US Attorneys don't actually prosecute cases either, it's all the AUSAs. So any praise she gets for going after WTC bombers and others is a joke because she heads the office, it's political, and she stands up in the press conferences. US Attorneys are figureheads that get the positions through the right connections and/or massive political contributions (Chris Christie in NJ became US Attorney for NJ that way). Quite frankly the feds are only prosecuting cases they steal from the locals or the cases that have entire FBI offices devoted to them, are easy to prove, and can gather massive press coverage. She wasn't busting ass out in some field investigating and prosecuting terrorism, or organized crime, let alone the white collar crime that was and is running rampant.
Also, as head of the SEC, she's a figurehead. However, she can't share any info. she gained from her defense work as a corporate attorney, thus making her even more useless. So what exactly is she going to do? Probably ensure none of her former clients are investigated or prosecuted. She can basically make it impossible for investigations to start or proceed. DOJ criminally investigating white collar crime, banksters? That hasn't happened and Bush actually did more in that respect (Enron prosecutions even though the Bush/Enron ties were tight).
Nope, it's all shadow play. Nothing changes. She just gets another position she can put on her resume before switching back to the same law firm in 2-4 years and takes a job in some law school or university and joins some corporate boards.
The media? For laughs I read the American media, and CNN's website has an article on how Hillary Clinton could be Pres. in 2016 if she wanted it (again, same old clique in both D & R to rule on commoners because they need that $ and power at our expense). Oh please, Hillary, please run, or maybe a Bush can rule us again. I'm sure Fox is droning on about the need for war with Iran ASAP. No mention of jobs or unemployment or Great Depression II before or after the election as predicted. CNBC was excited because two bankster idiots acted like 5 years olds and personally insulted each other on Friday ("best and brightest" show how idiotic and insane they truly are).
Nope, the media as far as the US is concerned is pathetic. Foreign alternatives are a must and non-MSM. I sense that the populace that is unplugged from the MSM has had their fill of the lies and distractions foisted upon us and will no longer trust the media, politicians, corporations, academia, and many other sectors following the utter collapse in 2007 that is still crushing 99% of us with no relief coming.
When we have over 12 million, unofficially at least 18 million unemployed, retirement wiped out, people tapped out after tapping out their 401ks, on and on.
It is a recovery for the super rich, no doubt about it. That is the overall theme, I got in reading your detailed article.
The problem with debt is the minute that is discussed the propaganda machine is so strong that deficit reduction is now equated with austerity. Not good and not the same thing.
Just an example of how corporations can get into law ridiculous things, it is now illegal to unlock your cell phone.
People unlock their cell phones in order to use it on another network, as an example. Developers unlock phones to test code and use it as a development platform.
So, let's get this right. You bought the phone, you own it, yet for you to "do something to it" is now a criminal act. Right.
How this is economically related is more examples of how corporations manage to get into the criminal code laws which really are marketing, or under the guise of intellectual property protection.
We have no opinion on anonymous and such tactics, beyond they are fascinating, but their points, the issues are real.
NAR put out 2012 profile data and said for all home sales it is 40%. I found in 2011 new home sales were 38% cash from Marketwatch.
People are broke and if anyone notices volume is still low in comparison to earlier in the decade. Although your point is well taken. If one can qualify for a mortgage, the rates make things much cheaper. Rates matter.
I have to take NAR statistics with a cynical eye for the commentary contained within is always major hype. In 2010, I do not have an exact quote but it was pipe dream projections. for the future. Scary because the transactions surrounding existing home sales enter into the GDP figures. Yet because of that I will assume their transaction figures have to be accurate.
at least for new home sales...i've always assumed that the large percentage of cash buyers of existing homes were buying mostly distressed properties below market as an investment..
is deceptive because it looks like new home prices have returned to 2007 levels; however, a theoretical buyer in Dec 2007 was paying $1508 a month on a 30 year mortgage at 6.10%; this year's median buyer pays but $1096 monthly on his 30 year fixed at 3.35%...
The legal world is a strange place onto itself in terms of judicial appointments and government top dog lawyers. Not my area and I wouldn't take someone's age or the fact they were in the position over 30 years ago against them. Depends on what they were doing since.
A couple of years ago some new US Attorney was appointed in Maine. The funny/pathetic thing was he was a US attorney in 1979 until Carter was defeated. He said in some article that when he was last US Attorney, terrorism wasn't a big deal, people did work on typewriters, and drug trafficking was far different. The guy is 67, worked as a judge and attorney in the past 30 years, and his dad, surprise, sat on Maine's Supreme Judicial Court up until his son was appointed to the US Attorney's spot in 1979.
He was one of four people nominated for the spot and selected. A guy that last served in the spot in 1979 was in the top 4 for the top federal law enforcement position in a border state post-9/11? And he was selected? I'm sure the people of Maine had many, many more people that should have been considered, but never got past that velvet rope of family and political connections. And since Maine is a border state, let's hope we don't all suffer for it. There are thousands of examples just like this where only a small group of people are ever considered. What people now mean by "connections" and "networking" is don't even bother unless you have a relative that will hire you or a crony in a top spot. What's the point of education past reading and writing if you aren't born into certain families?
What famous cases I don't know and Wall Street except for the lone Ponzi scheme, they have been running amok during that time period. She was in the Clinton administration, under Janet Reno as well. I've been digging around and it appears unless we go into the public records, I sure cannot find these famous white collar crime prosecutions that are being touted. World trade center, famous mobster yes.
Conflict of interest I would think would be her husband most of all, it's not clear to me when one has defended a client can they in turn prosecute them? She won't be the actual prosecutor on the case at all. Civil litigation would be employees (lawyers) at the SEC, and possibly beyond approval she wouldn't be involved in the case at all. Criminal would be turned over to the DOJ I believe and now there is another story. Watch for the Friday Night Video later on that one.
Te two who come to mind who got in the revolving door outside of crony capitalism as if some token real people make a difference.
Also, notice even in this day and age of technology, beyond CEOs government doesn't seem to have any technologists in real power? Gee, how is the SEC going to deal with HFT when they do not understand HFT?
The difference between career stability, wages, benefits for those unionized and those not is obvious. One can argue some of their politics don't make sense and that's quite the turn off as are maybe some other things, but the wages, benefit disparities make it clear what happens without unions. As does the history of American labor. Outsourcing, globalization and frankly immigration (in spite of their position), have hurt unions as well as all workers. Race to the bottom on wages.
Never heard of it myself but I guess I don't get out much. Thing on Zerohedge? I have no idea why basic cable runs CNBC instead of Bloomberg, although if you have a Roku, some streaming Bloomberg is there.
Read the site upgrade comments. I'm assuming you mean the Instapopulist comments. I had to blow away the 1st Instapopulist and recreate a new one due to the unfortunate use of a very buggy 3rd party piece of code which corrupted the site security permissions.
Before Gompers sold out the workers there were the Knights of Labor and IWW, Western Federation of Miners. Their goal was for workers to own and operate industry, knowing that they would never be given anything they weren't strong enough to take. Not Socialism or Communism, just working people owning and controlling their own jobs and assets.
But capitalists spent the equivalent of a billion dollars a year, according to an NLRB estimate during the LaFollette hearings, for finks, spies, and politicians. Between their efforts and the AFofL, they convinced a citizenry that these people who asked for an 8-hour day, unemployment, and and end to child labor were the enemy. At the same time the business owners were and had been killing working people by the thousands in pursuit of the dirtiest of profits, (same dirty profits today). And with the help of murders and torture by the American Legion, the police, the Ku Klux Klan, various state militias and Federal troops they stopped the movement toward freedom.
Maybe the unions have outlived their usefulness. When things are growing it's easier to get dues, to accept a small raise, to think somehow that because Mr. Charlie is giving back a few of the bucks he took from you in the first place that the union is doing their job. The AFL knew that, and tied the workers back onto the yoke of their Master far too cheaply.
But that's the problem with small vision.Unions have been overwhelmed with our current conditions, lost their leverage between outsourcing and technological changes. If they had stayed on the path of worker ownership they might have not only stayed relevant but turned into a resource. It's a resource that's sorely needed when your government is more interested in propping up the rich than worrying about increases in food stamps and millions more added to the roles of the "working poor". (I spoke with someone protesting the shutdown of a plant recently that is going to be shuttered. I asked what would happen when they were protesting in front of the empty building, and was told "We will move to the next one". Baby, that's a loss in anyone's book, and a slow, painful road downhill. Sad.).
United Steel Workers signed a deal a few months back with the Mondragon Cooperative, so maybe someone is learning.
Ever notice how the same people keep rotating between govt. and private jobs. Look at the Presidency and other positions in our history. Really, with this many people of all different backgrounds, why is it we always hear about the same families running for President, or Governor, or this elected official, or head of the SEC, or head of DOJ? It's all about backroom deals, nepotism, and cronyism and making sure any "recruitment" is just a waste of time for the 99.9% of people that actually think people care about their skills and education and concern for fellow Americans. It's not about smarts or work ethic or honesty or looking out for the average member of the investing public/taxpayer/citizen. Tired of seeing the same names and people rotating in and out of office and getting rich while doing it. All these people are tarnished and greedy. Looking forward to Chelsea Clinton as President, Mary Jo White's husband as DOJ head, a Kennedy in some governorship, a Bush in the Senate, maybe a Rockefeller running the CIA or NSA or Treasury. And then they can switch to private gigs and be replaced by another friend or relative. Anything to keep that crack-like addiction to power and money going.
Forget the idea that she would be tough on Wall Street, despite her time defending the very same Wall Street firms she represented for millions of dollars per year. Being paid millions of dollars per year, padding one's bank account, etc. does cause people to form allegiances that don't change with a new job title. Besides $, they still have friends, relatives, etc. in those same firms, so they won't upset them. Also, conflict rules would prohibit her from using anything she knows or learned against former clients or those tied to former clients. Thus, she's basically barred from doing anything against the people that paid her bill = useless.
When she was in the SDNY, she wasn't noted for prosecuting banks. She was prosecuting the "traditional organized crime" aka The Mafia, not the organized crime known as the banking cartel. If she actually did go after the banking cartel and politicians, she wouldn't last long at the SDNY, DOJ wouldn't approve the prosecutions, Debevoise would never hire her, and she wouldn't now be head of the SEC. She never went after banks or financial bigwigs, and this was during the days when the financial bubble, liar loans, derivatives, etc. were building and building. So she's another useless shill.
The Instapopulist is restructured due to database errors and I dare say it is much better than the previous version. There is a block to show the latest, plus the Instapopulist has it's own page and the display is in columns. As it populates we'll see how well people navigate. I don't expect that much use although it would be nice is more people did. EP audience is reader heavy, but more participation since Economics is a group contact sport, would be lovely.
US Attorneys don't actually prosecute cases either, it's all the AUSAs. So any praise she gets for going after WTC bombers and others is a joke because she heads the office, it's political, and she stands up in the press conferences. US Attorneys are figureheads that get the positions through the right connections and/or massive political contributions (Chris Christie in NJ became US Attorney for NJ that way). Quite frankly the feds are only prosecuting cases they steal from the locals or the cases that have entire FBI offices devoted to them, are easy to prove, and can gather massive press coverage. She wasn't busting ass out in some field investigating and prosecuting terrorism, or organized crime, let alone the white collar crime that was and is running rampant.
Also, as head of the SEC, she's a figurehead. However, she can't share any info. she gained from her defense work as a corporate attorney, thus making her even more useless. So what exactly is she going to do? Probably ensure none of her former clients are investigated or prosecuted. She can basically make it impossible for investigations to start or proceed. DOJ criminally investigating white collar crime, banksters? That hasn't happened and Bush actually did more in that respect (Enron prosecutions even though the Bush/Enron ties were tight).
Nope, it's all shadow play. Nothing changes. She just gets another position she can put on her resume before switching back to the same law firm in 2-4 years and takes a job in some law school or university and joins some corporate boards.
The media? For laughs I read the American media, and CNN's website has an article on how Hillary Clinton could be Pres. in 2016 if she wanted it (again, same old clique in both D & R to rule on commoners because they need that $ and power at our expense). Oh please, Hillary, please run, or maybe a Bush can rule us again. I'm sure Fox is droning on about the need for war with Iran ASAP. No mention of jobs or unemployment or Great Depression II before or after the election as predicted. CNBC was excited because two bankster idiots acted like 5 years olds and personally insulted each other on Friday ("best and brightest" show how idiotic and insane they truly are).
Nope, the media as far as the US is concerned is pathetic. Foreign alternatives are a must and non-MSM. I sense that the populace that is unplugged from the MSM has had their fill of the lies and distractions foisted upon us and will no longer trust the media, politicians, corporations, academia, and many other sectors following the utter collapse in 2007 that is still crushing 99% of us with no relief coming.
When we have over 12 million, unofficially at least 18 million unemployed, retirement wiped out, people tapped out after tapping out their 401ks, on and on.
It is a recovery for the super rich, no doubt about it. That is the overall theme, I got in reading your detailed article.
The problem with debt is the minute that is discussed the propaganda machine is so strong that deficit reduction is now equated with austerity. Not good and not the same thing.
Just an example of how corporations can get into law ridiculous things, it is now illegal to unlock your cell phone.
People unlock their cell phones in order to use it on another network, as an example. Developers unlock phones to test code and use it as a development platform.
So, let's get this right. You bought the phone, you own it, yet for you to "do something to it" is now a criminal act. Right.
How this is economically related is more examples of how corporations manage to get into the criminal code laws which really are marketing, or under the guise of intellectual property protection.
We have no opinion on anonymous and such tactics, beyond they are fascinating, but their points, the issues are real.
NAR put out 2012 profile data and said for all home sales it is 40%. I found in 2011 new home sales were 38% cash from Marketwatch.
People are broke and if anyone notices volume is still low in comparison to earlier in the decade. Although your point is well taken. If one can qualify for a mortgage, the rates make things much cheaper. Rates matter.
I have to take NAR statistics with a cynical eye for the commentary contained within is always major hype. In 2010, I do not have an exact quote but it was pipe dream projections. for the future. Scary because the transactions surrounding existing home sales enter into the GDP figures. Yet because of that I will assume their transaction figures have to be accurate.
at least for new home sales...i've always assumed that the large percentage of cash buyers of existing homes were buying mostly distressed properties below market as an investment..
Don't forget Bernie Sanders in the Senate.
I don't have the breakdown for new homes but we need to break it down by price, whereas 30 yr. fixed is a whole other ball game.
is deceptive because it looks like new home prices have returned to 2007 levels; however, a theoretical buyer in Dec 2007 was paying $1508 a month on a 30 year mortgage at 6.10%; this year's median buyer pays but $1096 monthly on his 30 year fixed at 3.35%...
The legal world is a strange place onto itself in terms of judicial appointments and government top dog lawyers. Not my area and I wouldn't take someone's age or the fact they were in the position over 30 years ago against them. Depends on what they were doing since.
A couple of years ago some new US Attorney was appointed in Maine. The funny/pathetic thing was he was a US attorney in 1979 until Carter was defeated. He said in some article that when he was last US Attorney, terrorism wasn't a big deal, people did work on typewriters, and drug trafficking was far different. The guy is 67, worked as a judge and attorney in the past 30 years, and his dad, surprise, sat on Maine's Supreme Judicial Court up until his son was appointed to the US Attorney's spot in 1979.
He was one of four people nominated for the spot and selected. A guy that last served in the spot in 1979 was in the top 4 for the top federal law enforcement position in a border state post-9/11? And he was selected? I'm sure the people of Maine had many, many more people that should have been considered, but never got past that velvet rope of family and political connections. And since Maine is a border state, let's hope we don't all suffer for it. There are thousands of examples just like this where only a small group of people are ever considered. What people now mean by "connections" and "networking" is don't even bother unless you have a relative that will hire you or a crony in a top spot. What's the point of education past reading and writing if you aren't born into certain families?
What famous cases I don't know and Wall Street except for the lone Ponzi scheme, they have been running amok during that time period. She was in the Clinton administration, under Janet Reno as well. I've been digging around and it appears unless we go into the public records, I sure cannot find these famous white collar crime prosecutions that are being touted. World trade center, famous mobster yes.
Conflict of interest I would think would be her husband most of all, it's not clear to me when one has defended a client can they in turn prosecute them? She won't be the actual prosecutor on the case at all. Civil litigation would be employees (lawyers) at the SEC, and possibly beyond approval she wouldn't be involved in the case at all. Criminal would be turned over to the DOJ I believe and now there is another story. Watch for the Friday Night Video later on that one.
Te two who come to mind who got in the revolving door outside of crony capitalism as if some token real people make a difference.
Also, notice even in this day and age of technology, beyond CEOs government doesn't seem to have any technologists in real power? Gee, how is the SEC going to deal with HFT when they do not understand HFT?
The difference between career stability, wages, benefits for those unionized and those not is obvious. One can argue some of their politics don't make sense and that's quite the turn off as are maybe some other things, but the wages, benefit disparities make it clear what happens without unions. As does the history of American labor. Outsourcing, globalization and frankly immigration (in spite of their position), have hurt unions as well as all workers. Race to the bottom on wages.
Never heard of it myself but I guess I don't get out much. Thing on Zerohedge? I have no idea why basic cable runs CNBC instead of Bloomberg, although if you have a Roku, some streaming Bloomberg is there.
Read the site upgrade comments. I'm assuming you mean the Instapopulist comments. I had to blow away the 1st Instapopulist and recreate a new one due to the unfortunate use of a very buggy 3rd party piece of code which corrupted the site security permissions.
Before Gompers sold out the workers there were the Knights of Labor and IWW, Western Federation of Miners. Their goal was for workers to own and operate industry, knowing that they would never be given anything they weren't strong enough to take. Not Socialism or Communism, just working people owning and controlling their own jobs and assets.
But capitalists spent the equivalent of a billion dollars a year, according to an NLRB estimate during the LaFollette hearings, for finks, spies, and politicians. Between their efforts and the AFofL, they convinced a citizenry that these people who asked for an 8-hour day, unemployment, and and end to child labor were the enemy. At the same time the business owners were and had been killing working people by the thousands in pursuit of the dirtiest of profits, (same dirty profits today). And with the help of murders and torture by the American Legion, the police, the Ku Klux Klan, various state militias and Federal troops they stopped the movement toward freedom.
Maybe the unions have outlived their usefulness. When things are growing it's easier to get dues, to accept a small raise, to think somehow that because Mr. Charlie is giving back a few of the bucks he took from you in the first place that the union is doing their job. The AFL knew that, and tied the workers back onto the yoke of their Master far too cheaply.
But that's the problem with small vision.Unions have been overwhelmed with our current conditions, lost their leverage between outsourcing and technological changes. If they had stayed on the path of worker ownership they might have not only stayed relevant but turned into a resource. It's a resource that's sorely needed when your government is more interested in propping up the rich than worrying about increases in food stamps and millions more added to the roles of the "working poor". (I spoke with someone protesting the shutdown of a plant recently that is going to be shuttered. I asked what would happen when they were protesting in front of the empty building, and was told "We will move to the next one". Baby, that's a loss in anyone's book, and a slow, painful road downhill. Sad.).
United Steel Workers signed a deal a few months back with the Mondragon Cooperative, so maybe someone is learning.
Ever notice how the same people keep rotating between govt. and private jobs. Look at the Presidency and other positions in our history. Really, with this many people of all different backgrounds, why is it we always hear about the same families running for President, or Governor, or this elected official, or head of the SEC, or head of DOJ? It's all about backroom deals, nepotism, and cronyism and making sure any "recruitment" is just a waste of time for the 99.9% of people that actually think people care about their skills and education and concern for fellow Americans. It's not about smarts or work ethic or honesty or looking out for the average member of the investing public/taxpayer/citizen. Tired of seeing the same names and people rotating in and out of office and getting rich while doing it. All these people are tarnished and greedy. Looking forward to Chelsea Clinton as President, Mary Jo White's husband as DOJ head, a Kennedy in some governorship, a Bush in the Senate, maybe a Rockefeller running the CIA or NSA or Treasury. And then they can switch to private gigs and be replaced by another friend or relative. Anything to keep that crack-like addiction to power and money going.
Forget the idea that she would be tough on Wall Street, despite her time defending the very same Wall Street firms she represented for millions of dollars per year. Being paid millions of dollars per year, padding one's bank account, etc. does cause people to form allegiances that don't change with a new job title. Besides $, they still have friends, relatives, etc. in those same firms, so they won't upset them. Also, conflict rules would prohibit her from using anything she knows or learned against former clients or those tied to former clients. Thus, she's basically barred from doing anything against the people that paid her bill = useless.
When she was in the SDNY, she wasn't noted for prosecuting banks. She was prosecuting the "traditional organized crime" aka The Mafia, not the organized crime known as the banking cartel. If she actually did go after the banking cartel and politicians, she wouldn't last long at the SDNY, DOJ wouldn't approve the prosecutions, Debevoise would never hire her, and she wouldn't now be head of the SEC. She never went after banks or financial bigwigs, and this was during the days when the financial bubble, liar loans, derivatives, etc. were building and building. So she's another useless shill.
CNBS - it's not a term no one knows, commonly used elsewhere on other sites. It's CNBC with BS substituted for BC. BS, see, bullsh*t.
The Instapopulist is restructured due to database errors and I dare say it is much better than the previous version. There is a block to show the latest, plus the Instapopulist has it's own page and the display is in columns. As it populates we'll see how well people navigate. I don't expect that much use although it would be nice is more people did. EP audience is reader heavy, but more participation since Economics is a group contact sport, would be lovely.
Pages