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Kenneth Schortgen Jr.

New York Fed president admits ignorance on QE outcomes

Like the climate change scientists who manipulated data to justify their position that man is the cause of the world's global warming problems, so too is it with mainstream economists, who cite and use incorrect statistics to validate monetary polices that anyone with a shred of common sense can see are more destructive than beneficial to our financial system. Thus it should not come as a shock four years l ...

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Like cigarettes, pot could become tax that saves state budgets

On Jan 1, recreational pot laws went into effect in the states of Washington and Colorado.  And while it is too early to determine how this will equate in the rise of overall revenue for the marijuana industry, expectations are already under way by these states on how taxes received from the sale of the drug can help in subsidizing their general budgets. Colorado projects $578.1 million a year in combined w ...

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Regulation gone wild in NYC: Meet the new boss, same as the old boss

It did not take long for the soon to be inaugurated mayor of New York City to look exactly like his predecessor when it comes to regulating the lives of citizens.  In his first intended act once he takes office, Mayor-Elect Bill de Blasio is seeking to destroy a long standing tradition for locals and tourists alike by ending horse drawn carriage rides in Central Park. New York City Mayor-elect Bill de Blasi ...

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Colorado will use pot to fund schools

Dec. 31 begins the first day of Colorado's new law which legalizes marijuana for recreational use.  In its first year, estimated revenues for businesses are expected to reach $578 million, yielding $67 million in tax revenue.  A large portion of that money will be going to fund education in Colorado, as well as the building of new schools. Colorado projects $578.1 million a year in combined wholesale and re ...

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Methodist church in California replaces Jesus with Trayvon Martin in Nativity scene

Churches across the country no longer appear to be representations of Christ, but instead, have become political institutions masquerading as non-profit corporations that focus on society rather than spiritual causes.  And a great example of this comes from the United Methodist church of Claremont in the state of California, which replaced the baby Jesus in their nativity scene with a figure of Trayvon Mart ...

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Could Russian terror bombing be a Saudi reprisal over Syria?

As Russia prepares for the Sochi Olympics in about 40 days, a troubling reminder of events which took place earlier this year may be casting a dim light on the global event.  On Dec. 29, a suicide bomber detonated a bomb in a train station in the Russian city of Volgograd, which killed 14 people and injured over 40.  This act of terror suddenly brings to mind what Saudi Minister Bander Bin Sultan told Vladi ...

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Goldman Sachs Director and former retail insider joins Bitcoin exchange

For Bitcoin users, the holy grail of acceptance would be when mainstream retailers fully recognize the digital currency as a legitimate form of money to buy and sell goods.  On Dec. 28, this dream may have just received a major push forward as a current Director at Goldman Sachs, as well as current Cisco board member and former board member of Walmart, signed on to assist a Boston based Bitcoin exchange tha ...

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Wall Street adviser suggests guns and ammo needed for financial apocalypse

One day before the Christmas holiday, a well respected Wall Street adviser provided some interesting suggestions to a group of investors wondering about economic turmoil in the coming days.  In a memo as part of a series titled, Potential for a Financial Apocalypse, financial adviser and Forbes contributor David John Marotta suggested that in any list of items people should have ready in case of a financial ...

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Black Thursday Redux: Stores offer massive discounts after Christmas due to poor holiday sales

With holiday sales down an estimated 21% in the final week leading up to Christmas, retailers are seeing a massive drop in revenues needed to profit from a overall bad year of sales.  So to deal with an overstocked inventory, retailers en masse are offering discounts nearly equivalent to those of Black Friday (Thursday this year), beginning on the day after Christmas. Buy one, get one free. Macy's rolls out ...

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The Grinch who stole Christmas for retailers

Twas the night before Christmas, and all through town, not a creature was stirring, just some retailer frowns.  Their products were stocked on the aisles with care, in the hopes that some customers would come buy their wares. Unfortunately, that Christmas wish isn't happening as retail traffic is down 21% from last year in the last week of holiday shopping. However, while the early start to shopping season ...

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Obama signs Executive Order raising govt. employee salaries

It has been an interesting month for government workers.  On one hand, Congress and the President signed a new budget deal which will reduce military pension benefits for servicemen around the world.  And On Dec. 23, the Commander-in-Chief issued a new Executive Order to increase salaries for non-military Federal workers at a rate of 1%. Federal employees in January will get their first across-the-board pay ...

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Federal Reserve’s Legacy on its 100th Anniversary

December 23 marks the 100th anniversary of the creation of the Federal Reserve, and the ushering in of a new era of monetary policy and control over our banking system.  And in those 100 years, America has seen itself rise to become the most powerful economic power in the history of the world, and be the primary force over monetary and financial policies implemented in the global economy. However, there is ...

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