Snow Kills in the South, NYC Accepts Stop-and-Frisk Reforms, Rep. Waxman Resigns: P.M. Links

  • New York City has reached an agreement to
    reform its stop-and-frisk policy
    to make it less racist in the
    hands of an independent monitor. Mayor Bill de Blasio is dropping
    ex-Mayor Michael Bloomberg’s fight to keep the tactics as they
    are.
  • The Supreme Court temporarily stayed the execution of Missouri
    killer Herbert Smulls, but then later lifted it denying an appeal
    connected to the lack of transparency surrounding the drug the
    state uses to put convicts to death. Smulls was
    subsequently executed
    .
  • A bipartisan bill to
    reform federal drug sentencing guidelines
    passed the U.S.
    Senate Judiciary Committee today. The bill would reduce mandatory
    minimums, give judges more leeway in sentencing, and retroactively
    fix the disparity in sentences for those convicted of crack
    cocaine-related crimes.
  • California Democratic
    Rep. Henry Waxman
    will retire from Congress at the end of this
    term. The pro-regulation Nanny-Stater will probably not be missed
    by Reasoners.
  • Edward Snowden’s latest info is that the United States snooped
    on countries participating in the
    Copenhagen climate summit
    in 2009 to try to get advance
    information for negotiators.

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J.D. Tuccille Wonders If Crazed Super Bowl Security is a Glimpse at America's Future

Super Bowl 48In the run-up
to Super Bowl XLVIII (just be happy they don’t use Egyptian
numerals), the New York City Police Department is deploying an
“amazing arsenal of security initiatives,” including 200
“temporary” surveillance cameras to ensure that dirty deeds remain
undone at the big game. That’s remarkable, since City Hall in the
rotten apple is actually about 11 miles from the site of the
kickoff at MetLife Stadium, which is in East Rutherford, New
Jersey. But never fear, writes J.D. Tuccille, security at
the the Super Bowl itself promises to make attendance at football’s
championship game an awful lot like spending several hours at a
very cold TSA checkpoint—with some watery beer. Get used to it
America, this massive demonstration of pointless security theater
just may be a glimpse of the future.

View this article.

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J.D. Tuccille Wonders If Crazed Super Bowl Security is a Glimpse at America’s Future

Super Bowl 48In the run-up
to Super Bowl XLVIII (just be happy they don’t use Egyptian
numerals), the New York City Police Department is deploying an
“amazing arsenal of security initiatives,” including 200
“temporary” surveillance cameras to ensure that dirty deeds remain
undone at the big game. That’s remarkable, since City Hall in the
rotten apple is actually about 11 miles from the site of the
kickoff at MetLife Stadium, which is in East Rutherford, New
Jersey. But never fear, writes J.D. Tuccille, security at
the the Super Bowl itself promises to make attendance at football’s
championship game an awful lot like spending several hours at a
very cold TSA checkpoint—with some watery beer. Get used to it
America, this massive demonstration of pointless security theater
just may be a glimpse of the future.

View this article.

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Health Care Spending Will Gobble the Federal Budget, Warns CBO

In a brief, slideshow analysis of
federal health care policy
, the Congressional Budget Office
warns that “federal spending for health care programs is growing
much faster than other federal spending and the economy as a
whole.” That’s partially because of the Affordable Care Act, though
the CBO points out that, even after Obamacare is fully implemented,
Medicare will continue to have the largest appetite for federal
dollars intended to support health care (intentions and results
aren’t the same thing, of course.) The CBO contemplates a few
cost-cutting tactics, few of which are likely to win fans, and some
of which might simply torpedo the provision of health care.

Health care expenditures

Ever-growing expenditures without revenues or even an economy to
match are a bit of a problem, as the CBO has attempted to explain in
the past, using words such as “unsustainable.”

Medicare spending growthDespite all of the attention paid to Obamacare‘s economic
idiocy, technical failures, and general incompetence as a piece of
policy, it doesn’t represent a big portion of the federal
government’s projected spending spree on health care issues. Most
of that money will go to the elderly, with Medicare expected to
consume $894 billion in 2023, compared to $560 billion for Medicaid
and CHIP, and $135 billion for Exchange subsidies and related
items.

Using CBO numbers in 2009, the Mercatus Center’s Veronique de
Rugy
prepared the graph
above, which shows Medicare spending turning
into the monster that eats…everything over the next few decades.
Note that projections of Medicare spending keep rising, and rather
quickly.

Since all of this looks to get spendy—well,
spendier—really fast, the CBO contemplates a few
approaches for trimming the price tag which “might (or might not)
help the federal budget.” Among those are taxing, bribing, and
nagging people into healthier behavior, capping federal Medicaid
payments (an approach that would kneecap the current push to
expand Medicaid rolls), and paying less to medical
providers.

It’s a good thing crappy compensation from government programs
isn’t already an issue for physicians. Oh…wait.

Oh, yes. Look for the federal government’s forays into health
policy to be an ever-more expensive problem in years to come.

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New Fayette district voting map is proposed

Timing a concern as qualifying starts March 3 for two county commission posts and two school board seats

A proposed new district map for the Fayette County Commission and the Fayette County Board of Education, crucial to enacting district voting here, has been proposed by a U.S. District Judge.

The new map is necessary to comply with the May decision of U.S. District Court Judge Timothy C. Batten which declared the county’s former at-large voting system violated the federal Voting Rights Act.

[View that pdf by clicking on the “attachment” below.]

read more

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Stocks Dead-Cat Bounce As Bullion And Bond Bulls Bail

The S&P 500 And Russell bounced once again off post-December-Taper unchanged levels today but the Dow remains flat from 12/18 as the Nasdaq (led by exuberance in momo social media stocks as AAPL closed <$500) jumped the most in almost 4 months (though remains -1% on the year). The rally in stocks was simply remarkable for its tick-for-tick tracking of USDJPY and EM FX and the S&P was unable to make significant progress past its pre-Turkish-rate-hike levels. Treasuries sold off but remain 3-5bps lower in yield than when Turkey was "fixed". The USD rallied on EUR and JPY weakness (but was almost entirely dead once Europe closed). Precious metals were manhandled instantaneously lower at 8amET then spent the rest of the day trying to recover. Stocks did tumble into the close to recouple with USDJPY but bad news was great news it seems…(for now)

 

Spot The Difference – US Stocks, USDJPY, or EM FX…

 

The Dow remains lower than the December taper but the S&P and Russell bounced…

 

For the day stocks regained the pre-Turkey levels but bonds remain well bid from there…

 

An odd day for the USD… ramped higher on the back of EUR and JPY weakness but once Europe closed, dead!

 

The rally in the USD echoed a drop in PMs but the monkey-hammering at 8amET was once again a joke…

 

 

 

 

 

 

Charts: Bloomberg

Bonus Chart: @BD_Analyst shows the massive amount of insider selling that has recently occurred (while th every same companies are buying back their management's shares?)


    



via Zero Hedge http://ift.tt/1bDo0fJ Tyler Durden

Top charter school wants to operate in Fayette

California-based nonprofit Heritage Classical Charter Schools (HCCS) has submitted a letter of intent to locate the Liberty Tech Charter School in Fayette County beginning in the 2015-2016 school year. The Fayette County Board of Education on Monday decided to delay the vote on an amendment to the existing charter school policy for 30 days to give the public time to provide input on the amendment.

read more

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How to get a job at Pinewood Atlanta Studios

There have been a few questions about the staffing agency tagged on the city of Fayetteville’s website as the contact point for employment opportunities at Pinewood Atlanta Studios being located in Newnan.

Keeping with the “Fayette-centric” approach promoted by Pinewood, the Future Staff agency is the first onsite tenant at the Pinewood Production Centre.

read more

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Bill Miller Does It Again: JCPenney Drops Over 25% Since "Undervalued" Call (To Fresh 33-Year Low)

J.C. Penney has a lot of levers they can pull to get the customers back," Bill Miller gleefully told a Schwab conference in November as he bought JCP bonds. Spreads on those bonds have risen over 200bps since then. However, it was the embattled Legg Mason guru's appearance on CNBC in mid-December that sparked re-exuberance as everyone jumped on his "undervalued" bandwagon and lifted the stock into year-end. Today, back under $6, JCPenney is once again at fresh 33 year lows. Those that followed Miller are down over 25% on their 'investment'.

 

Via CNBC,

The famed stock-picker is also looking at J.C. Penney, which he thinks might be undervalued. After all, he said, there's "no reason" the retailer can't get its gross margins back to about 38 percent.

Yeah – that's not working out so great for the value-investor… knife-catcher

 

and today's tumble back under $6 for the first time in 33 years…

 

Chart: Bloomberg


    



via Zero Hedge http://ift.tt/1kf9XCO Tyler Durden

Bill Miller Does It Again: JCPenney Drops Over 25% Since “Undervalued” Call (To Fresh 33-Year Low)

J.C. Penney has a lot of levers they can pull to get the customers back," Bill Miller gleefully told a Schwab conference in November as he bought JCP bonds. Spreads on those bonds have risen over 200bps since then. However, it was the embattled Legg Mason guru's appearance on CNBC in mid-December that sparked re-exuberance as everyone jumped on his "undervalued" bandwagon and lifted the stock into year-end. Today, back under $6, JCPenney is once again at fresh 33 year lows. Those that followed Miller are down over 25% on their 'investment'.

 

Via CNBC,

The famed stock-picker is also looking at J.C. Penney, which he thinks might be undervalued. After all, he said, there's "no reason" the retailer can't get its gross margins back to about 38 percent.

Yeah – that's not working out so great for the value-investor… knife-catcher

 

and today's tumble back under $6 for the first time in 33 years…

 

Chart: Bloomberg


    



via Zero Hedge http://ift.tt/1kf9XCO Tyler Durden