Rare cars sold for hundreds of thousands

This last weekend RM Auctions carried out its inaugural sale at the Villa d’Este concourse in Cernobbio, Italy. The event presented a catalog which promised to make classic auto aficionados water at the mouth. There were a cadre of rare and historically important vehicles on sale. Many of the vehicles earned millions of dollars apiece.

The excitement in the air

Several were excited for the auction to come around. Collectors were especially excited. Automobile correspondent Paul Lienert, said before the event, “The first-ever Villa d’Este sale will feature the crème de la crème of classic European hardware.”

Best part of the event

The highlight of the sale was the rare 1965 Ford GT40 Works prototype roadster which collectors were anxious about on May 21. In the 1965 Targa Florio, the automobile was a works entrant. Sir John Whitmore and Bob Bondurant co-piloted the car. Although it was among the top sellers, by the time the dust settled it had not topped the sales at the much-anticipated event.

Top sellers go for multi-millions

There were a few top sellers. They sold for millions. Among them were the 1955 Ferrari 375 MM, which sold for $4.8 million. Selling at $4 million was the 1938 art-deco Talbot-Lago T150-C SS. A four-cylinder Ferrari 500 Testa Rossa went for almost $4 million. About $3.6 million was paid for the 1959 Ferrari 250 California. Just less than $3 million was paid for the 1965 Ford GT40 roadster prototype as well as the 1947 Bugatti Type 57sc Atlante.

The 1953 250 MM Ferrari was built specifically for Mexican collector Efrain Ruiz Echeverria and sold for $3 million. He drove it in the 1953 Carrera Panamericana.

Over a million was paid for these

The 1967 Lamborghini Marzal went for $2.1 million. Another was the $1 million 1970 Lancia Stratos HF Zero.

A few not able to hit the million mark

There were two Zagato-bodied Alfa Romeos that were from the 1960s and sold for $370,000 and $900,000. About $32 million was brought in with the total auction.

Citations

Autoblog

autoblog.com/2011/05/24/rare-classics-sell-for-millions-at-villa-deste-auction/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+weblogsinc%2Fautoblog+%28Autoblog%29

Top Gear

topgear.com/uk/photos/rm-auctions-villa-d-este-2011-05-17

Edmunds Inside Line

insideline.com/ford/gt/ford-gt40-prototype-headlines-villa-d-este-auction.html

Law in Utah means sexy is not allowed

Laws that regulate sex are difficult for many people to swallow. The same is true in Utah. According to the Associated Press, two Utah escort services have filed a federal lawsuit against the state since the broadly worded solicitation ordinances not only prohibit prostitution, but make acting sexy illegal.

Even an implied sex offering in Utah prohibited

To be able to help undercover agents attempting to stop the sex trade from taking place, an anti-prostitution law was put into place in Utah, according to the Salt Lake City Police Chief Chris Burbank. In order to prove they aren’t police, prostitutes ask officers to “expose or touch themselves” sometimes. This will not be a problem anymore if it is against Utah state legislation. While direct verbal solicitation of sex for money is outlawed, recent amendments to Utah’s sex laws too consist of “lewd” or “suggestive” nonverbal acts.

According to Burbank, non-prostitutes will not be targeted with the law. It is simply to stop the sex trade from occurring, particularly when under-aged parties are involved.

“Officers were being put in a position that we’re not going to allow, so we took a different direction,” he told the AP.

Not legal to act sexual

Lawyer Andrew McCullough, who is representing the escort services in the lawsuit, believes that Utah’s anti-prostitution legislation is so broad that all workers in sexually oriented companies are in legal danger. McCullough says that just because an individual “acts sexy” as part of their job, as in someone who works at a strip club, doesn’t mean they’re attempting to sell themselves.

“Most girls who touch their breasts are not telling you they’re open for sex,” the attorney said.

Acting sexy is not good at home, either

A Massachusetts bill is considering making intercourse illegal between many people. If they’re in the divorce process, it would be illegal to do this within home. According to Wrentham, Mass., Selectman (legislator) Robert Leclair, the intent of the proposed legislation is to curb domestic violence and protect children. Critics claim the law would not only rob parents of their rights, but additionally ban any sexual relationship within the home until the divorce is final, yet another example of broad wording.

The amount a spouse would have to pay another would be capped while stopping the lifetime alimony payment practice though if the bill did pass.

Adding to that with bestiality

Do not forget Florida Senate Bill 344. It would have made bestiality illegal. In 2009, Sen. Nan Rich of Sunrise, Fla., introduced the bill. He thinks it is a significant one to have. Some say SB 344 needs to be reworded. It is pretty broad as well. SB 344 could possibly be banning human sexual intercourse since the word “animals” in the phrase “sex with animals” might be referring to humans too, according to Escapist Magazine.

Articles cited

Associated Press

wapo.st/jgXAOq

Escapist Magazine

escapistmagazine.com/forums/read/528.283827-Florida-outlaws-sex

Mother Jones

motherjones.com/mojo/2011/05/annals-big-government-florida-ban-bestiality-baggy-pants

My Fox Boston

bit.ly/m50Qb6

David Archuleta’s dad Jeff could not resist the sexy (allegedly)

youtube.com/watch?v=xm6R-V3tL8g

More people are allowed to go to Cuba

Several Americans have desired to taste the forbidden fruit of Cuba, illegal for most people to travel to due to the embargo that has been in effect since the 1960s. It is becoming less impossible over time, as loopholes in the travel ban make it possible for a small number of individuals to go yearly. The number of individuals traveling to Cuba is increasing annually, but do not mistake Cuba for Busch Gardens or Cancun or the price to pay will indeed be very steep.

Cultural swap makes Cuba travel possible

The relationship between Cuba and the United States in the last half century has not been very good. It has been pretty terrible really. MSNBC states that President Clinton signed a bill in 1999 allowing a small number of people to travel to Cuba although the Cuban embargo the Kennedy administration put into impact is still there. An individual is allowed to go to Cuba as long as they are going for “people to people contacts,” or to engage in Cuban culture and learn about the people in Cuba. It is not enough to hope to see the people and places. Individuals must have itineraries to be able to be allowed to go.

Not as tough to get in

An individual has to book a trip through a group authorized to go to Cuba if an individual wants to get in. The State Department won’t have to approve travel itineraries anymore ahead of time meaning it will be easier to get into a tour of Cuba. It is not a good idea to take children to Cuba though. The State Department site explains that even though “person to person” travel is allowed, more individuals will Cuba for governmental, religious or journalistic purposes. As long as relatives are Cuban nationals, people can go to Cuba to see them. There is no United States Embassy in Cuba, though a U.S. Special Interests Section is located in the Swiss Embassy in Havana, functioning as an embassy of sorts.

Get documents in order first

The State Department claims Cuba is “a totalitarian police state” that utilizes physical and other means to control its citizens. Make sure you have your paperwork in order and are behaved well while visiting Cuba. Most Cubans cannot travel at all. Cuba costs have to be around $150 with the exit visa “white card” that Cubans need to leave Cuba. The Christian Science Monitor reports that Cubans typically are hardly able to eat with the $20 a month they live off of. If the Raul Castro regime is willing to make changes, President Obama would be willing to lift some restrictions on trade and travel, states Reuters. Evidently Obama is attempting to normalize relations with the country. Trade in Cuba is beginning to occur more often. Castro will not bid farewell to communism though.

Citations

MSNBC

msnbc.msn.com/id/43126754/ns/travel-news/

U.S. Department of State on traveling to Cuba

travel.state.gov/travel/cis_pa_tw/cis/cis_1097.html

Christian Science Monitor

csmonitor.com/World/Americas/2011/0513/Cubans-may-no-longer-be-stuck-on-Caribbean-isle

Reuters

reuters.com/article/2011/05/13/us-usa-cuba-obama-idUSTRE74C3P820110513

Model Estella Warren ends up with a DUI, messes with L.A. cops

It is unknown right now whether Canadian model/actress Estella Warren really wants to be at all like Lindsay Lohan. But you wouldn’t know it based on Warren’s fracas with Los Angeles’ police on Monday, reports E! Online. Hit-and-run, DUI, assault and trying to escape a felony led to her $100,000 bond. And here’s the best part – the age she listed on her arrest report was 40, eight years older than anything she has publicly admitted.

Warren’s try to fight the power like in the film

Some might suggest that Warren was simply fighting the power like her slave girl character Daena in Tim Burton’s 2001 remake of “Planet of the Apes,” although neither Warren nor her publicist have said anything about what occurred Monday. According to Los Angeles law enforcement who spoke to TMZ, she was just really drunk. It was certainly too bad.

The chain of events that could effortlessly qualify as Estella Warren’s application for LiLo-esque sainthood unfolded as follows:

1. Warren piloted her Toyota Prius into three parked cars.
2. The inebriated ingénue fled the scene, all the while maintaining fuel efficiency.
3. Warren got pulled over by law enforcement officer.
4. She got a DUI after doing a breathalyzer test.
5. Her actions continued. She took one more stance.
6. Estella Warren was cuffed and taken into custody.
7. The age discrepancy was realized during booking. During this process, she got out of her handcuffs miraculously.
8. She then tried to get away by making a run for it. She was charged with a felony escape charge.
9. The L.A. County Sheriff said bail was at $100,000.
10. The fairly bird became a jail bird.

Better behavior anticipated

Everyone might have an issue when drinking too much alcohol. When a celebrity drinks too much, it tends to be on the front page of the newspaper. U.S. pop culture just loves to know what is going on. Some of the most famous magazines have had Warren in them while she is internationally known and has acted in both television and movie in the past. This just makes the news even bigger.

Information from

E! Online

eonline.com/uberblog/b243600_estella_warren_arrested_dui_hit_run.html

Estella Warren wiki

en.wikipedia.org/wiki/Estella_Warren

Planet of the Apes – The Sacred Scrolls

planetoftheapes.wikia.com/wiki/Daena

TMZ

bit.ly/ivEW1F

Howling over Little Red Estella Warren

youtube.com/watch?v=dnwHS3wc1B8

Does the CFPB have it in for small banks?

The American Bankers Association has a bone to pick along with the CFPB, according to Investor’s Business Daily. The banking conglomerate insists that once the Consumer Financial Protection Bureau begins enforcing new Dodd-Frank Act laws concerning loan disclosure and transparency this summer, the costs of bureaucracy will send 1,000 community banks and credit unions to their doom. It’s the kind of change small banks can’t see a good reason in which to believe.

Customers protected with enforcement

The CFPB’s interim chief is Elizabeth Warren. She said that U.S. financial institutions should watch out since change is about to come and change the regulation. More than half of the Customer Financial Protection Bureau’s budget will be directed at supervision and enforcement, a fact Warren has used on multiple occasions to accentuate talk of the fervor with which the CFPB will defend the financial rights of United States consumers.

Chances a financial institution will go out of business

Several of the ABA representatives explained the Dodd-Frank rules could be devastating to banks. Over 1,000 could go out of business before the end of the decade with the rules. The ABA thinks that small banks will have to take away too many resources to be able to give the Consumer Financial Protection Bureau any information it wants whenever it is requested. The Consumer Financial Protection Bureau will most likely make an effort to determine if discrimination is happening by asking the banks to collect even more information about a borrower’s demographics in order to stop predatory lending with the Home Mortgage Disclosure Act.

ABA Chairman Stephen Wilson told Investors Business Daily that all of this amounts to bad news for community banks and credit unions, as smaller financial institutions tend to make loans that larger banks keep away from. There are fewer sources of capital if small banks start shutting down. With this, customers will have higher rates and fees. This is because it will simply be passed on.

“If we tie up our capital system, it’s going to take money away from the people who need it to create jobs,” warned U.S. Chamber of Commerce President Tom Donohue.

The battle over Elizabeth Warren

The Consumer Financial Protection Bureau does not have a chairman still even though it is anticipated to launch on July 21. Many lawmakers that support the banking industry are against Warren as the director. She will most likely get President Obama’s nomination though. Warren says that her goal is to make the Consumer Financial Protection Bureau “toothless” although Republicans are concerned too much power is being given to the CFPB.

There were sixteen rule changes with the Sarbanes-Oxley Act of 2002. Only two and half years were taken to do this. Over 250 rule changes will be required by the Dodd-Frank Act in a matter of years.

Articles cited

American Bankers Association

aba.com/default.htm

Florida Realtors

floridarealtors.org/NewsAndEvents/article.cfm?id=259538

Investor’s Business Daily

investors.com/NewsAndAnalysis/Article/572889/201105201812/1000-Small-Banks-May-Be-Shut-Down-Due-To-Dodd-Frank.htm

SEC

sec.gov/about/laws/soa2002.pdf

Rep. Sean Duffy (R-Wisc.) fights for community banks and credit unions

youtube.com/watch?v=8yqmp_kIucQ

US must do a tax increase to lower debt, say foreign investors

The Bloomberg Global Poll of investors, traders and financial analysts has returned outcomes in favor of the U.S. upping the tax rate to be able to take a bite out of the federal debt. Almost two-thirds of investors polled believe that substantial debt reduction won’t be possible without additional tax revenue, a position that runs counter to the Republican stance on how to deal with the federal deficit.

Obama needs to agree with the GOP

Before the next fiscal year starts on Oct 1, President Obama and Republicans have to agree upon deficit-reducing measures, which 60 percent of investors do not think will happen. However, an even higher percentage of respondents (70 percent) are “confident” that Congress will raise the $14.29 trillion debt limit to be able to avoid default that would send borrowing costs skyrocketing for everyone, eliminate many jobs and hurl stocks, home values and retirement savings into a financial abyss.

Investor fears are still there

After Osama bin Laden passed away, the popularity of Obama went up drastically. Still, investors are worried about what the GOP plan will do. The GOP approach to affect the national debt “significantly” was supported by most in the Bloomberg poll. Still, 55 percent admit this change will not occur without tax rises more than likely.

As it currently stands, the United States budget deficit will hit $1.1 trillion in fiscal 2012. About $1.5 trillion will be how the fiscal 2011 will end.

Nothing given out for free

Sacred cows like Social Security and Medicare-related programs, which make up over 40 percent of the federal budget, have traditionally been off limits from spending cuts. This is why so many individuals think higher taxes are the only answer.

Cutting these entitlements is a very unpopular idea. Still, it would save a ton of money for the future if they could be cut. About 20 percent of the federal spending budget is Social Security. The Center on Budget and Policy Priorities reports that this is about $707 billion annually. About $732 billion goes to Medicare and related programs, which is about 21 percent.

A different alternative can be to increase tax revenue rather than tax rates by reducing credits, exclusions and tax deductions, suggested Harvard University economics professor Martin Feldstein in a brand new York Times op-ed piece.

More of an interest rate

Bond market yields are at a 10-year low, according to Bloomberg. Several experts are worried that there will be a huge increase in interest rates since there is an inverse relationship between bond values and rates of interest. The number of investors who believe another market crisis will hit the U.S. rose from 18 to 22 percent between the last two quarterly Bloomberg polls.

Articles cited

Bloomberg

bloomberg.com/news/2011-05-13/global-investors-rebuff-republicans-in-poll-showing-2-to-1-say-raise-taxes.html

Center on Budget and Policy

cbpp.org/cms/index.cfm?fa=view&id=1258

New York Times

nytimes.com/2011/05/05/opinion/05feldstein.html

Wikipedia

en.wikipedia.org/wiki/Bond_market

Cenk Uygur on taxes and the deficit

youtube.com/watch?v=mUtVY41kWKk

Most detrimental of floods in Memphis over as Mississippi river crests

The Mississippi river has been engorged for weeks, battering the south with some of the worst flooding on record in many years. Memphis, Tenn., has been inundated with heavy flooding, however the river has crested near the Music City, signifying that the worst is finished. Other areas are still in considerable flood danger, however.

Homeless people

More than 1,000 people have been rendered homeless, however some of the greatest landmarks in the state of Tennessee have gone untouched. The historic Beale Street district, a landmark of Music City, was not touched by floodwaters, according to the BBC. There was no hard done to Graceland by the Mississippi. Graceland was the home of Elvis Presley until 1977 when he perished. Even if individuals had to “charge hell with a water pistol,” they would keep Graceland safe. This is what a Shelby County Emergency Management Agency official explained. Flash floods in the Memphis area are a serious concern, reports CBS. About 1,300 homes were evacuated due to this fear. The water will take a while to recede.

Worry from the Mississippi

The Mississippi river has enlarged because of the spring thaw, after winter storms buried the East Coast of the United States in near-record amounts of snowfall. However, the floodwaters near Memphis recently crested at 48 feet, less than 10 inches shy of the record set in 1937. The states and cities along the Mississippi river path could have lots of danger to worry about, although Memphis is fairly much past the worst danger. There have been difficulties with the flood in the rest of the Mississippi river system and river delta. Still, precautions are still being taken. The Bonnet Carre Spillway was recently opened by the Army Corps of Engineers in order to relieve pressure from floodwaters on New Orleans’ levees, according to MSNBC. Measures are being taken to prepare for the water going in that direction, although floodwaters are going through the delta already.

Flooding is that bad

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. The United States Army Corps of Engineers constructed over 2,000 miles of levees. This was because of the flooding that happened in 1927. The water always has to go somewhere though. That means that the Mississippi water has to flood someplace else when the spillways are opened. Floods in Arkansas farmland is expected while the water gets closer to the Gulf of Mexico. In fact, 900,000 acres of farmland are anticipated to flood.

Citations

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