News Story of the Day: do you remember 18F? It was a tech organization created by President Obama a few years ago to help Washington’s infrastructure enter the digital age. It’s managed by the General Services Administration (GSA) and so you already know what the story is: it’s bleeding money.
According to a new report by from Government Accountability Office (GAO), the organization is unprofitable as it loses $1 million each month. Once the end of fiscal year 2016 arrives, the government tech group will have a total debt load of $33 million. However, it may earn enough money in 2019 to cover its annual expenses.
In addition to its lack of success – no surprise – most people in Washington have no idea what 18F really does, which is something conceded by Phaedra Chrousos, who runs 18F as commissioner of technology transformation service at the GSA. He told a congressional hearing that something needs to be done about transparency to ensure the project is successful.
Reports suggest 18F is facing considerable pressure to be successful. But if nobody knows what the heck it is then how can it face any pressure?
Chart of the Day: apparently, foreign investors are fleeing U.S. stocks like it’s nobody’s business. According to a new chart from Bloomberg, investors outside the U.S. tossed away approximately $128 billion in American shares over the past year. It seems long-term investors like other markets. Is this just the beginning?
Illustration of the Day: When you hear Hillary Clinton speak, don’t you just want to rip out your eyeballs, tear out your hair, ram your ears in with a screwdriver and pull out your tongue with a pair of pliers? Well, if you don’t feel like that yet, you likely will in the coming months as she dominates more of the airwaves. What’s worse, though? Her lies or her voice?
Quote of the Day: superb historian Tom Woods sent out a newsletter earlier this week talking about “fashionable libertarians” and how they’re OK with legalizing pot, but not OK in allowing businesses to decide what transactions they take part in. Here is what Woods writes:
“Legalizing pot is A-OK, but if they said business owners shouldn’t be forced to engage in transactions against their will, they’d be off the 3×5 card of allowable opinion — and they’re going to hold on to that thing if it’s the last thing they do.
“Wouldn’t want the Fed chairman to stop accepting their speaking invitations, you understand.
“Yes, this is an unpopular position. But once we abandon the idea that property owners decide what takes place in their establishments, we wind up with the perverse, litigation-crazy situation we have today.”
Video of the Day: how wise was George Carlin? Who knows what he would think about today’s special snowflake, triggering, safe space generation? It seems he predicted today’s college campuses and wussification years before he unfortunately passed away. Here is Carlin talking about it:
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