Ed’s Daily Notes for May 16th   9 comments

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Don’t say I didn’t warn you…

Bloomberg: China Bad Loans Rise Most Since 2005 as Economy Slows

Not much good news from China these days:

Chinese banks had the biggest quarterly increase in bad loans since 2005 as a slowdown in the world’s second-largest economy causes defaults to rise.

Nonperforming loans rose by 54 billion yuan ($8.7 billion) in the three months through March to 646.1 billion yuan, the highest level since September 2008, according to data released by the China Banking Regulatory Commission yesterday. Bad loans accounted for 1.04 percent of total lending, up from 1 percent three months earlier.

Business Week: Stairway to Heaven: The Song Remains Pretty Similar

Did Led Zeppelin copy the opening chords to their classic Stairway to Heaven?

Listen to the following song, Taurus, by a band named Spirit. The suspicious chords occur roughly 56 seconds into the song:

Coincidence? Perhaps, but not when you consider this:

For Led Zeppelin, 1968 was a big year. The band recorded its first album and flew to the U.S. to promote it with a series of shows. The day after Christmas, it played its first concert in America at the Denver Auditorium Arena. Led Zeppelin opened for Spirit.

Mark Andes, Spirit’s founding bassist, says he believes the members of Led Zeppelin heard Taurus that day, beginning a process that would lead to its appropriation for Stairway. Taurus was a fixture of Spirit’s set at the time. “It was such a pretty moment, and it would typically come after a big forceful number and always got a good response,” Andes says at his home in a Houston suburb, where his music room is lined with framed gold records, many from the decade he later spent with the band Heart. “They would have seen it in that context.”

Within four days of its inaugural U.S. gig, Led Zeppelin had already assimilated some of Spirit’s other music into its act. At Gonzaga University in Spokane, Wash., the band played a medley that included Spirit’s Fresh-Garbage. The song, with its grinding bass line, shares side one of Spirit with Taurus. Set lists posted on Led Zeppelin’s official website name Fresh-Garbage as a song for the Spokane show and at least 11 other shows in the following months. Even if Page hadn’t heard Taurus at that first gig, he would have had other chances to hear it live as the bands crossed paths through 1969. “We did quite a few shows with those guys,” says Andes. “Not to say they might not have heard it from the record.” On May 16, 1969, the bands played a concert together in Detroit at the Grande Ballroom. On July 5, 1969, at the Atlanta Pop Festival, Spirit played right before Zeppelin. The two bands played the closing day of the Seattle Pop Festival on July 27. The weekend of Aug. 30, they played on two separate days at the Texas International Pop Festival.


Posted May 16, 2014 by edmcgon in China, Music, News

9 responses to “Ed’s Daily Notes for May 16th

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  1. We even made it to Zerohedge!
    And the worst part is, that this is all true …

    p.s.: listen to child in time from deep purple, and then to Bombay Calling from It’s a beautiful day – it’s even more comparable.

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