Daily Digest

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Daily Digest 4/15 - Income Tax Then And Now, When Does A Company Decide You Are Human?

Saturday, April 15, 2017, 12:01 PM

Economy

Tim Geithner Admits Banks Bailed Out With Rigged Libor, Costing Taxpayers Huge Amount (Adam)

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.

104 Years of the Income Tax: Then and Now (Adam)

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.

When Does a Company Decide You Are Human? (jdargis)

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.

Wind-powered device can produce 11 gallons per day of clean drinking water from the air (Adam)

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

Click to read the PM Daily Market Commentary: 4/14/17

Provided daily by the Peak Prosperity Gold & Silver Group

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6 Comments

Time2help's picture
Time2help
Status: Diamond Member (Offline)
Joined: Jun 9 2011
Posts: 2695
Tired of War Yet?

Uncletommy's picture
Uncletommy
Status: Gold Member (Offline)
Joined: May 4 2014
Posts: 413
Wind-powered device can produce 11 gallons of water

Imagine what could done with a few of them in Washington? Of course, the hot air would contribute to global warming. 

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1888
It is not yet summer. Yet violent riots are heating up...

Clashes between hundreds of protesters and counter-protesters in Berkeley, California (Saturday, April 15, 2017).

This is just one of hundreds of video clips taken by bystanders, independent reporters, people on both sides, etc. The following was by someone following the Trump supporters. Early on in the video, white supremacist Nathan Damigo, founder of the neo-Nazi organization Identity Evropa, punched "Antifa Girl" Louise Rosealma who was determined to "bring back 100 Nazi scalps".

Warning: Violence (punching, kicking, fireworks/smoke).

Nota Bene: If you ever want to get around YouTube's login requirements (such as to verify age), note the video's code (like ABCDefg1234), then re-write the URL to be www (dot) youtube (dot) com (slash) v (slash) (the code).

Poet

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1438
Police during Berkeley "rioting"

Police response to the minor fighting in Berkeley should be prosecuted for professional malpractice. Pathetic. Impotent. Clueless. OTOH I suspect their inexcusable performance was a conscious political decision to support the counter-protesters and discourage the proTrump rally participants. That would qualify in my mind as criminal negligence and a criminal conspiracy. The next step in our descent into a banana republic will be to have the police and thugs actively working together to drive dissenters out of town or underground (like Venezuela).

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 3986
Don't ever mess with F.E.D.O.R.

Lots of positive uses for the rapidly expanding robotics technology. This is not one of them:

 

You can check out what else this machine can do here:

https://www.youtube.com/results?search_query=fedor+robot

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 3986
Americans are swamped in $1 trillion of credit card debt

Americans are swamped in $1 trillion of credit card debt

New York Post - ‎Apr 16, 2017‎
Rising credit card interest rates are pushing Americans deeper into a long-term debt trap. Americans now owe $1 trillion in credit card debt, with an average monthly balance of about $9,600 for borrowers who don't pay their cards in full each month.

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