Loughner found incompetent

Jared Lee Loughner, arrested for a deadly shooting rampage in Tucson Ariz. on Jan. 8, has been ruled incompetent to endure trial. Loughner, after an angry episode, was pulled out of the trial Wednesday by U.S. Marshals.

Tucson shooting hurt 13 individuals and killed another six

Gabrielle Giffords is a U.S. Representative who was having a community meeting outside a supermarket where the shooting spree occurred on Jan 8. Loughner allegedly opened fire, leaving six people dead, including a 9-year-old girl and U.S. District Judge John Roll. Thirteen other people were hurt, including Rep. Giffords (D), who continues to recuperate from her head injuries. Loughner has pleaded not guilty to all of the 49 federal charges he received from the Jan. 8 shootings.

How he acted in pretrial

The 22 year old defendant said “Thank you for the freak show. She died in front of me,” while in the pretrial hearing, although it was unclear. Who he was referring to is unclear. Nobody knows.

Loughner was asked by U.S. District Judge Larry Burns is he wanted to behave in the court room or watch the court from another room on a TV screen to which Loughner said, “I want to watch the TV screen.”

Those who survived the attack there

There were two survivors, maybe more, of the attack that heard the outburst in the court room. Pam Simon was Gifford’s aide who was shot in the right wrist and chest. A bullet hit the back of Army Col. Bill Badger’s head, and he also attended. Loughner was subdued by people after the attack including Badger.

Defendant considered not competent

Judge Burns was asked in March to choose whether or not Loughner would be able to stand trial, which caused the hearing. After Loughner was looked at by a Jail Bureau psychologist and a court-appointed expert, Burns made his decision. Both decided that Loughner was incompetent. ”The defendant was not able to comprehend the charges,” according to Burns.

Four months at federal facility

Until Loughner is considered competent or about four months, Loughner will be in a federal facility. Another hearing will be scheduled later. It will occur September 21. He will be able to stay even longer after the four months are up. This is assuming he is considered incompetent still. It doesn’t matter how long he stays there. His stay could be extended several, many times.

How the defense will use this

It is unclear whether Loughner’s lawyers plan to argue an insanity defense. They have described him as a “gravely mentally ill man” and say that the problem will make a difference to the trial in court filings though.

Citations

Huffington Post

huffingtonpost.com/2011/05/25/jared-loughner-tucson-shooting_n_866723.html

Bloomberg

bloomberg.com/news/2011-05-25/giffords-shooting-suspect-loughner-taken-out-of-courtroom-after-outburst.html

CNN

cnn.com/2011/CRIME/05/25/arizona.loughner.competency/?hpt=T1

How the NBA mock draft 2011 will go

Basketball authorities like ESPN’s Bill Simmons and Chad Ford do not see big things coming out of the 2011 NBA Draft, but some solid picks will be accessible. Here are the top 10 NBA mock draft picks for 2011, in case your team needs help.

Cleveland Cavaliers can be drafting Kyrie Irving, PG (Duke)

Even though Kyrie Irving isn’t amazing, he has great potential. He should be a top-15 point guard eventually. Considering the Cavs still need the kind of leadership Baron Davis’ scraggly beard and oversized ego could not provide, Irving could serve them well.

Minnesota Timberwolves considering Enes Kanter, C (Turkey) as a pick

The Wolves needs to work on building itself up again even though Kevin Love had a fantastic season. If the team is going to keep Love interested, they’ll need a big male to make them respectable. Many look at the 6-foot-11, 272-pound Kanter as a high-energy rebounder and defender that may scare opposing guards while others think it is a gamble.

Chances of Utah Jazz choosing Derrick Williams, SF (Arizona)

Even though Williams was a power forward as a Wildcat, he will most likely be a small forward in the NBA. Utah may simply give up on the rest of the 2011 NBA Draft crop and ask for a popular man. This would be BYU’s Jimmer Fredette.

Cleveland Cavaliers could pick Jonas Valanciunas, Center (Lithuania)

Anderson Varejao may need a large male such as Valanciunas to help him out.

Toronto Raptors: Kemba Walker, PG (Connecticut) chances

Toronto badly needs a new direction at the point guard position, and Kemba Walker brings the speed, athleticism and moxie the rudderless Raptors’ roster needs.

Washington Wizards have the choice of Kawhi Leonard, SF (San Diego State)

A relentless rebounder and explosive athlete, Leonard is the kind of wing player the Wizards need to run with John Wall.

Sacramento Kings: Brandon Knight, Point Guard, Kentucky

Speed, defense and a good outside shot from the point in Knight would allow the Kings to use Beno Udrih as the super backup or 2nd ball-handler the offense needs to really get moving.

Detroit Pistons: Jordan Hamilton, SF (Texas) possibility

The Pistons will soon be losing Tayshaun Prince. That means they need a small forward soon. Hamilton can both shoot and rebound the ball.

Charlotte Bobcats: Fredette, Shooting Guard (Brigham Young University)

In order to make sure there is at least one consistent scorer, Charlotte will hope to get Fredette. Otherwise, Bismack Biyombo from the Congo should amp up the frontcourt athleticism while aggressively challenging shots.

Milwaukee Bucks wants Tristan Thompson, Power Forward (Texas) probably

Thompson is 6-foot-8 and 225 pounds. He is a fairly athletic man too. After the failed Yi Jianlian pick from 2007, the Bucks can be worried about going international. If they can get over it, they may just pick Biyombo.

Information from

Bleacher Report

bit.ly/kuOQ8z

Fox Sports

msn.foxsports.com/nba/story/2011-NBA-draft-lottery-winner-051711

The Sporting News

bit.ly/kYTnGq

2011 NBA Draft Lottery highlight: The final three

youtube.com/watch?v=GqWuPdf8u2o

Senate does not want 401(k) funds used as personal installment loan

The Senate is trying to keep people from using their 401(k) money as a source of personal loans. The new bill that is being put forth would limit how many times an individual can draw from retirement accounts before retirement.

Reason for retirement account

Business Week states that a permanent cap on the number of times an individual can take money out of an IRA fund such as a 401(k) might become reality with a bill the Senate is looking at. The reason why Senators Herb Kohl (D-WI) and Mike Enzi (R-WY) are hoping to create this limit is so that individuals don’t ruin their futures for an immediate need taken out of their 401(k) accounts. Senator Kohl is especially passionate about the bill. He said a retirement account isn’t “a piggy bank” and should not be treated as such. The “SEAL 401(k) Savings Act” is the bill. That is what it was named.

About 28 percent of people borrow from account

Aon Corp did a study and found that by the end of 2010, about 28 percent of people with a retirement account for instance a 401(k) borrowed, on average $7,860, from the account. About 58 percent of people who took personal installment loans out of their retirement funds had at least two large loans also. Defaulting was common among 70 percent of borrowers too. This was only if they borrowed from their retirement. Fidelity Investments, according to USA Today, found that about 22.5 percent of 401(k) those with accounts with Fidelity had a loan balance outstanding at the end of 2010. Between one fifth and one third of individuals had to use their 401(k) accounts or other retirement accounts for an emergency at some point.

Problem with retirement

The prospect of being able to retire one day, and to do so with confidence, is becoming more daunting for several individuals. Since parts of checks have been taken out for Social Security, Medicare and Medicaid, individuals just expect these programs to be there. These programs might not work as well as expected though. Social Security is on track to becoming insolvent, and the Social Security Administration would have to raise $6.5 trillion to become totally solvent again, according to CNN. In the next 25 years, the Social Security Trust Fund will most likely be depleted, and it cannot be fixed with the current Social Security payroll taxes.

Information from

Business Week

businessweek.com/news/2011-05-18/senate-bill-would-limit-use-of-401-k-s-as-rainy-day-funds.html

USA Today

usatoday.com/money/perfi/retirement/2011-05-11-401k-retiement-accounts-up_n.htm

CNN

money.cnn.com/2011/05/18/pf/expert/expert-social-security.moneymag/?section=money_latest

Powers of CFPB may be cut before it launches

The Consumer Financial Protection Bureau is going to launch in July. There are three bills in Congress that would have an effect on the CFPB. None of these bills have become law yet. All three, however, have been approved for House debate.

CFPB status

The Dodd-Frank Act started the Consumer Financial Protection Bureau to “promote fairness and transparency for mortgages, credit cards and other consumer financial products and services.” The bureau is set to open for the first time in July of 2011. There still is not Consumer Financial Protection Bureau director that has been added, despite the deadline. Without a director, the Consumer Financial Protection Bureau will continue to run. It will be under the direction of the Security of Treasury.

Bills to weaken Consumer Financial Protection Bureau introduced

It might not be long before the Consumer Financial Protection Bureau is weakened. Three bills in the U.S. House of Representatives have been introduced that might do this. Instead of a Consumer Financial Protection Bureau director, there would be a five-member commission with HR 1121. This is called the Responsible Consumer Financial Protection Regulations Act of 2011. HR 1315, called the Customer Financial Protection Safety and Soundness Act, would give the Financial Stability Oversight Council of the Department of Treasury the right to overturn any rules made by the CFPB. The agency wouldn’t be able to start without a director if the Bureau of Customer Financial Protection Transfer Clarification Act were to pass, or HR 1667. These three bills have been approved by the Financial Services Committee and will be debated in the House.

What the Consumer Financial Protection Bureau will do

Though the duties and responsibilities of the Consumer Financial Protection Bureau may change, there are several things the Bureau will likely remain responsible for. The Consumer Financial Protection Bureau will be in charge of customer protection. They’ll monitor financial products with this in mind. There are already a lot of federal financial laws. The Consumer Financial Protection Bureau would be in charge of enforcing this. Finally, the Bureau will have a ton of information available. Consumers will be able to access the information.

Information from

Treasury.gov

treasury.gov/initiatives/Pages/FSOC-index.aspx

WalletPop

walletpop.com/2011/05/12/5-things-the-consumer-financial-protection-bureau-will-do-for-yo/

House.gov

house.gov/

Mississippi river crests as worst is finished for Memphis

For the past few several weeks, the Mississippi river has been flooding and battering the American south. The most detrimental of it is over for Memphis, Tenn., as the river has crested near the Music City and floodwaters will only recede from here on. Though Memphis is past the worst of it, several other areas are still in danger of flooding.

Homeless people

Some of Tennessee’s amazing landmarks are just fine, although finished 1,000 people are considered homeless now. BBC states that Music City’s Beale Street district was not hurt by floodwaters at all. The Mississippi has not harmed Graceland, the estate that was the home of Elvis Presley in his later life until his death in 1977. One of the officials of the Shelby County Emergency Management Agency, the county Memphis is located in, was quoted as saying people would be willing to “charge hell with a water pistol” to keep Graceland safe. CBS reports that there have been over 1,300 homes evacuated in fears that the Memphis area could have more flash floods. It will take time for the water to recede back to normal.

Swollen Mississippi crests

After the snowfall near record on the East Coast of the United States, the Mississippi river has gotten very high. There was a 48 feet flood near Memphis though. That is just 10 inches lower than the 1937 record was. Though the worst of the danger is coming to an end in Memphis, there is considerable danger left for the rest of the cities and states along the path of the Mississippi river. Precautions are being taken to make sure that other areas are saved although floodwaters in the Mississippi river system and Mississippi river delta are showing lots of problems already. Pressure on the New Orleans’ levees should be relieved by the Bonnet Carre Spillway, reports MSNBC. The Army Corps of Engineers just opened it up. Floodwaters are already coursing through the delta, but measures are being taken to further prepare the area for the huge volume of water that is heading in that direction.

Not as bad as 1927 floods

The Christian Science Monitor reports that even though the flood levels are bad, they are not as bad as the floods in 1927 killing hundreds and costing millions. Due to the 1927 floods, there were finished 2,000 miles of levees made by the U.S. Army Corps of Engineers. The caveat is that every time a spillway has to be opened to keep flooding from becoming too harmful, other areas are flooded as water is diverted from the bulging Mississippi. As the water gets closer to the Gulf of Mexico and spillways have to open, finished 900,000 acres of farmland in Arkansas is anticipated to flood.

Information from

BBC

bbc.co.uk/news/world-us-canada-13337548

MSNBC

msnbc.msn.com/id/42973616/ns/us_news-environment/

CBS

cbsnews.com/stories/2011/05/09/travel/main20061138.shtml

Christian Science Monitor

csmonitor.com/USA/2011/0509/Mississippi-River-nears-crest-in-Memphis-but-concern-shifts-south

Tax day - Nearly half of Americans owe nothing

Tax Day, probably the most infamous date on the calendar to many people, falls upon April 18 this year. The legal obligation must be observed, in spite of the resentment toward paying an income tax. Tax Day is certainly resented by the individuals who have to write the government a check on tax day, however the nearly 50 percent who do not may be fine with it. Article source – Tax day – Nearly half of Americans owe nothing by MoneyBlogNewz.

Little over half of Americans pay taxes on income

Tax Day 2011 falls on April 18 instead of April 15. This year almost 45 percent of households will not have to pay any taxes on their 2010 income, according to Bloomberg. The Earned Income Credit and Making Work Pay Credit are examples of exemptions and deductions that are common in the low-income households. Anyone that makes hardly any money or lives on fixed incomes such as disability or Social Security will not pay any income taxes. If you do not make much and have kids, you probably will not pay taxes either. This is generally the case. The average tax refund, according to CNN, was $3,003 last year.

Wealthy paying less

The tax burden for the wealthiest taxpayers, according to Daily Finance, has been falling for some time. In 2007, 17 percent of income was paid by 300 highest income returns which were 26 percent in 1992. The wealthiest 5 percent account for 44 percent of the nation’s tax revenue while the top 10 percent is more than half of it. The tax breaks for the rich are becoming more readily accessible also. In the United States tax code, there are over $1 trillion in tax breaks. That means $8,000 to every tax payer could be given as a refund. However, attempting to catch the Internal Revenue Service napping is not a good idea. USA Today reports that now, there are more charges than ever the IRS wants to put out.

Developed countries typically pay more in taxes than Americans

Though many people protest the U.S. tax system for myriad reasons, most technical literature reveals that Americans pay very little income tax in contrast to the rest of the developed world, according to MSNBC. The tax data for the developed world is kept by the OECD, or Organization for Economic Co-operation and Development. According to the OECD, income tax in the U.S. typically averages 24 percent. In Danes, it is 48 percent; in France it is 42 percent; in Germany it is 37 percent; and in Australia it is 27 percent.

Articles cited

Bloomberg

bloomberg.com/news/2011-04-18/nonpayers-complicate-republican-effort-at-overhaul-of-u-s-tax-code.html

CNN

money.cnn.com/2011/01/14/pf/taxes/tax_refund/index.htm

Daily Finance

dailyfinance.com/2011/04/18/super-rich-see-federal-taxes-drop-dramatically/

USA Today

usatoday.com/money/perfi/taxes/2011-04-17-Prosecutions-of-tax-evaders-up.htm

MSNBC

msnbc.msn.com/id/42612937/ns/business-tax_tactics

Same day loan critics attack NFL lockout loans

For every $100 loaned to customers via same day loans, a 15 to 25 percent fee is added for the convenience. This amounts to $50 or $60 in most cases, which is hardly earth-shattering. According to Yahoo! Sports, now there’s a high-dollar variant of such instant payday advances for disenfranchised athletes: the NFL lockout loan. Players out of cash because of the labor dispute are being solicited by lending agents. Source of article – NFL lockout loans: More money, more problems by MoneyBlogNewz.

Interest on lockout loans of 36 percent Annual Percentage Rate

A 36 percent APR on a loan as little as $300 to $400 will not mean much while it can cost quite a bit for NFL lockout loans of over $60,000. The loans have been accessed by many players. Yahoo! Sports reports they were given to players from at least 16 teams.

The NFL Players Association lockout fund has helped some players, but clearly the response to high-risk lockout loans indicates that some players have not curbed their extravagant lifestyles in the absence of their paydays. The National Football League Players Association advised players to save at least three game checks from the previous season in anticipation of the 2011 lockout, but insiders report the advice may not have been heeded. MSNBC reports that it was also suggested by the NFLPA that players do other things to save and make money. This would contain autograph signings, fly coach or refinance their homes.

Why do NFL players have money issues

From a young age, star athletes are surrounded by enablers, according to psychologists. Since the players have never had to be in charge of their own finances, they have no idea how to do it once they get to professional ranks. Millions being given to somebody who was poor might also be a problem. These individuals might just spend it all up. After retirement, most NFL players end up bankrupt. Sports Illustrated estimates this to be about 80 percent of players. MSNBC indicates that as many as 380 of the NFL’s 1,700 players live from paycheck to paycheck, even though the average NFL annual salary in 2010 was $1.87 million. Players who spend too much can have a lot of difficulties, after taxes and agents, especially since rookie averages were at $320,000.

Lockout loan support

Sherard Rogers, a financial adviser to numerous NFL athletes, told Yahoo! Sports that lockout loans are a legitimate product that meets player demand. While franchises will endure, players who live to spend can run into trouble.

“Every NFL team was valued at over $1 billion, so they can weather the storm of a lockout. But could players if there weren’t resources to cover this short-term labor dispute?” asked Rogers. “The key is to figure out how to solve the short-term liquidity issue and put the pieces in place to ensure they don’t have this liquidity issue again.”

Information from

MSNBC

msnbc.msn.com/id/41855264/ns/business-personal_finance/41855226

Philly Sports Column

philly.sportscolumn.com/showthread.php?t=11751

The Real Athlete Blog

accessathletes.com/blog/blogDisplay.cfm?/Education-is-Key-for-Pro-Athletes-596

The Post Game

thepostgame.com/features/201104/tpg-exclusive-cash-strapped-nfl-players-seeking-high-risk-lockout-loans

Both sides are feeling the ‘deal heat’

youtu.be/CQD7MvhD3sI