In addition to the fees and fines inmates can incur, owing child support debt is one of the many ways that being incarcerated can be a financial nightmare.
Popular: Radical Islam in America | Graham Opposes Republican Leader | Guns in America
…read more
Source: Behind bars and owing thousands in child support
Chinese-manufactured fake products are just as good — if not better — than the real deal, according to Alibaba founder Jack Ma. …read more
Source: Alibaba’s Ma: Fake goods better than the real deal
By Tyler Durden
Submitted by Ralph Benko via The Pulse2016.com,
About a year ago, Stan Sorscher, Labor Representative, Society for Professional Engineering Employees in Aerospace, published a frighteningly important blog at The Huffington Post (where I also blog on a regular basis) headlined “Inequality — “X” Marks the Spot — Dig Here.”
It was as important for what it gets right as for what it misses.
Sorscher writes:
In 2002, I heard an economist characterizing this figure as containing a valuable economic insight. He wasn’t sure what the insight was. I have my own answer.
Figure 1. Something happened in the mid-70’s
The economist talked of the figure as a sort of treasure map, which would lead us to the insight. “X” marks the spot. Dig here.
This figure tells three stories.
First, we see two distinct historic periods since World War II. In the first period, workers shared the gains from productivity. In the later period, a generation of workers gained little, even as productivity continued to rise.
The second message is the very abrupt transition from the post-war historic period to the current one. Something happened in the mid-70’s to de-couple wages from productivity gains.
The third message is that workers’ wages – accounting for inflation and all the lower prices from cheap imported goods – would be double what they are now, if workers still took their share of gains in productivity.
[…]
This de-coupling of wages from productivity has drawn a trillion dollars out of the labor share of GDP.
Economics does not explain what happened in the mid-70s.
It was not the oil shock. Not interest rates. Not the Fed, or monetary policy. Not robots, or the decline of the Soviet Union, or globalization, or the internet.
The sharp break in the mid-70’s marks a shift in our country’s values. Our moral, social, political and economic values changed in the mid-70’s.
The author is exactly right regarding “X” and exactly wrong in getting cause and effect backwards. At “X” Marks the Spot, he notes “[s]omething happened,” and the wages of goods-producing workers flatlined, never to recover. He is right and perceptive in this too little appreciated fact.
Yet he attributes this to some kind of mystical “shift in our country’s values. Our moral, social, political and economic values changed in the mid-70’s.”
As it happens, “X” correlates with Nixon shutting down the Bretton Woods gold standard in 1971 and the epic failure to get it fixed and restored in 1973. The drag, after a modest lag, filtered into the working economy. The rest is persistent stagnation for median families.
It was the destruction of the (dilute) gold standard which precipitated the death, or at least long coma, of the American Dream. That, in turn, caused the ensuing degradation “in our moral, social, political and economic values” as America turned Hobbesian.
Keynes, the great economic icon of the left, understood how subtle and insidious the processes at work during an earlier instance of monetary disorder. In his 1919 …read more
Source: ‘X’ Marks The Spot – Wages Started Losing When The Dollar Delinked From Gold In 1971
Stephen Colbert and Jimmy Fallon both opened their late night broadcasts with somber remarks regarding the Orlando shooting. …read more
Source: Colbert, Fallon open with Orlando shooting remarks
By Tyler Durden
Submitted by Jim Quinn via The Burning Platform blog,
The left wingers are spouting gibberish about this having nothing to do with Islam or Muslim beliefs. Bullshit. Muslims hate gays and think they should die for their lifestyles. It’s their law.
By Colin Stewart
Ten nations with large Muslim populations have laws providing for the death penalty for same-sex activity.
Only a few actually impose the death sentence. Exactly how many is a difficult question.
The 2016 State-Sponsored Homophobia report from ILGA, the International Lesbian, Gay, Bisexual, Trans and Intersex Association, lists 13-14 places that threaten the death penalty for homosexuality, including the basic 10 plus several specific variations:
The ILGA list is quite similar to this blog’s list of those 14 countries, printed below:
A best-information-available list of countries/regions where executions for homosexual activity are carried out or are provided by current or future law:
Nations with such laws on the books; executions have been carried out
Nations with such laws on the books; no recent executions reported
Nations with such laws on the books in part of the country; no verified executions for homosexual activity
Nations with such laws on the books; no executions reported
7. Afghanistan
8. Mauritania
9. Pakistan
10. Qatar
Those are the “ten nations with large Muslim populations” mentioned in this article’s first paragraph.” In addition, executions and possible executions are an issue in four other places:
Nation with no such a law on the books; executions are carried out by militias and others
Not recognized as a nation; carries out executions
12. Daesh/the Islamic State (ISIS/ISIL)
The Sultan of Brunei, Hassanal Bolkiah
Nation where such a law was scheduled to take effect in 2016 (but might not)
Nation where some interpretations of existing law would provide for the death penalty, but no executions have been reported
News coverage in all of those nations is unreliable at best, so specific evidence of executions for same-sex intimacy is rare. What’s known about some specific countries is cited below.
In Somalia, a gay teenager was reportedly stoned to death in 2013, but those reports have not been verified.
In Nigeria, the BBC reported in 2007, “More than a dozen Nigerian Muslims have been sentenced to death by stoning and for sexual offences ranging from adultery and homosexuality. But none of these death sentences have actually been carried out as …read more
Source: How Muslim Countries Treat Homosexuals
Stephen Colbert and Jimmy Fallon both opened their late night broadcasts with somber remarks regarding the Orlando shooting. …read more
Source: Late night shows open with Orlando shooting remarks
By Tyler Durden
Submitted by Michael Snyder via The End of The American Dream blog,
America is in shock. On Sunday, a 29-year-old Islamic terrorist named Omar Mateen shot 102 people at a gay club known as Pulse in the heart of Orlando, Florida. 49 of those that were shot died, and 53 were wounded. So how in the world did this happen?
Well, when you combine radical political correctness with extreme government incompetence and the dramatic growth of radical Islam inside the United States, you create an environment which is absolutely primed for Islamic terror.
The truth is that the FBI knew about this guy well in advance. In fact, they had even interviewed him three separate times over the years. And at one point the government had been investigating the mosque that he had been attending, but that investigation was shut down by Hillary Clinton’s State Department. Mateen had told the FBI that he hoped to be a martyr someday, and those were not just idle words. His twisted ideology fueled his actions, and so the choices that he ultimately made should not have come as a surprise to law enforcement authorities. But now that this has happened, will it change the way that the government approaches Islamic terror?
The following are 17 facts about the Orlando shooter that every American should know…
#1 According to the Director of the FBI, Mateen had “links to al-Qaida, Hezbollah, and the Islamic State“.
#2 Mateen’s father has openly expressed support for the Taliban on YouTube.
#3 Despite those links to terror organizations, Mateen was allowed to work “as a security guard at a local courthouse“.
#4 Mateen wasn’t directly hired by the courthouse. Instead, he was officially an employee of the largest security services company in the world…
The Orlando nightclub terrorist who pledged allegiance to ISIS worked almost a decade for a major Department of Homeland Security contractor, raising alarms that ISIS sympathizers and agents have infiltrated the federal agency set up after 9/11 to combat terrorists.
Officials say Omar Mir Seddique Mateen, an Afghan-American who held two firearms licenses and a security officer license, was employed by the security firm G4S Secure Solutions USA Inc. since Sept. 10, 2007. The Jupiter, Fla.-based company merged with the Wackenhut Corp. after 9/11 and assumed federal contracts.
#5 It turns out that this U.S. subsidiary of G4S is a company that works very closely with “the Department of Homeland Security, the US Army, and federal and local law enforcement.”
#6 Mateen’s ex-wife says that he would repeatedly beat her while they were married.
#7 He started to become radicalized <a target=_blank rel="nofollow" href="http://www.dailymail.co.uk/news/article-3639234/Omar-Mateen-took-two-trips-Saudi-Arabia-2011-2012-pilgrimages-claimed-know-Boston-Marathon-bombers-tried-buy-military-grade-body-armor-store-weeks-Orlando-gay-club-massacre.html" target="_blank" title="after separating from his first …read more
Source: 17 Facts About The Orlando Shooter That Every American Should Know
By Tyler Durden
Standard Chartered CEO Bill Winters is fighting the battle to right the ship at the bank on two fronts. First, Winters needs to figure out a way to deal with plunging revenues and billions in NPLs. On the other front, the CEO is working to change a culture in which he is finding many bankers consider themselves “above the law.”
Since taking over as CEO in the middle of 2015, Winters has replaced much of the senior executive team and initiated a probe into employee conduct and ethics. The result of the probe into misconduct has led Winters to add significant firepower to the bank's internal investigation team, including former detectives from the FBI, Scotland Yard, Hong Kong police and the New Zealand intelligence agency Bloomberg reports.
Winters said that he has encountered “a looseness” in the way the bank was managed since coming in as CEO, and said he's uncovered a culture where senior managers felt they were “above the law.” In a memo to employees titled #knowtherules, Winters wrote “I am concerned that a small number of employees, including some senior managers, have willfully disregarded our policies – sometimes for personal gain – and set a poor example for their peers and teams. I am deeply disappointed and angry at some of the examples we are finding.”
Still licking its wounds from a 2012 deferred prosecution agreement in which the bank was fined $667 million for violating US sanctions by engaging in $250 billion in transactions with Iran, Winters is on high alert when it comes to ethics violations and employee misconduct because as Bloomberg notes, the bank could potentially lose its US banking license if it slips up again.
In one memo, Winters described a culture where managers felt they were “above the law” and was very clear on the fact that there would be a zero tolerance policy going forward for anyone not taking bank policies seriously.
“I want this to be clearly understood – we have zero tolerance for any employee that deliberately flouts and circumvents our rules and policies, without regard for their seniority or role.”
At the moment, it appears as though Winters is putting some bite behind the bark. In the memos, Winters is providing real examples of rule breaking, and what has happened to those employees. One memo cites three senior employees who didn't disclose their investment in an unlicensed money lender that charged high interest rates, and they were all subsequently dismissed.
The risk and controls committee will dock bonus if compliance or risk officers report that policies aren't being taken seriously enough, and General Counsel David Fein who is heading the effort has made sure that the new rules have been communicated clearly to the staff of 84,000 and excuses such as “I didn't know what the policy was” will no longer fly. “They are not going to have the same mitigating factors, that stuff's gone.” Fein said.
Everything is being scrutinized at the bank, along with the big things, “smaller” things such as …read more
Source: No More "$1,000 Dinners & Champagne" For "Above The Law" Bankers At Standard Chartered
By Tyler Durden
As we reported first thing this morning, contrary to media reports that Omar Mateen had acted as a “lone wolf” when he singlehandedly killed 49 and injured over 50 – a monumental task outside of video games and Hollywood – something about this story just did not make sense, especially since according to eyewitness reports, suppressed from the mainstream, there were likely several other perpetrators involved with Saturday night’s terror attack.
As it turns out, the police and the FBI may have to “adjust” the narrative, because according to WFTV, an arrest of an alleged accomplice of Mateen will be “made soon.”
@KRayWFTV reporting on law enforcement angle of #pulseshooting #wftv pic.twitter.com/bfw7bgEAT2
— Daralene Jones (@DJonesWFTV) June 13, 2016
#BREAKING: Arrest to be made soon of alleged accomplice in #PulseShooting #WFTV @KRayWFTV pic.twitter.com/bNS5UEGYW2
— WFTV Eyewitness News (@WFTV) June 13, 2016
As WFTV further reports, “sources told Channel 9 Monday that law enforcement could possibly make an arrest in the next few days of someone who allegedly helped the Orlando gunman carryout the mass shooting inside Pulse nightclub that killed 49 people on Sunday.”
However, the station adds, citing US Attorney Lee Bentley, “We have no reason to believe that anyone connected to this crime is placing the public in imminent danger at this time.” Unless, of course, there is a “reason to believe” that the narrative that had been peddled all along about a lone-wolf style killing, when in fact there was at least two or more perpetrators, was a glaring lie.
For now, however, the authorities are scrambling to create the new story, and as WCVB adds, a US government official said that no arrest is imminent.
A US Government Official briefed on the Orlando case tells us no arrest is imminent #wcvb #5investigates
— Karen Anderson (@karenreports) June 14, 2016
It’s almost as if the government itself can no longer keep its official story straight.
Source: Arrest Of Accomplice Of "Lone Wolf" Orlando Shooter Expected Soon
By Tyler Durden
Submitted by Adam Taggart via PeakProsperity.com,
This week, Chris interviews Time Magazine assistant managing editor and economic columnist Rana Foroohar about the findings within her new book Makers and Takers: The Rise of Finance and the Fall of American Business.
Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned — and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate all American businesses, putting us on a collision course for another cataclysmic meltdown.
Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Foroohar shows how the “financialization of America” — the trend by which finance and its way of thinking have come to reign supreme — is perpetuating Wall Street’s reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream:
There is this fundamental dichotomy in the economy now where, if you are well off, you're doing better than you ever have before in history. But the majority of Americans, the majority of workers in this country, haven’t gotten a raise in real terms since the early 1990’s. Many people in the working class, the minorities haven’t gotten one since the late 1960’s. That's a real problem in an economy that is 70% consumer spending, because at some point the math starts to not work. If people don’t have more money they can’t spend. So we get these underlying growth problems.
My book is trying to look at one the reasons behind that. And I’m arguing that it is that the financial markets themselves are no longer supporting business growth.
The size of the financial sector –which includes not only banks, but hedge funds, private equity funds, real estate trusts, the mortgage market all the parts of the economy that basically move money around the economy — has more than doubled since the 1980s. So we've got a financial sector now that creates only 4% of the jobs in this country but takes 25% of all corporate profits. That's a lot of economic oxygen that's being taken out of the room. What are the consequences for this? Well, one of the consequences is slower growth. Why is growth slowing? Well, in part because the whole model of banking has changed. The killer stat in my book is that there's a lot of deep academic research to show that only 15% of all the money sloshing around in American financial institutions ends up invested in Main Street business. So where is the rest of it going? Well, it's being used to trade against existing assets, stocks, bonds, houses — it's doing something entirely different than what the banking system …read more
Source: How Wall Street Is Strangling The Economy
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