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Walmart may cancel three planned D.C. stores over ‘livable wage’ act

“The District will have three fewer Walmart stores if the city’s liveable wage act passes on Wednesday. The number has been cut from six to three, due to the District’s own doing. Councilwoman Yvette Alexander oversees Ward 7, where two of the three proposed Walmarts may no longer be built. Legislation that is supposed to pass on Wednesday requires big box stores like Walmart to start employee salaries at $12.50 – well above the District’s $8.25 minimum wage. Unfortunately, pulling the plug on these locations allegedly means pulling the plug on approximately 900 jobs as well.” Continue reading →

Government Student Loan Program a Scam?

“If you think the federal student-loan program looks like a bad deal for taxpayers, imagine how it would look with honest accounting. And now you don’t need to imagine thanks to a new [CBO] report that’s receiving far too little attention. Turns out that the official ‘savings’ for taxpayers of $184 billion over the next decade really add up to $95 billion in losses.’ The ‘scam’ is that Congress has enabled a huge subsidy for universities while claiming that student loans create huge tax savings, the editorial says. It can make that claim because a 1990 law ‘requires a deliberate under-counting of the cost of defaults,’ the editorial says.” Continue reading →

Bitcoin developer Jeff Garzik on Satoshi Nakamoto and the future of Bitcoin

“The core developers carry ultimate veto, and they’re notoriously cautious. ‘In general, the devs try to be very conservative. Typically, we don’t introduce new features. We just try to ensure that the existing ones work.’ That isn’t to say that new features can’t happen. There’s a mechanism called the Bitcoin Improvement Proposal (BPI) used to put forward proposed new features for the protocol. But it’s controlled by the core devs. ‘If we want to extend it, we’ll write up a BIP and publicise it through blogs, and we just try to judge through user feedback whether they like the feature, or don’t understand it, or things of that nature.'” Continue reading →

3D Printer for $1,000

“A British firm is selling a 3D printer for home use for about $1,000. It’s for people who are technologically savvy, and who want to be on the cutting edge. Watch it build a gadget. This is the equivalent of the Altair 8800 microcomputer in 1975. Soon, there will be an Apple I, then a TRS-80. Then a PC. Then there will be the equivalent of Visicalc, a ‘killer app’ for business. That is when this technology will get into the general population. This will change the world. It will take a decade or two, but we can see what’s coming. When a home brew version starts out at $1,000, the cost will fall, and capabilities will increase.” Continue reading →

Senators push bill to replace Fannie, Freddie with national mortgage insurance

“The two firms, which back nearly half of all new U.S. home loans, were chartered by Congress to expand mortgage finance but operated as private, profit-making companies. Given the central role they played in the financial system, the government felt compelled to bail them out when they ran into trouble. The bill would require private entities to buy mortgages from lenders and issue them to investors as securities. Private equity would be required to absorb a 10 percent loss of the principal underlying those new mortgage-backed securities if the loans went bad. A new guarantor, called the Federal Mortgage Insurance Corp., would replace Fannie Mae and Freddie Mac.” Continue reading →

1,700,000 Foreclosures Are in the Pipeline.

“A government report says that 1.7 million homeowners are 90 days or more late in their mortgage payments. Fannie Mae and HUD will wind up with these homes on their books, unless they decide to let the homeowners live rent-free. This is shadow inventory. It hangs like the sword of Damocles over the housing market. If the government does nothing, these homeowners will receive a huge subsidy: a tax-free grant equal to their mortgage payment, month after month, year after year. But if it forecloses, what will it do with these empty houses. Then the subsidy goes to operators of the squatters. Will the government kick the can? Probably.” Continue reading →

Private paramilitaries guard Wisconsin mining site from protesters

The company brought in the paramilitary forces after being confronted by a group of about 15 protesters in June. At least one of the demonstrators, a young woman, was hit with misdemeanor charges for trying to take a camera away from one of the company’s geologists. Gogebic claims they’ve since caught several people illegally camping on their property and did not want to take any chances. The company hired by Gogebic is Arizona-based Bulletproof Securities, which boasts that many of their employees are ex-military. A spokesperson for Gogebic told The Cap Times on Tuesday that they’re considering restricting their drilling sites from public access.” Continue reading →

Federal judge orders Secret Service to release files on Internet activist Aaron Swartz

“U.S. District Judge Colleen Kollar-Kotelly issued her ruling in response to a lawsuit filed by Wired reporter Kevin Poulsen, who is investigating the reasons for the heavy-handed prosecution that spurred Swartz to commit suicide. Swartz, who helped create the first RSS protocol at age 14 and co-founded the popular websites Reddit and Demand Progress, was charged in 2011 of stealing data from the Massachusetts Institute of Technology after he accessed a secure database of academic papers. Prosecutors threatened him with up to 30 years in prison, and Swartz committed suicide by hanging in January, at just 26 years old.” Continue reading →