In a House Financial Services Committee hearing on Wednesday, Treasury Secretary Geithner was asked why Treasury and the Fed used the London Interbank Offered Rate as a basis for loans to insurance giant American International Group and to U.S. banks under the Term Asset-Backed Securities Loan Facility — even though Geithner and other regulators had long suspected that Libor was artificially low, as Geithner testified.
In 1913 the family standard deduction was $98,425.45 in today’s dollars. The family standard deduction now is just $12,600.
Tax Hero (jdargis)
Back in 2005, a little group of California tax experts were talking shop and they figured, we could do that here in the U.S. A lot of people in California get all of their income from their paychecks, and taxes are already withheld from those paychecks. In those cases, California could just fill out the W-2 for the taxpayers, who could check for errors and just send them back in. Easy as 1-2-3. (That was the slogan the state came up with). They named it: ReadyReturn.
The Booming Business Of Private Prisons (jdargis)
In the past forty years, our prison population has increased by 500 percent. And a private prison industry has grown along with it. When the war on drugs started swelling our prisons back in the 1980s, a couple of entrepreneurs saw an opportunity. Since then, local and federal governments have incorporated private prisons into their criminal justice systems. States house about 7 percent of their inmates in private facilities. The federal system houses about eighteen percent.
Not only is this another example of the “no angel” genre of news reporting—in which a victim’s past is resurfaced to justify the violence they suffered—but it’s also a perfect example of a news organization acting in the company’s interest. The editors will no doubt justify this coverage by saying the passenger was “newsworthy,” instead of thinking like actual living, feeling humans.
Titanic Parallel to the Federal Reserve (GE Christenson)
The Titanic received six warnings about sea ice on April 14, but continued her journey at 22 knots (25 mph, 41 km/hr). Per Wikipedia, “Titanic’s high speed in waters where ice had been reported was later criticized as reckless, but it reflected standard maritime practice at the time.”
China Ready To Cut Oil Supplies To North Korea (Michael K.)
North Korea depends on China for 90 percent of its crude oil supply, and stopping these will wreak havoc on the dictatorship, which China has been trying to avoid, since a regime collapse is likely to result in a massive influx of refugees. It has also opposed President Trump’s urging to penalize North Korea for the nuclear tests so far, but now it seems the mood is changing – having another nuclear neighbor is hardly China’s idea of a stable regional environment.
The WaterSeer is relatively simple device, designed to be operated without an external power input, and without the need for costly chemicals or maintenance, that can ‘pull’ moisture from thin air and condense it into water using the temperature difference between the above-ground turbine and the collection chamber installed six feet underground. The potable water can then be delivered to the surface for use via a simple pump and hose, and the device is said to be able to produce up to 11 gallons per day, even in arid regions.
Gold & Silver
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