"In the clip below, New Jersey Governor Chris Christie tells a little girl that the fun thing about being Governor is that the lanes into the tunnels into New York City are cleared for him and that he doesn't have to wait in line. I once heard Fed chairman Bernanke give a similar answer. When asked what he liked about being Fed chairman, he said it was not having to go through TSA screening." Continue reading →
"Warren Buffett lined his pockets by making a government-subsidized investment in Goldman Sachs during the financial crisis. The just-confirmed Treasury Secretary Jack Lew was given a huge bonus for leaving Citigroup several years ago. He was showered with money specifically for leaving the company to take a 'high level position with the United States government'. But Lew’s loot is pocket change compared to the $115 million that former Clinton Treasury Secretary Robert Rubin received for helping to steer the company into financial collapse." Continue reading →
"Deluca said the environment for entrepreneurs in the U.S. has 'continuously gotten worse because there are more and more regulations. It's tough for people to get into business, especially a small business.' The Subway founder pointed to a number of government regulations that are degrading the business environment for entrepreneurs. Examples include the Affordable Care Act, an increase in the minimum wages and the end of the payroll tax holiday. The Affordable Care Act is 'the biggest concern of our franchisees,' Deluca said. 'They don't know what to expect. It's causing a lot of concern, but that too will be passed on to the consumer.'" Continue reading →
"Hunters across Louisiana are outraged after state health officials ordered a rescue mission to destroy $8,000 worth of deer meat because venison is not allowed to be served in homeless shelters. The Dept. of Health and Hospitals ordered the staff at the Shreveport-Bossier Rescue Mission to throw 1,600 pounds of donated venison in garbage bins – and then ordered then to douse the meat with Clorox – so other animals would not eat the meat." Continue reading →
"I am getting more and more confirmation from unrelated sources that the Obama 3.8% tax on unearned income cannot be offset by the Foreign Tax Credits of U.S. citizens abroad. To put it simply: U.S. citizens abroad, who via taxation in their country of residence, pay for health care in their country of residence, are now required to pay for health care for U.S. residents. Oh well: I guess that’s consistent with the definition of citizenship that Obama gave in his State of the Union address. U.S. citizens abroad must accept their obligations to those remaining inside the U.S." Continue reading →
"On Monday, with little fanfare and less comment — primarily because none was needed — Defense Distributed unveiled a 3D-printed lower receiver for an AR-15 that stood up to hundreds of rounds of fire. Succinctly, the video on Youtube was accompanied by the statement, 'Does not fail from firing stresses. 600+ rounds.' Just as important, and the purpose of all this effort, the group made plans for the receiver available for download by all and sundry at DefCad. Defense Distributed's video and 3D printer plans are a clever and powerful blow to politicians' efforts to restrict Americans' abilities to own the means of self-defense." Continue reading →
"Five Connecticut towns whose SWAT team killed an unarmed man during a 2008 drug raid have agreed to pay $3.5 million to settle a lawsuit filed by the man's family. Another lawsuit, filed by the man who owned the home that was raided, is pending. Police videos showed them throwing a flash-bang grenade through a window, smashing down the back door, and yelling out, 'Police, warrant!' When it was over, Guizan lay dead on the floor with six gunshot wounds and Terebisi, who had been pinned by one of the officers, was handcuffed and dragged out of the house. Sweeney received the Monroe Police Officer of the Year award for his part in the raid." Continue reading →
"When all was said and done, the area remained shut down for nearly three hours. More than 30 armed officers searched the campus. Traffic was diverted outside the area. Numerous news outlets followed the situation. MIT issued formal warnings to all members of its community (more than an hour after the initial CPD alert). Students were asked to take shelter in place throughout the morning. The MIT employee identified by the caller was put through questioning but eventually cleared of any involvement. Even the FBI and Secret Service were called in on the matter. Haven't heard about this? Thankfully, it's because no shooting took place on February 23 at MIT." Continue reading →
"A fierce battle between the government of Argentina and investors led by a group of hedge funds has already led to the seizure of a naval ship and dragged in the United States Treasury. Now a federal appeals court is hearing the dispute, and how it rules could have a major impact on world debt markets. The investors — including the hedge fund tycoon Paul E. Singer — sued Argentina seeking payment for $1.3 billion relating to bonds that the country defaulted on in 2001. On Wednesday, the case comes before the United States Court of Appeals for the Second Circuit, which has already sided with the hedge funds on their main arguments." Continue reading →
"A new paper for the US Monetary Policy Forum and published by the Fed warns that the institution's capital base could be wiped out 'several times' once borrowing costs start to rise in earnest. A mere whiff of inflation or more likely stagflation would cause a bond market rout, leaving the Fed nursing escalating losses on its $2.9 trillion holdings. This portfolio is rising by $85bn each month under QE3. The longer it goes on, the greater the risk. Exit will become much harder by 2014. What is new is that these worries are surfacing openly in Fed circles." Continue reading →