Myself, I spend hours and hours trying to check statistics for inclusion on this site. I've seen fiction from the left and the right on a host of issues.
Right now I think we have "bi-partisan" fiction in that as usual, the thing being attacked are social safety nets on the budget....
that's the constant.
I like Ed, but this was during "Obamacare" that I turned off the tube, so I might have missed something.
I'd say overall, the most amusing thing is CNN claiming to represent the center. From what I can see they usually represent some lobbyist position and try to claim that's "the center".
I am lucky enough to live in the Netherlands. So healthcare is cheap and available to everybody. And we don't have foodstamps as there is always a minimum level of suport available for everybody. I know, this is pure socialism and has many disadvantages, like misuse and people not working for long times. But on the other hand, in the Netherlands children do not have to be afraid that they have to live on the streets. And that is worth something.
Now we are lucky enough toe be able to live quit comfortable, my wife is a succesfull consultant and I make my money on the stock market. So we knwow what capitalism is. But I still like the socialism in our country. What I find difficult to understand is why socialism is such a dirty word in the US. Never understood that. With so many people so poor, with so many people not covered against illness, where is the uproar? Where is the revolution?
I mean this in a respectfull way. I honestly find it difficult to understand.
...I listen to Schulz on my Internet radio and he has been foaming at the mouth about what a corporatist sellout Obama and his Dem cronies are and have been.
The interesting thing here, aside from the scumbag O'Blather, is that broadcast radio, TeeBee 'news' and Internet 'news' are all slightly different in content. The Internet appears to be slightly more 'progressive'.
Here on the real Internet one can find more accurate and factual analysis.
Real Americans know how to learn facts and not just throw out silly sound bytes that are not based in reality.
Firstly, Obamacare is NOT "socialism", not by a long shot. It's a corporate lobbyist giveaway as is the current health care system.
Learn your definitions! Secondly, the VA medical system is "socialist" if you wish to get technical. It's a government run health care system. There ya have it. So is Medicare and Medicaid.
Then, your "socialist" systems that are the real ones, are in Switzerland, yes, Switzerland, that bastion of commie loving pinko capitalists where the tax rate is 16% and their medical costs are really low. It's also in Japan, all of Europe and every other industrialized nation that is currently kicking our economic ass.
Folks, you really need to stop repeating silly sound bytes and get educated on the truth but Obamacare is NOT socialism and thinking you should enable even more predatory behavior of the for profit health care sector, which has been every "Republican" plan is insane.
Finally, health care was NOT the reason for election 2010 vote from all of the exit polls.
Stop being a corporate health insurance lobbyists tool and start using your brain. You can be conservative on this site but you cannot be misinformed just writing sound byte absurdities.
This initiative measure is submitted to the people in accordance with the provisions of Article II, Section 8, of the California Constitution.
This initiative measure amends and adds sections to the Financial Code; therefore, new provisions proposed to be added are printed in italic type to indicate that they are new.
PROPOSED LAW
The Sustainable Development Act
Section 1. Name.
This act shall be known as the “Sustainable Development Act.”
SEC. 2. Findings, Intent and Purposes.
This act, adopted by the people of the State of California, makes the following Findings and Statement of Intent and Purpose:
A. Findings
1. Speculation-based development is economically unsustainable: speculative bubbles must inevitably burst…and when they do, all the gains made during the bubble turn into losses, underwritten by debts that can no longer be repaid.
The results are bankruptcy, closure of businesses, and chronic unemployment.
2. Speculation-based development is environmentally unsustainable: vast tracts of land, and billions of gallons of water, are converted from their natural state, and from productive uses, into whatever real-estate markets are being fuelled by speculation.
Meanwhile, the urgent need to curtail the emission of greenhouse gases is defeated by speculation-fuelled urban and suburban sprawl, necessitating ever-more investment in renewable energy production, and reductions in energy consumption.
3. California’s present financial system is unsustainable: year after year, the people of California suffer the consequences of endless state budget battles.
4. The State of North Dakota has proven that a State Bank can do for states what the Federal Reserve can do for the United States:
a. provide a means for the state government to continue to function in times of hardship and the resulting budget shortfalls;
b. act to help in the state’s economic recovery;
c. protect creditors and debtors from the financial fallout of economic crises;
d. promote economically and environmentally sustainable development.
A successful State Bank of California, modeled on the Bank of North Dakota, would demonstrate to other states the desirability of chartering their own State Banks, hence lessening their dependence on the Federal Government to finance their economic recovery and sustainable development.
B. Purposes
1. Charter a State Bank of California, modeled on the Bank of North Dakota, taking the differences in the laws of the two states into account;
2. Direct the State Bank of California to fund the continuous operation of the State Government, and to finance renewable-energy production, energy conservation, and other sustainable development initiatives and projects in order to jump-start and sustain California’s economic recovery.
C. Intent
SEC. 3. CHAPTER 9 (commencing with Section 32970) is added to Division 15.5 of the Financial Code, to read:
CHAPTER 9
THE STATE BANK OF CALIFORNIA
32970. Purpose and establishment of State Bank of California. For the purpose of encouraging and promoting sustainable development, the state of California shall engage in the business of banking, and for that purpose shall maintain a system of banking owned, controlled, and operated by it, under the name of the State Bank of California.
32971. State Assistance Fund for Enterprise, Business and Industrial Development Corporation to operate Bank - Business of Bank.
The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall operate, manage, and control the State Bank of California, locate and maintain its places of business, of which the principal place must be within the state, and make and enforce orders, rules, regulations, and bylaws for the transaction of its business. The business and financial transactions of the Bank, in addition to other matters specified in this chapter, may include anything that any bank or bank holding company lawfully may do, except as it is restricted by the provisions of this chapter. This provision may not be held in any way to limit or qualify either the powers of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation granted by or the functions of said Bank as defined in this chapter. The powers of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation and the functions of the Bank must be implemented through actions taken and policies adopted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
32972. Declaration and finding of public purpose - State Bank of California advisory board of directors.
To enlist the help of private enterprise and to encourage more active use of the purposes for which the State Bank of California was created, the governor shall appoint an advisory board of directors to the State Bank of California consisting of seven persons, at least two of whom must be officers of banks, the majority of the stock of which is owned by
California residents, and at least one of whom must be an officer of a state-chartered or federally chartered financial institution. The governor shall appoint a chairman, vice chairman, and secretary from the advisory board of directors. The term of a director is four years. The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall define the duties of the advisory board of directors.
32973. Authority of the advisory board of directors to the State Bank of California.
The advisory board of directors to the State Bank of California shall:
1. Meet regularly with the management of the State Bank of California to review the
Bank's operations to determine whether recommendations should be made by the board to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation relating to improved management performance, better customer service, and overall improvement in internal methods, procedures, and operating policies of the Bank.
2. Make recommendations to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation relating to the establishment of additional objectives for the operation of the State Bank of California.
3. Make recommendations to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation concerning the appointment of officers of the State Bank of California.
4. Meet regularly with the State Assistance Fund for Enterprise, Business and Industrial Development Corporation to present any recommendations concerning the State Bank of California.
5. In addition to the foregoing and pursuant to authorization from the industrial corporation, act on behalf of the Bank with respect to the powers and functions of the Bank.
32974. corporation to employ president and employees - Compensation, operation, and maintenance expenditures limited to appropriations, revenue, or capital.
The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall appoint a president, and may appoint and employ such subordinate officers, employees, and agents as it may judge expedient and in the interests of the state, and shall define the duties, designate the titles, and fix the compensation of all such persons. The corporation may designate the president or other officers or employees as its agent in respect to the functions of the Bank, subject to its supervision, limitation, and control.
The total compensation of such appointees and employees, together with other expenditures for the operation and maintenance of the Bank, shall remain within the appropriation, revenues, or capital lawfully available for such purposes.
32975. Removal and discharge of appointees.
The State Assistance Fund for Enterprise, Business and Industrial Development Corporation may remove and discharge any and all persons appointed in the exercise of the powers granted by this chapter, whether by the corporation or by the president of the Bank. All appointments and removals contemplated by this chapter must be made as the corporation deems fit to promote the efficiency of the public service.
32976. State funds must be deposited in State Bank of California - Income of the Bank.
All state funds and funds of all state penal, educational, and industrial institutions must be deposited in the State Bank of California by the persons having control of such funds or must be deposited in accordance with constitutional and statutory provisions. All income earned by the Bank for its own account on state moneys that are deposited in or invested with the Bank to the credit of the state must be credited to and become a part of the revenues and income of the Bank.
32977. Nonliability of officers and sureties after deposit.
Whenever any of the public funds herein before designated are deposited in the State Bank of California, as hereinbefore provided, the official having control thereof and the sureties on the bond of every such official shall be exempt from all liability by reason of loss of any such funds while so deposited.
32978. Guaranty of deposits - Exemption from all taxation.
All deposits in the State Bank of California are guaranteed by the state. Such deposits are exempt from state, county, and municipal taxes of any and all kinds.
32979. Bank a clearinghouse.
For banks that make the State Bank of California a reserve depositary, it may perform the functions and render the services of a clearinghouse, including all facilities for providing domestic and foreign exchange, and may rediscount paper, on such terms as the State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall provide.
32980. Powers.
The State Bank of California may:
1. Make, purchase, guarantee, or hold loans:
a. To state-chartered or federally chartered lending agencies or institutions or any other financial institutions.
b. To holders of State Bank of California certificates of deposit and savings accounts up to ninety percent of the value of the certificates and savings accounts offered as security.
c. To actual residents of this state, if the loans are secured by recorded mortgages giving the State Bank of California a first lien on real estate in California in amounts not to exceed eighty percent of the value of the security.
d. That are insured or guaranteed in whole or in part by the United States, its agencies, or instrumentalities.
e. That are eligible to be guaranteed under Part 42 of the California Education Code. Loans made pursuant to this subdivision may provide for interest that remains unpaid at the end of any period specified in the loan to be added to the principal amount of the debt and thereafter accumulate interest.
f. To individuals or bank holding companies for the purpose of purchasing or refinancing the purchase of bank stock of a bank located in the state.
g. To nonprofit organizations that are exempt from federal taxation under section
501(c)(3) of the Internal Revenue Code [26 U.S.C. 501(c)(3)], the proceeds of the loans to be used for construction, reconstruction, repair, renovation, maintenance, and associated costs on property under the control of the parks and recreation department.
j. Obtained as security pledged for or originated in the restructuring of any other loan properly originated or participated in by the Bank.
k. To instrumentalities of this state.
l. As otherwise provided by this chapter or other statutes.
m. If the Bank is participating in the loan and the Bank deems it is in the best interests of the Bank to do so, it may purchase the remaining portion of the loan from a participating lender that is closed by regulatory action or from the receiver of the participating lender's assets.
n. To an investment company created for completing a trust preferred securities transaction for the benefit of a financial institution located in this state.
2. Purchase participation interests in loans made or held by banks, bank holding companies, state-chartered or federally chartered lending agencies or institutions, any other financial institutions, or any other entity that provides financial services and that meets underwriting standards that are generally accepted by state or federal financial regulatory agencies.
3. Invest its funds:
a. In conformity with policies of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation
b. In a public venture capital corporation organized and doing business in this state through the purchase of shares of stock.
c. In California alternative and venture capital investments and early-stage capital funds, not to exceed ten million dollars, for the purpose of providing funds for investment in California alternative and venture capital investments, early-stage capital funds, and entrepreneurship awards. The Bank may invest a maximum of two hundred thousand dollars per biennium in California-based venture capital entities that make investments in companies located outside California.
The Bank may allow for third-party management of the funds invested under this subdivision if the management is provided by a third party that is located in the state and that has demonstrated fund management experience.
4. Buy and sell federal funds.
5. Lease, assign, sell, exchange, transfer, convey, grant, pledge, or mortgage all real and personal property, title to which has been acquired in any manner.
6. Acquire real or personal property or property rights by purchase, lease, or, subject to chapter 3215, the exercise of the right of eminent domain and may construct, remodel, and repair buildings.
7. Receive deposits from any source and deposit its funds in any bank or other financial institution.
8. Perform all acts and do all things necessary, convenient, advisable, or desirable to carry out the powers expressly granted or necessarily implied in this chapter through or by means of its president, officers, agents, or employees or by contracts with any person, firm, or corporation.
9. Purchase mortgage loans on residential real property originated by financial institutions.
32981. Loans to general fund authorized - Continuing appropriation.
The state treasurer and the director of the Office of Management and Budget may, when the balance in the state general fund is insufficient to meet legislative appropriations, execute and issue on behalf of the state evidences of indebtedness on the state general fund which at no time exceed the total principal amount of ten million dollars with principal maturity of not more than twelve months. As a condition precedent to the issuance and sale of the evidences of indebtedness, the state treasurer must request and obtain a statement from the director of the Office of Management and Budget and Franchise Tax Board certifying that anticipated general fund revenues for the balance of the fiscal year in which the evidences of indebtedness are to be issued will exceed the principal amount and interest on the evidences of indebtedness to be issued. After evidences of indebtedness have been issued and sold pursuant to this section, the state treasurer shall establish a fund for the repayment of the principal upon maturity and the interest when due. The state treasurer shall place all available general fund revenues into this fund until the fund contains a sufficient balance for the repayment of the principal at maturity and interest when due, which moneys are hereby appropriated for this purpose.
32982. Bank loans to cooperatives - Revolving loan fund - Requirements.
1. A revolving loan fund must be maintained in the State Bank of California for the purpose of making or participating in loans to California cooperatives for the purchase of real estate, equipment, and supplies. All moneys transferred into the fund, interest upon moneys in the fund, and payments to the fund of principal and interest on loans made from the fund are appropriated for the purpose of providing loans and to supplement the interest rate on loans to cooperatives made by the State Bank of California under subdivision c of subsection 1 of section 3215 and in accordance with this section.
2. The revolving loan fund and loans made from the fund must be administered and supervised by the State Bank of California. The Bank may deduct a service fee for administering the fund from interest payments received on loans. An application for a loan from the fund must be made to the Bank and, upon approval, a loan must be made from the fund in accordance with this section.
3. A loan made from the fund may not exceed eighty percent of the appraised value of the collateral, with the actual percentage to be determined by the Bank.
The Bank may do all things and acts and may establish additional terms and conditions necessary to make a loan under this section. A loan made from the fund must have a first security interest.
4. A loan made from the fund must have the interest rate fixed at one percent below the Bank's then current base rate for the first five years with a maximum rate of six percent per year and variable at one percent below the Bank's then current base rate for the second five years. During the second five years, the variable rate must be adjusted annually on the anniversary date. The rate during the remaining term of the loan floats at the Bank's base rate as in effect from time to time.
5. The maximum term of a real estate loan is twenty-five years. The maximum term of an equipment or supplies loan is seven years.
6. The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall contract with a certified public accounting firm to audit the fund as necessary. The cost of the audit, and any other actual costs incurred by the Bank on behalf of the fund, must be paid for by the fund.
7. The Bank shall adopt policies to implement this section.
8. Notwithstanding any other provision of law, the Bank may transfer any unobligated funds between funds that have been appropriated by the legislative assembly for interest buydown in the cooperative loan fund in assisting community expansion fund.
9. Notwithstanding any other provision of law, the Bank may transfer any unobligated funds to the value-added cooperative equity loan program for the purpose of interest buydown on a loan made for investment in a cooperative. Fund transfers under this subsection may not exceed one million dollars during a biennium.
32983. Limitations on loans by the State Bank of California - Disclosure of interests in certain loans.
Notwithstanding any other provision of law, the State Bank of California may not make any loan or otherwise give its credit to a member of the industrial corporation during the member's term on the State Assistance Fund for Enterprise, Business and Industrial Development Corporation. Before taking office, a member of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall file a statement with the State Bank of California indicating any personal interest that that member has in any loan or loan application in existence or pending at any time during the member's term on the State Assistance Fund for Enterprise, Business and Industrial Development Corporation .
32984. Name in which business conducted and titles taken - Execution of instruments.
All business of the Bank must be conducted under the name of "The State Bank of California". Title to property pertaining to the operation of the Bank must be obtained and conveyed in the name of "The State of California, doing business as The State Bank of California". Instruments must be executed in the name of the state of California. Within the scope of authority granted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation, the president may execute instruments on behalf of the Bank, including any instrument granting, conveying, or otherwise affecting any interest in or lien upon real or personal property. Other officers or employees of, and legal counsel to, the Bank may execute instruments on behalf of the Bank when authorized by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation Any instrument executed prior to July 11, 1989, by the president, an attorney for the Bank, or an officer or employee of the Bank, and otherwise proper, is valid and effective.
32985. Civil actions on Bank transactions - Name of parties - Service - Venue.
Civil actions may be brought against the state of California on account of claims for relief claimed to have arisen out of transactions connected with the operation of the State Bank of California upon condition that the provisions of this section are complied with. In such actions, the state must be designated as "The State of California, doing business as The State Bank of California". The actions may be brought in the same manner and are subject to the same provisions of law as other civil actions.
32986. Surety on appeal, attachment, claim and delivery, and other cases in which undertaking required, not required of State Bank of California.
Provisions of law requiring that a surety or sureties be given on undertakings in actions on appeal, attachment, claim and delivery, and other cases in which an undertaking is required, are not applicable to the state of California, doing business as the State Bank of California, as the party seeking such relief. It is required to give its own undertaking without surety and to reimburse the adverse party when required by law.
32987. Examinations and audit reports.
The state auditor shall contract with an independent certified public accounting firm for an annual audit of the State Bank of California in accordance with generally accepted government auditing standards. The state auditor shall audit annually or contract for an annual audit of the separate programs and funds administered by the State Bank of California. On request of the state auditor, the State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall assist the state auditor in the auditing firm selection process, but the selection of the auditing firm is the state auditor's responsibility. The auditor selected shall prepare an audit report that includes financial statements presented in accordance with the audit and accounting guide for banks and savings institutions issued by the American institute of certified public accountants. The auditor also shall prepare audited financial statements for inclusion in the comprehensive annual financial report for the state. The state auditor may conduct performance audits of the State Bank of California, including the separate programs and funds administered by the Bank. The auditor shall report the results of the audit to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation and to the legislative assembly.
The State Bank of California or its separate programs and funds shall pay the costs of the audit.
The Department of Financial Institutions, through the Franchise Tax Board, shall examine the State Bank of California at least once each twenty-four months and conduct any investigation of the Bank which may be necessary. The Franchise Tax Board shall report the examination results, and the results of any necessary investigation, to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation as soon as practicable and to the legislative assembly. The Department of Financial Institutions shall charge a fee for any examination or investigation at an hourly rate to be set by the Franchise Tax Board, sufficient to cover all reasonable expenses of the department associated with the examinations and investigations provided for by this section.
32988. Electronic fund transfer systems.
The State Bank of California may establish, under such rules and regulations as adopted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation, a system to provide fund transfer services to its customers and to the customers of state-chartered and federally chartered banks located within the state of California, and to other financial institutions otherwise authorized to utilize the services of electronic fund transfer systems, to acquire such equipment as is necessary to establish electronic fund transfer systems, and to make such reasonable charges for services rendered to other banks hereunder as may be established by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
32990. Confidentiality of Bank records.
The following records of the State Bank of California are confidential:
1. Commercial or financial information of a customer, whether obtained directly or indirectly, except for routine credit inquiries or unless required by due legal process.
As used in this subsection, "customer" means any person who has transacted or is transacting business with, or has used or is using the services of, the State Bank of California, or for whom the State Bank of California has acted as a fiduciary with respect to trust property.
2. Internal or interagency memorandums or letters which would not be available by law to a party other than in litigation with the Bank.
3. Information contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of a state or federal agency responsible for the regulation or supervision of any Bank activity.
4. Information obtained from the state department of finance which would not be available from that agency.
5. The report by a Bank officer or member of the Bank's advisory board of directors concerning personal financial statements.
32991. State Bank of California - Custodian of securities.
Notwithstanding any other provision of law to the contrary, the State Bank of California shall replace the state treasurer as the custodian of all securities that are required to be deposited with the state except that the state treasurer is the custodian of all securities resulting from the investment of funds by the state treasurer.
32992. Sale and leasing of acquired real estate.
The sale and leasing of real estate with an appraised value of ten thousand dollars or more acquired by the State Bank of California through foreclosure or deed in lieu of foreclosure must be done in accordance with chapter 15-07 or 15-09 and policies adopted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation. The sale and leasing of real estate with an appraised value of less than ten thousand dollars, acquired by the State Bank of California through foreclosure or deed in lieu of foreclosure, may be done in a manner as the Bank determines is appropriate given the circumstances. In the case of a lease by the party holding the right of redemption, that party has the right to purchase at any time.
32993. California higher education savings plan - Administration - Rules -
Continuing appropriation.
The State Bank of California shall adopt rules to administer, manage, promote, and market a California higher education savings plan. The Bank shall ensure that the California higher education savings plan is maintained in compliance with internal revenue service standards for qualified state tuition programs. The Bank, as trustee of the California higher education savings plan, may impose an annual administrative fee to recover expenses incurred in connection with operation of the plan or for other programs deemed to promote attendance at an institution of higher education. Administrative fees received by the Bank are appropriated on a continuing basis to be used as provided in this section. Contributions made during the taxable year to a higher education savings plan administered by the Bank, pursuant to the provisions of the plan, are eligible for an income tax deduction. Information related to contributions is confidential except as is needed by the Franchise Tax Board for determining compliance with the income tax deduction.
32994. renewable energy development loan fund - Appropriation.
1. The renewable energy development loan fund is established in the Bank for the purpose of providing loans to renewable energy producers to purchase and upgrade renewable energy technology. This fund is a revolving loan fund. All moneys transferred into the fund, interest upon moneys in the fund, and collections of interest and principal on loans made from the fund are appropriated for disbursement according to this section.
2. The Bank shall make loans from this fund to renewable energy producers. A loan made under this fund must be repayable over a period that may not exceed ten years.
3. The Bank shall administer the renewable energy development loan fund. Funds in the loan fund may be used for loans as provided under this section and the costs of administration of the fund. Annually, the Bank may deduct a service fee for administering the revolving loan fund maintained under this section.
4. An application for a loan under this section must be made to the California Energy Commission. The California Energy Commission shall forward approved applications to the Bank. Upon approval of the application by the Bank, the Bank shall make the loan from the revolving loan fund as provided under this section.
5. The Bank may do all acts necessary to negotiate loans and preserve security as deemed necessary, to exercise any right of redemption, and to bring suit in order to collect interest and principal due the revolving loan fund under mortgages, contracts, and notes executed to obtain loans under this section. If the applicant's plan for financing provides for a loan of funds from sources other than the state of California, the Bank may take a subordinate security interest. The Bank may recover from the revolving loan fund amounts actually expended by the Bank for legal fees and to effect a redemption.
32995. renewable energy planning loan fund - Appropriation.
1. The renewable energy planning loan fund is established in the Bank for the purpose of providing low-interest loans to renewable energy entities to assist those entities in improving renewable energy infrastructure. This fund is a revolving loan fund. All moneys transferred into the fund, interest upon moneys in the fund, and collections of interest and principal on loans made from the fund are appropriated for disbursement according to this section.
2. The Bank shall make loans from this fund to renewable energy entities as approved by the California Energy Commission.
3. The Bank shall administer the renewable energy planning loan fund.
Funds in the loan fund may be used for loans as provided under this section and the costs of administration of the fund. Annually, the Bank may deduct a service fee for administering the revolving loan fund maintained under this section.
4. An application for a loan under this section must be made to the California Energy Commission. The California Energy Commission shall forward approved applications to the Bank. Upon approval of the application by the Bank, the Bank shall make the loan from the revolving loan fund as provided under this section.
5. The Bank may do all acts necessary to negotiate loans and preserve security as deemed necessary, to exercise any right of redemption, and to bring suit in order to collect interest and principal due the revolving loan fund under mortgages, contracts, and notes executed to obtain loans under this section. If the applicant's plan for financing provides for a loan of funds from sources other than the state of California, the Bank may make a loan subordinate security interest. The Bank may recover from the revolving loan fund amounts actually expended by the Bank for legal fees and to effect a redemption.
SEC. 5. Severability.
If any of the provisions of this measure or the applicability of
any provision of this measure to any person or circumstances shall
be found to be unconstitutional or otherwise invalid, such finding
shall not affect the remaining provisions or applications of this
measure to other persons or circumstances, and to that extent the
provisions of this measure are deemed to be severable.
Socialsim by any other name and for any reason is not acceptable to real Americans. That's all you need to know. The health care bill is as good as repealed (2012) and will remain as a testament to what happens when marxists are given power in government. People like this author can ramble on about this and that, but it comes down to Americans rejecting socialism, pure and very simple. The delusional tedhnical discussions can continue in the liberal bubble that these people lieve in, but after last Tuesday it is apparent that they inhabit this bubble by themselves.
Of course we don't write for the New Times, Washington Post or CNN. That said, if you want a story from this site hitting or influencing the press headlines, here's what you do:
1. use the share buttons and submit to reddit, digg, buzzflash
2. Share it on facebook
3. email it to your friends
4. post a link to it on other sites, large sites in the comments sections
For example, want CBS Market Watch to talk turkey on the long term unemployed? Post a link to this piece in their comment section covering the unemployment reports and ask how come THEY are not writing about this? Post a link to this piece in the Wall Street Journal comments on unemployment, labor articles and ask how come this isn't on THEIR font page? You can do that with the Huffington Post, any major press where it fits their own stories and ask. You can also email them and say how come they are not covering this story?
5. Use community blogs of your political flavor to link to this piece in the comments
6. post a tweet
7. get a huge public figure with a lot of followers to tweet and link to it
All of above makes a post "go viral" and subvert the main stream media "messaging"...
Demand a better Press corps and you can do it by posting a link, the URL referencing this post. They may not publish the link, instead rewrite "their own", but believe me, the press is on the look out for popular stories too....so the above is how you make this story popular.
If you notice we get "messaging" every damn day. The latest is some stupid cruise ship with a burnt out engine. WHO CARES! No one! This is your classic "non-story story" that the press picks to promote and flood the headlines with instead of real news, happens every day.
Why we are here. We're a 24/7 all things $$ economics Populist site, writing about issues, statistics we CARE about as general folks from that vastly ignored wasteland called the U.S. middle class.
Trust me, not only do reporters read this site, more than once I've seen comments or points made on this site magically appears, uncredited in press articles (hey thanks journalists, could you consider giving some credit and a link?)
So, even though we're not being given our due, in terms of your goal, which is to get this out into the main stream media, the above really can work.
You have the power to influence the main stream media dialog these days with social networking technologies.
Is an amazing noise machine, just like FAUX news. I was hoping they would keep Olbermann of the air. Schultz has been a true blue stooge for the Democrats to the point when I knew it was pure corporate lobbyists I had to turn off his show.
Ratigan on the other hand is a little more factual, although sometimes he doesn't have the facts which gives a not so great segment, but he's at least looking for them.
Most of the press just spun this story like no tomorrow. Why I listed the actual deals...they are doing headline buzz and not looking into any of the details. Even in the White House press release you can see many of these are pure labor arbitrage and going to create jobs in India...
Another point is Harley Davidson. They SHOULD be demanding India lower their tariffs on motorcycles against the U.S. That way this company would not have to open a plant in India in order to sell them motorcycles...
but that's precisely what China has done as well....so one can see, TARIFFS WORK! Companies will create jobs in a country they want to sell too if the TARIFFS are too high for them to import and make a buck.
Just insane to allow tariffs like that in other countries all the while claiming America is for "free trade". That's not free trade, that's one way economic disaster for the United States.
Just so you all know I turn off most of the talking heads, Anderson Cooper also just kind of whines at the TV screen.
I mean you can tell this is media manipulation. They'll pick something, say "O'Donnell is a witch" Tea party story and beat the drum on that 24/7 instead of....
uh, Financial reform did nothing on derivatives, the real cause of the Financial crisis....
Such a noise machine and they always pick topics that are inconsequential in reality.
Anyone else notice Soledad O'Brian on CNN's great political analysis was always about "open borders", i.e. "Comprehensive Immigration Reform"....she had no insight, no analysis of real exit polls across the nation....just out there trying to spin for her own political agenda...
I mean come on, that's just as bad as Bill O'Reilly or whoever.
Please get this article out into the USA today, the Washington Post,the New York post. the Los Angeles times. AMerican needs this information. I have 5 weeks of Benefits left. Payed into the system with out using it for 40 years, now they are going to kick me out. Damn Congress
Some 401k plans allow you to rollover your company match funds (assuming your vested and your employer matches obviously). Ask if your plan allows “in service distributions”. If your plan allows this, you could roll this part of your 401k into a traditional IRA w/o penalties and try to buy something safer (like directly buying a treasury bond instead of your 401k's managed bond fund). Not a complete solution, but it could limit the damage.
I had on FAUX news, Greta show and Newt Gingrich slammed this report saying these people just recycle old, very bad ideas. He also says there was a study by IBM (who loves to offshore jobs) so, I haven't seen/read this study, but it concluded it could shave off $1 trillion from the budget just by updating the methods and ways government does daily business. I can believe that, it's still stuck in the 1970's in the way it processes and so does the U.S. legal system. If anyone has that report, let me know for I'll look it over.
But yes, shocking but true, Gingrich said the catfood commission report was absurd, simply recycling old worn out ideas that just harm the American people instead of really analyzing it from a 2010 view. I think I dropped a plate and broke it so surprising.
Love how they lowered taxes on corps to 23% and income taxes to the same amount, but Social Security will have major cuts and the index fudged with even more. Its not like most people that rely on Social Security alone is living the high life on their Social Security. Funny how Social Security is self funding and money is not taking out of the general fund to pay for it, but we must take cuts in benefits to pay for even lower taxes on companies that off shore jobs. Yeah, that is a brilliant move. More robbing the lower class to subsidies the rich, god knows all we ever hear is free market. Let them take the hit when they play the game on wall street. Most of us are tired of being the suckers and being on the hook for these people that get the bail outs. Its getting to the let them eat cake moment in this country.
Go watch some of Peter Schiff's videos http://www.youtube.com/user/SchiffReport
Particularly check out the 2006 mortgage brokers speech.
If what he says makes sense to you, check out his book - Crash Proof.
If that makes sense to you too, talk to his firm.
Good luck buddy. You're going to need it.
I'm safe and sound in Australia, but I really do feel bad for what is going to happen over there.
Lou Dobbs just signed a contract with FAUX business channel. That channel isn't often picked up by the basic package, so not sure how much of an audience Lou will get.
Also, most interesting, believe this or not, all you Dobbs haters, he has railed on trade, offshore outsourcing and believes in that socialist universal health care. So, is Fox going to muzzle him on all of those (yes it's true), liberal opinions.
I like Lou because he covered the above topics and also a strong advocate for U.S. professionals, tech workers. No one covers those stories! Before he got muzzled at CNN, he also had on a host of economists who are also muzzled for not speaking the party, that being the corporate party, bottom line, including Krugman, Stiglitz.
Unfortunately the open borders lobby targeted him for those make me personally cringe illegal immigrant rants, although bottom line, they don't like anyone who isn't for their agenda.
So, love him, hate him, indifferent, I wonder if U.S. professional workers, esp. techies are going to get any press again considering the FAUX corporate muzzle.
There are share buttons and you can mention it in the comments of other sites. I literally watched an AP story with this headline of "not poacher of U.S. jobs" disappear and was replaced with some mealy mouthed "report" that read like a political consultant wrote it.
It's clear corporations, NASSCOM, lobbyists and the White House do not want any facts coming out or even the real details of these "deals" frankly.
Getting good statistics on outsourcing is very tough and to make matters worse, we clearly have "some" economists writing fictional spin in some sort of massive denial this isn't hurting the U.S. worker and the U.S. economy.
I managed to pull out a few direct statistics and will write more, but the bottom line is we needing real action on global labor arbitrage the minute Democrats took control of government and they didn't do a damn thing.
Now we have these people rambling on about tax cuts to the rich, when we have a major emergency going on and that's jobs.
They could literally pull the state, local and federal offshore outsourcing contracts (do you know they offshore outsourcing food stamp phone support?) and have magically a host of immediate jobs. We're already paying for that with U.S. taxpayer dollars....going overseas.....to give those in India jobs.
Thank you for your indignation -- and for a complete rundown of this situation, which was nothing to brag about.
I was just as surprised and dismayed by Obama's comments as you were.
I assumed this would be getting big media play but it hasn't. The ridiculous number of jobs created claimed should have been questioned to, but I haven't seen that either. You'd think the Republicans would go after this for anti-Obama purposes but I guess they couldn't be bothered. Praising outsourcing and cooking jobs numbers are not important enough to them.
There's nothing that India can buy from us that can equal the devastating loss of jobs. Plus the more offshoring there is, the more there will be, because managers will become trained to look overseas for work to be done instead of home.
Stupid, Stupid, Stupid, Obama.
Stupid, Stupid, Stupid us.
When are we going to get anybody in government who is on the American workers' side?
Thanks for all te work you do, I really lov your blog. I'm with you on immigration and outsourcing, it's nice to hear from peole who are not Republcians (I'm a moderate Democrat) on these topics.
I've thrown down the gauntlet to BOA by informing them that they will be getting no more payments from me on a mortgage contract that was never valid, and was part of a well-planned conspiracy to create, and then deflate, the housing bubble, making obscene amounts of money while the market was on the way up, and even more money (through credit default swaps) while the market crashes. It's the biggest financial fraud in history, transferring even more wealth from working people to the "vampire squid" at the top, in Matt Taibbi's all-too-appropriate phrase.
As a Pennsylvania resident, I took our Attorney General (and Governor-elect) at his word when he invited Pennsylvanians to inform him of consumer fraud. I got my answer by phone this afternoon, informing me that none of the "shortcuts" taken by banks in sucking up our blood were illegal under PA. law. It looks like I'll have to concentrate on violations of Federal laws by the "banksters" to prevail in court and save my house. I've posted, and will continue to update, the ongoing story on my blog at www.AreWeBozos.blogspot.com.
Hwere is where it gets difficult: 6.2% from the employee and the company to pay for SSI, Medicfunds to a ceiling. If income is taxed above that ceiling at the 6.2% rate regardless of source (earned or non-wage income) and that is matched AND that surplus is used to guarantee the funds viability to pay full benefits (what is at risk in 2035),balance to pay down the debt......we are heading somewhere.
Look for the billionaires and Fortune 500 to absolutely oppose this. America was a way stop in the global awsomeness and reach for heaven. We are no longer significant excepet as just another market and a source of cannon fodder. So it is Catfood now, Catfood forever, ecxcept when our masters introduce Soylent Green TM as a cheaper alternative.
War is on the way, with blood in the streets and in legislatures over these proposals. You will be starving people to hold the line on rich and poor.
Ed Schultz got in Obama's face for a change. He had sound clips
of Obama defending and justifying outsourcing to India. The comments duing the campaing on the "bitter" little folks were all prescient. Obama is the chief of the Money Party.
Myself, I spend hours and hours trying to check statistics for inclusion on this site. I've seen fiction from the left and the right on a host of issues.
Right now I think we have "bi-partisan" fiction in that as usual, the thing being attacked are social safety nets on the budget....
that's the constant.
I like Ed, but this was during "Obamacare" that I turned off the tube, so I might have missed something.
I'd say overall, the most amusing thing is CNN claiming to represent the center. From what I can see they usually represent some lobbyist position and try to claim that's "the center".
I am lucky enough to live in the Netherlands. So healthcare is cheap and available to everybody. And we don't have foodstamps as there is always a minimum level of suport available for everybody. I know, this is pure socialism and has many disadvantages, like misuse and people not working for long times. But on the other hand, in the Netherlands children do not have to be afraid that they have to live on the streets. And that is worth something.
Now we are lucky enough toe be able to live quit comfortable, my wife is a succesfull consultant and I make my money on the stock market. So we knwow what capitalism is. But I still like the socialism in our country. What I find difficult to understand is why socialism is such a dirty word in the US. Never understood that. With so many people so poor, with so many people not covered against illness, where is the uproar? Where is the revolution?
I mean this in a respectfull way. I honestly find it difficult to understand.
...I listen to Schulz on my Internet radio and he has been foaming at the mouth about what a corporatist sellout Obama and his Dem cronies are and have been.
The interesting thing here, aside from the scumbag O'Blather, is that broadcast radio, TeeBee 'news' and Internet 'news' are all slightly different in content. The Internet appears to be slightly more 'progressive'.
Here on the real Internet one can find more accurate and factual analysis.
Real Americans know how to learn facts and not just throw out silly sound bytes that are not based in reality.
Firstly, Obamacare is NOT "socialism", not by a long shot. It's a corporate lobbyist giveaway as is the current health care system.
Learn your definitions! Secondly, the VA medical system is "socialist" if you wish to get technical. It's a government run health care system. There ya have it. So is Medicare and Medicaid.
Then, your "socialist" systems that are the real ones, are in Switzerland, yes, Switzerland, that bastion of commie loving pinko capitalists where the tax rate is 16% and their medical costs are really low. It's also in Japan, all of Europe and every other industrialized nation that is currently kicking our economic ass.
Folks, you really need to stop repeating silly sound bytes and get educated on the truth but Obamacare is NOT socialism and thinking you should enable even more predatory behavior of the for profit health care sector, which has been every "Republican" plan is insane.
Finally, health care was NOT the reason for election 2010 vote from all of the exit polls.
Stop being a corporate health insurance lobbyists tool and start using your brain. You can be conservative on this site but you cannot be misinformed just writing sound byte absurdities.
This initiative measure is submitted to the people in accordance with the provisions of Article II, Section 8, of the California Constitution.
This initiative measure amends and adds sections to the Financial Code; therefore, new provisions proposed to be added are printed in italic type to indicate that they are new.
PROPOSED LAW
The Sustainable Development Act
Section 1. Name.
This act shall be known as the “Sustainable Development Act.”
SEC. 2. Findings, Intent and Purposes.
This act, adopted by the people of the State of California, makes the following Findings and Statement of Intent and Purpose:
A. Findings
1. Speculation-based development is economically unsustainable: speculative bubbles must inevitably burst…and when they do, all the gains made during the bubble turn into losses, underwritten by debts that can no longer be repaid.
The results are bankruptcy, closure of businesses, and chronic unemployment.
2. Speculation-based development is environmentally unsustainable: vast tracts of land, and billions of gallons of water, are converted from their natural state, and from productive uses, into whatever real-estate markets are being fuelled by speculation.
Meanwhile, the urgent need to curtail the emission of greenhouse gases is defeated by speculation-fuelled urban and suburban sprawl, necessitating ever-more investment in renewable energy production, and reductions in energy consumption.
3. California’s present financial system is unsustainable: year after year, the people of California suffer the consequences of endless state budget battles.
4. The State of North Dakota has proven that a State Bank can do for states what the Federal Reserve can do for the United States:
a. provide a means for the state government to continue to function in times of hardship and the resulting budget shortfalls;
b. act to help in the state’s economic recovery;
c. protect creditors and debtors from the financial fallout of economic crises;
d. promote economically and environmentally sustainable development.
A successful State Bank of California, modeled on the Bank of North Dakota, would demonstrate to other states the desirability of chartering their own State Banks, hence lessening their dependence on the Federal Government to finance their economic recovery and sustainable development.
B. Purposes
1. Charter a State Bank of California, modeled on the Bank of North Dakota, taking the differences in the laws of the two states into account;
2. Direct the State Bank of California to fund the continuous operation of the State Government, and to finance renewable-energy production, energy conservation, and other sustainable development initiatives and projects in order to jump-start and sustain California’s economic recovery.
C. Intent
SEC. 3. CHAPTER 9 (commencing with Section 32970) is added to Division 15.5 of the Financial Code, to read:
CHAPTER 9
THE STATE BANK OF CALIFORNIA
32970. Purpose and establishment of State Bank of California. For the purpose of encouraging and promoting sustainable development, the state of California shall engage in the business of banking, and for that purpose shall maintain a system of banking owned, controlled, and operated by it, under the name of the State Bank of California.
32971. State Assistance Fund for Enterprise, Business and Industrial Development Corporation to operate Bank - Business of Bank.
The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall operate, manage, and control the State Bank of California, locate and maintain its places of business, of which the principal place must be within the state, and make and enforce orders, rules, regulations, and bylaws for the transaction of its business. The business and financial transactions of the Bank, in addition to other matters specified in this chapter, may include anything that any bank or bank holding company lawfully may do, except as it is restricted by the provisions of this chapter. This provision may not be held in any way to limit or qualify either the powers of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation granted by or the functions of said Bank as defined in this chapter. The powers of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation and the functions of the Bank must be implemented through actions taken and policies adopted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
32972. Declaration and finding of public purpose - State Bank of California advisory board of directors.
To enlist the help of private enterprise and to encourage more active use of the purposes for which the State Bank of California was created, the governor shall appoint an advisory board of directors to the State Bank of California consisting of seven persons, at least two of whom must be officers of banks, the majority of the stock of which is owned by
California residents, and at least one of whom must be an officer of a state-chartered or federally chartered financial institution. The governor shall appoint a chairman, vice chairman, and secretary from the advisory board of directors. The term of a director is four years. The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall define the duties of the advisory board of directors.
32973. Authority of the advisory board of directors to the State Bank of California.
The advisory board of directors to the State Bank of California shall:
1. Meet regularly with the management of the State Bank of California to review the
Bank's operations to determine whether recommendations should be made by the board to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation relating to improved management performance, better customer service, and overall improvement in internal methods, procedures, and operating policies of the Bank.
2. Make recommendations to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation relating to the establishment of additional objectives for the operation of the State Bank of California.
3. Make recommendations to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation concerning the appointment of officers of the State Bank of California.
4. Meet regularly with the State Assistance Fund for Enterprise, Business and Industrial Development Corporation to present any recommendations concerning the State Bank of California.
5. In addition to the foregoing and pursuant to authorization from the industrial corporation, act on behalf of the Bank with respect to the powers and functions of the Bank.
32974. corporation to employ president and employees - Compensation, operation, and maintenance expenditures limited to appropriations, revenue, or capital.
The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall appoint a president, and may appoint and employ such subordinate officers, employees, and agents as it may judge expedient and in the interests of the state, and shall define the duties, designate the titles, and fix the compensation of all such persons. The corporation may designate the president or other officers or employees as its agent in respect to the functions of the Bank, subject to its supervision, limitation, and control.
The total compensation of such appointees and employees, together with other expenditures for the operation and maintenance of the Bank, shall remain within the appropriation, revenues, or capital lawfully available for such purposes.
32975. Removal and discharge of appointees.
The State Assistance Fund for Enterprise, Business and Industrial Development Corporation may remove and discharge any and all persons appointed in the exercise of the powers granted by this chapter, whether by the corporation or by the president of the Bank. All appointments and removals contemplated by this chapter must be made as the corporation deems fit to promote the efficiency of the public service.
32976. State funds must be deposited in State Bank of California - Income of the Bank.
All state funds and funds of all state penal, educational, and industrial institutions must be deposited in the State Bank of California by the persons having control of such funds or must be deposited in accordance with constitutional and statutory provisions. All income earned by the Bank for its own account on state moneys that are deposited in or invested with the Bank to the credit of the state must be credited to and become a part of the revenues and income of the Bank.
32977. Nonliability of officers and sureties after deposit.
Whenever any of the public funds herein before designated are deposited in the State Bank of California, as hereinbefore provided, the official having control thereof and the sureties on the bond of every such official shall be exempt from all liability by reason of loss of any such funds while so deposited.
32978. Guaranty of deposits - Exemption from all taxation.
All deposits in the State Bank of California are guaranteed by the state. Such deposits are exempt from state, county, and municipal taxes of any and all kinds.
32979. Bank a clearinghouse.
For banks that make the State Bank of California a reserve depositary, it may perform the functions and render the services of a clearinghouse, including all facilities for providing domestic and foreign exchange, and may rediscount paper, on such terms as the State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall provide.
32980. Powers.
The State Bank of California may:
1. Make, purchase, guarantee, or hold loans:
a. To state-chartered or federally chartered lending agencies or institutions or any other financial institutions.
b. To holders of State Bank of California certificates of deposit and savings accounts up to ninety percent of the value of the certificates and savings accounts offered as security.
c. To actual residents of this state, if the loans are secured by recorded mortgages giving the State Bank of California a first lien on real estate in California in amounts not to exceed eighty percent of the value of the security.
d. That are insured or guaranteed in whole or in part by the United States, its agencies, or instrumentalities.
e. That are eligible to be guaranteed under Part 42 of the California Education Code. Loans made pursuant to this subdivision may provide for interest that remains unpaid at the end of any period specified in the loan to be added to the principal amount of the debt and thereafter accumulate interest.
f. To individuals or bank holding companies for the purpose of purchasing or refinancing the purchase of bank stock of a bank located in the state.
g. To nonprofit organizations that are exempt from federal taxation under section
501(c)(3) of the Internal Revenue Code [26 U.S.C. 501(c)(3)], the proceeds of the loans to be used for construction, reconstruction, repair, renovation, maintenance, and associated costs on property under the control of the parks and recreation department.
j. Obtained as security pledged for or originated in the restructuring of any other loan properly originated or participated in by the Bank.
k. To instrumentalities of this state.
l. As otherwise provided by this chapter or other statutes.
m. If the Bank is participating in the loan and the Bank deems it is in the best interests of the Bank to do so, it may purchase the remaining portion of the loan from a participating lender that is closed by regulatory action or from the receiver of the participating lender's assets.
n. To an investment company created for completing a trust preferred securities transaction for the benefit of a financial institution located in this state.
2. Purchase participation interests in loans made or held by banks, bank holding companies, state-chartered or federally chartered lending agencies or institutions, any other financial institutions, or any other entity that provides financial services and that meets underwriting standards that are generally accepted by state or federal financial regulatory agencies.
3. Invest its funds:
a. In conformity with policies of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation
b. In a public venture capital corporation organized and doing business in this state through the purchase of shares of stock.
c. In California alternative and venture capital investments and early-stage capital funds, not to exceed ten million dollars, for the purpose of providing funds for investment in California alternative and venture capital investments, early-stage capital funds, and entrepreneurship awards. The Bank may invest a maximum of two hundred thousand dollars per biennium in California-based venture capital entities that make investments in companies located outside California.
The Bank may allow for third-party management of the funds invested under this subdivision if the management is provided by a third party that is located in the state and that has demonstrated fund management experience.
4. Buy and sell federal funds.
5. Lease, assign, sell, exchange, transfer, convey, grant, pledge, or mortgage all real and personal property, title to which has been acquired in any manner.
6. Acquire real or personal property or property rights by purchase, lease, or, subject to chapter 3215, the exercise of the right of eminent domain and may construct, remodel, and repair buildings.
7. Receive deposits from any source and deposit its funds in any bank or other financial institution.
8. Perform all acts and do all things necessary, convenient, advisable, or desirable to carry out the powers expressly granted or necessarily implied in this chapter through or by means of its president, officers, agents, or employees or by contracts with any person, firm, or corporation.
9. Purchase mortgage loans on residential real property originated by financial institutions.
32981. Loans to general fund authorized - Continuing appropriation.
The state treasurer and the director of the Office of Management and Budget may, when the balance in the state general fund is insufficient to meet legislative appropriations, execute and issue on behalf of the state evidences of indebtedness on the state general fund which at no time exceed the total principal amount of ten million dollars with principal maturity of not more than twelve months. As a condition precedent to the issuance and sale of the evidences of indebtedness, the state treasurer must request and obtain a statement from the director of the Office of Management and Budget and Franchise Tax Board certifying that anticipated general fund revenues for the balance of the fiscal year in which the evidences of indebtedness are to be issued will exceed the principal amount and interest on the evidences of indebtedness to be issued. After evidences of indebtedness have been issued and sold pursuant to this section, the state treasurer shall establish a fund for the repayment of the principal upon maturity and the interest when due. The state treasurer shall place all available general fund revenues into this fund until the fund contains a sufficient balance for the repayment of the principal at maturity and interest when due, which moneys are hereby appropriated for this purpose.
32982. Bank loans to cooperatives - Revolving loan fund - Requirements.
1. A revolving loan fund must be maintained in the State Bank of California for the purpose of making or participating in loans to California cooperatives for the purchase of real estate, equipment, and supplies. All moneys transferred into the fund, interest upon moneys in the fund, and payments to the fund of principal and interest on loans made from the fund are appropriated for the purpose of providing loans and to supplement the interest rate on loans to cooperatives made by the State Bank of California under subdivision c of subsection 1 of section 3215 and in accordance with this section.
2. The revolving loan fund and loans made from the fund must be administered and supervised by the State Bank of California. The Bank may deduct a service fee for administering the fund from interest payments received on loans. An application for a loan from the fund must be made to the Bank and, upon approval, a loan must be made from the fund in accordance with this section.
3. A loan made from the fund may not exceed eighty percent of the appraised value of the collateral, with the actual percentage to be determined by the Bank.
The Bank may do all things and acts and may establish additional terms and conditions necessary to make a loan under this section. A loan made from the fund must have a first security interest.
4. A loan made from the fund must have the interest rate fixed at one percent below the Bank's then current base rate for the first five years with a maximum rate of six percent per year and variable at one percent below the Bank's then current base rate for the second five years. During the second five years, the variable rate must be adjusted annually on the anniversary date. The rate during the remaining term of the loan floats at the Bank's base rate as in effect from time to time.
5. The maximum term of a real estate loan is twenty-five years. The maximum term of an equipment or supplies loan is seven years.
6. The State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall contract with a certified public accounting firm to audit the fund as necessary. The cost of the audit, and any other actual costs incurred by the Bank on behalf of the fund, must be paid for by the fund.
7. The Bank shall adopt policies to implement this section.
8. Notwithstanding any other provision of law, the Bank may transfer any unobligated funds between funds that have been appropriated by the legislative assembly for interest buydown in the cooperative loan fund in assisting community expansion fund.
9. Notwithstanding any other provision of law, the Bank may transfer any unobligated funds to the value-added cooperative equity loan program for the purpose of interest buydown on a loan made for investment in a cooperative. Fund transfers under this subsection may not exceed one million dollars during a biennium.
32983. Limitations on loans by the State Bank of California - Disclosure of interests in certain loans.
Notwithstanding any other provision of law, the State Bank of California may not make any loan or otherwise give its credit to a member of the industrial corporation during the member's term on the State Assistance Fund for Enterprise, Business and Industrial Development Corporation. Before taking office, a member of the State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall file a statement with the State Bank of California indicating any personal interest that that member has in any loan or loan application in existence or pending at any time during the member's term on the State Assistance Fund for Enterprise, Business and Industrial Development Corporation .
32984. Name in which business conducted and titles taken - Execution of instruments.
All business of the Bank must be conducted under the name of "The State Bank of California". Title to property pertaining to the operation of the Bank must be obtained and conveyed in the name of "The State of California, doing business as The State Bank of California". Instruments must be executed in the name of the state of California. Within the scope of authority granted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation, the president may execute instruments on behalf of the Bank, including any instrument granting, conveying, or otherwise affecting any interest in or lien upon real or personal property. Other officers or employees of, and legal counsel to, the Bank may execute instruments on behalf of the Bank when authorized by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation Any instrument executed prior to July 11, 1989, by the president, an attorney for the Bank, or an officer or employee of the Bank, and otherwise proper, is valid and effective.
32985. Civil actions on Bank transactions - Name of parties - Service - Venue.
Civil actions may be brought against the state of California on account of claims for relief claimed to have arisen out of transactions connected with the operation of the State Bank of California upon condition that the provisions of this section are complied with. In such actions, the state must be designated as "The State of California, doing business as The State Bank of California". The actions may be brought in the same manner and are subject to the same provisions of law as other civil actions.
32986. Surety on appeal, attachment, claim and delivery, and other cases in which undertaking required, not required of State Bank of California.
Provisions of law requiring that a surety or sureties be given on undertakings in actions on appeal, attachment, claim and delivery, and other cases in which an undertaking is required, are not applicable to the state of California, doing business as the State Bank of California, as the party seeking such relief. It is required to give its own undertaking without surety and to reimburse the adverse party when required by law.
32987. Examinations and audit reports.
The state auditor shall contract with an independent certified public accounting firm for an annual audit of the State Bank of California in accordance with generally accepted government auditing standards. The state auditor shall audit annually or contract for an annual audit of the separate programs and funds administered by the State Bank of California. On request of the state auditor, the State Assistance Fund for Enterprise, Business and Industrial Development Corporation shall assist the state auditor in the auditing firm selection process, but the selection of the auditing firm is the state auditor's responsibility. The auditor selected shall prepare an audit report that includes financial statements presented in accordance with the audit and accounting guide for banks and savings institutions issued by the American institute of certified public accountants. The auditor also shall prepare audited financial statements for inclusion in the comprehensive annual financial report for the state. The state auditor may conduct performance audits of the State Bank of California, including the separate programs and funds administered by the Bank. The auditor shall report the results of the audit to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation and to the legislative assembly.
The State Bank of California or its separate programs and funds shall pay the costs of the audit.
The Department of Financial Institutions, through the Franchise Tax Board, shall examine the State Bank of California at least once each twenty-four months and conduct any investigation of the Bank which may be necessary. The Franchise Tax Board shall report the examination results, and the results of any necessary investigation, to the State Assistance Fund for Enterprise, Business and Industrial Development Corporation as soon as practicable and to the legislative assembly. The Department of Financial Institutions shall charge a fee for any examination or investigation at an hourly rate to be set by the Franchise Tax Board, sufficient to cover all reasonable expenses of the department associated with the examinations and investigations provided for by this section.
32988. Electronic fund transfer systems.
The State Bank of California may establish, under such rules and regulations as adopted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation, a system to provide fund transfer services to its customers and to the customers of state-chartered and federally chartered banks located within the state of California, and to other financial institutions otherwise authorized to utilize the services of electronic fund transfer systems, to acquire such equipment as is necessary to establish electronic fund transfer systems, and to make such reasonable charges for services rendered to other banks hereunder as may be established by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
32990. Confidentiality of Bank records.
The following records of the State Bank of California are confidential:
1. Commercial or financial information of a customer, whether obtained directly or indirectly, except for routine credit inquiries or unless required by due legal process.
As used in this subsection, "customer" means any person who has transacted or is transacting business with, or has used or is using the services of, the State Bank of California, or for whom the State Bank of California has acted as a fiduciary with respect to trust property.
2. Internal or interagency memorandums or letters which would not be available by law to a party other than in litigation with the Bank.
3. Information contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of a state or federal agency responsible for the regulation or supervision of any Bank activity.
4. Information obtained from the state department of finance which would not be available from that agency.
5. The report by a Bank officer or member of the Bank's advisory board of directors concerning personal financial statements.
32991. State Bank of California - Custodian of securities.
Notwithstanding any other provision of law to the contrary, the State Bank of California shall replace the state treasurer as the custodian of all securities that are required to be deposited with the state except that the state treasurer is the custodian of all securities resulting from the investment of funds by the state treasurer.
32992. Sale and leasing of acquired real estate.
The sale and leasing of real estate with an appraised value of ten thousand dollars or more acquired by the State Bank of California through foreclosure or deed in lieu of foreclosure must be done in accordance with chapter 15-07 or 15-09 and policies adopted by the State Assistance Fund for Enterprise, Business and Industrial Development Corporation. The sale and leasing of real estate with an appraised value of less than ten thousand dollars, acquired by the State Bank of California through foreclosure or deed in lieu of foreclosure, may be done in a manner as the Bank determines is appropriate given the circumstances. In the case of a lease by the party holding the right of redemption, that party has the right to purchase at any time.
32993. California higher education savings plan - Administration - Rules -
Continuing appropriation.
The State Bank of California shall adopt rules to administer, manage, promote, and market a California higher education savings plan. The Bank shall ensure that the California higher education savings plan is maintained in compliance with internal revenue service standards for qualified state tuition programs. The Bank, as trustee of the California higher education savings plan, may impose an annual administrative fee to recover expenses incurred in connection with operation of the plan or for other programs deemed to promote attendance at an institution of higher education. Administrative fees received by the Bank are appropriated on a continuing basis to be used as provided in this section. Contributions made during the taxable year to a higher education savings plan administered by the Bank, pursuant to the provisions of the plan, are eligible for an income tax deduction. Information related to contributions is confidential except as is needed by the Franchise Tax Board for determining compliance with the income tax deduction.
32994. renewable energy development loan fund - Appropriation.
1. The renewable energy development loan fund is established in the Bank for the purpose of providing loans to renewable energy producers to purchase and upgrade renewable energy technology. This fund is a revolving loan fund. All moneys transferred into the fund, interest upon moneys in the fund, and collections of interest and principal on loans made from the fund are appropriated for disbursement according to this section.
2. The Bank shall make loans from this fund to renewable energy producers. A loan made under this fund must be repayable over a period that may not exceed ten years.
3. The Bank shall administer the renewable energy development loan fund. Funds in the loan fund may be used for loans as provided under this section and the costs of administration of the fund. Annually, the Bank may deduct a service fee for administering the revolving loan fund maintained under this section.
4. An application for a loan under this section must be made to the California Energy Commission. The California Energy Commission shall forward approved applications to the Bank. Upon approval of the application by the Bank, the Bank shall make the loan from the revolving loan fund as provided under this section.
5. The Bank may do all acts necessary to negotiate loans and preserve security as deemed necessary, to exercise any right of redemption, and to bring suit in order to collect interest and principal due the revolving loan fund under mortgages, contracts, and notes executed to obtain loans under this section. If the applicant's plan for financing provides for a loan of funds from sources other than the state of California, the Bank may take a subordinate security interest. The Bank may recover from the revolving loan fund amounts actually expended by the Bank for legal fees and to effect a redemption.
32995. renewable energy planning loan fund - Appropriation.
1. The renewable energy planning loan fund is established in the Bank for the purpose of providing low-interest loans to renewable energy entities to assist those entities in improving renewable energy infrastructure. This fund is a revolving loan fund. All moneys transferred into the fund, interest upon moneys in the fund, and collections of interest and principal on loans made from the fund are appropriated for disbursement according to this section.
2. The Bank shall make loans from this fund to renewable energy entities as approved by the California Energy Commission.
3. The Bank shall administer the renewable energy planning loan fund.
Funds in the loan fund may be used for loans as provided under this section and the costs of administration of the fund. Annually, the Bank may deduct a service fee for administering the revolving loan fund maintained under this section.
4. An application for a loan under this section must be made to the California Energy Commission. The California Energy Commission shall forward approved applications to the Bank. Upon approval of the application by the Bank, the Bank shall make the loan from the revolving loan fund as provided under this section.
5. The Bank may do all acts necessary to negotiate loans and preserve security as deemed necessary, to exercise any right of redemption, and to bring suit in order to collect interest and principal due the revolving loan fund under mortgages, contracts, and notes executed to obtain loans under this section. If the applicant's plan for financing provides for a loan of funds from sources other than the state of California, the Bank may make a loan subordinate security interest. The Bank may recover from the revolving loan fund amounts actually expended by the Bank for legal fees and to effect a redemption.
SEC. 5. Severability.
If any of the provisions of this measure or the applicability of
any provision of this measure to any person or circumstances shall
be found to be unconstitutional or otherwise invalid, such finding
shall not affect the remaining provisions or applications of this
measure to other persons or circumstances, and to that extent the
provisions of this measure are deemed to be severable.
Socialsim by any other name and for any reason is not acceptable to real Americans. That's all you need to know. The health care bill is as good as repealed (2012) and will remain as a testament to what happens when marxists are given power in government. People like this author can ramble on about this and that, but it comes down to Americans rejecting socialism, pure and very simple. The delusional tedhnical discussions can continue in the liberal bubble that these people lieve in, but after last Tuesday it is apparent that they inhabit this bubble by themselves.
Here's the link:
http://www.techceocouncil.org/storage/documents/TCC_One_Trillion_Reasons...
It's actually by the Technology CEO Council (IBM is a member along with some other tech companies).
http://www.techceocouncil.org
Of course we don't write for the New Times, Washington Post or CNN. That said, if you want a story from this site hitting or influencing the press headlines, here's what you do:
1. use the share buttons and submit to reddit, digg, buzzflash
2. Share it on facebook
3. email it to your friends
4. post a link to it on other sites, large sites in the comments sections
For example, want CBS Market Watch to talk turkey on the long term unemployed? Post a link to this piece in their comment section covering the unemployment reports and ask how come THEY are not writing about this? Post a link to this piece in the Wall Street Journal comments on unemployment, labor articles and ask how come this isn't on THEIR font page? You can do that with the Huffington Post, any major press where it fits their own stories and ask. You can also email them and say how come they are not covering this story?
5. Use community blogs of your political flavor to link to this piece in the comments
6. post a tweet
7. get a huge public figure with a lot of followers to tweet and link to it
All of above makes a post "go viral" and subvert the main stream media "messaging"...
Demand a better Press corps and you can do it by posting a link, the URL referencing this post. They may not publish the link, instead rewrite "their own", but believe me, the press is on the look out for popular stories too....so the above is how you make this story popular.
If you notice we get "messaging" every damn day. The latest is some stupid cruise ship with a burnt out engine. WHO CARES! No one! This is your classic "non-story story" that the press picks to promote and flood the headlines with instead of real news, happens every day.
Why we are here. We're a 24/7 all things $$ economics Populist site, writing about issues, statistics we CARE about as general folks from that vastly ignored wasteland called the U.S. middle class.
Trust me, not only do reporters read this site, more than once I've seen comments or points made on this site magically appears, uncredited in press articles (hey thanks journalists, could you consider giving some credit and a link?)
So, even though we're not being given our due, in terms of your goal, which is to get this out into the main stream media, the above really can work.
You have the power to influence the main stream media dialog these days with social networking technologies.
Is an amazing noise machine, just like FAUX news. I was hoping they would keep Olbermann of the air. Schultz has been a true blue stooge for the Democrats to the point when I knew it was pure corporate lobbyists I had to turn off his show.
Ratigan on the other hand is a little more factual, although sometimes he doesn't have the facts which gives a not so great segment, but he's at least looking for them.
Most of the press just spun this story like no tomorrow. Why I listed the actual deals...they are doing headline buzz and not looking into any of the details. Even in the White House press release you can see many of these are pure labor arbitrage and going to create jobs in India...
Another point is Harley Davidson. They SHOULD be demanding India lower their tariffs on motorcycles against the U.S. That way this company would not have to open a plant in India in order to sell them motorcycles...
but that's precisely what China has done as well....so one can see, TARIFFS WORK! Companies will create jobs in a country they want to sell too if the TARIFFS are too high for them to import and make a buck.
Just insane to allow tariffs like that in other countries all the while claiming America is for "free trade". That's not free trade, that's one way economic disaster for the United States.
Just so you all know I turn off most of the talking heads, Anderson Cooper also just kind of whines at the TV screen.
I mean you can tell this is media manipulation. They'll pick something, say "O'Donnell is a witch" Tea party story and beat the drum on that 24/7 instead of....
uh, Financial reform did nothing on derivatives, the real cause of the Financial crisis....
Such a noise machine and they always pick topics that are inconsequential in reality.
Anyone else notice Soledad O'Brian on CNN's great political analysis was always about "open borders", i.e. "Comprehensive Immigration Reform"....she had no insight, no analysis of real exit polls across the nation....just out there trying to spin for her own political agenda...
I mean come on, that's just as bad as Bill O'Reilly or whoever.
Please get this article out into the USA today, the Washington Post,the New York post. the Los Angeles times. AMerican needs this information. I have 5 weeks of Benefits left. Payed into the system with out using it for 40 years, now they are going to kick me out. Damn Congress
Some 401k plans allow you to rollover your company match funds (assuming your vested and your employer matches obviously). Ask if your plan allows “in service distributions”. If your plan allows this, you could roll this part of your 401k into a traditional IRA w/o penalties and try to buy something safer (like directly buying a treasury bond instead of your 401k's managed bond fund). Not a complete solution, but it could limit the damage.
I had on FAUX news, Greta show and Newt Gingrich slammed this report saying these people just recycle old, very bad ideas. He also says there was a study by IBM (who loves to offshore jobs) so, I haven't seen/read this study, but it concluded it could shave off $1 trillion from the budget just by updating the methods and ways government does daily business. I can believe that, it's still stuck in the 1970's in the way it processes and so does the U.S. legal system. If anyone has that report, let me know for I'll look it over.
But yes, shocking but true, Gingrich said the catfood commission report was absurd, simply recycling old worn out ideas that just harm the American people instead of really analyzing it from a 2010 view. I think I dropped a plate and broke it so surprising.
Love how they lowered taxes on corps to 23% and income taxes to the same amount, but Social Security will have major cuts and the index fudged with even more. Its not like most people that rely on Social Security alone is living the high life on their Social Security. Funny how Social Security is self funding and money is not taking out of the general fund to pay for it, but we must take cuts in benefits to pay for even lower taxes on companies that off shore jobs. Yeah, that is a brilliant move. More robbing the lower class to subsidies the rich, god knows all we ever hear is free market. Let them take the hit when they play the game on wall street. Most of us are tired of being the suckers and being on the hook for these people that get the bail outs. Its getting to the let them eat cake moment in this country.
Go watch some of Peter Schiff's videos http://www.youtube.com/user/SchiffReport
Particularly check out the 2006 mortgage brokers speech.
If what he says makes sense to you, check out his book - Crash Proof.
If that makes sense to you too, talk to his firm.
Good luck buddy. You're going to need it.
I'm safe and sound in Australia, but I really do feel bad for what is going to happen over there.
Lou Dobbs just signed a contract with FAUX business channel. That channel isn't often picked up by the basic package, so not sure how much of an audience Lou will get.
Also, most interesting, believe this or not, all you Dobbs haters, he has railed on trade, offshore outsourcing and believes in that socialist universal health care. So, is Fox going to muzzle him on all of those (yes it's true), liberal opinions.
I like Lou because he covered the above topics and also a strong advocate for U.S. professionals, tech workers. No one covers those stories! Before he got muzzled at CNN, he also had on a host of economists who are also muzzled for not speaking the party, that being the corporate party, bottom line, including Krugman, Stiglitz.
Unfortunately the open borders lobby targeted him for those make me personally cringe illegal immigrant rants, although bottom line, they don't like anyone who isn't for their agenda.
So, love him, hate him, indifferent, I wonder if U.S. professional workers, esp. techies are going to get any press again considering the FAUX corporate muzzle.
There are share buttons and you can mention it in the comments of other sites. I literally watched an AP story with this headline of "not poacher of U.S. jobs" disappear and was replaced with some mealy mouthed "report" that read like a political consultant wrote it.
It's clear corporations, NASSCOM, lobbyists and the White House do not want any facts coming out or even the real details of these "deals" frankly.
Getting good statistics on outsourcing is very tough and to make matters worse, we clearly have "some" economists writing fictional spin in some sort of massive denial this isn't hurting the U.S. worker and the U.S. economy.
I managed to pull out a few direct statistics and will write more, but the bottom line is we needing real action on global labor arbitrage the minute Democrats took control of government and they didn't do a damn thing.
Now we have these people rambling on about tax cuts to the rich, when we have a major emergency going on and that's jobs.
They could literally pull the state, local and federal offshore outsourcing contracts (do you know they offshore outsourcing food stamp phone support?) and have magically a host of immediate jobs. We're already paying for that with U.S. taxpayer dollars....going overseas.....to give those in India jobs.
Thank you for your indignation -- and for a complete rundown of this situation, which was nothing to brag about.
I was just as surprised and dismayed by Obama's comments as you were.
I assumed this would be getting big media play but it hasn't. The ridiculous number of jobs created claimed should have been questioned to, but I haven't seen that either. You'd think the Republicans would go after this for anti-Obama purposes but I guess they couldn't be bothered. Praising outsourcing and cooking jobs numbers are not important enough to them.
There's nothing that India can buy from us that can equal the devastating loss of jobs. Plus the more offshoring there is, the more there will be, because managers will become trained to look overseas for work to be done instead of home.
Stupid, Stupid, Stupid, Obama.
Stupid, Stupid, Stupid us.
When are we going to get anybody in government who is on the American workers' side?
Thanks for all te work you do, I really lov your blog. I'm with you on immigration and outsourcing, it's nice to hear from peole who are not Republcians (I'm a moderate Democrat) on these topics.
I've thrown down the gauntlet to BOA by informing them that they will be getting no more payments from me on a mortgage contract that was never valid, and was part of a well-planned conspiracy to create, and then deflate, the housing bubble, making obscene amounts of money while the market was on the way up, and even more money (through credit default swaps) while the market crashes. It's the biggest financial fraud in history, transferring even more wealth from working people to the "vampire squid" at the top, in Matt Taibbi's all-too-appropriate phrase.
As a Pennsylvania resident, I took our Attorney General (and Governor-elect) at his word when he invited Pennsylvanians to inform him of consumer fraud. I got my answer by phone this afternoon, informing me that none of the "shortcuts" taken by banks in sucking up our blood were illegal under PA. law. It looks like I'll have to concentrate on violations of Federal laws by the "banksters" to prevail in court and save my house. I've posted, and will continue to update, the ongoing story on my blog at www.AreWeBozos.blogspot.com.
Hwere is where it gets difficult: 6.2% from the employee and the company to pay for SSI, Medicfunds to a ceiling. If income is taxed above that ceiling at the 6.2% rate regardless of source (earned or non-wage income) and that is matched AND that surplus is used to guarantee the funds viability to pay full benefits (what is at risk in 2035),balance to pay down the debt......we are heading somewhere.
Look for the billionaires and Fortune 500 to absolutely oppose this. America was a way stop in the global awsomeness and reach for heaven. We are no longer significant excepet as just another market and a source of cannon fodder. So it is Catfood now, Catfood forever, ecxcept when our masters introduce Soylent Green TM as a cheaper alternative.
War is on the way, with blood in the streets and in legislatures over these proposals. You will be starving people to hold the line on rich and poor.
Ed Schultz got in Obama's face for a change. He had sound clips
of Obama defending and justifying outsourcing to India. The comments duing the campaing on the "bitter" little folks were all prescient. Obama is the chief of the Money Party.
http://www.msnbc.msn.com/id/21134540/vp/40097758#40097758
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