Clueless

Judge: Merchants owed millions in credit card fees ‘inappropriately’ inflated by Fed

"The 2010 Dodd-Frank law called for the Fed to cap such fees, which banks charge to retailers when their customers use debit cards to make purchases. Judge Richard Leon of the U.S. District Court for the District of Columbia sided with retailers, who argued the Fed’s 21 cent cap was higher than Congress intended. The so-called Durbin amendment to Dodd-Frank, named for its sponsor, Democratic Senator Richard Durbin of Illinois, was intended to reduce burdens on retailers and hopefully trickle down to consumers in the form of lower prices." Continue reading →

Continue ReadingJudge: Merchants owed millions in credit card fees ‘inappropriately’ inflated by Fed

IMF finds $11 billion ‘black hole’ in Greece’s finances

"The International Monetary Fund warned the eurozone yesterday that it may be forced to write off a chunk of Greece’s debt after identifying an $11bn black hole in the finances of the recession-stricken country. In its regular update on the programme of financial austerity and structural change agreed to by Athens in return for financial help, the Washington-based IMF said weak growth and a sluggish pace of reform had opened up a funding gap in both 2014 and 2015." Continue reading →

Continue ReadingIMF finds $11 billion ‘black hole’ in Greece’s finances

Obama’s Next Big Blunder

"Many believe Janet Yellen, the Fed’s current vice chairman, is the best option because she’s been involved in all major recent monetary policies. But I won’t be taken aback if Obama picks Summers. He’s perfectly qualified for the job. If you have a terrible track record of predicting the economy and like to favor big banks at the expense of everyone else, then you’ve got a good shot at becoming the Fed chief. Because that’s precisely what the Fed does. It punishes savers and helps make bankers rich. And it fails to predict all major economic developments. That’s why Obama is considering Summers." Continue reading →

Continue ReadingObama’s Next Big Blunder

8 arrested in Huntington Beach as surfing crowd trashes porta-potties after event

"Eight people were arrested Sunday night in Huntington Beach, California after a rash of mob violence following the conclusion of a surfing competition, KABC-TV reported. Local police told KABC the unrest began around 7:15 p.m. local time, about two hours after the end of the annual U.S. Open of Surfing event, when large fights broke out among the crowd of spectators, with the disturbances moving into the city’s downtown area as police moved in to disperse the revelers. Departments from nearby cities were called in for assistance, forcing streets to be closed down until the crowd was cleared out around 10 p.m." Continue reading →

Continue Reading8 arrested in Huntington Beach as surfing crowd trashes porta-potties after event

Hundreds of fast food workers strike in New York for a ‘living wage’

"Hundreds of workers at McDonald’s and other fast food outlets across New York went on strike Monday for higher wages in a movement organizers hope will spread nationwide. Sporadic walkouts left managers to serve customers at flagship McDonald’s outlets on Times Square and 5th Avenue in Manhattan. Organizers said the strike had hit around 60 restaurants operated by McDonald’s, Wendy’s, KFC and Burger King across the New York area. The striking workers are demanding the introduction of a standard wage of $15/hour, more than twice the $7.25 minimum wage that many fast food employees earn here." Continue reading →

Continue ReadingHundreds of fast food workers strike in New York for a ‘living wage’

U.S. Postal Service hopes to be the ‘cutting edge of functional fashion’

"Watch out Versace and Chanel. Next year the US Postal Service plans to start selling its own clothing range, based on its uniforms. There was a time when your local post office would mainly sell stamps and deliver letters. No longer. According to the Universal Postal Union (UPU), global letter- and light parcel delivery volumes dropped by 3.7 percent in 2011 from a year earlier, and by 5.1 percent when just counting Europe and the former Soviet Union. USPS tripled its losses in 2012, losing $15.9 billion as the state-owned enterprise faces tough competition and what it calls onerous and unfair retirement funding requirements." Continue reading →

Continue ReadingU.S. Postal Service hopes to be the ‘cutting edge of functional fashion’

Young Catholics flood Rio’s streets after Pope Francis speech

"Heeding Pope Francis’ call to shake up the Church, hundreds of thousands of young Catholics marched across Rio on Saturday, singing, beating drums and chanting 'this is the pope’s youth!' They waved flags from around the world — Brazil, Australia, South Africa, the United States — and pitched tents on the crescent-shaped beach of Copacabana for an all-night vigil and final mass with the pope to cap World Youth Day festivities. Since his election in March, history’s first Latin American pope has sought to re-energize Catholics, using his Rio trip to urge young believers to spread the Gospel and 'make a mess' in their dioceses." Continue reading →

Continue ReadingYoung Catholics flood Rio’s streets after Pope Francis speech

Pope Francis condemns ‘culture of individualism’ for economic inequality

"On Thursday, the pontiff unleashed the most powerful and politically loaded rhetoric of his trip, attacking the 'culture of selfishness and individualism' and urging more efforts to fight hunger and poverty. The throngs were largely kept at bay by security barriers, but the pope kissed babies and shook hands with well-wishers. Police helicopters buzzed overheads, and police snipers watched the crowd from rooftops. He also gave a sharply worded condemnation of moves to legalise drug use during a visit on Wednesday to a rehabilitation centre in Brazil." Continue reading →

Continue ReadingPope Francis condemns ‘culture of individualism’ for economic inequality

Bankruptcy Litigation Does Not Generate New Wealth

"The only viable long-term strategy for claimants is to focus on doing whatever it takes to help the city/county start generating new wealth. But this is far more difficult than hoping to win some court ruling, and it also requires sacrificing the dearly held belief that fantasy entitlements should be made real by somebody, somewhere. Which brings us to the ultimate make-us-whole fantasy, the Federal bailout of every bankrupt city, county and state in the nation. Every constituency is of course first in line in terms of being deserving of 'what's owed to me.' Unfortunately for those counting on the Grand Federal Bailout, the queue at the Federal bailout window is already long." Continue reading →

Continue ReadingBankruptcy Litigation Does Not Generate New Wealth