New York's New Mayor Drops Appeal of Stop-and-Frisk Ruling

Today New York Mayor Bill de Blasio
announced
that the city has reached a settlement agreement with
the lawyers who
challenged
the NYPD’s stop-and-frisk program in federal court.
The agreement leaves in place U.S. District Judge Shira
Scheindlin’s August 2013
ruling
that the program was unconstitutional and the reforms
she ordered, including a federal monitor and body cameras to record
police encounters. Those changes had been blocked by an appeal that
De Blasio promised to drop if elected mayor. “We’re here today to
turn the page on one of the most divisive problems in our city,” De
Blasio said at a press conference today. “We believe in ending the
overuse of stop-and-frisk that has unfairly targeted young
African-American and Latino men.”

As that remark suggests, the NYPD will continue to stop and
frisk people, which the Supreme Court has said is permitted under
the Fourth Amendment when police reasonably suspect someone is
involved in criminal activity and (for the pat-down) that he is
armed. Statistics at the center of the case Scheindlin heard
indicate that street stops by New York cops, which overwhelmingly
targeted young black and Hispanic men, frequently failed this test.
Between January 2004 and June 2012, when the NYPD made 4.4 million
stops, only 12 percent of the people treated like criminals were
arrested or issued a summons. Even more striking, although police
are supposed to frisk a subject only if they reasonably believe he
is armed, 52 percent of these encounters included pat-downs, only
1.5 percent of which discovered a weapon. Even when officers
reached into subjects’ clothing after feeling what they claimed to
think was a weapon, they were right only 9 percent of the time.

Tellingly, former Mayor Michael Bloomberg’s main defense of
the stop-and-frisk program was that it worked by deterring young
men from carrying guns, not that it complied with the requirements
of the Fourth Amendment. Yet even before Scheindlin’s ruling, the
NYPD responded to constitutional criticism of the program by

dialing it back
. The number of stop-and-frisk encounters,
which grew from
about 100,000 in Bloomberg’s first year as mayor to almost 700,000
in 2011, fell to
about 530,000 in 2012. In the first three quarters of 2013, there
were 179,000 stops.

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Amazon Crashes After Missing Top And Bottom Line, Guides Lower

Did the Amazon bubble just pop? Unless Jeff Bezos announces he is working on a space station that just may be the case, because while the company missed both the top and bottom line, and guided lower – traditionally a perfect trifecta to send the stock soaring afterhours – the stock is plunging some 10% after hours.

Specifically the Q4 results were as follows:

  • Revenue of $25.59 billion, missing expectations of $26.0 billion
  • EPS of $0.51, missing expectations of $0.69, and this despite using a far lower tax rate (39.7%), than used a year ago (57.6%)
  • Guides Q1 revenue of $18.2 – $19.9 billion, on the low end of the consensus estimate of $19.69 billion
  • Guides Q1 Operating Income of ($200)-$200 on expectations of $367.8 million.

Some other observations:

  • Worldwide net sales rose 22%: the lowest in year (see chart below), below the 26% in Q3 and below the 23% a year ago
  • Total employees rose to 117,300 (!), from 109,800 a quarter ago, and 91,300 a year ago.

Ironically it wasn’t all bad, as Operating Income rose to $510 million, above the $490 million expected, and the highest single quarterly Operating Income in over 4 years. This was matched by Net Income of $239 million – the highest since December $416. Perhaps AMZN should have just continued losing money and burning cash, and all would have been well.

Unfortunately, those looking for a margin rebound will have to wait: at 1.0% LTM Operating Margin it has gone exactly nowhere since September 2012 and much lower compared to previous year. This happened even though Q4 operating margin bounced to 2% – the highest since June 2011, driven by the holiday spending season.

 

Putting it all together and you get something very troubling: the stock, which historically woudl have soared on news as bad as these, is plunging, and was down 10% at last check. 

Did the Jeff Bezos “myth” bubble finally pop?


    



via Zero Hedge http://ift.tt/1cAo83J Tyler Durden

Unfavorable Views of Obamacare Grow Amongst the Uninsured

In mid-December I
wrote about Obamacare’s dismal poll numbers amongst the
uninsured
. At that point, there was still some possibility that
the poor showing amongst those without insurance was just a lagging
indicator of frustrating with the federal exchange website, which
was essentially non-functional during October and November.

Now it’s the end of January. The biggest problems with the
federal exchange have been bandaged for almost two months. And yet
the
latest monthly tracking poll from the Kaiser Family Foundation


finds
that opposition to the law amongst the uninsured has
actually increased since December. The survey reports that 47
percent of say they have an unfavorable view of the law, up from 43
percent in December. Just 24 percent say they favor the health law,
down from 36 percent in November and December.

Here’s the chart:

This is the group of people the law was, in theory, supposed to
benefit most. And yet even as the most prominent benefits start to
kick in, their support is dropping. It’s possible, of course, that
this could turn around at any time. But it’s not a very good sign
for the future popularity of the law.  

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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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