They completely ignore China's tariff schedule. I have a major question too....why is China, supposedly scheduled to be the world's most powerful and largest economy in 5 years...
classified as an "emerging economy" which gives it the ability to set tariffs and so on much more than the United States?
It's bullshit they are an "emerging economy"...how can a nation be "emerging" when they are about to take over the entire world?
I mean this is incredible and it's only been 9 years since the China PNTR (trade agreement) which shows just how biased that is....they have managed to become 83% of the U.S. trade deficit, often by taking our industries...in this short of a time period.
Last month, Beijing was forced to change its tariffs on imported auto parts after losing an appeal of a WTO ruling in a case brought by the United States, the European Union and Canada. They challenged Beijing's policy of requiring automakers to use at last 40 percent Chinese-made components or pay more than double the usual tariff on imported parts.
Why don't we hear the "sky is falling" from 'free traders' when China does something like that?
firstly I doubt the U.S. is importing that many auto parts but more to the point, China is not going to start a "trade war" over tires. there is no way they would risk it because firstly they dominate U.S. trade (with more unfair practices) and also they own so many U.S. Treasuries, which if the value decreases they lost money.
So, this is clearly a MSM manipulation of fear. You sure don't see this fear machine come out in force when the EU win's a complaint or any other country.
Seriously. They lobby, heavily lobby against pretty much anything in the interest of the America people as well as the economy! It's just a few multinationals running that lobbyist group so they lobby against smaller business continually, never mind the individual, worker, consumer.
It's kind of like, the more the U.S. Chamber of Commerce lobbies against something, the more you know it's a good bill or action.
Almost a blanket, blind anti-endorsement. If they are against it, you should be for it.
Usually a bankruptcy is a "straight shot" hearing and review but they are getting royally pissed because it's clear banks gave mortgage holders the major run-around, brush off and are also doing it to the bankruptcy court...
and they are now starting cite the banks. I hope they nail them because usually an individual ends up in bankruptcy court, creditors don't even appear...it's all on that individual, so this is a good sign they are looking at the creditors and demanding them appear, submit their supporting documents.
I keep hoping for her to get some power in Washington. Perhaps as a super-regulator. Geithner's response that they lacked "Legal capacity" to manage? Treasury and Justice combined have no influence over these TBTF entities? Was receivership never contemplated? Dylan Ratigan used to ask (repeatedly) why AIG was allowed to write insurance they could not possibly cover. That question should not be allowed to go away now that their rich Uncle Ben has bailed them out.
It is class favoritism and continued workshipping of 'neo-liberal' policies. God forbid if we help working americans and unions. In this 'neo-liberal' agenda unions/organized labor is SATIN. This blatant class favoritism.
"stifle innovation" - Our economy was in a death spiral that was CAUSED by such financial "innovations". And the U.S. Chamber of Commerce wants more of such innovations?
Ah, yes, getting a AAA rating on securities backed with sub-prime loans, credit card debt, and who knows what else - and then selling it to the unsuspecting investor (while at the same time shorting the same security) - is what the U.S. Chamber of Commerce calls innovation. I call it DECEIT and FRAUD.
BEWARE everyone when lobbyists bring out that old washed up INNOVATION argument.
The autoparts one is a canard, this is more for show. Why? Well for starters, they already have rules stating that at least 60% of what goes into the car or truck must be domestic. And do you really believe that foreign automakers there really use parts from their home countries versus local suppliers to begin with? GM is on record boasting how they have saved money making an affordable car for the local market by using "exclusive lucrative deals" with domestic parts makers (implying they got the stuff cheaper than what would normally have been).
As for the chickens..well, more for us I guess. Oddly enough, my local KFC closed because they actually ran out of chicken. Chickens like the auto parts though are a distraction.
If you really want to gauge China wait until the next auction of treasury securities. They have already paired back their purchases, focusing on shorter-termed debt like the 5s and 7s. They are also, as you will probably read in the papers, looking into diversifying into "safer investments" in the US to launder their money (ok...maybe launder was a strong word), like purchasing utility companies like AES.
Regarding free trade, well I've always been for that. The problem was we haven't really had it. And we especially haven't had it with our so-called partners across the Pacific. Free markets are just that...free of manipulation, free of onerous irrelevant non-safety regulation, etc. Beijing (well also the Japanese too) have for decades meddled in such things. They've artificially pegged their currency at a low rate (which I believe in the end will backfire on them). They've had a quota system that even has gotten the attention of the WTO. I could go on and on, but you all know what I'm talking about. Free trade? Show me where?
You know, if we wanted to be dicks, the Chinese know it. But conversely, they know our politicians are just as corrupt as they are spineless. The whole world has gotten a free ride off of us since the end of the Second World War. We made deals with third world nations in hopes that by us throwing our jobs their way (And money) they wouldn't go into Moscow's orbit. Once more I could go on and on. But I will only say what has our stupid gratitude/oh-please-be-our-friend gotten us?
Actually, while I've ranted about the Chinese, my hat's off to them. Beijing knows how to play the game, in fact they're using our old playbook before we went all Marshall Plan on the planet. I'll never forget when Charlie Rose had Kissenger on his show and he said that we had to show them "economic tangibility" from our side or they would go to the other side. Now could that have happened? Who knows. I've always thought the domino theory was BS because the "other side's" system was inherently weak. Perhaps there is some form of socialism that works, but what was promoted out of the Kremlin wasn't it. Ok, I'm going off base here, but I just feel we sold out our exportability for the sake of getting third-world Cold War allies.
The Chinese are great students of history. They studied us, every PRC President who has visited us has said they made it their duty to learn about us. We played hardball once with regards to trade. There was a time when we were the great exporter, perhaps not a constant trade surplus (the only data I could find only goes back to 1960), but industrially speaking we were king. Now perhaps the price of labor has gotten too high for some products, but I find that hard to believe generally with all manufacturing goods. We went through periods of free trade in the past, but that has not been the rule. And when we found ourselves in an unfair situation, we adapted.
I noticed that too, the message was presented almost as some sort of spin to imply somehow "free markets" with "no government intervention" was the answer...
so why I put into the title, "financial oligarchy".
It's kind of like he's recognizing the reality of what has just happened yet can't pull out of some sort of economic religious views that "free markets" sans regulation will somehow rescue the day.
Still, some nice facts and quotes.
But the real thing I wanted to show was that New York Times interactive graphic.
Just watch it and look at the timeline....unfortunately they put that graphic with this op-ed, when it would have gone very nicely with something from Naomi Klein! (Disaster Capitalism).
Tyler Cowen is always present to muddy the waters, that would be Tyler "let the market discipline decide" Cowen.
I would take issue with his misdirection in this case, and say a "financial-regulatory complex" is the last thing we have, and nothing has been "politicized" - instead the banksters have fully taken over.
Since at least WWII, if not prior, we have had predominant control by a "Financial-Intelligence Complex" as shown by the creation of the intelligence establishment by Wall Streeters, and the constant back-and-forth positioning and repositioning by the Wall Streeters at the intel agencies and various oversight panels, etc.
Now, with the majority privatization of the principal intel agencies (CIA, NSA, DIA, CIFA at the Pentagon, etc., etc.) it is extremely difficult to understand what's going on as it used to be much easier to follow.
a definition of insanity is doing the same thing over and over expecting different results.
If you want to focus on anything, learn about which financial reforms should be passe by Congress immediately.
We try to write this up, from a layperson's/Populist/main street viewpoint as we see them.
But yes it is confusing and believe me, those opposing financial regulation are banking on that....that this will disappear from the public consciousness.
The maze of ins and outs on no-bid contracts, fraud and waste seems to be clearly established pattern of "doing business", but I don't know all of the ins and outs.
EP is a community economics blog. That means anyone can create an account and write, as long as it's well cited, fact based, talking about something involving $$, which no-bid contract corruption does.
One thing I will note is when any of these cases gets busted, the NY attorney general or the DOJ goes after them (a rare occurrence) the final fine, even with exorbitant legal costs is still way below, say a 2% "fee" for doing fraudulent business.
I'm thinking of the pre-IPO start up period where "select" customers were given "preferred shares" of Pre-IPO stock that magically sky rocketed which they immediately dumped...
I think the fine for that vs. the profits was in the 1% or so "fee" range. Spitzer settled it, Citigroup was one who was fined.
We had Obama's new "CIO" literally have brazen fraud in D.C. city contracts for I.T., yet he made it to the Obama administration. Shake head, if brazen corruption/fraud is happening right under someone's nose, how exactly does that quality them to be national I.T. procurement officer?
If someone go do a flash or map or graphic on precisely how the no-bid fraud works in just one state, I think that would help people understand this shell game.
The MSM never covers anything meaningful, they get the details wrong or gloss over if they even do, but most of the time it's meaningless outrage du jour, such as Palin, or Heckler or Rev. Wright, or pick a diversion to go on and on about 24/7 for days.
They claimed they expect to pay back TARP, at a profit....but...buried later in the article.....couldn't give a timeline.
So, what does that mean? Citigroup is one of the largest bail out recipients with the biggest toxic asset, derivatives on their books.
banks' balance sheets are? These insolvent bastards!
RebelCapitalist.com - Financial Information for the Rest of Us.
They completely ignore China's tariff schedule. I have a major question too....why is China, supposedly scheduled to be the world's most powerful and largest economy in 5 years...
classified as an "emerging economy" which gives it the ability to set tariffs and so on much more than the United States?
It's bullshit they are an "emerging economy"...how can a nation be "emerging" when they are about to take over the entire world?
I mean this is incredible and it's only been 9 years since the China PNTR (trade agreement) which shows just how biased that is....they have managed to become 83% of the U.S. trade deficit, often by taking our industries...in this short of a time period.
Good God, Bernanke has the money supply the markets, interest rates on "flush", I mean flooded with easy money.
This has to be due to plain ole "no income, no job" and "very week growth" projections.
Or....(a good thing) might be increased leverage, are these financial institutions paying any attention to that and this is part of the cause?
From TradeReform.org:
Why don't we hear the "sky is falling" from 'free traders' when China does something like that?
RebelCapitalist.com - Financial Information for the Rest of Us.
firstly I doubt the U.S. is importing that many auto parts but more to the point, China is not going to start a "trade war" over tires. there is no way they would risk it because firstly they dominate U.S. trade (with more unfair practices) and also they own so many U.S. Treasuries, which if the value decreases they lost money.
So, this is clearly a MSM manipulation of fear. You sure don't see this fear machine come out in force when the EU win's a complaint or any other country.
Seriously. They lobby, heavily lobby against pretty much anything in the interest of the America people as well as the economy! It's just a few multinationals running that lobbyist group so they lobby against smaller business continually, never mind the individual, worker, consumer.
It's kind of like, the more the U.S. Chamber of Commerce lobbies against something, the more you know it's a good bill or action.
Almost a blanket, blind anti-endorsement. If they are against it, you should be for it.
Usually a bankruptcy is a "straight shot" hearing and review but they are getting royally pissed because it's clear banks gave mortgage holders the major run-around, brush off and are also doing it to the bankruptcy court...
and they are now starting cite the banks. I hope they nail them because usually an individual ends up in bankruptcy court, creditors don't even appear...it's all on that individual, so this is a good sign they are looking at the creditors and demanding them appear, submit their supporting documents.
I keep hoping for her to get some power in Washington. Perhaps as a super-regulator. Geithner's response that they lacked "Legal capacity" to manage? Treasury and Justice combined have no influence over these TBTF entities? Was receivership never contemplated? Dylan Ratigan used to ask (repeatedly) why AIG was allowed to write insurance they could not possibly cover. That question should not be allowed to go away now that their rich Uncle Ben has bailed them out.
Frank T.
to the financial oligarchy.
Judge Rakoff Rejects Bank of America-Merrill Settlement Orders Trial
It seems the judge didn't like that fact that shareholders would be paying for the "crimes" of the executives.
Way to go Judge!
RebelCapitalist.com - Financial Information for the Rest of Us.
Watching this great lady being attacked by the US Chamber of Commerce over consumer protection is a classic for me. She gets it right every time.
It is class favoritism and continued workshipping of 'neo-liberal' policies. God forbid if we help working americans and unions. In this 'neo-liberal' agenda unions/organized labor is SATIN. This blatant class favoritism.
RebelCapitalist.com - Financial Information for the Rest of Us.
Blaming the downside opening of stock market and the end of the world.
There are editorials criticizing the decision in every major business publication - pick your poison.
The Administration needs to stand strong on this one.
RebelCapitalist.com - Financial Information for the Rest of Us.
"stifle innovation" - Our economy was in a death spiral that was CAUSED by such financial "innovations". And the U.S. Chamber of Commerce wants more of such innovations?
Ah, yes, getting a AAA rating on securities backed with sub-prime loans, credit card debt, and who knows what else - and then selling it to the unsuspecting investor (while at the same time shorting the same security) - is what the U.S. Chamber of Commerce calls innovation. I call it DECEIT and FRAUD.
BEWARE everyone when lobbyists bring out that old washed up INNOVATION argument.
The autoparts one is a canard, this is more for show. Why? Well for starters, they already have rules stating that at least 60% of what goes into the car or truck must be domestic. And do you really believe that foreign automakers there really use parts from their home countries versus local suppliers to begin with? GM is on record boasting how they have saved money making an affordable car for the local market by using "exclusive lucrative deals" with domestic parts makers (implying they got the stuff cheaper than what would normally have been).
As for the chickens..well, more for us I guess. Oddly enough, my local KFC closed because they actually ran out of chicken. Chickens like the auto parts though are a distraction.
If you really want to gauge China wait until the next auction of treasury securities. They have already paired back their purchases, focusing on shorter-termed debt like the 5s and 7s. They are also, as you will probably read in the papers, looking into diversifying into "safer investments" in the US to launder their money (ok...maybe launder was a strong word), like purchasing utility companies like AES.
Regarding free trade, well I've always been for that. The problem was we haven't really had it. And we especially haven't had it with our so-called partners across the Pacific. Free markets are just that...free of manipulation, free of onerous irrelevant non-safety regulation, etc. Beijing (well also the Japanese too) have for decades meddled in such things. They've artificially pegged their currency at a low rate (which I believe in the end will backfire on them). They've had a quota system that even has gotten the attention of the WTO. I could go on and on, but you all know what I'm talking about. Free trade? Show me where?
You know, if we wanted to be dicks, the Chinese know it. But conversely, they know our politicians are just as corrupt as they are spineless. The whole world has gotten a free ride off of us since the end of the Second World War. We made deals with third world nations in hopes that by us throwing our jobs their way (And money) they wouldn't go into Moscow's orbit. Once more I could go on and on. But I will only say what has our stupid gratitude/oh-please-be-our-friend gotten us?
Actually, while I've ranted about the Chinese, my hat's off to them. Beijing knows how to play the game, in fact they're using our old playbook before we went all Marshall Plan on the planet. I'll never forget when Charlie Rose had Kissenger on his show and he said that we had to show them "economic tangibility" from our side or they would go to the other side. Now could that have happened? Who knows. I've always thought the domino theory was BS because the "other side's" system was inherently weak. Perhaps there is some form of socialism that works, but what was promoted out of the Kremlin wasn't it. Ok, I'm going off base here, but I just feel we sold out our exportability for the sake of getting third-world Cold War allies.
The Chinese are great students of history. They studied us, every PRC President who has visited us has said they made it their duty to learn about us. We played hardball once with regards to trade. There was a time when we were the great exporter, perhaps not a constant trade surplus (the only data I could find only goes back to 1960), but industrially speaking we were king. Now perhaps the price of labor has gotten too high for some products, but I find that hard to believe generally with all manufacturing goods. We went through periods of free trade in the past, but that has not been the rule. And when we found ourselves in an unfair situation, we adapted.
Here comes China claiming the U.S. is "dumping" chickens and auto parts.
Just hilarious! But goes to show you how China just is intense on maintaining unfair trade at any price.
I just how the Obama administration finally takes a tough line with them.
I noticed that too, the message was presented almost as some sort of spin to imply somehow "free markets" with "no government intervention" was the answer...
so why I put into the title, "financial oligarchy".
It's kind of like he's recognizing the reality of what has just happened yet can't pull out of some sort of economic religious views that "free markets" sans regulation will somehow rescue the day.
Still, some nice facts and quotes.
But the real thing I wanted to show was that New York Times interactive graphic.
Just watch it and look at the timeline....unfortunately they put that graphic with this op-ed, when it would have gone very nicely with something from Naomi Klein! (Disaster Capitalism).
Tyler Cowen is always present to muddy the waters, that would be Tyler "let the market discipline decide" Cowen.
I would take issue with his misdirection in this case, and say a "financial-regulatory complex" is the last thing we have, and nothing has been "politicized" - instead the banksters have fully taken over.
Since at least WWII, if not prior, we have had predominant control by a "Financial-Intelligence Complex" as shown by the creation of the intelligence establishment by Wall Streeters, and the constant back-and-forth positioning and repositioning by the Wall Streeters at the intel agencies and various oversight panels, etc.
Now, with the majority privatization of the principal intel agencies (CIA, NSA, DIA, CIFA at the Pentagon, etc., etc.) it is extremely difficult to understand what's going on as it used to be much easier to follow.
a definition of insanity is doing the same thing over and over expecting different results.
If you want to focus on anything, learn about which financial reforms should be passe by Congress immediately.
We try to write this up, from a layperson's/Populist/main street viewpoint as we see them.
But yes it is confusing and believe me, those opposing financial regulation are banking on that....that this will disappear from the public consciousness.
The maze of ins and outs on no-bid contracts, fraud and waste seems to be clearly established pattern of "doing business", but I don't know all of the ins and outs.
EP is a community economics blog. That means anyone can create an account and write, as long as it's well cited, fact based, talking about something involving $$, which no-bid contract corruption does.
One thing I will note is when any of these cases gets busted, the NY attorney general or the DOJ goes after them (a rare occurrence) the final fine, even with exorbitant legal costs is still way below, say a 2% "fee" for doing fraudulent business.
I'm thinking of the pre-IPO start up period where "select" customers were given "preferred shares" of Pre-IPO stock that magically sky rocketed which they immediately dumped...
I think the fine for that vs. the profits was in the 1% or so "fee" range. Spitzer settled it, Citigroup was one who was fined.
We had Obama's new "CIO" literally have brazen fraud in D.C. city contracts for I.T., yet he made it to the Obama administration. Shake head, if brazen corruption/fraud is happening right under someone's nose, how exactly does that quality them to be national I.T. procurement officer?
If someone go do a flash or map or graphic on precisely how the no-bid fraud works in just one state, I think that would help people understand this shell game.
The MSM never covers anything meaningful, they get the details wrong or gloss over if they even do, but most of the time it's meaningless outrage du jour, such as Palin, or Heckler or Rev. Wright, or pick a diversion to go on and on about 24/7 for days.
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