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Edward Snowden’s journey from high school drop-out to focus of international intrigue

"Snowden joined the US army in 2003, saying he wanted to fight in Iraq. But he never made it there after breaking both legs in a training accident, leading to him being discharged from the military. He then got a job as a security guard for the National Security Agency (NSA), one of the largest and most secretive of the US intelligence agencies. But in 2006, the young computer geek somehow managed to win an information technology job with the CIA despite lacking formal credentials. From there he was sent to Geneva with a fat paycheck and a diplomatic cover." Continue reading →

Continue ReadingEdward Snowden’s journey from high school drop-out to focus of international intrigue

Edward Snowden’s journey from high school drop-out to focus of international intrigue

"Snowden joined the US army in 2003, saying he wanted to fight in Iraq. But he never made it there after breaking both legs in a training accident, leading to him being discharged from the military. He then got a job as a security guard for the National Security Agency (NSA), one of the largest and most secretive of the US intelligence agencies. But in 2006, the young computer geek somehow managed to win an information technology job with the CIA despite lacking formal credentials. From there he was sent to Geneva with a fat paycheck and a diplomatic cover." Continue reading →

Continue ReadingEdward Snowden’s journey from high school drop-out to focus of international intrigue

If Nook goes bust, will your e-books survive?

"This leaves Nook customers with a big problem. If Barnes & Noble stops production on all Nooks, experts says, Nook owners would have a hard time moving their libraries. In fact, customers are already grappling with that very issue on online forums. The reason: Most e-books carry digital rights management software, or DRM, which prevents them from being pirated, passed on to third parties or, in this case, transferred onto another device by the same consumer. Currently, downloading e-books onto one device and even trying to read or access them on another can be a time-consuming and complicated endeavor." Continue reading →

Continue ReadingIf Nook goes bust, will your e-books survive?

How long copyright terms make art disappear

"Copyright is a type of censorship—in this case, it suppresses the dissemination of books caught in the copyright 'black hole' as a result of the combination of copyright terms, the orphan works problem (which is a result in part of the lack of a requirement for copyright registration formalities and renewal requirements)." Continue reading →

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Kyle Bass: “The Next 18 Months Will Redefine Economic Orthodoxy For The West”

"The topics he focuses on are Central bank expansion (with a mind-numbing array of awe-full numbers to explain just where the $10 trillion of freshly created money has gone), Japan's near-term outlook ('the next 18 months in Japan will redefine the economic orthodoxy of the West'), and most importantly since, as he notes, 'we are investing in things that are propped up and somewhat made up,' the psychology of negative outcomes. The latter, Bass explains, is one of the most frequently discussed topics at his firm, as he points out that 'denial' is extremely popular in the financial markets." Continue reading →

Continue ReadingKyle Bass: “The Next 18 Months Will Redefine Economic Orthodoxy For The West”

IBM Cutting Jobs In U.S. And Globally

"International Business Machines Corp. (IBM), the world’s largest computer-services provider, began cutting U.S. jobs today as part of a global restructuring plan announced in April. The reduction targets employees with a range of seniority, from rank-and-file staff to executives. Some U.S. workers began to receive notifications of the cuts last night, according to Lee Conrad, a coordinator for Alliance@IBM, an employee group. The restructuring will cost $1 billion worldwide, including severance expenses. The company is probably cutting 6,000 to 8,000 jobs globally, based on the $1 billion cost figure." Continue reading →

Continue ReadingIBM Cutting Jobs In U.S. And Globally

European Car Sales Fall to 20-Year Low Amid Unemployment

"European car sales fell to a 20-year low in May as record joblessness caused by a recession in the euro area reduced demand at PSA Peugeot Citroen (UG), Renault SA (RNO), Fiat SpA (F)and General Motors Co. (GM) Registrations dropped 5.9 percent to 1.08 million vehicles from 1.15 million a year earlier, the Brussels-based ACEA said today. The figure was the lowest for the month since 1993. The ACEA compiles data for the 27-nation EU plus Switzerland, Norway and Iceland. Peugeot, Renault, Fiat and GM’s deliveries fell at least 10 percent in the region last month as price cuts failed to attract buyers." Continue reading →

Continue ReadingEuropean Car Sales Fall to 20-Year Low Amid Unemployment

Price Inflation Watch: Average NYC Rent Passes $3,000

"The average rent in NYC last quarter was $3,017 a month, according to Reis Inc. According to Reuters, the average New York rent was more than 50 percent higher than second-place San Francisco, where rent grew 1.1 percent from the first quarter to $1,998.82. Oklahoma City was the cheapest market, at an average of $571.03 a month, up 0.6 percent. The national average is $1,062. With few apartments up for grabs in NYC, brokers are urging prospective tenants to carry financial paperwork with them to showings and to make a decision quickly, reports WSJ." Continue reading →

Continue ReadingPrice Inflation Watch: Average NYC Rent Passes $3,000

Dear New Yorkers: Here’s Why Your Rent Is So Ridiculously High

"While the average rent for available apartments in New York City is now over $3,000, the U.S. Census Bureau says renters in New York City were only paying a median of $1,125 in 2011. What gives? The answer is, there are lots of cheap apartments in New York. You just can't get one of them, because they're rent controlled, and tenants with great rent controlled deals cling to their apartments until they die. In Manhattan below 96th Street, 35% of rent regulated apartments are occupied by a tenant who has lived there for more than 20 years. Less than 3% of market-rate tenants have been around that long." Continue reading →

Continue ReadingDear New Yorkers: Here’s Why Your Rent Is So Ridiculously High

Mortgage Rates at Two Year High

"The average rate for the 30-year fixed-rate mortgage rose to 4.51% in the week ending July 11 - reaching the highest rate since July 2011,Freddie Mac said today in its weekly report. A year ago, the 30-year rate averaged 3.56%. This is only the beginning. It is not the time to have a floating rate mortgage. If you haven't locked in your mortgage rate with a long-term fixed rate mortgage, do so now." Continue reading →

Continue ReadingMortgage Rates at Two Year High