Senators Call for Halting Unconstitutional NSA Spying on Americans

NSA spyingIn their cogent op-ed,
End
the NSA Dragnet, Now
” in the New York Times today,
Senators Ron Wyden (D-Ore), Mark Udall (D-Colo), and Martin
Heinrich (D-N.M.) argue in opposition to an authoritarian bill
proposed by the Senate Intelligence Committee that would
actually ratif
y the power of the National Security Agency to
spy on Americans. To their great credit, the three senators have

proposed legislation
that would go a long way toward restoring
American’s Fourth Amendment privacy protections against NSA
surveillance. From the op-ed:

THE framers of the Constitution declared that government
officials had no power to seize the records of individual Americans
without evidence of wrongdoing, and they embedded this principle in
the Fourth Amendment. The bulk collection of Americans’ telephone
records — so-called metadata — by the National
Security Agency
is, in our view, a clear case of a general
warrant that violates the spirit of the framers’ intentions. This
intrusive program was authorized under a secret legal process by
the Foreign Intelligence Surveillance Court, so for years American
citizens did not have the knowledge needed to challenge the
infringement of their privacy rights.

Our first priority is to keep Americans safe from the threat of
terrorism. If government agencies identify a suspected terrorist,
they should absolutely go to the relevant phone companies to get
that person’s phone records. But this can be done without
collecting the records of millions of law-abiding Americans. We
recall Benjamin Franklin’s famous admonition that those who would
give up essential liberty in the pursuit of temporary safety will
lose both and deserve neither.

The usefulness of the bulk collection program has been greatly
exaggerated. We have yet to see any proof that it provides real,
unique value in protecting national security. In spite of our
repeated requests, the N.S.A. has not provided evidence of any
instance when the agency used this program to review phone records
that could not have been obtained using a regular court order or
emergency authorization.

Despite this, the surveillance reform bill recently ratified by
the Senate Intelligence Committee would explicitly permit the
government to engage in dragnet collection as long as there were
rules about when officials could look at these phone records. It
would also give intelligence agencies wide latitude to conduct
warrantless searches for Americans’ phone calls and emails.

This is not the true reform that poll after poll has shown the
American people want. It is preserving business as usual. When the
Bill of Rights was adopted, it established that Americans’ papers
and effects should be seized only when there was specific evidence
of suspicious activity. It did not permit government agencies to
issue general warrants as long as records seized were reviewed with
the permission of senior officials.

Thanks
to Edward Snowden
, Americans now know that the NSA and other
federal police and spy agencies were in the process of constructing
what could easily have evolved into what former NSA cryptanalyst
William Binney described as a “turnkey
totalitarian state
.”

The time to stop it is now. Readers who are so moved can make
their concerns known by contacting their
members of Congress and the Senate.

The whole New York Times op-ed is well worth
reading.

See also reason.tv’s “What We Saw at the Anti-NSA ‘Stop Watching
Us’ Rally” in Washington, DC below:

from Hit & Run http://reason.com/blog/2013/11/26/senators-call-for-reining-in-unconstitut
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Cathy Young on Doris Lessing's Impatience With Political Correctness

Doris LessingThe
tributes to Doris Lessing, the novelist and Nobel Prize laureate
who died on November 17 at 94, have given scant attention to one
aspect of her remarkable career: this daughter of the left, an
ex-communist and onetime feminist icon, emerged as a harsh critic
of left-wing cultural ideology and of feminism in its current
incarnation. Her trenchant critiques, writes Cathy Young, which
some on the left would like to brush off as mere contrarian
“crankiness,” should be heeded by anyone truly concerned with
justice for all.

View this article.

from Hit & Run http://reason.com/blog/2013/11/26/cathy-young-on-doris-lessings-impatience
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Cathy Young on Doris Lessing’s Impatience With Political Correctness

Doris LessingThe
tributes to Doris Lessing, the novelist and Nobel Prize laureate
who died on November 17 at 94, have given scant attention to one
aspect of her remarkable career: this daughter of the left, an
ex-communist and onetime feminist icon, emerged as a harsh critic
of left-wing cultural ideology and of feminism in its current
incarnation. Her trenchant critiques, writes Cathy Young, which
some on the left would like to brush off as mere contrarian
“crankiness,” should be heeded by anyone truly concerned with
justice for all.

View this article.

from Hit & Run http://reason.com/blog/2013/11/26/cathy-young-on-doris-lessings-impatience
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Consumer Confidence Misses (Again), Tumbles To Lowest In 7 Months

No matter what measure of confidence, sentiment, or animal spirits one uses, the consumer is not encouraged by the record-er and record-er highs in the US equity market. The Conference Board's consumer confidence data missed for the 2nd month in a row – its biggest miss in 8 months – as it seems in October consumers were un-confident due to the government shutdown… but in November they are un-confident-er due to its reopening. As we have noted in the past a 10 point drop in confidence has historically led to a 2x multiple compression in stocks (which suggests the Fed will need to un-Taper some more to keep the dream alive). Ironically, more respondents believe stocks will rise of stay the same over the next 12 months even as the 'expectations' sub-index collapsed to its lowest in 8 months.

 

 

Once again we remind that it's all about confidence and hope appears to be fading…

As we have noted previously – this move in confidence is key…

But, it's all about confidence… investors will not be willing to pay increasing multiples unless they are confident that the future streams of earnings are sustainable and forecastable… And simply put, the current levels of Consumer Sentiment need to almost double for the US equity market tp approach historical multiple valuation levels…

 

 

 

and the cycle appears to be shifting…

Via Citi,

Is consumer confidence set to turn?

Consumer Confidence is once again following a dynamic where we see it move higher for 4 years and 4 months before beginning to collapse

  • Moves higher from 1996-2000 with a smaller dip halfway through in October 1998
  • Moves higher from 2003-2007 with a smaller dip hallway through in October 2005
  • Moves higher and so far tops out in June 2013. Also sees a small dip halfway through in October 2011.

 

Higher yields do not help confidence…

 

A sharp rise in mortgage rates has a negative feedback loop to consumer confidence. For those families and individuals that were now looking/able to enter the housing market, the recent spike in rates acts as a headwind.

 

In addition to the economic backdrop, there is plenty of tail risk as we head into the end of the year. Oil prices have been rising since the summer began (and in reality since the Summer of 2012), partially due to geopolitical risks which are very much “top of mind.” A bigger spike due to a supply shock would choke the economic recovery.(In our view)

In the US, the appointment of a new Fed Chairman and the upcoming budget/debt ceiling debates are likely to bring added volatility. Tapering itself can also induce concern as the “Bernanke put” is being removed from markets.

In Europe, many of the structural problems related to the single currency union have not actually been addressed and the peripheral countries could still create turmoil going forward (see Fixed Income section focusing on Italy in particular for more on this). There has also been little concern with both the German elections and the German Court decision on the constitutionality of the OMT program. A surprise in either of these could be cause for concern.

Emerging Markets are still not out of the woods yet as growth has been weak relative to expectations and countries with current account deficits are beginning to feel pressure in their FX and Bond markets. This is an issue we believe is only starting to develop which we will continue to expand on at later dates.(We have also looked at this in our EM FX section this week)

Overall, the weak economic backdrop, poor housing recovery and potential for tail risk events over the next few months suggest that we have topped out in Consumer Confidence, a warning sign for equity markets.

 

The relationship between Consumer Confidence is clear, and IF June did mark the high and Confidence continues to decline, then we would expect to see that translate to weakness in the equity markets. The removal of the “Bernanke put” only adds to this concern.

A major turn has taken place in equity markets on average four months after Consumer Confidence turns, which would point to a decline beginning around September-October. As we have previously expressed, we remain of the bias that a correction in equity markets on the order of 20%+ is likely this year/ into 2014 and the current dynamics support such a move.

Should we see a decline of that magnitude, it is almost certain that yields would move lower in a rush to safe assets.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/NXXS92XIVCE/story01.htm Tyler Durden

Believe It Or Not: Japan To Reopen Soccer Facility In Fukushima For 2020 Olympics

Below we present a twitter exchange we had with a Japanese media outlet overnight on Twitter. It needs no commentary.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ckTNdbe3SFc/story01.htm Tyler Durden

RealtyTrac: "Institutional Investor Housing Purchases Plummet Nationwide"

Concluding the trifecta of today’s housing data, we present perhaps the most authoritative report on what is actually going on in the market, that by RealtyTrac. What RealtyTrac has to say is in direct contradiction with both the Permits and Case-Shiller data, both of which are now openly reliant on yield-starved institutional investors dumping cash into current or future rental properties. In fact it’s worse, because if RealtyTrac is accurate, the great institutional scramble for any housing is now over – to wit: “Cash Sales Pull Back From Previous Month, Still Represent 44 Percent of Total Sales Institutional Investor Purchases Plummet Nationwide…  Institutional investor purchases represented 6.8 percent of all sales in October, a sharp drop from a revised 12.1 percent in September and down from 9.7 percent a year ago. Markets with the highest percentage of institutional investor purchases included Memphis (25.4 percent), Atlanta (23.0 percent), Jacksonville, Fla., (22.2 percent), Charlotte (14.5 percent), and Milwaukee (12.0 percent).” And plunging.

Some other observations from RT’s October 2013 Residential & Foreclosure Sales Report, which makes one thing clear – while prices may still be going up, transaction volumes have cratered:

Despite the nationwide increase, home sales continued to decrease on an annual basis for the third consecutive month in three bellwether western states: California (down 15 from a year ago), Arizona (down 13 percent), and Nevada (down 5 percent).

 

The national median sales price of all residential properties — including both distressed and non-distressed sales — was $170,000, unchanged from September but up 6 percent from October 2012, the 18th consecutive month median home prices have increased on an annualized basis.

 

The median price of a distressed residential property — in foreclosure or bank owned — was $110,000 in October, 41 percent below the median price of $185,000 for a non-distressed property.

 

“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” said Daren Blomquist,vice president at RealtyTrac. “The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders.”

 

More in the full report


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/sN66tKt5WFg/story01.htm Tyler Durden

RealtyTrac: “Institutional Investor Housing Purchases Plummet Nationwide”

Concluding the trifecta of today’s housing data, we present perhaps the most authoritative report on what is actually going on in the market, that by RealtyTrac. What RealtyTrac has to say is in direct contradiction with both the Permits and Case-Shiller data, both of which are now openly reliant on yield-starved institutional investors dumping cash into current or future rental properties. In fact it’s worse, because if RealtyTrac is accurate, the great institutional scramble for any housing is now over – to wit: “Cash Sales Pull Back From Previous Month, Still Represent 44 Percent of Total Sales Institutional Investor Purchases Plummet Nationwide…  Institutional investor purchases represented 6.8 percent of all sales in October, a sharp drop from a revised 12.1 percent in September and down from 9.7 percent a year ago. Markets with the highest percentage of institutional investor purchases included Memphis (25.4 percent), Atlanta (23.0 percent), Jacksonville, Fla., (22.2 percent), Charlotte (14.5 percent), and Milwaukee (12.0 percent).” And plunging.

Some other observations from RT’s October 2013 Residential & Foreclosure Sales Report, which makes one thing clear – while prices may still be going up, transaction volumes have cratered:

Despite the nationwide increase, home sales continued to decrease on an annual basis for the third consecutive month in three bellwether western states: California (down 15 from a year ago), Arizona (down 13 percent), and Nevada (down 5 percent).

 

The national median sales price of all residential properties — including both distressed and non-distressed sales — was $170,000, unchanged from September but up 6 percent from October 2012, the 18th consecutive month median home prices have increased on an annualized basis.

 

The median price of a distressed residential property — in foreclosure or bank owned — was $110,000 in October, 41 percent below the median price of $185,000 for a non-distressed property.

 

“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” said Daren Blomquist,vice president at RealtyTrac. “The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders.”

 

More in the full report


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/sN66tKt5WFg/story01.htm Tyler Durden

Vid: If You Like Your Plan You Can Keep It: The Rap (w/ Remy)

“If You Like Your Plan
You Can Keep It: The Rap” is the latest collaboration from Remy and
ReasonTV. 

Watch above of click the link below for full text, links,
downloadable versions, and more. 

View this article.

from Hit & Run http://reason.com/blog/2013/11/26/vid-if-you-like-your-plan-you-can-keep-i
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Baffle With BS Continues As House Prices Beat And Miss At Same Time; Detroit Home Prices Go Parabolic

It’s a full-on “Baffle with BS” onslaught this morning. On one hand, the Case-Shiller Top 20 Composite Index rose by 13.3% Y/Y, better than the 13.00% expected, and the highest annual price increase since 2006. Unfortunately, the ramp is coming to an end, especially since the touted NSA data shows that monthly price increases have slowed for the fifth consecutive month, and stood at just 0.7%. At this rate the sequential price change in October will be negative. This is further reinforced by today’s “other” housing report: the September FHFA House Price Index, which unlike Case-Shiller rose 0.3%, below expectations and in line with last month. So on one hand home prices are better than expected, on the other: worse. Clear as mud.

 

But one thing is certain: the surge in the housing market of bankrupt Detroit has never been stronger, and the Y/Y price change just picked up once again, rising to a 3 month high of 17.2% compared to last year.

Perhaps all US cities should just file bankruptcy and see their home prices go through the roof?


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/XWedj0_Zvhg/story01.htm Tyler Durden

A.M. Links: John Boehner Signs Up For Obamacare, All US Troops Could Leave Afghanistan Next Year After All, Bitcoin Black Friday a Thing

  • firstSpeaker John Boehner signed
    up
    for Obamacare; he’ll see his monthly premium double even
    with a federal contribution. A special election for a vacant House
    seat in Florida
    could
    provide an example of how voters will react to
    Obamacare.
  • All US troops could be
    leaving Afghanistan next year after all, as the Afghan president is
    declining to sign a security agreement that would keep some of them
    there after the planned combat troop withdrawal in 2014.
  • A group of bipartisan senators is
    drafting
    legislation on new sanctions against Iran, just in
    case.
  • An actress from Texas accused of sending ricin to President
    Obama and other public figures in an attempt to frame her husband
    will
    take
    a plea deal from prosecutors.
  • The commander of the Free Syrian Army
    says
    the rebel group will not join January peace talks in
    Geneva. He wants weapons for his fighters instead.
  • Anti-government protesters in Bangkok have
    seized
    portions of several state buildings in month-long
    demonstrations against Thailand’s prime minister.
  • A UN deputy secretary general
    warned
    that the Central African Republic is descending into
    “complete chaos.” France will
    send
    1,000 troops for a planned UN mission in the country.
  • Bitcoin Black Friday is a
    thing
    this year.

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from Hit & Run http://reason.com/blog/2013/11/26/am-links-john-boehner-signs-up-for-obama
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