Mainstream News

Kansas Bill Filed To Ban TSA Pat-Downs

"Rep. Brett Hildabrand wants to stop what he sees as over-the-top searches at the airport gate that distress innocent passengers by acting as if even the most unlikely pose a threat to air safety. 'Air travelers are subjected to aggressive, humiliating pat-downs, many of which would land the average stranger off the street in jail,' the Shawnee Republican said. 'But because the federal government has given someone a blue uniform and a badge, we are told that person has authority over our bodies and we must endure.'" Continue reading →

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Revel casino’s bankruptcy threatens plans to make Atlantic City a gambling-plus destination

"It was to offer more than just gambling. It would provide a sumptuous, Las Vegas-style experience. And that was the game plan, supported exuberantly by Gov. Christie and strategized by marketers and tourism experts. Now that major piece in the remodeling of Atlantic City is in doubt. Revel said Tuesday that it would seek Chapter 11 bankruptcy protection. If Revel tanks, so, too, might much of the vision of Atlantic City as a year-round resort. The $2.4 billion casino - the most expensive ever built in New Jersey - received more than $300 million in state construction funding." Continue reading →

Continue ReadingRevel casino’s bankruptcy threatens plans to make Atlantic City a gambling-plus destination

Tech Industry Sets Its Sights on Gambling

"Two states, Nevada and Delaware, are already laying the groundwork for virtual gambling. Within months they will most likely be joined by New Jersey. Bills have also been introduced in Mississippi, Iowa, California and other states, driven by the realization that online gambling could bring in streams of tax revenue. In Iowa alone, online gambling proponents estimated that 150,000 residents were playing poker illegally. Overseas, online betting is generating an estimated $32 billion in annual revenue — nearly the size of the U.S. casino market. Juniper Research estimates that betting on mobile devices alone will be a $100 billion worldwide industry by 2017." Continue reading →

Continue ReadingTech Industry Sets Its Sights on Gambling

Fed, uneasy over ‘QE,’ plans bond-buy debate

"Minutes of the Federal Reserve’s January meeting released Wednesday reveal that many Fed officials are worried about the costs and risks arising from the $85 billion–per–month asset-purchase program. And they all seem to have their own ideas on how to proceed. Several Fed officials said the central bank should be prepared to vary the pace of the asset-purchase plan depending on the outlook or how the program was working. One wanted to vary it on a meeting-by-meeting basis." Continue reading →

Continue ReadingFed, uneasy over ‘QE,’ plans bond-buy debate

New Zealand signals readiness to join currency wars

"New Zealand’s central bank governor was ready to intervene in foreign exchange markets, he said yesterday, the latest in a string of countries from South Korea to Brazil warning their currencies were too strong even as Group of 20 (G20) nations pledged to refrain from competitive devaluation. Policymakers in South Korea and the Philippines are weighing curbs to capital inflows while Norway’s central bank said it was ready to cut interest rates to counter the krone’s strength. 'There seems to be a sense that the gloves are off in terms of central bank action in currency markets,' said Mitul Kotecha, global head of foreign exchange strategy at Credit Agricole." Continue reading →

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Norway Ready to Use Rate Cuts to Weaken Krone, Central Bank Says

"Policy makers around the world are discussing how to respond to a re-emergence of so-called currency wars as finance ministers from the Group of 20 gather in Moscow. Norway’s central bank governor has shown before he’s willing to deploy rates to cap excessive krone gains, cutting the benchmark by 0.75 percentage point in two moves starting in December 2011. Olsen and his colleagues are torn between protecting exporters through lower rates that stem krone gains, and a policy that addresses an overheated property market." Continue reading →

Continue ReadingNorway Ready to Use Rate Cuts to Weaken Krone, Central Bank Says

U.S. Banks Bigger Than GDP as Accounting Rift Masks Risk

"Applying stricter accounting standards for derivatives and off-balance-sheet assets would make the banks twice as big as they say they are -- or about the size of the U.S. economy -- according to data compiled by Bloomberg. U.S. accounting rules allow banks to record a smaller portion of their derivatives than European peers and keep most mortgage-linked bonds off their books. That can underestimate the risks firms face and affect how much capital they need. Using international standards for derivatives and consolidating mortgage securitizations, JPMorgan, Bank of America and Citigroup would become the world’s three largest banks and Wells Fargo the sixth-biggest." Continue reading →

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Federal Reserve confirms its computers were hacked

"The Federal Reserve acknowledged Wednesday its computer systems were accessed by hackers but said the incident did not affect the central bank’s 'critical operations.' The acknowledgement came days after the hacker group known as Anonymous claimed it had posted personal information of some 4,000 bankers, purportedly obtained from the Fed. The group argues it is taking actions responding to the suicide last month of Aaron Swartz, an Internet freedom advocate who was being prosecuted for illegally downloading millions of academic journal articles he had allegedly planned to distribute for free." Continue reading →

Continue ReadingFederal Reserve confirms its computers were hacked

White House vows to aggressively combat trade secrets theft in new cybersecurity strategy document

"The US government vowed to aggressively combat a rise in the foreign theft of trade secrets amid mounting concerns over recent hacking attacks allegedly emanating from China. 'We will continue to act vigorously to combat the theft of US trade secrets that could be used by foreign companies or foreign governments to gain an unfair economic edge,' the strategy document says. Such 'theft threatens American businesses, undermines national security, and places the security of the US economy in jeopardy,' it said, putting 'American jobs at risk.'" Continue reading →

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Prescription Drug Overdoses Killed 23,000 Americans in 2010; Cannabis – 0

"Drug overdose deaths rose for the eleventh straight year in America, fueled by legal prescriptions for OxyContin and Valium. Medical cannabis, meanwhile, continued its 10,000 year-long streak of not killing anyone by overdose. There is no physical way to overdose on smoked or ingested cannabis, making it one of the safest, most non-toxic painkillers, sleeping aids, and stress relievers on the planet. It’s also a Schedule One narcotic that the U.S. government says has no medical use and a high potential for abuse. Drugs that the U.S. government considers safer caused about 60 percent of the 38,329 drug overdose deaths nationwide in 2010." Continue reading →

Continue ReadingPrescription Drug Overdoses Killed 23,000 Americans in 2010; Cannabis – 0