Attending Obama's Inauguration

Ever since Barack Obama won the Democratic party presidential nominations, I have been contemplating booking an air ticket to attend next year's presidential inauguration. Back then I was unsure that Obama would clinch the nomination but it is now looking increasingly clear that this race is for him to lose.

To the delight of my missus, it looks like I will not be attending Obama's inauguration. Seeing the numbers that attended his Berlin address, I can only imagine what the crowd will be like during his inauguration. My expectation is that no less than 1 million egg-heads people will troop to Capitol Hill to see him being sworn-in.

With such a large crowds, I'd be surprised if I got a glimpse of him. To see him being sworn-in might mean camping on the streets so as to get a good spot.

Accounting Gimmicks For Stock Market Dummies

This morning Wells Fargo's 2nd quarter earnings report was all it took to break the declining streak that characterized the markets in the last few weeks. The less than expected profit drop was all the bulls needed to reassure them that all is well in the financial sector despite the fact that we have just witnessed the second largest bank failure in the U.S this past week.

While I have not had a chance to thoroughly comb through there results, it was not hard to notice that they recently changed the way they define delinquencies in home-equity loans. Wells Fargo's Home Equity charge-off policy was changed from "120 days to no more than 180 days to provide more time to work with customers to solve their credit problems and keep them in their homes".

Obviously this change in accounting has been instituted to stem the losses from defaulting HELOCs. From what I've read before, Wells Fargo has a big exposure to home-equity loans especially in the shaky Californian market which is experiencing steep decline in home prices.

The change in the Home Equity charge-off policy will only serve to delay the losses from HELOC. Sooner, rather than later, these numbers will make their way into the non-performing asset category and ultimately be written off.

And to add insult to injury, the bank announced today that they would increase their dividend payout by 10%. With other banks cutting dividends to shore up capital, you have to wonder the wisdom of increasing the dividend pay-off. Never mind that the bank may not return to profitability soon.

I can only wonder what other gimmicks Wells Fargo may have employed to fool investors into believing that all is well in the financial sector.

Revamping Kenyan Coastal Tourism

Last year around this time, I wrote about the sad state of affairs regarding the coastal town of Mombasa. While I thoroughly enjoyed our stay at Diani Beach on the southern coastal area, I decried about the poor state of the area.

This time round we decided postpone our travel to Kenya and instead vacation in Hilton Head Island situated off the eastern seaboard of America in the Carolina's. I didn't know what to expect but I was looking forward to compare the vacation to the one we took last year.

The few days that we stayed in this Island has certainly left me with a lasting impression. And it's not just me. Although the Island is much smaller than Lamu or Mombasa, approximately 2 million visitors bring with them $1.5 billion per year.

So what is the secret to the Island's success?

Tranquility - Unlike Mombasa where you are accosted every minute by cab drivers, curio vendors and beach boys, I am yet to receive a solicitation. From the airport and along the beaches, there is no one hustling visitors.

Cleanliness - It's amazing that most, if not all the beaches are open to members of the public yet they are spotlessly clean. If you think this is no big deal, try Mama Ngina Drive beach in Mombasa. I'm not sure who is responsible for cleaning up the beaches cause even ocean front hotels don't control the beaches adjoining their properties.

Transport - I know this is America but I haven't seen a single taxi over here except those at the airport. Without a rental car, you either rent a bicycle or it's bust. Adjoining all the roads are walkways for pedestrians or cyclists.

Food - My biggest beef with Kenyan coastal tourism is the lack of restaurants. Because of this, most vacationers are forced to eat where they are staying. As they say, you can't beat Americans when it comes to dining eating. There are countless of restaurants on this Island. In fact, on checking in at the hotel, we were given a booklet containing menus from over 130 restaurants.

Activities - Ever tried the activities offered in Mombasa? They are way over-priced and you don't get a choice of vendors. Here you will find numerous places offering motorized water sports, dolphin tours, deep sea fishing and golf, just to name a few. You could easily spend two weeks over here and not get bored. And if you are not into activities, you can choose to attend the events being held on the Island.

Shopping - Although we've only been to the Wal-mart to buy beach accessories, there are a couple of strip malls available for people to indulge in the favorite American past time. Try shopping in Mombasa.

Security - Although I've never been attacked or robbed in Kenya, security and theft in particular can be an issue in Mombasa. On the other hand, I have not yet seen a single policeman or patrol car. May be it's because most people here drive very slowly as they are going no where and therefore there is no need for traffic police.

Price - While good beach vacations are not cheap, the price is comparable to that which we paid to holiday in Mombasa. Add the airfare to Kenya, and you have the Mombasa vacation costing an arm and a leg. Fortunately, our travels to Kenya are to visit family and friends. Because the beaches are all accessible to the public, you have a greater choice of accommodation and thus can save a lot on hotel costs.

Overall, I am impressed by the place and if I was an American, I would think hard if I wanted to go on a beach vacation in Kenya. We are definitely going to come back here again and it would not surprise me if we became repeat visitors.

Lost In Translation

Earlier today, we were seated next in a restaurant having dinner and next to us sat a family vacationing from Europe. When they were done with the main course, they ordered their deserts. After they had been served with their orders, one of the kids called for the waitress.

Apparently, she had been served with iced tea. She did not know that these sides of the shores tea is served ice cold, un-creamed and sweetened with several teaspoonfuls of sugar. Embarrassed at the misunderstanding, she told the waiter that she had wanted a hot cup of tea.

And it's not only the Europeans who was having problems with Americans. At our table, a different conversation was unfolding.

Both my wife and I were being taught how to pronounce English words. In our case, our kids were teaching us how to pronounce words such as cotton candy, Mack (cartoon character), lemonade and water, just to name a few.

From our kids point of view, we are mispronouncing the English words despite the fact that none of us shrubs. Unlike them who have been brought up in America, we learnt our English back in Kenya and therefore we do not speak with American accents.

I guess we'll be learning the English language all over again. So much for the English lessons we took in Kenyan schools.