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Thursday, November 07, 2013
Obamacare Price Hikes Biggest In GOP States
If you live in a state that did not vote for Barack Obama for president, chances are your rates are going up more than if you reside in one that did vote for him.
According to pricing analysis by the Heritage Foundation, premiums for 27-year-olds rose an average of 78 percent on Obamacare exchanges in Republican states.
But premiums for those same young adults in states that voted Democrat rose by only 50 percent.
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Fitch Warns Of Housing Bubble, Says "Unsustainable" Jump Leaves Home Prices 17% Overvalued
Whether it is 'cover' for the all-too-obvious collapse to come (when another round of ratings agency litigation will take place as blame is apportioned) or more likely a 'fool-me-once...' perspective on reality, Fitch has a new report blasting the "unsustainable" jump in home prices, adding that "the extreme rate of home price growth is a cause for caution." While they note, rising prices are a positive indicator for a recovery, Fitch adds that unprecedented home price growth should be paired with economic health that is similarly unprecedented, the evidence for which is lacking in this case.
Based on the historic relationship between home prices and a basket of econometric factors, Fitch considers estimates national prices to be approximately 17% overvalued in real terms (Bay Area home prices to be nearly 30% overvalued, which approximates the environment in 2003, three years into the formation of the previous home price bubble) - as "speculative buying, not increasing demand" is driving the market. Between this 'speculation' and interest rates, affordability is "strained."
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Based on the historic relationship between home prices and a basket of econometric factors, Fitch considers estimates national prices to be approximately 17% overvalued in real terms (Bay Area home prices to be nearly 30% overvalued, which approximates the environment in 2003, three years into the formation of the previous home price bubble) - as "speculative buying, not increasing demand" is driving the market. Between this 'speculation' and interest rates, affordability is "strained."
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AT&T IS REPORTEDLY GETTING PAID $10M FOR VOLUNTARILY GIVING CALL DATA TO THE CIA
According to the New York Times, the information is used in overseas counterterrorism efforts. The CIA gives AT&T phone numbers of suspected terrorists. The phone company searches its database and provides call records that could help identify others involved in a case.
A report in September revealed AT&T maintained call records – information that included who called whom, call time, duration and location — on “every call that passes through an AT&T switch” with records going back 26 years.
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Who Won The American Revolution?
Seems like a pretty dumb question. The United States won independence; isn’t that clear?
I have often wondered about the meaning of the term “independence” in this context. Independence for whom? For the average colonist, what really changed fundamentally? And as time went on, what was different in life for the average Yankee having a pint in Boston vs. the average Brit having one in London? Both have been and continue to be victims of inflation and regulation; both have been subject to being duped and dragged into the same wars for empire.
Who won? To address this issue I will offer excerpts from Merrill Jensen’s book, The New Nation: A History of the United States During the Confederation. This post will likely be my last in a series of posts covering this book.
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I have often wondered about the meaning of the term “independence” in this context. Independence for whom? For the average colonist, what really changed fundamentally? And as time went on, what was different in life for the average Yankee having a pint in Boston vs. the average Brit having one in London? Both have been and continue to be victims of inflation and regulation; both have been subject to being duped and dragged into the same wars for empire.
Who won? To address this issue I will offer excerpts from Merrill Jensen’s book, The New Nation: A History of the United States During the Confederation. This post will likely be my last in a series of posts covering this book.
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THERE ARE TINY ELECTRONIC DEVICES MONITORING GUNFIRE IN SEVERAL U.S. CITIES THAT YOU’VE PROBABLY NEVER HEARD ABOUT
When there’s a gunshot in the nation’s capital, the D.C. police can “hear” it — even if they’re not nearby.
At least 300 sound-sensors are placed strategically in the District’s most crime-heavy neighborhoods, recording the sound of gunshots and dispatching officers to the scene.
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At least 300 sound-sensors are placed strategically in the District’s most crime-heavy neighborhoods, recording the sound of gunshots and dispatching officers to the scene.
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Police Officer And Wife Arrested On Multiple Sex Offense Charges Including Rape
Yesterday, his wife, Aimee Beth Warhurst, 34, also of Chesapeake Beach, turned herself in to the Calvert County Sheriff’s Office and is being held on $100,000 for the same offenses.
Go to http://www.co.cal.md.us/residents/safety/law/sheriff and click on the Crime Solvers link to leave an anonymous tip on-line. Information leading to the arrest and conviction of a suspect could result in a $1,000 reward.
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Washington City Votes To Raise Minimum Wage to $15
The SeaTac initiative will raise the minimum wage to $15 an hour for hospitality and transportation workers in and near Seattle-Tacoma International Airport. The current minimum wage in Washington State is $9.19.
With all precincts counted, the 'Yes' vote was leading by 54% to 46%, but opponents say it is still too close to call. There are still uncounted votes, due to Washington's mail-in voting system.
Hogan To O'Malley: No Guts, No Cuts
Late last week the blog Politics Maryland reported that State Budget secretary Eloise Foster of the Department of Budget and Management indicated Governor O'Malley directed government agencies to prepare "cost containment plans" to cut spending instead of raising taxes. Change Maryland, the state's leading voice of opposition to a one-party political monopoly in Annapolis, scoffed at the claim that O'Malley would not seek higher taxes or fees in the face of Maryland’s looming $510 million structural deficit.
"Every election year, Governor O’Malley promises not to raise taxes, but he has broken this promise every year he has been governor. Under this administration, Marylanders have been slammed with 40 consecutive tax, toll and fee hikes. Now, as he attempts to cement his legacy and further his presidential aspirations, he is back to singing the 'no new tax' tune once again," said Larry Hogan, founder and Chairman of Change Maryland.
During his re-election campaign, O'Malley ran commercials railing against fee and tax increases; after he claimed he was looking for a "diet of cuts" until the state’s economy and revenue were stronger. Yet in his second term, he pushed for some of the most regressive taxes and fees we've seen in this administration: increases in the state’s gas tax and tolls, a rain tax, and more that disproportionately affect the families that can least afford them.
"In 2012, O'Malley infamously tweeted ‘You have to have the guts to make the cuts.' But after seven years, where are the cuts, governor?" asked Hogan. "The facts show that Martin O'Malley has actually increased state spending by over $8 billion — with zero cuts. By the standards of his own rhetoric, Governor O'Malley is gutless," Hogan said.
"The massive tax increases in 2007 were supposed to solve the structural deficit. Then it was the 2012 tax hikes. Here we are again with a shortfall, even after forty consecutive tax increases under this administration," charged Hogan. "Even these outrageous tax increases have not kept up with spending addiction of the O'Malley-Brown administration. This is further proof that this administration simply lacks the courage to say, 'no' to spending."
"Every election year, Governor O’Malley promises not to raise taxes, but he has broken this promise every year he has been governor. Under this administration, Marylanders have been slammed with 40 consecutive tax, toll and fee hikes. Now, as he attempts to cement his legacy and further his presidential aspirations, he is back to singing the 'no new tax' tune once again," said Larry Hogan, founder and Chairman of Change Maryland.
During his re-election campaign, O'Malley ran commercials railing against fee and tax increases; after he claimed he was looking for a "diet of cuts" until the state’s economy and revenue were stronger. Yet in his second term, he pushed for some of the most regressive taxes and fees we've seen in this administration: increases in the state’s gas tax and tolls, a rain tax, and more that disproportionately affect the families that can least afford them.
"In 2012, O'Malley infamously tweeted ‘You have to have the guts to make the cuts.' But after seven years, where are the cuts, governor?" asked Hogan. "The facts show that Martin O'Malley has actually increased state spending by over $8 billion — with zero cuts. By the standards of his own rhetoric, Governor O'Malley is gutless," Hogan said.
"The massive tax increases in 2007 were supposed to solve the structural deficit. Then it was the 2012 tax hikes. Here we are again with a shortfall, even after forty consecutive tax increases under this administration," charged Hogan. "Even these outrageous tax increases have not kept up with spending addiction of the O'Malley-Brown administration. This is further proof that this administration simply lacks the courage to say, 'no' to spending."
Billy Graham My Hope America Tonight at 7pm
My Hope America is a series of videos designed to clearly present the Gospel with life-changing testimonies & powerful messages from Billy Graham. Share these programs with friends, family, and neighbors today.
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Go Take A Look At The Moon Now!
But that’s not all you can look for tonight. Before Jupiter rises in the east on the evening of November 7, look first for the waxing crescent moon and the super brilliant planet Venus in the southwest sky at dusk and early evening. Can you believe Venus looks so bright? In fact, it’ll get brighter still before reaching its greatest brilliancy in early December.
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Deeper Cuts Possible For Food Stamp Benefits
As food stamp recipients adjust to recent cuts in their benefits, they face losing even more.
A bill before Congress, known as the farm bill, threatens to cut as much as $39 billion more from the Supplemental Nutrition Assistance Program, or SNAP, over the next 10 years. On Friday, recipients lost about 5 percent of their benefits when temporary funding for food stamps from the 2009 stimulus expired.
“It’s like a perfect storm,” Montgomery County Councilwoman Valerie Ervin said of the potentially double cuts.
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A bill before Congress, known as the farm bill, threatens to cut as much as $39 billion more from the Supplemental Nutrition Assistance Program, or SNAP, over the next 10 years. On Friday, recipients lost about 5 percent of their benefits when temporary funding for food stamps from the 2009 stimulus expired.
“It’s like a perfect storm,” Montgomery County Councilwoman Valerie Ervin said of the potentially double cuts.
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Parents Slam Pro-Islam Slant In Florida School Textbook
Hundreds of parents, angry at what they say is a biased student textbook with a decided pro-Islam slant, have launched a campaign demanding equal religious representation and planned a protest at the school board meeting this week.
The book, “World History,” devotes fully 32 pages — an entire chapter — on “Muslim Civilizations,” including descriptions of the Koran and a listing of the Five Pillars of Islam, The Daily Caller reported. But noticeably missing is information on any other religion.
Protesters are demanding that students tear out the Islam chapter until the school, in Volusia County, provide a like number of pages on other religions, the local WFTV reported.
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The book, “World History,” devotes fully 32 pages — an entire chapter — on “Muslim Civilizations,” including descriptions of the Koran and a listing of the Five Pillars of Islam, The Daily Caller reported. But noticeably missing is information on any other religion.
Protesters are demanding that students tear out the Islam chapter until the school, in Volusia County, provide a like number of pages on other religions, the local WFTV reported.
More
Pepco Plans To Seek Another Rate Increase
As appeals of its July rate increase progress in court, Pepco Holdings Inc. told investors Wednesday that it will file yet another request to raise its rates by the end of the year.
Joseph M. Rigby, chairman, president and chief executive officer, said the outcome of the company’s most recent request makes it necessary to file another rate case. The company will also continue to work to reduce regulatory lag and ensure timely recovery of its costs, Rigby said, citing upfront surcharges as a means to that end.
“We will remain very active in the regulatory arena,” he said.
On July 12, for the third time in four years, the Maryland Public Service Commission denied the lion’s share of Pepco’s request for higher rates when it granted Pepco $27.9 million of a $60.8 million request.
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Joseph M. Rigby, chairman, president and chief executive officer, said the outcome of the company’s most recent request makes it necessary to file another rate case. The company will also continue to work to reduce regulatory lag and ensure timely recovery of its costs, Rigby said, citing upfront surcharges as a means to that end.
“We will remain very active in the regulatory arena,” he said.
On July 12, for the third time in four years, the Maryland Public Service Commission denied the lion’s share of Pepco’s request for higher rates when it granted Pepco $27.9 million of a $60.8 million request.
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New Delmarva Public Radio GM makes quick changes
Just a year later the stations are set to move to new studios and new owner Salisbury University will invest in new, state of the art equipment.
The station’s new general manager Dana Whitehair, 55, is confidently optimistic about the future of the stations.
“I didn’t come here to fail. We’re looking at the long-term health of Delmarva Public Radio,” he told a small group of Lewes Friends of Delmarva Public Radio who met in October at Lewes Public Library.
He said moving from a situation a year ago when DPR appeared doomed, to now preparing to install new broadcast equipment is a significant turnaround.
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Former NSA Codebreaker: I Tried To Tell People About Government Spying
BALTIMORE (WJZ) — A former NSA codebreaker reveals that more than a decade ago, he tried to expose government spying on every day Americans.
The Maryland man tells Mary Bubala he blew the whistle long before anyone heard of Edward Snowden–but no one would listen.
WJZ investigates his story and the price he paid.
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The Maryland man tells Mary Bubala he blew the whistle long before anyone heard of Edward Snowden–but no one would listen.
WJZ investigates his story and the price he paid.
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Test Takers Rush To Complete GED
With the new version, test takers must use a computer instead of paper and pencil. The test itself will be more rigorous and cost more — at $120, the price in some states will be significantly higher than previous versions. Some places may subsidize all or part of the cost.
"This is the thing that's sort of putting the spur in the saddle," said Lecester Johnson, executive director of Academy of Hope, an adult charter school in Washington. "People just don't want to start over."
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Putin Ends NATO Missile Shield Cooperation, Warns Prepare For War
In a stunning move on November 4, hours away from a meeting, Putin ended the 2011 Russian Presidential order for cooperation with the North Atlantic Treaty Organization (NATO) on its missile defense shield project. Turkey scrambles American gifted F-16 fighter jets to intercept Russian fighters on the border. Vladimir Putin stuns the world telling his military to prepare for war.
Never since the height of the Cold War have Russia and the United States been perched on the brink of the Apocalypse. Russia is doing more than just stepping up their rhetoric. While President Obama is purging what he calls “My Military” it seems that our Russian Counterparts are gearing up for World War III.
Tensions just got a lot higher than they did during September. We thought that things might be headed in this direction after the G 20 summit. Hours before President Obama even landed, President Putin called Secretary of State John Kerry a liar:
Soon after did not calm tensions. President Obama stepped off the plane and lit into Putin.
Never since the height of the Cold War have Russia and the United States been perched on the brink of the Apocalypse. Russia is doing more than just stepping up their rhetoric. While President Obama is purging what he calls “My Military” it seems that our Russian Counterparts are gearing up for World War III.
Tensions just got a lot higher than they did during September. We thought that things might be headed in this direction after the G 20 summit. Hours before President Obama even landed, President Putin called Secretary of State John Kerry a liar:
Soon after did not calm tensions. President Obama stepped off the plane and lit into Putin.
The Betrayal Of Ken Cuccinelli
They said he was “unelectable.” The RNC put only $3 million into this race. Ken was outspent by a margin of something between 4:1 and 10:1, if you believe the Associated Press.
The Democrats poured everything into trying to lie to voters and portray Cuccinelli as an extremist — and they barely pulled this one out.
Would another $3 million have swung 50,000 votes? The Republicans, starting with Bill Bolling, who undercut Cuccinelli as unelectable have egg all over their faces.
This was a winnable election. How did we give this away to Terry McAuliffe? Some serious soul-searching should be taking place among the anti-tea-party faction.
Source
The Democrats poured everything into trying to lie to voters and portray Cuccinelli as an extremist — and they barely pulled this one out.
Would another $3 million have swung 50,000 votes? The Republicans, starting with Bill Bolling, who undercut Cuccinelli as unelectable have egg all over their faces.
This was a winnable election. How did we give this away to Terry McAuliffe? Some serious soul-searching should be taking place among the anti-tea-party faction.
Source
Hit-And-Run Driver Pleads Guilty To Felony Charge; Sentencing Delayed
Around 1:45 p.m. on June 1, Ocean City Police and EMS responded to the area of 19th Street and Baltimore Ave. for a report of a child struck by a vehicle. OCPD officers arrived on the scene and determined six-year-old Jaclyn Shaw child her mother, Erin Shaw, were attempting to cross Baltimore Ave. from east to west in a crosswalk at 19th Street when the child was struck by a vehicle traveling southbound.
The vehicle’s driver, later identified Jasmine Shuman, 18, of Salisbury, initially stopped after the collision, but then fled the scene. Shuman later told police she stopped and intended to stay, but panicked when a crowd gathered at the scene. Shuman was located a short time later by an OCPD foot officer as she was about to head west in her vehicle across the Route 50 Bridge.
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China Joins Russia, Orders Military To Prepare For World War III
A grim Ministry of Defense bulletin issued to Prime Minister Putin and President Medvedev today states that President Hu has “agreed in principal” that the only way to stop the West’s aggression led by the United States is through “direct and immediate military action” and that the Chinese leader has ordered his Naval Forces to “prepare for warfare.”
Hu’s call for war joins Chinese Rear Admiral and prominent military commentator Zhang Zhaozhong who, likewise,warned this past week that: “China will not hesitate toprotect Iran even with a Third World War,” and RussianGeneral Nikolai Makarov who grimly stated last week: “I do not rule out local and regional armed conflicts developing into a large-scale war, including using nuclear weapons.”
A new US intelligence report has also stated that China has up to 3000 nuclear weapons compared with generalestimates of between 80 and 400. To further pour more gasoline on the fire, the Washington Times has just reported that North Korea is making missile able to hit the US.
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Hu’s call for war joins Chinese Rear Admiral and prominent military commentator Zhang Zhaozhong who, likewise,warned this past week that: “China will not hesitate toprotect Iran even with a Third World War,” and RussianGeneral Nikolai Makarov who grimly stated last week: “I do not rule out local and regional armed conflicts developing into a large-scale war, including using nuclear weapons.”
A new US intelligence report has also stated that China has up to 3000 nuclear weapons compared with generalestimates of between 80 and 400. To further pour more gasoline on the fire, the Washington Times has just reported that North Korea is making missile able to hit the US.
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White House Poised To Grant Unions Obamacare Subsidy: Report
“Weeks after denying labor’s request to give union members access to health-law subsidies, the Obama administration is signaling it intends to exempt some union plans from one of the law’s substantial taxes,” a report from Kaiser Health News stated.
The Weekly Standard said the subsidy proposal has been buried — quietly — in rules that were issued for Obamacare’s rollout, and that move suggests exemptions for “certain self-insured, self-administered plans” for reinsurance fees that kick in between 2015 and 2016. The fee is at least $63 per member and is expected to raise $25 billion in three years.
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The Connected Company behind Healthcare.gov
Democratic powerbrokers lobbied for QSSI’s big award.
Quality Software Services Inc., the company that built the data hub for Healthcare.gov, won its huge contract after its parent, UnitedHealth Group, enlisted two so-called super-lobbyists. These men are Democratic power-brokers: They have raised significant amounts of funds for Democratic causes and campaigns, and they maintain lots of friends in high places.
One of them, Jeff Forbes, has worked on behalf of UnitedHealth regarding Obamacare implementation since at least January 2011, first for Cauthen Forbes & Williams, and then for Forbes-Tate. Between the two firms, UnitedHealth has spent $600,000 for Forbes’s efforts since 2011.
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Quality Software Services Inc., the company that built the data hub for Healthcare.gov, won its huge contract after its parent, UnitedHealth Group, enlisted two so-called super-lobbyists. These men are Democratic power-brokers: They have raised significant amounts of funds for Democratic causes and campaigns, and they maintain lots of friends in high places.
One of them, Jeff Forbes, has worked on behalf of UnitedHealth regarding Obamacare implementation since at least January 2011, first for Cauthen Forbes & Williams, and then for Forbes-Tate. Between the two firms, UnitedHealth has spent $600,000 for Forbes’s efforts since 2011.
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US Rents Rise To New All-Time High; Homeownership Rate Stuck At 18 Year Low
One quarter ago, when we performed our regular update [5]on trends in US homeownership and rents, we said that "The American Homeownership Dream is officially dead. Long live the New Normal American Dream: Renting." What happened since then is that the American Dream briefly became a full-blown nightmare when in Q3 mortgage rates exploded, pummeling the affordability of housing, and ground any new mortgage-funded transactions to a complete halt (don't believe us - just ask the tens of thousands of mortgage brokers let go by the TBTF banks in the past 6 months). Which is why it was not at all surprising to find that the just updated Q3 homeownership rate has remained stuck at 65.1%: the lowest since 1995.
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GOOD SAMARITAN LURED INTO TRAP & BEATEN UNCONSCIOUS — BUT WHAT HE NOTICED WHEN HE WOKE UP MIGHT PERPLEX YOU
A good Samaritan in Ohio was lured into an apparent trap Friday night and beaten unconscious by the very people he was trying to help — but what the man noticed when he woke surprised him.
Damon Wyatt, 46, said he was driving around 11 p.m. in Butler County when he noticed a minivan on the side of the road and a man and woman positioned next to it asking for a “jump,” according to WLWT.
Wyatt pulled over, opened the hood of the couple’s car and began going through the motions to “jump” the vehicle.
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Damon Wyatt, 46, said he was driving around 11 p.m. in Butler County when he noticed a minivan on the side of the road and a man and woman positioned next to it asking for a “jump,” according to WLWT.
Wyatt pulled over, opened the hood of the couple’s car and began going through the motions to “jump” the vehicle.
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General Blames ‘Night Stalker’ For Military Purge
Says mysterious adviser's influence on Obama now negatively affecting U.S. armed forces
WASHINGTON – Who, or what, is behind the “purge” of top-level U.S. military officers during the Obama administration, with estimates of the number of senior officers fired during the last five years edging toward 200?
According to Retired Army Maj. Gen. Paul E. Vallely, formerly the deputy commanding general of the Pacific Command, who has served as a Fox News senior military analyst , a good part of the blame belongs to Obama’s close adviser, Valerie Jarrett. Rampant “political correctness” due to her influence, Vallely tells WND, is now permeating the military and negatively affecting everyone from top generals to the ranks of the enlisted.
WND has been reporting on the surge of firings, suspensions and dismissals of key military commanders under Obama, including just a day ago, when the commander of the U.S. Army Garrison Japan was summarily relieved of his duties.
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WASHINGTON – Who, or what, is behind the “purge” of top-level U.S. military officers during the Obama administration, with estimates of the number of senior officers fired during the last five years edging toward 200?
According to Retired Army Maj. Gen. Paul E. Vallely, formerly the deputy commanding general of the Pacific Command, who has served as a Fox News senior military analyst , a good part of the blame belongs to Obama’s close adviser, Valerie Jarrett. Rampant “political correctness” due to her influence, Vallely tells WND, is now permeating the military and negatively affecting everyone from top generals to the ranks of the enlisted.
WND has been reporting on the surge of firings, suspensions and dismissals of key military commanders under Obama, including just a day ago, when the commander of the U.S. Army Garrison Japan was summarily relieved of his duties.
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Senate President Miller Wants Bills Introduced And Worked On Earlier
“We respect and appreciate the fact that we are part-time General Assembly,” Miller said. “We need to make each of those workdays productive. We’re battling against human nature, which for most people means putting off issues that could be dealt with today.”
Miller said he hopes that the governor’s office and state agency leaders will work to ensure their bills are introduced before the session begins, as opposed to waiting until later in session. Many of the bills coming from the administration make sweeping policy changes.
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Trulia Pushes The Panic Button As Young Adults Refuse To Move Out Of Parents' Basements, Get Jobs
Well over a year ago, we first suggested that the conventional wisdom thesis for the bounce in home prices - namely a spurt in household formation - was dead wrong. Sure enough, as has been confirmed empirically, the only reason for the latest dead cat bounce in home prices has been the Fed, and banks complicit in engaging in "foreclosure stuffing." And while it was easy to deflect the topic of just what is driving the housing market (because none of the bulls would want to admit it is just another credit and liquidity-driven bubble) for over a year, with the traditional "things will be back to normal soon" fall back used every time, as time passed and none of the traditional ingredients for a housing recovery fell into place, some started scratching their heads. This came to a boiling point today, when real-estate firm Trulia, looking at the latest Census Bureau data on household formation, finally threw in the towel and rang the panic button as not only have young Americans set anchor in their parents' basement, but even refuse to get a job.
That, and the "foreclosure stuffing" of course, with 53% of vacant homes helf off the market, "the highest share since before the bubble."
Below, courtesy of Bloomberg, is the summary of what Trulia chief economist Jed Kolko wrote in a note.
Census 3Q homeownership, vacancy survey shows household formation “alarmingly slow,” vacancies “remain stubbornly high,” Trulia chief economist Jed Kolko writes in note.
"Slow household formation number is one of the most alarming housing indicators to come out this year"
Share of millennials living with their parents rose to 31.6% vs 31.4% y/y
Household formation 380k in yr leading up to 3Q vs L-T “normal” increase of 1.1m
No increase over past yr in young adults moving out of parents homes or getting jobs is “most worrying”
Vacant homes still pose “problem” for recovery
53% of vacant homes were held off mkt in 3Q, highest share since before bubble
10.2% of all housing units are vacant, unchanged y/y, higher than pre-bubble level of 8.9% in 3Q 2001
That, and the "foreclosure stuffing" of course, with 53% of vacant homes helf off the market, "the highest share since before the bubble."
Below, courtesy of Bloomberg, is the summary of what Trulia chief economist Jed Kolko wrote in a note.
Census 3Q homeownership, vacancy survey shows household formation “alarmingly slow,” vacancies “remain stubbornly high,” Trulia chief economist Jed Kolko writes in note.
"Slow household formation number is one of the most alarming housing indicators to come out this year"
Share of millennials living with their parents rose to 31.6% vs 31.4% y/y
Household formation 380k in yr leading up to 3Q vs L-T “normal” increase of 1.1m
No increase over past yr in young adults moving out of parents homes or getting jobs is “most worrying”
Vacant homes still pose “problem” for recovery
53% of vacant homes were held off mkt in 3Q, highest share since before bubble
10.2% of all housing units are vacant, unchanged y/y, higher than pre-bubble level of 8.9% in 3Q 2001
The Problem With Pay-As-You-Go Social Programs: They're Ponzi Schemes
Ignoring the facts won't help us address the insolvency of pay-as-you-go social programs.
I was fortunate enough to be invited back on Max Keiser's Keiser Report for a wide-ranging discussion of Peak Retirement, currency wars and more. Since the topics Max raises are profound and not always that easy to summarize (if there is another media host who covers complex topics in such profusion and with such a diverse range of guests, he/she is unknown to me), I'm devoting the next few blog entries to offer context for the topics Max and I discussed.
Max's first question related to my entry on Peak Retirement [12] (October 15, 2013) in which I showed that the ratio of full-time workers to Social Security beneficiaries has dropped to 2-to-1.
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I was fortunate enough to be invited back on Max Keiser's Keiser Report for a wide-ranging discussion of Peak Retirement, currency wars and more. Since the topics Max raises are profound and not always that easy to summarize (if there is another media host who covers complex topics in such profusion and with such a diverse range of guests, he/she is unknown to me), I'm devoting the next few blog entries to offer context for the topics Max and I discussed.
Max's first question related to my entry on Peak Retirement [12] (October 15, 2013) in which I showed that the ratio of full-time workers to Social Security beneficiaries has dropped to 2-to-1.
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Maybe Pain Will Teach You Millenials Not To Vote For Your Own Serfdom
You Millenials voted for Obama by amargin of 28 percent, which will make it a lot easier for me to accept the benefits you will be paying for. We warned you that liberalism was a scam designed to take the fruits of your labor and transfer it to us, the older, established generation. Oh, and also to the couch-dwelling, Democrat-voting losers who live off of food stamps and order junk from QVC with their Obamaphones.
You didn’t listen to us. Maybe you’ll listen to pain.
I have been told that being hard on you Millennials will turn you against conservatism, that I should offer you a positive, hopeful message that avoids the touchy problem of your manifest stupidity.
No. There’s no sugar-coating it – your votes for Democrats have ensured that you are the first generation in American history that will fail to exceed what their parents attained. Embracing liberalism was a stupid thing to do, done for the stupidest of reasons, and I will now let you subsidize my affluent lifestyle without a shred of guilt.
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You didn’t listen to us. Maybe you’ll listen to pain.
I have been told that being hard on you Millennials will turn you against conservatism, that I should offer you a positive, hopeful message that avoids the touchy problem of your manifest stupidity.
No. There’s no sugar-coating it – your votes for Democrats have ensured that you are the first generation in American history that will fail to exceed what their parents attained. Embracing liberalism was a stupid thing to do, done for the stupidest of reasons, and I will now let you subsidize my affluent lifestyle without a shred of guilt.
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Congress Sells Out To Wall Street, Again
The U.S. House just passed a bill called H.R. 992 - the Swaps Regulatory Improvement Act - that was literally written by mega-bank lobbyists. It repeals the laws passed in 2010 to prevent another meltdown like the one that crashed our economy in 2008. The repeal was co-sponsored by a former Goldman Sachs executive and passed with bipartisan support from some of the House’s largest recipients of Wall Street cash. It’s so appalling... so unbelievable... so blatantly corrupt... that you’ve got to see it to believe it:
In 2010, Congress passed the “Dodd-Frank” law to clamp down on risky “derivatives trading” that led to the financial collapse of 2008. Dodd-Frank was weakened by banking lobbyists from the start and has been under attack by those lobbyists ever since. Now a new law written by Citigroup lobbyists (we couldn’t make this stuff up if we tried) exempts derivatives trading from regulation, and was passed this week by the House of Representatives with broad bipartisan support.
It sounds bad… but don’t worry, it gets much, much worse:
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In 2010, Congress passed the “Dodd-Frank” law to clamp down on risky “derivatives trading” that led to the financial collapse of 2008. Dodd-Frank was weakened by banking lobbyists from the start and has been under attack by those lobbyists ever since. Now a new law written by Citigroup lobbyists (we couldn’t make this stuff up if we tried) exempts derivatives trading from regulation, and was passed this week by the House of Representatives with broad bipartisan support.
It sounds bad… but don’t worry, it gets much, much worse:
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The Student Loan Bubble Is Starting To Burst
The largest bank in the United States will stop making student loans in a few weeks.
JPMorgan Chase has sent a memorandum to colleges notifying them that the bank will stop making new student loans in October, according to Reuters.
The official reason is quite bland.
“We just don’t see this as a market that we can significantly grow,” Thasunda Duckett tells Reuters. Duckett is the chief executive for auto and student loans at Chase, which means she’s basically delivering the news that a large part of her business is getting closed down.
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JPMorgan Chase has sent a memorandum to colleges notifying them that the bank will stop making new student loans in October, according to Reuters.
The official reason is quite bland.
“We just don’t see this as a market that we can significantly grow,” Thasunda Duckett tells Reuters. Duckett is the chief executive for auto and student loans at Chase, which means she’s basically delivering the news that a large part of her business is getting closed down.
More
6 Charts That Show How The War On Fat Was A Gigantic Mistake
The "war" on saturated fat is the biggest mistake in the history of nutrition.
As people have reduced their intake of animal fat and cholesterol, the incidence of many serious diseases has gone up. We are now in the midst of worldwide pandemics of obesity, metabolic syndrome and type II diabetes.
Studies conducted in the past few decades conclusively show that neither saturated fat nor dietary cholesterol cause harm in humans (1, 2, 3, 4). Scientists are now beginning to realize that the entire low-fat dogma was based on flawed studies that have since been thoroughly debunked.
Here are six graphs that clearly show how incredibly damaging it has been to advise people to reduce their consumption of animal fat.
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As people have reduced their intake of animal fat and cholesterol, the incidence of many serious diseases has gone up. We are now in the midst of worldwide pandemics of obesity, metabolic syndrome and type II diabetes.
Studies conducted in the past few decades conclusively show that neither saturated fat nor dietary cholesterol cause harm in humans (1, 2, 3, 4). Scientists are now beginning to realize that the entire low-fat dogma was based on flawed studies that have since been thoroughly debunked.
Here are six graphs that clearly show how incredibly damaging it has been to advise people to reduce their consumption of animal fat.
More
BILL COSBY: OUR CULTURE IS HARD WORK, NOT VULGARITY
Students at Tuskegee University gave comedian Bill Cosby a standing ovation over the weekend for a speech in which he praised the value of hard work in society.
Cosby, a legendary entertainer and frequent critic on social issues, told the crowd atSunday's Tuskegee Homecoming Weekend why he focuses on social mores as well as laughter.
Vulgarity is not our culture. It never has been. Hard work has been our culture," says Cosby.
Cosby says there needs to be a shift in society. To do that, he says young people must respect themselves, children, and women.
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Cosby, a legendary entertainer and frequent critic on social issues, told the crowd atSunday's Tuskegee Homecoming Weekend why he focuses on social mores as well as laughter.
Vulgarity is not our culture. It never has been. Hard work has been our culture," says Cosby.
Cosby says there needs to be a shift in society. To do that, he says young people must respect themselves, children, and women.
More
GOVERNOR O’MALLEY TO HOST EMPLOYMENT FOR VETERANS ROUNDTABLE
ANNAPOLIS – On Friday, November 8, Governor O’Malley will host an employment for veterans roundtable with Department of Labor, Licensing & Regulation Secretary Leonard Howie, Maryland Department of Veterans Affairs Secretary Edward Chow Jr., Department of Business and Economic Development Secretary Dominick Murray, Maryland National Guard Major General James A. Adkins, U.S. Department of Labor Assistant Director William Slemmer, various veterans services coordinators and veterans from around the state to discuss the challenges, successes and opportunities for veterans attempting to find employment in Maryland.
WHEN: Friday, November 8, 2013, 2:00 p.m.
WHERE: USNA Officers Club, Coral Sea Room, Annapolis, MD
*** Enter the Naval Academy through Gate 3. You will need to show identification.
The O’Malley-Brown Administration’s goal is to achieve full employment for Maryland veterans by the end of calendar year 2015. The Administration is investing in education programs for veterans and working with State agencies employment officers to encourage the hiring of veterans for State employment. The Governor will also introduce Veterans.Maryland.Gov, a redesigned website that will better offer services to veterans.
WHEN: Friday, November 8, 2013, 2:00 p.m.
WHERE: USNA Officers Club, Coral Sea Room, Annapolis, MD
*** Enter the Naval Academy through Gate 3. You will need to show identification.
The O’Malley-Brown Administration’s goal is to achieve full employment for Maryland veterans by the end of calendar year 2015. The Administration is investing in education programs for veterans and working with State agencies employment officers to encourage the hiring of veterans for State employment. The Governor will also introduce Veterans.Maryland.Gov, a redesigned website that will better offer services to veterans.
Maryland Boychoir Performs Friday, November 8, At St. Peter's Church
Maryland State Boychoir
Maryland’s Goodwill Ambassadors
“The sound of angels. The voices of eager and creative young boys.”
Friday, November 8, 7:30 PM
St. Peter’s Episcopal Church
115 St. Peter’s Street
Salisbury, MD 21801
410-742-5118
Free Will Offering
29 October 2013
Salisbury, MD—The ancient tradition of boys and youth singing returns to Salisbury on Friday, November 8, when the Maryland State Boychoir’s (MSB) touring ensemble performs at St. Peter’s Episcopal Church at 7:30 p.m. Some 45 young singers will perform a musical program ranging from medieval to modern. Admission is free, with a free will offering taken to defer expenses.
Over a quarter century old, the MSB has a total of 150 choristers in different ensembles, ranging in age from 7 to 20. Headquartered in Baltimore, singers represent a wide range of ethic, socioeconomic and religious backgrounds from Maryland, Washington, D.C., Virginia and Pennsylvania.
One of the state’s popular “Official Goodwill Ambassadors,” they have sung at the White House, the Kennedy Center, the National Cathedral in Washington, D.C., and St. Patrick’s and Holy Trinity cathedrals in New York. They have toured throughout North America and Europe performing at Saint Patrick’s Cathedral in Ireland, Coventry Cathedral in England and St. Peter’s Basilica, the Vatican, among many others in Germany, the Netherlands, Italy, Austria, France and the UK.
The MSB was featured on NBC’s “Homicide: Life on the Street,” National Public Radio’s “All Things Considered,” and Maryland Public Television. Music from their six CDs has been broadcasted nationally.
Its concert repertoire has ranged from Gregorian chant and Renaissance polyphony, to classical including Handel and Mozart, to American and contemporary with world music, gospel and pop favorites.
According to the MSB, music is used as a discipline to develop the mind, shape character and feed the spirit. Like a sports team, the boys learn to work together toward a common goal, developing self-discipline, concentration and the confidence that comes from mastery of a challenging subject. Music is approached much like learning a foreign language, with reading and understanding, then conveying that understanding in performance. Like athletes, many of the boys enjoy sports, performing and just horsing around.
Dr. Stephen A. Holmes is artistic director of MSB. A former member who joined at the age of 9, he earned his doctorate in choral conducting from the University of Maryland College Park. He is also director of choral activities at the Notre Dame of Maryland University. He has worked with multiple choirs and ensembles throughout the country and he and his wife and daughter live in Baltimore.
On Saturday, November 9, at 9:30 a.m. he leads a “Growing a Church/Community Choral Program for Kids Forum” for anyone who would like to see boys and girls on Delmarva have opportunities to learn and perform beautiful music. Admission to the forum at St. Peter’s is also free and the public is invited.
To learn more about the concert and the forum, please call Bruce Horner, St. Peter’s director of music, at 443-417-0240, e-mail intunerbh@gmail.com or call St. Peter’s Church (located off Route 50 in downtown Salisbury) at 410-742-5118.
East Market Street Repairs
RE: DP&L Utility Work
As part of Salisbury Public Works’ ongoing effort to keep the public informed of improvements within the City of Salisbury, please be advised that a contractor will be affecting the flow of traffic in order to upgrade an existing three phase electrical line on East Market Street from Route 13 to Circle Avenue.
The work will be performed between the hours of 7:00 AM and 5:00 PM, beginning Wednesday, November 13, 2013 and will be completed by Friday, December 13, 2013 barring unforeseen problems. Expect delays due to traffic pattern modifications. We regret any inconvenience this may cause. Your patience and cooperation are greatly appreciated.
Should you have any questions or need clarification regarding this project, please contact Greg Bryan with Shore Utilities at 410-463-1426 or Jay Trott with Salisbury Public Works, Technical Services at 410-548-5460 / 410-430-9089.
As part of Salisbury Public Works’ ongoing effort to keep the public informed of improvements within the City of Salisbury, please be advised that a contractor will be affecting the flow of traffic in order to upgrade an existing three phase electrical line on East Market Street from Route 13 to Circle Avenue.
The work will be performed between the hours of 7:00 AM and 5:00 PM, beginning Wednesday, November 13, 2013 and will be completed by Friday, December 13, 2013 barring unforeseen problems. Expect delays due to traffic pattern modifications. We regret any inconvenience this may cause. Your patience and cooperation are greatly appreciated.
Should you have any questions or need clarification regarding this project, please contact Greg Bryan with Shore Utilities at 410-463-1426 or Jay Trott with Salisbury Public Works, Technical Services at 410-548-5460 / 410-430-9089.
Report: You Also Can’t Keep Your Doctor
'The exchange would force me to give up a world-class physician'
(WALL STREET JOURNAL) — Everyone now is clamoring about Affordable Care Act winners and losers. I am one of the losers.
My grievance is not political; all my energies are directed to enjoying life and staying alive, and I have no time for politics. For almost seven years I have fought and survived stage-4 gallbladder cancer, with a five-year survival rate of less than 2% after diagnosis. I am a determined fighter and extremely lucky. But this luck may have just run out: My affordable, lifesaving medical insurance policy has been canceled effective Dec. 31.
My choice is to get coverage through the government health exchange and lose access to my cancer doctors, or pay much more for insurance outside the exchange (the quotes average 40% to 50% more) for the privilege of starting over with an unfamiliar insurance company and impaired benefits.
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(WALL STREET JOURNAL) — Everyone now is clamoring about Affordable Care Act winners and losers. I am one of the losers.
My grievance is not political; all my energies are directed to enjoying life and staying alive, and I have no time for politics. For almost seven years I have fought and survived stage-4 gallbladder cancer, with a five-year survival rate of less than 2% after diagnosis. I am a determined fighter and extremely lucky. But this luck may have just run out: My affordable, lifesaving medical insurance policy has been canceled effective Dec. 31.
My choice is to get coverage through the government health exchange and lose access to my cancer doctors, or pay much more for insurance outside the exchange (the quotes average 40% to 50% more) for the privilege of starting over with an unfamiliar insurance company and impaired benefits.
More
FIVE JUVENILES ARRESTED FOR DESTRUCTIVE DEVICE CHARGES
On November 4, 2013 at approximately 4 a.m., Ocean City police responded to the area of 110th Street in reference to a citizen’s report of the sound of a “gunshot.” Upon arrival, officers noticed damage to a vehicle in the parking lot.
During the initial investigation, officers were quickly able to identify that the possible source of the damage to the vehicle came from the 10th floor of the nearby condo building. Officers requested to enter the unit which was occupied by four juvenile males, all of Salisbury, MD and one juvenile female of Berlin, MD. During a search of the unit, officers recovered numerous improvised destructive devices and additional manufacturing materials. These devices were homemade and constructed using water bottles, tin foil and drain cleaner. Officers also recovered marijuana, prescription pills and drug paraphernalia in the unit.
Ocean City police charged each of the juveniles with manufacturing and possession of a destructive device. In addition, a 14-year-old male has been charged with malicious destruction of property under $500 and possession of drug paraphernalia, a 16-year-old male with possession of drug paraphernalia, and a 16-year-old female with possession of marijuana and drug paraphernalia.
A referral was made to the Department of Juvenile Services who ultimately authorized the release of each juvenile to their parents.
During the initial investigation, officers were quickly able to identify that the possible source of the damage to the vehicle came from the 10th floor of the nearby condo building. Officers requested to enter the unit which was occupied by four juvenile males, all of Salisbury, MD and one juvenile female of Berlin, MD. During a search of the unit, officers recovered numerous improvised destructive devices and additional manufacturing materials. These devices were homemade and constructed using water bottles, tin foil and drain cleaner. Officers also recovered marijuana, prescription pills and drug paraphernalia in the unit.
Ocean City police charged each of the juveniles with manufacturing and possession of a destructive device. In addition, a 14-year-old male has been charged with malicious destruction of property under $500 and possession of drug paraphernalia, a 16-year-old male with possession of drug paraphernalia, and a 16-year-old female with possession of marijuana and drug paraphernalia.
A referral was made to the Department of Juvenile Services who ultimately authorized the release of each juvenile to their parents.
You And I Would Go To Jail For This…
Last week, the US Treasury Department released a statement amid great fanfare and triumph, that the federal budget deficit for fiscal year 2013 was ‘only’ $680 billion.
Yes, the sad state of affairs today is that a deficit of ‘only’ $680 billion is actually considered good news.
Now, I’ve spent a lot of time over the last week diving into the numbers to figure out the real story. And frankly I’m amazed that what I found hasn’t made front page news.
For starters, the big reason for this supposed drop in the deficit had nothing to do with fiscal restraint.
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Yes, the sad state of affairs today is that a deficit of ‘only’ $680 billion is actually considered good news.
Now, I’ve spent a lot of time over the last week diving into the numbers to figure out the real story. And frankly I’m amazed that what I found hasn’t made front page news.
For starters, the big reason for this supposed drop in the deficit had nothing to do with fiscal restraint.
More
What The US Government Spent Its Money On In 2013
Still living with the misguided idea that the bulk of government spending goes to defense? Wrong. As the just released Treasury refunding presentation shows, for yet another year in a row, the bulk of government outlays was for Medicare and Medicaid, as well as Social Security, both amounting to just shy of $900 billion in 2013, a sizable increase compared to the prior year. Defense spending? It declined once again to just over $600 billion, as did Interest outlays, which net of the Fed's remittances on interest payments, declined from under $500 billion to just about $400 billion in the past year.
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Trooper Who Wrote Md. AG Driving Memo Investigated
PIKESVILLE, Md. (AP) -- An attorney for a Maryland state trooper who documented allegations that Attorney General Douglas Gansler ordered troopers to drive recklessly says his client is under investigation in another matter.
Maryland State Police spokesman Greg Shipley tells The Washington Post (http://wapo.st/16E2GYs ) that the agency is investigating whether several employees' moonlighting work was sanctioned. He declined to identify the troopers involved. He says the agency asked Virginia and District of Columbia authorities to investigate, too.
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Maryland State Police spokesman Greg Shipley tells The Washington Post (http://wapo.st/16E2GYs ) that the agency is investigating whether several employees' moonlighting work was sanctioned. He declined to identify the troopers involved. He says the agency asked Virginia and District of Columbia authorities to investigate, too.
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Facing Grim Prognosis, Indiana Hunter Paralyzed In Fall From Tree Chooses To End Life Support
Tim Bowers got to decide for himself whether he wanted to live or die.
When the avid outdoorsman was badly hurt Saturday in a hunting accident, doctors said he would be paralyzed and could be on a ventilator for life. His family had a unique request: Could he be brought out of sedation to hear his prognosis and decide what he wanted to do?
Doctors said yes, and Bowers chose to take no extra measures to stay alive. He died Sunday, hours after his breathing tube was removed.
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When the avid outdoorsman was badly hurt Saturday in a hunting accident, doctors said he would be paralyzed and could be on a ventilator for life. His family had a unique request: Could he be brought out of sedation to hear his prognosis and decide what he wanted to do?
Doctors said yes, and Bowers chose to take no extra measures to stay alive. He died Sunday, hours after his breathing tube was removed.
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SFD Calls For Service 11-6-13
- Wednesday November, 6 2013 @ 23:31:19Nature: Psychiatric EmergencyCity: Salisbury
- Wednesday November, 6 2013 @ 22:00:44Nature: Difficulty BreathingCity: Salisbury
- Wednesday November, 6 2013 @ 21:22:14Nature: Non BreathingAddress: 31011 Old Ocean City Rd Salisbury, MD 21801
- Wednesday November, 6 2013 @ 19:11:56Nature: Sick SubjectCity: Salisbury
- Wednesday November, 6 2013 @ 18:29:26Nature: Sick SubjectCity: Salisbury
- Wednesday November, 6 2013 @ 18:03:00Nature: Emergency UnknownCity: Salisbury
- Wednesday November, 6 2013 @ 17:56:39Nature: Sick SubjectCity: Salisbury
- Wednesday November, 6 2013 @ 17:56:35Nature: Difficulty BreathingCity: Salisbury
- Wednesday November, 6 2013 @ 17:51:48Nature: Structure FireAddress: 100 E Carroll St Salisbury, MD 21801
- Wednesday November, 6 2013 @ 17:51:47Nature: Structure FireCity: Salisbury
- Wednesday November, 6 2013 @ 17:51:44Nature: Structure FireAddress: 100 E Carroll St Salisbury, MD 21801
- Wednesday November, 6 2013 @ 17:35:34Nature: Unconscious SubjectCity: Salisbury
- Wednesday November, 6 2013 @ 17:25:34Nature: Subject FallenCity: Salisbury
- Wednesday November, 6 2013 @ 17:09:37Nature: Pi AccidentAddress: 500 Glen Ave Salisbury, MD 21801
- Wednesday November, 6 2013 @ 17:09:31Nature: Pi AccidentCity: Salisbury
- Wednesday November, 6 2013 @ 16:56:42Nature: Sick SubjectCity: Salisbury
- Wednesday November, 6 2013 @ 14:36:28Nature: Pi AccidentAddress: E Main St and e Salisbury Pkwy Salisbury, MD 21801
- Wednesday November, 6 2013 @ 14:14:41Nature: Difficulty BreathingCity: Salisbury
- Wednesday November, 6 2013 @ 13:10:41Nature: Subject FallenCity: Salisbury
- Wednesday November, 6 2013 @ 12:22:42Nature: Difficulty BreathingCity: Salisbury
- Wednesday November, 6 2013 @ 11:49:22Nature: Back PainCity: Salisbury
- Wednesday November, 6 2013 @ 11:24:35Nature: OverdoseCity: Salisbury
- Wednesday November, 6 2013 @ 11:23:01Nature: Pro Qa EmsCity: Salisbury
- Wednesday November, 6 2013 @ 11:09:26Nature: Automatic AlarmAddress: 710 Naylor Mill Rd Salisbury, MD 21801
- Wednesday November, 6 2013 @ 09:21:54Nature: Appliance FireAddress: 1023 Meadow View Dr Salisbury, MD 21801
- Wednesday November, 6 2013 @ 09:19:51Nature: Sick SubjectCity: Salisbury
- Wednesday November, 6 2013 @ 08:07:46Nature: Medical AssistAddress: 201 Louise Ave Salisbury, MD 21801
- Wednesday November, 6 2013 @ 07:57:11Nature: SeizureCity: Salisbury
- Wednesday November, 6 2013 @ 03:46:12Nature: Sick SubjectCity: Salisbury
- Wednesday November, 6 2013 @ 03:09:02Nature: Syncopal EpisodeCity: Salisbury
Lost Dog 11-4-13: UPDATE
Taxpayer’s Foot $220,000 Bill For Senior Expo At National Harbor
The internal report by the Department of Budget and Management cited the event for “numerous control issues” and “insufficient oversight of the project.”
It took place at the Gaylord National Resort and Conference Center, and the four diamond resort was picked without competitive bidding — a choice the audit said resulted in higher costs because it is one of the most expensive venues in the area.
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