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Posts Tagged ‘legislation’

TLP: Harry Reid Says Nevada Should Outlaw Prostitution, Gets Bitchslapped by Whores

Courtesy of Jr. Deputy Accountant

nevada prostitution

Did you hear the one about the politician and the hookers? Turned out to not be so funny. Maybe that was because he was trying to f#*k the hookers and take their money at the same time.

AP via The Huffington Post:

U.S. Sen. Harry Reid took aim at the world’s oldest profession Tuesday, telling state lawmakers the time has come to have an adult conversation about Nevada’s legal sex trade if the state hopes to succeed in the 21st century.

The Democratic Senate majority leader made the comments before a joint session of the Legislature as brothel owners and lobbyists – and working girls from the rural establishments – looked on from the gallery.

In his autobiography, Reid, a Mormon, wrote about growing up in the mining hamlet of Searchlight, Nev., and learning to swim in the pool at a bordello. His mother took in laundry from the 13 brothels around town.

But when the nation thinks about Nevada, Reid said, "it should think about the world’s newest ideas and newest careers – not about its oldest profession."

He received a smattering of applause when he first suggested Nevada outlaw bordellos. By the time he finished with the topic, his remarks were met with silence from the representatives of a state whose identity is woven tightly with gambling, alcohol, quick marriages and prostitution.

What did he expect? His own mother made money washing the dirty laundry from whorehouses. Everybody wants to get paid, Harry. At least one hooker who listened to the speech wasn’t shy about raising her pimp hand to the honorable senator.

More AP:

Brooke Taylor, a prostitute at Bunny Ranch east of Carson City, called Reid’s speech "offensive" and said Reid should be proud of the way the state’s brothels regulate the sex industry.

"We’re the first ones to do it right," Taylor said.

Don’t think this hooker doesn’t know what she’s talking about. As JDA reported last spring from Battle Mountain, Nevada, there are businesses in the state that could learn a few things from prostitutes. For free. 


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The Subprime Debacle: Act 2

The Subprime Debacle: Act 2 

Courtesy of John Mauldin at Thoughts From The Frontline 

Trouble, oh we got trouble, Right here in River City! 
With a capital "T" That rhymes with "P" 
And that stands for Pool, That stands for pool.

We’ve surely got trouble! 
Right here in River City, 
Right here! Gotta figger out a way 
To keep the young ones moral after school! 
Trouble, trouble, trouble, trouble, trouble…

- From The Music Man

(Quick last-minute note: I think this (and next week’s) is/will be one of the more important letters I have written in the last ten years. Take the time to read, and if you agree send it on to friends and responsible parties. And note to new readers: this letter goes to 1.5 million of my closest friends. It is free. Now, let’s jump in!)

There’s trouble, my friends, and it is does indeed involve pool(s), but not in the pool hall. The real monster is hidden in those pools of subprime debt that have not gone away. When I first began writing and speaking about the coming subprime disaster, it was in late 2007 and early 2008. The subject was being dismissed in most polite circles. "The subprime problem," testified Ben Bernanke, "will be contained."

My early take? It would be a disaster for investors. I admit I did not see in January that it would bring down Lehman and trigger the worst banking crisis in 80 years, less than 18 months later. But it was clear that it would not be "contained." We had no idea.

I also said that it was going to create a monster legal battle down the road that would take years to develop. Well, in the fullness of time, those years have come nigh upon us. Today we briefly look at the housing market, then the mortgage foreclosure debacle, and then we go into the real problem lurking in the background. It is The Subprime Debacle, Act 2. It is NOT the mortgage foreclosure issue, as serious as that is. I seriously doubt it will be contained, as well. Could the confluence of a bank credit crisis in the US and a sovereign debt banking crisis in Europe lead to another full-blown world banking crisis? The potential is there. This situation wants some serious attention.

This letter is going to print a little longer. But…
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Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks?

Ellen Brown makes a compelling case for using the Kanjorski amendment to preemptively break up large financial institutions because they pose a threat to our economic stability. - Ilene 

Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks?

With risky behavior by big finance again threatening economic stability, how can we get things right this time?

Courtesy of 

Originally published in YES! Magazine    

Looming losses from the mortgage scandal dubbed “foreclosuregate” may qualify as the sort of systemic risk that, under the new financial reform bill, warrants the breakup of the too-big-to-fail banks. The Kanjorski amendment allows federal regulators to pre-emptively break up large financial institutions that—for any reason—pose a threat to U.S. financial or economic stability.

Although downplayed by most media accounts and popular financial analysts, crippling bank losses from foreclosure flaws appear to be imminent and unavoidable. The defects prompting the “RoboSigning Scandal” are not mere technicalities but are inherent to the securitization process. They cannot be cured. This deep-seated fraud is already explicitly outlined in publicly available lawsuits.

There is, however, no need to panic, no need for TARP II, and no need for legislation to further conceal the fraud and push the inevitable failure of the too-big-to-fail banks into the future.

Federal regulators now have the tools to take control and set things right. The Wall Street giants escaped the Volcker Rule, which would have limited their size, and the Brown-Kaufman amendment, which would have broken up the largest six banks outright; but the financial reform bill has us covered. The Kanjorski amendment—which slipped past lobbyists largely unnoticed—allows federal regulators to preemptively break up large financial institutions that pose a threat to U.S. financial or economic stability.

Rep. Grayson’s Call for a Moratorium

The new Financial Stability Oversight Council (FSOC) probably didn’t expect to have its authority called on quite so soon, but Rep. Alan Grayson (D-FL) has just put the amendment to the test. On October 7, in a letter addressed to Timothy Geithner, Shiela Bair, Ben Bernanke, Mary Schapiro, John Walsh (Acting Comptroller of the Currency), Gary Gensler, Ed DeMarco, and Debbie Matz (National Credit Union Administration), he asked for an emergency task force on foreclosure fraud. He said:

The liability here for the major banks is potentially enormous, and can lead


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Healthcare Reform Sausage Not Fit For Consumption

Healthcare Reform Sausage Not Fit For Consumption

Courtesy of Mish  

Reverse of trade card

As healthcare "reform" heads for passage, president Obama will soon have bragging rights for getting legislation passed that no one has before.

Although the Senate and House versions are different, the odds are something will pass. Moreover the odds are very high the final bill will resemble legislation passed by the Senate.

Senate House Clash

Please consider Senate Democrats Move Toward Clash With House on Health Measure

Senate Democrats, after securing a hard-fought Christmas Eve victory on health-care legislation, now move toward a battle over taxes and other issues with the U.S. House as lawmakers look to merge their differing bills.

The two chambers took different paths toward covering tens of millions of uninsured Americans. And when they begin reconciling their measures next month, they’re likely to clash over issues that include whether to set up a new government-run insurance program to restricting federal funds for abortion.

Finding agreement on financing the legislation “may be the toughest of all,” said Senator Charles Schumer, a New York Democrat.

The House adopted a 5.4 percent income surtax on individuals earning more than $500,000 and couples earning over $1 million to pay for its $1.05 trillion bill. Senate Democrats would fund their $871 billion bill, which passed on a final vote of 60-39 yesterday, in part by placing a 40 percent excise tax on the costliest health-insurance policies. That provision is opposed by labor unions, which are among the party’s strongest backers.

Because it required all 58 Senate Democrats and two independents to stick together to get the 60 votes needed to secure passage of the chamber’s health-care bill, Thurber said it’s likely the Senate will win out on most issues. “The narrow majority in the Senate makes it almost a necessity to go with the Senate position,” Thurber said.

House negotiators “will have to capitulate on most main differences,” agreed Rogan Kersh, a public policy professor at New York University.

Drugmakers including Whitehouse Station, New Jersey-based Merck & Co. have a number of fights on their hands. Lawmakers are pushing for the industry to spend more than the $80 billion that it promised to help patients in the Medicare program for the elderly afford prescription drugs.

Negotiating Power

The House measure calls for the government to capitalize on its buying power to


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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743"

Thank you for you time!

 
 

Zero Hedge

Meanwhile, Ukraine's Government Collapses (PM Yatsenyuk Resigns)

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

As if Ukraine was not struggling through enough turmoil currently, Bloomberg reports that the fragile coalition government has collapsed after two parties quit. The UDAR and Svoboda parties said they’d leave the government and seek a snap parliamentary ballot. Tempers have been fraying recently as numerous brawls have broken out in parliament ahead of President Poroshenko's pledge to call elections this year. All we have to do now is find out who Washington would like to see in power? The end result: Prime Minister Yatsenyuk just resigned. The bi...



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Chart School

How Long to the Next Recession? iM's Weekly Update

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

The BCI at 179.2 is up from last week’s 178.5. The BCIg, the smoothed annualized growth of BCI, at 22.2 is at its highest level in the current business cycle, rising from last week's 21.6. This week’s BCI does not indicate a possible recession in the near future.

Figure 1 plots BCIp, BCI, BCIg and the S&P500 together with the thresholds (red lines) that need to be crossed to be able to call a recession. Figure 2 plots the history of BCI, BCIg, and the LOG(S&P500) since July 1967, i.e. the last 44 years which include seven recessions, each which the BCI managed to indicate timely.

...



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Phil's Favorites

Reuters Debunked: Khodakovsky Denies Interview Aspects

Courtesy of Mish.

As I suspected would happen, the exclusive Reuters interview in which "Commander Alexander Khodakovsky acknowledges rebel fighters had BUK missiles" has been challenged.

In my analysis of the Reuters article (see Ukraine Rebel Commander Admits Having BUK Missiles; Damning Contradictions?),  I point out considerable discrepancies in what Reuters author Anton Zverev wrote and actual quotes Reuters presented.

The discrepancies were so big I stated "It appears to me Reuters may have stretched this interview quite a bit."

Thus I am not surprised to discover Khodakovsky challenge...



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Insider Scoop

ArcelorMittal Completes Sale of ATIC Stake to HES Beheer - Analyst Blog

Courtesy of Benzinga.

Steel giant ArcelorMittal (NYSE: MT) has completed the divestment of its 78% stake in European port handling and logistics company ATIC Services S.A. (ATIC) to HES Beheer for €155.4 million (roughly $213 million).

With this transaction, HES Beheer now owns 100% stake in ATIC where it previously held 22% stake. The transaction reflects ArcelorMittal`s strategy of selective deposal of non-core assets.

ArcelorMittal posted a net loss of $0.2 billion or 12 cents per share in first-quarter 2014, narrower than a net loss of $0.3 billion or 21 cents a year ago.

Revenues inched up 0.2% year over year to $19.8 billion in the reported quarter. Sales were almost unchanged from the prior quarter as improved steel shipments were partly offset by lower...



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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Option Review

Sizable Call Spread Trades On Orexigen

A large call spread initiated on Orexigen Therapeutics, Inc. (Ticker: OREX) on Monday morning looks for shares in the name to rally approximately 30% by September expiration. The September expiration is noteworthy as the company awaits the results of the FDA’s review of its resubmitted New Drug Application (NDA) for NB32, an investigational medication being evaluated for weight loss, after the review was extended for three months back in June. The upcoming Prescription Drug User Fee Act (PDUFA) date is September 11, 2014, according to a press release issued by the company. Shares in Orexigen today are up roughly 0.40% at $5.34 as of 2:15 p.m. ET.

...

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Sabrient

Sector Detector: Bulls remain unfazed by borderline Black Swans

Courtesy of Sabrient Systems and Gradient Analytics

Despite a highly eventful week in the news, not much has changed from a stock market perspective. No doubt, investors have grown immune to the daily reports of geopolitical turmoil, including Ukraine vs. Russia for control of the eastern regions, Japan’s dispute with China over territorial waters, Sunni vs. Shiite for control of Iraq, Christians being driven out by Islamists, and other religious conflicts in places like Nigeria and Central African Republic. But last Thursday’s news of the Malaysian airliner tragically getting shot down over Ukraine, coupled with Israel’s ground incursion into Gaza, had the makings of a potential Black Swan event, which in my view is the only thing that could derail the relentless bull march higher in stocks.

Nevertheless, when it became clear that the airline...



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OpTrader

Swing trading portfolio - week of July 21st, 2014

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's the latest Stock World Weekly. Please use your PSW user name and password to log in. (You may take a free trial here.)

#452331232 / gettyimages.com ...

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Market Shadows

Danger: Falling Prices

Danger: Falling Prices

By Dr. Paul Price of Market Shadows

 

We tried holding up stock prices but couldn’t get the job done. Market Shadows’ Virtual Value Portfolio dipped by 2% during the week but still holds on to a market-beating 8.45% gain YTD. There was no escaping the downdraft after a major Portuguese bank failed. Of all the triggers for a large selloff, I’d guess the Portuguese bank failure was pretty far down most people's list of "things to worry about." 

All three major indices gave up some ground with the Nasdaq composite taking the hardest hi...



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Digital Currencies

Bitcoin Vs Gold - The Infographic

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

While Marc Faber has said "I will never sell my gold," he also noted "I like the idea of Bitcoin," and the battle between the 'alternative currencies' continues. The following infographic provides a succinct illustration of the similarities and differences between gold and bitcoin.

Please include attribution to www.jmbullion.com with this graphic.

...

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Pharmboy

Biotechs & Bubbles

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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