News from The Associated Press:
"That total included $4 million for an August 2010 conference in Anaheim, Calif., for which the agency did not negotiate lower room rates, even though that is standard government practice, according to a statement by the House Oversight and Government Reform Committee.
Instead, some of the 2,600 attendees received benefits, including staying in expensive presidential suites.
In addition, 15 outside speakers were paid a total of $135,000 in fees, with one paid $17,000 to talk about "leadership through art," the House committee said."
Sunday, June 02, 2013
Jury acquits Brandon man in killing of wife's lover
Jury acquits Brandon man in killing of wife's lover | Tampa Bay Times:
TAMPA — As she learned her septuagenarian husband would not be punished for killing her 32-year-old lover, Johnna Lynn Flores, 41, cried tears of joy.
Once Wald was released from jail, she said, he had promised her a special celebration. "Because my husband puts me first, he's taking me to the Waffle House," Flores said.
It was what amounted to a happy ending for the starring couple in a tragic and inimitably Floridian morality tale involving sex, liquor, self-defense law, erectile dysfunction and a man shot to death with his pants around his knees.
After two days of testimony in Hillsborough Circuit Court, a jury decided Wald committed no crime when he fatally shot Walter Conley, a man less than half his age, on March 10.
Wald woke around midnight in his Brandon home and found Conley and Flores having sex on the floor in the living room.
He took a .38 revolver from his bedroom and shot Conley in the stomach and head.
The Many Ways That Cities Cook Their Bond Books
Steve Malanga: The Many Ways That Cities Cook Their Bond Books - WSJ.com:
"The Harrisburg charges are part of a broader SEC effort to scrutinize state and local government issuers in the nation's $3 trillion municipal-bond market.
"Anyone who follows municipal finance knows that budgets can sometimes be a work of fiction," says Anthony Figliola, a vice president at Empire Government Strategies, a Long Island-based consulting firm to local governments.
"Harrisburg is the tip of the iceberg."
And a mighty iceberg it is.
The 2012 State of the States report, released in November by Harvard's Institute of Politics, the University of Pennsylvania's Fels Institute of Government and the American Education Foundation, found state and local governments are carrying more than $7 trillion in debt, an amount equal to nearly half the federal debt.
Often, the report said, "States do not account to citizens in ways that are transparent, timely or accessible."
"The Harrisburg charges are part of a broader SEC effort to scrutinize state and local government issuers in the nation's $3 trillion municipal-bond market.
"Anyone who follows municipal finance knows that budgets can sometimes be a work of fiction," says Anthony Figliola, a vice president at Empire Government Strategies, a Long Island-based consulting firm to local governments.
"Harrisburg is the tip of the iceberg."
And a mighty iceberg it is.
The 2012 State of the States report, released in November by Harvard's Institute of Politics, the University of Pennsylvania's Fels Institute of Government and the American Education Foundation, found state and local governments are carrying more than $7 trillion in debt, an amount equal to nearly half the federal debt.
Often, the report said, "States do not account to citizens in ways that are transparent, timely or accessible."
"People With Financial Assets Are All Doomed"
Marc Faber: "People With Financial Assets Are All Doomed" | Zero Hedge
Marc Faber: "People With Financial Assets Are All Doomed"
Submitted by Tyler Durden on 06/01/2013 18:18 -0400
As Barron's notes in this recent interview, Marc Faber view the world with a skeptical eye, and never hesitates to speak his mind when things don't look quite right. In other words, he would be the first in a crowd to tell you the emperor has no clothes, and has done so early, often, and aptly in the case of numerous investment bubbles. With even the world's bankers now concerned at 'unsustainable bubbles', it is therefore unsurprising that in the discussion below, Faber explains, among other things, the fallacy of the Fed's help "the problem is the money doesn't flow into the system evenly, how with money-printing "the majority loses, and the minority wins," and how, thanks to the further misallocation of capital, "people with assets are all doomed, because prices are grossly inflated globally for stocks and bonds." Faber says he buys gold every month, adding that "I want to have some assets that aren't in the banking system. When the asset bubble bursts, financial assets will be particularly vulnerable."
On the error of the Fed's ways:
The Fed has been flooding the system with money. The problem is the money doesn't flow into the system evenly. It doesn't increase economic activity and asset prices in concert. Instead, it creates dangerous excesses in countries and asset classes. Money-printing fueled the colossal stock-market bubble of 1999-2000, when the Nasdaq more than doubled, becoming disconnected from economic reality. It fueled the housing bubble, which burst in 2008, and the commodities bubble. Now money is flowing into the high-end asset market - things like stocks, bonds, art, wine, jewelry, and luxury real estate.
Money-printing boosts the economy of the people closest to the money flow. But it doesn't help the worker in Detroit, or the vast majority of the middle class. It leads to a widening wealth gap. The majority loses, and the minority wins.
...
The neo-Keynesians would argue that if the Fed hadn't flooded the system with money, things would have been much worse. That might be true, but they would have been worse for a shorter period of time.
On the Bubble:
I am suggesting that in the fourth year of an economic expansion, near-zero interest rates will lead to a further misallocation of capital. I thought the U.S. market would have a 20% correction last fall, but it didn't happen. I also said the market might explode to the upside before the correction occurred. We might be in the final acceleration phase now. The Standard & Poor's 500 is at 1650. It could rally to 1750 or even 2000 in the next month or two before collapsing. People with assets are all doomed, because prices are grossly inflated globally for stocks, bonds, and collectibles.
On China:
There has been a huge credit bubble in China, and it isn't going to end well. Its economy officially grew 7.7% in the first quarter. In reality, it is growing 4% a year, at best. Figures on Chinese exports to Taiwan, South Korea, Hong Kong, and Singapore don't agree with the import figures of those countries. In each case, reported exports are much larger than reported imports.
On wealth divides and Social Unrest:
Again, the economy of the rich is booming. There has been huge wealth accumulation in Asia in recent years. But the middle class has experienced diminishing purchasing power. Throughout history, growing wealth inequality has been corrected either peacefully, through taxation and wealth redistribution, or by revolution, as in Russia. I am not sure we will have a revolution in the Western world, but I can see European voters turning against the arrogance of the bureaucracy.
On Europe:
Investors don't fully comprehend what happened in Cyprus. In the event of future bailouts, bank depositors will lose a percentage of their money. Money in the bank isn't 100% safe anymore.
On Gold:
Gold is down 30% from its 2011 peak of $1,921, but has far outperformed financial assets since 1999. A correction was overdue. I have about a 25% allocation to gold and buy some every month. I want to have some assets that aren't in the banking system. When the asset bubble bursts, financial assets will be particularly vulnerable.
Gold is easier to carry than a Lamborghini.
Most of my gold is in a safe-deposit box in Switzerland, but I am shifting it to Asia.
As Barron's notes in this recent interview, Marc Faber view the world with a skeptical eye, and never hesitates to speak his mind when things don't look quite right. In other words, he would be the first in a crowd to tell you the emperor has no clothes, and has done so early, often, and aptly in the case of numerous investment bubbles. With even the world's bankers now concerned at 'unsustainable bubbles', it is therefore unsurprising that in the discussion below, Faber explains, among other things, the fallacy of the Fed's help "the problem is the money doesn't flow into the system evenly, how with money-printing "the majority loses, and the minority wins," and how, thanks to the further misallocation of capital, "people with assets are all doomed, because prices are grossly inflated globally for stocks and bonds." Faber says he buys gold every month, adding that "I want to have some assets that aren't in the banking system. When the asset bubble bursts, financial assets will be particularly vulnerable."
On the error of the Fed's ways:
The Fed has been flooding the system with money. The problem is the money doesn't flow into the system evenly. It doesn't increase economic activity and asset prices in concert. Instead, it creates dangerous excesses in countries and asset classes. Money-printing fueled the colossal stock-market bubble of 1999-2000, when the Nasdaq more than doubled, becoming disconnected from economic reality. It fueled the housing bubble, which burst in 2008, and the commodities bubble. Now money is flowing into the high-end asset market - things like stocks, bonds, art, wine, jewelry, and luxury real estate.Money-printing boosts the economy of the people closest to the money flow. But it doesn't help the worker in Detroit, or the vast majority of the middle class. It leads to a widening wealth gap. The majority loses, and the minority wins....The neo-Keynesians would argue that if the Fed hadn't flooded the system with money, things would have been much worse. That might be true, but they would have been worse for a shorter period of time.
On the Bubble:
I am suggesting that in the fourth year of an economic expansion, near-zero interest rates will lead to a further misallocation of capital. I thought the U.S. market would have a 20% correction last fall, but it didn't happen. I also said the market might explode to the upside before the correction occurred. We might be in the final acceleration phase now. The Standard & Poor's 500 is at 1650. It could rally to 1750 or even 2000 in the next month or two before collapsing. People with assets are all doomed, because prices are grossly inflated globally for stocks, bonds, and collectibles.
On China:
There has been a huge credit bubble in China, and it isn't going to end well. Its economy officially grew 7.7% in the first quarter. In reality, it is growing 4% a year, at best. Figures on Chinese exports to Taiwan, South Korea, Hong Kong, and Singapore don't agree with the import figures of those countries. In each case, reported exports are much larger than reported imports.
On wealth divides and Social Unrest:
Again, the economy of the rich is booming. There has been huge wealth accumulation in Asia in recent years. But the middle class has experienced diminishing purchasing power. Throughout history, growing wealth inequality has been corrected either peacefully, through taxation and wealth redistribution, or by revolution, as in Russia. I am not sure we will have a revolution in the Western world, but I can see European voters turning against the arrogance of the bureaucracy.
On Europe:
Investors don't fully comprehend what happened in Cyprus. In the event of future bailouts, bank depositors will lose a percentage of their money. Money in the bank isn't 100% safe anymore.
On Gold:
Gold is down 30% from its 2011 peak of $1,921, but has far outperformed financial assets since 1999. A correction was overdue. I have about a 25% allocation to gold and buy some every month. I want to have some assets that aren't in the banking system. When the asset bubble bursts, financial assets will be particularly vulnerable.Gold is easier to carry than a Lamborghini.Most of my gold is in a safe-deposit box in Switzerland, but I am shifting it to Asia.
Michigan bill would allow Vietnam vets to get diplomas
Michigan bill would allow Vietnam vets to get diplomas | Detroit Free Press | freep.com:
"The bill would allow high school boards to award diplomas to Vietnam veterans aged 65 and older.
Michigan law already allows World War II and Korean War veterans to get diplomas."
"The bill would allow high school boards to award diplomas to Vietnam veterans aged 65 and older.
Michigan law already allows World War II and Korean War veterans to get diplomas."
Some felons could get records erased under bill heading to Michigan House
Some felons could get records erased under bill heading to Michigan House | Detroit Free Press | freep.com:
"The bill would allow an ex-offender of any age to be eligible for an expungment if they have up to two misdemeanors and one felony, as long as the crimes were nonviolent.
They wouldn’t become eligible to apply for an expungement until five years after they finished their parole or probation.
And the judge in the case would still have discretion over whether to grant the request."
"The bill would allow an ex-offender of any age to be eligible for an expungment if they have up to two misdemeanors and one felony, as long as the crimes were nonviolent.
They wouldn’t become eligible to apply for an expungement until five years after they finished their parole or probation.
And the judge in the case would still have discretion over whether to grant the request."
In Michigan, a stagnant achievement gap
In Michigan, a stagnant achievement gap | Detroit Free Press | freep.com:
"The percentage point gap between African-American (17%) and white (47%) students in Michigan public schools who were proficient in the MEAP’s math test last year was 30."
Forget "the gap".
47% of white students in Michigan are proficient in math?!!!!!
And that's the "good" news?
But they all know "teachers are underpaid" and "the rich don't pay their fair share".
Gimme a break.......
"The percentage point gap between African-American (17%) and white (47%) students in Michigan public schools who were proficient in the MEAP’s math test last year was 30."
Forget "the gap".
47% of white students in Michigan are proficient in math?!!!!!
And that's the "good" news?
But they all know "teachers are underpaid" and "the rich don't pay their fair share".
Gimme a break.......
Michigan's Rep. John Dingell will set record as longest-serving congressman
Michigan's Rep. John Dingell will set record as longest-serving congressman | Detroit Free Press | freep.com:
"John David Dingell Jr., at age 86, is in much the same spot he has been in since Dec. 13, 1955, representing a congressional district in southeast Michigan and performing all the tasks that come with it: answering constituent requests, appearing in parades and, as always, passing legislation."
"John David Dingell Jr., at age 86, is in much the same spot he has been in since Dec. 13, 1955, representing a congressional district in southeast Michigan and performing all the tasks that come with it: answering constituent requests, appearing in parades and, as always, passing legislation."
Detroit Zoo giraffe? Belle Isle? Detroit's treasure trove could be vulnerable to sale to settle debt
Detroit Zoo giraffe? Belle Isle? Detroit's treasure trove could be vulnerable to sale to settle debt | Detroit Free Press | freep.com:
"Detroit is teetering on the brink of the largest municipal bankruptcy in American history.
The city’s emergency manager, Kevyn Orr, and his team have said they want to evaluate everything owned by the city as they begin negotiations with creditors in the face of $15 billion to $17 billion in debt and future pension obligations."
"Detroit is teetering on the brink of the largest municipal bankruptcy in American history.
The city’s emergency manager, Kevyn Orr, and his team have said they want to evaluate everything owned by the city as they begin negotiations with creditors in the face of $15 billion to $17 billion in debt and future pension obligations."
Muslim Prayer Coming to a School Near You
Muslim Prayer Coming to a School Near You:
"A high school near Washington DC has taken a rare step of accommodating Muslim prayer during class hours. Parkdale High School now allows a handful of its students to be excused to pray.
The decision has made some Christian staffers "unhappy".
Prince George County High School Principal Cheryl J. Logan said the initiative is in response to the “needs of the growing Muslim community,” the Washington Post reported. "
"A high school near Washington DC has taken a rare step of accommodating Muslim prayer during class hours. Parkdale High School now allows a handful of its students to be excused to pray.
The decision has made some Christian staffers "unhappy".
Prince George County High School Principal Cheryl J. Logan said the initiative is in response to the “needs of the growing Muslim community,” the Washington Post reported. "
Indy 500 trip nourishes the soul
Indy 500 trip nourishes the soul | Las Vegas Review-Journal:
"Naturally, we have a grilled Hoosier tenderloin sandwich for lunch at Bobby Plump’s Last Shot in historic Broad Ripple Village, where David Letterman used to bag groceries at the Atlas Supermarket.
Bobby Plump is the guy who sank the winning basket for Milan High, enrollment 161, when it beat mighty Muncie Central in the 1954 Indiana state championship game upon which “Hoosiers” is based."
Nice story.
Read it all.
"Naturally, we have a grilled Hoosier tenderloin sandwich for lunch at Bobby Plump’s Last Shot in historic Broad Ripple Village, where David Letterman used to bag groceries at the Atlas Supermarket.
Bobby Plump is the guy who sank the winning basket for Milan High, enrollment 161, when it beat mighty Muncie Central in the 1954 Indiana state championship game upon which “Hoosiers” is based."
Nice story.
Read it all.
School says deaf boy's name sign looks too much like a gun
School says deaf boy's name sign looks too much like a gun:
"Brace yourselves, because this is the dumbest thing you'll hear all day.
The Grand Island (Neb.) school district is forcing a 3-year-old deaf boy to change the way he signs his name, because they say his gestures violate their weapons policy"
"Brace yourselves, because this is the dumbest thing you'll hear all day.
The Grand Island (Neb.) school district is forcing a 3-year-old deaf boy to change the way he signs his name, because they say his gestures violate their weapons policy"
Saturday, June 01, 2013
Canadian relief for Moore tornado victims denied at border…
Instapundit » Blog Archive » THE COUNTRY’S IN THE VERY BEST OF HANDS:
Canadian relief for Moore tornado victims denied at border.
“A Canadian shipment of relief goods bound for storm-ravaged Oklahoma has been stopped at the Canada-U.S. border in Windsor, Ont.
American officials will not allow the 20,000 kilograms of food, blankets and diapers into the country until every item on board is itemized in alphabetical order and has the country of origin of every product noted.”
Canadian relief for Moore tornado victims denied at border.
“A Canadian shipment of relief goods bound for storm-ravaged Oklahoma has been stopped at the Canada-U.S. border in Windsor, Ont.
American officials will not allow the 20,000 kilograms of food, blankets and diapers into the country until every item on board is itemized in alphabetical order and has the country of origin of every product noted.”
Obama Was Crafting 'Cover Story' Before Benghazi Victims Were Dead
Krauthammer: Obama Was Crafting 'Cover Story' Before Benghazi Victims Were Dead:
"Charles Krauthammer "I think there is a bigger story here that will in time come out.
The biggest scandal of all, the biggest question is what was the president doing in those eight hours.
He had a routine meeting at five o’clock.
He never after during the eight hours when our guys have their lives in danger, he never called the Secretary of Defense, he never calls the Chairman of the Joint Chiefs, he never called the CIA Director,
Who does he call?
But five hours in he calls the Secretary of State.
And after the phone call she releases a statement essentially about the video and how we denounce any intolerance.
It looks as if the only phone call is to construct a cover story at a time when the last two Americans who died were still alive and fighting for their lives.
There’s the scandal and that has to be uncovered.”"
"Charles Krauthammer "I think there is a bigger story here that will in time come out.
The biggest scandal of all, the biggest question is what was the president doing in those eight hours.
He had a routine meeting at five o’clock.
He never after during the eight hours when our guys have their lives in danger, he never called the Secretary of Defense, he never calls the Chairman of the Joint Chiefs, he never called the CIA Director,
Who does he call?
But five hours in he calls the Secretary of State.
And after the phone call she releases a statement essentially about the video and how we denounce any intolerance.
It looks as if the only phone call is to construct a cover story at a time when the last two Americans who died were still alive and fighting for their lives.
There’s the scandal and that has to be uncovered.”"
Allegedly unlicensed driver charged in fatal March 2012 rollover crash at Muskegon River flats
Allegedly unlicensed driver charged in fatal March 2012 rollover crash at Muskegon River flats | MLive.com:
"Timothy Maat, chief Muskegon County assistant prosecutor, said the reasons for the long time lag between the accident and the charging were a lengthy investigation of what caused the accident, including an examination of the car for any mechanical failures, and an investigation of whether Balderas was licensed to drive in any other state or in Mexico.
No license turned up, Maat said."
"Timothy Maat, chief Muskegon County assistant prosecutor, said the reasons for the long time lag between the accident and the charging were a lengthy investigation of what caused the accident, including an examination of the car for any mechanical failures, and an investigation of whether Balderas was licensed to drive in any other state or in Mexico.
No license turned up, Maat said."
Feds suggest anti-Muslim speech can be punished
Feds suggest anti-Muslim speech can be punished - POLITICO.com:
"A U.S. attorney in Tennessee is reportedly vowing to use federal civil rights statutes to clamp down on offensive and inflammatory speech about Islam.
Bill Killian, U.S. attorney for the Eastern District of Tennessee, was quoted by the Tullahoma News this week suggesting that some inflammatory material on Islam might run afoul of federal civil rights laws.
"We need to educate people about Muslims and their civil rights, and as long as we’re here, they’re going to be protected," Killian told the newspaper."
"A U.S. attorney in Tennessee is reportedly vowing to use federal civil rights statutes to clamp down on offensive and inflammatory speech about Islam.
Bill Killian, U.S. attorney for the Eastern District of Tennessee, was quoted by the Tullahoma News this week suggesting that some inflammatory material on Islam might run afoul of federal civil rights laws.
"We need to educate people about Muslims and their civil rights, and as long as we’re here, they’re going to be protected," Killian told the newspaper."
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