They would have actually demonstrated their much vaunted "ivy league superiority" had they done the logical thing and invested in remote automobile starters.
Very nice blog you have and I'm glad you are promoting and crafting a derivatives trading tax.
I hope you would consider creating an account on EP and joining us.
It appears derivatives legislation is stalled &/or gutted and right now it seems there is much debate on this entire concept...
much coming from day traders, investors making a living from trades....
I would like to see more posts and good commentary on EP w.r.t. derivatives in general, esp. w/ the window of reform opportunity seemingly closing.
but I do not believe this really would affect them that much, it would be the large milli-second institutional speculators.
Also, aren't derivatives trading the entire market limited to about 5 major players? So, why is a market that small of players enabled to bring about a global financial collapse?
Sorry, that's her legislative track record, very anti Professional labor (college level professionals).
In terms of this policy, I have been writing on a Tobin tax for some time. See the latest post.
So, we love the rhetoric calling Wall Street a gambling casino, glad she's spewing it out there, but in terms of moving forward with legislation or having her write it...
uh, let's let Byron Dorgan, Dick Durbin or Bernie Sanders or someone else do that....
She's notorious for trying to limit amendments behind the scenes at the last minute with no public disclosure.
So, we love the rhetoric and we do not trust her....
What you have are corporate talking points, echoed by people like talk radio hosts, which somehow engage people's anger and outrage at what is going on...and misdirect it because unfortunately talk radio, especially cable talking heads (and yes CNN to me is one of the worst), do not get down to the real facts on what's really going on.
So, we get these rallying cries, under the guise of these labels of "you liberals" and "those conservatives" and frankly, I don't think I fit the bill personally in any of those categories.
I'm in the common sense class....if it at least works on paper, odds are I'm interested, if it doesn't, it's more corporate lobbyist horse shit.
EP is officially a non-partisan economics blog as well....
although I dare say us, in the peanut gallery, have a tendency to promote policy, legislation that would give more strength and power to working Americans....
so if that's political, so be it, working stiff politics.
But back to these labels where we have very little understanding on the topic or issue being blasted as "liberal" or "conservative"....
let's not go there. Sometimes when I'm moderating comments I miss those absurd blasts with no actual information contained within.
Sorry about that but overall, let's stay out of the fictional partisan divide....
makes me feel like a dancing puppet, the strings controlled by some corporate lobbyist to dance the way they wish.
It's always entertaining to watch rock-throwers and ideologues obscure an argument or concept's merit by attacking the messenger. The right wing of American thought has long since mastered this technique, so much so that the mentally-lazy American lumpenproletariat actually believes it to be 'thought' when they mimic it.
This refers to the folks who responded to Cantwell's proposal by attacking past behavior.
It's called a Trade Agreement. A trade agreement allows for procedures and remedies. The procedures were followed.
We like and want to honor written agreements, don't we? And how is enforcing agreements protectionism?
As for your asinine assertion of "100 whole jobs". Ask people in Findlay, OH how they feel about those "100 whole jobs" after they thought Cooper was closing shop and shipping production to China. BTW unemployment rate in Ohio (NSA) is 10%.
Hey, if you like trade with China so much why don't you move to China and take your neo-liberal friends with you?
Folks we should pull out the legislative meat on what these politicians mean for posting.
A lot of our readers are looking for the "readers digest" of critical intel.
I would say it's rhetoric in support of a Tobin Tax. In the Tobin Tax Instapopulist you will see all sorts of links trying to go into the actual proposals.
It's a tax on financial transactions in the markets. i.e. a small tax everytime a threshold of trades are made.
Kind of like what banks do to small business every time someone buys something with a debit/credit card at their shop...but much more Progressive and much smaller.
Look who is spinning. Dumping is not free trade. That's what the Chinese tires is all about, dumping is flooding the market below costs simply to wipe out a market sector. Taking action against dumping is not "protectionism". Give me a break. Silly corporate brain death, it would be nice if you understood the terminology.
Oh wow, 100 whole jobs saved by protectionist policies. That must mean that protectionism works. HOORAY, WE ARE SAVED!
Perhaps you should read your Krugman article again. The generally accepted knowledge of protectionism during the GD is that protectionism PROLONGED the GD, not that it CAUSED it - and Krugman is arguing essentially THE SAME THING.
Silly liberals, always conflating facts and getting themselves and others confused.
I am a coward? You could have just as easily created an account at reddit and debated me there. At least then it would have been seen by more than two people.
But no thanks. I learned recently that debating liberals makes about as much sense as debating a brick wall. I'm quite content to point out that your source is as biased as you are and leave it at that. I'm sure I could find numerous errors in this 'study,' but experience has shown that debating liberals is generally not a productive use of my time. The vast majority of you prefer to stick your heads in the sand when your ideology is in danger, and are as incapable of critical thought as the typical third grader - maybe even less so. If you were an exception to this, you would not have used a study created by an organization with such a blatant conflict of interest in the first place - or, at the very least, you would have presented an alternate viewpoint. You are doing little more than pushing a political agenda; for you, objectivity is of secondary importance, if it is important to you at all, which I doubt.
Good luck in your propagandizing though. I wish I could say that you will need it, but since critical thinking skills are such a rarity nowadays, I doubt you'll have much trouble finishing your quest to turn the US into a socialist utopia. All you need to do is to continue being intellectually dishonest, and because the people are so genuinely stupid, if you connect the dots more simply than the other side, they'll buy your argument over the other guy's every time. Serves humanity right, I guess.
for those who think that people are to blame for this mess with everything that has happened think again and have some respect, the Banks knew what they were doing they got us into this mess not the people its no different when the banks go to colleges and offer full time students a credit limit for $5,000-10,000 dollars to students that have no jobs or work part time in a burger joint and think that the students will pay it back, what BS. I do agree that there are some people that when out on a spending spree and never thought about the consequences. But majority as myself have been put in a position that now I don't have a choice and need to remodify my lone and try to get rid of my equity lone, it is not my fault that my property has dropped in value, my job is on the line because I work in construction and don't see much being build in 2010, I am seeing huge company's go under that have been in buisness for a long time. also with everthing that has happened my property taxes jumped 20% go figure. I have always paid my bills on time and had a good credit score of 710 and now my credit cards are hitting me up from 9% to 29.99 % their excuse is that " in order to keep credit flowing at these times we must increase all customer rates " this is a statement from citicards I have been a customer for 15 years and this what they are doing to me as a outstanding customer. I have learned a hard lesson from this and it is every one should go back to the old way "cash" and as a credit card open a checking account with a visa/debit card and only transfer money that you will need so in case it is stolen you do not have all your cash in that account. When everything was great and the housing market was booming the banks called me and made me offers of 100% equity I refused but they still called me every other day, but when every thing fell apart , I called them for help to reduce my 30 year fixed from 6.5% to 4.5% they told me that they could not , but yet we the tax payers helped them out by bailing them out and still till this day they would not help me until I stopped paying the bills , what a fu!!!!!! joke. So please don't blame the people that have worked there ASS off to own a house and put down 20% and did I forget to mention all those people that lost their 401K and other investments people that where about to retire and can not retire because of the Banks BS and have to now go work in a burger king or walmart .Being in construction I am seeing more and more people losing their jobs and companies going under, I am bidding jobs constantly but yet when it comes to an award the job is canceled or rebid or the bank will not fund it so wake up people this turmoil is not going away just yet it has only begun. The rich will be rich the poor will be poor and the middle class will be poorer.
Senator Cantwell has a good idea. However, the question of why no one thought of this before isn't quite right. I wrote about credit default swaps as being gambling contracts in December, 2008 and pointed out that Federal preemption of state rights to regulate and enforce these contracts isn't as tight as it appears. States have the right to enforce their general anti-fraud laws and through the enforcement of those laws most of the abuses connected with CDS can be contained.
The link to my article is http://www.thesunshinereport.net/marksunshine/?p=223.
And the link to my other aticles (including one written for the Financial Times) is http://www.thesunshinereport.net/marksunshine/?cat=43.
people should definitely do their homework when it comes to dealing with entities like NACA. It helps that they are a HUD approved housing counselor. They say they are non-profit but even with that there are scam non-profits.
Other sources to check for legitimacy is with state attorney general offices or state consumer protection divisions. Better Business Bureau is another place to check.
A little secret: some law schools offer legal clinics - particularly housing law clinics and the legal services are often provided at a discount or free. Here is an example: Cleveland-Marshall Law School. There are also public-interest law firms that specialize in housing law.
This is a matter of losing shelter so people should be very aggressive because it is a matter of survival.
Having said that: I offered the above reference because I am sick and tired of the bullshit that conservatives and "free market" fundamentalists keep using to blame entities and programs such as ACORN and CRA for the mortgage crisis. Bottomline: the cause of the mortgage crisis was old fashion GREED with a lot of FRAUD mixed in and a touch of ILLITERACY.
In 2007 London boasted $600bn/day of derivatives trading, approximately 40% of worldwide trades. No wonder Gordon Brown favours a Tobin tax, no other way to refresh the UK treasury coffers remotely in sight, but don't hold your breath. Nicholas Sarkozy was the only one polite enough to even reply to my suggestion for a derivatives trading tax over 2 years ago.
I've known this for some time, that trade was a small part of the U.S. economy during the 1920's and before Smoot-Hawley, but those absurd people pushing those bad outsourcing trade deals claiming it's "free" trade love to claim that tariffs "caused" the Great Depression (this is fiction).
Anywho, Krugman called cash on it today in this post.
When trade is done right it is a huge economic benefit, but we don't have that by any measure of the theory today.
They would have actually demonstrated their much vaunted "ivy league superiority" had they done the logical thing and invested in remote automobile starters.
Still won't do them any good, though.
If they are doing "God's work" then they should have nothing to fear.
RebelCapitalist.com - Financial Information for the Rest of Us.
Sorry, but it is....America is butt loaded with guns, if the GS folk are now doing their paranoid thing...well, welcome to America.
Very nice blog you have and I'm glad you are promoting and crafting a derivatives trading tax.
I hope you would consider creating an account on EP and joining us.
It appears derivatives legislation is stalled &/or gutted and right now it seems there is much debate on this entire concept...
much coming from day traders, investors making a living from trades....
I would like to see more posts and good commentary on EP w.r.t. derivatives in general, esp. w/ the window of reform opportunity seemingly closing.
but I do not believe this really would affect them that much, it would be the large milli-second institutional speculators.
Also, aren't derivatives trading the entire market limited to about 5 major players? So, why is a market that small of players enabled to bring about a global financial collapse?
Sorry, that's her legislative track record, very anti Professional labor (college level professionals).
In terms of this policy, I have been writing on a Tobin tax for some time. See the latest post.
So, we love the rhetoric calling Wall Street a gambling casino, glad she's spewing it out there, but in terms of moving forward with legislation or having her write it...
uh, let's let Byron Dorgan, Dick Durbin or Bernie Sanders or someone else do that....
She's notorious for trying to limit amendments behind the scenes at the last minute with no public disclosure.
So, we love the rhetoric and we do not trust her....
Seriously. Here is the definition of Granfalloon.
What you have are corporate talking points, echoed by people like talk radio hosts, which somehow engage people's anger and outrage at what is going on...and misdirect it because unfortunately talk radio, especially cable talking heads (and yes CNN to me is one of the worst), do not get down to the real facts on what's really going on.
So, we get these rallying cries, under the guise of these labels of "you liberals" and "those conservatives" and frankly, I don't think I fit the bill personally in any of those categories.
I'm in the common sense class....if it at least works on paper, odds are I'm interested, if it doesn't, it's more corporate lobbyist horse shit.
EP is officially a non-partisan economics blog as well....
although I dare say us, in the peanut gallery, have a tendency to promote policy, legislation that would give more strength and power to working Americans....
so if that's political, so be it, working stiff politics.
But back to these labels where we have very little understanding on the topic or issue being blasted as "liberal" or "conservative"....
let's not go there. Sometimes when I'm moderating comments I miss those absurd blasts with no actual information contained within.
Sorry about that but overall, let's stay out of the fictional partisan divide....
makes me feel like a dancing puppet, the strings controlled by some corporate lobbyist to dance the way they wish.
It's always entertaining to watch rock-throwers and ideologues obscure an argument or concept's merit by attacking the messenger. The right wing of American thought has long since mastered this technique, so much so that the mentally-lazy American lumpenproletariat actually believes it to be 'thought' when they mimic it.
This refers to the folks who responded to Cantwell's proposal by attacking past behavior.
lacks any credibility and ideas:
They resort to the old cannard about socialism.
RebelCapitalist.com - Financial Information for the Rest of Us.
It's called a Trade Agreement. A trade agreement allows for procedures and remedies. The procedures were followed.
We like and want to honor written agreements, don't we? And how is enforcing agreements protectionism?
As for your asinine assertion of "100 whole jobs". Ask people in Findlay, OH how they feel about those "100 whole jobs" after they thought Cooper was closing shop and shipping production to China. BTW unemployment rate in Ohio (NSA) is 10%.
Hey, if you like trade with China so much why don't you move to China and take your neo-liberal friends with you?
RebelCapitalist.com
- Financial Information for the Rest of Us.
Folks we should pull out the legislative meat on what these politicians mean for posting.
A lot of our readers are looking for the "readers digest" of critical intel.
I would say it's rhetoric in support of a Tobin Tax. In the Tobin Tax Instapopulist you will see all sorts of links trying to go into the actual proposals.
It's a tax on financial transactions in the markets. i.e. a small tax everytime a threshold of trades are made.
Kind of like what banks do to small business every time someone buys something with a debit/credit card at their shop...but much more Progressive and much smaller.
Look who is spinning. Dumping is not free trade. That's what the Chinese tires is all about, dumping is flooding the market below costs simply to wipe out a market sector. Taking action against dumping is not "protectionism". Give me a break. Silly corporate brain death, it would be nice if you understood the terminology.
Oh wow, 100 whole jobs saved by protectionist policies. That must mean that protectionism works. HOORAY, WE ARE SAVED!
Perhaps you should read your Krugman article again. The generally accepted knowledge of protectionism during the GD is that protectionism PROLONGED the GD, not that it CAUSED it - and Krugman is arguing essentially THE SAME THING.
Silly liberals, always conflating facts and getting themselves and others confused.
I am a coward? You could have just as easily created an account at reddit and debated me there. At least then it would have been seen by more than two people.
But no thanks. I learned recently that debating liberals makes about as much sense as debating a brick wall. I'm quite content to point out that your source is as biased as you are and leave it at that. I'm sure I could find numerous errors in this 'study,' but experience has shown that debating liberals is generally not a productive use of my time. The vast majority of you prefer to stick your heads in the sand when your ideology is in danger, and are as incapable of critical thought as the typical third grader - maybe even less so. If you were an exception to this, you would not have used a study created by an organization with such a blatant conflict of interest in the first place - or, at the very least, you would have presented an alternate viewpoint. You are doing little more than pushing a political agenda; for you, objectivity is of secondary importance, if it is important to you at all, which I doubt.
Good luck in your propagandizing though. I wish I could say that you will need it, but since critical thinking skills are such a rarity nowadays, I doubt you'll have much trouble finishing your quest to turn the US into a socialist utopia. All you need to do is to continue being intellectually dishonest, and because the people are so genuinely stupid, if you connect the dots more simply than the other side, they'll buy your argument over the other guy's every time. Serves humanity right, I guess.
This writeup might be a little more interesting/informative if it defined what "gambling laws" are
for those who think that people are to blame for this mess with everything that has happened think again and have some respect, the Banks knew what they were doing they got us into this mess not the people its no different when the banks go to colleges and offer full time students a credit limit for $5,000-10,000 dollars to students that have no jobs or work part time in a burger joint and think that the students will pay it back, what BS. I do agree that there are some people that when out on a spending spree and never thought about the consequences. But majority as myself have been put in a position that now I don't have a choice and need to remodify my lone and try to get rid of my equity lone, it is not my fault that my property has dropped in value, my job is on the line because I work in construction and don't see much being build in 2010, I am seeing huge company's go under that have been in buisness for a long time. also with everthing that has happened my property taxes jumped 20% go figure. I have always paid my bills on time and had a good credit score of 710 and now my credit cards are hitting me up from 9% to 29.99 % their excuse is that " in order to keep credit flowing at these times we must increase all customer rates " this is a statement from citicards I have been a customer for 15 years and this what they are doing to me as a outstanding customer. I have learned a hard lesson from this and it is every one should go back to the old way "cash" and as a credit card open a checking account with a visa/debit card and only transfer money that you will need so in case it is stolen you do not have all your cash in that account. When everything was great and the housing market was booming the banks called me and made me offers of 100% equity I refused but they still called me every other day, but when every thing fell apart , I called them for help to reduce my 30 year fixed from 6.5% to 4.5% they told me that they could not , but yet we the tax payers helped them out by bailing them out and still till this day they would not help me until I stopped paying the bills , what a fu!!!!!! joke. So please don't blame the people that have worked there ASS off to own a house and put down 20% and did I forget to mention all those people that lost their 401K and other investments people that where about to retire and can not retire because of the Banks BS and have to now go work in a burger king or walmart .Being in construction I am seeing more and more people losing their jobs and companies going under, I am bidding jobs constantly but yet when it comes to an award the job is canceled or rebid or the bank will not fund it so wake up people this turmoil is not going away just yet it has only begun. The rich will be rich the poor will be poor and the middle class will be poorer.
Senator Cantwell has a good idea. However, the question of why no one thought of this before isn't quite right. I wrote about credit default swaps as being gambling contracts in December, 2008 and pointed out that Federal preemption of state rights to regulate and enforce these contracts isn't as tight as it appears. States have the right to enforce their general anti-fraud laws and through the enforcement of those laws most of the abuses connected with CDS can be contained.
The link to my article is http://www.thesunshinereport.net/marksunshine/?p=223.
And the link to my other aticles (including one written for the Financial Times) is http://www.thesunshinereport.net/marksunshine/?cat=43.
people should definitely do their homework when it comes to dealing with entities like NACA. It helps that they are a HUD approved housing counselor. They say they are non-profit but even with that there are scam non-profits.
Other sources to check for legitimacy is with state attorney general offices or state consumer protection divisions. Better Business Bureau is another place to check.
A little secret: some law schools offer legal clinics - particularly housing law clinics and the legal services are often provided at a discount or free. Here is an example: Cleveland-Marshall Law School. There are also public-interest law firms that specialize in housing law.
This is a matter of losing shelter so people should be very aggressive because it is a matter of survival.
Having said that: I offered the above reference because I am sick and tired of the bullshit that conservatives and "free market" fundamentalists keep using to blame entities and programs such as ACORN and CRA for the mortgage crisis. Bottomline: the cause of the mortgage crisis was old fashion GREED with a lot of FRAUD mixed in and a touch of ILLITERACY.
RebelCapitalist.com - Financial Information for the Rest of Us.
It's an illusion: a proxy for confidence. There never has been such a thing as money; there never will be such a thing as money.
So no, gold is not money.
Money is an illusion that facilitates the interactions of human confidence levels. It's a convenience.
In the land of milk and honey, the streets are not paved with gold, and when the bubble bursts, the asphalt will be awash with blood.
In 2007 London boasted $600bn/day of derivatives trading, approximately 40% of worldwide trades. No wonder Gordon Brown favours a Tobin tax, no other way to refresh the UK treasury coffers remotely in sight, but don't hold your breath. Nicholas Sarkozy was the only one polite enough to even reply to my suggestion for a derivatives trading tax over 2 years ago.
I've known this for some time, that trade was a small part of the U.S. economy during the 1920's and before Smoot-Hawley, but those absurd people pushing those bad outsourcing trade deals claiming it's "free" trade love to claim that tariffs "caused" the Great Depression (this is fiction).
Anywho, Krugman called cash on it today in this post.
When trade is done right it is a huge economic benefit, but we don't have that by any measure of the theory today.
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