It's so exciting. We're doing all the right things. Turning strip malls into ghost ships. Giving up on consumer spending. And sending our cars to the junkyard, with no plans to buy a new one. I love it.

Just think of the possibilities! What a land of opportunity.

Go west, err, up young man!

C

I am noticing more and more restaurant fronts ( sub shops and the like ) very very slow even during peek lunch hours.

Guess the Fed & DC aren't as worried about CRE as RRE. One helluva blind spot.

I canvassed Newbury Street in Boston last Summer (per Eric Janszen) and then Harvard Square in late Autumn. In Harvard Square I saw something I'd never seen before in my life: empty prime retail space. In Harvard Square!

shill wrote:

restaurant fronts ( sub shops and the like ) very very slow even during peek lunch hours.

Who eats lunch at a restaurant anymore?

@Wisdom Speaker,

Thanks for bringing back your blog. I think it will add something to the debate. Haven't had a chance to comment yet, but I will.

"Who eats lunch at a restaurant anymore? "

What's lunch?

Not gonna get much business until people get out from their massive debt.

CalculatedRisk wrote:

This has been a pretty amazing streak of records.

You thought that this was a regular recession? Pshaw!

mp wrote:

.. if we can ever convince folks to start up some new startups...
You're not going to convince me.
Sorry.

Ditto, except I'm not sorry. Ruthless non-participation. Tax, law, regulation, now health mandates and soon energy/climate surtaxes. But to be brutally honest there's no margin in innovation anymore because between the financiers and international appeasement the blossoms will yield fruit only for others.

A 'crisis' is an opportunity for some very large banks to get bigger and corner markets increasing profits during a long 'financial crisis' period. 'Crisis' reduces the competition and presents real bargains and advantages.
I can see where some of the 'optimists' and bullish sentiment are coming from. Now it makes sense to see the huge upside in this for some large institutions. The 'artificial recovery' is for the profits of the bigger TBTF now. It's that crisis perspective that makes more sense when trying to see the optimistic angle..

Oxtail wrote (prior thread):

So I have a checking account with Citi. Use it mainly for direct deposit and some bill paying. If I wanted to move to a small local bank, how would I find a safe one in my area(LA/OC)? I've tried searching online to find some kind of list or ranking of small banks, but could never get anywhere.

Three suggestions, but you'll have to find what works for you on your own:

First, you can check with the National Credit Union Administration: Find a Credit Union
... if you are so inclined, you can actually view each credit union's detailed financials. The credit unions are nonprofits (AFAIK) and tend to lend locally. They are all federally insured, much as banks have FDIC insurance. You can even check each CU's local vs. nonlocal lending in the financials, after doing some homework.

Second, you might try looking on bankrate.com to find out which banks are lending in your area. Some of them will be small local banks.

Third, you might try here: Find Bank (and enter something like "metro:los angeles"). The list that comes up will be sorted by size (total loans, right hand column). Scroll down to find the smaller banks, then look at the detailed bank reports on the site... try to find banks with a lot of "green" stats (healthier than average).

Finally, when you do pick a bank, make sure they're not on the list that CR posts weekly, or on this list: problem list I know of 

Good hunting!

Small banks save their money in big banks. I feed my spare FRNs to my mattress. That makes it very happy, and I sleep better when my mattress is happy.

Of course mattresses are pretty stupid, so...

mp wrote:

I don't use that word very often and, when I do, it's for people whose opinion I respect.

Assuming my brain isn't fried, does that mean I just got a warm fuzzy? Thanks...

I think the recession will not end until the entrepreneurial, productive (non-speculative) animal spirits return. I'm not seeing much evidence of it. Then again, at some point, some folks, particularly the young who haven't got their nest egg made yet, will become desperate enough to try. Except they'll need cash to get going, and the banks' lending standards are still tighter than a gnat's ass... Hmm... Could eventually be a big opportunity for angel investor types?

Wisdom Speaker wrote:

Looks like we've got a lot of space for new startups to grow into... if we can ever convince folks to start up some new startups...

Parks, museums, public theaters, public recreation, libraries, plazas, public gardens, public housing, public hospitals, oh fuggit.

Just left Pattaya in Thailand. The residential condo craze was just as extreme there and they dont really have exotic financing... I wonder what Dr Bernanke would have to say about that as it relates to oversupply....

Off-Topic: Video of Isuzu car commercials from the 80s how they didn't take over the world is almost beyond comprehension

"Navy officials had said previously that if the F-35 program slipped, they would press for more F-18s to mitigate a “fighter gap”"

Sheeesh! The only air force the inurgents/talibandeadendersshiitesunnis have are predator drones.. What fighter gap?

Gotta get up early tomorrow, to watch the nonfarm payrolls!

Heh heh, I was trying to work in a "fighter gap" gag, but posted anyway...

It's just absurd. How about the OMFG moment when the Lockheed guy suggests they might have to forego cost-plus contracts?

C

You mean this bit:

"The company now absorbs no overrun costs."

Yeah, I had to read that twice. Well, you don't get to be the richest low cost bidder on the block without some help. Guess having to shoulder some of it would put a crimp in the business plan, and the junket schedule.

tilt

Nytol.

I'm not so sure it's about cost-plus, the opinions changed when the administration did
It wouldn't be the first time military contracts were awarded or canceled based on favours
Overcharging, kickbacks, bribes, campaign contributions are synonymous with military aircraft and politicians
Northrop Grumman is related to the east coast club that the current administration is built from, Lockheed is California
Northrop builds part of the F-18, and is getting the air tanker project w/ EADS of Europe of all partners
Lockheed lost mid-project both the F-35 and Orion spacecraft
Boeing is still too much Washington state apparently, they lost the Ares rockets and the air tanker
I don't follow these projects in any detail, so don't trust my allegations on their own, but it seems to me every contract is inflated and that is both a bonus for the contractor (and whoever helped win it for them), but it also expedites going a new way whenever there is a political power regime change
learning about the Church Committee and Kakeui Tanaka post-Watergate made me more cynical
the accusations against the Rockefeller seem humorous at first blush, but it lined up with regional bases and the contract money trail
canceling the F-35 or whatever will not decrease spending one bit, it will just reallocate it

That's the one.

Your I get physical remark is interesting.

I'm attempting to ease back into a semblance of professional decorum, and work, but there does seem to have been a real tempo and meme change in the last 4 weeks into hard assets. I'm putting in a bunch of calls, some pretexts for saying hi, new year's chats, what does the year of the tiger hold etc. And the main response is hard assets. "Just stuff I can drop on my foot". (I tried to explore how natural gas really couldn't fit with this investment thesis but didn't get far). I need to read the Chinese news again from today because there's some weird signalling going on. Other than that, there seems to be a move to "show me" investment. Not, here's your synthetic CDO, aren't we so dang clever - but where's the tight link to final demand? Fix me an investment with demand that is more or less constant or explicable in three easy moves...

C

China + commodities? I find this website helpful (I use google translate)
http://worldbulk.net/

TJ and The Bear wrote:

Some people will inevitably "start something up" just to give themselves a job.

These guys have been through the 70s stagflation & 80s rustbelt have a good plan and are well funded. The senior investor was a kid in the 30s when his family did the same kind of start up - his kids are part of the plan too so the next generation is on board. Plus this start up is partnering w/ another existing firm in similar industry [mutual buy in]. Covering more market space by starting new as opposed to just an expansion.

So far it is well thought out. I've been briefed - very solid strategy even if the economy stays soft - in fact their only risk is if it recovers too fast and lets some of their existing competition off the hook - I don't see that happening. I'll probably end up working for them - sooner or later - that's why I've been briefed.

This is an unbelievably good time to start a biz IF you have the right strategy & long term funding from folks who get it. PE & VC money don't get it & generally are NOT reliable sources of funding.

In fact, this is precisely what I was talking about, just posted on bloomie:

Copper, Aluminum Fall, Yen Strengthens, Asian Stocks Fluctuate - Bloomberg.com

The wobbles in the China stimulus narrative are going to create some real short-term volatility. Will see how it runs. I'd expect a week or so of margin testing, then the analyst missives should start coming out at the end of the month to attempt some framework of sense around it. Probably worth holding onto for later hilarity.

C

CR wrote: "The vacancy rate isn't a record, but there was a record decline in effective rents."

That's the first thing I thought when I saw the graphs. Verrrry interesting. It seems strongly to imply that despite talk of "recovery", both the tenants and the property owners foresee significant continuing deterioration rather than improvement.

Wisdom Speaker wrote:

if we can ever convince folks to start up some new startups...

It helps if some of the top-heavy big co. cripple themselves first. I still would not necessarily want to invest in the next big software application, with MicroSoft or Google ready to co-opt it.

Yes, depending on whether the authorities want to re-run 1999. Their bet on the late-90s overhang, what we might nowadays call extend and pretend, was at that time pretty ballsy, but it worked, due to structural factors in the external environment, namely the loosey-goosey bubble through Late Greenspan / post-9-11. My personal view is that this time really is different, and the recent signals on tightening the money supply domestically may reinforce that. This time, extend and pretend won't find its fairy godmother in 24 months' time. Final demand really may not be ready and willing to buy buy buy for cheap cheap cheap (in 2012, for instance). There goes the entire edifice of loose monetary policy supporting sh!tpile RE, CRE and manufacturing investment. Commodities traders are going to be pretty confused about this, because it won't be the only story coming out of China, let alone competing Asia.

However, the bulls may prevail. In which case short-term commodity declines based on the sentiment of the bearish scenario would be accompanied by stronger bullish support to RE, through credit extension, fostering endless policy loans, accounting creativity, multi-partite transfers of liabilities and risk etc.

C

I don't know what the typical options for housing relative to incomes in China are like right now, but there's a lot of complaining of post-80s and post-90s generations on the internet about it over 2009. University graduates have trouble finding work, and to get married you need either a car or own a home. There was that RE docu-drama that the government canceled after one woman became a municipal official's mistress so she could get an apartment. Those entrants to the housing market are doing so with big loans from family/village. Chengguan, or actual thugs, are still evicting people who are unwilling to accept below market compensation. Very disharmonious.

Granted there are many who believe in the ever-flowing prosperity of real estate, and are quick to suggest buying in a 3rd tier city if others are too expensive.

I agree with you on concern for global end demand, and that "it's different this time." Although this reality may be denied for a long time. My primary concern is the basic impact of debt on an economy when everyone is borrowing or repaying at the same time.

Are the new policy hints basically transitioning from a RE bubble, and coming in with a public spending on health & education programs, hoping to free up domestic consumption in other areas?

surprisingly China managed to consolidate its coal mines without it becoming a big issue (from 2000 to 130 companies)
airlines had some mergers earlier
auto production is expanding
shipbuilding is capped, after approving several years worth of expansion that could alone supply 2 earths with boats
but I haven't heard about the steel sector since the workers killed that manager a while back

[Pantomime Voice] Oh no we're not!

C

/just describing the ways others are...

interesting China replaces Saudi Arabia in Caribbean oil storage deal-China Mining
japan gives saudi cheap storage in japan, china takes over former saudi storage in carribean which is significant in terms of location as well as being available today since china's major oil storage expansion won't have phase 1 complete for 2(?) more years

OT, from Roubini's Global Monitor--just a blurb because I'm not a subscriber so I can't look at the complete "analysis": "On January 6 2009, Kuwait's parliament approved a bill that is expected to force the government to purchase all of the country's consumer loans, valued at US$23.3 billion, in addition to requiring the government to write off the associated interest and reschedule the payments."

FTAlphaville had a post on this too, largely saying something suitably snide like if bailouts are fine for banksters, why not for the liddle guy?

Anyhow, there's too little muse posting these days.

Ooooh, what a confusion! The man they call Mr Brown...

YouTube - Bob Marley - Mr. Brown

C

Your parliament is pretty funny too, no? Most are, I doubt yours is different.

C

prorogue

new word to vocab

Sucks to be Jimmy Kimmel today...

Tell claudia, she'll love it!

I can now imagine gusts and buffeting prose around the key term prorogue. Bastion of ends, bastions' end etc whatev

C

No charge? You, sir, are clearly a public good who doesn't know it. In fact, you have been synthesized into a AAA-rated product on sale in 4 hours' tme. Go long?

Paulina? Never heard of her.

C

Sebastian
One more, "this time is different" » US 5yr change of per capita gross domestic purchases via EconomPic

volker the viking wrote:

I get that a lot

I think you're a public bad.

broward wrote:

I think you're a public bad.

I get that a lot as well. Think Mae West:

YouTube - He's a Bad Man (But He's Good for Me)

This just in from bloomie, big banks try to fk over the boutiques

London’s Investment Banks Double Pay to Lure Back City Talent - Bloomberg.com

A$$holes.

YouTube - Ben Harper - Welcome to the cruel world music video

Y'know I have this cool idea or too about revival of the broad utility of capital and...

Whatevs.

C

/and broward, that's perhaps why I ain't there... no more no more whoa!

volker the viking wrote:

especially midst these sedulous world-o-troubles .

If the Terminally Unemployed deserved their fate, did the Violently Dispatched also earn their fate?

Good morning and happy BFF

WTF does this mean

broward wrote:

the envelope won't open when I click it

I will pray for you, earnestly and sincerely, although; in most other cases I am loathe to string together adverbs.

biochemist wrote:

Is it just me or do like 80% of T.V. shows have some authority figure as the main character.

whatever you had in mind when you typed it, the result was a non sequitor.

You're not wrong in your statement quoted. However, more deleterious to the societal weal is that they always make the man a dumb ass.

so lets just utilize a quieter solution:

iPod Qadrahelodrone | Defense Tech

teenieboppers can then snoop on their neighbors and turn em in for a little payday. Thats new govt employment, eh? Google will happily digest any and all info, spit it out and kiddies can post it all on MySpace, youtube for the world to see. Gawd help that young executive with a large hot tub in their backyard and a hot g/f or 3.

Go long heavy dark curtains.

We don't need any stinking fighter jets when we've got this. Besides, Saudi purchases are likely suspended until they get back their lost assets in Citi, BoA, etc.

EvilHenryPaulson wrote:

interesting China replaces Saudi Arabia in Caribbean oil storage deal-China Mining

Traders Bid Up Oil Price Despite Increase in Inventories -- Seeking Alpha

EHP: I can't decide who is worse in controlling those markets. OPEC, China or Goldman Sachs, Merrill, etc.

biochemist wrote:

The range probably sucks on them though.

Or the caliber.

Counterpointer wrote:

Ok, I'll elaborate

please take your foot off the brake

Ah, but my now behoves my brake, for now...

YouTube - Lee Perry-Roast Fish And Cornbread-Jamaica-1977-Black Ark

C

Oh lawd, CFMA, I'd just about forgotten that execrable piece of - ahem - democratically mandated will of the people. I had to do a CFMA Sec 109 paper for my boss a couple of years ago at Peak Shreddies when people were getting excited about food security, futures, and virtual food banks. As those in the same community will do again. Ho hum. There's only billions at stake. Whatevs.

I like your analogy of the tail & the dog.

C

EDIT: Back for BFF y'all, I now have an evening to attend to.

Who really pays for plays in energy...the taxpayer AND the working poor who can't make the right trade in the stock market to become wealthy. Having worked as a medical case manager I can tell you there are scores not counted who are too ashamed to ask for help, particularly, the elderly who either don't know its available or are too proud sometimes resulting in extreme consequences to them.

New England senators seek heating money: Times Argus Online

Article published Jan 8, 2010
New England senators seek heating money

MONTPELIER (AP) — The six United States senators representing northern New England are joining together to ask President Barack Obama to release more emergency heating aid funds.

The senators from Vermont, New Hampshire and Maine are being joined by a number of their colleagues in asking the president to release $590 million in heating assistance through the Low Income Home Energy Assistance Program.

Sen. Bernie Sanders says the release would add more money to the $25.6 million already allocated to Vermonters who need help heating their homes this winter.

Last year a record 8.3 million households across the country received some heating assistance.

Sanders says the number could exceed 10 million people this year.

lol... Get Back into the Real Estate Game

this cant be what they had in mind wait a minute just got up let me get myhat on,now someone is in the process of destorying our economy and country, and we're worrying about bombs on the balls!!!!!!
washington Wake up!!!!!!!!

oh jmo

good morning gabyjan...you got your parka and socks on? burrrrrr in the southland.

Here are the graphs of hydrogen carbon inventories from the DOE: There are broken down into districts. One district has very low heating oil inventories, and I don't know why and don't really have times to try to find out. Sorry.

Weekly Petroleum Status Report 

The graphs are pretty cool. They compare this year with the 5 year average.

no worries traderwalt...as you are finding out, the mornings is when my brain actually works a little and I get anger off my chest. It is what it is and there is zip to do about it.

I do very much appreciate your information and insights. disclosure, I'm just a schmuck, not invested just a freaking consumer that has to have it or I perish in winter.

nanoo
the weather is whats going on with atl they cant drive in it. you know how they drive.
oh its delays there are no delays as of now.

nervousrex
you got fire ants?

gabyjan: you got fire ants

I haven't seen any flames but ... oh great! something ELSE to worry about!

NervousRex,
The fire ants ain't no joke.

nervousrex
they arent that bad really you just watch where you stand and sit. and clorax seems to work on bites.
really nasty little devils

hey gaby...ice storm time...loved those (not). Demolition derby and lots of work for nurses (IF they can get there). Done that more time than I care to count and days spent in closets called 'call rooms'.

I'd rather watch dem balls than those wrinkly old azzes in congress. Cobert was hilarious about it.

One plus to the arctic is no fire ants or termintes. Nothing kills those suckers. Thats what I like to set up in Phil Gramm's pants, a permanent colony of fire ants.

HG: The fire ants ain't no joke.

Sorry, don't mean to disrespect. I got some books, "the Ants" by Holldobler and E.O. Wilson, a beautiful study in myrmecology. And "Superorganism" by Wilson which if your mind goes the right way at first glance looks like a coffee table sex book

But I haven't gotten to the Fire ants part of the Ants. We have tiny sweet ants. I take macro photos of them (perhaps a tile coming) and they are beautiful. We are in an existential battle. They are winning.

gabyjan<
http://www.centralquestion.com/archives/ants.jpg

Good mourning, doomeratti

i like that homeGnome thanks

"US office vacancy rate hits 15-year high"

.....just wait till the new year figures start "soaring" in..........small businesses are closing left and right here in town - and this is a town with 1/4th retired people and safe(?) pensions.

It's ice station zebra here, around 35 or so. Oh the humanity!

Heat via electric is cost prohibitive. I only turn it on when we get sub-zero but we use a propane 'stove' that does the trick for the whole house...small modest NE style home. Of course we don't keep the house at 70 degrees either. We have a backup propane supplied generator. We only have one provider of electric...rate rose 1.5% here just this month (rose last year too) and in central VT their rates rose over 5% this month with no reason given. (got the link if you want it) Also we have a residential cap after x/kwh and higher rates are applied. Winter electric rates are always higher than summer.

Electric for my neck is supplied out of Niagara and Canada hydroelectric...so I don't get it. Central VT however is different.

Thanks for the advise, my husband is an engineer, he keeps running calculations on usage/cost. We had a major power outage from a wicked wind storm over Christmas holidays and ran the generator for 36hours. That works out to about $100/day total. We don't have much of a choice...even solar here is silly vs cost since we have more cloud covered days than Seattle literally and of course boatloads of snow/low sun angle this far north nearly 6 months a year. Energy is quickly becoming a giant multiple pound of flesh here.

.....things are happy here.........the tractor's running again after 5-6 years "resting".........the "girls" don't much care for it tho.......and now we have a big empty hole in the front room where the green thing used to be.....LOL

is it still in the living room BSR? lol ha...

baby seals are good.
With butter.
Come to think of it; most babies are better with butter.

Seen it happen a million times~ ROFL

is it still in the living room BSR?.....The Mrs has it back.......:grin:

oh homeGnome dont forget the microwave stuff. they used to do that in greensboro every year

Jan. 8 (Bloomberg) -- U.S. House lawmakers may agree to pay for the nation’s health-care overhaul by adopting versions of Senate proposals to raise Medicare payroll taxes and tax health benefits for the first time, Democratic aides said.

.......Jeri, an old girl who likes our milk, dropped by a 2.5-lb box of chocolates yesterday........the kind with a road-map inside.......man alive!......I forgot how deadly delicious chocolate is.......

President Barack Obama said “the buck stops with me”

He has no idea how prescient he is...

lol..we do too but they are big black ones. I broke up a 'meeting' one time..they were standing in a circle 'talking' and when I arrived quite literally they jumped up in the air and scattered. Makes me wonder what they are plotting...ha.

.......I sure would like a few of those new-finagled x-ray shots of good-looking women terrorists - if anybody has any.......I imagine they'll start showing up on the internet pretty soon due to tight FedGov security levels.......

We have to be clean as a whistle in regards to edibles for about 3 months, from the standpoint of not being a fast-food outlet for the beasties.

I prefer the ladybug invasion over the ant invasion.

I've seen too many movies Gabyjan:

The Naked Jungle - Wikipedia, the free encyclopedia

That one scared the poo out of me.

How many "unruly" passengers do you think Al Kita could field?

The decision to send two F-15 fighter jets to escort a Hawaii-bound plane with an unruly passenger back to Portland was an unusual move that likely cost tens of thousands of dollars, according to an aviation expert.

The military escort of Hawaiian Airlines Flight 39 surprised even the crew onboard, which had considered the threat as "Level 1," or lowest-level risk, said Hawaiian Airlines spokesman Keoni Wagner.

"Based on that, we were surprised that this triggered the reaction of scrambling fighter jets," he said. "We don't know where that came from."

Expert: Scrambling fighters to escort Portland airliner understandable, but expensive | Oregon Local News - OregonLive.com

That's more like a LadyBug Orgy, eh JD?

nanoo
i was thinking about that movie the other night, couldnt remember the name of it, thank you
but you know a long string of ants dont bother me as much as a string of birds sitting on a power line.
yep ive seen "birds"

gasoline powered nightstand cowboy (tm)
R-1 criticality redundancy anchor's little helper

jd
only thing would be to .....shoot it down!

Hitchcock was a genius...and scared me regularly. I named my little Lhasa Apso after the star of that film...her name is Tippi.

Oh and NervousRex...CLASSIC!! Also scared the poo out of me. I've been a slave to Sci-Fi/Horror flicks my whole life..the good, the bad and the REALLY UGLY.

jd
huh?

JD...shhhhhh! NSA is watching.

JD, KAL. Wow.
You probably have a special appreciation for liveness.
(edit to avoid poli words!)

holy crapola JD...

My near miss was in ATL during the '96 olympics. In the very same spot exactly 24hours the day before the bomb. The hairs stood up on the back of my neck.

jd
from where?

re the employment situation coming out in a few minutes..........the 850K "adjustment" is ALWAYS in February?.... or during the first of the year sometime?.....and what is it for, exactly?

Everyone bought or sold their spoos?

Tick tick tick tick tick......

I've been living on borrowed time since then, ha!

tick-tock!

Retiree Annuities May Be Pushed by Obama After Market Losses - Bloomberg.com

Insurers wet dreams.

spoos down, i don't see a number yet

bruce in tenn
you better be careful or you will be sent to washington

Black Star Ranch wrote:

where the green thing used to be

you had the folk believin it was a grand piano

talking to myself but wow.
.....

Promoting annuities may benefit companies that provide them through employers, including ING Groep NV and Prudential Financial Inc., or sell them directly to individuals, such as American International Group Inc., the insurer that has received $182.3 billion in government aid.
....

The average 401(k) fund balance dropped 31 percent to $47,500 at the end of March 2009 from $69,200 at the end of 2007, according to a Fidelity Investments review of 11 million accounts it manages. The Standard & Poor’s 500 Index tumbled 46 percent in that period. The average balance of the Fidelity accounts recovered to $60,700 as of last Sept. 30 as the stock market rebounded.

There is “a tremendous amount of interest in the White House” in retirement-security initiatives, Borzi, who heads the Labor Department’s Employee Benefits Security Administration, said in an interview.

In addition to annuities, the inquiry will cover other approaches to guaranteeing income, including longevity insurance that would provide an income stream for retirees living beyond a certain age, she said.

“There’s been a fair amount of discussion in the literature taking the view that perhaps there ought to be more lifetime income,” Iwry, a senior adviser to Treasury Secretary Timothy Geithner, said in an interview.

LoserBeachBum wrote:

The employment-population ratio declined to 58.2 percent."

JHC, that is not good, participation rate falling, employment ratio falling, U3 unchanged.

GD2, here we come baby.

Even the Canucks lost jobs.

ghostfaceinvestah wrote:

JHC, that is not good, participation rate falling, employment ratio falling, U3 unchanged.

Should be good for +500 on the DOW today.

"Even the Canucks lost jobs. "

Yeah, they did also lose to Americans in recent ice-hockey tourney and so did not WIN the 7th medal. They are going down.

Even Chance the gardener could do the math.

450k jobs lost a week x 52 weeks.

It isn't rocket science.