Bullshit Artists

Fed Could End Up Paying Banks $77 Billion Annually on Excess Reserves

"The Federal Reserve could pay more than $77 billion a year in interest on the excess cash reserves it holds for commercial banks if rates follow the highest path forecast by Fed policy makers. The central bank already has paid more than $13 billion since 2008 when Congress authorized interest on reserve balances as part of financial-rescue legislation. The Fed earns interest income on its bond holdings and, after covering its operating expenses, returns the profit to the U.S. Treasury. Last year, the Fed remitted $88.4 billion. As the interest payments on reserves rise, this profit could shrink or disappear." Continue reading →

Continue ReadingFed Could End Up Paying Banks $77 Billion Annually on Excess Reserves

Bill Bonner: Is this the end for the bull market in gold?

"Is this the end for the bull market in gold? Everybody says so. And this was before gold tumbled on Friday. The fact is, the masses never got anywhere near gold. Not even close. Most people have never seen a gold coin....and few are as reckless as the aforementioned Mr. Norstog. Most are even more reckless! They'll wait gold to hit $2,000...or $3,000 before they buy. Which is why we're nowhere close to the top. Wall Street never marketed gold, deftly...or any other way. Not even in its usual greedy, heavy handed fashion. And the masses never bought it. Just the opposite. As the price of gold rose we saw ads in the paper soliciting people to SELL gold." Continue reading →

Continue ReadingBill Bonner: Is this the end for the bull market in gold?

Obama Budget Contains Middle Class Income Tax Hike

"Chained CPI means the Obama budget contains a tax increase on 100 percent of middle class taxpayers (anyone who pays the federal income tax). Many other tax provisions—the standard deduction, the personal exemption, PEP and Pease, IRA and 401(k) contribution limits, and many others—are also tied to how CPI is measured. Chained CPI as a stand-alone measure (that is, not paired with tax relief of equal or greater size) is a tax increase and a Taxpayer Protection Pledge violation. Various reports peg the tax increase amount as exceeding $100 billion over the next decade." Continue reading →

Continue ReadingObama Budget Contains Middle Class Income Tax Hike

Jim Rogers: ‘I Suspect They’ll Take the Pension Plans Next; I’m Taking Preparations’

"I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on what governments around the world will be taking next, and what he’s doing right now to protect his personal bank accounts following the Cyprus collapse. With respect to which assets governments will likely be coming for next, Jim said, '401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you.'" Continue reading →

Continue ReadingJim Rogers: ‘I Suspect They’ll Take the Pension Plans Next; I’m Taking Preparations’

Millions, possibly billions of dollars awarded to scientists for duplicate studies

"Big Data computation at the Virginia Bioinformatics Institute at Virginia Tech reveals that over the past two decades funding agencies may have awarded millions and possibly billions of dollars to scientists who submitted the same grant request multiple times — and accepted duplicate funding. An analysis led by Harold R. Garner, a professor at Virginia Tech, not only indicates that millions in funding may have been granted and used inappropriately, it points to techniques to uncover existing instances of duplicate funding and ways to prevent it in the future." Continue reading →

Continue ReadingMillions, possibly billions of dollars awarded to scientists for duplicate studies

Millions, possibly billions of dollars awarded to scientists for duplicate studies

"Big Data computation at the Virginia Bioinformatics Institute at Virginia Tech reveals that over the past two decades funding agencies may have awarded millions and possibly billions of dollars to scientists who submitted the same grant request multiple times — and accepted duplicate funding. An analysis led by Harold R. Garner, a professor at Virginia Tech, not only indicates that millions in funding may have been granted and used inappropriately, it points to techniques to uncover existing instances of duplicate funding and ways to prevent it in the future." Continue reading →

Continue ReadingMillions, possibly billions of dollars awarded to scientists for duplicate studies

Detlev Schlichter: Global economic policy now firmly in the hands of money cranks

"During the early honeymoon between ‘Abenomics’ and financial reality, the idea of printing yourself to prosperity is likely to have imitators, with the UK being a prime candidate. In terms of total indebtedness, the UK is the one industrialized country that can compete with Japan, meaning it is in the same supersized debt-pickle. Over at Threadneedle Street, the Deputy Governor of the Bank of England, Paul Tucker, openly fantasized about negative interest rates recently, outgoing Governor Mervyn King voted for more QE (overruled), and Governor-elect Mark Carney promises to be, well, – flexible. Bottom line: desperation is spreading. Watch this place!" Continue reading →

Continue ReadingDetlev Schlichter: Global economic policy now firmly in the hands of money cranks

For Most Homeowners, Gov’t Foreclosure Deal Brings A Few Hundred Bucks

"The government’s largest effort to compensate victims of the banks’ foreclosure practices is finally sputtering to an end. But for most of those eligible – nearly three million borrowers – it won’t be much of an ending: they’ll be receiving a check for $300 to $500. For many borrowers, it’s a likely an unsatisfying end to a process defined by years of frustration. Only about 11 percent of eligible borrowers filled out complaints, a low response rate both consumer advocates and the Government Accountability Office attributed to borrower confusion and poor outreach by regulators and the banks." Continue reading →

Continue ReadingFor Most Homeowners, Gov’t Foreclosure Deal Brings A Few Hundred Bucks

Massachusetts Supreme Court Clears Drivers In Marijuana Search

"In a series of three rulings issued Friday, the Massachusetts Supreme Judicial Court cracked down on police who have been using evidence of marijuana possession as a pretext to search automobiles. In 2008, 62 percent of state voters approved an initiative that decriminalized possession of up to one ounce of marijuana. To justify the search, prosecutors argued that by passing around a joint, Pacheco was guilty of 'distribution' of marijuana, which is punishable by two years in jail. The state argued the trooper's search was valid because he was investigating the crime of distribution. The high court did not agree." Continue reading →

Continue ReadingMassachusetts Supreme Court Clears Drivers In Marijuana Search

Judge declares using Google Maps for driving directions illegal in California

"Judge Hamlin reasoned that the law's intent was to prevent all manual operation of the cellphone to curb distracted driving. Hamlin felt this even though Sprigg argued that when the original law specified voice calls, it was felt necessary to append the law to add texting to its purview. Using that example, if the law didn't specify the other operations it covered, then it shouldn't apply to those other operations. Hamlin's decision countered that there was no legislative history that demonstrated the bill's original supporters didn't want texting covered by the law originally." Continue reading →

Continue ReadingJudge declares using Google Maps for driving directions illegal in California