Posts Tagged ‘prisons’

TLP: Sometimes, the Lowest Bidder is Low For a Reason

TLP: Sometimes, the Lowest Bidder is Low For a Reason

Courtesy of Jr. Deputy Accountant 

private prisons

Privatization of government services has it place. Trash pickup? Sure. IT? Makes sense. State prisons? Eh, maybe not so much.

FORTUNE:

Early this month, three convicted murderers escaped from a prison in Kingman, a small town along Route 66 in northwest Arizona. According to reports, the inmates had broken free from the facility by using a pair of wire cutters. They’d escaped from a medium-security facility operated by Utah-based Management & Training Corp, a private corrections company.

The incident set off a political furor, not over the fact that the three violent criminals were being held in a medium-security prison, but over the security of the facility itself, and, ultimately, over Arizona’s widespread use of private correctional facilities.

Arizona’s attorney general, Terry Goddard, a Democrat running for governor against incumbent Republican Janice Brewer, took the opportunity to indict the state’s infatuation with privatization.

"I believe a big part of our problem is that the very violent inmates, like the three that escaped, ended up getting reclassified [as a lower risk] quickly and sent to private prisons that were just not up to the job," Goddard told a local TV news station.

In recent years, the trend toward privatization, both among state governments and at the federal level has been part of an attempt to address serious budget troubles and crisis-level prison overcrowding by outsourcing more and more corrections operations to private companies.

The move has translated into big business for industry leaders like Corrections Corporation of America (CXW), The Geo Group (GEO) and Cornell Companies, Inc. (CRN) (just last week, The Geo Group and Cornell finalized a merger valued at $730 million).

According to research firm IBISWorld USA, private corrections is a $22.7 billion industry with an annual growth rate in the last half-decade of 4.7%. While growth slowed from 2009 to 2010, projections for the industry remain largely optimistic.

"The prison population continues to grow regardless of what the economic conditions are," says George Van Horn, senior analyst at IBISWorld.

According to the Bureau of Justice Statistics, the number of federal inmates housed in private facilities jumped nearly 14% between 2000 and 2007, and nearly 6% between 2007 and 2008.

Of course, there are ways government can deal with this problem. Make an…
continue reading


Tags: , , , , ,




Schwarzenegger’s Budget Addresses Few Structural Issues

Schwarzenegger’s Budget Addresses Few Structural Issues

California Governor Arnold Schwarzenegger proposes his $83.4 billion state budget plan in Sacramento.

Courtesy of Mish 

Tonight, with much fanfare, Schwarzenegger released his proposal to fix California’s $19 billion budget deficit. It was a huge disappointment.

Schwarzenegger had a golden opportunity to propose radical changes like privatizing the prison system, privatizing work in general, sending illegal aliens home, or getting rid of defined benefit plans. Instead, Schwarzenegger wimped out on many key issues.

Budget at a Glance

Please consider some highlights from Schwarzenegger’s revised state budget at a glance

Close the $19.1 Billion Deficit Through:

  • $12.4 billion in spending cuts.
  • $3.4 billion in federal money.
  • $3.3 billion in other measures, primarily through borrowing from other state funds.

Spending Cuts Breakdown

  • $1.1 billion through the elimination of CalWORKS, the state’s primary welfare program, which serves 1.4 million people, two-thirds of them children.
  • $750 million in unspecified cuts to the state’s in-home supportive services program for the disabled, achieved through reductions in wages and services.
  • Cuts $532 million from Medi-Cal, the state’s medical program for the poor, by reducing eligibility, limiting doctor’s visits to 10 per year, reducing funding for hearing aids and other medical equipment, and increasing copays.
  • $811 million reduction in prison health care expenses by making the system more efficient and reducing funding.
  • About $360 million in savings by shifting nonviolent offenders out of state prisons and into county jails and by reducing the juvenile prison population and closing the facilities that house them.

State Employees

  • Payroll reductions of 5 percent across all state departments, except for constitutional offices, which already achieved 5 percent reductions. The administration says much of the payroll reduction can be achieved by departments not filling current vacancies.
  • A 5 percent pay cut for all state workers and a 5 percent increase in their pension contributions. The administration says this will save $1.6 billion.

Media Reporting

As soon as Schwarzenegger released the budget, the media was all over it. The LA Times headline says it all: Schwarzenegger’s budget deals blows to the poor.

Proposing a budget that would eliminate the state’s welfare-to-work program and most child care for the poor, Gov. Arnold Schwarzenegger on Friday outlined a stark vision of a California that would sharply limit aid to some of its poorest and neediest citizens.

His $83.4-billion plan would also freeze funding for local schools, further cut state


continue reading


Tags: , , , , , , , ,




The Economic Elite Vs. The People of the United States of America (I – III)

Full Report: The Economic Elite Vs. The People of the United States of America (Parts I-III)

Courtesy of David DeGraw, AmpedStatus Report

This report was originally released as a six-part series. The first part was published on February 15, 2010. The last part was published on February 27, 2010.  

 

“The American oligarchy spares no pains in promoting the belief that it does not exist,
but the success of its disappearing act depends on equally strenuous efforts
on the part of an American public anxious to believe in egalitarian fictions
and unwilling to see what is hidden in plain sight.”
– Michael Lind, To Have and to Have Not

 

The Economic Elite Vs. The People of the United States of America

 

It’s time for 99% of Americans to mobilize and aggressively move on common sense political reforms.

Yes, of course, we all have very strong differences of opinion on many issues. However, like our Founding Fathers before us, we must put aside our differences and unite to fight a common enemy.

It has now become evident to a…
continue reading


Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,




 
 
 

Zero Hedge

While Davos Elites Address Populism, Just "Eight Men Own Same Wealth As Half The World"

Courtesy of ZeroHedge. View original post here.

Submitted by Joseph Jankowski of PlanetFreeWill.com

As political and business elite gather at the Swiss ski resort of Davos, a new report is shining light on the shocking reality of the wealth gap between the very rich and poor that is ...



more from Tyler

Phil's Favorites

IMF Joins Trump Bull Parade: IMF Timing Humor

Courtesy of Mish.

After lowering US, UK, and global growth forecasts, the IMF reversed course and is now part of the Trump bull parade.

  1. July 19, 2016: IMF Cuts Global Growth Forecasts on Brexit, Warns of Risks to Outlook
  2. October 4, 2016: IMF Sees Subdued Global Growth, Warns Economic Stagnation Could Fuel Protectionist Calls
  3. January 16, 2017: ...


more from Ilene

ValueWalk

Damage Inflicted by Precious Metals Manipulation Is in the "Multi Billions"

By Money Metals Exchange. Originally published at ValueWalk.

Keith Neumeyer: Damage Inflicted by Precious Metals Manipulation Is in the “Multi Billions”

Listen to the Podcast Audio: Click Here

Photo by Gellinger, Pixbay

Mike Gleason (Money Metals Exchange): It is my privilege now to bring in Keith Neumeyer, founder and CEO of First Majestic Silver Corp, one of the top silver mining companies in the world. Keith has an extensive background in the resource and finance sectors ...



more from ValueWalk

Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Oil prices under pressure on doubts over output cuts (Reuters)

Oil prices were under pressure on Monday due to doubts that large oil producers will reduce production as promised and on expectations that U.S. production would increase again this year.

Shenzhen Stocks Sink Most in 10 Months in Sudden Afternoon Drop (Bloomberg)

Stocks in China’s second-largest equity market plunged the most in 10 months, underscoring the increasing fragility of the nation’s financial assets.

...



more from Paul

OpTrader

Swing trading portfolio - week of January 16th, 2017

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 ...



more from OpTrader

Chart School

Weekly Market Recap Jan 15, 2016

Courtesy of Blain.

The week that was…

Bullish action continues as the market alternates between periods of rallying with periods of quiet consolidation.  This past week was a period of the latter.  It was a relatively quiet week other than a bit of a selloff right at the open Thursday.  Friday we saw some of the major U.S. banks report. There were a lot of Federal Reserve speakers trotted out – but markets are in more of a Trump Trance right now so most of it was ignored.  Still no close on the Dow Jones Industrial Average over 20K, although that level was tickled Monday.

That said we have seen a rotation from the winners of November & December (S&P 500 + Russell 2000), into areas that lagged ...



more from Chart School

Digital Currencies

China's Bitcoin Exchanges Suspend Margin Trading

Courtesy of Zero Hedge

China's bitcoin traders who use the most popular bitcoin exchange not only in China, but also the entire world, BTCChina, were met with an unexpected warning on Friday:

Starting from January 12th, 2017, BTCChina has suspended margin loan service. If you have any questions, please contact Customer Service: support@btcc.com.

BTCChina, which commands over 37% of global bitcoin trading...

... wasn't alone.

Fo...



more from Bitcoin

Kimble Charting Solutions

Regional banks; Breakout test in play, says Joe Friday

Courtesy of Chris Kimble.

Over the past 60-days, financial stocks have done well. Over the past 60-days, regional banks have been stellar performers, out producing larger banks and the broad market, by a large percentage. From a risk on stock perspective, seeing large and regional banks do well, has historically been a positive sign.

Below looks at regional bank ETF (KRE)_

CLICK ON CHART TO ENLARGE

K...



more from Kimble C.S.

Members' Corner

How To Poop On A Date?

Courtesy of Nattering Naybob.

Back for a brief respite, it's "in the Toilet Thursday" or "Thursday in the Loo". Our last episode The Best Thing To Happen To Pooping, Since Your Butt, laid down a historical perspective.  

This week in How To Poop on a Date? we are graced with a delicate shituation: when your finally back at her place, snuggling in for a little "brown chicken brown cow" and you get hit with "Love Potion #2".  Oh what to do...


...

more from Our Members

Mapping The Market

If we try it enough, it will work.

Via Jean-Luc

Brownback wants Trump to emulate what he did in Kansas because it worked so well:

Sam Brownback Calls on Donald Trump to Mimic His Kansas Tax Plan

By RICHARD RUBIN and  WILL CONNORS

Sam Brownback, the Kansas governor whose tax cuts brought him political turmoil, recurring budget holes and sparse evidence of economic success, has a message for President-elect Donald Trump: Do what I did.

In 2013, Mr. Brownback set out to create a lean, business-friendly government in his state that other Republicans could replicate. He now faces a $350 million deficit when the Kansas legislature convenes in January and projections of a larger one in 2018. The state’s economy is flat and his party is fractured...

...

more from M.T.M.

Biotech

The Medicines Company: Insider Buying

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

I'm seeing huge insider buying in the biotech company The Medicines Company (MDCO). The price has already moved up around 7%, but these buys are significant, in the millions of dollars range. ~ Ilene

 

 

 

Insider transaction table and buying vs. selling graphic above from insidercow.com.

Chart below from Yahoo.com

...

more from Biotech

Promotions

Phil's Stock World's Las Vegas Conference!

 

Come join us for the Phil's Stock World's Conference in Las Vegas!

Date:  Sunday, Feb 12, 2017 and Monday Feb 13, 2017.            

Beginning Time:  8:00 am Sunday morning

Location: Caesar's Palace in Las Vegas

Notes

Caesar's has tentatively offered us rooms for $189 on Saturday night and $129 for Sunday night. However, we have to sign the contract ASAP. We need at least 10 people to pay me via Paypal or we may lose the best rate for the rooms. (Once we are guaranteed ten attendees, I will put up instructions to call the hotel for individual rooms.)

The more people who sign up,...



more from Promotions

All About Trends

Mid-Day Update

Reminder: Harlan 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...

more from David



FeedTheBull - Top Stock market and Finance Sites



About Phil:

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...

Learn more About Phil >>


As Seen On:




About Ilene:

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.

Market Shadows >>