regime uncertainty

Illinois: Unconstitutional No-Taping-Cops Law Will Be Prosecuted on “Case by Case Basis”

"Morgan County State’s Attorney Robert Bonjean said Monday that he is not anticipating prosecuting an eavesdropping charge against Randy Newingham — at least not at this time. For the public at large, this does not mean that recording on-duty officers will never be prosecuted in Morgan County. 'We’ll review those reports and we’ll continue to monitor the decision from the 7th Circuit court,' Bonjean said. 'I don’t foresee myself making any blanket decision, just taking it on a case by case basis.' Newingham had his cellphone confiscated after he showed police a recording he had made of himself having a conversation with an on-duty officer on a golf cart." Continue reading →

Continue ReadingIllinois: Unconstitutional No-Taping-Cops Law Will Be Prosecuted on “Case by Case Basis”

Appeals court reverses course and says poker is gambling, not game of skill

"Poker may be a game of skill, but that does not protect a man who hosted games of 'Texas Hold ‘Em' from being prosecuted under an anti-gambling law, a federal appeals court ruled Tuesday. The ruling by the 2nd U.S. Circuit Court of Appeals in New York reversed a decision last year that said Lawrence DiCristina could not be prosecuted because 'Texas Hold ‘Em' was a game of skill rather than chance. DiCristina was convicted under the law for running games of 'Texas Hold ‘Em' at a warehouse in Staten Island, New York, which he publicized by text message and word of mouth. DiCristina faces 10 years in prison." Continue reading →

Continue ReadingAppeals court reverses course and says poker is gambling, not game of skill

How payday lenders pop back up even after states crack down

"The products reflect a basic fact: Many low-income borrowers are desperate enough to accept any terms. In a recent Pew Charitable Trusts survey, 37 percent of payday loan borrowers responded that they’d pay any price for a loan. In 2012, New Hampshire joined states like Georgia and Arizona that have banned triple-digit-rate payday loans but allow similarly structured triple-digit-rate auto-title loans. And as in Ohio, Texas lenders started defining themselves as credit repair organizations, which, under Texas law, can charge steep fees. Texas now has nearly 3,500 of such businesses, almost all of which are, effectively, high-cost lenders." Continue reading →

Continue ReadingHow payday lenders pop back up even after states crack down

Is Bitcoin Too Big for Government to Ignore?

"Forty-eight states require businesses to register as money service transmitters, which Brito said can be an onerous and expensive process. Bitcoin startup BTC Global estimates that $10 million or more is required for a business to reach total legal compliance in all 50 states. The Wall Street Journal reported in June that Texas and New York are among the states taking a hard look at regulations for virtual currencies as well as money transmission rules.The Journal said state regulations can be expensive, citing Texas’ policy requiring companies seeking a license to provide a surety bond of as much as $2 million." Continue reading →

Continue ReadingIs Bitcoin Too Big for Government to Ignore?

Government Proposes in Effect to Put Itself in Charge of Apple Pricing

"This was actually an attempt by publishers to regain control over their e-book pricing from retailers, and ended when publishers signed consent decrees with the government. This should be the end of the story but instead the government now wants to appoint a monitor who will review all Apple pricing for the next ten years. No economy can thrive without an honest and unmanipulated price system, as the Soviet Union demonstrated so vividly by collapsing. Yet we are at a moment in which our government wants to control more and more prices throughout the economy, now even wanting to control a leading technology company’s prices for a decade." Continue reading →

Continue ReadingGovernment Proposes in Effect to Put Itself in Charge of Apple Pricing

The Sad Unemployment Picture Now Compared to the 1982 Recession Recovery

"The chart below via John Taylor shows the change in the employment-to-population ratio—the percentage of working age population that is actually working--now compared with the end of the 1982 recession. The current increase in jobs is not enough to employ a greater fraction of the working population. Blame it on growing regulations businesses are forced to deal with, minimum wage laws and the confusion and unknown costs associated with Obamacare." Continue reading →

Continue ReadingThe Sad Unemployment Picture Now Compared to the 1982 Recession Recovery

JPMorgan: $7 Billion In “Fines” In Just The Past Two Years

"While JPM's precarious balance sheet was no surprise to anyone (holding over $50 trillion in gross notional derivatives will make fragile fools of the best of us), what has become a bigger problem for Dimon is that slowly but surely JPM has not only become a bigger litigation magnet than Bank of America, but questions are now emerging if all of the firm's recent success wasn't merely due to crime. Crime of the kind that 'nobody accept or denies guilt' of course - i.e., completely victimless. Except for all the fines and settlements. Here is a summary of JPM's recent exorbitant and seemingly endless fines." Continue reading →

Continue ReadingJPMorgan: $7 Billion In “Fines” In Just The Past Two Years

Confusion, not regulation the major dampener for Indian gold demand

"While it is likely that imports will be dampened as a result of the new regulations, at least part of the reason for that will be because of the sheer confusion as to exactly what is going on. As UBS explains, 'The difficulty is that the new regime appears quite complex from implementation and logistical standpoints. How exactly are customs authorities going to track all this flow and ensure that all the required quotas are met? Where will the bonded warehouses be located? Will there be enough warehouse capacity in necessary locations? How does this new framework fit in with participants' business models in terms of logistics and distribution?'" Continue reading →

Continue ReadingConfusion, not regulation the major dampener for Indian gold demand

Bitcoin is NOT illegal in Thailand?

"'I can confirm that Bitcoin is not illegal [in Thailand],' says BTCXpert and former Bank of Thailand employee Frankie Bishop. An official announcement on Bitcoin has yet to be made by the Bank of Thailand, and none of the Thai media channels report any such announcement. The Bank of Thailand does not decide the legality of Bitcoin. Any regulations on crypto-currencies in Thailand will need to go through its formal process like Bitcoin does in other countries. None of the 'Roles and Responsbilities' listed by the Bank of Thailand give it authority to determine the legal status of any currency." Continue reading →

Continue ReadingBitcoin is NOT illegal in Thailand?

Japan now reconsidering sales-tax hike

"Japan's Prime Minister Shinzo Abe may ditch a long-planned hike in the national sales tax, a senior official said Sunday, according to Kyodo News. Abe had intended to help shore up Japan's finances by raising the 5% national consumption tax to 10% in two steps, slated for April 2014 and October 2015. But Kyodo quoted Chief Cabinet Secretary Yoshihide Suga as saying in a television interview that Abe would reconsider the issue 'after revised data are released in September on preliminary figures for April-June gross domestic product, and before a fall extraordinary Diet session.'" Continue reading →

Continue ReadingJapan now reconsidering sales-tax hike