it's like to struggle to keep their head above water. We need people who understand what it means to have to one spouse work two jobs and another work one just to get health insurance for their two kids who don't have the benefit of seeing one of their parents until the weekend (assuming they don't work weekends). We need people who understand that it is difficult to pay the bills and save for ANYTHING based on meager wages/salaries. We need people who are committed to PUBLIC SERVICE and not private gain.
My understanding is that Tobin taxes were the norm a few decades ago.
The seemingly small number (0.25%) is actually quite large. Remember that the financial "innovations" of late have all required skimming a small amount of large transactions (ok, not so small if we're selling financial instruments to cities) and leveraging it up high.
This sort of tax will utterly strangle any of the financial tricks that have been exploited recently - and that's a good thing.
People are, at their core, game players - identifying the unstated rules to games and then exploiting the system. It's what we do very well and as a society our government must act against such exploitation - ideally before it gets to the point that it's at right now.
A Tobin tax is a way to deal with hot money flooding into, and then out of regions or industries and we've just managed to forget how not having one burned us in the past.
Clark County's management has forced steadily employed citizens into day labor. Lack of oversight by Clark County has resulted in waste of our tax dollars.
Ilike to give an example Clark County funds Clark County Courts. The Clark County Courts' workload is up over last year and forecasted to be up 30% next year, according to Chief Judge Thomas Arthur Ritchie, Junior. This statistic is in a vacuum and illogical with correlating statistics:
- Crime is not up 30%
- Clark County population is not up 30%
- Children's population is decreasing
- False warrants are escalating due to a lapse in real time court recording.
Logically and statistically, criminal and civil court actions increase with crime and population. Why is this not true in Clark County?
Brad Delong, gets a little bit of scream in him as well.
Baseline Scenario explains a little more, abet I think he also believes that somehow the 1950's, where workers had to be physically located all in one nation, is the same as 2009, where jobs can be offshore outsourced due to global shipping and that magic thing called the Internets.
Just because this variable didn't exist in grad school, oh yet great Economists, doesn't mean it's is not coming into play now!
honestly, I don't know if this would work or not but beyond raising revenue, they are trying to consider stopping flash trading on critical commodities. But it's clear it needs to be done globally to work.
I agree, we need these large banks to pay for their own bail outs....
and raise revenue. How about a executive bonus tax? Say at 80%?
In the United Kingdom, for example, whenever you buy or sell a share of stock(or a credit swap or a derivative, or any other activity of that sort) you paya small tax on the transaction. We did the same thing here in the US from1914 to 1966 (and, before that, we did it to finance the Spanish American Warand the Civil War).
For us, this Securities Turnover Excise Tax (STET) was a revenue source. For example, if we were to instate a .25 percent STET (tax) on everystock, swap, derivative, or other trade today, it would produce – in its firstyear – around $150 billion in revenue. Wall Street would be generatingthe money to fund its own bailout. (For comparison, as best I candetermine, the UK’s STET is .25 percent, and Taiwan just dropped theirs from.60 to .30 percent.
150 billion? If this is true we need to implement this immediately. The percentage on each transaction is so small it will have no affect on business. The US needs revenue. This is a painless way to raise real money.
I'm surprised Brown would bring this to the table. Being a conservative PM and all. Geithner is the last Treasury Secretary that should reject a way to raise revenue. A painless way at that.
RebelCapitalist:Same with health care. We needed to blow up this employer based health insurance system but what we got was a super subsidized gift to health insurance industry. A weak-ass public option with a requirement that every one get insurance. Can there be a bigger giveaway to insurance industry? Actually, the Senate is working on that.
________________-
You haven't gotten anything yet. The bill has not even passed the Senate.
I just checked the blog rankings. EP is really becoming established. So folks, realize we are becoming an authority and check your citations accordingly!
ok.
Technorati
Business blog ranking - 162, with an "up" arrow
Business authority - 681
Overall blog ranking (all blogs) - 2060
Gongol
Pageviews - 32 rank
Visits - 31 economics blog rank
Palgrave Econolog
rank - 36 - in the top 50 economics blogs
Also says we're a little too wordy. We're listed as sounding like Al Gore. ;)
Alexa
This is the website statistics center, global
EP is at 320,999 globally, 139.711 for the US. Not great, but bear in mind this tracks Google, Yahoo and so forth and we're just an economics community blog. I'm sure if we included porno in our posts we'd go way up in these ranks (please don't do that, it's a joke!)
This is all fairly good folks for we are late comers to the blogosphere and on top of it, we represent the Peanut gallery, the voice of the everyone, the little folks, the middle class.
So congratulations to all who contribute to this site and are diligent with their work and efforts!
it sure seemed the Obama administration was bound and determined to get the biggest corporate puppet they could find in that Sec. of Commerce post too.
What is even more scary is how NASSCOM has inroads to state and federal contract awards.
As in bias and that's a foreign nation, India, their BPO industry, getting contract after contract and frankly I question any claim these are "economically competitive" from the overall contract awards amounts I see flying by.
I don't believe it. I think we have yet another "Inside track" on how to bribe obtain government contracts, like Accenture....the guys who cannot code their way out of a paper bag, yet manage to obtain billion dollar contracts, even though they have failed, failed, failed on delivery. Same with SAIC, there are a bunch of them...
and many of these "projects" have actually failed. Billions wasted with no results.
Give me a break! One could hire teams of out of work techies in the U.S., out of work call center people - call centers could be great for single mothers, people with disabilities because one could easily do that job from home....
yet any of this common sense stuff even considered? Hell no! It's big corporate bucks sucking off the government dole...
uurrggghh, I'm going off on a rant, all of this really pisses me off.
This country has lost it's ethical and patriotic compass.
"One of the most absurd things I find offshore outsourced is state jobs to manage social services. That's taxpayer dollars to help those who need a job and to get food stamps."
You know, I believe the politician who pioneered that was Governor Gary Locke of Washington, who is now President Obama's Secretary of Commerce, the same secretary of Commerce who signed all those "buy offshore" waivers for the American-based multinationals in receipt of federal stimulus funds.
JPMorgan Chase received TARP funds, increased offshore outsourcing by 25%
Citigroup received TARP funds, signed a $1.2 billion dollar contract to offshore outsource jobs.
IBM is firing people in droves, offshore outsourcing jobs.
Microsoft is firing 5800, offshore outsourcing jobs...
the list goes on and on and on.
One of the most absurd things I find offshore outsourced is state jobs to manage social services. That's taxpayer dollars to help those who need a job and to get food stamps.
Those jobs could easily be done from home too. So, here we have people out of work, desperate, receiving welfare and instead of hiring some of those people to work for state social services, states offshore outsource those jobs.
It's just a huge pig fest, modeled on the prescription drug bill, for the health insurance lobby and they aren't doing much of anything to examine the waste, gouging, overcharges in the system and reducing costs while not sacrificing care. Obviously if so many other industrialized nations have better health care, longer life expectancy with half to 1/10th of the costs, America is getting ripped off.
What a disappointment and fail or pass I get this is Democrats Waterloo. I can't wait because Republicans will be controlled by the exact same lobbyist strings Democrats are.
and I agree with him and have written so many posts on the U.S. needing a national strategy for manufacturing, economic development and trade....
I'll stick with my outrage and no excuses on these grants being given to EU countries. The reason is this is supposed to be "Stimulus" and if we did not have the capacity, at minimum there should have been terms and conditions on sending U.S. tax dollars, supposedly to Stimulate the U.S. economy...overseas.
The entire idea of Federal Government spending to Stimulate an economy is to keep that money contained within the domestic economy! It won't work of course otherwise.
So, he seems to be making excuses almost for a pretty outrageous act.
Of course if one is going to have these great "green jobs" as the "jobs of the future" one should have put into place industrial, economic, trade, job policy to foster that new industry....
It's all hype and B.S. They are not even thinking about the economy or considering it.
I guess that letter from the Bretton Woods Committee (dated Feb. 11, 2009) to Pelosi (the worst dem speaker of the House in my lifetime) and Reid (the worst dem majority senate leader in my lifetime) worked --- that was their letter seeking to kill that "Buy American" clause from the stimulus legislation! They claimed it went against the WTO Financial Services Agreement, which indeed those bankster bailouts most definitely did! Oh to be ultrapowerful!
Now, should any non-econopopulist types be reading this - those web lurkers out there - please review the following:
One judges a president by his/her appointments and Obama's appointments are even more toxic than Bush's, which were equally as toxic as Clinton's, and Bush #1, and Reagan and Carter. If they be Wall Street lobbyists, pharmaceutical industry lobbyists, oil cartel lobbyists, we the sheeple will be getting screwed at each and every opportunity.
My comment was sarcasm at the bottom, just once again trying to point out that labor supply does effect the jobs market as well as wages, which is so often denied and I think Kim is being snide on that as well.
I think Kim's is a reference to John McCain claiming no American was capable of picking lettuce, even for $50/hr...
and we all knew one would have hordes of Americans applying to pick lettuce if the wage was that high.
My sarcasm was the minute anything like this is mentioned, PC newspapers have to a. blast Lou Dobbs b. claim this will rally the "no amnesty" crowd and they never point out the insanity coming from the "we let in the entire world's illegals/migrants or you are a racist xenophobe" crowd.
That sort of thing. The tragedy of this story and if you're doing day labor you know, is it's yet another way to locate cheap labor, paid below minimum wage, underground economy, no benefits etc. I mean it's a major violation of labor law, regardless of citizenship status. Although if I was there, I too would be going for the cash under the table for assuredly too much is taken out of a W2 paycheck paying close to minimum wage in a temp. job.
...this could be the item (states being refused the option of opting out and going single payer) that instigates the future Balkanization of America, and splits up the country.
I think the reason we have so many super rich in Congress is the money it takes to buy the seat.
A regular person doesn't stand a prayer's chance against these mega money machines and all that it buys.
But yeah, no wonder they don't focus on the average worker, the middle class or enact policy for them.
Did you see Joe Biden is broke? That's good (for us).
it's like to struggle to keep their head above water. We need people who understand what it means to have to one spouse work two jobs and another work one just to get health insurance for their two kids who don't have the benefit of seeing one of their parents until the weekend (assuming they don't work weekends). We need people who understand that it is difficult to pay the bills and save for ANYTHING based on meager wages/salaries. We need people who are committed to PUBLIC SERVICE and not private gain.
RebelCapitalist.com - Financial Information for the Rest of Us.
My understanding is that Tobin taxes were the norm a few decades ago.
The seemingly small number (0.25%) is actually quite large. Remember that the financial "innovations" of late have all required skimming a small amount of large transactions (ok, not so small if we're selling financial instruments to cities) and leveraging it up high.
This sort of tax will utterly strangle any of the financial tricks that have been exploited recently - and that's a good thing.
People are, at their core, game players - identifying the unstated rules to games and then exploiting the system. It's what we do very well and as a society our government must act against such exploitation - ideally before it gets to the point that it's at right now.
A Tobin tax is a way to deal with hot money flooding into, and then out of regions or industries and we've just managed to forget how not having one burned us in the past.
Clark County's management has forced steadily employed citizens into day labor. Lack of oversight by Clark County has resulted in waste of our tax dollars.
Ilike to give an example Clark County funds Clark County Courts. The Clark County Courts' workload is up over last year and forecasted to be up 30% next year, according to Chief Judge Thomas Arthur Ritchie, Junior. This statistic is in a vacuum and illogical with correlating statistics:
- Crime is not up 30%
- Clark County population is not up 30%
- Children's population is decreasing
- False warrants are escalating due to a lapse in real time court recording.
Logically and statistically, criminal and civil court actions increase with crime and population. Why is this not true in Clark County?
Brad Delong, gets a little bit of scream in him as well.
Baseline Scenario explains a little more, abet I think he also believes that somehow the 1950's, where workers had to be physically located all in one nation, is the same as 2009, where jobs can be offshore outsourced due to global shipping and that magic thing called the Internets.
Just because this variable didn't exist in grad school, oh yet great Economists, doesn't mean it's is not coming into play now!
Double negative and I feel damn negative damn it!
Put an 80% tax on any bonus over 50k. Help them keep touch with reality.
honestly, I don't know if this would work or not but beyond raising revenue, they are trying to consider stopping flash trading on critical commodities. But it's clear it needs to be done globally to work.
I agree, we need these large banks to pay for their own bail outs....
and raise revenue. How about a executive bonus tax? Say at 80%?
This is the same thing? STET
150 billion? If this is true we need to implement this immediately. The percentage on each transaction is so small it will have no affect on business. The US needs revenue. This is a painless way to raise real money.
I'm surprised Brown would bring this to the table. Being a conservative PM and all. Geithner is the last Treasury Secretary that should reject a way to raise revenue. A painless way at that.
RebelCapitalist:Same with health care. We needed to blow up this employer based health insurance system but what we got was a super subsidized gift to health insurance industry. A weak-ass public option with a requirement that every one get insurance. Can there be a bigger giveaway to insurance industry? Actually, the Senate is working on that.
________________-
You haven't gotten anything yet. The bill has not even passed the Senate.
I just checked the blog rankings. EP is really becoming established. So folks, realize we are becoming an authority and check your citations accordingly!
ok.
Technorati
Business blog ranking - 162, with an "up" arrow
Business authority - 681
Overall blog ranking (all blogs) - 2060
Gongol
Pageviews - 32 rank
Visits - 31 economics blog rank
Palgrave Econolog
rank - 36 - in the top 50 economics blogs
Also says we're a little too wordy. We're listed as sounding like Al Gore. ;)
Alexa
This is the website statistics center, global
EP is at 320,999 globally, 139.711 for the US. Not great, but bear in mind this tracks Google, Yahoo and so forth and we're just an economics community blog. I'm sure if we included porno in our posts we'd go way up in these ranks (please don't do that, it's a joke!)
This is all fairly good folks for we are late comers to the blogosphere and on top of it, we represent the Peanut gallery, the voice of the everyone, the little folks, the middle class.
So congratulations to all who contribute to this site and are diligent with their work and efforts!
it sure seemed the Obama administration was bound and determined to get the biggest corporate puppet they could find in that Sec. of Commerce post too.
What is even more scary is how NASSCOM has inroads to state and federal contract awards.
As in bias and that's a foreign nation, India, their BPO industry, getting contract after contract and frankly I question any claim these are "economically competitive" from the overall contract awards amounts I see flying by.
I don't believe it. I think we have yet another "Inside track" on how to
bribeobtain government contracts, like Accenture....the guys who cannot code their way out of a paper bag, yet manage to obtain billion dollar contracts, even though they have failed, failed, failed on delivery. Same with SAIC, there are a bunch of them...and many of these "projects" have actually failed. Billions wasted with no results.
Give me a break! One could hire teams of out of work techies in the U.S., out of work call center people - call centers could be great for single mothers, people with disabilities because one could easily do that job from home....
yet any of this common sense stuff even considered? Hell no! It's big corporate bucks sucking off the government dole...
uurrggghh, I'm going off on a rant, all of this really pisses me off.
This country has lost it's ethical and patriotic compass.
"One of the most absurd things I find offshore outsourced is state jobs to manage social services. That's taxpayer dollars to help those who need a job and to get food stamps."
You know, I believe the politician who pioneered that was Governor Gary Locke of Washington, who is now President Obama's Secretary of Commerce, the same secretary of Commerce who signed all those "buy offshore" waivers for the American-based multinationals in receipt of federal stimulus funds.
up to 5 years in prison if you do not buy health insurance.
Is this true? I'm suspect of anything the GOP puts out but if it is...
hmmmm, I think the average stay for murder is still 7 years.
Debtor's prison?
Thanks for making sure those costs are down....and what exactly is the requirement to get subsidized?
Caterpillar offshore outsourced.
JPMorgan Chase received TARP funds, increased offshore outsourcing by 25%
Citigroup received TARP funds, signed a $1.2 billion dollar contract to offshore outsource jobs.
IBM is firing people in droves, offshore outsourcing jobs.
Microsoft is firing 5800, offshore outsourcing jobs...
the list goes on and on and on.
One of the most absurd things I find offshore outsourced is state jobs to manage social services. That's taxpayer dollars to help those who need a job and to get food stamps.
Those jobs could easily be done from home too. So, here we have people out of work, desperate, receiving welfare and instead of hiring some of those people to work for state social services, states offshore outsource those jobs.
It's just a huge pig fest, modeled on the prescription drug bill, for the health insurance lobby and they aren't doing much of anything to examine the waste, gouging, overcharges in the system and reducing costs while not sacrificing care. Obviously if so many other industrialized nations have better health care, longer life expectancy with half to 1/10th of the costs, America is getting ripped off.
What a disappointment and fail or pass I get this is Democrats Waterloo. I can't wait because Republicans will be controlled by the exact same lobbyist strings Democrats are.
and I agree with him and have written so many posts on the U.S. needing a national strategy for manufacturing, economic development and trade....
I'll stick with my outrage and no excuses on these grants being given to EU countries. The reason is this is supposed to be "Stimulus" and if we did not have the capacity, at minimum there should have been terms and conditions on sending U.S. tax dollars, supposedly to Stimulate the U.S. economy...overseas.
The entire idea of Federal Government spending to Stimulate an economy is to keep that money contained within the domestic economy! It won't work of course otherwise.
So, he seems to be making excuses almost for a pretty outrageous act.
Of course if one is going to have these great "green jobs" as the "jobs of the future" one should have put into place industrial, economic, trade, job policy to foster that new industry....
It's all hype and B.S. They are not even thinking about the economy or considering it.
I guess that letter from the Bretton Woods Committee (dated Feb. 11, 2009) to Pelosi (the worst dem speaker of the House in my lifetime) and Reid (the worst dem majority senate leader in my lifetime) worked --- that was their letter seeking to kill that "Buy American" clause from the stimulus legislation! They claimed it went against the WTO Financial Services Agreement, which indeed those bankster bailouts most definitely did! Oh to be ultrapowerful!
Now, should any non-econopopulist types be reading this - those web lurkers out there - please review the following:
One judges a president by his/her appointments and Obama's appointments are even more toxic than Bush's, which were equally as toxic as Clinton's, and Bush #1, and Reagan and Carter. If they be Wall Street lobbyists, pharmaceutical industry lobbyists, oil cartel lobbyists, we the sheeple will be getting screwed at each and every opportunity.
My comment was sarcasm at the bottom, just once again trying to point out that labor supply does effect the jobs market as well as wages, which is so often denied and I think Kim is being snide on that as well.
I think Kim's is a reference to John McCain claiming no American was capable of picking lettuce, even for $50/hr...
and we all knew one would have hordes of Americans applying to pick lettuce if the wage was that high.
My sarcasm was the minute anything like this is mentioned, PC newspapers have to a. blast Lou Dobbs b. claim this will rally the "no amnesty" crowd and they never point out the insanity coming from the "we let in the entire world's illegals/migrants or you are a racist xenophobe" crowd.
That sort of thing. The tragedy of this story and if you're doing day labor you know, is it's yet another way to locate cheap labor, paid below minimum wage, underground economy, no benefits etc. I mean it's a major violation of labor law, regardless of citizenship status. Although if I was there, I too would be going for the cash under the table for assuredly too much is taken out of a W2 paycheck paying close to minimum wage in a temp. job.
...this could be the item (states being refused the option of opting out and going single payer) that instigates the future Balkanization of America, and splits up the country.
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