Liberty Media Swings to Fourth-Quarter Profit

Liberty Media (LMCA) swung to a profit in the fourth quarter, while Liberty Interactive (LINTA) also booked stronger earnings amid revenue growth at QVC.

Liberty Media said Friday its operating profit checked in at $189 million, compared to a $60 million loss in the same period a year earlier. Adjusted operating income before depreciation and amortization went from a $30 million loss to a $319 million gain. According to FactSet, analysts were looking for adjusted results of $336.4 million.

Revenue ticked 2% higher to $1 billion, missing Wall Street expectations for $1.03 billion.

The Englewood, Colo.-based company was recently involved in a push by Charter Communications (CHTR) to acquire larger cable rival Time Warner Cable (TWC). Liberty Media owns a 27% stake in Charter, which made a bid for its larger cable rival. But earlier this month, Comcast (CMCSA) swooped in with a $45.2 billion offer.

Liberty Media also owns about 52% of Sirius XM (SIRI). It offered last month to buy the remaining stake for $3.68 a share. On Friday, Liberty Media CEO Greg Maffei said the company is responding to requests for information from the satellite radio operators special committee.

We believe this combination will simplify the capital structure, further align management and provide ultimate strategic and financial flexibility, he added.

Liberty Interactive reported an operating profit of $404 million versus $382 million in the year-ago period. Adjusted OIBDA fell 1% to $618 million. Revenue grew 2.7% to $3.23 billion.

Shopping network QVC, the largest top-line contributor, logged a 1.8% increase in revenue to $2.74 billion. The segments U.S. revenue jumped 5.7% to $1.93 billion. Revenue at the e-commerce unit was up 6.6% at $487 million.

Maffei, who also serves as CEO of Liberty Interactive, said the owner of video and Internet properties will split the A and B series of its Liberty Ventures Group tracking stock early in the second quarter.

Class A shares of Liberty Media rose 0.8% to $137.21 early Friday morning. Liberty Interactive fell 1.9% to $29.11.

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Liberty Media Swings to Fourth-Quarter Profit

Religious liberty? Or anti-gay discrimination?

Despite a major victory in Arizona this week, the battle over where the line will be drawn between "religious freedom" and protection for gays against discrimination is only just heating up, advocates on both sides say.

Since August 2013, lawmakers in at least 13 states have introduced legislation similar to the controversial Arizona bill vetoed Wednesday as a new front line emerges in the battle over same-sex marriage and gay rights.

Eunice Rho, advocacy and policy counsel at the ACLU, said there has been a significant uptick in the introduction of such legislation the last few years.

Our opponents have made it quite clear that this is a deliberate strategy on their part to erode the significant gains that LGBT people have made, she said Thursday. What is noteworthy in 2014 is just the sheer scope of these kinds of bills. They are broader than we had ever seen before.

The bills, generally modeled off a 1993 federal law (the "Religious Freedom Restoration Act") that set the standard for when a religious protection argument can be invoked, are being pushed just as judges in Virginia, Oklahoma, Utah and Texas recently knocked down bans on same-sex marriage the first victories for gay marriage advocates in the South and conservative states.

And, since January, four more states have allowed gays and lesbians to wed, bringing the number of states where such unions are legal to 17 (the District of Columbia permits it, too).

Fifty years ago, businesses were allowed to turn people away because of the color of their skin and we as a nation decided that was unacceptable.

Though gay marriage opponents had raised concerns about religious protection many years ago, the recent sweeping changes have made their work more urgent to ensure that religious liberty is protected, said Peter Sprigg, senior fellow for policy studies at the Family Research Council.

Some of those efforts have included the recent legislation, which in states like South Dakota, Tennessee and Kansas, did target gays, according to the ACLU. Gay marriage opponents say the Arizona bill was not specifically aimed at allowing businesses or individuals to deny services to the LGBT community, though gay rights supporters maintain it was.

Arizona Gov. Jan Brewer came under a lot of pressure from businesses, the major sports leagues and human rights advocates to veto the legislation. Its defeat "proves the case that we have been making, Sprigg said. It validates our sense of alarm over this issue because it shows that there is a conflict between the same-sex marriage movement and religious liberty.

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Religious liberty? Or anti-gay discrimination?

Libertarian Peter Schiff Is Literally Too Stupid to Understand What Demand Is – Video


Libertarian Peter Schiff Is Literally Too Stupid to Understand What Demand Is
The definition of "demand": http://dictionary.reference.com/browse/demand?s=t path=/ http://www.economist.com/economics-a-to-z/d#node-21529654 The various th...

By: Debunkosaurus Rex

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Libertarian Peter Schiff Is Literally Too Stupid to Understand What Demand Is - Video

Ken Krawchuk (K’14 #012) accepting the Pennsylvania Libertarian Party’s Gubernatorial Nomination – Video


Ken Krawchuk (K #39;14 #012) accepting the Pennsylvania Libertarian Party #39;s Gubernatorial Nomination
http://www.KenK.org - Ken Krawchuk accepting the Pennsylvania Libertarian Party #39;s Gubernatorial Nomination in 2014.

By: Ken Krawchuk

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Ken Krawchuk (K'14 #012) accepting the Pennsylvania Libertarian Party's Gubernatorial Nomination - Video

JIM RYAN: If you're a Libertarian, skip the primaries

SAN ANGELO, Texas I have voted in every election since I was old enough. I have served as precinct election judge for 20 some years. Now what I am suggesting may seem contrary, but do not vote in this primary! I wont.

It is not I dont care. Bear with me here. I finally became sufficiently disgusted with the Republican Party I took off to the Libertarians. When you register to vote in Texas, you do not register by party. You only affiliate by the act of selecting the ballot of a party.

If one votes in the primary, one effectively has affiliated for the next two years. I will not be voting so that I can be part of the Libertarian Convention process.

Unlike the major parties, Libertarians nominate by convention. Were I to vote in the primary, I would be ineligible to participate in that convention. In that I am treasurer/secretary of the local Libertarian Party and a member of its state rules committee, that would be embarrassing.

If you find todays fighting over the scraps politics distasteful, and polling shows many of us do, consider the Libertarian alternative.

Many people I talk with tell me, Yes I like the ideas, but you cant win. I am realist enough to know this. We Libertarians are not going to sweep into Congress this election, or the next, but it has to start somewhere.

I remember when the Texas primary was effectively the election, and whoever won the Democratic Primary was assured election. That ended with Queen Ann, the Democrats last gasp; Lord a mercy she was a speaker Id put her up against William Jennings Bryan, but I digress. Not a bad governor, by the way.

Republicans? Who cared, they didnt matter.

I did not leave the Republican Party lightly. I had some clout there, enough that major players spoke to me with respect. It was not an easy decision, and I knew I was starting a long trail on untested ground. I will tell you this, I sleep better. I am supporting something I actually believe.

The Libertarian precinct conventions will be at 7:30 p.m. on March 11 at Hildalgos Cafe on Sherwood Way. I can pretty much promise that anyone attending will become a delegate to our county convention, also at Hildalgos, at 7:30 p.m. on March 15. Pretty short step from there to the state convention in Temple, where the fun starts.

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JIM RYAN: If you're a Libertarian, skip the primaries

Fall of Bitcoin Exposes Techno-Libertarian Folly

Bitcoin is a digital currency, or "crypto-currency," that exists solely on the Internet. There's a cap on the total number of Bitcoins that can be made, and its value is determined by a series of very complex algorithms.

Bitcoins origins are murky. Some speculate it was created in response to the 2008 recession, promising anonymity and escape from regulation, monetary policy and central banking authorities. These promises made it particularly alluring to Silicon Valley libertarians - as well as drug dealers, Ponzi schemers, and other unscrupulous types.

The virtual currency is stored on individual users computers and devices or on online repositories, in digital wallets, and like cash, can be transferred directly to other users, bypassing banks, brokers and - most importantly to the libertarian crowd - regulators. Users can trade regular currency, like US dollars, for bitcoins on digital exchanges. Each transaction is checked against a public ledger of all bitcoins ever made - or mined - to ensure users arent trading bitcoins they dont actually have.

If this sounds complicated, it is. Bitcoins machinations are incredibly complex and arcane, even to those in tech and finance circles. And critics have long pointed out critical vulnerabilities: astronomically high volatility, the ability of big holders to game the currency, and a complete lack of recourse for those whose bitcoins are compromised.

Still, Bitcoin evangelists touted it as a revolutionary concept that promised to change ("disrupt") the way we approach money. And until recently, it appeared likely, gaining support from prominent investors and technorati, including Facebooks famous Winklevoss Twins, despite skeptics concerns. Its peak value was once $1,200 per Bitcoin.

Things Fall Apart But then, over the past several months, cracks started appearing. In October 2013, the FBI seized Silk Road, an online marketplace for drugs, weapons and other contraband that conducted all its transactions with bitcoins, and indicted its owner, Ross Ulbricht, on narcotics trafficking and money laundering charges. They also seized 29,655 bitcoins, worth over $28 million, from Silk Roads servers. Bitcoins promise of anonymity turned out to be an illusion.

Then, in December, the Chinese government banned third parties and financial institutions from dealing in bitcoin. The following month, the Justice Department indicted Charlie Shrem, who founded Bitcoin startup BitInstant, on money laundering charges. After a surge in popularity and increasing mainstream acceptance, these setbacks indicated that Bitcoins promise of escaping regulators was little more than a pipe dream.

Finally, on February 25th, 2014, the most high-profile and devastating setback occurred, threatening to possibly sink the digital currency. Mt. Gox, the worlds largest bitcoin exchange, suddenly went offline. There were already indications that something was afoot at Mt. Gox, which earlier this month froze all bitcoin withdrawals. While there are several bitcoin exchanges still operating, Mt. Gox was the largest, holding bitcoin deposits worth over $300 million, money that is - for all intents and purposes - as good as gone.

Adding insult to injury, a prominent bitcoin blogger posted a document, allegedly from Mt. Gox, which posited that the online exchange was insolvent, and suggested strategies to contain the fallout, one of which was blacking out the website.

While the document is unverified, its implications - of gross mismanagement at best, and a flat-out Ponzi scheme at worst - were severe enough for the blogger to sell all his bitcoin holdings and publicly admit that the party may very well be over. Sure enough, Bitcoin was trading at less than $500 as of the time of writing, an almost 60 percent drop from its peak value.

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Fall of Bitcoin Exposes Techno-Libertarian Folly

Why 'Ghostbusters' is the most libertarian Hollywood blockbuster of all time

Shown in this scene from the 1984 movie "Ghostbusters" are Bill Murray, Dan Aykroyd, center, and...

After learning the sad news that comedy actor and filmmaker Harold Ramis had died, I remarked on Twitter that the 1984 classic "Ghostbusters" (which he co-wrote and co-starred in) was the most libertarian Hollywood blockbuster ever made. I assumed that this was perfectly clear to everybody and that I was making a non-controversial claim -- even asserting the banal conventional wisdom -- but a number of people evidently didn't see where I was coming from.

To me, it's quite obvious. In "Ghostbusters," paranormal activity is becoming a growing problem in New York City. Government doesn't do anything to stop the problem, so private entrepreneurs set up a small business that successfully captures and stores ghosts for a fee.

But then, the villain -- a regulator from the Environmental Protection Agency -- decides to interfere with the private business by cutting off their power, thereby releasing all of the captured ghosts. Here is the clip. The EPA agent orders the shut down of the ghost containment unit over the protests of Ramis' character, Dr. Egon Spengler, who says: "Excuse me, this is private property!"

The movie's heroes are taken into police custody after the release of the ghosts. Once the assault by the ghosts causes apocalyptic chaos in New York City and the government is completely helpless in solving the problem, the mayor releases the small-business owners who once again save the day.

How many Hollywood blockbusters involve private businesses as the heroes and government regulators as the villains?

Not to mention the fact that the film is also peppered with lines like this: "I liked the university. They gave us money and facilities. We didn't have to produce anything! You've never been out of college. You don't know what it's like out there. I've worked in the private sector. They expect results."

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Why 'Ghostbusters' is the most libertarian Hollywood blockbuster of all time