Huge Jackpot Looms, but Can Money Buy Happiness?

Nov 28, 2012 1:02pm

Can money buy happiness? If you’re clutching several Powerball tickets in one hand as you thumb through yacht and pony catalogs with the other, you’re probably betting yes.

We’re all told the odds of winning are abysmal — about 1 in 175 million — but let’s assume you win the $500 million jackpot. Experts say the initial euphoria will wear off relatively quickly and you’ll be left with pretty much the same dismal outlook on life you’ve always had.

“Winning will release some pleasurable chemicals in your brain over the short term,” said Scott Bea, a clinical psychologist with the Cleveland Clinic in Ohio. “Unfortunately, your brain will likely revert back to the same old same old before too long.”

Bea conceded that the extra bushels of cash would ease any anxiety over paying the bills, and you’d probably get an additional rush of those joy-boosting neuro-hormones when you went on a shopping spree, but ultimately the basal ganglia, the part of your brain that tends to dwell on the negative, will kick in and you’ll be back to your usual miserable self in no time.

Why? Because in its dark little heart, the brain is a pessimistic organ. Studies show bad memories tend to be far stickier than pleasant memories. And as Bea pointed out, complaints are the topic of nearly 70 percent of all conversation. So according to this logic, you’re less likely to relive the glory of your jackpot moment than you are to grouse about all the fifth cousins suddenly friending you on Facebook to ask for a handout.

Bea also said big winners who aren’t careful to cultivate happiness skills such as optimism, a charitable attitude and savvy money management habits often wind up in more wretched circumstances than where they started. History is certainly littered with such examples.

Back in the 1980s, Evelyn Adams won the New Jersey lottery not once, but twice. She quickly gambled away all $5.4 million and today she’s flat broke, living in a trailer park. Then there’s Billy Bob Harrell Jr. a Pentecostal preacher who was working as a stock boy in 1997 when he scored a cool $31 million in the Texas lottery. The stress of winning so overwhelmed him that he divorced his wife and committed suicide.

Does this mean you should hope the odds work against you when they draw those lucky numbers at 10:59 ET tonight? According to Bea, not at all.

“For most people, purchasing a ticket and fantasizing about what life will be like once you’ve won is the most pleasant part of the lottery experience,” he said, “You could probably flush the same amount of money down the toilet and get much the same result — but then you wouldn’t have the dream.”

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Keeping the financial regulators on their toes

When members of Congress need factual information and insights into the effectiveness of the financial laws put in place after the 2008 economic crisis, they regularly turn to the Government Accountability Office (GAO) and Orice Williams Brown.

Initially as director and now as managing director of the GAO’s financial markets and community investment section, Brown and her staff have issued dozens of reports examining the flaws and offering recommendations to improve the $700 billion Troubled Asset Relief Program (TARP) bailout fund, the Wall Street regulatory reform law and the initiatives to prevent housing foreclosures.

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Maldives defends scrapping India airport deal

COLOMBO: The Maldives defended Wednesday its controversial decision to terminate an airport management contract with an Indian firm, saying the deal was dogged by "legal, technical and economic issues".

President Mohamed Waheed's government gave five days to GMR Group to leave after prematurely ending the 25-year lease of the nation's main international airport for a one-time fee of $78 million and revenue share thereafter.

The government said it was advised by unnamed British and Singaporean lawyers to abrogate the agreement, prompting India to warn that the move could scare away foreign investors from the archipelago.

"The cabinet decided to terminate... on grounds that there were many legal, technical and economic issues regarding the agreement, and that it was legally invalid, and impossible to further continue," Waheed's office said.

Waheed's government had objected to the privatisation carried out by his predecessor Mohamed Nasheed, the country's first democratically elected leader who quit earlier this year and claimed he was forced out.

There was no immediate comment from GMR that ran the airport -- which handles 2.6 million passengers a year -- since November 2010 together with Malaysia Airports Holdings Berhad. GMR held a 77 per cent stake in the operation.

Former leader Nasheed who initiated the deal with GMR described the termination as a major blow to foreign investment and tourism, the country's main source of foreign exchange.

"This decision is bad for tourism, bad for the economy and bad for the Maldivian people," Nasheed said in a statement. "This will put off potential investors for decades."

He accused his successor of leading the nation of 330,000 Sunni Muslims "down the path to economic ruin".

The Indian foreign ministry has said that they will closely monitor the developments and asked the Maldivian government to ensure the safety of Indian nationals in the country.

- AFP/ck

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Mamata to decide on voting over FDI

KOLKATA: With the Congress likely to garner a majority in Parliament over the FDI issue, the Trinamool Congress is yet to carve out its strategy in Parliament, in case Lok Sabha Speaker Meira Kumar allows the debate under rule 184.

Trinamool leaders have left it to Trinamool chief Mamata Banerjee to decide whether the party will stage a walkout along with parties such as Samajwadi Party and Bahujan Samaj Party or record their dissent during voting with the BJP and the Left.

"We still believe that no-confidence motion is the only way to remove this minority government and stop this unethical political charade being played out. Even now this can be done.

Only one MP is required to move this motion. It doesn't matter which political party it is. Let those, who're so vocal on price rise, FDI in retail and removal of subsidy cap on domestic LPG, come forward and vote on it. If one is convinced that these are anti-people policies, what stops them from nudging the government out of power. Why resort to rules to save them?" said Trinamool all India general secretary Mukul Roy.

Roy was more keen on nailing down Left Front chairman Biman Bose's recent argument that the Left didn't support the Trinamool's no-confidence notice because parties reluctant to bring down the government would vote against the government if the debate is allowed under rule 184. Roy, however, didn't want to foretell the party's strategy in the fast changing situation.

While Trinamool Rajya Sabha MP Sukhendu Sekhar Ray held that the party will fight FDI tooth and nail, senior party MP Sultan Ahmed said, "Whether to vote or not will be decided later by the Trinamool parliamentary party and the party supremo Mamata Banerjee, let the Speaker decide it first. The government will never agree to a discussion under rule 184 without majority. Our leader in the Lok Sabha, Sudip Bandopadhyay, has already cleared our stand on the matter. There is nothing more to add to it." Domestic compulsion is also weighing heavily on Trinamool Congress before it is seen aligning with CPM and BJP.

Left parties, on the other hand, have dumped the number game getting a whiff that the Congress might gather the numbers. Asked whether the CPM is heading towards a situation similar to the confidence debate on the Indo-US civil nuclear deal, CPM Rajya Sabha MP Shyamal Chakrabarty said: "Not at all. We have been trying to forge the broadest possible unity against FDI entry in multi-brand retail. I am confident that we will be achieving our target to a great extent. The Trinamool's no confidence move would have given the government a leeway to continue with their anti-people policies on all fronts for a period of six months instead," Chakrabarty said.

Trinamool leaders, on the other hand, believe that a debate under rule 184, will give Trinamool an opportunity to expose the Opposition "double-speak." "Biman Bose had argued if the government survived our no-confidence motion, they will get a parliamentary mandate to introduce FDI in retail. So if a vote under rule 184 does take place and the government wins it, would it be any different? The CM had made it clear that we believed in moving a no-confidence for it wasn't a half-measure. What is happening now only vindicates her belief," a Trinamool MP said.

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Pictures: Falcon Massacre Uncovered in India

Photograph courtesy Conservation India

A young boy can sell bundles of fresh Amur falcons (pictured) for less than five dollars. Still, when multiplied by the thousands of falcons hunters can catch in a day, the practice can be a considerable financial boon to these groups.

Since discovering the extent of Amur hunting in Nagaland this fall, Conservation India has taken the issue to the local Indian authorities.

"They have taken it very well. They've not been defensive," Sreenivasan said.

"You're not dealing with national property, you're dealing with international property, which helped us put pressure on [them]." (Related: "Asia's Wildlife Trade.")

According to Conservation India, the same day the group filed their report with the government, a fresh order banning Amur hunting was issued. Local officials also began meeting with village leaders, seizing traps and confiscating birds. The national government has also requested an end to the hunting.

Much remains to be done, but because the hunt is so regional, Sreenivasan hopes it can eventually be contained and stamped out. Authorities there, he said, are planning a more thorough investigation next year, with officials observing, patrolling, and enforcing the law.

"This is part of India where there is some amount of acceptance on traditional bush hunting," he added. "But at some point, you draw the line."

(Related: "Bush-Meat Ban Would Devastate Africa's Animals, Poor?")

Published November 27, 2012

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Petraeus Scandal: Socialite Jill Kelley Fighting Back

Tampa socialite Jill Kelley is fighting back. Today, sources close to the woman who was caught in the media crossfire during the David Petraeus sex scandal have released new letters aimed at reclaiming her reputation.

In a letter released to reporters by Jill Kelley's spokesperson, Kelley's attorney goes after a New York businessman who claimed Kelley was using her connections to Petraeus to broker a deal with the South Korean government.

"It is impossible to overlook your attempt to get your '15 minutes of fame,'" attorney Abbe Lowell wrote to Adam Victor, the president and CEO of TransGas Development Systems. "…You have the right to do that to yourself, but you do not have the right to defame our client.

"This letter is notice to you that statements you have made are false and defamatory and are intended to portray Ms. Kelley in a false light," the letter continued.

Victor has claimed that Kelley asked for $80 million in commissions to arrange a deal between Victor and the South Korean government. Kelley was an honorary consul for the Republic of South Korean.

"While it is certainly true that Ms. Kelley communicated with you about a potential business deal, it has nothing to do with General Petraeus or other military," Lowell wrote Victor.

David Petraeus Affair: Woman Who Blew the Whistle Watch Video

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Inside the Petraeus Scandal: Did Broadwell and Kelley Profit? Watch Video

The dealings between Jill Kelley and Adam Victor were detailed in a series of emails between the two made public earlier this month. The emails appeared to confirm the New York businessman's claim that Kelley wanted a huge fee for brokering a transaction with the South Korean government.

But in his letter to Victor, Lowell denies that Kelley wanted anything close to $80 million, and says the full chain of emails reveal that "it was you (Victor) who were trying to capitalize on her contacts, and not the other way around."

Kelley and Victor were introduced at the Republican National Convention in Tampa in August by Kelley's friend, Tampa real estate developer Don Phillips. In an interview with ABC News, Phillips said he suggested that Kelley and Victor should meet because Kelley could help Victor land a deal for a coal gasification plant in South Korea.

Phillips claimed that Kelley said that Victor tried to "proposition" her "almost immediately," and said he had to cajole her into flying to New York for a second meeting with Victor.

After she met with Victor in New York, Phillips said, Kelley reported that she was no longer interested in pursuing the deal. According to Phillips, she said, "As a result of my personal investigations and business intelligence this is just not going anywhere, Don, and you just don't want to associate with this guy."

Victor, who denies propositioning Kelley, claimed she continued pushing for the deal after their meeting in New York. But sources close to Kelley say that telephone voice messages Victor left for Kelley reveal that he was the one who continued to seek Kelley's involvement, even after the Petraeus affair came to light.

Victor also claims that Kelley told him Petraeus arranged for her to be named honorary consul, and that she could use her connections with high-level Korean officials to help land the coal plant deal.

None of the emails that Victor showed to ABC News mention Petraeus. Kelley's friend Don Phillips told ABC News that Kelley has not "in any way tried to profit" from her relationship with Petraeus.

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On ‘fiscal cliff,’ both sides lay groundwork for debate’s next phase

Private talks between President Obama and top congressional leaders in search of a deal to avoid the year-end “fiscal cliff” are accelerating, officials said Monday, even as the president began ramping up pressure on Republicans to extend tax cuts for the middle class.

Obama telephoned House Speaker John A. Boehner (R-Ohio) and Senate Majority Leader Harry M. Reid (D-Nev.) over the weekend, in a sign that high-level negotiations are advancing with only weeks to go before an automatic series of spending cuts and tax hikes starts to hit nearly every American.

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Asian markets rise on Greece deal

HONG KONG: Asian markets rose in early trade Tuesday after the eurozone and the IMF agreed to unlock 43.7 billion euros ($56 billion) in loans to Greece and grant significant debt relief for decades to come.

Tokyo shares rose 0.38 per cent by the break, Hong Kong was up 0.25 per cent and Sydney gained 0.68 per cent.

Seoul opened flat but Shanghai was down 0.76 per cent on concerns over the strength of recovery in the domestic economy.

The Eurogroup of currency partners penned the Greek deal at its third late-night meeting in two weeks, agreeing to release, in December, the funds after months in which Greece was starved of bailout financing.

Greece, struggling to stay afloat despite a series of unpopular austerity measures, has been waiting impatiently for an injection of international loans for several weeks to avoid defaulting on its upcoming debt repayments.

Greece's public creditors agreed to take measures to bring down the country's debt-to-GDP ratio from an estimated 144 per cent to 124 per cent within eight years, in exchange for the bailout funds.

Finance ministers, the IMF and the European Central Bank said the money would be paid in four instalments from December 13 through until the end of March.

Greek Prime Minister Antonis Samaras said the agreement represented a fresh start for his beleaguered country.

"Everything has gone well," Samaras told local media in Athens. "All Greeks have fought (for this decision) and tomorrow is a new day for every Greek person."

ECB President Mario Draghi said: "The decision will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece."

US markets were feeble in the first session after a slow Thanksgiving holiday week, with the jury still out over how strong the crucial Black Friday holiday sales were for retailers.

The Dow Jones Industrial Average finished down 42.31 points (0.33 per cent) at 12,967.37.

The broad-market S&P 500 lost 2.86 (0.20 per cent) at 1,406.29, while the Nasdaq Composite rose 9.93 (0.33 per cent) to 2,976.78.

On currency markets the euro was stronger in Asian trade as investors breathed a sigh of relief over the deal for Greece.

The 17-nation currency bought $1.2980 and 106.46 yen in Tokyo morning trade after briefly topping $1.30 for the first time in about a month.

That was up from $1.2971 and 106.38 yen in New York trade late Monday, although the euro eased slightly after the Greece announcement.

The dollar was flat at 82 yen.

On oil markets, New York's main contract, West Texas Intermediate (WTI) for January delivery, bounced 30 cents to $88.04 a barrel and Brent North Sea crude, also for January, jumped 29 cents to $111.21.

Gold was at $1,749.50 at 0310 GMT compared with $1,734.47 late Monday.

- AFP/ck

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Green tax on diesel cars: Auto sector slams cess proposal

NEW DELHI: The automobile industry has come out against any proposal to impose an additional tax on diesel cars over environmental issues.

"Diesel is not as polluting as it is made out to be. How can you tax a technology that is very clean and more fuel efficient?" said Vishnu Mathur, DG of industry lobby group, Society of Indian Automobile Manufacturers. While diesel is not a big polluter, there are other industries that need to be checked into, he said, adding, "What about power producers, the industry and gensets?" P Balendran, VP at General Motors India, also countered the stand that diesel is more polluting. "It is energy saving and is more fuel efficient than petrol," he said.

Mayank Parek, COO at Maruti Suzuki, said that while pollution levels certainly need to be controlled, taxing diesel cars is not an answer. "It is not only cars that pollute. In fact, their contribution to pollution is very low when compared to other industries."

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Space Pictures This Week: Space "Horse," Mars Rover, More

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  High Horse

  Photograph by Greg Parker, Your Shot
  

  The Horsehead Nebula rears its pretty head in a November 17 photograph submitted to National Geographic's Your Shot photo community.

  Taken from the New Forest Observatory in the United Kingdom, the image shows how the nebula's horse head is part of a larger cloud of dust. Situated about 1,500 light-years away, the Horsehead Nebula is visible only because its obscuring dust is silhouetted against another, brighter nebula, according to NASA.

  (See "'Soccer Ball' Nebula Discovered by Amateur Astronomer.")

  Published November 26, 2012

  
  











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  Green Lit

  Photograph by Jeremy La Zelle, My Shot
  

  Green curtains of aurora stretch over the sky in the Alaska Arctic in a picture submitted to National Geographic's My Shot on November 17.

  "The constantly changing kaleidoscope of colors are reminiscent of a fireworks display—but without sound," photographer Jeremy La Zelle wrote with his submission.

  "All we hear is the quiet peaceful sounds of a freezing Alaska night."

  (See "Aurora Pictures: Best Fall Photos of Northern Lights.")

  Published November 26, 2012

  
  











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  Martian Vista

  Image courtesy Caltech/NASA
  

  NASA's Curiosity rover snapped this picture after moving 83 feet (25 meters) eastward on November 18—the 102nd Martian day, or sol, of its mission to study whether life once existed on Mars.

  The view shows Yellowknife Bay, part of the Glenelg area of the Gale Crater, which is located near the base of a three-mile-high (five-kilometer-high) mountain rich with layered sediment deposits laid down over hundreds of millions of years.

  (Read more about the Gale Crater.)

  Published November 26, 2012

  
  











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  Gilded Mountains

  Image courtesy ESA

  The sands of the Sahara appear like golden brush strokes around the Tibesti Mountains in a March 2012 satellite image recently released by the European Space Agency.

  Located in Chad and Libya, the mountains' highest peak is Emi Koussi-pictured above as a circular structure in the lower-right portion of the dark area.

  Lava flows can be seen extending from the westernmost volcano, Toussidé.

  (See volcano pictures.)

  Published November 26, 2012

  
  











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  Photograph by Quang Nguyen Luong and F. Motte, Herschel SPIRE/ESA

  Published November 26, 2012

  
  

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