"THE WORST ROOM: A blog about trying to find a affordable housing in New York City, reports in. Note these appear to be mostly shares. If you want your own apartment the price would obviously be more." Continue reading →
"In June of 2012, Calpers lowered the expected rate of return on its portfolio to 7.5% from 7.75%. Calpers had last dropped the rate in 2004, from 8.25%. But even the 7.5% return is fiction. Wall Street would laugh if the matter weren't so serious. And the trouble is not just in California. Public-pension funds in Illinois use an average of 8.18% expected returns. The 100 top U.S. public companies with defined benefit pension assets of $1.3 trillion have an average expected rate of return of 7.5%. Three of them are over 9%. (Since 2000, these assets have returned 5.6%.) Who wouldn't want 7.5%-8% returns these days? Ten-year U.S. Treasury bonds are paying 1.74%." Continue reading →
"A handgun made almost entirely using a consumer-grade 3D printer fired a bullet over the weekend for the first time in the history of the infant technology. If some lawmakers have their way, it will also be the last. Defense Distributed of Texas announced on Sunday that researchers fired a bullet designed for a traditional .380-caliber firearm with a gun built all but exclusively using digital blueprints, some plastic and an $8,000 printer. The only item aside from the bullet not printed out was a single nail that served as the firing pin. As early s Tuesday, though, California State Senator Leland Yee was already looking to pass a bill that would outlaw other 3D weapons." Continue reading →
"Sen. Elizabeth Warren (D-MA) introduced a bill on Wednesday that would give college students the same interest rates on their federal student loans as banks do when borrowing from the Federal Reserve. 'If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class,' Warren said. The Student Loan Fairness Act would call for the Fed to 'float the money' to the department for one year, giving Congress enough time to enact a long-term agreement on student loan rates." Continue reading →
"Global youth unemployment has risen to close to its crisis peak and will climb higher as the economic recovery falters, a report by a UN agency has warned. The International Labour Office said the youth unemployment rate had been falling since hitting 12.7% in 2009, but this year had climbed again to stand at 12.6%. The rate is forecast to reach 12.8% by 2018. The ILO paints a grim picture for school leavers and graduates across large parts of the world, saying young people continue to be almost three times more likely than adults to be unemployed." Continue reading →
"What's really going on here is a program that attempts to suck in the youth to pay for the healthcare of the elderly. It's insane. On top of that, the first year penalty for not buying insurance is small ($95), so most young will opt out, meaning the revenue to support the structure will have to come from massive premium hikes paid by those older who opt to stay in the system. There is no other way out if Obamacare goes into effect. Well, there is one way out. According to Emanuel: 'The president connects with young people, too, so he needs to use that bond and get out there to convince them to sign up for health insurance to help this central part of his legacy.'" Continue reading →
"Republicans in the U.S. Senate caved in. They voted to force businesses located in one state to serve as unpaid tax collectors for 45 other states. (Five states have no sales tax.) The RINO Party Line is that this is not a tax increase. It is a huge tax increase. Voters will pay it. Businesses will pay it. The nightmare of complying will kill tens of thousands of online businesses. This is a subsidy to Walmart, which pays sales taxes because it is physically located in all states. Amazon has also joined in — same reason. It has delivery centers in several states, and it plans to add lots more. These companies want small businesses to pay. They do not want competition." Continue reading →
"As I prepare for an upcoming trip to Beijing, both expat and Chinese friends have been sending me suggestions of the best gas mask to buy. An item considered rare or unnecessary as of late 2012 is now highly recommended for outdoor commutes during Beijing’s smoggiest days. But which mask should I use? In addition to buying face masks, people in China who can afford them are also picking up indoor air filters. Most office workers spend 80 percent of their time indoors, but Beijing’s poorly insulated buildings can’t fully keep the smog outside." Continue reading →
"From President Roosevelt's 1933 seizure of personal gold to the Nazi confiscation of Jewish wealth to the recent deposit theft at Cyprus banks, asset plundering by governments has a long and colorful tradition. Protecting wealth from oppressive regimes continues to this day. Even as the money-laundering laws are said to exist for the fight against terrorism or drugs or gambling, the cashless utopia is simultaneously being thrust upon us as the monetary architecture of the future. Expect ever more increasing thoughtcrime enforcement as the international money flow tightens." Continue reading →
"John Baiata of NBC News reports with regard to the discovery of the women who were kidnapped in Cleveland and held captive for approximately 10 years. Cleveland police responded twice to the address where the 3 Ohio women were held - in 2000 and in 2004. Yet, as in Boston following the discovery of the Boston bomber by a citizen after a botched police search, the crowds cheered the police. From Reuters on the Ohio kidnap case: 'Cheers from the crowd erupted periodically as police cars entered the area.' My guess is that police states always come with cheering fans, until the police come for you." Continue reading →