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Supreme Court Errs in Giving Agencies Power to Define Their Own Power

Ilya Shapiro

Although it did good by taxpayers today, the Supreme Court also issued a divided ruling that unfortunately expands the power of administrative agencies generally.  In City of Arlington v. FCC, six justices gave agencies discretion to decide when they have the power to regulate in a given area – which expands on the broad discretion they already have to regulate within the areas in which Congress granted them authority.

But why should courts defer to agency determinations regarding their own authority?  Courts review congressional action, so why should theoretically subservient bureaucrats – appointed by the executive branch and empowered by Congress – escape such checks and balances?  

Underneath the legal jargon and competing precedent regarding the line between actions that are “jurisdictional” (assertion of authority) versus “nonjurisdictional” (use of authority) is a very basic question: whether a government body uses its power wisely or not, it cannot possibly be the judge of whether it has that power to begin with.  Yet Justice Scalia, writing for the majority, essentially says that there’s no such thing as a dispute over whether an agency has power to regulate in a given area, just clear congressional lines of authority and ambiguous ones, with agencies having free reign in the latter circumstance unless their actions are “arbitrary and capricious” (what lawyers call Chevron deference, after a foundational 1984 case involving the oil company).

That makes no sense.  As Cato explained in our brief, since the theory of deference is based on Congress’s affirmative grant of power to an agency over a defined jurisdiction, it’s incoherent to say that the failure to provide such power is an equal justification for deference. Furthermore, granting an agency deference over its own jurisdiction is an open invitation for agencies to aggrandize power that Congress never intended them to have. One doesn’t need a doctorate in public choice economics to recognize that we need checks on those who wield power because it’s in their nature to husband and grow that power.

More broadly, this case should make us question the whole doctrine of Chevron deference: Yes, decisions about the scope of agency power should be made by elected officials, not by bureaucrats insulated from political accountability, but courts should also review with a more skeptical eye agency decisions about the use of power even within the proper scope.

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Gold and Silver • THE CHART TO PUT SHYSTERS LIKE BARRY RITHOLTZ IN THEIR PLAC

THE CHART TO PUT SHYSTERS LIKE BARRY RITHOLTZ IN THEIR PLACE

Posted on 11th May 2013 by Administrator in Economy |Politics |Social Issues
Barry Ritholtz, Gold

I’ve noticed that the idiots who missed the entire 12 year gold bull market, like fat ass Barry Ritholtz, have been cackling and crowing about how idiotic gold buyers have proven to be. Ritholtz is nothing but a Wall Street shyster trying to convince you he is a guru. His blog has gotten tiresome and boring. His visitor counts have been dropping, while sites like Zero Hedge continue to grow.

His blog has deteriorated to nothing but a commercial for his paid appearances at conferences, his book, and his pitiful excuse for an investment firm. This is a dude who was stranded for weeks after Sandy, living with relatives because he was too stupid to buy a gas generator. He’s nothing but a shyster lawyer pretending to be an investment genius. While he was cackling about the decline in gold, it jumped $150 in two weeks.

I’m sure he’d make some sarcastic asshole remarks about the chart below. His idiocy in missing out on one of the greatest bull markets in history is there for all to see. He also thinks stocks have a lot further to rise. We’ll see about that.

Image

http://www.theburningplatform.com/?p=54022

Statistics: Posted by yoda — Sun May 12, 2013 1:00 am


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Public pensions don’t want anyone looking too closely at their books

Public employeee pensions are some of the largest investors in the world. Many have actively sought to manipulate boards of companies (sometimes for very good reasons) and many have demanded corporate transparency.  But that’s where the desire for transparency ends. The pensions like their records good and opaque.

Click here for the article.

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International News • Egyptians grab ancient land of the pharaohs to bury their

Egyptians grab ancient land of the pharaohs to bury their dead
Archaeologists fear for pyramid sites as illegal building gathers pace in wake of Arab spring

Patrick Kingsley in Dahshur
The Observer, Sunday 28 April 2013

An archaeologist inspects a new cemetery illegally built near the Black Pyramid at Dahshur.
In Manshiet Dahshur, 25 miles south of Cairo, the villagers recently extended the boundaries of the cemetery. For Ahmed Rageb, a carpenter who buried his cousin in the annexe, it was a logical decision. "We want to bury the dead," he said, strolling through the new cemetery after visiting his cousin’s tomb. "The old cemetery is full. And there is no other place to bury my family."

There is just one problem. The new tombs are perilously close to some of Egypt’s oldest: the pyramids of Dahshur, less famous than their larger cousins at Giza, but just as venerable. This is protected land, and no one is supposed to build here – yet more than 1,000 illegal tombs have appeared in the desert since January.

"What happened was crazy," said Mohamed Youssef, Dahshur’s chief archaeologist. "They came and took space for about 20 generations."

The tombs nestle in the dunes below the Red Pyramid, considered the pharaohs’ first successful attempt at a smooth-sided structure. To the south is the Bent Pyramid, named for its warped walls. In the east, nearer the Nile, lies the Black Pyramid – a collapsed colossus on which the villagers are most in danger of encroaching. This is their right, claimed Reda Dabus, a clerk worshipping at the mosque next to the cemetery. "All the people are born here," Dabus said. "They died here. They should have the right to be buried here." Inhabitable land is hard to come by in Egypt, where 99% of the population live on 5.5% of the territory.

But it is an argument disputed by local archaeologists, who say there is something darker afoot: looting. "Some of them have a real need for the tombs for their families," said Youssef, who said that the land had been designated as government property since the late 1970s. "But when you have 1,000 people, some of them will want to do illegal excavation."

Others agree. "They use the new tombs to hide what they are doing," explained Ramadan al-Qot, a site inspector who grew up in the village. Observers say the cemetery is the latest in a series of forbidden incursions that have markedly increased since the 2011 uprising that toppled Hosni Mubarak. More than 500 illegal excavations have taken place at Dahshur since 2011 – an increase mirrored at sites all over the country.

"Dahshur is just a single case study of what’s happening on every archaeological site in Egypt," said Monica Hanna, who campaigns for greater resources to be allocated to Egypt’s ancient sites. "It’s happened all around the Nile valley, in El Hiba, in Beni Suef. Everywhere."

In the months following Mubarak’s fall in spring 2011, Nigel Hetherington, a British archaeologist and film-maker, documented dozens of new illegal buildings on ancient sites between Cairo and Dahshur. "They were openly building," Hetherington said. "They had no fear of being filmed."

The situation is symptomatic of a deterioration in law and order since the fall of the Mubarak regime. Nationwide, the police, whose brutality was a major cause of the 2011 uprising, no longer had the inclination to patrol either the streets or sites such as Dahshur. "After the revolution," said Youssef, "the police would not do anything." This left the inspectors to fend for themselves.

"It’s very dangerous for us," said al-Qot, three of whose colleagues were hospitalised following a run-in with looters in December. "The thieves hide behind the tombs and shoot at us."

The retreat of the state is just one explanation for the rise in looting and land grabs. Locals say it is also related to the way that the 2011 uprising prompted many ordinary Egyptians to shed some of their instinctive fear of authority. "The situation changed because the people changed," said Youssef.

"That’s the reason for the building: the revolution," agreed Abdo Diab, a carpenter who has built a tomb at Dahshur. "All the people now, we are not afraid of the army or the police or any government."

"If we want something," said Dabus, "we do it."

At Dahshur, that is what has happened. In January, a dozen people who are said to have needed tombs for their relatives started building on restricted pyramid land. The site’s inspectors reported it to the police – but there was no response. "No one demolished their tombs because the government is so weak," said Youssef. "So the other people realised that there is no punishment."

Residents from other villages then heard about the free-for-all, and started building too. Then a building contractor allegedly claimed the land and started selling off small plots to those who agreed to pay him to build their tombs.

Soon there was a stampede, as no one wanted to be left out. "When one family built a tomb, the other families wanted new ones too," said Diab, who also admitted that he had no legal right to build.

But many villagers still differentiated between their actions and the raids organised by armed gangs equipped with expensive diggers. "Some people built tombs to steal archaeology, definitely," said 28-year-old Walid Ibrahim, picnicking on the boundary between the old and new cemeteries. "But all the old tombs are full and there’s no place to bury our new dead."

There have been suggestions that both the looting and the government’s failure to tackle it results from the rise of Islamists who are culturally opposed to Egypt’s heathen heritage. One Salafi (or ultra-conservative) preacher recently called for the destruction of the pyramids. "But that’s just one person," countered Hetherington. "There is some kind of undercurrent in this story [that this is] about Muslims against their foreign past. But it’s not. I’ve met Salafis here, and their views are not mine – but not one of them wanted to blow up the pyramid."

Hetherington argues that the illegal building stemmed from locals’ economic and social alienation from their ancient heritage. "All they are is a cash cow for tourists," said Hetherington of the pyramids. "And if you’re not in that business, where’s the benefit? In the past you might have got a spiritual value, because your grandmother was buried there, and you were going to be buried there, or because your mosque was in the temple, and you went to that mosque every day."

Not any more, locals said. "When I was born, my grandfather and grandmother said that our pharaohs built the pyramids – but that was all they told us," said Walid Ibrahim. "So many people don’t think about the pyramids. They haven’t any jobs. If the government gave them jobs, they would save the pyramids."

http://www.guardian.co.uk/world/2013/ap … rchaeology

Statistics: Posted by yoda — Sun Apr 28, 2013 1:00 pm


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Economic and Social Abnormality Reigns, American’s Loving Their Servitude (?)

liberty cc

The attached article is, well, strident. But it is full of excellent information about the current state of the United States. Average citizens have given up quite a lot in this country over the past 20 years. Our crony capitalist system expands and the state pushes into nearly every corner of our lives. Many people have made the transition from citizen to subject without even knowing it. With every year the dignity of the individual is eroded. Many do not even care.

Thankfully many others still do.

(From The Market Oracle)

Total government spending (Federal, State, Local) in 1996 totaled $2.7 trillion, or 35% of GDP. Today total government spending is $6.3 trillion, or 40% of GDP. In 1979, before the belief in government became a religion, total government spending was only 31.5% of GDP (27% in 1965). Are you receiving twice the service from government than you received in 1996? Are you safer from terrorists due to the massive expansion of the police state? Are your kids getting a much better education than they did in 1996? Have the undeclared wars benefitted you in any way, other than tripling the price of gas? Are the higher wage taxes, real estate taxes, school taxes, sewer fees, utility fees, phone fees, gasoline taxes, permit fees, and myriad of other government charges worth it? Is it normal for government to account for almost half of our economy?

Click here for the article.

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Business • Re: Customers Who Distrust Their Bank

In any other business, if 2/3 to 3/4 of the customer base did not trust you, you would be out of business in very short order.

Banks have been able to con people into thinking they are so necessary that their customers continue to deal with them even when they don’t trust them!

Statistics: Posted by Deo Vindice — Wed Mar 20, 2013 12:36 am


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Business • Customers Who Distrust Their Bank

Image

http://thefinancialbrand.com/10049/bank … mer-trust/

Statistics: Posted by yoda — Tue Mar 19, 2013 12:02 am


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International News • Spain now taxing expats on their worldwide assets, time to

Spain now taxing expats on their worldwide assets, time to buy in Dubai?
Posted on 05 March 2013

Foreign residents who live more than six months a year in Spain are now being taxed on their worldwide assets and there are very high penalties if you are caught not complying. Spanish austerity has caught up with its free wheeling expat community with a vengeance.

Leaving Spain is an option but then house prices have fallen more than 30 per cent from the peak and selling at any price is difficult. Sellers out-number buyers and there is a huge inventory of unsold property in Spain.

National disaster

For Spain it looks like another self-inflicted national disaster. Expats are often mobile and when they move out of Spain that will be bad for an already slumping housing market and all the other spending by this affluent one-million strong community.

Spain has already seen an exodus of Britons due to the falling value of pound sterling pensions when translated into euros. By contrast the British are still among the top buyers of property in Dubai where there is no facility to record local earnings and assets, let alone overseas assets.

Property remains untaxed, except for modest community and house transfer taxes. There is no capital gains tax, nor income tax in Dubai. Not surprisingly the city is witnessing a continuous inflow of high net worth individuals who wish to base themselves in the emirate, particularly for the seven months of fine weather.

Those who have a home in Spain, and have the means could consider spending five months in Spain and seven in Dubai. That would qualify them as resident in Dubai and not Spain.

Tax exiles

It’s common to meet new arrivals in Dubai who have become outraged at being pursued like criminals in their own countries, even when they have paid all their taxes properly. These states increasingly regard wealthy citizens as fair game to finance their debt-financed public sector ponzi schemes.

This is clearly going to get much worse before it gets better. The eurozone and UK are in recession and there is a mounting backlash against austerity cuts. Taxing the rich is an easy option for democracies where the majority is a tyranny for the rest.

Freeports like Dubai with a long tradition of minimal taxation are safe havens from this disaster that will only make the citizens who stay behind in these countries poorer in the long-run.

http://www.arabianmoney.net/destination … -in-dubai/

Statistics: Posted by yoda — Tue Mar 05, 2013 2:39 pm


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Pew Poll: A Solid Majority of Americans See Government as a Threat to Their Rights

This is the first time in Pew’s polling that a majority of Americans said they felt this way.

The colossus is too large. The system of legal graft and crony capitalism in Washington DC spins like a black hole sucking life from the rest of America, economically and even spiritually.

Washington has become the center of the universe, and many Americans recognize that this is dangerous. Add that the place is completely dysfunctional largely because of its sheer heft, and it’s not surprising that Pew got the result from its poll that it did.

(From People-Press.org)

Pew Poll

Click here for the article.

The post Pew Poll: A Solid Majority of Americans See Government as a Threat to Their Rights appeared first on AgainstCronyCapitalism.org.

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Other • MF Global UK creditors could recover all their money after

MF Global UK creditors could recover all their money after US deal
Thousands of creditors of failed broker MF Global UK could receive all of the money they lost in its collapse after a deal between the respective administrators of its British and American operations.

MF Global resorted to bankruptcy protection after its $6.3bn bet on European government debt drained the confidence of shareholders and customers Photo: Reuters
By Katherine Rushton5:55PM GMT 22 Dec 20125 Comments
MF Global Inc filed for bankruptcy in October last year after the company took a $6.3bn position on European government bonds which failed because of European market volatility. The disastrous bet shattered confidence in the broker, which had assets of $41bn and debts of almost $40bn. It also mixed client money with its own accounts to cover its capital requirements.
In the agreement, the British arm of MF Global will hand between $500m and $600m to the US business, allowing MF Global UK to pay creditors rather than having to keep large amounts of cash ring-fenced for potential payouts to the US and expensive legal action.
So far, it has only paid out $250m of the $2.5bn it has collected to return to creditors.
“This settlement, if concluded, will allow a major escalation in this, and we will move quickly to get money in agreed claimants’ pockets at the earliest opportunity,” said Richard Heis, the KPMG administrator acting for MF Global’s London arm.
MF Global UK has committed to paying creditors up to 83c in the dollar. However, the new agreement means it could pay up to 100pc, Mr Heis said. Some 6,500 of MF Global UK’s 10,000 former clients are owed money.

They have been waiting more than a year for a final payout from the collapsed broker, sparking accusations that the process has been allowed to go on far too long.
The issue was complicated by a dispute over $600m of funds. The trustees and administrators handling the US bankruptcy were seeking billions of pounds of funds from MF Global’s London operation, potentially putting at risk a large part of the money available to MF Global UK’s creditors. MF Global UK was also seeking funds from MF Global Inc.
Some of those who lost money in the collapse are likely to be critical at the size of the payout MF Global UK’s administrators, KPMG, has agreed with the trustees of the MF Global Inc. However, the deal, which is still subject to certain conditions, will allow both sides to avoid increasing legal fees. The case was due to be heard by the High Court in April.
Mr Heis said yesterday’s deal would “clear important obstacles and significantly reduce the reserves that have blocked us from additional distributions to the former customers and creditors of MF Global UK”.
The administrators “worked round the clock” in recent weeks to get the deal completed before Christmas, a spokesman for MF Global Inc added. “There were some tough issues but in the end there was a great deal of co-operation [between trustees] despite the differences.”
There are still some hurdles to jump. The deal must be approved by America’s Bankruptcy Court. The administrators have applied for a hearing on 31 January. MF Global’s creditors must also effectively approve the deal, by agreeing to drop all their existing claims against the two operations.

http://www.telegraph.co.uk/finance/9763 … -deal.html

Statistics: Posted by yoda — Sat Dec 22, 2012 3:34 pm


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