Last Monday’s surprise announcement that the outlook for U.S. debt has been downgraded reverberated around the world. Global markets shuddered. Investors rubbed their eyes as they reread the announcement and then hit the “sell” button. Markets declined by 1 to 2 percent. Yet, by the end of the week, stocks and bonds recovered. Was this some kind of false alarm? First the facts: The Standard & Poor’s Rating Services Inc.(S&P) has reduced the outlook for U.S. debt from “stable” to “negative.” It did not change its AAA rating for U.S. federal debt nor does it plan to do so anytime in the near future. But it is potentially the first step in an actual ratings downgrade. The White House had been given advance warning the Friday before. Officials tried to forestall the credit agency’s actions, but S&P is convinced that our high debt and deficit levels are raising the possibility that the U.S. fiscal situation could become “meaningfully weaker” if the government fails to improve the country’s financial health.A barrage of spin doctors, led by Treasury Secretary Timothy Geithner, was launched on the nation’s airwaves this week in an effort to assure one and all that there is no cause for alarm. It reminded me of that scene in “The Wizard of Oz” where Toto pulls the curtain away from the Wizard revealing his fire-breathing, smoke-making, image projection machine.“Pay no attention to that man behind the curtain,” the Wizard bellows through his loud speaker system. But like Dorothy, we Americans should ignore the Wizard’s advice whether in Oz, or in this case, Washington.The change in the ratings outlook, like a warning shot across the nation’s bow, says to me that unless we get our house in order, and do so quickly, there will be hell to pay.S&P recognizes that all the grandstanding going on right now between the political parties is just that. They have no intention of doing anything about the deficit until after the next election. Both sides are simply jockeying for position. They are using the deficit to put their presidential candidate and party in the best position to capture the election, which is still two years away.S&P’s base case assumes $4 to $5 trillion in deficit reduction would need to occur over the next 10 to 12 years, but it also insists that there needs to be a concrete plan in place for deficit cutting that is actually implemented by 2013. That implies a spending decline of at least 20 percent of U.S. GDP and an agreement prior to the next presidential election.What’s at stake here is another Black Swan event, in my opinion. If the politicians flub this one and our credit rating is cut, I suspect the greenback will be worth about half of its value today. Interest rates across the board in the United States will skyrocket. That will pretty much gut any hopes of a continued economic recovery and the unemployment rate … well, you get the picture.You might wonder, therefore, why the politicians are stalling since they know the consequences as well as you and I do. Taxes, a cut in spending, this year’s budget, the debt ceiling — everything appears to be a political football. Politicians blithely fiddle while Rome burns because they all know the truth behind the nation’s books.Historically, politicians and their parties have very little to do with balancing the nation’s budget. The most important single variable, when it comes to reducing the deficit, balancing the budget or actually enjoying a surplus, is economic growth. The stronger and longer the period of economic growth, the faster the deficit is reduced. The problem in this recovery is that due to its nature, the U.S. recovery has been anemic and therefore revenues (taxes) aren’t coming in fast enough to reduce the deficit as it has in prior economic cycles.This time around, a combination of growth and spending cuts are called for, but politicians on both sides of the aisle are notorious for kicking that particular can down the corridor. The S&P is warning them that “the can stops here.” Who is Bill Schmick?Beginning this week, The Lakeville Journal newspapers will begin regularly running a new column, The Independent Investor, by Bill Schmick.After three decades on Wall Street, Schmick knows the global financial markets better than most. As a portfolio manager for Berkshire Money Management in Pittsfield, Mass., he manages the life savings of hundreds of Tri-state residents through the ups and downs of the markets. The only thing he loves more than finance and investment is writing about them.Each week Schmick brings his experience to bear on what is really going on behind the world’s business headlines. He addresses topics that range from the future directions of the markets to trends in retirement, economics and local topics that will connect you to your money and help you save toward retirement.“There’s too much misinformation, needless jargon and just plain lies thrown around in this business,” says Schmick, who lives in Hillsdale, N.Y., with his wife, Barbara, and their Labrador retriever, Titus.“I try to cut through the BS for my clients and my readers because there aren’t a lot of writers doing that. Part of the problem is their lack of hands-on experience. How many journalists have actually worked on Wall Street for 30 years?”Schmick, a former Marine who served two tours in Vietnam, is a Fulbright Fellow who holds an MBA from New York University and a certificate in financial planning from Kaplan University. Schmick is registered as an investment advisor representative with Berkshire Money Management. His forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Schmick to 888-232-6072 or e-mail him at Bill@afewdollarsmore.com.
Latest News
Textile designer Justine Valla sits in her father’s chair, which she painted, alongside her husband, illustrator and muralist Victor Valla, in their Atelier Valla studio.
“I was always drawing as a child,” Justine recalled. Victor dreamed of illustrating magazine covers like those of the “Saturday Evening Post.”
Victor studied design and illustration at Rochester Institute of Technology, then received a fellowship to study painting and printmaking at the University of Illinois at Urbana-Champaigne. He graduated in 1967. The following year, he received a grant from the Tiffany Foundation to study printmaking in Paris at Atelier 17, an experimental graphic arts workshop founded in 1927.
“What a great experience that was!” he recalled.
Returning home after the Paris uprisings of 1968, he discovered that the magazine covers he’d hoped to paint had largely given way to photography. His agent suggested trying record covers, which he pursued along with illustration and graphic design.
He also began teaching at Kean University in New Jersey.
“Kean had a wonderful graphic design and illustration department. I loved teaching Graphic Design, even though I never thought I would.”
He later taught at Syracuse University and Pennsylvania College of Art and Design.
In the late 1980s, he decided to stop teaching and concentrate on his own art. He moved to Falls Village, to a house on the corner of Minor and Prospect Streets.
“I used to call the studio ‘Minor Prospects Atelier,’” he said.
He continued working in illustration and graphic design, creating book covers for stories by H.P. Lovecraft and other authors, along with magazine covers, logos, advertising and murals.
Justine and Victor Valla in their studio with a painting of Victor’s,”Jonah and the Whale.” Robin Roraback
His local commissions include the green and gold Noble Horizons signage and wall murals for the Stockbridge Inn, the Spa at Norwich Inn, Orchards Hotel in Williamstown and the David M. Hunt Library’s children’s section.
Justine grew up in the Bronx and studied at the Fashion Institute of Technology. After graduating, she took on whatever work she could find, including designing toys and novelty items for Russ Berrie. But her true calling was textile design.
She moved to Los Angeles to pursue that calling, where she learned silkscreen printing from 1960s design icon Corita Kent.
“I was in her program at Immaculate Heart College. All fabric design at that time was silk screen. My first job in textile design was in L.A., creating wallpaper for Bob Mitchell Design.”
Justine returned to New York City, where the advent of computers required her to learn new design techniques. She enrolled at Parsons School of Design, studying Photoshop, Illustrator, Lectra U4ia and Kaledo.
Around this time, she met Victor online and moved to Falls Village.
A recruiter found her a job in Arkansas at Dillard’s, a department store chain operating in 30 states and known for its exclusive designer collections.
“They had the best equipment I’d ever seen,” she said.
She became a senior computer-aided design designer there, designing fabric and preparing purchased designs for production.
The Vallas left Falls Village for Little Rock.
“It was a big move,” she said. “It was a different culture, but Little Rock was very progressive.”
The originally planned to stay in Arkansas for five years but ended up remaining for nearly 10.
Then Justine was hit by a car. She suffered injuries to her leg and head and required four years of rehabilitation.
“I lost the ability to paint after the accident. I struggled to paint again.”
The Vallas returned to Connecticut, this time settling in Salisbury, where they’ve lived since 2013.
After leaving Dillard’s, Justine had planned to sell her work through Printsource in New York City, an international showcase for surface and textile design. But after the accident, she no longer had the mobility or energy to travel back and forth to the city.
Instead, she began selling her work locally at craft shows, including clothing, hand-printed tea towels and floorcloths.
She is currently working on selling her collection of textile designs.
In December, Justine will have a show of her tea-themed watercolors at the NorthEast-Millerton Library.
Victor recently exhibited “The American West: A Pictural History” at the NorthEast-Millerton Library. The series, created in the early 1990s, was part of a commission from the Postal Commemorative Society for which he completed 100 paintings in two years.
He hopes to place the series in a museum and has created books from its images, complete with text. Over the years, he has designed many other books that are ready for publication, including “Looking In, Looking Out,” a cosmic view of the universe.
Reflecting on his career, Victor said, “It’s about doing what you love”.
Justine agreed.
To see, purchase or commission work, contact Justine at justinevalla@gmail.com or Victor at victorvalla@comcast.net, or call 860-596-4282.
Want more of our stories on Google? Click here to make us a Preferred Source.
Jane Herold’s beautifully simple dinnerware.
Cornwall ceramicist Jane Herold explained that there’s quite a lot of enthusiasm for Clay Way among the region’s ceramic artists.
“We all need work space, which is hard to find or afford in urban areas. The wood-fire crowd needs lots of wood and outdoor space. This area is great because it’s rural enough for us, but has a wonderfully enthusiastic and supportive population of pottery [patrons].”
While many of the artists are returning from previous years, the loose collection of unofficial organizers likes to keep the event manageable for the public, limiting the number of artists and studios each year. A direct drive from the southernmost point at Ann Heywood’s studio in Wingdale to Herold’s big barn in Cornwall is under 40 minutes. But if you want to catch it all, plan for a full day’s worth of art exploration along some of the most beautiful roads in New England.
Starting at its northernmost point, Herold’s studio will host Matin Malikzada of Afghanistan, whose polished, modern interpretations of traditional forms are instantly recognizable. They’ll be joined by wood-fired ceramicists Steve Johnson, with his raw, organic forms, and Harry Levenstein, whose works relate closely to Johnson’s while making even more direct references to nature.
Herold herself creates work that is both beautiful and utilitarian. Her prolific output of objects is intended to be used by everyday people as part of their daily lives.
Moving south is Todd Piker of Cornwall Bridge Pottery. Piker has been making pots in his giant wood-fired kiln since 1971. The kiln looks more like an ancient blast furnace than something designed to transform clay into ceramics, but over the years, he’s mastered its intricacies and produces an impressive amount of fine work.
A ceramic vase by Kathleen Heidemann.Provided
Piker will host Sanah Peterson, who works at Cornwall Bridge Pottery and draws inspiration from both her time with Piker and her time traveling the globe as a child. They’ll be joined by Stephanie Haines, whose vibrant, eye-catching work features underglaze illustrations of birds, fruit and the bounty of nature.
Further along in Warren, Jessica Dubin’s pieces will be on display at the studio of Christine Owen. Both artists seem to appreciate the chaos and unpredictable nature of clay but find ways to refine it all using their own unique methods.
Heading east to Washington, Conn., Will Talbot’s creates intricate work while allowing for the unpredictable nature of clay to play a role. His studio will house Tom Knox and his wide variety of textures and forms, as well as New York City-based Alex Lebedev, who lets music and the nature of improvisation guide his work.
There will be two studios participating in South Kent. Alison Palmner, whose page on the Clay Way website states she “strives to achieve a lighthearted meld of human forms, animals and the vessel.” Her studio will host Ben Eberle, who trained under the guidance of legendary potter Toshiko Takaezu; James Guggina, whose intricate work can appear both deliberate and whimsical; and Paula Shalan, who blends rough, unrefined surfaces with polished precision in individual pieces.
Joy Brown’s delightful ceramic sculptures.Provided
Nearby is Joy Brown, whose work have become a staple of the area, with her figurative sculptures dotting the Northwest Corner. Brown’s studio will also feature Bonnie Levine, who taps into the beauty of chaos and destruction in her work, and Brendan Moore, whose more utilitarian forms are perfect for everyday use.
Finally, the tour crosses the border into Wingdale, New York, where the studios of Drew Montgomery, Ann Heywood and Amy Brenner will host Jackie Sedlock, Lynn Behrendt,and Kathleen Heidemann.
Brenner creates some of the most colorful and vibrant pieces on the tour, while Behrendt’s work is among the most studied and precise. Heywood creates carefully considered, intuitive forms, while Heidemann moves from simple minimalism to intricate textures. Montgomery and Sedlock both find new ways of playing with traditional forms, producing delightfully distinctive pieces.
To learn more about the artists and download a map of participating studios, visit clayway.net
Want more of our stories on Google? Click here to make us a Preferred Source.
