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Who will pay more under Obamacare? Young men

"Obamacare limits the amount insurers can charge older enrollees to three times the amount charged for younger participants. Men usually pay less than women, since they typically visit the doctor less frequently. The Affordable Care Act, however, doesn't allow insurers to charge different rates to men and women. Taken together, men ages 25 to 36 could see rate increases greater than 50%, according to Milliman's O'Connor, but women of the same age will only see their premiums creep up 4%. Meanwhile, men age 60 to 64 could see their premiums drop by 12%." Continue reading →

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Law Professor Wants To Do Away With Most C’s Because They Make Students Feel Bad

"Hey, why even make the kids take the classes? Let's just give them degrees! With honors! Law schools should 'substantially eliminate' 'C' grades because they're stress-inducing and make it more difficult for students to get jobs, a law professor argues in the University of San Francisco Law Review. Does this prof not realize that if everyone is given a grade of B or better that a college degree becomes even more useless than it now is in judging a graduate for employment? I give the prof an F for failure to understand the real world consequences of his proposal." Continue reading →

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How Mapping Student Debt Changes the Debate

"While soaring college tuition and low barriers to borrowing have been widely blamed, the New York Fed's maps indicate that the worst employment environment in a generation has had a powerful effect. In fact, those states with high delinquency rates on student loans are having trouble with all kinds of debt. The regions on the map with the most red ink—the Deep South and Southeast—also have the highest consumer bankruptcy rates, according to the American Bankruptcy Institute. The Fed's report further connects the dots between the student debt crisis and the nation's overall financial health. It also gives policymakers contemplating a bailout something to think about." Continue reading →

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Student Loans are About to Cross the Trillion Dollar Mark

"In the first quarter of 2013, students owed $986 billion in student loans, up $20 billion from $966 billion in the fourth quarter. Student-loan balances outstanding have soared 70% in the past five years, thanks to government backing of loan programs---which has done nothing but sent the price of a near useless education soaring. Prices fall and quality improves where the government doesn't intervene (see: cell phones, televisions personal computers). Prices soar and quality fall where the government gets heavily involved (see: the health sector and education sector)." Continue reading →

Continue ReadingStudent Loans are About to Cross the Trillion Dollar Mark

The Government-Created “ME ME ME Generation”

"A generation educated in government schools, funded by government student loans, and unable to find jobs in a government/central bank twisted marketplace are called 'lazy, entitled narcissists who still live with their parents.' How shall the State solve this problem? Since obviously no one else possibly can... How about some 'Good Service'? There you go. The massive military empire, that has been at constant war for most (if not all) of our lives, can use some more recruits! Peace Corps, as they like to call it. So of course! Why not force the 'lazy, entitled narcissists' to go out there to advance 'U.S. foreign policy objectives'?" Continue reading →

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How to Spot a Market Top

"The wide array of optimistic extremes in sentiment measures includes several readings that exceed the extremes of 2007, when the Dow made its previous high. With a finishing structure that Elliott Wave Principle describes as occurring at 'the termination points of larger patterns,' the market is ripe for a decline of historic magnitude. The sudden, loud chorus of market bulls, which has grown to a full-blown crescendo, fits perfectly with the terminal stages of a major advance. This chart shows the stunning breadth of optimism extending to every class of investor." Continue reading →

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U.S. Banks Buy Gold Futures in Dramatic Position Change

"Clearly the U.S. banks, presumably including U.S. bullion banks, are not positioning as though they believe there is a great deal more downside left in gold futures. If they did or do believe that gold could probe even lower than the $1,320s, they are not positioning for it in COMEX futures. That does not necessarily mean they are 'right,' but it is a window into how the largest, best funded and presumably the best informed traders of gold futures on the planet - the U.S. banks - are positioning, both for their own book and for their clients." Continue reading →

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Switzerland to sign free trade agreement with China

"Switzerland has reached an agreement on details of a free-trade pact with China and expects to sign a deal in coming months, the country's economy minister said on Wednesday. 'What we currently have is a deal at the technical level,' Johann Schneider-Ammann told a news conference in Berne. He said exact details of the agreement would be given once it has been signed in the next few months. China is Switzerland's third biggest trading partner after the European Union and the United States, and the pact covers industry as well as agriculture. More details may emerge when China's Premier Li Keqiang visits Switzerland next week." Continue reading →

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U.S. Officials Deal Blow to Bitcoin

"The scrutiny comes after the Treasury Department ruled in March that firms issuing or exchanging online cash, including currencies not backed by a central bank, would be subject to the same money-laundering rules as traditional providers like Western Union Co. A number of firms have registered as money-transmission businesses since the agency issued the guidance, but Mt. Gox hasn't done so, according to a FinCen list. The agency doesn't have authority to take on Mt. Gox directly because it is based in Tokyo, but has fired a shot across the exchange's bow by going after its U.S. subsidiary." Continue reading →

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Obama accepts resignation of IRS acting chief over ‘inexcusable’ tea party scandal

"Barack Obama fired the most senior tax official in the US on Wednesday in an effort to bring a speedy end to a scandal over the targeting for special scrutiny of Tea Party organisations and other conservative groups. The president said that the acting commissioner, Steven Miller, was asked to resign and that Miller had done so. Miller’s sacking followed an independent report by the Treasury’s inspector general, which found that the conduct in the IRS office in Cincinnati had been 'inappropriate'. Officials had picked out groups with the words Tea Party or Patriots in their titles and subjected their requests for tax-exempt status to extra scrutiny." Continue reading →

Continue ReadingObama accepts resignation of IRS acting chief over ‘inexcusable’ tea party scandal