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Poor Texan

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  • Consumers who buy phones from cellular carriers no longer have legal protection to unlock the devices so they can work on another operator's network. Under a change in regulation from the Library of Congress's Copyright Office that came into force yesterday, unlocking phones is not expressly permitted under law. "It may go to court some time, and then it will be up to a judge," says lawyer Mitch Stoltz. [View news story]
    Who is going to enforce this and how?
    Jan 27 08:54 PM | 1 Like Like |Link to Comment
  • A court ruling invalidating President Obama's "recess" appointments to a labor board could jeopardize the position of Richard Cordray, the Director of the Consumer Financial Protection Bureau, who was also a "recess" hire. The verdict could lead to the overturning of the CFPB's regulations and enforcement actions as well. It "creates chaos in the marketplace," says the Consumer Bankers Association. [View news story]
    If his majesty, oh excuse me, I meant to say the president, doesn't follow the laws, why should anyone else? Then again, maybe he just wants to abolish the courts and congress so we can move forward.
    Jan 27 08:50 PM | 1 Like Like |Link to Comment
  • Fitch warns that the "age bomb" in developed countries, including the U.S., will exacerbate indebtedness and could hurt credit ratings unless governments enact labor and pension reforms. European countries are particularly at risk, although "recent reforms in Portugal, Italy and Greece have effectively neutralized the long-term impact of aging on public finances." (Fitch report[View news story]
    But Biden and Hillary admire the policy.
    Jan 21 03:20 PM | Likes Like |Link to Comment
  • With his strategy of major monetary and fiscal stimulus, Japanese PM Shinzo Abe is taking a "huge gamble," says Ambrose Evans-Pritchard. Abe could help "lift the global economy out of the doldrums" or cause "a panic flight from bonds that overwhelms the Bank of Japan" and brings disaster to the banks. [View news story]
    Bernacke will figure out a way to bail him out.
    Jan 21 03:18 PM | Likes Like |Link to Comment
  • Gunmen have seized control of an oil tanker near Ivory Coast's port of Abidjan. The news comes after Algeria ended a siege at a gas plant in the Sahara. [View news story]
    My goodness! Somebody might actually think there is a war going on by the outlaws. But if we just ignore it, it will probably go away. :-(
    Jan 21 03:17 PM | 1 Like Like |Link to Comment
  • 3D Systems: A Sobering Reality [View article]
    Looks like some of the acquisition rationale is to eliminate competition and also become the B.M.O.C. with a technological moat. Might work; might not.
    Jan 16 10:28 PM | 3 Likes Like |Link to Comment
  • Repoed! How The Fed And Depositors Fund Banks' Big Bets [View article]
    In reflecting on this article and some good comments, the analogy I come up with is those of us in the market are playing against the umpires. Gonna be tough to score.
    Jan 15 05:09 AM | 2 Likes Like |Link to Comment
  • Repoed! How The Fed And Depositors Fund Banks' Big Bets [View article]
    "you cant solve a debt problem with more debt."

    Have you informed Congress of this information?
    Jan 14 11:23 AM | 7 Likes Like |Link to Comment
  • Does Anyone Really Understand What Is Going On With Employment? [View article]
    Why keep talking about '65'. Full social security doesn't kick in until later.
    Jan 13 05:55 PM | Likes Like |Link to Comment
  • The budget deficit shrank to $260M in December from $86B in the same month a year earlier and came in well below consensus of $1B. The numbers were helped by tax payments being shifted to December to avoid higher rates in 2013, says Jefferies economist Thomas Simons. "We are still going to run fairly substantial deficits this year and in coming years," he adds. [View news story]
    "We are still going to run fairly substantial deficits this year and in coming years," he adds.

    A masterful understatement.
    Jan 13 12:04 PM | 2 Likes Like |Link to Comment
  • Avoid Paying Taxes The Warren Buffett Way [View article]
    A 'fair' taxing system would include an annual 'net worth' (ad valorem) tax that would tax the wealthy for the government providing the law and order for the protection of their assets.
    Jan 8 05:10 PM | 2 Likes Like |Link to Comment
  • The House passes the Senate's fiscal cliff bill, 257-167. It now heads to the president for signature. (what's in the deal[View news story]
    If deficit spending is so good, why doesn't the government send each citizen and alien a check for $1,000 each month and really goose the economy. :-(
    Jan 1 11:48 PM | 3 Likes Like |Link to Comment
  • More on the fiscal cliff deal: The measure ups taxes on household incomes of over $450K to 39.6%, and on capital gains and dividends to 20% from 15%, also for household incomes of above $450K. The estate tax is raised to 40% on inheritances of above $5M from 35% / $5.1M. The hope is to raise $600B in new revenue over 10 years. Meanwhile, the deal extends unemployment insurance to 2M people for a year and delays $110B of spending cuts by two months. [View news story]
    "The hope is to raise $600B in new revenue over 10 years."

    And this will offset trillion dollar annual deficits? I guess I should have upgraded to the new math.
    Jan 1 09:15 PM | Likes Like |Link to Comment
  • The House will not vote on a budget deal tonight, meaning at least a temporary step over the fiscal cliff. With the 2 sides reportedly near agreement, it may just be a technicality, but maybe not. Tax rates go up at midnight, making any vote after that time a vote on cutting taxes. [View news story]
    Drama, drama, drama. Instead of statesmen, we now have thespians.
    Dec 31 04:34 PM | 2 Likes Like |Link to Comment
  • Warren Buffett Is Wrong On U.S. Debt Problem Solution [View article]
    "Additionally, the US taxes people in so many ways it is impossible to calculate a person's true tax liability."

    Right. And that's what make discussions about 'fairness' so unproductive. And don't forget all that the states pile on including hidden taxes like hotel room taxes.
    Dec 31 01:51 PM | 2 Likes Like |Link to Comment