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Old 10-28-2013, 01:00 PM   #4841
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they actually changed the gas tax here in VA. Hybrid owners have to pay $100 to register where a regular car is $25 or something.
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Old 10-28-2013, 01:01 PM   #4842
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https://contribute.nrsc.org/donation...m_content=nrsc

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Old 10-28-2013, 01:04 PM   #4843
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they actually changed the gas tax here in VA. Hybrid owners have to pay $100 to register where a regular car is $25 or something.
That's a start, although $75 doesn't cover much of the missing gasoline tax revenue.
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Old 10-28-2013, 01:10 PM   #4844
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That's a start, although $75 doesn't cover much of the missing gasoline tax revenue.
here's the funny thing.

they changed the law so it's not taxed per gallon anymore...so it doesn't even make sense.
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Old 10-28-2013, 01:17 PM   #4845
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here's the funny thing.

they changed the law so it's not taxed per gallon anymore...so it doesn't even make sense.
I don't even....
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Old 10-28-2013, 04:05 PM   #4846
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The Federal fuel tax was last raised in 1993, I believe. It is $0.184 per gallon of gasoline ($0.244 per gallon of diesel). It is not indexed for inflation.

http://www.eia.gov/petroleum/marketi.../pdf/enote.pdf

States and local municipalities may levy additional taxes. The population-weighted national average is about $0.50 per gallon (Federal + state and local taxes).

http://www.api.org/Oil-and-Natural-G...ne-Tax-Map.pdf
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Old 10-29-2013, 10:27 AM   #4847
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"At any given time there exists an inventory of undiscovered embezzlement in – or more precisely not in – the country’s business and banks. This inventory – it should perhaps be called the bezzle – amounts at any moment to many millions of dollars…

In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks."

J K Galbraith, 1954
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Old 10-29-2013, 10:36 AM   #4848
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"At any given time there exists an inventory of undiscovered embezzlement in – or more precisely not in – the country’s business and banks. This inventory – it should perhaps be called the bezzle – amounts at any moment to many millions of dollars…

In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks."

J K Galbraith, 1954
This part actually makes me laugh. I use to work in external audit and currently work for one of the "Big Four" accounting firms in internal audit services and the likelihood of an external audit catching a well orchestrated fraud is slim to none unless the company has become insolvent and it is already too late. I think the statistic is something like 2% of fraud is discovered by the external auditor.
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Old 10-29-2013, 11:18 AM   #4849
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This part actually makes me laugh. I use to work in external audit and currently work for one of the "Big Four" accounting firms in internal audit services and the likelihood of an external audit catching a well orchestrated fraud is slim to none unless the company has become insolvent and it is already too late. I think the statistic is something like 2% of fraud is discovered by the external auditor.
You have to read that line in the full context of the quote.

Galbraith is saying that, in good times, there is always a level of embedded fraud in the system but it gets overlooked or is more easily concealed. It's in a depression - or global financial crisis - that the scrutiny becomes more intense and the audits become "penetrating and meticulous."

I think this is not an unreasonable analysis. Counter-party risk is hardly talked about when things are good, but during a depression, everyone is looked at with a much greater level of skepticism. Thus, the "credit crunches" and general lack of liquidity in the market.

Just think about how many of the ponzi schemes that unravelled in the 2008 - 2010 time frame had been operating for a decade or more. If the scars from the most recent lesser depression were not so fresh, Corzine and MF Global might have been able to creatively account for their issues.

Or, think about the big scandals with Enron, MCI Worldcom, and Tyco. They unravelled during the 2000 - 2003 downturn.

You can argue cause and correlation, but I think the broader point remains.
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Old 10-29-2013, 11:30 AM   #4850
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Everyone's happy to turn a blind eye when the paychecks are rolling in.
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Old 10-29-2013, 11:47 AM   #4851
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I think P Diddy said it best when he wrote:

I'm only here for that green paper with the eagle
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Old 10-29-2013, 12:01 PM   #4852
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Quote:
Originally Posted by Scrappy Jack View Post

You have to read that line in the full context of the quote.

Galbraith is saying that, in good times, there is always a level of embedded fraud in the system but it gets overlooked or is more easily concealed. It's in a depression - or global financial crisis - that the scrutiny becomes more intense and the audits become "penetrating and meticulous."

I think this is not an unreasonable analysis. Counter-party risk is hardly talked about when things are good, but during a depression, everyone is looked at with a much greater level of skepticism. Thus, the "credit crunches" and general lack of liquidity in the market.

Just think about how many of the ponzi schemes that unravelled in the 2008 - 2010 time frame had been operating for a decade or more. If the scars from the most recent lesser depression were not so fresh, Corzine and MF Global might have been able to creatively account for their issues.

Or, think about the big scandals with Enron, MCI Worldcom, and Tyco. They unravelled during the 2000 - 2003 downturn.

You can argue cause and correlation, but I think the broader point remains.
I do agree with the overall point that fraud is discovered in bad times I just don't agree with it having to do with increased scrutiny. Its often because in bad times fraud actually increases due to decreased earnings and enhanced pressure to meet targets. It follows that more fraud will be discovered when more fraud exists. It also becomes much harder to hide on-going fraud because it just unravels when there is no more cash to pay the bills even if you have outstanding earnings on the books. Rarely is increased scrutiny the trigger. Thats what the research shows.
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Old 10-29-2013, 12:41 PM   #4853
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Quote:
Originally Posted by Scrappy Jack View Post
You have to read that line in the full context of the quote.

Galbraith is saying that, in good times, there is always a level of embedded fraud in the system but it gets overlooked or is more easily concealed. It's in a depression - or global financial crisis - that the scrutiny becomes more intense and the audits become "penetrating and meticulous."

I think this is not an unreasonable analysis. Counter-party risk is hardly talked about when things are good, but during a depression, everyone is looked at with a much greater level of skepticism. Thus, the "credit crunches" and general lack of liquidity in the market.

Just think about how many of the ponzi schemes that unravelled in the 2008 - 2010 time frame had been operating for a decade or more. If the scars from the most recent lesser depression were not so fresh, Corzine and MF Global might have been able to creatively account for their issues.

Or, think about the big scandals with Enron, MCI Worldcom, and Tyco. They unravelled during the 2000 - 2003 downturn.

You can argue cause and correlation, but I think the broader point remains.
All of this pales in comparison to government waste, fraud and abuse. One only needs to look at the billion dollar website that doesn't work for a glaring case in point.
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Old 10-30-2013, 10:13 AM   #4854
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All of this pales in comparison to government waste, fraud and abuse. One only needs to look at the billion dollar website that doesn't work for a glaring case in point.
You mean the billion dollar website that was set up by one of the first lady's Princeton classmates and campaign donors? That one? The one that doesn't work because the company hired was done so out of political favoritism as opposed to technical qualifications?
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Old 10-30-2013, 10:17 AM   #4855
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Teacher Fired For Allowing Students To Share Needles During Experiment « CBS Charlotte

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SPRING LAKE, N.C. (AP) — A Harnett County teacher has been fired after school officials said she allowed biology students to ***** themselves with lancing needles as part of an experiment and reusing the needles with other students.
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Old 10-30-2013, 10:18 AM   #4856
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Macy's security has arrest quota, 'race code system' for nonwhite shoppers: lawsuit - NY Daily News

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According to the suit, Macy's security guards had a quota of five "arrests" per week, and store security personnel identified nonwhite shoppers using different codes. Plaintiff Ayla Gursoy, a Turkish immigrant, says she was detained and arrested while shopping at the Macy's Herald Square store.

Read more: Macy's security has arrest quota, 'race code system' for nonwhite shoppers: lawsuit - NY Daily News
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Old 11-01-2013, 07:56 AM   #4857
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Old 11-01-2013, 09:56 AM   #4858
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AP editors: Obama relies on staged propaganda photos | The Daily Caller

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Editors of The Associated Press condemned the White House’s refusal to give photojournalists real access to President Obama, who prefers to circulate press release-style pictures taken by his own paid photographers.

These official photographs are little more than propaganda, according to AP director of photography Santiago Lyon.

The AP has only been permitted to photograph the president in the Oval Office on two occasions. Both were during his first term. All other pictures of Obama in his office were taken by White House photographers and distributed to the press.

...
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Old 11-01-2013, 10:31 AM   #4859
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Wouldn't want a bad picture of Dear Leader circulating to the proles, would we?
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Old 11-07-2013, 12:11 PM   #4860
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