tagged w/ Money and Power
A proposal by the Federal Reserve Bank of Dallas to limit government support for banks could force JPMorgan Chase & Co. (JPM) and Bank of America Corp. to shrink their U.S. consumer and commercial-lending units by more than half.
The plan would cap assets at deposit-insured divisions of the largest U.S. financial firms at about $250 billion and wall off investment banking from traditional lending, Dallas Fed Executive Vice President Harvey Rosenblum said in an interview. The limit is needed to allow the Federal Deposit Insurance Corp. to shut a failed bank without using taxpayer funds, he said.
Rosenblum and his boss, Dallas Fed President Richard Fisher, join a chorus of Democratic and Republican policy makers in expressing dissatisfaction with efforts to assure that banks are no longer too big to fail. FDIC Vice Chairman Thomas Hoenig has called for breaking up the largest lenders and Senator Sherrod Brown, an Ohio Democrat, for limiting their size.
“While we enact high and deep Chinese walls between commercial banking and the rest of the megabanks’ operations, we also need to make sure the deposit-insured units are of a size that they can be closed and resolved quickly,” Rosenblum said. “Commercial banking is risky enough on its own."
Richard Fisher, president and chief executive officer of the Federal Reserve Bank of Dallas. The proposal put forward by Fisher and Executive Vice President Harvey Rosenblum would require separate capitalization and funding for investment-banking and trading units without forcing firms to break up.
http://www.bloomberg.com/news/2013-03-13/dallas-fed-cap-seen-shrinking-u-s-banking-units-by-half.htmlA proposal by the Federal Reserve Bank of Dallas to limit government support for banks... more
Income inequality, money & politics, American empire....and music, too.
http://youtu.be/wOZYH_IHZZkIncome inequality, money & politics, American empire....and music, too.... more
What do they really own?
You see them every day.
The flagrant and contemptuous displays of money and power in the service of money and power.
From the bailout of the Wall Street criminals, to renewed offshore drilling after the Gulf disaster, to tornado victims held hostage to budget concessions.You see them every day.
The flagrant and contemptuous displays of money and power... more
When President Obama warned that the Supreme Court’s Citizens United decision “will open the floodgates for special interests — including foreign corporations — to spend without limit in our election,” conservatives began damage control literally before the President could even finish his sentence. Justice Sam Alito infamously mouthed the words “not true” while Obama was speaking. Of course, we subsequently learned the Chamber of Commerce was raising money from foreign corporations and then placed this money in the same account which funds their political attack ads.When President Obama warned that the Supreme Court’s Citizens United decision... more
The full movie describing how money is created by bank loans that create perpetual debt and economic slavery.The full movie describing how money is created by bank loans that create perpetual... more
NEW YORK — The five skyscrapers were all supposed to rise by early next decade to replace the ravaged World Trade Center, with the city's tallest towers set in a spiral evoking the Statue of Liberty's torch.
They would frame a massive memorial in a tree-filled park, plus a theater and a transportation hub with uplifted wings — one of several symbols intended to defy the terrorists who destroyed the 16-acre site in under two hours.
Standing on the site now — a multi-level labyrinth of concrete and steel, from the entrance resembling the rooftops of an underground city — the sweeping design unveiled 6 1/2 years ago still hasn't materialized.
It's not a pit," Ward said. "Now, it's a sense of rebirth." (-heh-)
Its history is "too sad to even really think about progress," said the 48-year-old Austin, Texas, insurance worker. But "I am a little surprised — I thought there'd be something built there.
When will there be?NEW YORK — The five skyscrapers were all supposed to rise by early next decade... more
Published on Monday, October 13, 2008 by TruthDig.com
America’s Political Cannibalism
by Chris Hedges
"It is no longer our economy but our democracy that is in peril. It was the economic meltdown of Yugoslavia that gave us Slobodan Milosevic. It was the collapse of the Weimar Republic that vomited up Adolf Hitler. And it was the breakdown in czarist Russia that opened the door for Vladimir Lenin and the Bolsheviks. Financial collapses lead to political extremism. The rage bubbling up from our impoverished and disenfranchised working class, glimpsed at John McCain rallies, presages a looming and dangerous right-wing backlash.
As the public begins to grasp the depth of the betrayal and abuse by our ruling class, as the Democratic and Republican parties are exposed as craven tools of our corporate state, as savings accounts, college funds and retirement plans become worthless, as unemployment skyrockets and as home values go up in smoke we must prepare for the political resurgence of a reinvigorated radical Christian right. The engine of this mass movement-as is true for all radical movements-is personal and economic despair. And despair, in an age of increasing shortages, poverty and hopelessness, will be one of our few surplus commodities.
Karl Polanyi in his book "The Great Transformation," written in 1944, laid out the devastating consequences-the depressions, wars and totalitarianism-that grow out of a so-called self-regulated free market. He grasped that "fascism, like socialism, was rooted in a market society that refused to function." He warned that a financial system always devolved, without heavy government control, into a Mafia capitalism-and a Mafia political system-which is a good description of the American government under George W. Bush. Polanyi wrote that a self-regulating market, the kind bequeathed to us since Ronald Reagan, turned human beings and the natural environment into commodities, a situation that ensures the destruction of both society and the natural environment. He decried the free market's belief that nature and human beings are objects whose worth is determined by the market. He reminded us that a society that no longer recognizes that nature and human life have a sacred dimension, an intrinsic worth beyond monetary value, ultimately commits collective suicide. Such societies cannibalize themselves until they die. Speculative excesses and growing inequality, he wrote, always destroy the foundation for a continued prosperity.
We face an environmental meltdown as well as an economic meltdown. This would not have surprised Polanyi, who fled fascist Europe in 1933 and eventually taught at Columbia University. Russia's northern coastline has begun producing huge qualities of toxic methane gas. Scientists with the International Siberian Shelf Study 2008 describe what they saw along the coastline recently as "methane chimneys" reaching from the sea floor to the ocean's surface. Methane, locked in the permafrost of Arctic landmasses, is being released at an alarming rate as average Arctic temperatures rise. Methane is a greenhouse gas 25 times more powerful than carbon dioxide. The release of millions of tons of it will dramatically accelerate the rate of global warming.
Those who run our corporate state have fought environmental regulation as tenaciously as they have fought financial regulation. They are responsible, as Polanyi predicted, for our personal impoverishment and the impoverishment of our ecosystem. We remain addicted, courtesy of the oil, gas and automobile industries and a corporate- controlled government, to fossil fuels. Species are vanishing. Fish stocks are depleted. The great human migration from coastlines and deserts has begun. And as temperatures continue to rise, huge parts of the globe will become uninhabitable. The continued release of large quantities of methane, some scientists have warned, could actually asphyxiate the human species. "
continued below or at link abovePublished on Monday, October 13, 2008 by TruthDig.com
America’s Political... more
"Published on Monday, October 13, 2008 by the Guardian/UK
US Surrenders Power to Appoint World Bank President
by Heather Stewart / Larry Elliot
WASHINGTON - The US is to lose its power to appoint the president of the World Bank after the UK's development secretary, Douglas Alexander, brokered a deal to throw open the post to candidates from any country.
World Bank President Robert Zoellick attends the opening plenary of the annual International Monetary Fund-World Bank meeting in Washington October 13, 2008. The US is to lose its power to appoint the president of the World Bank after the UK's development secretary, Douglas Alexander, brokered a deal to throw open the post to candidates from any country.(REUTERS/Yuri Gripas (UNITED STATES)Backed by European governments and developing countries, Alexander overcame resistance from the US and Japan to secure a reform he described last night as "a significant step forward".
Washington has had the right to hand-pick the president of the World Bank since the institution was founded after the second world war, with Europe choosing the managing director of the International Monetary Fund.
Alexander said: "The agreement provides the opportunity for candidates to be nominated regardless of nationality. It will ensure that the best-qualified candidate is selected."
Developing countries have grown increasingly frustrated at the stranglehold of rich nations on the two Washington-based multilateral bodies, with pressure for change accelerating after the controversial presidency of Paul Wolfowitz, who was forced to step down after a scandal involving his partner's promotion.
Alexander said that more changes were needed: "It is a significant step forward, albeit on a much longer journey."
The bank's development committee yesterday was dominated by concerns that poor countries would fall victim to the global financial crisis. It backed proposals that will give countries from sub-Saharan Africa a third seat on its 25-strong governing board.
The bank's president, Robert Zoellick, urged rich countries not to forget their pledges of financial support to the developing world. The bank believes the number of malnourished will increase by 44 million this year.
Donor countries were also discussing whether to release a multibillion-dollar reconstruction package to Zimbabwe. Alexander said the tests a new Zimbabwean government would have to meet included respecting human rights and allowing charities into the country to deliver aid.""Published on Monday, October 13, 2008 by the Guardian/UK
US Surrenders Power to... more
Published on Thursday, October 9, 2008 by The Huffington Post
The Banality of Clean Coal: Extraction Crimes
by Jeff Biggers
"Three more retired coal miners died of black lung today. Over 105,000 Americans have suffered and died from black lung related diseases; 10,000 miners, according to the National Institute for Occupational Safety and Health, have died from black lung in the last decade.
Despite a recent spike in black lung diagnoses, U.S. Mine Safety and Health Administration chief Richard Stickler recently announced he was too busy "to tackle respirable dust." Stickler's apathy is nothing new to coal miners and their families--until an aggressive grassroots campaign and a tragic accident attracted national media in 1968, most politicians and coal operators denied that black lung ever existed. Some doctors on the payroll of the coal companies even claimed that coal mining cured TB. In truth, the medical community had been aware of black lung disease since the 1830s.
Sound outrageous? Coal's dirty legacy has been one of our nation's most unbelievable denials.
In the 1970s, as the nation panicked during another oil crisis, the coal industry and its political allies announced a massive "clean coal" plan for coal-to-liquid gas conversion that would free us from foreign oil dependence. Sound familiar? Unfortunately, the coal conversion program turned into a prohibitive boondoggle, and the grand plans disappeared into the dirty air once the OPEC crisis subsided. In the process, the sulfur dioxide and nitrogen oxides emissions from coal-fired plants ravaged our forests and lakes to the extent that we coined the term, "acid rain," to describe its devastation.
As they had done with black lung, the coal operatives and their political allies denied acid rain as an invention of environmentalists, despite the fact that scientists had been aware of the impact of sulfur dioxide emissions since the 1850s. Once again, it took an aggressive grassroots campaign to nudge Washington into signing the Clean Air Act in 1990.
According to a recent Gallop poll, the majority of Republicans do not believe global warming has begun, or that coal-fired plants generate over 40 percent of our carbon dioxide emissions. A quarter of the Democrats are on the same side of denial.
In the meantime, a new 1500 megawatt coal-fired plant being built in southern Illinois--one of the biggest in the nation--not only stands to emit 12 million tons of greenhouse gases annually, but sits on the edge of the New Madrid earthquake fault line." article continued below or at link above.
Published on Thursday, October 9, 2008 by The Huffington Post
The Banality of Clean... more
Wednesday 08 October 2008: by: Nancy Trejos, The Washington Post
"As the stock market continues to drop, $2 trillion of Americans' retirement savings has been lost.
The stock market's prolonged tumble has wiped out about $2 trillion in Americans' retirement savings in the past 15 months, a blow that could force workers to stay on the job longer than planned, rein in spending and possibly further stall an economy reliant on consumer dollars, Congress's top budget analyst said yesterday.
For many Americans, pensions and 401(k) plans are their only form of savings. The dwindling of these assets - about a 20 percent decline overall - is another setback just as many people are grappling with higher gas and food prices, more credit card debt, declining home values and less access to loans.
"Unlike Wall Street executives, American families don't have a golden parachute to fall back on," said Rep. George Miller (D-Calif.), chairman of the House Committee on Education and Labor. "It's clear that Americans' retirement security may be one of the greatest casualties of this financial crisis."
Even traditional pension plans, which are formally known as defined-benefit plans and are widely considered more stable, have been hit hard by the stock market's volatility, losing 15 percent of their assets over the past year, Peter R. Orszag, director of the Congressional Budget Office, told the House panel.
Despite the losses, companies will still be obligated to pay out the same pensions promised to employees but will have to recoup the extra costs in other ways, Orszag said. "When pension assets decline in 401(k) plans, the burden is on the workers," he said. "When pension plan assets decline in defined-benefit plans, the burden is on the firm to make up the difference. The firm will have to pass those costs on to their workers, to their shareholders or to consumers."
Defined-benefit plans are company-sponsored programs that provide retirement payouts based on an employee's salary and tenure. The company shoulders the bulk of the investment decisions and risk. Defined-contribution plans, such as 401(k)s, turn those tasks over to the worker and are subject to the whims of the stock market.
Increasingly, employers have switched workers into defined-contribution plans. The federal government has also pushed 401(k) plans heavily, approving a law late last year that makes it easier for employers to automatically enroll their employees in them and other similar retirement plans."
Story continuned at link above.Wednesday 08 October 2008: by: Nancy Trejos, The Washington Post
Is it possible to create a "heaven" on earth (each to his own version of heaven)? When respect and care for each other (that would equal "love"), and respect for our precious planet outweighs greed and fear, we may be able to create different ways of supporting each other and our world. Here is one way!
"Imagine a world where war is outdated, there is no shortage of resources, and every human being enjoys a high standard of living."
Well probably not the NeoConNewWorldOrderBankingCartel's (whoever they are) view of a great idea, but for the rest of us.....Clean air, water, food , respect - less stress - sounds good to me!
Click on green youtube link above, or the image "Venus Project"Is it possible to create a "heaven" on earth (each to his own version of... more