Daily Digest

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Daily Digest 1/19 - For The Love Of Money, Debt for Life

Sunday, January 19, 2014, 1:57 PM

Economy

Cincinnati judge orders all speed cameras confiscated, manufacturer held in contempt (sand_puppy)

"The traffic camera company collected the citations, and apparently continued to collect money sent in after the judge's March order," WLWT reported. "There was testimony in court that some $48,000 was collected, with a percentage of that money passed on to the village per the speed camera contract. Optotraffic did not have a representative in court Thursday.

Mike Allen, an attorney who is part of a legal team fighting against the speed cameras, called them a "money grab."

For the Love of Money (dmarc)

I felt so important. At 25, I could go to any restaurant in Manhattan — Per Se, Le Bernardin — just by picking up the phone and calling one of my brokers, who ingratiate themselves to traders by entertaining with unlimited expense accounts. I could be second row at the Knicks-Lakers game just by hinting to a broker I might be interested in going. The satisfaction wasn’t just about the money. It was about the power. Because of how smart and successful I was, it was someone else’s job to make me happy.

Workers of the World, Faint! (jdargis)

These days, when neak ta appear on the factory floor — inducing mass faintings among workers and shouting commands at managers — they are helping the cause of Cambodia’s largely young, female and rural factory workforce by registering a kind of bodily objection to the harsh daily regimen of industrial capitalism: few days off; a hard bed in a wooden barracks; meager meals of rice and a mystery curry, hastily scarfed down between shifts. These voices from beyond are speaking up for collective bargaining in the here and now, expressing grievances much like the workers’ own: a feeling that they are being exploited by forces beyond their control, that the terms of factory labor somehow violate an older, fairer moral economy.

Student Loans: Debt for Life (jdargis)

“The question isn’t the debt per se. It’s what the students are getting in return,” says Richard Arum, a New York University sociologist who specializes in education. Many students are incurring heavy debts for an education (ethnomusicology, theater arts) that just isn’t worth it from a strictly financial viewpoint. (Money isn’t everything, but try telling that to the collection agency.) Education benefits society by creating a workforce that creates wealth, pays taxes, and stays off welfare. But state governments—whose schools educate 7 in 10 students—have raised tuition abruptly because of their own financial problems. So far the federal government has offset the state cutbacks by boosting financial aid, but Education Under Secretary Martha Kanter testified to Congress earlier this year that “this path is not fiscally sustainable.”

A priest goes on a mission to curb his spending (westcoastjan)

But simply downsizing his life in a Sussex village and growing his own vegetables doesn't prove enough of a fix. The Anglican priest decides to follow the example of medieval saint Francis of Assisi and give up money entirely, in a last-ditch attempt to find fulfilment and community.

“The more money we have, the higher the walls (between us),” he says.

Fridge sends spam emails as attack hits smart gadgets (jdargis)

Investigation by Proofpoint into the internet addresses involved in the attack revealed the presence of the smart gadgets, said David Knight, general manager of Proofpoint's information security division.

"The results spoke for themselves when the addresses responded with explicit identification, including well-known, often graphically branded interfaces, file structures, and content," he told the BBC.

Chemical Spill Muddies Picture in a State Wary of Regulations (jdargis)

In an interview the next day, he expounded on the theme. “Coal and chemicals inevitably bring risk — but that doesn’t mean they should be shut down,” Mr. Manchin said. “Cicero says, ‘To err is human.’ But you’re going to stop living because you’re afraid of making a mistake?”

Gold & Silver

Click to read the PM Daily Market Commentary: 1/17/14

Provided daily by the Peak Prosperity Gold & Silver Group

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