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The Miami-Dade Police Department has decided to drop its wide-area surveillance plan in the face of public backlash. The MDPD tried to slip it past residents and the county government by claiming the acquisition of a secret spy plane was too important to be done properly. Documents submitted by the commission, first reported by New Times last Thursday, showed that MDPD has already applied for a $500,000 Department of Justice grant to begin testing the program. The department claimed the

Read more: Techdirt.

Democrats are having a hard time crafting an economic message that gets through to voters. They lost two special congressional elections earlier this week. Some Democrats say being the anti-Trump party is a weak platform on which to take a stand and reach Americans who feel their concerns and needs are not being met. What does the Democratic leadership need to do to come up with an economic message that reaches blue-collar and other Americans who feel the economy is not working for them? Click the audio player above to hear the full story.

Read more: Marketplace All Stories

Los Angeles-based City National Bank’s modern eight-story branch in Beverly Hills overlooks the Rodeo Drive luxury shopping district, where Bentleys and Range Rovers compete for street parking. The bank began building its reputation 60 years ago as the go-to lender for the entertainment industry. “Los Angeles needed a bank that would reach out to a community that was not well served by the biggest banks,” said CEO Russell Goldsmith, himself a former movie executive.  Its status was further cemented when the bank famously put up the ransom money for Frank Sinatra’s kidnapped son. Since then, it’s expanded its base of wealthy clientele beyond showbiz. City National’s 30 local branches are found mostly in high-end enclaves like Brentwood and Bel-Air in West Los Angeles. But in October, it’s opening its 31st in South Los Angeles, a lower-income region. The bank will fill a Crenshaw district strip mall storefront currently occupied by a payday lender. “This is really, to some people, a bit of a surprise, to bring a private and business bank into the Crenshaw district, but we think it makes good sense for everybody,” Goldsmith said.  One reason: something called the Community Reinvestment Act. The federal law requires banks to prove they’re serving low-income and minority borrowers. In 2015, when City National wanted regulators to approve its merger with Royal Bank of Canada, it beefed up its CRA commitment, pledging $11 billion in products like mortgage and small business loans. A Crenshaw branch can help it achieve that goal. “If you just took a casual walk around the neighborhood, you’re not going to see much representation by financial institutions,” said Hassan Nicholas del Campo, microfinance director at Rise Financial Pathways. In a recent study, the nonprofit community lender counted just 16 banks in a large swath of South LA where half a million people live. That’s just 10 percent of the national average. To make things worse, there are 64 payday lenders and 18 pawn shops. “They just kind of go hand in hand with these low-income communities,” del Campo said. The payday lender that City National will replace can charge 460 percent interest rates on two-week loans. Still, there’s plenty of people walking through its door. “As much as we are advocated against these predatory types of services, the reality is that they are needed,” del Campos said. “They do serve a purpose. The trick is, how do we introduce products that compete with these predatory services and at the same time educate consumers about other alternatives?” In opening a new branch in an underserved area, City National is parting ways with most banks.  “The trend has been towards closing branches in general and closing branches particularly in lower-income and minority neighborhoods,” said Dan Immergluck, a professor at Georgia Tech.  Since the recession, banks have closed more than 6,000 branches and cut small business lending by 20 percent. Immergluck said the CRA was passed 40 years ago to prevent those kinds of things. “But the law has been tepidly enforced,” Immergluck said. “Basically, there was a de-emphasis of CRA during the Great Recession. Banks were under less close observation.” City National’s commitment has earned praise from fair-lending advocates. Paulina Gonzalez at the California Reinvestment Coalition said the bank sat down with community members and hammered out a strong deal. But in a neighborhood where a new rail line is bringing all kinds of new development and displacing longtime residents, there’s worry the money won’t go where it should.  “City National, just like any bank in that community, is going to have to ensure that the lending it is doing is serving the current small businesses that are located there, and not just those new businesses that come into the area,” Gonzalez said.  With specific goals for small business lending and other services in its CRA pledge, Gonzalez said the bank has a blueprint to make sure that happens. 

Read more: Marketplace All Stories

Earlier today, Senators Rand Paul (KY), Ted Cruz (TX), Ron Johnson (WI) and Mike Lee (UT) issued a joint statement announcing their opposition to McConnell's healthcare bill on the basis that it did not fulfill a promise made to the American public to "repeal Obamacare and lower their health care costs."  Here was the full statement: "Currently, for a variety of reasons, we are not ready to vote for this bill, but we are open to negotiation and obtaining more information before it is

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June 21, 2007 is when the financial crisis - which had officially started on February 7 with an announcement by HSBC - hit home for Wall Street, with the news that Bear Stearns had staved off the collapse of 2 hedge funds. This is what the NYT wrote that day: The high-stakes game of brinksmanship began early yesterday on Wall Street, and continued throughout the day. Bankers traded telephone calls, frenetically negotiating the fate of two hedge funds.   All wanted to avoid a fire

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With the next global crisis rapidly approaching, the everything bubble is about to create skyrocketing gold prices. The post The Everything Bubble Is About To Create Skyrocketing Gold Prices appeared first on King World News.

Read more: http://kingworldnews.com/the-everything-bubble-is-about-to-ignite-skyrocketing-gold-prices/

Via StockBoardAsset.com, Earlier this year, we broke the story of 4 Chicago Teens In Custody After Broadcasting Kidnap Of Trump-Supporter Live On Social Media . It was a gruesome news event displayed for the world to see on Facebook Live. The victim was repeatedly kicked and hit, partially scalped, all while he was tied up with his mouth taped shut. The suspects in the video could be heard yelling, “F*** Donald Trump! F*** white

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Eric Sprott’s on Board… Submitted by Streetwise: Exploration on its Quebec property is up next for this junior after raising money from some prominent players, says The Critical Investor in this company update. After compiling, interpreting and modelling all available data and surveys, and defining targets, Genesis Metals Corp. (GIS:TSX.V; GGISF:OTC) needed cash to advance […] The post Quebec Explorer Raises $4M, Welcomes Eric Sprott As Significant Shareholder appeared first on Silver Doctors.

Read more: Silver Doctors

Moments ago the Fed released the first phase of its annual stress test which, once again, found that all thirty-four of the US largest banks "passed", exceeding minimum projected capital and leverage ratios under severely adverse scenarios, based on their projected ability to withstand economic shocks, which  as Bloomberg notes, shows that "firms are getting the hang of the once-dreaded reviews." The result marks the third straight year all firms cleared the minimum requirements in the

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US pension funds do not have a pretty probability path going forward, a Moody’s report pointed out. The potential that certain pension liabilities increase at a time when reliance on pension funds avoiding major investment losses is a demographic and investment […] The post Pension Funds Have $4T Hole, Even A 5% Market Decline Could Be Catastrophic appeared first on ValueWalk.

Read more: ValueWalk

This current state of play won’t last forever. Only Gold lasts forever  Some days it can feel a little rough being a gold investor. In today’s article Dominic Frisby is certainly feeling that way. Sometimes it can be all too easy to get caught up in the day to day chat around prices. Some forget that the reasons why they invested are still strong, even if it feels like the price isn’t. Frisby reminds us that ‘We know government finances do not pass basic safety standards. We know

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Authored by Mike Krieger via Liberty Blitzkrieg blog, The banker bailouts of the 2008/09 period changed my life forever. I was working on Wall Street at the time, and the way in which the government rallied around the financial institutions that torched the world and left its victims in the dust threw my entire delusional worldview into disarray. Prior to that, I had bought into the absurd assumption that I was financially successful at a young age primarily because I was hard-working and

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Bed, Bath, & Beyond collapsed in after-hours trading to below $30 per share - the lowest since July 2009 - as yet another retailer hits the wall. Bed Bath & Beyond 1Q comparable sales -2.0%, est. +0.3% (Consensus Metrix, average of 18) 1Q EPS 53c, est. 66c (range 59c to 74c) 1Q net sales $2.74b, est. $2.79b (range $2.75b to $2.84b) Management said it experienced "softness in transactions in stores," as well as higher net-direct-to-customer shipping expense, coupon expense and

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Some you win, some you don't lose...   Source: MichaelPRamirez.com

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Over the last few years, Gold Mining stocks have carried investors on quite a ride. This observer first started watching the Gold Stock Index back in 1978, when mining stocks were the only game in town. Back then, in Los […] The post Gold Mining Stocks – Back Up The Truck? appeared first on ValueWalk.

Read more: ValueWalk

Alternative assets are very real, much more than “traditional equity or debt returns streams repackaged… and claiming to be different,” a BNY Mellon report noted, pointing to a common critique of “alternatives.” But there is nonetheless a trend alive that […] The post As Asset Management Industry Grows A Search For New Revenue Streams appeared first on ValueWalk.

Read more: ValueWalk

Wharton’s Barbara Kahn and Denise Dahlhoff, and George Washington’s James Bailey discuss Amazon’s purchase of Whole Foods. Amazon’s $13.7 billion purchase of Whole Foods has stepped up competition in the supermarket sector, an industry already dancing on razor-thin margins. The […] The post Amazon’s Big Buy: What Whole Foods Brings To The Table appeared first on ValueWalk.

Read more: ValueWalk

click for full list     We are honored to announce that our firm, Ritholtz Wealth Management, has been named to the FT 300 list for 2017. This is a ranking of the top 300 registered investment advisers in the United States according to a comprehensive set of metrics developed by the Financial Times. The list… Read More The post FT 300: Top Registered Investment Advisers appeared first on The Big Picture.

Read more: The Big Picture

Moments ago the Fed released the first phase of its annual stress test which, once again, found that all thirty-four of the US largest banks "passed", exceeding minimum projected capital and leverage ratios under severely adverse scenarios, based on their projected ability to withstand economic shocks, which  as Bloomberg notes, shows that "firms are getting the hang of the once-dreaded reviews." The result marks the third straight year all firms cleared the minimum requirements in the

Read more:

Now that Jeffrey R. Immelt has decided to step down as CEO from GE after 16 years in the top job, we’ll get a chance to see where his successor lands when it comes to acquisition strategy. John Flannery takes […] The post How Do New CEOs Steer Acquisition Strategy? appeared first on ValueWalk.

Read more: ValueWalk

Laying the groundwork of Leftist talking points for the next few days, former President Barack Obama took to his Facebook page to defend Obamacare against the GOP's Healthcare Plan... [emphasis added] Our politics are divided. They have been for a long time. And while I know that division makes it difficult to listen to Americans with whom we disagree, that’s what we need to do today.   I recognize that repealing and replacing the Affordable Care Act has become a core tenet of

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