news – Page 26159

Chicago Bans Vaping in Public; Senators Want It Banned at Award Ceremonies—for the Children

Today, as
anticipated, the Chicago City Council
approved an ordinance that adds e-cigarettes to the city’s
Clean Indoor Air Act, meaning that vaping will be prohibited
everywhere smoking is. The vote was 45 to 4, a resounding
endorsement of a scientifically groundless, emotion-driven policy
that is likely to accomplish exactly the opposite of what its
backers say they are trying to do (i.e., reduce tobacco-related
disease). Mayor Rahm Emanuel implausibly portrayed the vaping ban,
which will discourage smokers from switching to a far less
dangerous method of consuming nicotine, as a victory against Big
Tobacco. NJOY, a leading e-cigarette manufacturer, was a closer to
the mark:

This vote lacks any scientific basis and reflects a clear
misunderstanding on the part of the City Council of the serious
unintended consequences to public health that their actions will
cause. Make no mistake: This will only benefit Big Tobacco, and is
a step backward in the fight against the tobacco epidemic. Today,
Big Tobacco has no greater ally than supporters of initiatives like
this one. With as many as 43 million smokers remaining in the
United States and over 420,000 of them expected to die prematurely
in the coming year, it is paramount that we not confuse an
increasingly effective solution that gives smokers an alternative
to toxic and deadly combustible tobacco cigarettes with the problem
of tobacco cigarette smoking. History and science will judge
harshly those who abandon science, undermine the public health and
prolong the tobacco epidemic.

Unable to mustrer any evidence that e-cigarette vapor poses a
hazard to bystanders, the ban’s supporters say they are trying to
protect children who might confuse e-cigarettes with the real thing
and conclude that smoking must be cool again. In the same vein,
four Democratic senators yesterday sent a letter to NBC and the
Hollywood Foreign Press Association
complaining about celebrities with e-cigarettes at this year’s
Golden Globe Awards. Sens. Dick Durbin (Ill.), Richard Blumenthal
(Conn.), Sherrod Brown (Ohio), and Edward Markey (Mass.)
worry that vaping, which appeals to people precisely because it
is less hazardous and annoying than smoking, will somehow
rehabilitate the latter habit:

We are troubled that these images glamorize smoking and serve as
celebrity endorsements that could encourage young fans to begin
smoking traditional cigarettes…

E-cigarettes marketed to appeal to kids in candy and fruit
flavors, like bubblegum and strawberry, are readily available to
youth in shopping malls and online. These products risk addicting
children to nicotine, which could be a pathway to cigarettes and
other tobacco products.

I suppose vaping “could be” a gateway to smoking, in the sense
that it is not logically impossible. But there is
no evidence that anything like this is happening. Furthermore,
Durbin et al.’s insistence that “candy and fruit flavors” must be
aimed at children is belied by the choices of actual adult
consumers who prefer those flavors. If the senators were paying
attention, they would notice all the young women exhaling fruity
plumes of vapor, many of whom would otherwise be smoking. In terms
of health risks, they are much better off for having made this
switch. Why should the interests of these actual adults be
sacrificed in the name of hypothetical children?

from Hit & Run http://ift.tt/1iWwzr5
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Beige Book Saw “Moderate” Expansion Despite “Harsh Weather”, Ongoing Obamacare Concerns

The Beige Book may well be renamed the Boring Book due to the uniformity of its monthly pronouncements, but a few things stands out in a report that saw moderate expansion in the economy across most of the US:

the Fed said most districts reported increases in home sales… except we assume for San Francisco where home sales plunged to 6 year low,
the Fed sees “very few reports of staff cuts of plant closings”… which we guess ignores the December jobs reports where the least jobs were added since January 2011,
the Fed said nine districts reported an increase in retail spending… which is curious considering retail traffic plunged and the holiday spending season was the worst since 2009,
the Fed said almost half of district reported prices were stable… which probably means the Fed’s inflation benchmark is now well below 2%
and Finally, the Fed said eight district reported upward movement in wages… which also is confusing considering real disposable income per capita just dropped into the negative.

Oh well: we suppose we will take the Fed’s word for it.

More interesting were the Fed’s prop mentions of cold weather and Obamacare. Here they are:
Richmond noted a general slowdown in retail spending in recent weeks and the Kansas City District cited lower than expected holiday sales, which retailers there attributed to a shorter selling season and harsh weather conditions.
Apparel sales were reportedly strong in Boston and Richmond, while Philadelphia, Cleveland, and Chicago indicated that cold-weather gear and winter items were selling well.
Contacts report that sales were hampered by harsh weather in late November into early December across much of New York State
In some regions of the [Cleveland] District, retailers experienced a tapering off as December progressed. They attributed the decline in part to persistently poor weather conditions.
A few sod and seed companies [in the Richmond district] reported a decline as a result of poor weather conditions.
Delays in holiday shipments to consumers were reportedly due to the shortened shopping season, higher than expected on-line sales, adverse weather conditions
[In Chicago] severe winter weather, while reducing store traffic in some locations, spurred sales of winter-related items
[In Kansas City] district retailers had expected higher levels and attributed the lower than expected sales to a shorter and slower holiday shopping season, and harsh weather conditions.
Some contacts cited poor weather, and continued fiscal and regulatory uncertainty as reasons for the December slowdown.
[In Dallas] construction-related manufacturers reported slow demand in early December due to poor weather, but business bounced back soon after.

And yet there was an increase in retail spending? Good to know.

As for Obamacare:

In regard to hiring and capital expenditure plans, firms continued to expand cautiously and will do so until the pace of growth strengthens and exhibits sustainability; in addition, they face ongoing uncertainty from implementation of the Affordable Care Act.
Hiring in the District continued to improve, despite lingering concerns about costs related to the Affordable Care Act and difficulty finding highly skilled workers
Demand was generally soft at hospitals and other healthcare organizations, and administrators reported that they expect decreasing utilization along with declining Medicaid and Medicare reimbursement under the Affordable Care Act.
Employers continued to express concern about potential cost increases related to the Affordable Care Act.
Outlooks were positive for the first part of 2014, but some contacts remained concerned about the impact of the Affordable Care Act on business.

In other words, no change.

Full Beige Book can be found here

via Zero Hedge http://ift.tt/1dtbJi3 Tyler Durden

Beige Book Saw "Moderate" Expansion Despite "Harsh Weather", Ongoing Obamacare Concerns

the Fed said most districts reported increases in home sales… except we assume for San Francisco where home sales plunged to 6 year low,
the Fed sees “very few reports of staff cuts of plant closings”… which we guess ignores the December jobs reports where the least jobs were added since January 2011,
the Fed said nine districts reported an increase in retail spending… which is curious considering retail traffic plunged and the holiday spending season was the worst since 2009,
the Fed said almost half of district reported prices were stable… which probably means the Fed’s inflation benchmark is now well below 2%
and Finally, the Fed said eight district reported upward movement in wages… which also is confusing considering real disposable income per capita just dropped into the negative.

Oh well: we suppose we will take the Fed’s word for it.

More interesting were the Fed’s prop mentions of cold weather and Obamacare. Here they are:
Richmond noted a general slowdown in retail spending in recent weeks and the Kansas City District cited lower than expected holiday sales, which retailers there attributed to a shorter selling season and harsh weather conditions.
Apparel sales were reportedly strong in Boston and Richmond, while Philadelphia, Cleveland, and Chicago indicated that cold-weather gear and winter items were selling well.
Contacts report that sales were hampered by harsh weather in late November into early December across much of New York State
In some regions of the [Cleveland] District, retailers experienced a tapering off as December progressed. They attributed the decline in part to persistently poor weather conditions.
A few sod and seed companies [in the Richmond district] reported a decline as a result of poor weather conditions.
Delays in holiday shipments to consumers were reportedly due to the shortened shopping season, higher than expected on-line sales, adverse weather conditions
[In Chicago] severe winter weather, while reducing store traffic in some locations, spurred sales of winter-related items
[In Kansas City] district retailers had expected higher levels and attributed the lower than expected sales to a shorter and slower holiday shopping season, and harsh weather conditions.
Some contacts cited poor weather, and continued fiscal and regulatory uncertainty as reasons for the December slowdown.
[In Dallas] construction-related manufacturers reported slow demand in early December due to poor weather, but business bounced back soon after.

And yet there was an increase in retail spending? Good to know.

As for Obamacare:

In regard to hiring and capital expenditure plans, firms continued to expand cautiously and will do so until the pace of growth strengthens and exhibits sustainability; in addition, they face ongoing uncertainty from implementation of the Affordable Care Act.
Hiring in the District continued to improve, despite lingering concerns about costs related to the Affordable Care Act and difficulty finding highly skilled workers
Demand was generally soft at hospitals and other healthcare organizations, and administrators reported that they expect decreasing utilization along with declining Medicaid and Medicare reimbursement under the Affordable Care Act.
Employers continued to express concern about potential cost increases related to the Affordable Care Act.
Outlooks were positive for the first part of 2014, but some contacts remained concerned about the impact of the Affordable Care Act on business.

In other words, no change.

Full Beige Book can be found here

via Zero Hedge http://ift.tt/1dtbJi3 Tyler Durden

Step Aside Abe’s Deflation “Monster”; Meet LaGarde’s Deflation “Ogre”

What could be worse than a falling cost for things that the increasingly cash-strapped consumer desires? We are not entirely sure but Christine Lagarde is deathly afraid of it…

*LAGARDE SAYS RISING RISK OF DEFLATION MUST BE FOUGHT DECISIVELY
*LAGARDE URGES OFFICIALS TO `FORTIFY THE FEEBLE GLOBAL RECOVERY’
*LAGARDE SAYS U.S. MUST AVOID EARLY WITHDRAWAL OF FED SUPPORT
*LAGARDE: JAPAN’S INITIAL BOOST FROM `ABENOMICS’ WEAKENING A BIT
*LAGARDE SAYS EURO-AREA MONETARY POLICY `COULD STILL DO MORE’

In other words, 5 years of debt monetization on an unprecedented scale were not enough! Get back to work Mr Draghi, Mrs Yellen, and Mr Kuroda.

Lagarde (via Bloomberg):

“The world could create more jobs before we would need to worry about the global inflation genie coming out of its bottle,” Lagarde said in a speech at the National Press Club in Washington.

“If inflation is the genie, then deflation is the ogre that must be fought decisively,” she said.

She recommended that central banks in the most developed economies wait until “robust growth is firmly rooted” before ending unconventional monetary policies.

…

In the U.S. “it will be critical to avoid premature withdrawal of monetary support and to return to an orderly budget process, including by promptly removing the debt ceiling threat,” she said.

It seems its inflate-or-die – no matter what the damage (but weren’t we told that recovery is here?)

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

Step Aside Abe's Deflation "Monster"; Meet LaGarde's Deflation "Ogre"

What could be worse than a falling cost for things that the increasingly cash-strapped consumer desires? We are not entirely sure but Christine Lagarde is deathly afraid of it…

*LAGARDE SAYS RISING RISK OF DEFLATION MUST BE FOUGHT DECISIVELY
*LAGARDE URGES OFFICIALS TO `FORTIFY THE FEEBLE GLOBAL RECOVERY’
*LAGARDE SAYS U.S. MUST AVOID EARLY WITHDRAWAL OF FED SUPPORT
*LAGARDE: JAPAN’S INITIAL BOOST FROM `ABENOMICS’ WEAKENING A BIT
*LAGARDE SAYS EURO-AREA MONETARY POLICY `COULD STILL DO MORE’

In other words, 5 years of debt monetization on an unprecedented scale were not enough! Get back to work Mr Draghi, Mrs Yellen, and Mr Kuroda.

Lagarde (via Bloomberg):

“The world could create more jobs before we would need to worry about the global inflation genie coming out of its bottle,” Lagarde said in a speech at the National Press Club in Washington.

“If inflation is the genie, then deflation is the ogre that must be fought decisively,” she said.

She recommended that central banks in the most developed economies wait until “robust growth is firmly rooted” before ending unconventional monetary policies.

…

In the U.S. “it will be critical to avoid premature withdrawal of monetary support and to return to an orderly budget process, including by promptly removing the debt ceiling threat,” she said.

It seems its inflate-or-die – no matter what the damage (but weren’t we told that recovery is here?)

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

Oklahoma State Troopers Allegedly Beat Up on Deaf Man for Seven Minutes Because He Didn’t Comply

courtesy police Pearl Pearson is accused of fleeing the scene of
a car accident in Oklahoma City, but the police who pursued him are
accused of brutalizing the deaf man for not following their orders.

Via KFOR:

Late Tuesday Pearl’s attorney, Billy Coyle,
says “My client is completely innocent of these
allegations. We are waiting on the OHP report and we are
sorting through the facts of the case. My client is
profoundly deaf and was trying to give officers his specialty
license during the stop”.

He says his client, a deaf man, was brutalized at the scene, at the
hospital and continued at the jail.

One neighbor said the incident is a misunderstanding by troopers
that went too far.

“I know they do dangerous jobs and they put their lives on the
line, but that is over the top,” Sacia Law said. “It’s
completely unacceptable. Seven minutes of just basically beating
someone?”

“Dangerous job” is a relative term, but as Radley Balko noted
in his
inaugural Washington Post column, “the job of
police officer is getting safer. Last year saw the fewest
gun-related homicides of police officers since the 19th
century. Assaults on cops are dropping, too. “

State police say Pearson’s case is in the DA’s office, while his
arrest is being reviewed “administratively.” Two of the
police officers have been suspended with pay.

from Hit & Run http://reason.com/blog/2014/01/15/oklahoma-state-troopers-allegedly-beat-u
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Rand Paul’s Potential Presidential Juggernaut Rolls On, Fundraising Division

Chris Cillizza at the Washington Post has some
interesting backroom reporting and analysis on
Rand Paul’s rise to GOP prominence. Paul, Cillizza notes:

is still regarded as a sort of amusing sideshow by many
“serious” political
practitioners….[but] Republicans (and even some
Democrats) who would dismiss Paul as simply a clone of his father
— both in terms of his policies and his political skills — are
badly misjudging him and his potential.

Cillizza then quoted the Lexington Herald-Leader
reporting on an Atlanta fundraiser for Paul, in which he pulled
$150,000 for his next Senate campaign. Important
detail: “Among the 35 investors in attendance was
Jack Oliver, who ran George W. Bush’s fundraising operations in
2000 and 2004.”

Rand Paul, then, has mainstream money appeal his dad never had.
Cillizza’s analysis of the meaning of this:

Paul undoubtedly hopes that some of these whales
— the
major donors and bundlers of campaign cash — sign on with
him. But, even if they don’t, he wants to make clear to them — as
well as to the broader Republican establishment — that he is a)
not his father and b) not scary. Paul knows he won’t ever be
the “establishment” candidate (that will be either Chris Christie,
Scott Walker, Jeb Bush, Bobby Jindal or Marco Rubio) but he also
knows that there is a big difference between the establishment
being vehemently opposed to him as the nominee and being neutral
about that prospect. Paul is working to allay fears from the
establishment so that in the event he is the pick, there won’t be
any problem in uniting the party behind his candidacy.

The buildup to the 2016 race is going to be a tense and vexing
one for libertarian-leaning folk who still care about electoral
politics; it seems likely that Paul will be the presidential
candidate of our lifetime combining strong libertarian leanings and
the actual possibility of success.

But the more he scrabbles for that success, the more likely he
is to upset his libertarian fans by refusing to take the most
hardcore possible line against empire or against government in
general. Will it be a great thing that someone as good on so many
issues as Paul is actually catching serious fire with a major
party? Or will it just be a maddening thing to see a “great
libertarian hope” disappoint libertarians in all the ways he likely
will have to on the path to trying to win a major party
presidential nomination? (See for some possible areas of purist
conflict: Iran
sanctions,
Edward Snowden)

My Sunday New York Times article from last year on

Rand Paul and the liberty wing as the future of the Republican
Party.

from Hit & Run http://reason.com/blog/2014/01/15/rand-pauls-potential-presidential-jugger
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Rand Paul's Potential Presidential Juggernaut Rolls On, Fundraising Division

Chris Cillizza at the Washington Post has some
interesting backroom reporting and analysis on
Rand Paul’s rise to GOP prominence. Paul, Cillizza notes:

is still regarded as a sort of amusing sideshow by many
“serious” political
practitioners….[but] Republicans (and even some
Democrats) who would dismiss Paul as simply a clone of his father
— both in terms of his policies and his political skills — are
badly misjudging him and his potential.

Rand Paul, then, has mainstream money appeal his dad never had.
Cillizza’s analysis of the meaning of this:

Paul undoubtedly hopes that some of these whales
— the
major donors and bundlers of campaign cash — sign on with
him. But, even if they don’t, he wants to make clear to them — as
well as to the broader Republican establishment — that he is a)
not his father and b) not scary. Paul knows he won’t ever be
the “establishment” candidate (that will be either Chris Christie,
Scott Walker, Jeb Bush, Bobby Jindal or Marco Rubio) but he also
knows that there is a big difference between the establishment
being vehemently opposed to him as the nominee and being neutral
about that prospect. Paul is working to allay fears from the
establishment so that in the event he is the pick, there won’t be
any problem in uniting the party behind his candidacy.

My Sunday New York Times article from last year on

Rand Paul and the liberty wing as the future of the Republican
Party.

from Hit & Run http://reason.com/blog/2014/01/15/rand-pauls-potential-presidential-jugger
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Tell The Fed How You Really Feel About Banks Trading Physical Commodities

Delighted by the Goldman Sachs et al commodity cartel hoarding aluminum inventory in one of their warehouses and pushing prices artificially higher? Happy that JPM is reprising the role of Enron (without admitting or denying it) and creating “schemes” with which to boost prices for end consumers (and have FERC furiously slap its wrist in response)? Ecstatic by that whole “precious metals” manipulation ‘thing‘ by assorted unnamed banks (aside from the London fix of course – that has now been confirmed)? Then take this opportunity to tell the Fed how happy you really feel.

Click on the link below for the full comment form.

Joking aside, here is why the Fed is issuing this proposal for public comment “Complementary Activities, Merchant Banking Activities, and Other Activities of Financial Holding Companies related to Physical Commodities”

The Board of Governors of the Federal Reserve System (Board) is issuing this advance notice of proposed rulemaking (ANPR) inviting public comment on various issues related to physical commodity activities conducted by financial holding companies and the restrictions imposed on these activities to ensure they are conducted in a safe and sound manner and consistent with applicable law. The Board is inviting public comment as part of a review of these activities for the reasons explained in the ANPR, including the unique and significant risks that physical commodities activities may pose to financial holding companies, their insured depository institution affiliates, and U.S. financial stability.

This advance notice of proposed rulemaking (ANPR) is designed to elicit views from the public on the risks and benefits of allowing FHCs to conduct physical commodity activities under the various provisions of the BHC Act, whether risks to the safety and soundness of a FHC and its affiliated insured depository institutions (IDIs) and to the financial system warrant Board action to impose limitations on the scope of authorized activities and/or the manner in which those activities are conducted, and if so, what those limits should be.

FT has more on why the Fed is conducting this request for comments:

The Federal Reserve cited recent disasters, including the BP oil spill in the Gulf of Mexico in 2010, as it sought comment on whether it should further limit banks in their physical commodities businesses. The regulator said on Tuesday it was examining whether to impose capital charges and increase insurance requirements on banks to restrict further their trading of physical commodities. In total, the Fed posed 24 questions in consideration of possible tougher restrictions.

…

The Fed asked questions about conflicts of interest, additional reporting requirements and further liquidity measures, among other issues. The deadline to comment is March 15. Banks can engage in the warehousing of physical commodities under rules governing complementary activities to bank operations, merchant banking regulations and a grandfather clause for bank holding companies. The grandfathering exemption applies to Goldman and Morgan Stanley to own assets such as oil tankers and power plants.

…

The Fed said it was studying the costs and other burdens to banks and to the public if it made such a move. It could go as far as eliminating the ability to engage in complementary commodities activities.

But it won’t. Here is your chance to ask why, as well as have all other questions (un)answered.

via Zero Hedge http://ift.tt/1iWh2rs Tyler Durden

How Erik Price, Founder of Blackwater, Will Help China Subjugate Africa

China’s ongoing colonization of Africa represents yet another sad development in the continent’s tragic history. I briefly highlighted this topic once before in December 2012, via a “Guest Post” I suggest reading titled: Africa in the Crosshairs.

Unfortunately, Erik Price of Blackwater infamy is now coming to town, which can only mean more pain, suffering and servitude for Africa.

From the South China Morning Post:

Shares of DVN Holdings, controlled by Hong Kong businessman Johnson Ko Chun-shun and state-owned Citic Group, surged 7.3 per cent after it appointed Erik Prince – former owner of controversial US security firm Blackwater – as chairman, and granted him more share options.

This is in addition to five-year options granted to him that allowed him to buy 205.1 million shares at 73 HK cents each in late November, as part-payment for a start-up East African aviation and logistics firm injected by Prince into DVN. The two options mean he could own about 23 per cent of DVN.

Prince last November sold to DVN a company that plans to build a pan-Africa provider of aviation, logistics, risk management, security services and exploration support services, needed by many Chinese businesses active in Africa. He received US$3 million plus the first batch of options.

from A Lightning War for Liberty http://ift.tt/1m6mSc2
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