BREAKING HUGE: CISPA REJECTED by senate!

A large reason for the failure of CISPA to make it to a floor vote on the Senate was the threat of a veto by President Obama if the bill reached his desk. While the President should be keeping the issue of national security at the forefront of his mind, it’s refreshing to think that in his second term Barack Obama is still focusing on the rights of the people. With legislation involving the internet having far more support among Republicans than Democrats I would not be surprised if the House waited a few more years before reattempting this legislation in the hopes that the odds will be more in their favor. Of course at the same time all it would take is one major cyber attack for the tides to turn in support of an online Big Brother.

http://inthecapital.streetwise.co/2013/04/26/senate-committee-rejects-cispa-due-to-privacy-concerns/

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BREAKING HUGE: CISPA REJECTED by senate!

British authorities review security for London marathon

The Boston bombings have raised fears about the world’s biggest marathon, which takes place in London next Sunday.

“It makes you do a double-take on the whole thing. And I just pray that everybody will be safe,” says Hannah Carter, one of the 36,000 runners scheduled to take part.

The British government insists that the runners and the half a million spectators expected to line the route will all be totally safe — thanks to the U.K.’s expertise in security. Those skills were honed fighting IRA terrorism for more than 30 years in Northern Ireland. They were further refined  by the experience of staging the Olympics in London last year. The U.K. spent a billion dollars on security at the Games, which has also left it well equipped technically.

“The technology, things like CCTV cameras and the software that can automatically recognize odd behavior in crowds, is still state of the art,” says Jennifer Cole, a terrorism expert at the Royal United Services Institute.

London has an estimated 400,000 closed circuit television cameras, more than any other major city.

London is already bristling with security personnel; thousands of soldiers and police officers will be officiating tomorrow at Margaret Thatcher’s ceremonial $ 13 million funeral. Their security operation could be extended — at no great extra cost — to cover the marathon.

“There are personnel around and processes in place that are going to be very easy to just carry on over into the weekend,” says Cole.

Another analyst, Dr. Peter Lehr — a terrorism studies lecturer at St. Andrews University in Scotland — says there is a much safer and cheaper way to stage the London Marathon. You have the competitors running round and round inside Wembley stadium, behind locked doors, and without any spectators.

But, he says, the only winner would be terrorism.

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British authorities review security for London marathon

President Obama looks to reduce Social Security cost of living increases with "chained CPI"

President Barack Obama is hunting big game. His budget proposal — which will be formally unveiled next week — is seeking a grand bargain of taxes on the rich and spending cuts. But perhaps the most controversial measure in his proposal is a move to slow payments to Social Security.

So, get ready to hear lots of talk about “chained CPI.” That’s wonk talk for altering how inflation is measured when the federal government cuts checks for Social Security, or veteran benefits. 

University of Pennsylvania Economist Olivia Mitchell says imagine you’re grocery shopping.

“If the price of a breakfast cereal went up, people might substitute the generic brand instead,” he says, “and so the chained CPI takes into account that people do do those substitutions.”

Bottom line: Moving to chained CPI would slow annual cost of living increases by a fraction. Over a decade, that would cut federal spending by $ 130 billion and generate roughly the same in tax increases.

Paul Van de Water, an economist with the Center on Budget and Policy Priorities, says most taxpayers lose less than 1 percent of their after tax income in year 10 of chained CPI — and the average person on social security would lose $ 350. 

“For a lot of people it’s not going to make a noticeable difference,” says Van de Water.

If that’s really the case, then chained CPI may become a political reality.

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President Obama looks to reduce Social Security cost of living increases with "chained CPI"

97% of Spain"s Social Security Pensions are Invested in Spanish Government Debt

Looking for a disaster waiting to blow sky high? I have one right at hand. El Economista reports 97% of pensions are invested in Spanish government debt in 2012.

The Reserve Fund of Social Security in 2012 increased their holdings of Spanish debt to 97% of total assets, up from 90% who had in late 2011.

Over 70% of purchases are recorded in the second half of 2012, according to Bloomberg points, after the critical moment when ECB President Mario Draghi, undertook to do “whatever it takes” to defend the euro. A message that helped ease the constraints and helped drive Spanish debt.

In 2007, the money invested in financial assets were divided fairly (50%) between Spanish debt and foreign debt, but this proportion began to change in 2008.

In September 2012, for the first time in history the government had to dip into the reserve fund to pay the payroll to pensioners. A total of 3,063 million euros were drawn from this instrument, to which were added to the 3,530 million in November Moncloa needed to fund the pension increases.

Comparison to GM

This exactly reminds me of the stupidity of GM investing its assets in GM bonds. Expect similar results in Spain.

Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com

Mike “Mish” Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Mish’s Global Economic Trend Analysis

97% of Spain"s Social Security Pensions are Invested in Spanish Government Debt

Want a side of security with that waffle?

There’s no telling what you might hear or see at downtown Atlanta’s “Underground”, a 43-year-old shopping and entertainment district that’s seen better days. Its crime rate is high, and decades of efforts to make the area safer have seen mixed results.

That’s why for the past few months the 24-hour Waffle House restaurant in the thick of Underground Atlanta has been charging customers a 20 percent premium on their bill. It’s a surcharge meant to keep the peace in a restaurant that can sometimes get raucous. 

During a recent nighttime visit, customers could hear a waitress and a customer argue, a solo diner offer a less than flattering take on Hillary Clinton, and an elderly man instantly turn defensive when someone asked him what was in the half-dozen bags attached to his motorized scooter. By Underground standards, this was an exceptionally calm night. 

In addition to the colorful goings-on, customers also can’t help but notice a laminated sign tucked in the condiment caddy: “All orders at this location will include a 20 percent security surcharge in addition to tax.”

“We didn’t want to hide it,” says Pat Warner, Waffle House’s Vice President of Culture. “We thought this was the best approach to let people know why the prices here will be higher.”

Hiring off-duty police cost about $ 160,000 a year, says Warner. That’s about a dollar for every five that goes into the register, and too much for the location to just absorb.

“It’s about $ 100,000 more than the rent we pay for this restaurant,” Warner says. If there’s been a drop-off in business from the surcharge, it’s been small, according to Warner.

Spread out in front of 28-year-old Ernest Matthews are eggs, bacon, hash browns, waffles and toast.  He says the cost for his meal is “approximately $ 12-something.”

Add the 20 percent security surcharge, and it’s approaching $ 15. Matthews thinks that’s a bit much, but worth it.

“Understanding the crime rate in this area, concerning robbing and drug dealing and stuff like that, I’d say it is safer with the security,” says Matthews.

An Atlanta police spokesman says it is too soon to tell whether an officer’s presence is affecting crime stats. Waffle House says it has no plans to take the surcharge company-wide. 

That gives the Underground location the distinction of being one of the most expensive Waffle House’s in the nation, if not the safest.  

 

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Want a side of security with that waffle?