Los Angeles Gets Gun Grabby in Domestic Violence Cases

"Question No. 4: Have you stopped beating your wife?"At a press conference
yesterday, Los Angeles city officials announced that they’re going
to get grabby about guns owned by defendants in domestic violence
cases. Or rather, as grabby as the law apparently already allows
them to be.

Here’s how the Los Angeles Daily News
described it
:

A new way to deal with those accused of domestic violence was
unveiled Wednesday, with the City Attorney’s Office and Los Angeles
Police Department seeking to remove guns from those accused of
abuse.

“Once someone is arrested for domestic abuse, the LAPD will
inform my office, and we will take steps to remove their guns,”
City Attorney Mike Feuer said at a City Hall news conference. “Each
week in the United States, nine women are killed by handguns. We
can do better than that.”

Feuer said the new prosecution protocol developed by his office
with advocacy groups over the past six months is designed to reduce
the possibility of further violence.

Under current law, those accused of domestic violence are
prohibited from owning a weapon. Violators could face additional
criminal charges.

There’s some awkwardness in the newspaper’s reporting. This
isn’t actually a new way of dealing with domestic violence and the
description of “current law” is a bit misleading. The story gives
readers the impression that simply being accused of domestic
violence is enough to get your guns taken away. Here’s how the Los
Angeles Police Department lists the regulations
connected to gun possession and domestic violence cases:

12028.5 PC Family Violence/Firearms Seizure

The police at the scene of family violence, involving a threat
to human life or physical assault, may take temporary custody of
any firearm or deadly weapon in plain sight or by consensual search
for the protection of the peace officer or other persons present.
The police may retain the weapons up to 72 hours unless the weapons
were seized as evidence or for an additional crime.

12021(g) PC Restrictions on Firearm
Possession

Persons subject to a restraining order may not obtain, receive,
purchase or otherwise acquire a firearm.

The person must know they are subject to the restraining order
and the restraining order must contain in bold print that they are
prohibited from receiving or purchasing or attempting to receive or
purchase a firearm, and the penalties. (This does not apply if a
firearm is received as part of a community property
settlement).

6389 PC Relinquishment Of Firearms

Prohibits person subject to a Domestic Violence protective order
from owning or possessing a firearm while protective order is in
effect.

Exemption may be granted if a firearm is a necessary condition
of employment. A person may possess only during scheduled work
hours and during travel to and from work.

So, the gun grabbing only applies if a judge rules that a
protective order is justified and only lasts for the duration of
the order. The Daily News reporting makes it appear like
the city attorney’s office is going beyond the bounds of the law
and snatching guns on the basis of just accusations, but the Los
Angeles affiliate of CBS is a little bit
more specific
in their reporting. What the city says will
happen is that the city attorney’s office and the LAPD are going to
communicate better on domestic violence cases, so that if a judge
does issue a protective order, the city will respond and actually
enforce the existing laws and prosecute those who try to bypass
it.

Obviously “Wait, this isn’t as bad as you think it is!” should
not be taken as an endorsement of these laws. The discussion of the
abuse of women seems to conflate the use of a weapon with the
existence of the abuse itself, like the gun is somehow a factor in
causing the violence and not a tool the abuser selects. Even as the
city announces this effort to step up enforcement of these laws,
they also noted that domestic violence cases in Los Angeles are
actually down.

from Hit & Run http://reason.com/blog/2013/12/19/los-angeles-gets-gun-grabby-in-domestic
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The Legend of the Chicago Welfare Queen

In “stump speech after stump speech,” Josh Levin
writes
in Slate, Ronald Reagan “regaled his supporters
with the story of an Illinois woman whose feats of deception were
too amazing to be believed.”

For the record, the song predates the speeches.“In Chicago, they found a woman who
holds the record,” the former California governor declared at a
campaign rally in January 1976. “She used 80 names, 30 addresses,
15 telephone numbers to collect food stamps, Social Security,
veterans’ benefits for four nonexistent deceased veteran husbands,
as well as welfare. Her tax-free cash income alone has been running
$150,000 a year.” As soon as he quoted that dollar amount, the
crowd gasped.

Four decades later, Reagan’s soliloquies on welfare fraud are often
remembered as shameless demagoguery. Many accounts report that
Reagan coined the term “welfare queen,” and that this woman in
Chicago was a fictional character. In 2007, the New York Times’
Paul Krugman wrote that “the bogus story of the Cadillac-driving
welfare queen [was] a gross exaggeration of a minor case of welfare
fraud.”

But the woman did exist, Levin writes, and while she certainly
wasn’t a typical welfare chisler‎, let alone a typical welfare
client, Reagan’s descriptions of her scams were mostly accurate
accounts of her activities. Yet there was much more to her criminal
career than the case that made her infamous in the ’70s:
kidnappings, con games, maybe murder. Levin’s
story
about her life reads like an epic Gothic saga in which
half a dozen villains turn out to be the same shape-shifting
monster; every time you think it couldn’t possibly get weirder, it
does.

from Hit & Run http://reason.com/blog/2013/12/19/the-legend-of-the-chicago-welfare-queen
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The MinotEur Labyrinth: What Europe’s “Bank Resolution” Looks Like In One Chart

Late last night, European Union finance ministers agreed on a new system to centralize control of failing euro-zone lenders – a so-called “bank resolution mechanism” – in the hope that it will stop expensive banking crises from ruining the finances of entire countries.As WSJ reports, “”Taxpayers will no longer foot the bill when banks make mistakes and face crises, ending the era of massive bailouts,” according to Michel Barnier, the EU’s internal market commissioner.” Sadly, Mr. Barnier is incorrect, for two main reasons.

First, in Europe the link between a bank and its sovereign has never been tighter courtesy of ever rising holdings of host sovereign debt by a bank in question (subsequently repoed with the ECB for cash) currently at recordh high levels across the periphery, which means a major bank failure will always result in taxpayer impairment.

Second… well, instead of describing it, we will instead simply show graphically courtesy of the FT just what the “streamlined” bureaucratic process for achieve bank “resolution” in Europe looks like.

In a word (or two) – good luck.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/e7QSYy-1QIk/story01.htm Tyler Durden

The MinotEur Labyrinth: What Europe's "Bank Resolution" Looks Like In One Chart

Late last night, European Union finance ministers agreed on a new system to centralize control of failing euro-zone lenders – a so-called “bank resolution mechanism” – in the hope that it will stop expensive banking crises from ruining the finances of entire countries.As WSJ reports, “”Taxpayers will no longer foot the bill when banks make mistakes and face crises, ending the era of massive bailouts,” according to Michel Barnier, the EU’s internal market commissioner.” Sadly, Mr. Barnier is incorrect, for two main reasons.

First, in Europe the link between a bank and its sovereign has never been tighter courtesy of ever rising holdings of host sovereign debt by a bank in question (subsequently repoed with the ECB for cash) currently at recordh high levels across the periphery, which means a major bank failure will always result in taxpayer impairment.

Second… well, instead of describing it, we will instead simply show graphically courtesy of the FT just what the “streamlined” bureaucratic process for achieve bank “resolution” in Europe looks like.

In a word (or two) – good luck.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/e7QSYy-1QIk/story01.htm Tyler Durden

China Also Tapers, Forced To Promptly Bail Out Money Markets

Overnight we warned that short-to-medium-term money market rates had spiked to record highs (1-Year rate-swaps over 5.06%) and that the PBOC was bravely standing firm on its (lack of) liquidity injections… that didn’t last long. Despite the PBOC’s veiled ongoing attempts to ‘taper’ its own liquidity provisions, as MNI noted, echoes of the June liquidity crunch were heard again in the Chinese money market Thursday and authorities moved to extend trading amid a surge in rates which quiet injections of funding by the People’s Bank of China failed to stem. Jitters in the Chinese interbank market since the PBOC tried to force deleveraging in June highlights the nervousness of an overstretched banking system that is reliant on the central bank’s largesse to ensure stable operations. 

 

Via MNI,

Trading in the interbank market was extended by a half hour, traders said, citing a notice from the China Foreign Exchange Trade System, something which hasn’t happened since money market rates hit record levels back in June.

 

The PBOC admitted after the close, via its official microblog, that it used Short-term Liquidity Obligations (SLO) to add funding to the market. The bank didn’t specify when it added the funds but, in another direct echo of the June panic, the PBOC said it is prepared to add more.

 

We will continue to provide liquidity support via SLOs to qualified financial institutions if necessary, depending on the progress of fiscal spending,” the bank said, adding that liquidity conditions are volatile because of seasonal factors.

 

 

Some traders expect a degree of calm to return once Christmas and the January 1 holiday have passed and liquidity returns to the system.

But the Chinese New Year comes soon after that, beginning at the end of the month, and the authorities have signaled they intend to wean China’s notoriously mismatched financial system off its addiction to credit creation over the longer-term, indicating that rates will remain volatile in the weeks and months ahead.

This is a problem – and this is why the banks are terrified – Goldman’s projection of Chinese debt to GDP through 2014 and 2015 is incredible…

 

and problematic as corporate bond yields surge higher… (with repo only maintained by government largesse)

 

It seems clear that the Chinese banks’ PBOC taper tantrum will not allow the central bank to withdraw painlessly.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/3BEmmarm57c/story01.htm Tyler Durden

What do People do with Means-Tested Assistance ?

There is a ideological caricature of Americans who are aided by public assistance.  There claims of fraud and waste are rampant, but the actual evidence is sorely lacking.  It is not that there is no fraud or waste, but that it is grossly exaggerated.  The caricature tends to be part of a political agenda that wants to reduce the assistance.

This Great Graphic was posted on Atlantic by Jordan Weissmann. It shows the consumption patterns of those receiving assistance (red) and those that do not (blue).  The data comes from the Bureau of Labor Statistics.

 

Families receiving assistance spend about half as much as families drawing on assistance.  They spend a third less on food, 50% less on housing and 60% less on entertainment.   That said, the data does not capture the non-cash assistance that some households receive.

Some research (see Henry Farrell’s review of a new study on the Washington Post’s Monkey Cage blog) indicates that people tend to be more supportive of transfer payments and assistance if they believed the recipients are in genuine need and not gaming the system.  We suspect, then, that if there was a greater understanding of what the assistance is being spent on, there may be less political resistance to it.

Of course, it is not simply a marketing challenge.  It is ultimately a political question.   How should the social product be divided ?  What do social classes owe each other?  In that debate, those receiving assistance are often demonized for political and ideological reasons that often bear little relation to the facts.   


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/HQJEi2dlkX4/story01.htm Marc To Market

These EM Currencies Did Not Get The “Taper Is Priced In” Memo

As equity markets around the world try valiantly to hold on to yesterday’s manufactured gains that ‘proved’ the Taper is a good thing, few have commented on the consequences that are already being felt. Emerging Market currencies were broadly pummeled overnight with Indonesia’s Rupiah tumbling to 5 years lows and the Turkish Lira collapsing 1.9% in the last 2 days (its biggest drop in 4 months) to an all-time low.

  • *LIRA AT LOWEST VS USD ON CLOSING BASIS SINCE AT LEAST 1981
  • *TURKEY CENTRAL BANK TO SELL MINIMUM $50M FOR LIRAS TOMORROW

The Istanbul stock exchange is down 7.3% in the last 3 days (biggest drop in 6 months).

 

EM FX markets are not happy about the taper…

 

With the Lira breaking to a new record low against the USD (and EUR).

  • *LIRA AT LOWEST VS USD ON CLOSING BASIS SINCE AT LEAST 1981
  • *TURKEY CENTRAL BANK TO SELL MINIMUM $50M FOR LIRAS TOMORROW

So when does the Turkish central bank run out of USD?

 

with the Turkish stock index down over 7% in the last 3 days…

 

Charts: Bloomberg


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/fYk27-esHac/story01.htm Tyler Durden

These EM Currencies Did Not Get The "Taper Is Priced In" Memo

As equity markets around the world try valiantly to hold on to yesterday’s manufactured gains that ‘proved’ the Taper is a good thing, few have commented on the consequences that are already being felt. Emerging Market currencies were broadly pummeled overnight with Indonesia’s Rupiah tumbling to 5 years lows and the Turkish Lira collapsing 1.9% in the last 2 days (its biggest drop in 4 months) to an all-time low.

  • *LIRA AT LOWEST VS USD ON CLOSING BASIS SINCE AT LEAST 1981
  • *TURKEY CENTRAL BANK TO SELL MINIMUM $50M FOR LIRAS TOMORROW

The Istanbul stock exchange is down 7.3% in the last 3 days (biggest drop in 6 months).

 

EM FX markets are not happy about the taper…

 

With the Lira breaking to a new record low against the USD (and EUR).

  • *LIRA AT LOWEST VS USD ON CLOSING BASIS SINCE AT LEAST 1981
  • *TURKEY CENTRAL BANK TO SELL MINIMUM $50M FOR LIRAS TOMORROW

So when does the Turkish central bank run out of USD?

 

with the Turkish stock index down over 7% in the last 3 days…

 

Charts: Bloomberg


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/fYk27-esHac/story01.htm Tyler Durden

Philly Fed Misses; Employment And CapEx Outlook Collapses

For the 2nd month in a row, Philly Fed missed expectations (printing at 7.00 vs 10.00 exp) holding close to 7-month lows. Prices Paid dropped the most but it was the outlook sub-indices that are the most concerning with the surveyed expecting a big drop in the average workweek, the number of employees and a drop in New Orders and Shipments. Add to that a plunge in expectations for CapEx to 9-month lows (amid its biggest 3-month drop in 5 years!) and all-in-all, it’s not as pretty a picture as Bernanke painted about the rosy horizon…

 

 

 

As Capex outlook collapses…


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/UN5605L8a9M/story01.htm Tyler Durden

Existing Home Sales Tumble, Post First Annual Decline In 29 Months On Day After Taper Begins

If anyone is still wondering why back in June Zero Hedge first presented what the adverse impact on housing affordability as a result of soaring rates, today’s NAR release on existing home sales should set all questions to the side. Because after rising in a seemingly relentless fashion, existing home sales have (and this is before the traditional downward revision by Larry Yun’s conflicted organization which will expose all of its numbers as flawed regardless) finally hit a brick wall, and not only did November existing home sales tumble from 5.12MM to 4.90MM, missing estimates of 5.02MM, they also posted the first year over year decline in 29 consecutive months of increases.

Of course, as a reminder only 40% of house buyers actually use a mortgage, and the remaining 60%, as Goldman estimated recently, are all cash. Which means that not only are the all cash buyers fading out of the housing market at an ever faster pace, but if left only to the mortgaged-buyers, then watch out below.

Finally, and as usual, in addition to rising rates, Larry Yun was quick to cast blame on lack of inventory and supply. Perhaps he should speak to the likes of Bank of America which are keeping millions of empty units on its books following fraudulent foreclosure practices, in a desperate attempt to extract that one final bit of inventory subsidy from the housing market.

From the NAR release:

Existing-home sales fell in November, although median prices continue to show strong year-over-year growth, according to the National Association of Realtors®.

 

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 4.3 percent to a seasonally adjusted annual rate of 4.90 million in November from 5.12 million in October, and are 1.2 percent below the 4.96 million-unit pace in November 2012.  This is the first time in 29 months that sales were below year-ago levels.

 

Lawrence Yun, NAR chief economist, said the market is being squeezed. “Home sales are hurt by higher mortgage interest rates, constrained inventory and continuing tight credit,” he said. “There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck is in limited housing supply, due to the slow recovery in new home construction. As such, rents are rising at the fastest pace in five years, while annual home prices are rising at the highest rate in eight years.”

 

The national median existing-home price for all housing types was $196,300 in November, up 9.4 percent from November 2012. Distressed homes – foreclosures and short sales – accounted for 14 percent of November sales, unchanged from October; they were 22 percent in November 2012. A smaller share of distressed sales is contributing to price growth.

 

Nine percent of November sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average discount of 17 percent below market value in November, while short sales were discounted 13 percent.

 

Total housing inventory at the end of November declined 0.9 percent to 2.09 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace, compared with 4.9 months in October. Unsold inventory is 5.0 percent above a year ago, when there was a 4.8-month supply.

 

The median time on market for all homes was 56 days in November, up from 54 days in October, but well below the 70 days on market in November 2012. Short sales were on the market for a median of 120 days, while foreclosures typically sold in 59 days, and non-distressed homes took 55 days. Thirty-five percent of homes sold in November were on the market for less than a month.

 

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.26 percent in November from 4.19 percent in October; the rate was 3.35 percent in November 2012.

More so-called NAR “data”

All-cash sales comprised 32 percent of transactions in November, up from 31 percent in October and 30 percent in November 2012. Individual investors, who account for many cash sales, purchased 19 percent of homes in November, unchanged from October and from November 2012. Last month, seven out of 10 investors paid cash.

 

Single-family home sales fell 3.8 percent to a seasonally adjusted annual rate of 4.32 million in November from 4.49 million in October, and are 0.9 percent below the 4.36 million-unit level in November 2012. The median existing single-family home price was $196,200 in November, which is 9.4 percent above a year ago.

 

Existing condominium and co-op sales dropped 7.9 percent to an annual rate of 580,000 units in November from 630,000 units in October, and are 3.3 percent lower than the 600,000-unit pace a year ago. The median existing condo price was $197,400 in November, up 10.0 percent from November 2012.

What can we say: perfect timing for Ben to start tapering.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/8292ANb52do/story01.htm Tyler Durden