, which have slowed in response to regulatory probes of abusive practices. Banks are nudging potential sellers by pre-approving deals, streamlining the closing process, forgoing their right to pursue unpaid debt and in some cases providing large cash incentives, said Bill Fricke, senior credit officer for Moody’s Investors Service in New York.

Losses for lenders are about 15 percent lower on the sales than on foreclosures, which can take years to complete while taxes and legal, maintenance and other costs accumulate, according to Moody’s. The deals accounted for 33 percent of financially distressed transactions in November, up from 24 percent a year earlier, said CoreLogic Inc., a Santa Ana, California-based real estate information company.

Read the rest here.

It is not written in the stars that young black males must have astronomical rates of unemployment. It is written implicitly in the minimum wage laws.

We have gotten so used to seeing unemployment rates of 30 or 40 percent for black teenage males that it might come as a shock to many people to learn that the unemployment rate for sixteen- and seventeen-year-old black males was just under 10 percent back in 1948. Moreover, it was slightly lower than the unemployment rate for white males of the same age.

How could this be?

Read the rest here.

By Steven Mufson

In the confusion following the earthquake and tsunami that damaged Japan’s Fukushima nuclear complex last March, the Nuclear Regulatory Commission said it was standing by to help.

But a trove of e-mails posted on the NRC’s Web site shows an agency struggling to figure out how to respond and how to deal with the American public while cutting through what one official called “the fog of information” coming out of Japan.

“THIS IS NOT A DRILL,” said an e-mail from the NRC operations center early on March 11, hours after the quake. “This may get really ugly in the next few days,” said one NRC official later in the day after a report that Tokyo Electric Power Co. was venting gas from a containment building.

Three days later, another official said, “It’s frustrating, but we have very little factual info as an agency.”

Now, as the first anniversary of the Fukushima catastrophe approaches, the initial response by regulators still holds lessons for the nuclear industry and policymakers.

The NRC e-mails reveal disagreement about how to advise the Japanese. The NRC staff chafed at some un­or­tho­dox advice coming from an ad hoc group of scientists assembled by Energy Secretary Steven Chu. Famed physicist Richard Garwin, one of Chu’s group, proposed setting off a controlled “shaped” explosion to break through the concrete shield around the primary steel containment structure to allow cooling water to be applied from the outside. One NRC scientist called the idea “madness.”

Another idea from the Chu group was to attempt a “junk shot” — a variation on what some engineers proposed to stop the oil spill in the Gulf of Mexico — to plug leaks of radioactive water from Fukushima’s nuclear reactors into the sea. When using a mixture of sawdust, newspapers and other junk failed, Japan’s Tepco ultimately used a compound known as liquid glass.

“The e-mails provide a candid picture of the level of uncertainty and confusion within the U.S. government and indicates that even U.S. experts had major divisions about what was going on and how to best mitigate the crisis,” said Edwin Lyman, a senior scientist and nuclear expert at the Union of Concerned Scientists.

One of the e-mails said that during the first week after the earthquake, a major U.S. company, Bechtel, offered to provide desperately needed equipment to pump sea water to cool the Fukushima reactors, but the price of $9.6 million came in at more than a dozen times what the e-mail called the “original price.” Bechtel says that it did not provide an initial estimate, nor did it make a profit, and that the price included the cost of equipment only, not time spent on design or delivery. The Energy Department stepped in to provide “a couple of million,” the e-mail said, and instead of three or four sets of pumps and hoses, only one was delivered.

While assuring Americans publicly that there was no danger, the NRC did not disclose one worst-case scenario, which did not rule out the possibility of radiation exceeding safe levels for thyroid doses in Alaska, the e-mails show. “Because things were uncertain, we considered it but the data that was available . . . did not support that very pessimistic scenario so no, it was not discussed publicly at that point,” NRC spokesman Scott Burnell said. In the end, Alaska was not affected.

Read the rest here.

by Brian Merchant

For decades now, fossil fuel company executives and D.C. politicians have worked together to ensure that coal and oil prices stay low enough to keep the American people hooked. In his new book Greedy Bastards, Dylan Ratigan explains how “vampire industries” like oil and coal have forged “an unholy alliance with government based not just on the money that they contribute to political campaigns and spend on lobbying but on their ability to hypnotize us with false prices.”

Industry gets tax breaks, subsidies, military support in volatile regions, the right to use our air and water like a sewer, and assurance that the government will clean up its environmental messes. Politicians get campaign contributions, a steady flow of dirty energy, and a talking point to brandish about how they kept gas affordable.

But the American public just gets screwed.

Read the rest here.

See Dynamic Hedge’s take on the sentiment readings with charts courtesy of SentimenTraders.

See the illuminating chart here.

by Zoe Fox

Syrian President Bashar al-Assad has been under fire from world leaders to step down this week. He’s also under fire from hacktivist group Anonymous, who leaked hundreds of his office’s emails on Monday.

While Anonymous is infamous for its hacking know-how, it doesn’t take a genius computer programmer to guess one of the passwords commonly used by Assad’s office accounts: 12345. The string of consecutive numbers is the second-weakest password according to a 2011 study.

Anonymous broke into the mail server of the Syrian Ministry of Presidential Affairs, accessing some 78 inboxes of Assad’s staffers, according a report from Israeli daily Haaretz. The password 12345 was associated with several of the accounts.

Mansour Fadlallah Azzam, the minister of presidential affairs and Bouthaina Shaaban, Assad’s media adviser, were among the victims of the inbox hacks.

Haaretz obtained and published one email that included documents intended to prepare the Syrian leader for his December 2011 interview with Barbara Walters. In the interview, Assad claimed the Syrian government was not killing its people.

“We don’t kill our people,” Assad told ABC “No government in the world kills its people, unless it’s led by a crazy person.”

Read the rest here.

By Rich Miller, Asjylyn Loder and Jim Polson

The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo triggered a recession and led to lines at gasoline stations.

Domestic oil output is the highest in eight years. The U.S. is producing so much natural gas that, where the government warned four years ago of a critical need to boost imports, it now may approve an export terminal. Methanex Corp., the world’s biggest methanol maker, said it will dismantle a factory in Chile and reassemble it in Louisiana to take advantage of low natural gas prices. And higher mileage standards and federally mandated ethanol use, along with slow economic growth, have curbed demand.

The result: The U.S. has reversed a two-decade-long decline in energy independence, increasing the proportion of demand met from domestic sources over the last six years to an estimated 81 percent through the first 10 months of 2011, according to data compiled by Bloomberg from the U.S. Department of Energy. That would be the highest level since 1992.

“For 40 years, only politicians and the occasional author in Popular Mechanics magazine talked about achieving energy independence,” said Adam Sieminski, who has been nominated by President Barack Obama to head the U.S. Energy Information Administration. “Now it doesn’t seem such an outlandish idea.”

The transformation, which could see the country become the world’s top energy producer by 2020, has implications for the economy and national security — boosting household incomes, jobs and government revenue; cutting the trade deficit; enhancing manufacturers’ competitiveness; and allowing greater flexibility in dealing with unrest in the Middle East.

Read the rest here.

For the past few months, the stock market has been behaving like a reveler who’s had just a little too much to drink, and the bond market has been behaving like the guy who wants to take away the stock market’s car keys.

We should probably listen to the bond market.

Read the rest here.

Facebook’s monthly and daily active user tallies have been celebrated in Silicon Valley, but a deeper analysis of those figures has revealed that they might not tell the whole story.

Read the rest here.

By Natsuko Waki

LONDON | Tue Feb 7, 2012 10:00am EST

(Reuters) – Gold prices have been too volatile to play a reliable role as a hedge against inflation, a study of financial assets over the past 112 years showed on Tuesday.

While inflation does not reduce gold’s real value, it has no yield or income flow and the precious metal has given a far lower long-term return than equities.

In the period since 1900, gold gave a real return of 1.1 percent in sterling terms and its value fluctuated widely, the study published by Credit Suisse and London Business School’s Elroy Dimson, Paul Marsh and Mike Staunton.

“Gold is the only asset that does not have its real value reduced by inflation. It has a potential role in the portfolio of a risk-averse investor concerned about inflation,” it said.

“However, this asset does not provide an income flow and has generated low real returns over the long term. Gold can fail to provide a positive real return over extended periods.”

The report said global equities, the best performers among different assets since the start of the 20th century with a 5.4 percent annualized return, beat inflation in the long run.

However, their returns may be more the result of equity risk premium, the reward for holding risky assets instead of risk-free government securities, than rising inflation.

Looking at the relationship between real return and inflation, the research found that equities were not that sensitive to inflation, compared with inflation linked bonds.

For example, a rate of inflation that is 10 percent higher is associated with a real equity return that is lower by 5.2 percent.

When the inflation rate was at least 18 percent, equities suffered a loss of 12 percent on a real basis. Bonds were worse, suffering a loss of over 23 percent.

“Equities are at best a partial hedge against inflation; their nominal returns tend to be higher during inflation, but not by a large enough margin to ensure that real returns completely resist inflation,” the research said.

“Although equities are thought to provide a hedge against inflation, their capacity to do so is limited. While inflation clearly harms the real value of bonds and cash, equities are not immune.”

Inflation-linked bonds have the highest sensitivity to inflation but their yields have fallen in the past few years, providing little contribution to investors wanting to achieve a positive return over the period from investment to maturity.

Equities by far provided the best real return in the 1900-2011 period. Bonds returned 1.7 percent, while bills gave 0.9 percent on an annualized basis.

Read the rest here.

Created by: Clinical Psychology

I spent last year in Afghanistan, visiting and talking with U.S. troops and their Afghan partners. My duties with the Army’s Rapid Equipping Force took me into every significant area where our soldiers engage the enemy. Over the course of 12 months, I covered more than 9,000 miles and talked, traveled and patrolled with troops in Kandahar, Kunar, Ghazni, Khost, Paktika, Kunduz, Balkh, Nangarhar and other provinces.

What I saw bore no resemblance to rosy official statements by U.S. military leaders about conditions on the ground.

Entering this deployment, I was sincerely hoping to learn that the claims were true: that conditions in Afghanistan were improving, that the local government and military were progressing toward self-sufficiency. I did not need to witness dramatic improvements to be reassured, but merely hoped to see evidence of positive trends, to see companies or battalions produce even minimal but sustainable progress.

Instead, I witnessed the absence of success on virtually every level.

My arrival in country in late 2010 marked the start of my fourth combat deployment, and my second in Afghanistan. A Regular Army officer in the Armor Branch, I served in Operation Desert Storm, in Afghanistan in 2005-06 and in Iraq in 2008-09. In the middle of my career, I spent eight years in the U.S. Army Reserve and held a number of civilian jobs — among them, legislative correspondent for defense and foreign affairs for Sen. Kay Bailey Hutchison, R-Texas.

As a representative for the Rapid Equipping Force, I set out to talk to our troops about their needs and their circumstances. Along the way, I conducted mounted and dismounted combat patrols, spending time with conventional and Special Forces troops. I interviewed or had conversations with more than 250 soldiers in the field, from the lowest-ranking 19-year-old private to division commanders and staff members at every echelon. I spoke at length with Afghan security officials, Afghan civilians and a few village elders.

I saw the incredible difficulties any military force would have to pacify even a single area of any of those provinces; I heard many stories of how insurgents controlled virtually every piece of land beyond eyeshot of a U.S. or International Security Assistance Force (ISAF) base.

I saw little to no evidence the local governments were able to provide for the basic needs of the people. Some of the Afghan civilians I talked with said the people didn’t want to be connected to a predatory or incapable local government.

From time to time, I observed Afghan Security forces collude with the insurgency.

From Bad to Abysmal

Much of what I saw during my deployment, let alone read or wrote in official reports, I can’t talk about; the information remains classified. But I can say that such reports — mine and others’ — serve to illuminate the gulf between conditions on the ground and official statements of progress.

And I can relate a few representative experiences, of the kind that I observed all over the country.

In January 2011, I made my first trip into the mountains of Kunar province near the Pakistan border to visit the troops of 1st Squadron, 32nd Cavalry. On a patrol to the northernmost U.S. position in eastern Afghanistan, we arrived at an Afghan National Police (ANP) station that had reported being attacked by the Taliban 2½ hours earlier.

Through the interpreter, I asked the police captain where the attack had originated, and he pointed to the side of a nearby mountain.

“What are your normal procedures in situations like these?” I asked. “Do you form up a squad and go after them? Do you periodically send out harassing patrols? What do you do?”

As the interpreter conveyed my questions, the captain’s head wheeled around, looking first at the interpreter and turning to me with an incredulous expression. Then he laughed.

“No! We don’t go after them,” he said. “That would be dangerous!”

According to the cavalry troopers, the Afghan policemen rarely leave the cover of the checkpoints. In that part of the province, the Taliban literally run free.

In June, I was in the Zharay district of Kandahar province, returning to a base from a dismounted patrol. Gunshots were audible as the Taliban attacked a U.S. checkpoint about one mile away.

As I entered the unit’s command post, the commander and his staff were watching a live video feed of the battle. Two ANP vehicles were blocking the main road leading to the site of the attack. The fire was coming from behind a haystack. We watched as two Afghan men emerged, mounted a motorcycle and began moving toward the Afghan policemen in their vehicles.

The U.S. commander turned around and told the Afghan radio operator to make sure the policemen halted the men. The radio operator shouted into the radio repeatedly, but got no answer.

On the screen, we watched as the two men slowly motored past the ANP vehicles. The policemen neither got out to stop the two men nor answered the radio — until the motorcycle was out of sight.

To a man, the U.S. officers in that unit told me they had nothing but contempt for the Afghan troops in their area — and that was before the above incident occurred.

In August, I went on a dismounted patrol with troops in the Panjwai district of Kandahar province. Several troops from the unit had recently been killed in action, one of whom was a very popular and experienced soldier. One of the unit’s senior officers rhetorically asked me, “How do I look these men in the eye and ask them to go out day after day on these missions? What’s harder: How do I look [my soldier’s] wife in the eye when I get back and tell her that her husband died for something meaningful? How do I do that?”

One of the senior enlisted leaders added, “Guys are saying, ‘I hope I live so I can at least get home to R&R leave before I get it,’ or ‘I hope I only lose a foot.’ Sometimes they even say which limb it might be: ‘Maybe it’ll only be my left foot.’ They don’t have a lot of confidence that the leadership two levels up really understands what they’re living here, what the situation really is.”

On Sept. 11, the 10th anniversary of the infamous attack on the U.S., I visited another unit in Kunar province, this one near the town of Asmar. I talked with the local official who served as the cultural adviser to the U.S. commander. Here’s how the conversation went:

Davis: “Here you have many units of the Afghan National Security Forces [ANSF]. Will they be able to hold out against the Taliban when U.S. troops leave this area?”

Adviser: “No. They are definitely not capable. Already all across this region [many elements of] the security forces have made deals with the Taliban. [The ANSF] won’t shoot at the Taliban, and the Taliban won’t shoot them.

“Also, when a Taliban member is arrested, he is soon released with no action taken against him. So when the Taliban returns [when the Americans leave after 2014], so too go the jobs, especially for everyone like me who has worked with the coalition.

“Recently, I got a cellphone call from a Talib who had captured a friend of mine. While I could hear, he began to beat him, telling me I’d better quit working for the Americans. I could hear my friend crying out in pain. [The Talib] said the next time they would kidnap my sons and do the same to them. Because of the direct threats, I’ve had to take my children out of school just to keep them safe.

“And last night, right on that mountain there [he pointed to a ridge overlooking the U.S. base, about 700 meters distant], a member of the ANP was murdered. The Taliban came and called him out, kidnapped him in front of his parents, and took him away and murdered him. He was a member of the ANP from another province and had come back to visit his parents. He was only 27 years old. The people are not safe anywhere.”

That murder took place within view of the U.S. base, a post nominally responsible for the security of an area of hundreds of square kilometers. Imagine how insecure the population is beyond visual range. And yet that conversation was representative of what I saw in many regions of Afghanistan.

In all of the places I visited, the tactical situation was bad to abysmal. If the events I have described — and many, many more I could mention — had been in the first year of war, or even the third or fourth, one might be willing to believe that Afghanistan was just a hard fight, and we should stick it out. Yet these incidents all happened in the 10th year of war.

As the numbers depicting casualties and enemy violence indicate the absence of progress, so too did my observations of the tactical situation all over Afghanistan.

Read the rest here.

– by New Deal democrat

Just about the only drawback in Friday’s employment report is that at the rate employment has been growing since it bottomed 2 years ago, it will take possibly a decade to make up all of the jobs lost plus population growth since 2007. Even job growth of 250,000 a month would be downright tepid for the 1980s or latter part of the 1990s. To substantially accelerate real, population adjusted job growth, we need monthly improvement of 300,000+ or even 400,000+ jobs.

And there are signs that we may be on the verge of achieving at least the lower part of that range in the very near future.

First of all, let’s look at updated graphs showing the relationship of the rate of initial jobless claims with the unemployment rate. Here’s the long term graph:

Read the rest here.

PORTLAND, Maine (AP) — A shipwreck hunter says he has found the wreck of a World War II merchant ship that was torpedoed by a German U-boat off Cape Cod with a load of platinum now valued at $3 billion — perhaps the richest hoard ever discovered at the bottom of the sea.

Greg Brooks of Sub Sea Research, in Gorham, Maine, said a wreck in 700 feet of water 50 miles offshore is that of the Port Nicholson, a British vessel sunk in 1942. He said he and his crew positively identified the hull number using an underwater camera.

Salvage operations should begin this month or in early March aboard a 220-foot vessel called Sea Hunter with the assistance of a remotely operated underwater vessel, he said.

Brooks said the Port Nicholson was going from Nova Scotia to New York and carrying 71 tons of platinum when it was torpedoed. The platinum was intended as payment from the Soviet Union to the United States, he said.

A federal court judge has granted him the salvage rights, he said.

Read the rest here.

By P Gosselin

“THE CO2 LIES … pure fear-mongering … should we blindly trust the experts?”

That’s what Germany’s leading daily Bild (see photo) wrote in its print and online editions today, on the very day that renowned publisher Hoffmann & Campe officially released a skeptic book – one written by a prominent socialist and environmental figure.

This is huge. More than I ever could have possibly imagined. And more is coming in the days ahead! The Bild piece was just the first of a series.

Mark this as the date that Germany’s global warming movement took a massive body blow.

Today, not one, but two of Germany’s most widely read news media published comprehensive skeptical climate science articles in their print and online editions, coinciding with the release of a major climate skeptical book, Die kalte Sonne (The Cold Sun).

Germany has now plunged into raucus discord on the heated topic of climate change

What has set it all off? One of the fathers of Germany’s modern green movement, Professor Dr. Fritz Vahrenholt, a social democrat and green activist, decided to author a climate science skeptical book together with geologist/paleontologist Dr. Sebastian Lüning. Vahrenholt’s skepticism started when he was asked to review an IPCC report on renewable energy. He found hundreds of errors. When he pointed them out, IPCC officials simply brushed them aside. Stunned, he asked himself, “Is this the way they approached the climate assessment reports?”

Vahrenholt decided to do some digging. His colleague Dr. Lüning also gave him a copy of Andrew Montford’s The Hockey Stick Illusion. He was horrified by the sloppiness and deception he found. Well-connected to Hoffmann & Campe, he and Lüning decided to write the book. Die kalte Sonne cites 800 sources and has over 80 charts and figures. It examines and summarizes the latest science.

Conclusion: climate catastrophe is called off

The science was hyped. The book started hitting the bookshops today and has already hit no. 1 on the Amazon.de list for environment books. Indications show that it will climb very high in the overall bestseller charts. It’s published by a renowned publishing house and is now sending shock waves through the German climate science establishment. The first printing will produce 20,000 copies. I expect they will sell out rather quickly.

Today Germany’s national tabloid Bild (which has a whopping circulation of 16 million) devoted half of page 2 on an article called:

THE CO2 LIE

Renowned team of scientists claim the climate catastrophe is fear-mongering by politics“

The widely read Bild will follow with the rest of the series in the days ahead. In part I today Bild presents “What the IPCC of the UN doesn’t tell you.” Bild asks “what if the IPCC is wrong? Can we really blindly trust these experts? Are they really independent?”

Bild then writes:

The phenomenal prognoses of heat from the IPCC are pure fear-mongering.”

The Bild series is sure to cause radical environmentalists to seethe and lash out. Expect an all-out assault in the days and weeks ahead. Already the reaction from activists has been swift and virulent – though they have yet to read the book.

They never wanted the debate – and now the dam has broken

And the floods of skepticism are sweeping over the country. Worse, Germany’s flagship weekly news magazine Der Spiegel today also featured a 4-page exclusive interview with Vahrenholt, where he repeated that the IPCC has ignored a large part of climate science and that IPCC scientists exaggerated the impact of CO2 on climate. Vahrenholt said that by extending the known natural cycles of the past into the future, and taking CO2′s real impact into effect, we should expect a few tenths of a degree of cooling.

At a press conference today in Berlin, Vahrenholt, Lüning and publisher Hoffmann & Campe introduced the book and answered reporters’ questions. When asked why Hoffmann & Campe decided to publish “such a book”, the spokesman simply answered that the time is right – and there’s a real audience for the book. Even the weather timing was right! Germany is now experiencing it’s worst cold snap in 26 years. That makes it hard to deny lack of warming.

It needs to be pointed out Vahrenholt and Lüning are not skeptics; they are lukewarmers who have not been able to find any evidence of a coming climate catastrophe. They believe that man should switch to renewables, but do so in a rational manner: “Work fast, but don’t hurry.”

Read the rest here.

President Obama spent more than $85 billion bailing out General Motors and Chrysler three years ago. Now he claims credit for saving the industry, noting GM’s recent return to the top sales spot among automakers worldwide, Ford’s record profits (albeit achieved without federal funds), and the recent revival of Chrysler, (though Italy’s Fiat owns it). Regardless whether you supported or opposed the government bailouts, the reality is the Big Three’s assembly lines are humming again. Too bad Obama’s Environmental Protection Agency is preparing yet another killer hike in the Corporate Average Fuel Economy, only this time instead of merely inflicting massive costs on the industry and consumers, the coming regulation could very well demolish the Big Three for good.

Here’s why: The CAFE rule is the fleet-wide average fuel economy rating manufacturers are required by Washington to achieve. The new rule — issued in response to a 2010 Obama directive, not to specific legislation passed by Congress — would require automakers to achieve a 40.9 mpg CAFE average by 2021 and 54.5 mpg by 2025. In case you’re wondering whatever happened to the National Highway Traffic Safety Administration, it has been supplanted in the CAFE process by the EPA. The proposed regulation was designed, according to the EPA, “to preserve consumer choice — that is, the proposed standards should not affect consumers’ opportunity to purchase the size of vehicle with the performance, utility and safety features that meets their needs.” But the reality is that consumer choice will be the first victim.

Getting from the current 35 mpg CAFE standard to 54.5 can be achieved by such expedients as making air conditioning systems work more efficiently. We have a bridge in Brooklyn to sell to anybody who thinks that’s even remotely realistic. There is one primary method of increasing fuel economy — weight reduction. That in turn means automakers will have to use much more exotic materials, including especially the petroleum-processing byproduct known as “plastic.” But using more plastic will make it much more difficult to satisfy current federal safety standards. The bottom-line will be much more expensive vehicles and dramatically fewer kinds of vehicles.

The average price of a new vehicle will go up at least $3,200, according to NHTSA, but experts outside government such as the National Automobile Dealers Association say the cost will be substantially higher. The U.S. Energy Information Administration projects that there will be no vehicles costing $15,000 or less, the segment of the market that college students and low-income consumers depend upon. Altogether, an estimated seven million buyers will be forced out of the market for new cars.

Total costs, as calculated by the EPA, will exceed $157 billion, making this by far the most expensive CAFE rule ever. For comparison, the previous rule in 2010 cost $51 billion, according to the EPA. But the EPA doesn’t include this fact in its calculation: Annual U.S. car sales are 14-16 million units, yet over time, this rule will remove the equivalent of half a year’s worth of buyers. Will that be when the EPA takes a cue from Obamacare and issues an individual mandate that we all must buy Chevy Volts?

Source

(Reuters) – Move over, Cannes. Maine will be playing host to its first-ever international mustache film festival, part of its annual pageant that celebrates the bristly facial hair.

The festival set for March 30 in Portland will feature short films with storylines that involve mustaches or a main character who wears a mustache, said Nick Callanan, head of No Umbrella Media, a video production company organizing the event.

The idea for the mustache film festival, believed to be the first of its kind, grew out of an annual mustache pageant held locally to benefit arts and cancer research organizations, he said.

This year’s 2012 Stache Pag will feature contestants wearing all manner of mustaches, from handlebars to horseshoes, Callanan said. There are also the walrus and Fu Manchu styles, he said.

“It’s just about men expressing themselves,” he said.

Read the rest here.