Even with a majority, there are rules which may block this bill's passage. There is a link to contact your representatives if they are not on the co-sponsor list and especially contact your Senators.
Past posts on enabling a GAO audit of the Federal Reserve:
I agree with you on that score, Tweedledee & Tweedledum.
But this is why I added it. For Frank to "get it" and actually consider moving any legislation forward is very important to get anywhere. He is the House Finance Committee Chair and to me at least, he's doing a better job than Dodd (of the dueling Tweedle agenda).
I just posted a massive "Ron Paul" post and the reason is his bill and on this specific issue, i.e. we need transparency on the Federal Reserve is dead on.
So, when they done good, I will cover it, for like it or not, the current situation is these Congress representatives have the power.
I was just watching the votes on e-verify. Now this is a system to verify social security numbers to make sure a prospective employee is authorized to work in the U.S.
Ok, so we had all sorts of Democrats run on reducing illegal immigration pound on how we needed workplace enforcement and that was the answer....so they turn around and vote to gut it. Now whether one is for amnesty or not, that's just one very obvious bought and paid for vote and has to do with making sure Americans get those jobs. It's just unreal considering the unemployment rate.
One Freshman Senator who really is going against their campaign is Jeff Merkley. He ran against TARP, bail outs, for workplace enforcement, claimed to be for workers, and so on and so far he has voted against all of these campaign promises.
So, I guess what I'm trying to point out is one needs to focus in on what these bills actually do and focus on getting good legislation passed, even when representatives have horrific voting/legislation records.
Of the actually good Congress representatives, all around consistent, clearly not bought and paid for, representing their constituents, doing a good job and so on...
I think I can could them on my fingers and I might have some left over.
I'm not a Ron Paul fan either but a good bill is a good bill.
Because if you define normal the way the staticians do, The United States is a banana republic.
Greed has been the defining way of life since 1980. It is in fact what Reagan was elected to do- change the value system of the country.
-------------------------------------
Maximum jobs, not maximum profits.
To change that focus, you have to go Platonic (or is The Republic also now considered Economic Fiction?) and institute a maximum wage defined as the maximum spread between the rich and the poor that you wish to tolerate- otherwise it just becomes an inflationary race.
Either that or end up with such a hodge podge of regulations that you effectively end up in the same place- like with the 95% tax bracket of the 1950s.
-------------------------------------
Maximum jobs, not maximum profits.
do not type this mans name Barney Frank . He is the same cloth as Dodd, the I didn't know it was in the bill....oh yes I did know it was in the Bill man.
Not sure if I could pick a name in the Feds at the moment that isn't a scoundrel.
Did I just read about the inspector general that was investigating corruption in a non-profit. Apparently the non-profit is one of the Presidents supporters. Instead of allow the truth to be found, the inspector general was removed.
America has adopted greed as their way of life. The CEO's get a large payout but that does not mean there are many in the other classes that aren't expecting a payoff.
Look how many people are buying lottery tickets and hope to hit the jackpot. So many people can't just be satisfied with living a normal life.
The key is to not make the system worse or to enable even more methods to game the system to line one's own pockets with short term, agendas that harm the U.S., consumers, workers and the shareholders.
I need to read more on various proposals but the good news is the House Finance committee is aware, at least in part, of some of these.
Although they seemingly have not invited Ralph Gomory or Baumol to testify and I think they should.
But it is encouraging to see Barney Frank discuss and realize how compensation systems are so out of line, so out of control the government probably needs to step in.
Question is can they craft a policy that truly aligns the national interests with the CEO's quest for greed, money, power?
So, when moving bonds, etc. around, they could be real but they are avoiding taxes, notification of the Japanese government this is what they are doing and that they have these large amounts.
If this organization, whatever it may be, has $132 Billion of real money to move around, then it surely has a few thousand to bribe a guard ahead of time to look the other way.
It's possible that this could be real money, but it would require all sorts of incompetence. Plus how many organizations out there have $132 Billion? The list is very small and probably involves quasi-government agencies.
Occam's Razor says that the most obvious answer is that this is counterfeit. Real bonds would require all sorts of international government konspiracy theories. While an answer of counterfeit bonds printed by organized crime is a much simpler, and more believable answer.
My question is can the United States government, actually get this one right? Let CEOs get stinking filthy rich. Simply align that prospect with what is actually in the best long term interests of the company and this nation.
I'm not sure that there is any way to align the prospect of a small minority of the population getting sinking filthy rich off of the backs of the majority of the population, and what is actually in the best long term interests of the company and this nation.
Here's the main reason why: Money is power, and power corrupts. When you let a minority gain too much money, they WILL use that money to bribe politicians to oppress other minorities in an effort to gain more money and power. Their group sees the rest of the country as competition to be eliminated, instead of as people to cooperate with.
And that's the end of democracy, right there. Unlimited compensation, unlimited property rights, creates tyranny, not democracy.
-------------------------------------
Maximum jobs, not maximum profits.
Speaking of the employment situation, Junior Achievement just put out a new report about how the country needs a more "Entrepreneurial Workforce" to remain competitive. It's kind of a different way of looking at the problem. Here's the link http://www.ja.org/files/The_Entrepreneurial_Workforce_full-11.pdf.
First, democratize the corporate governance system. I believe that is what the Administration is proposing. Right now, the system favors entrenched CEOs, who are typically the chairman of the board - an inherent conflict of interest, because it is extremely difficult to mount any opposition to CEO/chairman.
Second, I working on this topic right now, institutional investors failed to fulfill their obligation as shareholders because they simply don't care about the long-term prospects of corporations. They don't own the corporations stock long enough to care. So, increase the cost of speculation - increase the short-term capital gains rate.
Regulations of executive compensation will be ineffective. Democratize corporate governance and increase the cost of speculation.
especially if they aren't real, they may be from North Korea.
For many years the North Koreans have produced a so called superdollar, a perfect counterfeited $100 bill.
Apparently, there is now some question whether the North Koreans have started to do the same thing with both Japanese Yen, and surprisingly, Chinese 100 yuan renmimbi notes.
There are 3.43 trillion in yuan notes. That's about 497 billion USD.
Given that the Chinese struggle to keep the yuan at its peg against the dollar, and that the Chinese have been trying to substitute yuan swaps for dollar denominated transactions, even a few billion USD worth of yuan notes spread out to organized crime could seriously screw with this.
Now going for a $500 million bond note as a counterfeit is pretty ballsy, but could just be a new trick the North Korean's have pulled out to commit economic warfare on the state's that want to impose sanctions on it.
It's an attack using the systems that we're economically dependent on. It's like Sempteber 11th in that way.
Sounds to me like the Italians were tipped off and looking for these two.
Perhaps they were North Korean agents moving money before the country implodes?
Maybe they were Japanese mafia transferring proceeds to their Swiss numbered accounts?
Possibly they were counterfeiters trying to make a big score?
The denominations ($500M and $1B) and the types (bearer bonds vs registered bonds) would seem to point to a very large operation used to dealing with such transfers. Why this pair got caught would lead to the suspicion someone dropped a dime on them.
Quite fascinating, regardless of the actual nature of the incident.
So, when moving bonds, etc. around, they could be real but they are avoiding taxes, notification of the Japanese government this is what they are doing and that they have these large amounts.
But none of this implies the bonds are real either.
Because even before the bubble must people's most valuable asset was their home (401ks too small and pensions practically nonexistent). Many people were expecting to use that equity for retirement or at least roll it over into something else.
Even with a majority, there are rules which may block this bill's passage. There is a link to contact your representatives if they are not on the co-sponsor list and especially contact your Senators.
Past posts on enabling a GAO audit of the Federal Reserve:
GAO to audit Federal Reserve's Role in AIG Bail Out - Thanks Congress!
Strip the SEC and Give Even More Power to the Federal Reserve?
John Taylor's Guns Ablazin' on Federal Reserve Mistakes
Federal Reserve Sending Billions to Foreign Central Banks
Is Congress Starting to Get It?
Now thats economic fiction .... j/k
I'll believe it when I see it. To get it through both houses and the executive branch .... would take divine intervention
I believe that the Fed may have stonewalled Congress a bit too long. Perhaps Congress is finally growing a backbone.
And speaking of audits, I wonder where the IMF is in their audit of the Federal Reserve?
I agree with you on that score, Tweedledee & Tweedledum.
But this is why I added it. For Frank to "get it" and actually consider moving any legislation forward is very important to get anywhere. He is the House Finance Committee Chair and to me at least, he's doing a better job than Dodd (of the dueling Tweedle agenda).
I just posted a massive "Ron Paul" post and the reason is his bill and on this specific issue, i.e. we need transparency on the Federal Reserve is dead on.
So, when they done good, I will cover it, for like it or not, the current situation is these Congress representatives have the power.
I was just watching the votes on e-verify. Now this is a system to verify social security numbers to make sure a prospective employee is authorized to work in the U.S.
Ok, so we had all sorts of Democrats run on reducing illegal immigration pound on how we needed workplace enforcement and that was the answer....so they turn around and vote to gut it. Now whether one is for amnesty or not, that's just one very obvious bought and paid for vote and has to do with making sure Americans get those jobs. It's just unreal considering the unemployment rate.
One Freshman Senator who really is going against their campaign is Jeff Merkley. He ran against TARP, bail outs, for workplace enforcement, claimed to be for workers, and so on and so far he has voted against all of these campaign promises.
So, I guess what I'm trying to point out is one needs to focus in on what these bills actually do and focus on getting good legislation passed, even when representatives have horrific voting/legislation records.
Of the actually good Congress representatives, all around consistent, clearly not bought and paid for, representing their constituents, doing a good job and so on...
I think I can could them on my fingers and I might have some left over.
I'm not a Ron Paul fan either but a good bill is a good bill.
Because if you define normal the way the staticians do, The United States is a banana republic.
Greed has been the defining way of life since 1980. It is in fact what Reagan was elected to do- change the value system of the country.
-------------------------------------
Maximum jobs, not maximum profits.
To change that focus, you have to go Platonic (or is The Republic also now considered Economic Fiction?) and institute a maximum wage defined as the maximum spread between the rich and the poor that you wish to tolerate- otherwise it just becomes an inflationary race.
Either that or end up with such a hodge podge of regulations that you effectively end up in the same place- like with the 95% tax bracket of the 1950s.
-------------------------------------
Maximum jobs, not maximum profits.
do not type this mans name Barney Frank . He is the same cloth as Dodd, the I didn't know it was in the bill....oh yes I did know it was in the Bill man.
Not sure if I could pick a name in the Feds at the moment that isn't a scoundrel.
Did I just read about the inspector general that was investigating corruption in a non-profit. Apparently the non-profit is one of the Presidents supporters. Instead of allow the truth to be found, the inspector general was removed.
America has adopted greed as their way of life. The CEO's get a large payout but that does not mean there are many in the other classes that aren't expecting a payoff.
Look how many people are buying lottery tickets and hope to hit the jackpot. So many people can't just be satisfied with living a normal life.
I want to run and hide.
Ralph Gomory, Ketchum Goals.
Ralph Gomory has also looked into corporate governance, trying to realign it to America's interests with the above.
His think tank, Horizon Project.
Diverging Interests: Company & Country at a Crossroads.
The key is to not make the system worse or to enable even more methods to game the system to line one's own pockets with short term, agendas that harm the U.S., consumers, workers and the shareholders.
I need to read more on various proposals but the good news is the House Finance committee is aware, at least in part, of some of these.
Although they seemingly have not invited Ralph Gomory or Baumol to testify and I think they should.
But it is encouraging to see Barney Frank discuss and realize how compensation systems are so out of line, so out of control the government probably needs to step in.
Question is can they craft a policy that truly aligns the national interests with the CEO's quest for greed, money, power?
If this organization, whatever it may be, has $132 Billion of real money to move around, then it surely has a few thousand to bribe a guard ahead of time to look the other way.
It's possible that this could be real money, but it would require all sorts of incompetence. Plus how many organizations out there have $132 Billion? The list is very small and probably involves quasi-government agencies.
Occam's Razor says that the most obvious answer is that this is counterfeit. Real bonds would require all sorts of international government konspiracy theories. While an answer of counterfeit bonds printed by organized crime is a much simpler, and more believable answer.
What has to change is the focus - individual profit motive to one of improving the collective living standard. It is possible.
I'm not sure that there is any way to align the prospect of a small minority of the population getting sinking filthy rich off of the backs of the majority of the population, and what is actually in the best long term interests of the company and this nation.
Here's the main reason why: Money is power, and power corrupts. When you let a minority gain too much money, they WILL use that money to bribe politicians to oppress other minorities in an effort to gain more money and power. Their group sees the rest of the country as competition to be eliminated, instead of as people to cooperate with.
And that's the end of democracy, right there. Unlimited compensation, unlimited property rights, creates tyranny, not democracy.
-------------------------------------
Maximum jobs, not maximum profits.
Speaking of the employment situation, Junior Achievement just put out a new report about how the country needs a more "Entrepreneurial Workforce" to remain competitive. It's kind of a different way of looking at the problem. Here's the link http://www.ja.org/files/The_Entrepreneurial_Workforce_full-11.pdf.
First, democratize the corporate governance system. I believe that is what the Administration is proposing. Right now, the system favors entrenched CEOs, who are typically the chairman of the board - an inherent conflict of interest, because it is extremely difficult to mount any opposition to CEO/chairman.
Second, I working on this topic right now, institutional investors failed to fulfill their obligation as shareholders because they simply don't care about the long-term prospects of corporations. They don't own the corporations stock long enough to care. So, increase the cost of speculation - increase the short-term capital gains rate.
Regulations of executive compensation will be ineffective. Democratize corporate governance and increase the cost of speculation.
especially if they aren't real, they may be from North Korea.
For many years the North Koreans have produced a so called superdollar, a perfect counterfeited $100 bill.
Apparently, there is now some question whether the North Koreans have started to do the same thing with both Japanese Yen, and surprisingly, Chinese 100 yuan renmimbi notes.
There are 3.43 trillion in yuan notes. That's about 497 billion USD.
Given that the Chinese struggle to keep the yuan at its peg against the dollar, and that the Chinese have been trying to substitute yuan swaps for dollar denominated transactions, even a few billion USD worth of yuan notes spread out to organized crime could seriously screw with this.
Now going for a $500 million bond note as a counterfeit is pretty ballsy, but could just be a new trick the North Korean's have pulled out to commit economic warfare on the state's that want to impose sanctions on it.
It's an attack using the systems that we're economically dependent on. It's like Sempteber 11th in that way.
Sounds to me like the Italians were tipped off and looking for these two.
Perhaps they were North Korean agents moving money before the country implodes?
Maybe they were Japanese mafia transferring proceeds to their Swiss numbered accounts?
Possibly they were counterfeiters trying to make a big score?
The denominations ($500M and $1B) and the types (bearer bonds vs registered bonds) would seem to point to a very large operation used to dealing with such transfers. Why this pair got caught would lead to the suspicion someone dropped a dime on them.
Quite fascinating, regardless of the actual nature of the incident.
This isn't quite true that a false bottom implies phony money.
Japan customs, no limit, but must declare.
Italy customs must declare.
So, when moving bonds, etc. around, they could be real but they are avoiding taxes, notification of the Japanese government this is what they are doing and that they have these large amounts.
But none of this implies the bonds are real either.
to point out that Ron Paul may be considered a CT on this site.
Tread carefully
Because even before the bubble must people's most valuable asset was their home (401ks too small and pensions practically nonexistent). Many people were expecting to use that equity for retirement or at least roll it over into something else.
and net worth are a little misleading, kind of like Enron evaluations. ;) Unless of course you cashed out about 2007 and then rented.
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