Yearly Archives: 2013

Mortgage slowdown forces new layoffs at Wells Fargo

"The ax is falling again at Wells Fargo's mortgage origination unit, as refinancing activity continues to slow. The bank on Wednesday sent 60-day notices of displacement to 1,800 employees across the country, citing a slowdown in activity throughout 2012 and early 2013. It's unclear how much Wells Fargo—the nation's largest mortgage provider—needs to rightsize to adjust to the new normal. The bank has already cut 3,000 jobs in origination and servicing, but activity has been bouncing around. Other Wall Street banks are making similar moves, as a sharp rise in rates has kept consumers from taking out or refinancing mortgages. JPMorgan laid off more than 2,000 employees in early August." Continue reading →

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Home-Loan Drop Pushes Fed Away From Mortgage Bond Taper

"A surge in mortgage rates to two-year highs has undercut borrowing, pushing down refinancing by more than 70 percent since last September. Wells Fargo & Co. (WFC) said this month originations may fall 29 percent this quarter, while JPMorgan Chase & Co. said volumes may plunge 40 percent in the second half compared with the first six months of the year. Builders began work on fewer U.S. homes than projected in August and applications for future work declined more than forecast, the Commerce Department said today. Housing starts rose 0.9 percent to a 891,000 annual rate, following the prior month’s 883,000 pace that was weaker than previously estimated." Continue reading →

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Plundering The Provinces

"The establishment media and many economists and other social scientists continually bemoan the varying income differences generated by voluntary and ever changing consumer choices on the market. In the U.S., the political class regularly and forcibly extracts a massive amount of income from productive workers, investors, and entrepreneurs via taxation and money creation ('quantitative easing' and 'zero interest-rate policies') and funnels these stolen funds into its own pockets and those of privileged financial institutions, giant agribusiness corporations, government military contractors, construction unions, etc." Continue reading →

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Theaters brace for new federal rules on accommodating blind, deaf

"Movie-house owners -- as well as disability advocates -- are anxiously awaiting the release of an Obama administration proposal that would require theaters to install expensive technology so deaf and blind patrons can enjoy their films. Theater owners -- particularly those with small, independent houses -- say they cannot afford the technology shift which starts with converting to digital cinema. The cost of that is about $70,000 per screen, though most theaters have already gone digital. Theaters then would have to purchase the headsets that narrate films for the blind and glasses that provide the closed-captioning for the deaf, at an additional cost." Continue reading →

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Operation Compliance: Detroit’s War on Small Business

"Mayor David Bing announced in January that he'd assembled a task force to execute Operation Compliance. Operation Compliance began with the stated goal of shutting down 20 businesses a week. Since its inception, Operation Compliance has resulted in the closure of 383 small businesses, with another 536 in the 'process of compliance,' according to figures provided to Reason TV by city officials. But business owners say that Operation Compliance unfairly targets small, struggling businesses in poor areas of town and that the city's maze of regulations is nearly impossible to navigate, with permit fees that are excessive and damaging to businesses running on thin profit margins." Continue reading →

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Anarcho-Perspective on Detroit is Catching On

"Detroit’s ground-up resurrection has not been created by the city, but rather, it has been enabled by the city because in spite of its seemingly unyielding regulatory environment, as presented by the media and some local businessmen, the government-regulatory complex has been too corrupt, too inept, and too inconsequential to enforce its own ridiculous dictates, for the most part. Detroit’s entrepreneurial storm that is rooted in rejection of the conventional political system is purposeful in that creative human capital actually seeks Detroit out as a place where they can potentially launch and operate innovative entrepreneurial efforts with minimal bureaucratic meddling." Continue reading →

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Why I Charge $1,000 For An Hour Of My Time

"As an entrepreneur, fighting small charges such as bank errors or late payment fees simply isn’t worth your time. If you have a finance or office manager whose hourly rate is less than the amount of the erroneous charge, then it makes financial sense for that person to spend time resolving the issue. If that isn’t the case, it’s better just to let it go. The bottom line? The more you can avoid fighting based on principles, the better: It just isn’t worth it. When your time is worth $1,000 an hour, it’s often best to turn the other cheek." Continue reading →

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Late Marc Rich’s Swiss mansions for sale

"The daughters of the late expat American commodity trader and financier Marc Rich have put up for sale his luxury Swiss homes in the canton of Lucerne and the mountain resort town of St. Moritz. Rich is celebrated for making a fortune in metals such as aluminum, silver and zinc by cornering the market and in dubious dealings in oil. He became a fugitive in Switzerland after being indicted in the early 1980s on charges of widespread tax evasion, illegal dealings with Iran and other crimes." Continue reading →

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Video game pioneer & former Nintendo head Hiroshi Yamauchi dies at 85

"He was known as 'the godfather of the console', building the Japanese firm Nintendo from a playing cards manufacturer into one of the world’s most powerful computer games businesses. Now the gaming industry is paying tribute to the company’s former president, Hiroshi Yamauchi, who died on Thursday at 85. For a generation of gamers, Yamauchi’s Nintendo represented a golden era of mainstream gaming, dominated by classic titles like Super Mario Bros, Legend of Zelda and Metroid. A 1990 survey found the company’s mascot Mario, a moustachioed Italian plumber, was more recognisable to American children than Mickey Mouse." Continue reading →

Continue ReadingVideo game pioneer & former Nintendo head Hiroshi Yamauchi dies at 85

Grand Theft Auto V sales zoom past $1 billion mark in 3 days

"Grand Theft Auto V has crossed the $1 billion sales mark after three days in stores, a rate faster than any other video game, film or other entertainment product has ever managed, its creator Take Two Interactive Inc said on Friday. The latest installment of GTA, a cultural phenomenon that has sparked a national debate on adult content and violence, received strong reviews and racked up $800 million in first-day sales alone. That marked a launch-day record for the Grand Theft Auto franchise which is Take Two's most lucrative and allows players to cruise around a make-believe gameworld based on real-life locations such as Los Angeles." Continue reading →

Continue ReadingGrand Theft Auto V sales zoom past $1 billion mark in 3 days