Federal authorities seized 51 pounds of methamphetamine and 20 pounds of heroin in a bust Sunday in the Hamilton Marketplace shopping center in Mercer County after receiving a tip from a source about a large drug deal, authorities said. Gabriel Acosta Villa, 29, of Lake Forest, California, and Oscar Perez Jr., 23, a commercial truck driver from Santa Ana, California, appeared in federal court on Monday on multiple drug and conspiracy charges. A judge ordered both men detained. The arrests resulted from a Department of Homeland Security investigation that led to information from a source about the drug deal in the Mercer County area involving a commercial truck driver and an accomplice on Sunday, according to a complaint filed in federal court. Federal agents set up surveillance at the Hamilton Marketplace, a sprawling complex of big box retailers and chain restaurants less than 2 miles from the NJ Turnpike in Hamilton Township, authorities said. Feds seize 8 lbs. of meth in bust … [Read more...] about Feds seize 70 lbs of meth, heroin in bust at N.J. shopping center parking lot
Farm commodity prices are mixed again for the week beginning June, 18 with cotton remaining bullish. Cotton prices could move through the 98-cent area. Soybeans, corn, and wheat this week likely start the process of correcting their rapid downside move and then one of two outcomes emerge: First, corrective price move to the upside followed by a decline to test the previous low with prices moving higher, or Second, corrective price move to the upside followed by a decline to new lows. Long Grain Rice is looking at new crop price weakness, a function of demand and planting expectations Week beginning June 18, 2018 Commodity Index, $CRB – Weakness emerging due to global growth uncertainties. Oil, $WTIC – Correcting excessive bullish price move, then higher. Cotton – Bullish, but one worries about contagion due to building near-term aggregate commodity weakness. S&P 500 – Bullish, but correction and/or consolidation may not be complete. Foreign … [Read more...] about Fed bullish global growth and demand for commodities
Last week, after the Federal Reserve committee that sets interest rates raised the benchmark rate it controls, Fed Chairman Jay Powell held a news conference to explain his team’s rationale. It was all going fine until someone asked him a particularly hard question: “How are you going to get unemployment from 3.5 percent up to that 4.5 percent rate?” To which I would have added: “And why would you want to?” Here’s the background: The Fed forecasts that by late 2019, the unemployment rate will be 3.5 percent. Now, the last time unemployment was 3.5 percent was late 1969, so we’re talking low unemployment. And yet, the current rate — 3.8 percent — is already pretty close, and given all that deficit-financed government tax cutting and spending over the next couple of years, the Fed’s forecast is defensible. No question, there’s a lot that could happen between now and then — recession, trade war — but assume … [Read more...] about Why would the Fed want to raise the unemployment rate a full percentage point?
The beige prison-like facility outside Miami, called the Homestead Temporary Shelter for Unaccompanied Children, is the former Job Corps site at 960 Bougainville Boulevard. The facility opened under the Obama administration and was previously used to house unaccompanied migrant children. Reporters last toured the facility in 2016, when the Miami Herald reported that about 200 children were being held there. But at a roundtable discussion today with immigrant-rights activists, Wasserman Schultz said the facility recently "reopened" under Trump. An immigrant activist who spoke with New Times today said the facility reopened "two months, three months" ago. But there's little information about where exactly the children inside came from. In 2016, the Herald reported that the kids arrived unaccompanied across the border and had been flown in from around the country; they were either sent back home or placed with sponsors and spent an average of about a month in Homestead. At the time, the … [Read more...] about Feds Holding 1,000 Migrant Children at Miami-Area Compound, Lawmaker Says
The Federal Reserve Bank of Philadelphia wants seniors to keep their financial accounts safe — and suggests listing what’s known as a “trusted contact” so your bank, brokerage firm, or other finance company can call if it suspects fraud or financial elder abuse. For years, banks and brokerage firms have wanted rules surrounding suspected fraud on customer accounts. For example, if a teller or broker sees an elderly client pulling large amounts of money out, or witnesses suspicious account activity, whom could he or she call? No one, really — until now. As of February 2018, regulators issued new “trusted contact” rules to help these firms list a person on your account whom you trust as a second set of eyes on your finances, according to the June 2018 paper “Combining Forces to Combat Elder Financial Victimization” by Philly Fed’s Jeanne Rentezelas and Larry Santucci. A copy is available on the PhiladelphiaFed.org … [Read more...] about Philly Fed suggests adding a ‘trusted contact’ to your bank, brokerage account