Daily Readings 07-03-2012
Obama’s power grabs are designed to implement his ideological goals, no matter whether they violate his oath of office. November can’t come soon enough….
8,733,461: Workers on Federal ‘Disability’ Exceed Population of New York City
In June 1992, according to the Bureau of Labor Statistics, there were 118,419,000 people employed in the United States, and, according to theSocial Security Administration, there were 3,334,333 workers taking federal disability payments. That equaled about 1 person taking disability payments for each 35.5 people actually working.
When President Barack Obama was inaugurated in January 2009, there were 142,187,000 people employed and 7,442,377 workers taking federal disability payments. That equaled about 1 person taking disability payments for each 19.1 people actually working.
The Chinese economy is slowing and is likely to slow a lot more. Get ready for a hard landing.
U.S. munis face $2 trillion in unfunded pension costs
U.S. states and localities have run up more than $2 trillion of unfunded pension liabilities, Moody’s Investors Service said on Monday, citing data on plans offered by 8,500 local governments and over 14,000 individual entities.
DO YOU PAY ATTENTION OF WHAT IS HAPPENING IN FRANCE?…
France Faces Major Test as It Enters ‘Danger Zone’
Having been in power for less than two months Francois Hollande is facing the first major test of his pro-growth election (related: 10 Game-Changing Elections) commitments after a warning from the national audit office that France’s economy is in the “danger zone” and risks falling into a “debt spiral.”
French prime minister vows taxes for rich
France’s prime minister has turned up the rhetoric against the rich, promising to hit the wealthy and big companies with new taxes and protect the less well-off as his socialist government tackles the country’s budget deficit.
“I don’t want to hear denunciations of confiscatory taxes from the same people who authorise executive pay that is beyond all decency,” Jean-Marc Ayrault said as he laid out his government’s programme to the national assembly on Tuesday.
France may extend TV licence fee to computer screens
The French government is considering extending the television licence fee to include computer screen owners to boost revenues for public-sector broadcasting operations, the culture minister said on Saturday.
Bankers constantly lying, defrauding; most still not in jail
Barclays, JPMorgan and the rest of the megabanks reach new heights in malfeasance, suffer few consequences
Drug giant Glaxo pleads guilty, fined $3B for drug marketing
Drug giant GlaxoSmithKline will plead guilty and pay $3 billion to resolve federal criminal and civil inquiries arising from the company’s illegal promotion of some of its products, its failure to report safety data and alleged false price reporting, the Justice Department announced Monday.
BofA Fined $2.8 Million For Overbilling 95,000 Accounts
Daily Readings 07-03-2012,Bank of America Corp.’s Merrill Lynch wealth-management unit was fined $2.8 million by the Financial Industry Regulatory Authority for overbilling customers by $32.2 million over an eight-year period.
Merrill Lynch charged the fees to about 95,000 accounts between April 2003 and December 2011, FINRA said in a statement today. New York-based Merrill Lynch, which was acquired by Bank of America in 2009, lacked an adequate supervisory system to ensure that customers were billed in accordance with their contracts and disclosure documents, the regulator said.
