very good point. I need to do a long historical analysis on wages.
currently they are seen almost everywhere as just some "sign of inflation" and "oops, hurts productivity and costs" and just as "something to cut" on corporation's bottom lines.
I think this is pure bullshit, but I have to prove it.
I hit a wall with a story on asset bubbles forming again - remember our current economic growth model depends on bubbles instead of stuff like real wage growth.
While I believe the real financial reforms are with the derivatives, the shadow banking system, the credit rating agencies....
You might consider putting together a very nice Populist rant on the attempts to block the CFPA. It's pretty outrageous, yet another example of corporate lobbyists trying to block any damn thing, regardless, through Congress.
particularly when it starts affecting the rest of us. Many of these failed banks 26 out of 95 were based in Georgia. Now, that doesn't mean all of them were state chartered banks - I am investigating that.
"JPMorgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. -- account for 97 percent of the total derivatives..."
One minor point: I believe they meant Morgan Stanley (instead of Wells Fargo & Co.).
in order to pull them out of regular bankruptcy court and law and put them in a special class in order to wind them down without causing a domino global collapse.
It's a similar principle on why the FDIC exists, instead of those banks ending up in bankruptcy court.
,which can be manipulated, is an implicit Federal safety net as Paul Volcker called. I agree it doesn't guarantee anything but it comes pretty close without explicitly saying so.
Their ideology is a belief that the financial sector has to be a growth sector for the economy. It must be strong and supported. The ideology is probably corporatism.
"super regulator" would be heavily against conservative principles.
Bail outs are against conservative principles
Regulations are Pro "small D" principles.
What you're seeing are corporate lobbyist principles which is why no matter which party is in power, you cannot get pretty much any bill through Congress that wasn't written by and for a corporate lobbyist.
So, when you look at Summers/Geithner...
honestly I don't know where they are coming from but I would claim their "ideology" sure looks like it was written by some Multinational corporate board members, CEOs and so forth and handed to 'em, maybe at some "super elites and powerful" exclusive retreat somewhere. ;)
but this is what happens when instead of corralling the animal farm back into the barn. Instead we give 'em lots of feed, tied the barn doors open and what a surprise they are all running wild and amok. (Zombie bank pig fest, catered by the U.S. taxpayer).
You saw The SIGTARP inspector video interview (in the Instapopulist?) He is saying the current financial situation is more dangerous now than 1 year ago.
Yippeee, great, doing it now with our money, awesome!
Needed reform was not even proposed by Obama Administration. These half-ass solutions are a reflection of the ideology of this President, Mr. Summers and Mr. Geithner. It starts at the top. Look at what they proposed:
1) OK w/ TBTF and Fed as super-regulator: Pro-financial oligarchy.
2) Derivatives regulation - OK w/ OTC derivatives but everything else must clear - WTF?: Totally Pro-financial oligarchy.
3) Consumer Financial Protection Agency - offered up almost as an after thought and is the Administration is not willing to fight for it.
I'll point out again, this "tier 1 FHC" isn't necessarily going to feed the Zombies. It's a classification, not necessarily a guaranteed zombie feeding trough.
Odds are (as already mentioned) it will be that due to past history but they could just as easily turn this classification into a "wind 'em down and liquidate 'em", similarly to the FDIC. It is not just I with that analysis, who clearly want real reforms, including Glass-Steagall, that's Barry Ritholtz, NC, Zero Hedge and so forth analysis on this very classification.
Secondly. The corporate lobbyists have the CFPA in their gun sights. You are precisely right, they are doing a massively financed campaign to stop the CFPA, surrounding the hill and using shows like Glen Beck and so on.
PRWatch.org is running an exposure campaign on this. They actually contacted us via email and are asking for our help (I also said they could post here) to get the word out to fight the corporate financial lobbyists' with their multi-million dollar funded lobbyist activity.
Although I do not believe the reason any much needed reforms are blocked is become of ideology. I think the reason is corporate $$, corporations and lobbyists running the country. i.e. insurance, big pharma on health care and financial oligarchy on financial reforms.
Although the corporate lobbyists' propaganda and front groups and front men (Glen Beck anyone?) do help spin corporate lobbyist press kit talking points to get the uneducated flock to parrot the these rewording lobbyist agendas in some faux pas outrage.
Notice there is not a lot of vocal opposition to these horrible idea of "Tier 1 FHC" and macro-prudential policies but there is a growing and vocal opposition to Consumer Financial Protection Agency. Why? Financial conglomerates know they can manipulate the "Tier 1 FHC" system so they won't fight that but they can't do the same with CFPA.
First, the ideology of this Administration prevents really change. Any real reform would require pissing off the financial oligarchy but this Administration doesn't want to do that. Democrats in congress are owned by the financial oligarchy. So, it didn't matter what was a priority real change will not happen.
Real financial reform was and is never going to happen. In 2010 Democrats will be voted out and thugs will be voted in and we will go back to the de-regulation days. But it will be sold as "freedom" and the American people will it up because they are suckers for the "American Dream".
Real health care reform won't happen either because again - ideology.
to me diverted the entire issue of financial regulatory reform by starting health care.
Reforms, strong reforms, should have been started last year and should have been completed months ago!
As much as I want universal single payer, which of course was immediately removed from the table...
I'm sorry this is the #1 priority. I mean "almost" financial economic Armageddon happened and it's just "la de da" 1 year later?
I don't think so. But there is the government....same thing with 9/11 in a lot of ways. They had this big commission, all of these critical recommendations....so of course...they blew off many of them.
8 years later, we have once again, someone illegally in the country who got in legally trying to blow up some major building.
I'm more amazed the FBI or whoever can get these guys...
talk about amazing considering finding them must be needles in haystacks.
But hey, if the 9/11 commissions recommendations had been enacted, I do believe it would have made the FBI's job much easier.
But I equate this financial implosion with something as dramatic as a 9/11, while you didn't see video footage of this horrific destruction, behind the scenes, the suffering, I'll bet one can tally up 3k deaths to these events.
one possible scenario actually is bypassing current corporate bankruptcy court/law and handing them to a "resolution" or FHC...
it to literally liquidate them and sell them off but to do it in such a way as to not cause a financial collapse.
Now obviously, the track record currently is to make these Zombie banks even bigger and prop them up with Trillions of dollars in U.S. taxpayer funds.
But....that said, this concept of a FHC could do the opposite of what is currently happening, similarly to how the FDIC can seize and shut down failed institutions orderly.
very good point. I need to do a long historical analysis on wages.
currently they are seen almost everywhere as just some "sign of inflation" and "oops, hurts productivity and costs" and just as "something to cut" on corporation's bottom lines.
I think this is pure bullshit, but I have to prove it.
I hit a wall with a story on asset bubbles forming again - remember our current economic growth model depends on bubbles instead of stuff like real wage growth.
RebelCapitalist.com - Financial Information for the Rest of Us.
While I believe the real financial reforms are with the derivatives, the shadow banking system, the credit rating agencies....
You might consider putting together a very nice Populist rant on the attempts to block the CFPA. It's pretty outrageous, yet another example of corporate lobbyists trying to block any damn thing, regardless, through Congress.
rants-r-us on EP, so this would be a good one.
particularly when it starts affecting the rest of us. Many of these failed banks 26 out of 95 were based in Georgia. Now, that doesn't mean all of them were state chartered banks - I am investigating that.
But we need to figure out what was the problem.
Here is the FDIC list of failed banks: Link
RebelCapitalist.com - Financial Information for the Rest of Us.
"JPMorgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. -- account for 97 percent of the total derivatives..."
One minor point: I believe they meant Morgan Stanley (instead of Wells Fargo & Co.).
sounds like a convergence point to me...
otherwise known as the King Midas religion. ;)
in order to pull them out of regular bankruptcy court and law and put them in a special class in order to wind them down without causing a domino global collapse.
It's a similar principle on why the FDIC exists, instead of those banks ending up in bankruptcy court.
,which can be manipulated, is an implicit Federal safety net as Paul Volcker called. I agree it doesn't guarantee anything but it comes pretty close without explicitly saying so.
Why do we need the classification?
RebelCapitalist.com - Financial Information for the Rest of Us.
Their ideology is a belief that the financial sector has to be a growth sector for the economy. It must be strong and supported. The ideology is probably corporatism.
RebelCapitalist.com - Financial Information for the Rest of Us.
Today in FT Gillian Tett wrote an article called: Ghost of AIG Refuses to Fade as CDS Data Remains Elusive. It talks about nothing has really changed in the CDS market and it refers to this European Union Report:
Credit Default Swaps and Counterparty Risk (pdf file)
RebelCapitalist.com - Financial Information for the Rest of Us.
"super regulator" would be heavily against conservative principles.
Bail outs are against conservative principles
Regulations are Pro "small D" principles.
What you're seeing are corporate lobbyist principles which is why no matter which party is in power, you cannot get pretty much any bill through Congress that wasn't written by and for a corporate lobbyist.
So, when you look at Summers/Geithner...
honestly I don't know where they are coming from but I would claim their "ideology" sure looks like it was written by some Multinational corporate board members, CEOs and so forth and handed to 'em, maybe at some "super elites and powerful" exclusive retreat somewhere. ;)
but this is what happens when instead of corralling the animal farm back into the barn. Instead we give 'em lots of feed, tied the barn doors open and what a surprise they are all running wild and amok. (Zombie bank pig fest, catered by the U.S. taxpayer).
You saw The SIGTARP inspector video interview (in the Instapopulist?) He is saying the current financial situation is more dangerous now than 1 year ago.
Yippeee, great, doing it now with our money, awesome!
Needed reform was not even proposed by Obama Administration. These half-ass solutions are a reflection of the ideology of this President, Mr. Summers and Mr. Geithner. It starts at the top. Look at what they proposed:
1) OK w/ TBTF and Fed as super-regulator: Pro-financial oligarchy.
2) Derivatives regulation - OK w/ OTC derivatives but everything else must clear - WTF?: Totally Pro-financial oligarchy.
3) Consumer Financial Protection Agency - offered up almost as an after thought and is the Administration is not willing to fight for it.
So, hell yes I believe it is all about ideology.
RebelCapitalist.com - Financial Information for the Rest of Us.
I'll point out again, this "tier 1 FHC" isn't necessarily going to feed the Zombies. It's a classification, not necessarily a guaranteed zombie feeding trough.
Odds are (as already mentioned) it will be that due to past history but they could just as easily turn this classification into a "wind 'em down and liquidate 'em", similarly to the FDIC. It is not just I with that analysis, who clearly want real reforms, including Glass-Steagall, that's Barry Ritholtz, NC, Zero Hedge and so forth analysis on this very classification.
Secondly. The corporate lobbyists have the CFPA in their gun sights. You are precisely right, they are doing a massively financed campaign to stop the CFPA, surrounding the hill and using shows like Glen Beck and so on.
PRWatch.org is running an exposure campaign on this. They actually contacted us via email and are asking for our help (I also said they could post here) to get the word out to fight the corporate financial lobbyists' with their multi-million dollar funded lobbyist activity.
with me. That's kind of what I said. ;)
Although I do not believe the reason any much needed reforms are blocked is become of ideology. I think the reason is corporate $$, corporations and lobbyists running the country. i.e. insurance, big pharma on health care and financial oligarchy on financial reforms.
Although the corporate lobbyists' propaganda and front groups and front men (Glen Beck anyone?) do help spin corporate lobbyist press kit talking points to get the uneducated flock to parrot the these rewording lobbyist agendas in some faux pas outrage.
Notice there is not a lot of vocal opposition to these horrible idea of "Tier 1 FHC" and macro-prudential policies but there is a growing and vocal opposition to Consumer Financial Protection Agency. Why? Financial conglomerates know they can manipulate the "Tier 1 FHC" system so they won't fight that but they can't do the same with CFPA.
RebelCapitalist.com - Financial Information for the Rest of Us.
First, the ideology of this Administration prevents really change. Any real reform would require pissing off the financial oligarchy but this Administration doesn't want to do that. Democrats in congress are owned by the financial oligarchy. So, it didn't matter what was a priority real change will not happen.
Real financial reform was and is never going to happen. In 2010 Democrats will be voted out and thugs will be voted in and we will go back to the de-regulation days. But it will be sold as "freedom" and the American people will it up because they are suckers for the "American Dream".
Real health care reform won't happen either because again - ideology.
RebelCapitalist.com - Financial Information for the Rest of Us.
to me diverted the entire issue of financial regulatory reform by starting health care.
Reforms, strong reforms, should have been started last year and should have been completed months ago!
As much as I want universal single payer, which of course was immediately removed from the table...
I'm sorry this is the #1 priority. I mean "almost" financial economic Armageddon happened and it's just "la de da" 1 year later?
I don't think so. But there is the government....same thing with 9/11 in a lot of ways. They had this big commission, all of these critical recommendations....so of course...they blew off many of them.
8 years later, we have once again, someone illegally in the country who got in legally trying to blow up some major building.
I'm more amazed the FBI or whoever can get these guys...
talk about amazing considering finding them must be needles in haystacks.
But hey, if the 9/11 commissions recommendations had been enacted, I do believe it would have made the FBI's job much easier.
But I equate this financial implosion with something as dramatic as a 9/11, while you didn't see video footage of this horrific destruction, behind the scenes, the suffering, I'll bet one can tally up 3k deaths to these events.
There is not enough ink in the world to print that much money. We needed to break them up when we had the chance - when they were weak.
RebelCapitalist.com - Financial Information for the Rest of Us.
one possible scenario actually is bypassing current corporate bankruptcy court/law and handing them to a "resolution" or FHC...
it to literally liquidate them and sell them off but to do it in such a way as to not cause a financial collapse.
Now obviously, the track record currently is to make these Zombie banks even bigger and prop them up with Trillions of dollars in U.S. taxpayer funds.
But....that said, this concept of a FHC could do the opposite of what is currently happening, similarly to how the FDIC can seize and shut down failed institutions orderly.
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