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For most of us, human interaction now takes place at the grocery store, in small gatherings, or through the virtual world of zoom. "It's still interactive and they can see people they know." Virtual get-togethers are popular and sometimes the only way Myron Stam's clients can talk to, and see other people."They like that closeness, there are those where that's the only interaction they have," Stam said. Before to March 19, Stam ran the 33-year-old motor coach tour company, Daytripper, that gives tours to places near and far across the state. "We toured the rose parade, Los Angeles festivals, the Getty center." The majority of Stan's clients were 65 and up, also known as a vulnerable demographic amid COVID. But age didn't mean the group wasn't tech savvy, when Stam switched from the roads to the screens with virtual tours, sign-ups skyrocketed. "They're educational and they give the opportunity to connect with others who share the same interest," Stam described.Through payroll protection assistance in March, he created virtual tours twice a week. They're now popular with San Diegans and allow those nationwide, to see America's finest city without the price of a flight, "A bus we filled with 52 people, we can now fill with hundreds. It's maybe enough to carry us through until actual tours start bouncing back." 1338
Former Republican National Committee Chairman Michael Steele announced in an ad by the Lincoln Project that he is voting for Democratic presidential nominee Joe Biden on Election Day. 191
Former Chicago Police Superintendent Garry McCarthy, who was previously fired by Chicago Mayor Rahm Emanuel, announced on Wednesday that he intends to run against Emanuel to be the city's mayor.The election will be held in February 2019. McCarthy was fired in December 2015 after it took the department 14 months to release video of the death of Laquan McDonald, who was an unarmed black 17-year-old shot and killed by Chicago Officer Jason Van Dyke. It was determined that Van Dyke had shot McDonald 16 times, leading to protests in Chicago. The case led the City of Chicago to offer a million settlement to the McDonald family, the Chicago Tribune reported. Van Dyke, who has since been charged with homicide, is still awaiting trial. McCarthy told the Tribune that he is running as a "conservative Democrat." “Between the taxes, our economy, the schools and the crime rate here, we’re a laughingstock in America,” McCarthy told the Tribune. “The prevailing thought about Chicago is we’re on our way down in all those areas, and they all infect each other, and nobody seems to get that. It’s almost like a ‘Wake up, Chicago’ moment.”McCarthy is going up against a relatively popular mayor. According to a poll by Anzalone Liszt Grove Research, Emanuel's approval rating as of January was 51 percent, compared to 40 percent who disapproved. Emanuel is seeking his third term after being President Barack Obama's first Chief of Staff in the White House. While McCarthy has made it clear that he is not running as revenge against Emanuel, he contends his firing was unjust."While I am very emotional, that’s not my motivation here,” he told the Tribune. “Why would I possibly take on turning around one of the largest American cities in the right direction? Because I’m annoyed? No. I’m doing it out of a sense of obligation as a public servant and that’s what motivates me.”He added that homicide levels dropped to their lowest levels since the 1960s while he was superintendent, but Emanuel's treatment toward police has played a factor in the city's rising homicide count. 2151
Friday brought another round of dramatic price cuts in the oil patch.US oil prices plummeted 7% and sank deeper into a bear market that has alarmed investors and made drivers around the world happy.The latest wave of selling knocked crude below a barrel for the first time since October 2017.Anxiety about oversupply and diminished demand have sent crude down by a third since it soared to a four-year high above a barrel in early October. Observers have gone from fearing 0 oil to expressing concern over why its price collapsed so quickly."The unrelenting six-week selloff has been unnerving to say the least," Michael Haigh, head of commodities research at Societe Generale, wrote to clients on Wednesday.Oil bulls are hoping OPEC and Russia come to the rescue by announcing steep production cuts at a meeting next month in Vienna. However, President Donald Trump is pressuring Saudi Arabia and OPEC not to reduce output despite the crash in prices. Traders are worried Trump's recent praise for Saudi Arabia signals the Saudis won't back a significant production cut.For the week, US oil prices are down nearly 10%.Lukman Otunuga, research analyst at FXTM, described the weekly selloff as "brutally bearish."Brent crude, the global benchmark, shed 5.5% on Friday and declined to a new 2018 low of a barrel.The meltdown was triggered by a series of developments that darkened the energy outlook. Prices soared over the summer as Trump vowed to zero out Iran's oil exports. That led Saudi Arabia, Russia and especially the United States to ramp up production. However, the Trump administration later took a softer approach on Iran sanctions to keep oil from spiking. Officials granted temporary waivers to China, India and other buyers of Iran's crude. That headfake left the oil market staring at a potential glut.At the same time, global growth fears emerged in financial markets. Economists are marking down their GDP forecasts for 2019. Germany and Japan, the world's No. 3 and 4 economies, are already in contraction. China is slowing, too. None of that is bullish for oil, which powers the world economy."Rising global crude supply coupled with worrying signs of slowing demand have written a recipe for disaster for the oil markets," Otunuga wrote to clients on Friday.The rapid collapse in oil prices caught many off guard, including hedge funds that made outsized bullish bets on crude earlier this year. Large commodity funds have accumulated losses in excess of .7 billion so far this quarter, Societe Generale estimates."Sentiment on commodity markets has been despondent," Haigh wrote.The energy slump came at just the right time for consumers though. Millions of Thanksgiving travelers were greeted by cheaper prices at the pump. The average gallon of gallon fetched .58 on Friday, down sharply from .84 a month ago, according to AAA. 2880
Financial fallout from the pandemic is hitting millennials hard — and many will soon turn to their parents for help, if they haven’t already.Before parents ride to the rescue, financial planners urge them to map out a strategy that doesn’t just plug a short-term need but also makes sense in the long run.“Often the heartstrings will get pulled — ‘I really have to help them!’— but it can be detrimental to the parent,” says certified financial planner Jeffrey L. Corliss of Westport, Connecticut.(Of course, financial aid can flow the other way, as many millennials help support their parents. I’m addressing parents here, but most of the advice applies to kids helping their folks as well.)Millennials losing jobs, incomeEven before the pandemic, millennials had lower median incomes, far more debt and a much smaller slice of the nation’s wealth than boomers had at the same age. Millennials — usually defined as those ages 24 to 39 — are more likely than older generations to have lost jobs or household income because of the pandemic, various surveys show.“I’ve already seen clients coming in, worried about their kids,” says CFP Deborah Badillo of Miami. “‘They’re going to lose the house! What can I do to help them?’”Have them explore alternativesEncourage your kids to take full advantage of available financial help before extending yours, Badillo says. They may not know, for example, that unemployment benefits have been dramatically expanded because of the pandemic. Weekly payments are higher and are available to people who normally wouldn’t qualify, including gig workers, the self-employed and people whose hours have been reduced.In addition, there are many more options for people struggling to pay debt. Most mortgages qualify for forbearance programs that allow homeowners to skip payments for up to a year. Hardship programs have been added or expanded by credit card companies and other lenders. Federal student loan payments have been paused until Sept. 30, and income-driven programs can reduce payment amounts after that.Another option is a coronavirus hardship withdrawal, which allows people to tap their IRAs and 401(k)s without penalty if they were physically or financially affected by COVID-19. The withdrawals are taxable, but if the money is paid back within three years those taxes are refundable. Raiding retirement funds isn’t ideal, of course, but your kids have many more years to replenish their retirement savings than you do.Assess your own situationWhile your kids are filing for unemployment and calling their lenders, take a moment to assess your own finances. Where will the cash for your kids come from? It’s one thing to give away money you’ve been saving for a vacation, since you’re unlikely to travel soon anyway. It’s quite another to undermine your own ability to retire or handle a layoff or other setback.Some parents make a conscious decision to operate with a smaller cushion, or to delay their retirements, to help their children, says CFP Lazetta Rainey Braxton in New York. Just keep in mind that you may not get to decide when you retire. Many workers retire earlier than expected, often because of a health problem or job loss. Helping your children now could mean you have to lean on them later, Braxton says. If you’re not sure how this financial aid will impact your future finances, a consultation with a fee-only financial advisor could bring you some clarity.Set some boundariesFinancial planners typically recommend deciding how much to give, and then setting clear boundaries about when the financial help will end. That’s tricky now, of course, because no one knows how long the current economic crisis will last.But parents can still set expectations in other ways, financial planners say. If the child didn’t have an emergency fund, for example, parents can discuss the importance of saving money out of every future paycheck, so the child won’t have to rely on family help again, Braxton says.“Some parents will just put on a Band-Aid and give them money, but they really haven’t helped in terms of their financial capacity,” Braxton says.If an adult child is moving back home, Corliss suggests a written contract outlining chores and responsibilities, such as how soon they’ll be expected to move out after finding a job. A similar end date can be set for any cash the parents hand out. Corliss says the message should be clear: “We expect you to get on your feet as soon as you can.”This article was written by NerdWallet and was originally published by The Associated Press.More From NerdWalletMortgage Relief Programs for Homeowners Hit by the Coronavirus CrisisWhat Is a Credit Card Hardship Program?Cashing Out a 401(k) Due to COVID-19? Consider These Things FirstLiz Weston is a writer at NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. 4841