Tuesday, January 1, 2013

2013 brings in new laws, new regulations


Some new laws in 2013:
  • Same-sex couples in Maryland will be able to marry.
  • California clergy members will not have to perform same-sex marriages if they object.
  • Partial birth abortion by physicians and non-physicians will not be performed in New Hampshire except to save the life of the mother.
  • Sex offenders in Illinois will not be able to dress up as Santa Claus or the Easter Bunny or give out candy during Halloween.
  • Employers in Oregon will not be allowed to advertise a job opening if they won't consider applicants who are unemployed.


http://www.cnbc.com/id/100335341

http://www.breitbart.com/Breitbart-TV/2012/12/31/California-Rings-In-New-Year-With-800-New-Laws


Homeowners behind on their mortgage payments and negotiating with their banks to find a way to work things out won't have to worry about getting a surprise foreclosure notice.
Women will have expanded access to birth control, as registered nurses will be able to dispense contraceptives such as the pill.
Apartment dwellers concerned about the possibility of carbon monoxide poisoning will be able to breathe easier.
Employers will not be allowed to require workers or job applicants to divulge their social media accounts or provide passwords to them.
Those are among the legal changes in California that will kick in Tuesday as a result of some of the 876 laws signed by Gov. Jerry Brown in 2012. By historic standards it was a somewhat low number but was the most new laws put on the books in the state since 2006.
The following is a list of some new laws. More information on them is available by searching the bill number under "Bill information" at http://www.leginfo.ca.gov.
- Bankruptcy protection: AB 929 permits debtors to keep items such as tools of their trade and an automobile so that they will be better positioned to engage in work or seek employment after going through a bankruptcy.
- Bear hunting: SB 1221 bars hunters from using trained dogs to track bears, chase them into trees and bay to summon hunters to shoot the bears.
- Birth control: AB 2348 authorizes registered nurses to dispense hormonal contraceptives such as the pill, patch and ring. Women will not have to see a doctor but will have to undergo a routine health assessment.
- Boat registration fee: AB 2443 requires owners of boats used in freshwater bodies to pay an additional registration fee of up to $10 — the precise amount is not yet set — to pay for inspection and infestation control programs to prevent the spread of invasive mussels in state waterways.
- Carbon monoxide: The final phase of a 2010 law, SB 183, starts Tuesday when owners of apartment complexes will have to have installed carbon monoxide detectors in every dwelling unit with a fossil-fuel-burning furnace or appliance, fireplace or attached garage.
- Drug overdose reporting: AB 472 allows any person to report a drug-related overdose to authorities or seek medical assistance for a drug overdose without being subject to arrest on suspicion of possession of or being under the influence of illegal drugs. People would not have immunity from prosecution for laws involving illegal sales or forcible administration of drugs.
- Electronic proof of insurance: AB 1708 allows drivers to use electronic proof-of-insurance documents displayed on mobile devices when asked for that information by a police officer responding to an auto accident or issuing a traffic citation. Motorists will continue to get paper proof-of-insurance forms from their insurance companies unless they request otherwise.
- Homeowners' bill of rights: SB 900 institutes new protections for homeowners seeking to avoid losing their homes to foreclosure. Among other provisions, it prohibits lenders from initiating the foreclosure process during the time an application for loan modification is being reviewed and requires lenders to provide homeowners with a single point of contact as they navigate their request for a loan modification.
- Legacy license plates: Under AB 1658, the Department of Motor Vehicles will start accepting applications for specialized licenses plates that replicate plates from the past. Styles from the 1950s, '60s and '70s will be available. The DMV will not begin production unless at least 7,500 are ordered.
- Off-road vehicles: Clarifying a previous law that goes into effect Tuesday and mandates that passengers in off-road vehicles must sit only in places designed by the manufacturer to be seats, AB 1266 removes a previous requirement that passengers in such seats have both feet on the floorboard.
- Pickets at funerals: SB 661 makes it a misdemeanor to engage in picketing targeted at a funeral from one hour before the services begin to one hour after they end.
- Religious attire: AB 1964 adds religious dress and grooming practices to categories protected by fair housing and employment laws.
- Same-sex marriage: SB1140 specifies that if same-sex marriages become legal in California, no priest, minister, rabbi or authorized person of any religious denomination could be required to solemnize a marriage that is contrary to the tenets of his or her faith.
- Social media: AB 1844 prohibits employers from requiring or requesting an employee or job applicant to disclose a user name or password for the purpose of accessing personal social media accounts, or to access his or her accounts in the presence of the employer. Employees cannot be discharged, disciplined or retaliated against for failing to comply with such requests.
- Sporting events: AB 2464 requires the owner of any professional sports facility, such as baseball stadiums or basketball arenas, to post written notices with a text message and telephone number that spectators may use to contact security to report disturbances or a violent act.
Read more: http://www.vcstar.com/news/2012/dec/30/new-year-to-bring-876-new-laws-to-california/#ixzz2Gk2gnXMD
- vcstar.com 


Monday, December 31, 2012

EES: While The World Watches Fiscal Cliff, Shinzo Abe Creates Fiscal Disaster In Japan

The Yen is down 12% against the U.S. Dollar since September. While most are watching the fiscal cliff situation win Washington, Shinzo Abe is creating a fiscal canyon in Japan. Shinzo Abe has been elected with an effective platform of devaluing the Yen.

http://seekingalpha.com/article/1087451-while-the-world-watches-fiscal-cliff-shinzo-abe-creates-fiscal-disaster-in-japan

Sunday, December 30, 2012

Shinzo Abe fuels fire of Currency War in Japan


What has been a building theme for some time, central bank intervention in the markets, is going to go into overdrive in 2013, with the brewing currency war among the major central banks as each tries to devalue its way to prosperity. But don’t blame central bankers (at least not completely). Political leaders deserve a big dollop of the blame as well.


The unappreciated spark to this currency-war trend is something noted today by Opinion page columnist Dan Henniger: “A reality has become too obvious for the world’s dazed inhabitants not to notice: The greatest threat to the upward arc of human progress is the collapse of public policy making. That is the biggest cliff of all.”

In Japan, they’ve elected the seventh prime minister in six years. In Europe, they’ve raised kicking the can to an art form. In the U.S., the fiscal cliff debate shows how deadlocked, and ineffective, the government has become. In the wake of this, central bankers are stepping into the breach.

Now, this isn’t necessarily a bad thing — for equities. Indeed, stocks have had quite a nice run since Fed Chairman Ben Bernanke launched his big quantitative easing program in March 2009. So long as the whole intricate Rube Goldberg machine doesn’t collapse, all this central bank pumping should be good for stocks. Indeed Wells Capital’s Jim Paulsen, one of the biggest bulls out there, sees the S&P 500 hitting a lofty, and record, 1700 in 2013.

In Japan, the new prime minister, Shinzo Abe, was put into office on a platform that was primarily based upon forcing the Bank of Japan to ramp up its stimulus efforts, indeed to run what amounts to unlimited easing until inflation hits a certain point (2%, in this case).

Not only is Abe pressing his thumb down on the BofJ, he’s also appointed a finance minister, former prime minister Taro Aso, who will be ready to spend all those freshly printed yen, as Dennis Gartman noted this morning:

With Mr. Abe pushing for aggressive fiscal spending and an aggressive Bank of Japan and with Mr. Aso at the helm of the Ministry of Finance…to which the Bank of Japan must report…it is certain the the bank will be forced to create yen that shall be spent aggressively and perhaps even shockingly over the course of the next several months.
It isn’t very different in Europe, where the Byzantine eurocrats seem able only to keep the euro crisis from spiraling out of control. In a long newspaper interview, Germany’s Jens Weidmann, president of the Deutsche Bundesbank, said “I find it strange that politicians, who should be leading the way and making the decisions, wish to file in behind us and be guided by us.”

Henninger gave a quick “no comment” to the fiscal cliff drama, but that is the best illustration of the failure of public policy: the United States, the world’s largest economy, is being brought to the brink because its political class can’t do two basic things: pass a budget and set tax tables. In the wake of that, the central bank is acting despite the misgivings of its leadership.

Bernanke has been cajoling, imploring, and warning D.C. about the dangers of inaction all year. He has been adamant about the fact that Fed policy can’t make up for political failures. But with D.C. unable to get past itself, the Fed is filling the vacuum as best it can.

As the world’s most important central bank, the Fed is leading the way on this one, and with Bernanke adopting an essentially unlimited stimulus program, other banks are following. Until the political class, however, gets its act together, it’s hard to see how or why the emphasis on monetary policy will wane.

Writing “come together” on the side of coffee cups is a nice gesture, but it’s going to take a lot more from voters to prod the squabbling politicians across the continents, and until then, central banks are going to be very active.

http://blogs.wsj.com/marketbeat/2012/12/27/a-story-about-central-banks-currency-wars-and-politicians/

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French court rejects 75 percent millionaires' tax


France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.
The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households.

Friday, December 28, 2012

Will 'Fiscal Cliff' Accelerate Millionaire Deaths?


Because the "fiscal cliff" will not stop for death, it looks as if death's carriage may make a "kindly" stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.
In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.
Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings.
It may seem incredible to contemplate pulling the plug on grandma to save tax dollars. While we know that investors will sell stocks to avoid rising capital gains taxes, accelerating the death of a loved one seems at least a bit morbid—perhaps even evil. Will people really make life and death decisions based on taxes? Do we don our green eye shades when it comes to something this serious?

Marijuana Industry Support Grows - 2 Stocks To Own If It Hits

The news regarding the legalization of marijuana in several states hit usjust before the 2012 holiday season. While it is true that the focus of Washington, and much of the markets has been on the fiscal cliff, the legalization movement has been growing steadily.

http://seekingalpha.com/article/1084571-marijuana-industry-support-grows-2-stocks-to-own-if-it-hits

Wednesday, December 26, 2012

EES: Euro Overvalued at current levels


Europe's demand for steel fell 8% in the last year, according to the world's largest steelmaker by volume.
Steelmaker ArcelorMittal (MTon Friday took a $4.3 billion write-down on the value of its flailing European division and said it sees little prospect for an improvement in the region's sluggish economy any time soon.
Luxembourg-based ArcelorMittal, the world's biggest steelmaker by volume, said the goodwill-impairment charge will be included in its fourth-quarter earnings. The news resulted in a downgrade by Fitch Ratings, the third by a ratings firm since August.
The significance of this information is that it shows that real demand for steel in the 'real' economy (manufacturing, shipping, etc.) is down, whereas in the U.S. it's up. For Europe, this is a bad economic sign. Similar to the Baltic Dry Index, a decline in steel indicates a decline in the real economy.


http://seekingalpha.com/article/1081561-euro-overvalued-at-current-levels-and-due-for-a-sell-off

Monday, December 24, 2012

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Sunday, December 23, 2012

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Thursday, December 20, 2012

Fiscal Cliff's Dirty Secret: It's Not About Taxes At All, But Too Much Spending


There's a lot of talk right now about an impending fiscal cliff. But we already went over a cliff economically in this country a long time ago.
The current debate over tax hikes is an empty one built upon a false premise. The debate is whether raising tax rates will address our current crisis. The premise is that it is a lack of taxation that has led to the crisis. Both are hopelessly wrong.
President Obama's proposed tax increases on the top 2% of earners would fund the federal government for about eight days. Even if we taxed Americans earning over $1 million on 100% of their income, we would raise only about $600 billion in revenue.
Taxing citizens at this level is a tyranny even Europe hasn't reached, and still it would only address about one-third of our deficit.
If one actually does the math, "taxing the rich" turns out to be no real solution at all, only fantasyland rhetoric.
Every dollar the government takes is another dollar used unproductively. Every dollar removed from the private sector and wasted in the hands of bureaucrats is a dollar that will not be used to purchase goods, to pay for services or to meet a payroll.
Every dollar the government ever takes — today, tomorrow and forever — is an attack on jobs and the economy.
Instead of sitting around trying to think of new ways to vote away someone else's money, Washington leaders should finally begin to address the real crisis that has threatened us long before the current handwringing: spending.
With a $16 trillion national debt and well over $1 trillion annually in deficits, we barreled over the edge of fiscal insolvency long before this month.

Breaking: NYSE sold to ICE for 8.2 Billion

NYSE-Euronext is a 220 year old icon of global finance, but its 12 year-old Atlanta-based rival, IntercontinentalExchange (ICE) will buy it for $8.2 billion, according to a deal that has just been announced.
This revelation surprised a lot of people on the Street who thought all the exchange horse trading of 2010-2011 was over. In 2011, for example, the Justice Department blocked ICE and Nasdaq's attempt to buy the NYSE. NYSE was also stopped from merging with Germany's Deutsche Borse.


Read more: http://www.businessinsider.com/new-york-stock-exchange-acquired-2012-12#ixzz2FbY1vfFi

Monday, December 17, 2012

EES: Marijuana May Be The Next Big Growth Sector


We've all seen in the news US states such as Colorado legalizing and making marijuana smoking legal.
Public support for further legalization is building. There is also talk thatmore states could soon legalize. Since this is a new growth industry, we can only speculate in what direction it will grow. But what's clear, plans to keep Marijuana illegal have gone up in smoke.