Tonight on The Independents: The United States of Welfare, With Peter Suderman, Tim Carney, and an All-Star Cast of Experts

Feel the beat on the tamborine, oh yeah. |||More than
100 million Americans
now receive means-tested assistance from
the federal government, according to data released this week by the

Census
. Scores of millions more receive old-age entitlements,
targeted tax exemptions, and straight-up corporatist handouts. With
a recovery still limping along, is this any way to run an
economy?

That’s the topic of tonight’s episode of The
Independents
(Fox Business Network, 9 p.m. ET, 6 p.m. PT,
with re-airs three and five hours later), titled “The United States
of Welfare.” 

The show kicks off with Heritage Foundation Chief Economist
Stephen
Moore
providing an overview of the history behind, successes
of, and challenges to the Clinton/Gingrich 1990s welfare reform.
The Wall Street Journal’s Jason Riley, author of
Please Stop Helping Us: How Liberals Make it Harder for Blacks
to Succeed
, will then come on to talk about the ballyhooed
“culture of dependency.” Beloved Reason Senior Editor
Peter
Suderman
 arrives to talk about Medicaid and Obamacare,
followed by Cato Institute Senior Fellow Michael Tanner, who
will break down the recent
unsustainable
spike in disability claims.

Anti-corporatist crusader Tim Carney of the Washington
Examiner will declaim corporate welfare of the type dished
out by the Export-Import
Bank
; Tom
Palmer
of Cato and the Atlas Economic Research Foundation will
discuss the differences between (and interrelationship of) private
and public charity, and the co-hosts will present their own ideas
for welfare reform going forward. It’s a richly informative program
that will give you knowledge and intellectual ammunition no matter
where you come out on the question of transfers to the poor and
non-poor alike.

Follow The Independents on Facebook at http://ift.tt/QYHXdB,
follow on Twitter @ independentsFBN, and
click on this page
for more video of past segments.

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Apple’s Price Hits All-Time High On New Product Speculation, As New Products Are Delayed – Take Your Positions!

Bloomberg reports: Apple Soars to Record Amid Optimism About Coming ProductsApple Soars to Record Amid Optimism About Coming Products

Apple Inc.’s stock soared to an all-time high, surpassing a 2012 record as investors look ahead to new products such as bigger-screen iPhones and a wristwatch-like device that may jump-start revenue growth.

Apple rose 1.4 percent to $100.53 yesterday, topping the split-adjusted record of $100.30 reached on Sept. 19, 2012, just before the iPhone 5 went on sale. The shares, which have advanced 25 percent this year, extended their gains today before the markets opened, trading as high as $100.98.

After rising more than sevenfold following the 2007 debut of its smartphone, Apple’s stock lost a third of its value in the year after the iPhone 5’s release on concerns that the company was running out of hit product ideas without co-founder Steve Jobs. The tenor has changed, with analysts estimating record sales for the next batch of iPhones, set to be released later this year.

Those that follow me know that I’ve always been a contrarian on Apple. I’ve actually been quite accurate on the company’s stock valuation over the last 4 years, calling the top within a week of its dramatic downward turn (reference Deconstructing The Most Accurate Apple Analysis Ever).

I personally do not see Apple’s pipeline as comparable to its major competitors. Apple’s anticipated larger screen phones are playing catch-up with the Android competition from three years ago, and their stock buybacks, Beats purchase and apparent dearth in innovative products (iWatch, 4.5 inch screens do not make the cut) pale in comparison to the pipelines from Google (Glass, self-driving cars, Project Ara $50 Modular Smartphone, etc.) and Samsung (flexible phones, foldable screens, quarterly hardware updates, etc.).

This is what a bear (contrarian) trade on Apple looks like in UltraCoin…

AAPL short trade

To illustrate the flexibility of the UltraCoin trading system, I’ve presented a scenario where you can actually swap Apple returns for Google returns in lieu of simply going long Apple or short Apple.

AAPL for GOOG swap trade

You can also swap Apple returns for USD, EUR, GBP, or RMB – which is essentially shorting it in various currencies. If you are bullish on Apple, simple click the “switch” button, which will reverse the exposures.

This is probably the best interview on the topic of Bitcoin smart contracts and investments that I know of. Go to the 4:00 minute mark to begin.

Download the UltraCoin client here. Anyone who wants to try the system out with small trades of .01BTC can simple create them and email me to take the other side of the trade (I’ll take the opposite side of any trade).

These are my latest Tweets on the topic.




via Zero Hedge http://ift.tt/1v684jK Reggie Middleton

School District Bans Talking About Ferguson

Google
Maps tells me that Edwardsville, Illinois, is just a 33-minute
drive from Ferguson, Missouri. It seems natural that Edwardsville
students might want to talk about the events drawing national
attention so close to their own homes—but they best not do it at
school. As of Wednesday, talking about the Michael Brown shooting
and surrounding events is prohibited in Edwardsville
classrooms. 

Superintendant Ed Hightower
told CBS St. Louis
that normally he encourages open
discussion, but there are just too many “facts that are unknown” in
this case. So Edwardsville middle- and high-school teachers were
instructed this week not to broach the subject themselves
and “change the subject and refocus”
if students brought it
up. 

On Thursday, a memo went out to parents explaining the
superintendent’s decision. Via the Edwardsville
School District 7 Parents Facebook page

Subject: Discussion of the Ferguson/Florissant Incident

On Friday, August 15, 2014, and Monday, August 18, 2014, Dennis
Cramsey, EHS Principal, and I were inundated with calls from
parents complaining that some EHS teachers were biased and
injecting their own opinion regarding the shooting of Michael
Brown, an 18 year-old African American student, by a Caucasian
police officer in the Ferguson/Florissant community. The general
consensus of parents who called was that if the administration did
not get a handle on this situation, there might be violence among
students occurring at EHS.

As Superintendent, I will take full responsibility for not
preparing administrators and staff members how to deal with this
volatile situation. As a result, on Monday afternoon, the decision
was made to cease discussion of the event because of the tension,
emotion, and anger surrounding the Ferguson/Florissant events.

It was not our intent to ignore the educational relevance of
these events. However, we felt it was important to take the time to
calm a potential situation at the high school and to prepare
administrators and teachers to approach this critical issue in an
objective, fact-based manner. Everyone has an opinion – the sharing
of which can be polarizing. Far too many facts remain unknown, and
without these facts, none of us is in the best position to moderate
between opposing views.

The memo continues by noting that the district is developing “a
framework” for teachers to follow when discussing the issue that
will ensure “a safe and orderly environment” is maintained. As soon
as this framework is completed—which the district expects to happen
sometime during the week of August 25—Edwardsville school district
will return to “its commitment toward diversity, positive race
relationships, due process, and social justice,” it assures
parents. 

Some parents on Facebook were supportive of the Superintendent’s
decision. “As a parent, I am already having these conversations
with my child at home where I feel they should be discussed,” wrote
Nick Pieri. “I am not sure I feel comfortable with teachers, or a
politician for that matter, speaking with my child about this topic
without knowing ahead of time what will be discussed.”

But others were dismayed by what they saw as an overreaction by
the school district. Some suggested that the superintendent could
have simply instructed teachers to cool it on the personal
opinions, rather than shut down conversation entirely. “While I
respect that individual teachers’ opinions should not be part of
the classroom discourse about any topic,” wrote Mandi Cygne, who
has three children in Edwardsville schools, “I feel that by
effectively censoring current events out of our schools, you are
doing a grave mis-service to our student population in District 7,
including my own children.” 

“As a District 7 parent, I expect the professionals who teach my
son to make good use of opportunities to engage students in
critical thinking, particularly when the subject matter is an
urgent and timely one,” wrote Steve Moiles. “I also expect that
District 7 administrators will not prohibit faculty from engaging
in meaningful discussions of significant current events when
students offer their own observations or ask questions.” 

I called the Edwardsville School District Friday morning for
confirmation and commentary; alas, only the superintendent himself
can say anything, I’m told, and he’s apparently in meetings “all
day.” 

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Ronald Bailey on How Fear of Disorder Motivates Environmentalists

Why do people recycle and buy organic foods? According to Marijn
Meijers and Bastiaan Rutjens, a couple of social scientists at the
University of Amsterdam, they do it to realize a sense of personal
control stemming from their fear that disorder is increasing in the
world. Technological optimists, meanwhile, are more likely to
eschew the comfort of such rituals. To be fair, that’s not exactly
how the two researchers interpret their study, which was published
in the August European Journal of Social Psychology. But
Reason Science Correspondent Ronald Bailey argues that it
is not unreasonable to construe their results that way.

View this article.

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Why The Fed Is Being Forced To End QE

Submitted by Charles Hugh-Smith of OfTwoMinds blog,

The Fed is being forced to end its bond-buying, cutting off the "free money for financiers" that has sustained a frothy stock market.
 

While the Federal Reserve presents itself as free to do whatever it pleases whenever it pleases, the reality is the Fed's own policies are constraining its choices. Take the taper of U.S. Treasury bond purchases–the heart of quantitative easing (a.k.a. QE or more accurately free money for financiers).

You probably know how this works:the U.S. government runs a deficit, as it spends more than it collects in tax revenues. This deficit is funded by the sale of Treasury bonds.
 
The Fed has been creating money out of thin air, a.k.a. printing money, and using this new money to buy Treasury bonds.
 
As the Federal deficit shrank, the Fed upped its bond-buying program (QE). As a result, the Fed was buying more bonds than the Treasury was issuing.This graph from from the excellent charting site Market Daily Briefing plots the Fed's bond-buying (printing) and the Federal deficit (issuance ofnew bonds, which is different from rolling over the existing debt as bonds mature and must be replaced with new bonds).
Many seem to believe the Fed was forced into buying bonds because foreign owners have been dumping their Treasury bond holdings. But if we look at a chart of foreign-owned Treasuries, we see a modest dip in mid-2013 that reversed later that year. Foreign ownership has reached a new high of $6 trillion:
Much has been made of China selling some of its Treasury holdings, but if we look at this breakdown of foreign ownership, we see relatively modest fluctuations in the holdings of both China and Japan.
As I noted in Are Capital Inflows Propping Up U.S. Markets?, foreign central banks buy Treasuries not just for reserves but to lower the value of their currency vis-a-vis the U.S. dollar, the idea being to boost exports to the U.S. by weakening their currency.
 
These dynamics have created a global competition for Treasuries, pushing yields lower. The Fed is in effect competing with foreign and domestic buyers of Treasuries, a competition that has heated up as Federal deficits have declined.
 
This can be viewed as one consequence of the Triffin paradox, something I have covered in depth:
 
As the issuance of new Treasury bonds (and thus U.S. dollars) declines, the demand for dollars will push the dollar higher.
 
A second side-effect is the Fed is forced to end its bond-buying, cutting off the free money for financiers QE that has sustained a frothy stock market. With the free money for financiers ending, the stock market will actually have to support its lofty valuations on its own merits.
 

If the market will continue rising without the Fed's injections of free money for financiers, then why is Wall Street so terrified of "hawkish" murmurings, never mind actually hawkish actions by the Fed?




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

Pentagon Demands Russia Remove Convoy “Immediately” As NYT Reports Russians Firing Artillery In Ukraine

The Russian military has moved artillery units manned by Russian personnel inside Ukrainian territory in recent days and is using them to fire at Ukrainian forces, New York Times reported, citing NATO officials. The Russian move, NYTimes reports, represents a significant escalation of the Kremlin’s involvement in the fighting there and comes as a convoy of Russian trucks with humanitarian provisions has crossed into Ukrainian territory without Kiev’s permission. The US is now getting involved, as WSJ reports,

  • Pentagon calls on Russia to ‘Remove Vehicles Immediately’ From Ukraine
  • Kirby says “very concerned” by Russian convoy in Ukraine.

Ukrainian Security Service chief Valentyn Nalyvaichenko said the move amounted to a “direct invasion,” and The Pentagon has warned “failure to [remove its vehicles] will result in further costs and isolation.”

  • NATO SAYS RUSSIAN ARTILLERY SUPPORT BEING USED AGAINST UKRAINE
    NATO SAYS MULTIPLE REPORTS OF DIRECT RUSSIAN INVOLVEMENT

Time for some YouTube clips?

*  *  *

As NYTimes reports,

The Russian military has moved artillery units manned by Russian personnel inside Ukrainian territory in recent days and is using them to fire at Ukrainian forces, NATO officials said on Friday.

 

 

Since mid-August NATO has received multiple reports of the direct involvement of Russian forces, “including Russian airborne, air defense and special operations forces in Eastern Ukraine,” said Oana Lungescu, a spokeswoman for NATO.

 

“Russian artillery support — both cross-border and from within Ukraine — is being employed against the Ukrainian armed forces,” she added.

And as WSJ reports, The US is not happy…

  • *KIRBY SAYS RUSSIA FACES COSTS, ISOLATION IF CONVOY REMAINS
  • *KIRBY SAYS AID CONVOY SHOULDN’T BE EXCUSE TO CROSS BORDER
  • *KIRBY SAYS RUSSIA CONTINUES TO ADD TROOPS NEAR UKRAINE BORDER
  • *KIRBY SAYS RUSSIAN FORCE NEAR UKRAINE INCREASINGLY READY, ARMED
  • *KIRBY SAYS `A LOT OF EQUIPMENT’ HAS BEEN MOVED INTO UKRAINE
  • *GENERAL BREEDLOVE SAYS RUSSIAN CONVOY IN UKRAINE A CAUSE FOR CONCERN

 

The United States is very concerned about the movement of a Russian convoy into Ukraine in violation of its territorial integrity and is calling on Moscow to withdraw its equipment and personnel immediately, the Pentagon said on Friday.

 

“This is a violation of Ukraine’s sovereignty and territorial integrity by Russia,” Rear Admiral John Kirby, the Pentagon press secretary, told a briefing. “Russia must remove its vehicles and its personnel from the territory of Ukraine immediately. Failure to do so will result in additional costs and isolation.”

*  *  *

Not more “costs” – Europe must be in panic mode…

*  *  *

And the Russian denial…

  • *CHURKIN: NO RUSSIAN MILITARY FORCES IN UKRAINE
  • *CHURKIN: NO PROOF OF RUSSIAN ARTILLERY IN UKRAINE




via Zero Hedge http://ift.tt/1tsUu7b Tyler Durden

IRS Doesn’t Know Who Owes Obamacare Medical Device Tax, Collects Less Than Expected

PacemakerFrom the department of Who
Could Have Predicted That? comes news that the Internal Revenue
Service is blowing the collection of the medical decice tax,

one of the revenue streams
expected to fund Obamacare. “the IRS
cannot identify the population of medical device manufacturers
registered with the Food and Drug Administration that are required
to file a Form 720 and pay the excise tax,” the Treasury Inspector
General for Tax Administration (TIGTA) tells us in a
July report publicly released this week
.

Collections have been a tad less than expected too, which isn’t
so surprising given that the tax collectors don’t really know who
is supposed to pay it. The IRS “reported excise taxes of $913.4
million for the quarters ending March 31 and June 30, 2013,” the
TIGTA report tells us. But $1.2 billion was expected—on far more
returns than were filed.

The 2.3 percent tax on the sales price (not profits) of medical
devices kicked in on January 1, 2013 and is supposed to
generate $20 billion through 2019 as part of the effort to keep the
administration’s aignature Affordable Care Act economically viable.
AdvaMed, the medical device trade group,
protested from the beginning
that the tax is a bureaucratic
headache that would drive jobs and innovation overseas. At
Forbes, John R. Graham suggests that American medical
device makers are
already losing sales
to foreign competitors, at least partly as
a result of the tax. Boston’s WBUR reported last year that the
medical
device industry shed thousands of jobs
, at least partially in
anticipation of the tax (the medical device industry is huge in
Massachusetts, though maybe not so huge as it was).

Remember that the tax is on gross receipts, not profits, so it
digs deep.

And now we find that the tax isn’t bringing in the anticipated
cash flow, and its enforcement is a mess. That’s a shocker.

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The Last Ship and Television’s Post-Apocalyptic Era

The Last Ship, a post-apocalyptic action
thriller set on a navy warship after a virus wipes out much of
civilization, isn’t a great show. It’s not even a very good show.
But it’s enjoyably hokey and generally competent, the kind of
straight-shooting genre TV series that, a decade or so ago, I would
have really enjoyed and probably would have found a lot of
fans.

The Last Ship airs on TNT on Sunday nights, and, like
so many series on ad-supported cable these days, it’s serialized,
with an overarching plot that revolves around efforts to find a
cure to the virus. But for a serialized show, it’s also rather
episodic, with most episodes starting and completing a single
adventure story.

In some ways it reminds me of old episodes of the original
Star Trek: There’s a new location most every week, a tough
guy commander who always insists on leaving the ship for missions,
and a consistent four-part structure that tidies up most of the
plot threads every hour, usually with some sort of action climax.
But you can also see elements of Battlestar Galactica (a
close-knit team of militarized survivors dealing with life after an
apocalyptic event) and The Walking Dead (another series
about a living in a world where civilization has collapsed).

Like those shows, as well as HBO’s more ambitious series The
Leftovers
, and to a lesser extent FX’s The Strain,
The Last Ship projects a kind of muddled but deep-seated
anxiety about the state of the world, and an obsession with
post-apocalyptic scenarios. Perhaps it’s something to do with the
lingering trauma of 9/11, or maybe it’s the cultural aftershock of
the recent recession, but either way, the show takes as a given a
generalized sense of instability and anxiety—a fear that anything
and perhaps even everything could collapse at any time, without any
warning or explanation.

These are shows about what happens when life as we know it now
ends forever, and they reflect an ascendant strain of contemporary
worries that our current way of living could end, completely, at
any time. In some ways they remind me of the spate of movies in the
70s and early 80s—Death Wish, Escape From New York,
The Road Warrior, The Warriors—that also
reflected a kind of terror that everything could come crashing
down. The difference is that where those movies were typically
about specific contemporary political fears—urban crime, gangs,
political corruption, the oil crisis—the new post-apocalyptic
sensibility tends to reflect something a bit more nebulous. It’s a
particularly modern fear of complexity and fragmentation and
massive systemic breakdown. They’re not just worried about the end
of everything. They’re worried about the possibility that
everything might end and we won’t even know why.

The Last Ship is, by far, the lightest and least gloomy
of these series, concerned more with hitting its episodic
action-adventure beats than with exploring darkness and loss. And
in that sense, it also reminds me of the sort of no-frills
thrillers and action movies that Hollywood used to make far more
often. In particular, it recalls some of the
mid-to-late 80s heroic action movies, the ones starring tough guys
like Chuck Norris and Sylvester Stallone, many of which had a soft
conservative bias that you also see in The Last Ship. It’s
a show in which Middle Eastern terrorists are unambiguous bad guys,
private security contractors are good guys, religious belief is
normal and accepted, and the heroes—acting on their own but in the
uniforms of the U.S. military—decide in one episode to take out the
equivalent of a small, third-world dictator, even after a lecture
on the perils of interventionism. There’s even a regular role for
outspoken conservative actor Adam Baldwin. It’s a post-apocalyptic
action series as if crafted by the Bush administration.

Like I said, it’s not great, but it is surprisingly competent,
with crisp action, clear plotting, an intriguing overall mystery,
and strong production values. Which is why it’s also suggestive of
the ways that both television and movies have changed over the last
few years. In the 1980s or 90s, a show like this, with high
production values, solid execution, and a strong concept, might
have been one of the better shows on television, or at least one of
the best genre shows on in any given year. Now it’s merely average,
relatively to what else is available.

At the same time, shows like this (and TNT’s Legends)
are filling the niche left by Hollywood, which has gravitated
toward a system that focuses almost exclusively on a few
giant-sized tentpole releases each year. The Last Ship is
the TV equivalent of the competent, not-too-ambitious,
low-to-mid-budget movie that’s rarely made anymore. And it’s made
possible by the rapidly growing market for original scripted
programming on cable, and the decline of the broadcast network
model that ruled for so many decades.

In that sense, the show is actually the result of the kind of
complexity that it and other current post-apocalyptic shows seem to
fear—the product of a media ecosystem that is increasingly
fragmented and niche-driven, one that produces far more original
series, often at far higher quality, than it did just a decade or
two ago, even as the old network-driven system collapses, and
Hollywood becomes driven by an ever-smaller number of mass-appeal
megahits.

In a way, then, the evolving media marketplace that gave us
The Last Ship and its fellow apocalyptic dramas provides a
response to the fears of systemic breakdown that they reflect: Yes,
the old ways and old standards might end, but something more
interesting and more complex will arise in its place. This is
television in the post-apocalyptic era, and it’s sprawling,
interesting, and surprisingly great. 

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How to Prevent Your Kids from Getting Cancer

VaccinationOne type of cancer anyway – get them
vaccinated against human papillomavirus (HPV). The HPV vaccine is
now recommended for both girls and boys. The virus provokes the
development of cancer, so the vaccine helps prevent cervical cancer
in women and head and neck cancer in men. In 2010, (the latest
figure) 11,818 women
in the U.S. were diagnosed cervical cancer and 3,939 died of it. It
is
estimated
that more than 2,370 new cases of HPV-associated
oropharyngeal
cancers are diagnosed in women and nearly 9,356 are diagnosed in
men each year in the United States. Despite the well-known benefits
of the vaccine, only 38 percent of American girls and just 14
percent of boys between the ages of 13 and 17 have been fully
vaccinated.

Both the New York Times and the Washington
Post
have published recent terrific op-eds explaining the
benefits of HPV vaccination for your kids. In the Times,
pediatrician Paul Offit suggests that parents and physicians are
squeamish about HPV vaccination since the disease is sexually
transmitted. His
tart reply
: It’s not about sex; it’s about cancer. He points
out:

About 79 million people in the United States have been infected
with HPV, and 14 million new infections occur every year. As a
consequence, 18,000 women and 8,000 men suffer preventable cancers
of the cervix, anus, penis and throat; it’s the most common, and
except for H.I.V.,
the most fatal sexually
transmitted disease
….

The fact remains that millions of adolescents aren’t getting a
vaccine to prevent a known cause of cancer. It takes about 20 years
for an HPV infection to progress to cancer. That’s when the bill is
due. Given current rates of immunization, somewhere around 2,000
adults every year whose parents had chosen not to give them the HPV
vaccine will probably die from a preventable cancer. It’s
unconscionable. And doctors will have only themselves to blame.

In the Post, New America Foundation fellow Meredith
Wadman concurs and explains why she has had her sons vaccinated
well before puberty:

When I had my sons vaccinated, it was partly with girls in mind.
After all, if fewer young men are infected, fewer young women will
be exposed to the virus that causes cervical cancer — currently the
most
common cancer prevented by the vaccine
. But now I am realizing
that HPV poses a growing risk to boys.

A new breed of cancer of the back of the tongue and tonsils,
caused by HPV, is rising in incidence — likely
caused, researchers suspect, by increases in premarital sex and
oral sex
over the past several decades. These cancers afflict
men
far more often than women, and at relatively younger ages
than do other head and neck cancers, which typically appear in men
older than 60. Middle-aged men who don’t die from their HPV-linked
cancer often must live for years with the side effects
of intensive chemotherapy and radiation
delivered to the back
of the throat. These can include the permanent inability to swallow
and the appearance later of new, aggressive,
radiation-induced cancers
.

Not getting your kids vaccinated against this disease is, as Dr.
Offit points out, unconscionable.

Go here to see Reason’s debate,
Should Vaccines Be Mandatory?

Disclosure: A friend just finished a brutal round of
radiation and chemo to treat his HPV-associated head and neck
cancer. Go get your kids vaccinated!

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