Sometimes Cameras Don’t Help: Grand Jury Declines to Indict Cop Who Put Eric Garner in Fatal Chokehold

Eric Garner in chokeholdA
grand jury empaneled in Staten Island to decide whether to charge
Officer Daniel Pantaleo over the death of Eric Garner has
declined
to forward any charges to the prosecutor. Pantaleo put
Garner in a fatal chokehold after the 300 pound man was accused of
selling loose, untaxed cigarettes, something he vehemently denied.
The incident was caught on tape but it didn’t help produce an
indictment.

Grand juries, which rely on vigorous prosecutors, usually don’t
end up indicting cops. As Alex Vitale
explained at
Al-Jazeera America:

There are major legal, institutional and social impediments to
prosecuting police. Thousands of officers are involved in shootings
every year, resulting in about 400 deaths annually. However,
successful criminal prosecution of a police officer for killing
someone in the line of duty, if no corruption is alleged, is
extremely rare. Even when officers are convicted, the charges are
often minimal. For example, Coleman Brackney, a Bella Vista,
Oklahoma, police officer who was convicted of misdemeanor
negligent homicide in 2010 after shooting an unarmed teen to
death while in custody in his cruiser, went on to rejoin the police
and was recently appointed chief of police in Sulphur Springs,
Oklahoma.

There are significant structural barriers to successful police
indictment or prosecution. For one, investigations are usually
conducted by a combination of police detectives and investigators
from the prosecutors’ office. Prosecutors tend to take a greater
role when there is a reason to believe that the shooting might not
be justified. However, they must rely on the cooperation of the
police to gather necessary evidence, including witness statements
from the officer involved and other officers at the scene. In some
cases they are the only living witnesses to the event.

Other hurdles include the deference to cops individuals chosen
by prosecutors as grand jurors tend to have, and laws that permit
law enforcement officials wider latitude in the use of force than
“civilians.”

And sometimes, even an indictment doesn’t help. Another New York
City cop, Richard Haste, was indicted on charges of manslaughter by
a grand jury for the killing of Ramarley Graham after pursuing him
into his grandmother’s house over a trivial amount of
marijuana.

A judge threw that indictment out—claiming the prosecutor erred
by not informing the grand jury that Haste claimed other officers
told him Graham was armed. With that information, a second grand
jury
declined to indict
. The officers who allegedly told Haste,
wrongly, that Graham was armed weren’t charged with their role in
Graham’s death either. 

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$178 Billion In Government Kickbacks: Meet The World’s Biggest Organized Crime Syndicate

Once upon a time it was the Sicilian, or Russian, or Japanese, or Chinese mob that were some of the biggest sources of funding for corrupt government officials (incidentally, most of them). After all, the government is smart enough to realize that it is more lucrative to “cooperate” with the world’s biggest criminal syndicates than to wipe them out and cut off a major source of funding (of course, when it comes to populist optics and reelection, there is always an easy low-level perp walk every week or so to keep the peasants in place… and Diebold). So while the underlying symbiotic principle between the government and the world’s biggest criminal enterprise remains the same, the counterparty has changed.

So who, in simple numeric terms, is the world’s biggest organized crime syndicate?

The answer, courtesy of a new report by the Boston Consulting Group, which shows the transfer of some $178 billion in litigation costs into the pockets of government appartchiks in the past 6 years, is clear.

Banks.

From the report:

The new era in banking is characterized by a rigorous enforcement of sanctions. As of September 2014, the cumulative litigation costs for EU and U.S. banks since the onset of the financial crisis has reached some $178 billion.

 

Most of the costs originated with U.S. regulators’ mortgage-related claims, and the remaining litigation costs are divided among claims focused on misselling, violations of U.S. sanctions, improper conduct, market manipulation, tax evasion and misrepresentation. Litigation costs of banks headquartered in the U.S. leapt higher in 2011, driven by mortgage-related claims, which continue to dominate. EU bank costs were kick-started in 2012, beginning with redress payments for misselling payment protection insurance in the UK, followed by market manipulation issues-for example, those related to the London Interbank Offered Rate scandal-as well as improper-conduct litigation, such as anti-money-laundering cases.

 

The current wave of litigation cases has not yet been settled, and potential-still hidden-litigation risks are substantial. Meanwhile, regulators have shifted their view toward more unified and sanction-based supervision, adopting regulations with a stronger focus on business conduct.

 

All of these developments reflect the persistent character and future burden of litigation-a new cost of doing business.

Sure enough: when one is a criminal syndicate, the largest in world history, paying litigation kickbacks in the hundreds of billions to the government is just the cost of “doing business.”

And here is the absolute punchline: the Sicilian, or Russian, or Japanese, or Chinese, or any other mob, they all had one or more members thrown in jail for good measure.

Just how many bankers have ended up in prison in the past 6 years?

This may be a trick question.

Source: BCG




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Ferguson 2.0? Grand Jury Fails To Indict White NYPD Cop In Chokehold-Death Case

A Staten Island grand jury has decided not to indict white NYPD officer Daniel Panateleo, according to NY1, who allegedly used a banned chokehold and killed Eric Garner, a 400lb black man, who was stopped on suspicion of selling loose cigarettes. Eric Garner's son has called for peace and hopes there is no Ferguson-like response…

 

Eric Garner:

 

Daniel Panteleo:

 

The scene…

 

The decision…

Ferguson's son…

“It’s not going to be a Ferguson-like protest because I think everybody knows my father wasn’t a violent man and they’re going to respect his memory by remaining peaceful,” Snipes said. “It’s not going to be like it was there.”

Let's hope so…




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Donate to Reason Right This Second, Because Ron Bailey Needs a New Hovercraft!

It is
Day Two
of Reason’s annual week-long Webathon, which means
PLEASE MONEY US RIGHT
NOW
, PEOPLE WHO ARE READING THIS FOR FREE ALL THE
TIME! 

It also means we have a next eligible non-bachelor up on
our senior
staffer Webathon auction block
: Science Correspondent Ronald
Bailey. He
loves robots
! And hypothetical
digital babies
(though his feelings on actual babies are less
enthusiastic.) Ann
Coulter wa
nts
to drown him
! What more do you need to know?

Would you be more willing to help us meet
our Webathon goal of raising $200,000 this week
 if we told
you that we were going to spend the money on a new hovercraft for
Ron? (We’re not.) (We might.) 

Ron has literally given everything he has
to Reason since joining the mothership back in
1997
Why, he
once shared his entire genome with the Internet
, as part of a
brilliant defense of trusting individuals with their own genetic
information.

Bailey reads academic journals for fun, which is kind of kinky,
and then translates them into English so that the rest of us can
enjoy learning stuff like “Both
Gay and Heterosexual Marriages Are Equally Stable
,” “Immigrants
Are Less Criminal Than Native-Born Americans
,” and “Famine
No More: The World of Plenty Lies Ahead
.”

And who among us does not feel his heart swell with joy when
it’s time for the monthly “Global
Temperature Trend Update
“?

Bailey is the only Reason staffer worth fully
trusting to
greet our new robot overlords
. I mean, think about it.

And stay tuned for Ron’s forthcoming book, The End of
Doom
, which will drop even more good-news bombs on grumpy
civilians, causing some seriously great collateral damage for
capitalism. DON’T OVERTHINK THE METAPHOR, DONATE TODAY.

 

In conclusion: Mo’ money, mo’
Bitcoin, mo’ Bailey. 

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NYPD Chokehold Cop Not Indicted in Death of Eric Garner

The New York Post
reports on the grand jury investigating whether New York Police
Department Office Daniel Pantaleo should be indicted in the July
death of Eric Garner:

A Staten Island grand jury cleared an NYPD cop Wednesday in the
chokehold death of Eric Garner during his caught-on-video
arrest for peddling loose cigarettes, The Post has learned.

The panel voted a “no-bill” and dismissed all potential charges
against Officer Daniel Pantaleo, sources said.

The blockbuster decision capped weeks of investigation by the
special grand jury, which was empaneled in September specifically
to review evidence in Garner’s racially charged death.

It was unclear exactly what charges prosecutors asked the grand
jury to consider filing, or how the vote went.


More.

Garner was being questioned about selling loose cigarettes
(“loosies”) in Staten Island.

Chokeholds such as the one seen in the image are prohibited in
the
NYPD’s rule book
but are not technically illegal. While police
originally claimed that the 350-lb., 43-year-old Garner died of a
heart attack during the altercation,
a coroner ruled the death
a homicide and said the chokehold and
other police actions were the cause.

Here is cell phone footage of the incident:

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Beige Book: “Lower Oil Prices A Concern For The Oil Industry”

While superficially the November Beige Book, which is chronically bad at spotting actual trends as was the case in the 2005-2007 period when it came to the housing bubble and the BB had absolutely no warnings about what only in retrospect would be a glaringly obvious bubble, was among the more optimistic ones seen in recent months (there were only 13 instances of “weather” in the document), here is what the Fed’s assessment had to say about the only thing that matters currently for the US economy (in addition to the soaring US Dollar of course): oil.

Excerpts:

  • Energy and mining activity was higher on net, though lower oil prices were a concern for the oil industry in the Atlanta and Dallas Districts.
  • Chemical manufacturers in the Boston District indicated that the falling price of oil relative to natural gas had made U.S. producers less competitive, because foreign chemical producers rely more heavily on oil for feedstock and production.
  • Atlanta reported that the recent drop in oil prices led firms to reevaluate their operations, though steady production is anticipated for both deepwater and onshore drilling; in the Dallas District, lower oil prices weighed on the outlook for drilling activity.
  • Several Districts cited the decline in the price of oil over the reporting period and its effects on gasoline and diesel fuel prices.
  • One firm in the chemical industry cites falling oil prices as a problem because chemicals are produced in the United States using natural gas whereas in the rest of the world, they are produced using oil. As a result, the fall in oil prices over the last few months has made foreign rivals more competitive, partly reversing U.S. chemical firms’ prior advantage resulting from declines in the price of natural gas relative to oil in recent years
  • We heard several reports indicating that although there is some financial belt-tightening by exploration and production companies, drilling programs should continue in most regions even though medium-term projections for oil and gas prices are at low levels.
  • Rail shipments of agricultural products were up and volumes of chemical products, such as crude oil, liquefied natural gas, and sand for hydraulic fracturing, posted double-digit increases from a year ago
  • Industry contacts reported that the recent drop in oil prices led regional exploration and production firms to evaluate operational flexibility, cost-management strategies, and extraction technologies, although steady production is anticipated in both deepwater and onshore drilling.
  • In early November, oil and gas exploration activity decreased in North Dakota… Despite recent declines in oil prices, officials in North Dakota expect oil production to continue increasing over the next two years.
  • Respondents remained optimistic about future drilling but were closely monitoring the price of oil, which was close to many firms’ breakeven price. Oil prices were at a four-year low due to signs of an oversupplied global market and were expected to weaken marginally in coming weeks. Total revenues in the energy sector were expected to decline somewhat as a result of lower oil prices.
  • Outlooks remained optimistic, but some contacts noted concerns about the potential effect of declining oil prices on the District economy.
  • The price of West Texas intermediate crude oil fell sharply over the reporting period, resulting in a notable decline in gasoline and diesel prices. The price of natural gas dropped slightly as well, reflecting rapid growth in inventories.
  • Work related to mergers and acquisitions picked up, while demand for legal services from oil and gas companies slowed in response to increased uncertainty regarding future oil prices.
  • Respondents noted increased optimism as year-end figures pointed to solid growth in 2014, although some contacts whose clients are in oil and gas production said they expect a possible slowdown in business because of declining oil prices.

Altogether, there were 37 instances of the word “oil” in the November Beige Book. Expect this number to soar in the coming months.




via Zero Hedge //feedproxy.google.com/~r/zerohedge/feed/~3/60AjYuiwKyg/story01.htm Tyler Durden

Forget Stocks, This is the REAL Crisis That’s Coming

The 2008 crash was a warm up.

Many investors think that we could never have a crash again. The 2008 melt-down was a one in 100 years episode, they think.

They are wrong.

The 2008 Crisis was a stock and investment bank crisis. But it was not THE Crisis.

THE Crisis concerns the biggest bubble in financial history: the epic Bond bubble… which as it stands is north of $100 trillion… although if you include the derivatives that trade based on bonds it’s more like $500 TRILLION.

The Fed likes to act as though it’s concerned about stocks… but the real story is in bonds. Indeed, when you look at the Fed’s actions from the perspective of the bond market, everything suddenly becomes clear.

Bonds are debt.  A bond is created when a borrower borrows money from a lender. And at the top of the financial food chain are sovereign bonds like US Treasuries.

These bonds are created when someone lends the US money. Why would they do this? Because the US SPENDS more money than it TAKES IN via taxes. So it issues debt to cover its extra expenses.

This cycle continued for over 30 years until today, when the US has over $11 TRILLION in size. Because we never actually pay our debt off (or rarely do), what we do is ROLL OVER debt when it comes due, so that investors continue to receive interest payments but never actually get the money back… because the US Government doesn’t have it… because it’s still spending more money than it takes in via taxes.

This is why the Fed cut interest rates to zero and will likely do everything in its power to keep them low: even a small raise in interest rates makes all of this debt MORE expensive to pay off.

This is also why the Fed had the regulators drop accounting standards for derivatives… because if banks and financial firms had to accurately value their hundreds of trillions of derivatives trades based on bonds, investors would be terrified at the amount of leverage and the margin calls would begin.

The bond bubble is also why the Fed started its QE programs. Because by buying bonds, the Fed put a floor under Treasuries… which made investors less likely to dump bonds despite bonds offering such low rates of return.

This is also why the Fed is terrified of deflation. Deflation makes future debt payments more expensive. So the Fed prefers inflation because it means the dollars used to pay off debt down the road will be cheaper than Dollars today.

 

Again, when look at the Fed’s actions through the perspective of the bond market… everything becomes clear.

The only problem is that by doing all of this, the Fed has only made the bond market even BIGGER. In 2008, the bond market was $82 trillion. Today it’s over $100 trillion. And the derivatives market, of which 80%+ of all trades are based on interest rates (Treasury yields), is at $700 TRILLION.

The REAL Crisis will be when the bond bubble bursts. When this happens, it will be clear that real standards of living have been falling since the ‘70s and that sovereign nations have been papering over this through social spending and entitlements (a whopping 47% of US households receive Government benefits in some form).

Imagine what will happen to the markets when the Western welfare states finally go broke? It will make 2008 look like a picnic.

If you’ve yet to take action to prepare for the second round of the financial crisis, we offer a FREE investment report Financial Crisis "Round Two" Survival Guide that outlines easy, simple to follow strategies you can use to not only protect your portfolio from a market downturn, but actually produce profits.

You can pick up a FREE copy at:

http://ift.tt/1rPiWR3

 

Best Regards

Phoenix Capital Research

 

 

 

 




via Zero Hedge //feedproxy.google.com/~r/zerohedge/feed/~3/k5YsNXya5x8/story01.htm Phoenix Capital Research

Are Democrats Starting to Regret Obamacare?

Retiring Sen. Tom Harkin, the Democratic chairman
of the Senate Health, Education, Labor and Pensions Committee,
which did much of the heavy lifting on

early drafts
of Obamacare, now thinks that passing the
law in its current form was a mistake.

The system created by the law “is complex, convoluted, needs
probably some corrections and still rewards the insurance companies
extensively,” he
told
The Hill. “We had the power to do it in a way
that would have simplified healthcare, made it more efficient and
made it less costly and we didn’t do it. So I look back and say we
should have either done it the correct way or not done anything at
all.”

What would have been the “correct” way? Single payer, Harkin
said, or at least the inclusion of a government-run insurance
plan—widely known as a public option. Harkin tells The
Hill
that when Democrats controlled both chambers of Congress
in 2009 and 2010, they had the votes necessary to pass those plans
into law.

In some sense, this is just a revisionist liberal fantasy.
Obamacare passed in the complex, insurance-industry friendly form
it passed in because it was the only form that could secure enough
votes, and even then only barely. Moderate Democrats were deeply
concerned about the possibility of appearing to support a
government takeover of the insurance industry, which a single-payer
plan would have done, and which a public option would have taken a
step toward. The health care industry groups—doctors and hospitals
and insurers—whose support the White House believed was critical to
passing the law would not have backed any such plan. Instead, they
would have spent hundreds of millions loudly opposing it. Obamacare
was either going to pass in a form that looked essentially like the
one it passed in, or it was not going to pass at all.

Yet Harkin’s comments also suggest a dawning realization on the
part of at least some Democrats that the law has created huge
political problems for the party. Harkin isn’t the first prominent
Democratic legislator to express regrets about the timing and
construction of the law in recent weeks. At a National Press Club
appearance last week, Sen. Chuck Schumer (D-NY), also complained
about prioritizing the health care law in 2009. Democrats “blew the
opportunity” they had when they held complete control of Congress
and “put all of our focus on the wrong problem—health care reform,”
he said.

Keying off of Schumer’s remarks, New York Times opinion
contributor Thomas Edsall looks at the
ongoing political fallout
from the health care law. Polling
data has consistently shown that more of the public opposes the law
than supports it, and in the months since the major coverage
expansion kicked in, more people now say that the law is making
things worse for themselves and their families. Of the 28
Democratic senators who voted for the law, 28 are now out of
office. There’s historical precedent for all this too. Edsall notes
that the failed attempt to pass produced similar political fallout
for Democrats, who saw mass defections of middle class white voters
and seniors.

Edsall also points to a column by political analyst Charlie
Cook, who argues that Obamacare is the defining feature of the
current Democratic party. The law has “framed where the Democratic
party is,” according to Cook. Judging by the results of last
month’s midterm election, it has not framed the party in ways that
are politically beneficial. And party members know it: a majority
of the Democratic House candidates on the ballot this year did not
express clear support
for the law.

Much of the Democratic party is still standing behind Obamacare,
of course, though they tend to defend it on its merits rather than
on its political benefits. Democratic House Minority Leader Nancy
Pelosi’s
response
to Schumer: “We came here to do a job, not keep a
job.” That’s an implicit admission that the politics of the law are
not so good.

Even Democrats who believe the political hit is worth the policy
gain should be concerned: It will be harder to maintain the law
without political victories to continue supporting it, especially
if it keeps underperforming. No, the law has not
imploded or collapsed under its own weight, but its rollout was not
smooth, and enrollment in insurance is now projected to go at a
notably
slower pace than originally expected
 for the next several
years.

The complexities of the law that Harkin complained about, and
the corrections he says are needed, make the ongoing task of
managing the law even more challenging. Witness the headaches
caused by the administration’s decision to auto-renew health plans
for those covered through the exchanges: The move will bolster
enrollment numbers, but is also likely to leave many enrollees in
plans with premiums that rise sharply and unexpectedly. That
possibility has in turn given rise to
proposals
for even more drastic and potentially disruptive
technical tweaks.

None of this is likely to make the law more popular with the
broader public, which will in turn make it even harder to sustain
politically. Indeed, compared with the years prior to President
Obama’s election, the American public is now significantly less
likely to say that it is the job of the federal government to
ensure that all Americans have health coverage.
According to Gallup
, support for the federal government
ensuring health coverage generally hovered around or above 60
percent throughout the Bush administration, rising to a peak of 69
percent in 2006. But since 2009, a majority of the public has said
that coverage is not a government responsibility. The percentage
who believe it’s not the government’s job rose from 2010 through
2013, hitting 56 percent, but has dropped back somewhat in the last
year. But the numbers are still strikingly different from where
they were less than a decade ago, with 52 percent saying it’s not
the federal government’s job to ensure coverage; only 45 percent
say it is.

In the age of Obamacare, it’s not merely that Americans have
lost interest in this particular health law. They’ve lost interest
in the larger project of government-managed universal coverage.
Which suggests that Harkin may be half right in his political
analysis, and too hopeful, even in his regret: Yes, it was a
mistake to pass Obamacare as it is—but it may have been a mistake
to pass it any form. 

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Are Democrats Starting to Regret Obamacare?

Retiring Sen. Tom Harkin, the Democratic chairman
of the Senate Health, Education, Labor and Pensions Committee,
which did much of the heavy lifting on

early drafts
of Obamacare, now thinks that passing the
law in its current form was a mistake.

The system created by the law “is complex, convoluted, needs
probably some corrections and still rewards the insurance companies
extensively,” he
told
The Hill. “We had the power to do it in a way
that would have simplified healthcare, made it more efficient and
made it less costly and we didn’t do it. So I look back and say we
should have either done it the correct way or not done anything at
all.”

What would have been the “correct” way? Single payer, Harkin
said, or at least the inclusion of a government-run insurance
plan—widely known as a public option. Harkin tells The
Hill
that when Democrats controlled both chambers of Congress
in 2009 and 2010, they had the votes necessary to pass those plans
into law.

In some sense, this is just a revisionist liberal fantasy.
Obamacare passed in the complex, insurance-industry friendly form
it passed in because it was the only form that could secure enough
votes, and even then only barely. Moderate Democrats were deeply
concerned about the possibility of appearing to support a
government takeover of the insurance industry, which a single-payer
plan would have done, and which a public option would have taken a
step toward. The health care industry groups—doctors and hospitals
and insurers—whose support the White House believed was critical to
passing the law would not have backed any such plan. Instead, they
would have spent hundreds of millions loudly opposing it. Obamacare
was either going to pass in a form that looked essentially like the
one it passed in, or it was not going to pass at all.

Yet Harkin’s comments also suggest a dawning realization on the
part of at least some Democrats that the law has created huge
political problems for the party. Harkin isn’t the first prominent
Democratic legislator to express regrets about the timing and
construction of the law in recent weeks. At a National Press Club
appearance last week, Sen. Chuck Schumer (D-NY), also complained
about prioritizing the health care law in 2009. Democrats “blew the
opportunity” they had when they held complete control of Congress
and “put all of our focus on the wrong problem—health care reform,”
he said.

Keying off of Schumer’s remarks, New York Times opinion
contributor Thomas Edsall looks at the
ongoing political fallout
from the health care law. Polling
data has consistently shown that more of the public opposes the law
than supports it, and in the months since the major coverage
expansion kicked in, more people now say that the law is making
things worse for themselves and their families. Of the 28
Democratic senators who voted for the law, 28 are now out of
office. There’s historical precedent for all this too. Edsall notes
that the failed attempt to pass produced similar political fallout
for Democrats, who saw mass defections of middle class white voters
and seniors.

Edsall also points to a column by political analyst Charlie
Cook, who argues that Obamacare is the defining feature of the
current Democratic party. The law has “framed where the Democratic
party is,” according to Cook. Judging by the results of last
month’s midterm election, it has not framed the party in ways that
are politically beneficial. And party members know it: a majority
of the Democratic House candidates on the ballot this year did not
express clear support
for the law.

Much of the Democratic party is still standing behind Obamacare,
of course, though they tend to defend it on its merits rather than
on its political benefits. Democratic House Minority Leader Nancy
Pelosi’s
response
to Schumer: “We came here to do a job, not keep a
job.” That’s an implicit admission that the politics of the law are
not so good.

Even Democrats who believe the political hit is worth the policy
gain should be concerned: It will be harder to maintain the law
without political victories to continue supporting it, especially
if it keeps underperforming. No, the law has not
imploded or collapsed under its own weight, but its rollout was not
smooth, and enrollment in insurance is now projected to go at a
notably
slower pace than originally expected
 for the next several
years.

The complexities of the law that Harkin complained about, and
the corrections he says are needed, make the ongoing task of
managing the law even more challenging. Witness the headaches
caused by the administration’s decision to auto-renew health plans
for those covered through the exchanges: The move will bolster
enrollment numbers, but is also likely to leave many enrollees in
plans with premiums that rise sharply and unexpectedly. That
possibility has in turn given rise to
proposals
for even more drastic and potentially disruptive
technical tweaks.

None of this is likely to make the law more popular with the
broader public, which will in turn make it even harder to sustain
politically. Indeed, compared with the years prior to President
Obama’s election, the American public is now significantly less
likely to say that it is the job of the federal government to
ensure that all Americans have health coverage.
According to Gallup
, support for the federal government
ensuring health coverage generally hovered around or above 60
percent throughout the Bush administration, rising to a peak of 69
percent in 2006. But since 2009, a majority of the public has said
that coverage is not a government responsibility. The percentage
who believe it’s not the government’s job rose from 2010 through
2013, hitting 56 percent, but has dropped back somewhat in the last
year. But the numbers are still strikingly different from where
they were less than a decade ago, with 52 percent saying it’s not
the federal government’s job to ensure coverage; only 45 percent
say it is.

In the age of Obamacare, it’s not merely that Americans have
lost interest in this particular health law. They’ve lost interest
in the larger project of government-managed universal coverage.
Which suggests that Harkin may be half right in his political
analysis, and too hopeful, even in his regret: Yes, it was a
mistake to pass Obamacare as it is—but it may have been a mistake
to pass it any form. 

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Jobs: Shale States vs Non-Shale States

Consider: lower oil prices unequivocally “make everyone better off”, Right? Wrong.

First: new oil well permits collapse 40% in November; why is this an issue? Because since December 2007, or roughly the start of the global depression, shale oil states have added 1.36 million jobs while non-shale states have lost 424,000 jobs.

 

 

*  *  *

This should help clear things up.

According to a new study, investments in oil and gas exploration and production generate substantial economic gains, as well as other benefits such as increased energy independence.  The Perryman Group estimates that the industry as a whole generates an economic stimulus of almost $1.2 trillion in gross product each year, as well as more than 9.3 million permanent jobs across the nation. 

 

 

The ripple effects are everywhere. If you think about the role of oil in your life, it is not only the primary source of many of our fuels, but is also critical to our lubricants, chemicals, synthetic fibers, pharmaceuticals, plastics, and many other items we come into contact with every day. The industry supports almost 1.3 million jobs in manufacturing alone and is responsible for almost $1.2 trillion in annual gross domestic product. If you think about the law, accounting, and engineering firms that serve the industry, the pipe, drilling equipment, and other manufactured goods that it requires, and the large payrolls and their effects on consumer spending, you will begin to get a picture of the enormity of the industry.

Simply put, this means 9.3 million, or 93% of the 10 million jobs created since the recession/depression trough, are energy related.

 

So, is Stan Fischer’s “not very worried” remark about become the new Ben “subprime contained” Bernanke of the last crisis?




via Zero Hedge //feedproxy.google.com/~r/zerohedge/feed/~3/sDygiJbSuW4/story01.htm Tyler Durden