Chriss W. Street

Latest News

Study: Drought will only Cost California Agriculture 3% of Revenue

With 79% California in “extreme drought” status, and the agriculture industry suffering its greatest loss of water ever recorded in state history, the $50 billion annual sector will only suffer about $1.5 billion in losses or 3%, of revenue according to a new UC Davis Center for Watershed Sciences study. Jul 22, 2014 5:13 AM PT

BRICS Development Bank Does Not Undermine US Dollar

As the three day meeting for the 6th annual “BRICS” conference of Brazil, Russia, India, China and South Africa comes to a close, the most important accomplishment is the founding of the BRICS Development Bank and a currency stabilization pool known as the Contingency Reserve Arrangement.  At a puny $50 billion the BRICS Development Bank does not undermine the U.S. dollar as the world’s reserve currency.  But it does recognize that most of the world’s coming growth will be from emerging economies and seeks to undermine political meddling by Western nations in investment decisions regarding that growth. Jul 18, 2014 12:02 PM PT

China Cracking Down on Money Laundering to Buy Real Estate in CA

China is cracking down after the CCTV state-owned broadcaster secretly recorded a state-owned bank executive bragging that the bank illegally provides in-house money laundering services for wealthy Chinese nationals to violate currency controls and buy real estate in “world cities” as their off-shore safety deposit box. Jul 18, 2014 6:43 AM PT

New York AG Battles Taxi Competition from Lyft P2P

Lyft peer to peer (P2P) shared-ride service said on its blog that Lyft will delay its New York City launch in Brooklyn and Queens after the New York State Attorney General said a court issued a temporary restraining order against the company, because it supposedly did not comply with the requirements of the NYC Taxi and Limousine Commission. Yet there may be still seems to be hope for New Yorkers that are used to ridiculously high priced taxi/limo services that Lyft will launch. Jul 15, 2014 6:36 AM PT

US Banking Falling Behind P2P and B2B 'Crowdfunded' Banking

John Gapper in a Financial Times article titled "US Banks Will Pay Dearly For Their Failure To Modernize" warns that the United States banking system is failing to modernize and is actually falling behind England, India, and Africa, as the private sector moves to separate deposits and peer-to-peer lending. These new P2P and B2B banking organizations are often referred to in the rest of the world as shadow banks. Jul 14, 2014 3:18 PM PT

CalPERS Former CEO Admits to Fraud and Bags of Cash

The $288 billion California Public Employees’ Retirement System was rocked on July 10 when it was learned that former CEO Federico Buenrostro had cut a plea bargain with the Justice Department to turn “state’s evidence” regarding steering $14 million in placement fees to former board member Alfred Villalobos in exchange for cash bribes and gifts. Jul 13, 2014 5:45 AM PT

Despite Silicon Valley, Most Interns Who Earn, Earn Little

There will always be a few high-tech interns making rock star wages over the summer, but they will be an infinitesimal minority. About half of college interns this summer will be working in the private sector for minimum wage or volunteering with charities. Jul 11, 2014 5:32 AM PT

WSJ is Too Old to Appreciate Venture Capital

With the Wall Street Journal turning 125 years old this week, it is humorous that its tech writer, Christopher Mims, chose to dismiss the lack of “net social benefits” by venture capital (VC) in an article titled “Is Silicon Valley Funding the Wrong Stuff?” Jul 9, 2014 6:18 AM PT

Silicon Valley Still King of Venture Capital

For VC entrepreneurship, there is Silicon Valley and then there is everybody else. The entire continent of Europe came in second place by completing $2.6 billion in VC deals, followed by New York City with $1.4 billion and the Northwest with just $800 million. Jul 6, 2014 5:22 AM PT

Obama's 'Mission Creep' in Iraq Becoming 'Mission Run'

Three weeks ago, President Obama promised that the United States “will not be sending U.S. troops back into combat” in Iraq. But Foreign Policy magazine (FP) just reported that Chairman of the Joint Chiefs of Staff General Martin Dempsey acknowledged that the United States is not only considering airstrikes in Iraq against the Islamic State of Iraq and al-Sham (ISIS), but for the first time is talking about taking “direct action.” This is Pentagon “speak” for sending in American Special Forces or Special Operations units for combat missions. President Obama’s “mission creep” in Iraq appears to be quickly morphing into a “mission run.” Jul 5, 2014 11:30 AM PT

U.S. Jobs Leap but Inflation Is Rising Fast

The U.S. economy created 288,000 jobs in June, and unemployment fell from 6.3% to 6.1% according to the Labor Department. Job creation for the months of April and May were also revised up by another 29,000 jobs. June marked the first time since the 1990s dot-com boom that employment has grown by over 200,000 jobs for five straight months. The extraordinary job growth will cause inflation expectations to jump and put pressure on the Federal Reserve to allow rates interest rates to rise this year. Jul 5, 2014 11:16 AM PT

Potential Presidential Candidate Elizabeth Warren at Center of CFPB Scandal

Possible presidential candidate Sen. Elizabeth Warren (D-MA), who came up with the idea and led the start-up of the “Consumer Financial Protection Bureau” as a federal watchdog to prevent financial institutions from abusing U.S. consumers, is now at the center of the a scandal regarding the vanished authorization to spend $215.8 million on a luxurious remodel that included a new penthouse floor and indoor waterfall for the bureau’s rented Washington, D.C. office space. Jul 5, 2014 10:39 AM PT


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