Land of Broken Dreams

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August 2008
- 'Coercive Paternalism' Is Bad Parenting
  
  Reason Magazine | Aug 9, 08 9:57 AM CDT
  
  (Newser) - Under the banner of what’s good for you, an insidious new trend is growing. “Coercive paternalism,” Steve Chapman writes in Reason , is the wrong-minded older sibling of the much-in-vogue “libertarian paternalism” responsible for dietary information in chain restaurants. “Libertarian paternalists … limit themselves to promoting informed choices,” Chapman writes. “Coercive paternalists have a simpler approach: telling us what to do.” More »
- 2007 Mortgages Failing at Triple the Rate of 2006
  
  Wall Street Journal | Aug 7, 08 9:29 AM CDT
  
  (Newser) - Mortgages procured in 2007 are souring at a rate nearly triple that of 2006, reports the Wall Street Journal, suggesting that the wallop to the financial system from forclosures could be far from over. Analysis done for the paper finds 0.91% of the prime loans issued in the first part of the year in foreclosure, or more than 90 days past due, after 12 months. Just 0.33% of loans made during early 2006 went bad after a year. More »
- CEO Arrested in Plan to Use Homeless in Medicare Scam
  
  Associated Press | Aug 6, 08 5:30 CDT
  
  (Newser) - The CEO of a Los Angeles hospital was arrested today for defrauding Medicare by using the city’s homeless to fill empty beds, the AP reports. The FBI says Rudra Sabaratnam, of City of Angels hospital, recruited the homeless in a scheme to charge for unnecessary health services and keep the funds. The FBI also arrested the operator of a skid-row shelter. More »
- Please, Media, That Was No Quake
  
  Los Angeles Times | Aug 1, 08 7:23 CDT
  
  (Newser) - The brouhaha over the California earthquake this week was generated as much by media as trembling ground, Joel Stein writes in the Los Angeles Times . The quake did damage Stein's workday, however, because he had to field so many calls from worried, out-of-state loved ones who saw the overhyped coverage on CNN. "Here's a good rule for my family," he writes: "If the news channel is telling you about a disaster, but it is broadcasting footage of a bright, sunny day, then I'm fine." More »
July 2008
- Failed FDIC-Run Bank Added Fuel to Subprime Fire
  
  Wall Street Journal | Jul 21, 08 9:21 AM CDT
  
  (Newser) - An Illinois bank seized by regulators in 2001 continued to write risky subprime mortgages for months after it was put under the day-to-day supervision of the Federal Deposit Insurance Corporation, the Wall Street Journal reports. Many of the loans—some with interest rates above 12%—have been foreclosed; a Texas bank that bought a portfolio of the loans is suing the government. More »
- Social Responsibility Costs Calif. Pension Funds Billions
  
  BusinessWeek | Jul 15, 08 7:21 CDT
  
  (Newser) - California's plan to put state pension funds in socially responsible investments means those funds are worth billions less than they would be if they'd been allowed to invest in tobacco companies and emerging markets, BusinessWeek reports. The initiative, launched in 2000, also pushed investment in California real estate—where the funds are on the hook for some big losses in a down market. More »
June 2008
- Wildfires Tamed in Calif., Rage in NM
  
  Associated Press | Jun 21, 08 6:35 CDT
  
  (Newser) - Firefighters almost completely contained a Northern California blaze today as fires in New Mexico threatened to spread, buoyed by lightning and high winds, the AP reports. The California fire, in Santa Cruz County, has leveled up to 15 homes and led to the continued evacuation of 2,000 people. Officials hope it will completely contained by the end of the day. More »
- Bridge 'Suicide' Ruled Fugitive
  
  Bloomberg | Jun 17, 08 3:57 AM CDT
  
  (Newser) - A New York hedge fund manager who bilked investors out of $400 million has been declared a fugitive by federal authorities, reports Bloomberg. "Suicide has been ruled out,'' said a spokesman for the US Marshals Service. Samuel Israel disappeared the day he was scheduled to begin a 20-year sentence last week. His car was found on a bridge over the Hudson River, with "suicide is painless" scrawled in the dust on the windshield. More »
- Waiting for Green Has Gas-Conscious Seeing Red
  
  Press-Enterprise | Jun 11, 08 4:26 CDT
  
  (Newser) - Though their safety value in heavy traffic isn't disputed, some Californians are starting to see left-turn arrows as a drag on ever-pricier gas and an avoidable threat to the environment, the Riverside Press-Enterprise reports. The California Energy Commission estimates that idling for 2 minutes (often a needless waste of time, some say) uses the same amount of fuel as driving 1 mile. More »
- Diesel Thieves Plague Farmers
  
  CNN | Jun 6, 08 2:33 CDT
  
  (Newser) - With oil prices stuck in triple digits, any form of gas is becoming precious booty for thieves, CNN reports. The latest targets: farmers running diesel-fueled irrigation pumps. Fuel tanks, often sitting unguarded in fields, can be a quick score of around 250 gallons in the middle of the night. In Kern County, California, alone the sheriff estimates that $300,000 worth of diesel was stolen in the past 3 months. More »
- Ex-Broadcom Boss Charged With Drugging Exec Drinks
  
  Wall Street Journal | Jun 6, 08 5:27 AM CDT
  
  (Newser) - Broadcom's co-founder has been indicted on an astounding spate of federal fraud and narcotics charges, the Wall Street Journal reports. Henry Nicholas III is accused of using and distributing drugs over a seven-year period while directing a criminal stock options-backdating conspiracy that cost the firm billions. Prosecutors claim he secretly spiked the drinks of technology executives and customers with Ecstacy. More »
- Calif. County Cracks Down on Lax Pot Law
  
  San Francisco Chronicle | Jun 5, 08 10:57 AM CDT
  
  (Newser) - Voters in a northern California county have backed a measure tightening one of America's loosest pot laws, the San Francisco Chronicle reports. State law allows Californians to grow six marijuana plants each for medicinal use, but Mendocino County allowed its residents 25 plants each for any use. The county's residents will now have to make do with the standard six. More »
- Fire Ravages Universal Studios Backlot
  
  Los Angeles Times | Jun 1, 08 11:44 AM CDT
  
  (Newser) - Fire broke out early this morning in the Universal Studios backlot, destroying priceless movie memorabilia and damaging at least one sound stage and two outdoor sets, reports the Los Angeles Times . The blaze began during filming on the lot, and consumed the King Kong exhibit that has long been a feature of the backlot tour, say fire department officials. More »
May 2008
- Indoor Pot Farms Sow Calif. Discord
  
  Los Angeles Times | May 31, 08 12:13 CDT
  
  (Newser) - Indoor pot farms are sprouting up around California and causing some bad vibes in the Golden State, the Los Angeles Times reports. In one northwest community, authorities estimate that 1,000 of 7,500 homes are devoted to cultivating marijuana, cutting into the housing supply and raising safety concerns. Many residents complain that out-of-staters are flooding in to take advantage of liberal laws about medical marijuana. More »
- LA Cops Bust Tagger— With Help From YouTube
  
  Los Angeles Times | May 28, 08 2:18 CDT
  
  (Newser) - LA cops have finally busted a tagger they say is one of California's most prolific graffiti artists—with the help of videos of him posted on YouTube, the Los Angeles Times reports. The 24-year-old art-degree grad who goes by the moniker "Buket" is accused of causing $150,000 in damage. He became a YouTube sensation, particularly after a video featuring him in a daredevil tag high above a freeway. More »
- Family of 5 Found Dead in San Clemente
  
  Los Angeles Times | May 26, 08 7:17 AM CDT
  
  (Newser) - Authorities are hoping that autopsies shed light on what happened to a family of five that was found dead in a San Clemente house yesterday, the Los Angeles Times reports. The bodies—of an elderly woman, a man and woman in their 40s, and twin females in their early 20s—went undiscovered for 2-3 weeks, and were significantly decomposed. Neighbors said there is little violent crime in the area. More »
- Calif. Smog Kills 24K Each Year
  
  Los Angeles Times | May 22, 08 11:39 AM CDT
  
  (Newser) - Air pollution is responsible for the deaths of 24,000 people in California annually—three times higher than previous estimates, according to new research. Rates of heart attacks, strokes, and other serious disease increase exponentially after even minimal exposure to particles of metal, dust, or other pollution from vehicles and factory smokestacks, reports the Los Angeles Times. More »
- More Is Less: High Gas Equals Quicker Drives in LA
  
  Los Angeles Times | May 12, 08 4:55 CDT
  
  (Newser) - Sure, gas prices are unreasonable and the economy is hurting, but, the Los Angeles Times reports, at least now the infamous traffic isn't so bad. Hard data shows that traffic may be thinning out along LA’s freeways; accidents and commute times are also falling. Talking with local drivers, the Times got plenty of anecdotal evidence to support the theory. More »
- Fish Clean Up Mortgage Mess
  
  Wall Street Journal | May 9, 08 3:59 CDT
  
  (Newser) - Stagnant pools bursting with mosquitoes have become a byproduct of the housing crisis, turning into breeding grounds for diseases like West Nile virus. But, the Wall Street Journal reports, there is a solution: Gambusia affinis , a natural predator, also known as the mosquito fish, that's hardy enough to police abandoned watering holes from Florida to California. More »
- Broke California May Tax Beer, iTunes, Sex Toys
  
  Los Angeles Times | May 9, 08 2:43 CDT
  
  (Newser) - A $1.80 tax on every six-pack of beer. An iTunes sales tax. A 25% tax on sex toys and pornographic entertainment. These are just some of the more creative measures put forth by California's Democratic lawmakers to close a budget shortfall estimated at $20 billion, the Los Angeles Times reports. More »