Land Of The Flea

Genetic modification blamed for rejected Washington alfalfa crop

"Authorities were investigating a new suspected case of crop contamination on Thursday – the second in the Pacific northwest in five months – after samples of hay tested positive for genetically modified traits. The investigation was ordered after a farmer in Washington state reported that his alfalfa shipments had been rejected for export after testing positive for genetic modification. Results were expected as early as Friday. If confirmed, it would be the second known case of GM contamination in a major American crop since May, when university scientists confirmed the presence of a banned GM wheat growing in a farmer’s field in Oregon." Continue reading →

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‘Beanie Babies’ creator will pay $53.5 million to IRS for $885,300 delinquency

"The creator of the wildly popular Beanie Babies toy line agreed to plead guilty to felony tax evasion charges and will pay a $53.5 million penalty as part of a settlement agreement, the Chicago Tribune reported on Wednesday. Prosecutors accused Warner of failing to notify his accountants about both a Swiss bank account and the $3.1 million in foreign income it generated. He subsequently did not disclose that income in his 2002 tax return, enabling him to avoid paying $885,300 in taxes for that year. UBS revealed Warner’s account as part of a 2009 agreement with the IRS after admitting that it helped U.S. clients hide their accounts." Continue reading →

Continue Reading‘Beanie Babies’ creator will pay $53.5 million to IRS for $885,300 delinquency

Bill Bonner: Larry Summers Was a Lousy Choice Anyway

"Yes, Summers is smarter than we are. Yes, he has a better academic record. Yes, he is a real economist. Yes, he has widespread political support and a winning personality. But beyond those things, studies find that people with lower IQs make better truck drivers than people with high IQs. Which puts the critical question right out in the open: What kind of thing is running a central bank? And how smart do you have to be to be a successful central banker?" Continue reading →

Continue ReadingBill Bonner: Larry Summers Was a Lousy Choice Anyway

Here’s Why You Think Inflation Is Much Higher Than the Government Says

"According to the Bureau of Labor Statistics, producer prices for finished goods moved up just 1.4 percent for the 12 months ended in August, the smallest advance since a 0.5-percent rise in April 2013. According to the BLS release, over the past 12 months, at the producer level: Fresh and dry vegetables are up 47.1%. The price of chickens is up 6.2%. Residential gasoline is up 7.7%. Soaps and detergents are up 6.6%. Footwear is up 4.9%. Processed eggs are up 10.3%. Milk is up 6.7%. So if you don't eat, wear shoes or wash, there is hardly any price inflation." Continue reading →

Continue ReadingHere’s Why You Think Inflation Is Much Higher Than the Government Says

Terrible News: Mark Zuckerberg Does D.C.

"Mark Zuckerberg appears to have learned the lessons of his Silicon Valley predecessors — he’s not waiting to get caught in Washington’s cross hairs before trying to find friends on Capitol Hill. In a rare personal lobbying blitz, the 29-year-old Facebook CEO and billionaire is slated this week to meet with top Senate and House Republican and Democratic leaders and the chairman of the Senate Commerce, Science and Transportation Committee.[...] Zuckerberg’s visit also highlights his company’s ongoing shift from a thriving tech startup in Silicon Valley to a prominent corporation with vested interests in Washington." Continue reading →

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Surprise, Surprise: Consumers Do Not Believe the Fed’s Inflation Projections

"Caroline Baum of Bloomberg addresses the question of why consumers have ignored the Fed’s widely ballyhooed inflation target of 2 percent and the fact that CPI inflation has averaged only 1.5 percent over the past five years. Her answer is enlightening: 'Consumers either don’t listen, don’t care or derive their expectations from their own shopping cart. Food and gas comprise a big part of the household budget, and energy prices, at least, have been rising much faster than inflation. Just as consumers vote their pocketbook, they use their pocketbook to make judgments on where inflation is today and where prices are headed.'" Continue reading →

Continue ReadingSurprise, Surprise: Consumers Do Not Believe the Fed’s Inflation Projections

Krugman: “The Employment Story is Highly Unimpressive”

"Even Paul Krugman gets it. He writes: 'The measured unemployment rate is down a lot — in fact, at 7.3 percent it’s almost exactly the same as it was in November 1982 1984, when Ronald Reagan won big on claims of restored prosperity. But most of the fall in unemployment reflects lower labor force participation rather than job growth. Even if we focus on prime-age workers, so as to net out demographic effects, the employment story is highly unimpressive.'" Continue reading →

Continue ReadingKrugman: “The Employment Story is Highly Unimpressive”

Pension Funds: The $4 Trillion Problem

"Using the lower, safer growth rate of 3.22%, the unfunded liability in Pennsylvania’s two pension plans grows to a combined $156 billion. This different form of measuring liabilities produces some truly scary results. In five states, State Budget Solutions calculates pension liabilities represent more than 40% of the entire state economy. In two states — Ohio and Mississippi — the pension costs are equal to more than half the state’s gross production. On a per-capita basis, it’s equally worrisome. There are five states where the unfunded pension liability would represent a per capita cost of more than $20,000, with Alaska leading the way, at more than $32,000 per person." Continue reading →

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Florida Official: “Abandon Jesus if You Want to Feed the Poor.”

"The Department of Agriculture goes to a lot of trouble getting Congress to tax Americans. This is necessary so that the USDA can buy food from farmers at above-market prices. This reduces the amount of affordable food available to the poor. The USDA gives it away to state agencies. These agencies then give it away to charitable groups. They in turn give food to the hungry. One non-profit outfit in Florida has given away free food for 31 years. But not any longer. It turns out that this group — Christian — mentions Jesus to the poor people it ministers to. It took 31 years for some low-level government bureaucrat to put two and two together. 'What’s this? They talk about Jesus? Well, that’s got to stop.'" Continue reading →

Continue ReadingFlorida Official: “Abandon Jesus if You Want to Feed the Poor.”

Deaf man claims police laughed at him, denied interpreter during arrest

"A deaf Oregon man has filed a lawsuit claiming that police violated his civil rights when they laughed at his request for a sign language interpreter during his arrest. According to the site, Updike used sign language to ask officers what he’d done to result in his arrest, and he also tried to speak the words, 'What did I do?' The suit claims officers pushed him roughly into a patrol car and laughed at him. An interpreter was assigned when Updike appeared again two days after his arrest. He was released from jail, and all charges were dropped against Updike eight days after his arrest." Continue reading →

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