Network Archives

Big Banks Start Campaign to Destroy Credit Unions

"As of March of this year, credit union membership has increased to more than 95 million members and they hold 6 percent of the financial assets of United States to the tune of $1 trillion dollars. Now the major banks want to destroy them. This month the American Bankers Association started a huge lobbying effort to end the tax break credit unions receive as non-profit organizations – a tax break that allows them to run as a non-profit and offer their members services at a much lower rate. There is a big budget battle looming and the estimated $2 billion in annual revenue that is estimated from eliminating the tax exemption has already been floated." Continue reading →

Continue ReadingBig Banks Start Campaign to Destroy Credit Unions

Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks

"Financial institutions, trade groups, scholars and members of Congress have raised an array of concerns, starting with the cost of creating the complex computer systems needed to track Americans’ accounts. In addition, tax havens like China, Panama and Russia have yet to sign on. And American banks are unhappy about a Treasury Department pledge to foreign banks, not part of the original law, to require American financial institutions to share data with other countries about foreign investors who have accounts in the United States." Continue reading →

Continue ReadingComplying With U.S. Tax Evasion Law Is Vexing Foreign Banks

Beef Prices Set New Record Highs

"Retail beef prices rose nearly 4¢ in August to reach $5.394/lb, a record high, reports Beef Magazine. This should be no problem, though, if you switch to lower priced goods as beef climbs, as government theorizes consumers do as part of its chained-inflation index. For example, peanut butter prices are down 5.7% over the last 12 months, according to the BLS. So if you switch from steak to peanut butter sandwiches, you won't notice any increase in the cost of eating." Continue reading →

Continue ReadingBeef Prices Set New Record Highs

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 →

Continue ReadingMortgage slowdown forces new layoffs at Wells Fargo

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 →

Continue ReadingHome-Loan Drop Pushes Fed Away From Mortgage Bond Taper

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 →

Continue ReadingPlundering The Provinces

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 →

Continue ReadingTheaters brace for new federal rules on accommodating blind, deaf

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 →

Continue ReadingOperation Compliance: Detroit’s War on Small Business

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 →

Continue ReadingAnarcho-Perspective on Detroit is Catching On

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 →

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