We were warned when Sec Poulsen proclaimed our only export was financial services here in America!
We don't make anything anymore.
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/11/AR2009031103218.html
"Manufacturing has become too global to permit the United States to revert to the level of manufacturing it had in the good old days of Keynes and Ike, but it would be a positive development if we had a capitalism that once again focused on making things rather than deals. In Germany, manufacturing still dominates finance, which is why Germany has been the world's leader in exports. German capitalism didn't succumb to the financialization that swept the United States and Britain in the 1980s, in part because its companies raise their capital, as ours used to, from retained earnings and banks rather than the markets. Company managers set long-term policies while market pressures for short-term profits are held in check. The focus on long-term performance over short-term gain is reinforced by Germany's stakeholder, rather than shareholder, model of capitalism: Worker representatives sit on boards of directors, unionization remains high, income distribution is more equitable, social benefits are generous. Nonetheless, German companies are among the world's most competitive in their financial viability and the quality of their products. Yes, Germany's export-fueled economy is imperiled by the global collapse in consumption, but its form of capitalism has proved more sustainable than Wall Street's.
So does Germany offer a model for the United States? Yes -- up to a point. Certainly, U.S. ratios of production to consumption and wealth creation to debt creation have gotten dangerously out of whack. Certainly, the one driver and beneficiary of this epochal change -- our financial sector -- has to be scaled back and regulated (if not taken out and shot). Similarly, to create a business culture attuned more to investment than speculation, and with a preferential option for the United States, corporations should be made legally answerable not just to shareholders but also to stakeholders -- their employees and community. That would require, among other things, changing the laws governing the composition of corporate boards."
Showing posts with label Federal Regulation. Show all posts
Showing posts with label Federal Regulation. Show all posts
Thursday, March 12, 2009
Wednesday, October 22, 2008
Financial World Crisis! This is a great beginning to understanding this SCAM!
The Iceland Syndrome
By Anne Applebaum
Tuesday, October 21, 2008; Page A17
Imagine this scenario: In a medium-size European country -- call it Country X -- the bank regulators hold an ordinary meeting. These being extraordinary times, the regulators discuss the health of various banks, including the country's largest -- call it Bank Y -- which is owned by an even larger Italian financial group. Last spring, Bank Y, which is perfectly healthy, transferred a large sum to its now somewhat-less-healthy Italian parent; since this is nothing unusual, the regulators drop the subject and move on.
The following day, the matter is reported in a marginal, far-right newspaper in somewhat different terms: "A billion dollars transferred to Italy! Country X's hard-earned money going abroad!" Within hours, as if on cue, everyone starts selling shares in Bank Y, whose stock price plunges. So does the rest of Country X's smallish stock market. So does Country X's currency. Within a few more hours, Country X is calling for an international bailout, the IMF is on the phone and the government is wobbling.
Except for that final sentence -- there was no international bailout or call to the International Monetary Fund, and the government is fine -- that is a brief description of something that happened last week to one of Poland's largest banks. A real meeting, followed by an unsubstantiated rumor in a dodgy newspaper, and a bunch of nervous investors started selling. Shares in the bank collapsed by the largest margin in its history; for one ugly day, they dragged down the rest of the Polish stock market and currency as well.
As I say, the story ended there. But it could have gone further, and, indeed, in several other countries it has. A month ago, in the first round of this crisis, panicky rumors brought down banks. Now, with trillions of nervous dollars sloshing around the international markets, panicky rumors are bringing down countries.
The case of Iceland, which in recent weeks has nationalized its three major banks, shut its stock exchange and halted trading in its currency, is by now well known. Less well known is the speed with which the Icelandic disease is spreading. Consider Hungary, once the destination of choice for investors who wanted an Eastern European head office with a 19th-century facade and a pastry shop next door: The currency is in free fall and so is the stock market, flummoxing those previously well-fed investors. (One of them told a Hungarian financial Web site: "I haven't got a clue as to when and how this would end, I'm just staring into empty space.") Or Ukraine, whose central bank governor declared his banking system "normal and reliable" on Monday of last week. By Tuesday of last week, Ukraine had desperately requested " systemic support" from the IMF.
So far, most of these crises have been explained away: The banks of Iceland had debts larger than Iceland's gross domestic product, Hungary's finances were long mismanaged, and Ukraine, whose president just called for the third election in as many years, is badly governed. But the speed with which some of these defaults are happening, coupled with the paranoia inherent in the political culture of small countries, has led many to suspect political manipulation as well.
To put it another way: If you wanted to destabilize a country, wouldn't this be an excellent time to do it? If Country X's stock market can crash after the publication of a single article in an obscure newspaper, think what might happen if someone conducted a systematic campaign against Country X. And if you can imagine this, so can others.
All governments have enemies, internal and external, or at least are faced with elements that do not wish them well: the political opposition, the country next door, the former imperial power. For someone, there will always be the temptation to bring down the government, destabilize the country and thus create political chaos.
Even when there hasn't been political meddling, someone else will suspect that it has occurred, anyway. Here, then, is a prediction: Political instability will follow economic instability like night follows day. Iceland is not alone. Serbia, the Baltic states, Kazakhstan, Indonesia, South Korea and Argentina are all in financial trouble; so, too, are Russia and Brazil.
And here's a final, unpleasant thought: Pakistan. This is a country with 25 percent inflation and a currency in free fall; a country with a jihadist insurgency on its border with Afghanistan, permanent hostility on its border with India, nuclear weapons and a tradition of street demonstrations in response to suspect newspaper articles. Dozens of people, with all kinds of agendas, have an interest in using financial markets to destabilize Pakistan, and Afghanistan along with it. Eventually, one of them will.
applebaumletters@washpost.com
By Anne Applebaum
Tuesday, October 21, 2008; Page A17
Imagine this scenario: In a medium-size European country -- call it Country X -- the bank regulators hold an ordinary meeting. These being extraordinary times, the regulators discuss the health of various banks, including the country's largest -- call it Bank Y -- which is owned by an even larger Italian financial group. Last spring, Bank Y, which is perfectly healthy, transferred a large sum to its now somewhat-less-healthy Italian parent; since this is nothing unusual, the regulators drop the subject and move on.
The following day, the matter is reported in a marginal, far-right newspaper in somewhat different terms: "A billion dollars transferred to Italy! Country X's hard-earned money going abroad!" Within hours, as if on cue, everyone starts selling shares in Bank Y, whose stock price plunges. So does the rest of Country X's smallish stock market. So does Country X's currency. Within a few more hours, Country X is calling for an international bailout, the IMF is on the phone and the government is wobbling.
Except for that final sentence -- there was no international bailout or call to the International Monetary Fund, and the government is fine -- that is a brief description of something that happened last week to one of Poland's largest banks. A real meeting, followed by an unsubstantiated rumor in a dodgy newspaper, and a bunch of nervous investors started selling. Shares in the bank collapsed by the largest margin in its history; for one ugly day, they dragged down the rest of the Polish stock market and currency as well.
As I say, the story ended there. But it could have gone further, and, indeed, in several other countries it has. A month ago, in the first round of this crisis, panicky rumors brought down banks. Now, with trillions of nervous dollars sloshing around the international markets, panicky rumors are bringing down countries.
The case of Iceland, which in recent weeks has nationalized its three major banks, shut its stock exchange and halted trading in its currency, is by now well known. Less well known is the speed with which the Icelandic disease is spreading. Consider Hungary, once the destination of choice for investors who wanted an Eastern European head office with a 19th-century facade and a pastry shop next door: The currency is in free fall and so is the stock market, flummoxing those previously well-fed investors. (One of them told a Hungarian financial Web site: "I haven't got a clue as to when and how this would end, I'm just staring into empty space.") Or Ukraine, whose central bank governor declared his banking system "normal and reliable" on Monday of last week. By Tuesday of last week, Ukraine had desperately requested " systemic support" from the IMF.
So far, most of these crises have been explained away: The banks of Iceland had debts larger than Iceland's gross domestic product, Hungary's finances were long mismanaged, and Ukraine, whose president just called for the third election in as many years, is badly governed. But the speed with which some of these defaults are happening, coupled with the paranoia inherent in the political culture of small countries, has led many to suspect political manipulation as well.
To put it another way: If you wanted to destabilize a country, wouldn't this be an excellent time to do it? If Country X's stock market can crash after the publication of a single article in an obscure newspaper, think what might happen if someone conducted a systematic campaign against Country X. And if you can imagine this, so can others.
All governments have enemies, internal and external, or at least are faced with elements that do not wish them well: the political opposition, the country next door, the former imperial power. For someone, there will always be the temptation to bring down the government, destabilize the country and thus create political chaos.
Even when there hasn't been political meddling, someone else will suspect that it has occurred, anyway. Here, then, is a prediction: Political instability will follow economic instability like night follows day. Iceland is not alone. Serbia, the Baltic states, Kazakhstan, Indonesia, South Korea and Argentina are all in financial trouble; so, too, are Russia and Brazil.
And here's a final, unpleasant thought: Pakistan. This is a country with 25 percent inflation and a currency in free fall; a country with a jihadist insurgency on its border with Afghanistan, permanent hostility on its border with India, nuclear weapons and a tradition of street demonstrations in response to suspect newspaper articles. Dozens of people, with all kinds of agendas, have an interest in using financial markets to destabilize Pakistan, and Afghanistan along with it. Eventually, one of them will.
applebaumletters@washpost.com
Sunday, October 12, 2008
'all available tools' ??? Scary...just like 2003!!!
G7 pledges to use 'all available tools' to stabilize markets, but gives no specifics
G7 outlines broad but vague plan to combat crisis
By Greg Robb, MarketWatch
Last update: 8:28 p.m. EDT Oct. 10, 2008Comments: 942WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson laid out more details of his radical plans to buy equity in banks Friday, while the Group of Seven finance ministers and central bank governors urged its members to take whatever steps are necessary to restore market confidence.
After their closed-door meeting Friday, the G7 set out a broad "plan of action" to stabilize global financial markets, in a one-page plan that was sweeping in scope but short on specifics.
The plan calls for banks to be recapitalized with public and private funds, but makes no specific mention of another common suggestion: Guaranteeing all interbank debt worldwide.
The G7 meeting came as global stock markets endured another volatile day. Investors around the world scrambled to move their funds into the safest and most liquid investments, such as cash and government bonds, fearing that the seizing up of credit markets could lead to a major recession and the failure of large corporations.
In a press conference, Paulson gave some new details of the emerging plans by the U.S. federal government to inject capital directly into a "broad array" of financial firms.
Paulson said that officials are working on a "standardized program that is open to a broad array of financial institutions."
Paulson said the Treasury is working as quickly as possible to nail down the details and get the recapitalization plan running. He said the government wants to "do it right."
The plan is to attract private capital to complement the government's funds, he said.
Paulson went out of his way to say existing shareholders would be protected, and that the government would only make the purchases through a "broadly available equity program" without any voting power, "except with the market standard terms to protect our rights as investors."
The G7 said that "urgent and exceptional action" is needed to stabilize financial markets.
We will continue to act in line with this solid anchoring of inflation expectations and the necessity, again, to deliver price stability."
The financial and monetary leaders vowed to use all available tools to support systemically important financial institutions and prevent them from failing.
Also on the G7 to-do list were unfreezing credit and money markets, ensuring banks can raise capital from the private sector, ensuring that deposit insurance regimes were robust, and repairing secondary mortgage markets where appropriate.
The actions should be taken in ways that would protect taxpayers and avoid damaging other countries.
Interest rate policy should be used "as necessary and appropriate," the G7 plan said.
It is unclear whether the plan will go far enough to satisfy financial markets, which are suffering from a profound loss of confidence.
Jean-Claude Trichet, the president of the European Central Bank, said that markets needed time to digest the G7 stance.
"My experience of markets is that it takes always a little time for markets to capture all the elements that are associated with the decisions that we are taking, and also with the principles that we are displaying," Trichet said.
"It's normal that there is a maturing process."
At first blush, some analysts were not too impressed.
Robert Brusca, chief economist at FAO Economics, called the statement "fluff - good fluff but fluff."
Vincent Reinhart, a former top staffer at the Federal Reserve Board, said markets had no interest in pledges but wanted to know exactly what the G7 would do before trading resumes Monday.
Reinhart said the financial markets are moving quickly, which makes the gears of international economic policymakers seem to move more slowly.
"I think the finance ministers just failed a test, or at best got a C minus," said Paul Krugman, a Princeton University economics professor and New York Times columnist.
But Sherry Cooper, chief economist at BMO Capital Markets, said she thought the principles expressed by the G7 would reassure markets.
Economists have said they wanted the G7 to agree on measures including sweeping guarantees of bank deposits and interbank lending, as well as direct injections of taxpayer money to recapitalize ailing banks.
"They have to deliver the goods because the markets are just not going to stabilize unless they do," said Brian Hilliard, head of economic research at Societe Generale. "And the goods are government guarantees of deposits."
Ahead of the meeting, Ken Rogoff, a Harvard University professor and former chief economist at the International Monetary Fund, said there needed to be an "overwhelming" G7 statement.
"I think the worst thing to do would be to come out with a very tepid response," he said. "It would be the end of the G7."
"This is really the mother of all financial crises since World War II, and if the G7 leaders can't ... get it together and come out with a very effective statement, it is going to be a sad day indeed," Rogoff said.
With global equity markets plunging, the odds of coordinated action "are increasing by the hour," Hilliard said. "The gravity of the situation is just obvious to everybody."
Greg Robb is a senior reporter for MarketWatch in Washington
G7 outlines broad but vague plan to combat crisis
By Greg Robb, MarketWatch
Last update: 8:28 p.m. EDT Oct. 10, 2008Comments: 942WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson laid out more details of his radical plans to buy equity in banks Friday, while the Group of Seven finance ministers and central bank governors urged its members to take whatever steps are necessary to restore market confidence.
After their closed-door meeting Friday, the G7 set out a broad "plan of action" to stabilize global financial markets, in a one-page plan that was sweeping in scope but short on specifics.
The plan calls for banks to be recapitalized with public and private funds, but makes no specific mention of another common suggestion: Guaranteeing all interbank debt worldwide.
The G7 meeting came as global stock markets endured another volatile day. Investors around the world scrambled to move their funds into the safest and most liquid investments, such as cash and government bonds, fearing that the seizing up of credit markets could lead to a major recession and the failure of large corporations.
In a press conference, Paulson gave some new details of the emerging plans by the U.S. federal government to inject capital directly into a "broad array" of financial firms.
Paulson said that officials are working on a "standardized program that is open to a broad array of financial institutions."
Paulson said the Treasury is working as quickly as possible to nail down the details and get the recapitalization plan running. He said the government wants to "do it right."
The plan is to attract private capital to complement the government's funds, he said.
Paulson went out of his way to say existing shareholders would be protected, and that the government would only make the purchases through a "broadly available equity program" without any voting power, "except with the market standard terms to protect our rights as investors."
The G7 said that "urgent and exceptional action" is needed to stabilize financial markets.
We will continue to act in line with this solid anchoring of inflation expectations and the necessity, again, to deliver price stability."
The financial and monetary leaders vowed to use all available tools to support systemically important financial institutions and prevent them from failing.
Also on the G7 to-do list were unfreezing credit and money markets, ensuring banks can raise capital from the private sector, ensuring that deposit insurance regimes were robust, and repairing secondary mortgage markets where appropriate.
The actions should be taken in ways that would protect taxpayers and avoid damaging other countries.
Interest rate policy should be used "as necessary and appropriate," the G7 plan said.
It is unclear whether the plan will go far enough to satisfy financial markets, which are suffering from a profound loss of confidence.
Jean-Claude Trichet, the president of the European Central Bank, said that markets needed time to digest the G7 stance.
"My experience of markets is that it takes always a little time for markets to capture all the elements that are associated with the decisions that we are taking, and also with the principles that we are displaying," Trichet said.
"It's normal that there is a maturing process."
At first blush, some analysts were not too impressed.
Robert Brusca, chief economist at FAO Economics, called the statement "fluff - good fluff but fluff."
Vincent Reinhart, a former top staffer at the Federal Reserve Board, said markets had no interest in pledges but wanted to know exactly what the G7 would do before trading resumes Monday.
Reinhart said the financial markets are moving quickly, which makes the gears of international economic policymakers seem to move more slowly.
"I think the finance ministers just failed a test, or at best got a C minus," said Paul Krugman, a Princeton University economics professor and New York Times columnist.
But Sherry Cooper, chief economist at BMO Capital Markets, said she thought the principles expressed by the G7 would reassure markets.
Economists have said they wanted the G7 to agree on measures including sweeping guarantees of bank deposits and interbank lending, as well as direct injections of taxpayer money to recapitalize ailing banks.
"They have to deliver the goods because the markets are just not going to stabilize unless they do," said Brian Hilliard, head of economic research at Societe Generale. "And the goods are government guarantees of deposits."
Ahead of the meeting, Ken Rogoff, a Harvard University professor and former chief economist at the International Monetary Fund, said there needed to be an "overwhelming" G7 statement.
"I think the worst thing to do would be to come out with a very tepid response," he said. "It would be the end of the G7."
"This is really the mother of all financial crises since World War II, and if the G7 leaders can't ... get it together and come out with a very effective statement, it is going to be a sad day indeed," Rogoff said.
With global equity markets plunging, the odds of coordinated action "are increasing by the hour," Hilliard said. "The gravity of the situation is just obvious to everybody."
Greg Robb is a senior reporter for MarketWatch in Washington
Tuesday, September 16, 2008
Lou Dobbs is a PHONY!
Lou Dobbs-
HE LIKES Bush McCain PALIN! Don;tlet himfool you!
Apparently Lou Dobbs does not know how to explain his MISSING IN ACTION mouth while the INVESTMENT BANKS ROBBED the AMERICAN TAXPAYERS! Remember,he was suppose to be the ECONOMIC GURU!!
LOU DOBBS is more interested in INCITING HATE while ignoring the REAL PROBLEMS!
Such as prosecuting (REGULATING) EMPLOYERS who HIRE illegals and PRIVATE INVESTMENT BANKS while Robbing the AMERICAN PEOPLE BLIND!
The war in IRAQ and his belief that the SURGE was a SUCCESS as John McCain boasts failed to mention the fact the Bob Woodward revealed had very little to do with the decrease in Violence in Iraq. Once again,as he mouthed off about Russia Georgia conflict, proved he knew NOTHING about the ploy behind the Real Agenda for that backfired plot by this administration and the GEORGIA LOBBYIST!
ONCE AGAIN, LOU DOBBS is spending too much time on the radio and not EDUCATING himself on what he clains to be such a KNOW IT ALL on, EVERYTHING!
Lou Dobbs main concern ws the CASUALTIES, NOTHING more. yesterday, September 15, 2008, over 30 people died in Iraq, more bombs!
Meanwhile, this "ECONOMIC GURU" willnow attempt to act as though he is not as IGNORANT as he really is.
I want to know, what this man's agenda is on CNN?
I want a Brilliant Leader. I do not care if I ever have a beer or an ORANGE soda with my President! But Lou Dobbs, he likes you stupid!
Forget about "...Five different schools in six years. What was that about?" for the VICE presidential Nominee for the Republicans. Forget the fact that the Presidential Nominee does not even KNOW HOW To send an EMAIL! And this leader talks about the FUTURE?
I have to agree with Roger Ebert :
Roger Ebert on Sarah Palin: The American Idol candidate
September 11, 2008
BY ROGER EBERT Sun-Times Movie Critic
I think I might be able to explain some of Sarah Palin's appeal. She's the "American Idol" candidate. Consider. What defines an "American Idol" finalist? They're good-looking, work well on television, have a sunny personality, are fierce competitors, and so talented, why, they're darned near the real thing. There's a reason "American Idol" gets such high ratings. People identify with the contestants. They think, Hey, that could be me up there on that show!
My problem is, I don't want to be up there. I don't want a vice president who is darned near good enough. I want a vice president who is better, wiser, well-traveled, has met world leaders, who three months ago had an opinion on Iraq. Someone who doesn't repeat bald- faced lies about earmarks and the Bridge to Nowhere. Someone who doesn't appoint Alaskan politicians to "study" global warming, because, hello! It has been studied. The returns are convincing enough that John McCain and Barack Obama are darned near in agreement.
I would also want someone who didn't make a teeny little sneer when referring to "people who go to the Ivy League." When I was a teen I dreamed of going to Harvard, but my dad, an electrician, told me, "Boy, we don't have the money. Thank your lucky stars you were born in Urbana and can go to the University of Illinois right here in town." So I did, very happily. Although Palin gets laughs when she mentions the "elite" Ivy League, she sure did attend the heck out of college.
Five different schools in six years. What was that about?
And how can a politician her age have never have gone to Europe? My dad had died, my mom was working as a book-keeper and I had a job at the local newspaper when, at 19, I scraped together $240 for a charter flight to Europe. I had Arthur Frommer's $5 a Day under my arm, started in London, even rented a Vespa and drove in the traffic of Rome. A few years later, I was able to send my mom, along with the $15 a Day book.
You don't need to be a pointy-headed elitist to travel abroad. You need curiosity and a hunger to see the world. What kind of a person (who has the money) arrives at the age of 44 and has only been out of the country once, on an official tour to Iraq? Sarah Palin's travel record is that of a provincial, not someone who is equipped to deal with global issues.
But some people like that. She's never traveled to Europe, Asia, Africa, South America or Down Under? That makes her like them. She didn't go to Harvard? Good for her! There a lot of hockey moms who haven't seen London, but most of them would probably love to, if they had the dough. And they'd be proud if one of their kids won a scholarship to Harvard.I trust the American people will see through Palin, and save the Republic in November. The most damning indictment against her is that she considered herself a good choice to be a heartbeat away. That shows bad judgment.
HE LIKES Bush McCain PALIN! Don;tlet himfool you!
Apparently Lou Dobbs does not know how to explain his MISSING IN ACTION mouth while the INVESTMENT BANKS ROBBED the AMERICAN TAXPAYERS! Remember,he was suppose to be the ECONOMIC GURU!!
LOU DOBBS is more interested in INCITING HATE while ignoring the REAL PROBLEMS!
Such as prosecuting (REGULATING) EMPLOYERS who HIRE illegals and PRIVATE INVESTMENT BANKS while Robbing the AMERICAN PEOPLE BLIND!
The war in IRAQ and his belief that the SURGE was a SUCCESS as John McCain boasts failed to mention the fact the Bob Woodward revealed had very little to do with the decrease in Violence in Iraq. Once again,as he mouthed off about Russia Georgia conflict, proved he knew NOTHING about the ploy behind the Real Agenda for that backfired plot by this administration and the GEORGIA LOBBYIST!
ONCE AGAIN, LOU DOBBS is spending too much time on the radio and not EDUCATING himself on what he clains to be such a KNOW IT ALL on, EVERYTHING!
Lou Dobbs main concern ws the CASUALTIES, NOTHING more. yesterday, September 15, 2008, over 30 people died in Iraq, more bombs!
Meanwhile, this "ECONOMIC GURU" willnow attempt to act as though he is not as IGNORANT as he really is.
I want to know, what this man's agenda is on CNN?
I want a Brilliant Leader. I do not care if I ever have a beer or an ORANGE soda with my President! But Lou Dobbs, he likes you stupid!
Forget about "...Five different schools in six years. What was that about?" for the VICE presidential Nominee for the Republicans. Forget the fact that the Presidential Nominee does not even KNOW HOW To send an EMAIL! And this leader talks about the FUTURE?
I have to agree with Roger Ebert :
Roger Ebert on Sarah Palin: The American Idol candidate
September 11, 2008
BY ROGER EBERT Sun-Times Movie Critic
I think I might be able to explain some of Sarah Palin's appeal. She's the "American Idol" candidate. Consider. What defines an "American Idol" finalist? They're good-looking, work well on television, have a sunny personality, are fierce competitors, and so talented, why, they're darned near the real thing. There's a reason "American Idol" gets such high ratings. People identify with the contestants. They think, Hey, that could be me up there on that show!
My problem is, I don't want to be up there. I don't want a vice president who is darned near good enough. I want a vice president who is better, wiser, well-traveled, has met world leaders, who three months ago had an opinion on Iraq. Someone who doesn't repeat bald- faced lies about earmarks and the Bridge to Nowhere. Someone who doesn't appoint Alaskan politicians to "study" global warming, because, hello! It has been studied. The returns are convincing enough that John McCain and Barack Obama are darned near in agreement.
I would also want someone who didn't make a teeny little sneer when referring to "people who go to the Ivy League." When I was a teen I dreamed of going to Harvard, but my dad, an electrician, told me, "Boy, we don't have the money. Thank your lucky stars you were born in Urbana and can go to the University of Illinois right here in town." So I did, very happily. Although Palin gets laughs when she mentions the "elite" Ivy League, she sure did attend the heck out of college.
Five different schools in six years. What was that about?
And how can a politician her age have never have gone to Europe? My dad had died, my mom was working as a book-keeper and I had a job at the local newspaper when, at 19, I scraped together $240 for a charter flight to Europe. I had Arthur Frommer's $5 a Day under my arm, started in London, even rented a Vespa and drove in the traffic of Rome. A few years later, I was able to send my mom, along with the $15 a Day book.
You don't need to be a pointy-headed elitist to travel abroad. You need curiosity and a hunger to see the world. What kind of a person (who has the money) arrives at the age of 44 and has only been out of the country once, on an official tour to Iraq? Sarah Palin's travel record is that of a provincial, not someone who is equipped to deal with global issues.
But some people like that. She's never traveled to Europe, Asia, Africa, South America or Down Under? That makes her like them. She didn't go to Harvard? Good for her! There a lot of hockey moms who haven't seen London, but most of them would probably love to, if they had the dough. And they'd be proud if one of their kids won a scholarship to Harvard.I trust the American people will see through Palin, and save the Republic in November. The most damning indictment against her is that she considered herself a good choice to be a heartbeat away. That shows bad judgment.
Monday, September 15, 2008
Lou Dobbs...MR PHONY!! Where is the ECONOMIC GURU?
Lou Dobbs:
NO PRESS CONFERENCE FOR PALIN….
OBAMA HAS BEEN ABSWERING THE PRESS FOR 19 MONTSH
LAST TUESDAY…. OBAMA TOOK QUESTIONS!
.
ECONOMIC GURU!
YOU were the one ASLEEP at the SWITCH!
MOUTH!
Like I have asked you before, where were you when the banks were ripping the AMERICAN PEOPLE OFF?
Mouthing off about the illegals and NOTHING ABOUT THE EMPLOYERS HIRING THEM! PHONY MEDIA! HANK POULSEN IS OK WITH YOU!
HOW LONG HAS HE BEEN IN THE APPOINTED OFFICE?
DO you think ALL AMERICANS are as STUPID AS MOST OF YOUR LISTENERS?
PLEASE...YOU ARE SUCH A MISLEADING PUNDIT AND A LIAR!
YES A LIAR! YOU PHONY MOUTH! HEY...those CASUALTIES IN IRAQ....HOW MANY TODAY....MOUTH. Since you measure “SUCCESS” as YOU and MCCAIN agree but Petreaus does not.
YOU ARE ONNLY CONCERNED WITH CASUALTIES...YOU KNOW THE SURGE IS WORKING...
WELL
What did GENERAL PETRAEUS JUST SAY?
HUH?
I wonder what you would have done if one of Obama;'s girls came on NATIONAL stage UNWED, UNDER AGE, and PREGNANT?
I WONDER WHERE YOUR MOUTH WOULD BE?
MR DOBBS....MR ECONOMIC GURU,,,,MR INDEPENDENT PHIONY!
THAT IS WHAT YOU ARE!
NO PRESS CONFERENCE FOR PALIN….
OBAMA HAS BEEN ABSWERING THE PRESS FOR 19 MONTSH
LAST TUESDAY…. OBAMA TOOK QUESTIONS!
.
ECONOMIC GURU!
YOU were the one ASLEEP at the SWITCH!
MOUTH!
Like I have asked you before, where were you when the banks were ripping the AMERICAN PEOPLE OFF?
Mouthing off about the illegals and NOTHING ABOUT THE EMPLOYERS HIRING THEM! PHONY MEDIA! HANK POULSEN IS OK WITH YOU!
HOW LONG HAS HE BEEN IN THE APPOINTED OFFICE?
DO you think ALL AMERICANS are as STUPID AS MOST OF YOUR LISTENERS?
PLEASE...YOU ARE SUCH A MISLEADING PUNDIT AND A LIAR!
YES A LIAR! YOU PHONY MOUTH! HEY...those CASUALTIES IN IRAQ....HOW MANY TODAY....MOUTH. Since you measure “SUCCESS” as YOU and MCCAIN agree but Petreaus does not.
YOU ARE ONNLY CONCERNED WITH CASUALTIES...YOU KNOW THE SURGE IS WORKING...
WELL
What did GENERAL PETRAEUS JUST SAY?
HUH?
I wonder what you would have done if one of Obama;'s girls came on NATIONAL stage UNWED, UNDER AGE, and PREGNANT?
I WONDER WHERE YOUR MOUTH WOULD BE?
MR DOBBS....MR ECONOMIC GURU,,,,MR INDEPENDENT PHIONY!
THAT IS WHAT YOU ARE!
Friday, September 12, 2008
BANKRUPTCY JUDGE ...PRE MARITAL SEX! ABSTINENCE ONLY?
This is from 'THE' BANKRUPTCY JUDGE in Western District of Tennessee!
Her INTERPRETATION:
I was confused by your December 1, 2006, editorial. I have no way of knowing whether the U.S. bishops listened in any systematic way either to homosexual or to married Catholics before issuing their three statements on the subjects, but I find it hard to believe that they are not listening all the time as they go about their pastoral ministries. The bishops are aware of the views articulated today in favor of homosexual unions and the choice of married Catholics to use artificial contraception. They have said clearly that these views do not respect the natural order of things and are therefore impoverished. Wouldn't it be derelict of them not to say that?
The bishops argue that "engaging in sexual activity outside the bonds of a valid marriage is a serious violation of the law of love of God and of neighbor." It is our culture's failure to respect the bonds of marriage that is their focus. Marriage is the lifelong public commitment of two persons, intended for the procreation of children, and supported by the laws and customs of the surrounding community. This, the bishops insist, is the only appropriate context for sexual activity. Marriage is one of the most difficult commitments one can make. As such, it requires public support to be successful. The evidence concerning the effects of a less rigorous understanding of marriage is overwhelming.
JENNIE D. LATTA
Memphis, Tenn.
COPYRIGHT 2007 Commonweal Foundation
COPYRIGHT 2008 Gale, Cengage Learning
I wonder what she thinks of all the CORRUPT Bankruptcies she has presided over and HOW did she resolve the CORRUPTION? Just look at ALL the CORRUPTION that has been allowed for YEARS, YEARS to continue with their CORRUPT behavior with the ability to file BANKRUPTCY ibn the first place!
Her INTERPRETATION:
I was confused by your December 1, 2006, editorial. I have no way of knowing whether the U.S. bishops listened in any systematic way either to homosexual or to married Catholics before issuing their three statements on the subjects, but I find it hard to believe that they are not listening all the time as they go about their pastoral ministries. The bishops are aware of the views articulated today in favor of homosexual unions and the choice of married Catholics to use artificial contraception. They have said clearly that these views do not respect the natural order of things and are therefore impoverished. Wouldn't it be derelict of them not to say that?
The bishops argue that "engaging in sexual activity outside the bonds of a valid marriage is a serious violation of the law of love of God and of neighbor." It is our culture's failure to respect the bonds of marriage that is their focus. Marriage is the lifelong public commitment of two persons, intended for the procreation of children, and supported by the laws and customs of the surrounding community. This, the bishops insist, is the only appropriate context for sexual activity. Marriage is one of the most difficult commitments one can make. As such, it requires public support to be successful. The evidence concerning the effects of a less rigorous understanding of marriage is overwhelming.
JENNIE D. LATTA
Memphis, Tenn.
COPYRIGHT 2007 Commonweal Foundation
COPYRIGHT 2008 Gale, Cengage Learning
I wonder what she thinks of all the CORRUPT Bankruptcies she has presided over and HOW did she resolve the CORRUPTION? Just look at ALL the CORRUPTION that has been allowed for YEARS, YEARS to continue with their CORRUPT behavior with the ability to file BANKRUPTCY ibn the first place!
Tuesday, August 5, 2008
...Paulson was right to put the Federal government's weight behind Freddie and Fannie, "for better or worse."
I thought the "FREE MARKET" is what this ADMINISTRATION PROMOTES? (BUSH)
Freddie Mac Chief: Don't Blame Me
Posted Aug 05, 2008 12:20pm EDT by Aaron Task
Related: fre, fnm, mer, XLF, ^DJI, ^GSPC
Richard F. Syron, chief executive of troubled mortgage giant Freddie Mac, ignored red flags about the financing of questionable loans, according to an article in today's New York Times. The quotes from Syron are incredible, and not in a good way.
"If I had better foresight, maybe I could have improved things a little bit," he told the Times. "But frankly, if I had perfect foresight, I would never have taken this job in the first place."
The warnings about pending financial peril came from David Andrukonis, Freddie's former risk officer. "Everybody understood that at some level the company was putting taxpayers at risk," he told the Times. Of course history has shown as housing prices began declining in 2006, choices that Freddie Mac and Fannie Mae made have proved disastrous.
According to Lawrence White, professor of economics at the NYU Stern School of Business, both Freddie and Fannie Mae seem headed toward insolvency. White isn't a big fan of using taxpayer dollars to subsidize the GSE's shareholders, which is the effective result of Treasury Secretary Paulson's rescue plan for the firms. He believes Fannie and Freddie should be totally privatized.
But given the "fragile times" in the economy and credit markets, White says Paulson was right to put the Federal government's weight behind Freddie and Fannie, "for better or worse."
Freddie Mac Chief: Don't Blame Me
Posted Aug 05, 2008 12:20pm EDT by Aaron Task
Related: fre, fnm, mer, XLF, ^DJI, ^GSPC
Richard F. Syron, chief executive of troubled mortgage giant Freddie Mac, ignored red flags about the financing of questionable loans, according to an article in today's New York Times. The quotes from Syron are incredible, and not in a good way.
"If I had better foresight, maybe I could have improved things a little bit," he told the Times. "But frankly, if I had perfect foresight, I would never have taken this job in the first place."
The warnings about pending financial peril came from David Andrukonis, Freddie's former risk officer. "Everybody understood that at some level the company was putting taxpayers at risk," he told the Times. Of course history has shown as housing prices began declining in 2006, choices that Freddie Mac and Fannie Mae made have proved disastrous.
According to Lawrence White, professor of economics at the NYU Stern School of Business, both Freddie and Fannie Mae seem headed toward insolvency. White isn't a big fan of using taxpayer dollars to subsidize the GSE's shareholders, which is the effective result of Treasury Secretary Paulson's rescue plan for the firms. He believes Fannie and Freddie should be totally privatized.
But given the "fragile times" in the economy and credit markets, White says Paulson was right to put the Federal government's weight behind Freddie and Fannie, "for better or worse."
Tuesday, July 15, 2008
Since Poulsen's trial is now set to begin Oct. 1, it pushes the trial of James K. Happ, another former National Century executive, to Dec. 1.
Now why is this delay for Happ occurring? After the NOVEMBER election of course. Does any reporter really know where Happ is form or what his job at NCFE really was? If so, no one has yet to connect the dot!
Who does Happ really know? (Hint: Bush Connection)
The former CEO of National Century Financial Enterprises Inc. has successfully put off his trial on fraud-related charges by two months.
A federal judge ruled Friday that Lance Poulsen, the leader of the Dublin-based health-care financing company before it collapsed in 2002, will begin facing charges of securities fraud and conspiracy on Oct. 1 instead of Aug. 4. U.S. District Court Judge Algenon Marbley granted Poulsen's July 7 continuance request after Poulsen's attorneys argued they needed more time to review 40 boxes of documents the government is scheduled to make available between now and August.
"A two-month continuance will ensure that Poulsen has the time to obtain and review the documents that he plausibly claims are central to his theories of defense," Marbley wrote in his July 11 order.
Since Poulsen's trial is now set to begin Oct. 1, it pushes the trial of James K. Happ, another former National Century executive, to Dec. 1. Poulsen and Happ have both pleaded not guilty.
Poulsen, 65, co-founded National Century in 1991, building it into a major health-care financing company. It specialized in buying receivables from medical providers at a discount, which gave the health-care businesses the quick cash they needed. The receivables were then packaged as asset-backed bonds and sold to investors.
But National Century fell into Chapter 11 bankruptcy six years ago. The Justice Department alleged Poulsen and other executives ran a sophisticated Ponzi scheme that bilked investors out of nearly $2 billion. Poulsen pleaded not guilty to charges of conspiracy, securities fraud, wire fraud, money laundering conspiracy and concealment of money laundering.
Five other former National Century executives were found guilty in March of running a multiyear securities fraud at National Century. Poulsen was scheduled to go on trial with them, but his day in court on those charges was delayed because the government also accused him of trying to tamper with a witness.
Shortly after the March convictions of the five executives, Poulsen stood trial on the witness tampering charges. A jury found him and an associate, Karl Demmler, guilty of trying to bribe a government witness who is planning to testify against Poulsen in his securities fraud trial.
Who does Happ really know? (Hint: Bush Connection)
The former CEO of National Century Financial Enterprises Inc. has successfully put off his trial on fraud-related charges by two months.
A federal judge ruled Friday that Lance Poulsen, the leader of the Dublin-based health-care financing company before it collapsed in 2002, will begin facing charges of securities fraud and conspiracy on Oct. 1 instead of Aug. 4. U.S. District Court Judge Algenon Marbley granted Poulsen's July 7 continuance request after Poulsen's attorneys argued they needed more time to review 40 boxes of documents the government is scheduled to make available between now and August.
"A two-month continuance will ensure that Poulsen has the time to obtain and review the documents that he plausibly claims are central to his theories of defense," Marbley wrote in his July 11 order.
Since Poulsen's trial is now set to begin Oct. 1, it pushes the trial of James K. Happ, another former National Century executive, to Dec. 1. Poulsen and Happ have both pleaded not guilty.
Poulsen, 65, co-founded National Century in 1991, building it into a major health-care financing company. It specialized in buying receivables from medical providers at a discount, which gave the health-care businesses the quick cash they needed. The receivables were then packaged as asset-backed bonds and sold to investors.
But National Century fell into Chapter 11 bankruptcy six years ago. The Justice Department alleged Poulsen and other executives ran a sophisticated Ponzi scheme that bilked investors out of nearly $2 billion. Poulsen pleaded not guilty to charges of conspiracy, securities fraud, wire fraud, money laundering conspiracy and concealment of money laundering.
Five other former National Century executives were found guilty in March of running a multiyear securities fraud at National Century. Poulsen was scheduled to go on trial with them, but his day in court on those charges was delayed because the government also accused him of trying to tamper with a witness.
Shortly after the March convictions of the five executives, Poulsen stood trial on the witness tampering charges. A jury found him and an associate, Karl Demmler, guilty of trying to bribe a government witness who is planning to testify against Poulsen in his securities fraud trial.
Recruitment of fraud examiners is a priority for a lot of companies and government agencies....
It's a lovely night in Boston, a perfect night to kick off a conference – in this case the annual Fraud Conference hosted by the Association of Certified Fraud Examiners. About 2,000 people are attending this year's event, which seems to have pleased the ACFE's staff.
Tonight was all about a soft introduction to the conference. The exhibit hall was open and fortified with four open bars, at least two hors d'oeuvre and one dessert table, and several hundred people wandering about and catching up with each other.
"Unfortunately, it's a good time to be a fraud examiner," one person remarked. Aside from the increased focus corporate fraud is receiving from authorities for reasons ranging from terrorism to a general increase in awareness, anti-fraud operations face many of the same challenges other financial departments must contend with: more work to do, but too few accountants to do it with.
In my own rounds of the exhibit hall, I found an interested mix of organizations, not all of whom are here to peddle their services. Recruitment of fraud examiners is a priority for a lot of companies and government agencies. Here's a sampling:
The National Reconnaissance Office
Naval Criminal Investigative Servide
Secret Service
National Health Care Anti-Fraud Association
I2 Software
Fraud Exchange Software
Huron Consulting Group
Georgia Southern University College of Business Administration
U.S. Postal Inspection Service
Deloitte
PricewaterhouseCoopers
Internal Revenue Service
Institute for Fraud Prevention
Not all of these folks are here with a focus on recruitment, though that seems to be precisely why the government agencies have set up booths. What's interesting about the list is the range of opportunities it illustrates. On top of government, there are software companies here, industry associations, several publishers and a number of service providers.
http://jobsinthemoney.blogspot.com/2008/07/fraud-conference.html
Tonight was all about a soft introduction to the conference. The exhibit hall was open and fortified with four open bars, at least two hors d'oeuvre and one dessert table, and several hundred people wandering about and catching up with each other.
"Unfortunately, it's a good time to be a fraud examiner," one person remarked. Aside from the increased focus corporate fraud is receiving from authorities for reasons ranging from terrorism to a general increase in awareness, anti-fraud operations face many of the same challenges other financial departments must contend with: more work to do, but too few accountants to do it with.
In my own rounds of the exhibit hall, I found an interested mix of organizations, not all of whom are here to peddle their services. Recruitment of fraud examiners is a priority for a lot of companies and government agencies. Here's a sampling:
The National Reconnaissance Office
Naval Criminal Investigative Servide
Secret Service
National Health Care Anti-Fraud Association
I2 Software
Fraud Exchange Software
Huron Consulting Group
Georgia Southern University College of Business Administration
U.S. Postal Inspection Service
Deloitte
PricewaterhouseCoopers
Internal Revenue Service
Institute for Fraud Prevention
Not all of these folks are here with a focus on recruitment, though that seems to be precisely why the government agencies have set up booths. What's interesting about the list is the range of opportunities it illustrates. On top of government, there are software companies here, industry associations, several publishers and a number of service providers.
http://jobsinthemoney.blogspot.com/2008/07/fraud-conference.html
Free Market! Isn't that the American Way?
BUSH PROMOTES DRILLING!!! JEBB IS OUT OF OFFICE!!!
NOW WHO IN THE WORLD WOULD LISTEN TO ANYTHING BUSH HAS TO SAY? YOU HAVE GOT TO BE KIDDING ME!! THE ROOSTERS ARE COMING HOME!!
NO REGULATION! KEEP GOVERNMENT OUT! NO OVERSIGHT!
Remember, 2000, BUSH GAVE TAX CUTS TO SUV PURCHASES AND VEHICLES OVER A SPECIFIC TONAGE! BUSH PROMOTES DRILLING!!!
For the last 20 years, we have heard how the FREE MARKET, is the way to prosperity with little or no oversight of government involvemnet.
This is also the approach to the Health Care system in America. The reason the Finanacial Industry is so CRITICAL, is becuase this has effected the GLOBAL MARKET, not isolating or subjecting to just the effect to AMERICANS as the Health Care System does.
NOW WHO IN THE WORLD WOULD LISTEN TO ANYTHING BUSH HAS TO SAY? YOU HAVE GOT TO BE KIDDING ME!! THE ROOSTERS ARE COMING HOME!!
NO REGULATION! KEEP GOVERNMENT OUT! NO OVERSIGHT!
Remember, 2000, BUSH GAVE TAX CUTS TO SUV PURCHASES AND VEHICLES OVER A SPECIFIC TONAGE! BUSH PROMOTES DRILLING!!!
For the last 20 years, we have heard how the FREE MARKET, is the way to prosperity with little or no oversight of government involvemnet.
This is also the approach to the Health Care system in America. The reason the Finanacial Industry is so CRITICAL, is becuase this has effected the GLOBAL MARKET, not isolating or subjecting to just the effect to AMERICANS as the Health Care System does.
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