12 December 2013
Business, Economics, Government, Public Policy
Banks, Economic News, Economic Problems, Economic Solutions
File this under the heading……Can’t Fix Stupid!
This is the cry from the right wing…..I read a bunch of these pieces of crap on Twitter today…..all were railing that the new “Volcker Rule” will, in essence, nationalize the banks and in turn bring down the whole economic system in the US….
For those with addled brains let me help with the definition of the term…….nationalization……it means the transfer of private assets into public ownership……see how simple that was and has NOTHING to do with the new “Volcker Rule”………
Let me say here and now…If you believe that this will nationalize the banks then you are sadly mistaken…it will try to prevent the gambling by banks that caused the collapse in 2008…..I am guessing here but NO one wants to revisit the crippling effect that the banksters caused back then…..but do not take my word for it……
(Newser) – The FDIC and Federal Reserve both unanimously approved the long-debated Volcker Rule today, and three other regulatory agencies plan to before the day is out, making it official. The rule, named for and originally proposed by Paul Volcker, aims to ban proprietary trading, “or in plain English,” as the Washington Post puts it, “it removes the parts of banks that gamble and act like hedge funds, because those parts can blow up.” Or at least, that’s what it was supposed to do.
But big banks like JPMorgan Chase and Goldman Sachs have been lobbying against the law for more than three years, Bloomberg points out, and their “lobbying efforts paid off” in easing some provisions. On the other hand, recent weeks have seen a charge from regulators favoring a tougher version, and they’ve scored points, too, the New York Times reports. Here’s what each side won:
The Tough Side:
- When JPMorgan lost $6 billion on the London Whale trade, it said the position was a “hedge.” The rule still allows hedging, but banks will now have to name a specific, quantifiable risk that each such trade is hedging against.
- Bonuses and compensation must be structured in a manner that doesn’t encourage “prohibited proprietary trading.”
- Chief executives will have to personally “attest” every year that the bank has measures in place to comply with the rule.
The Not-So-Tough Side:
- Banks have until July of 2015 to implement the rule, though they must make a “good faith effort” to do so before that.
- Banks are still allowed to “make markets,” meaning to act as middle men for clients who want to buy and sell stock. Under this guise, banks could buy and hold a stock, arguing that a client might someday want to buy it. The rule mandates that banks buy only enough to meet the “reasonably expected near-term demands of clients,” but leaves it up to banks to decide what’s reasonable.
- Banks can still make proprietary trades in bonds issued by governments.
- Many banks tell the Wall Street Journal that they think they’re already in compliance with the law, while some business groups say they intend to challenge the rule in court. Reform advocates, meanwhile, are starting to call again for a return to Glass-Steagall.
There you have it….this is NO one’s idea of nationalization. If possibly do then I suggest that you spend less time on World of Warcraft and more time educating yourself on the issues….
Personally, I do not think that this piece of legislation goes far enough to prevent banks from doing the gambling that they have come accustomed to in the past……they are still allowed to gamble and that will cause yet more economic problems in the future…..
31 October 2013
Business, Government, Taxation
Contracts, Corporate Greed, Government Spending
My friend over at American Liberal Times wrote a post today about the cost of the ACA program…..I add this is to where a lot of our problems are found…..
I have heard this question asked by many and from both sides…..we hear about all those cheats on welfare and we hear about all that corporate welfare…..and then there are the stories about a $60 hammer or that $500 toilet seat…..you get my drift……this country is screwed daily by all those government contractors….that is why so many want to be on the list…..it is easy money.
I found another story about a total waste of our hard won cash in Afghanistan……
500 for a gallon of fuel?
That was the exorbitant figure paid with U.S. tax dollars to a contractor building a hospital in rural Afghanistan, according to a report from the government watchdog tasked with investigating expenditures on Afghanistan’s reconstruction.
In the report from the Special Inspector General for Afghanistan Reconstruction (SIGAR), the International Organization for Migration was found to lack sufficient internal controls able to detect overpayments of at least $507,000 to the contractor it hired to build a 100-bed hospital in the town of Gardez.
It was part of a project begun in July 2008 in a cooperative agreement between the United States International Agency for Development and IOM.
The examples of oversight ineptitude are staggering.
The inspector general found one case where IOM paid the contractor, Sayed Bilal Sadath Construction Company, $300,000 for 600 gallons of diesel fuel – a cost of $500 per gallon.
In another instance, IOM was found to have paid $220,000 for an automatic temperature control device that the audit said should have cost between $2,000 and $10,000.
And I bet you thought gas was expensive in your neighborhood….believe me….IT can get worse!
27 October 2013
Business, News, Society
The techno world is going bat shit crazy…….there is a new discovery almost daily……and some of it sounds like scifi….but NOPE…it be real!
I told my daughter years ago that if she wanted to ever invest to look at the nano-tech companies….I do believe that it is the future and best get on the ground floor……..this is a great story….
(Newser) – A team of Stanford scientists has built a working computer out of carbon nanotubes, a nigh-impossible feat that could herald silicon’s eventual replacement. Granted, the device (which is named “Cedric,” the BBC notes) isn’t terribly useful, containing as many transistors as the earliest 1950s computers. But it can run a basic OS, perform calculations, and switch between processes. “It really is a computer in every sense of the word,” the project’s lead electrical engineer tells the Wall Street Journal .
Carbon nanotubes are rolled out of sheets of pure carbon that are one atom thick. A bundle of 10,000 would be about the width of a human hair. They’re extremely promising conductors, but must be grown like crystals, and tend to develop impurities. “People said you would never be able to manufacture this stuff,” one Stanford engineer says. The results could extend the theoretical limits of Moore’s Law (up to a point anyway), because the nanotubes have the potential to be vastly superior to silicon, CNET observes.
Technology is getting smaller and smaller and this will be a boon to that downsizing…….
25 August 2013
Business, Observations, Society
I like a good pizza and for years I preferred Papa john’s over Pizza Hut and Dominos…..I just like their pizza…..well all that good feelings was crushed last year when good ol boy John was caught bitching about Obamacare and that it would cost 12 cents per pizza more to furnish health care to his employees……that just hit me wrong after hearing how much this a/hole spends for ads on the Super Bowl and he bitches about 12 cents…..personally, he can add the 12 cents to my pizza if it would help his employees out….but since I stopped using Papa’s it is a moot point…..but there is more about good old honest Papa John and his pizzas….
Many fast food chains, like McDonald’s, Taco Bell and Subway, do voluntarily provide them, in part for indemnity against lawsuits and in part because they realize some of their customers actually want to know what they’re eating.
But not Papa John’s. They’ve decided it’s better to keep their ingredients a secret. You won’t find any information about them on either the company’s website or in stores. Charlie, the friendly and accommodating employee who took my order for a small cheese pizza at my local Papa John’s in Boulder, Colo., told me that he didn’t know what the pizza ingredients were. “I think they’re listed on the website,” he said, making a reasonable assumption.
When I called Papa John’s customer toll free number, I was told that for “additional information on allergen or nutritional info” I should leave a message with Connie Childs, who would return my call the next business day. I left two messages, but Connie never called. Public relations wasn’t much help either. My emails and voicemails went unanswered. Only Charlie offered a few thoughts about what exactly makes Papa John’s pizza “better.”
“We get deliveries in every three days, so nothing that’s in the fridge is more than a few days old. And we form the dough here. It doesn’t come ready to go, though it is made in a central facility and then frozen,” he said, offering a slightly different version of the story than what’s printed on the pizza boxes.
Not only is he cheesy but dishonesty makes him sleazy also…….anything to add?
15 August 2013
Crime & Punishment, Drugs, Illegal Drugs, PhARMA
You know that there is a site that will give you any conspiracy you would like…..about 9/11 or Boston bombing or health care or …..well you see where I am going with this….conspiracies are everywhere…..I found one when reading the other night……
Newser) – It’s pretty easy to make meth at home, and Big Pharma seems intent on keeping it that way, Mother Jones reports. The so-called “one pot” method of meth production relies on pseudoephedrine, a common ingredient in medicines like Sudafed and Claritin D. So two states—Oregon and Mississippi—made pseudoephedrine a harder-to-obtain prescription drug, and saw meth-lab numbers fall by 96% and 74%, respectively. But other states that tried passing a similar law ran into Big Pharma’s lobbying juggernaut.
Legislators in two dozen states have tried passing bills since 2009, and were deluged by angry phone calls, ad campaigns, and robocalls to constituents. “They’ll outspend us 100-to-1,” says an Alabama state senator. Lobbyists argue that most US meth comes from Mexico, and Americans need easy access to medicine. True, but meth is cutting a scary path of addiction, burn victims, and ruined homes through America. Big Pharma’s “pull in Congress is so strong,” says an aide in Washington, that “every time we would schedule a meeting … anybody who got wind of it would have a meeting with someone from the pharmaceutical industry. They got scared of it.”
Drug companies would rather see their product used in the making of an illegal substances than cooperate with the enforcement people…..see…..profits are more important than anything in big business.
24 July 2013
Business, Environment, Mississippi, News
Gulf Coast, Natural Gas, Oil Industry, pollution
If you have had enough gossip and BS…like Weiner’s weiner….or perhaps you are fretting over what name will be given to the pampered royal larva……while all that “news” was being reported….there was something happening in the Gulf…..yes once again……..
This is an upodate on a post I did earlier about the leaking gas well…..thanx to the AP for the update……..
An out-of-control natural gas well off the Louisiana coast has caught fire, hours after a blowout that prompted the evacuation of 44 workers.
Meanwhile, officials stressed that Tuesday’s blowout wouldn’t be close to as damaging as the 2010 BP oil spill, in which an oil rig, the Deepwater Horizon, exploded off the Louisiana coast, killing 11 workers and eventually spewing millions of gallons of oil into the Gulf of Mexico.
No injuries were reported as a result of Tuesday night’s fire, Eileen Angelico, a spokeswoman for the Bureau of Safety and Environmental Enforcement, told The Associated Press.
She said it wasn’t known what caused the gas to ignite. It also wasn’t clear early Wednesday how and when crews would attempt to extinguish the blaze. BSEE said earlier Tuesday that a firefighting vessel with water and foam capabilities had been dispatched to the scene.
Wild Well Control Inc. was hired to try to bring the well under control. Angelico said Wild Well personnel approached the well earlier Tuesday night, before the fire, but they determined it was unsafe to get closer when they were about 200 feet away from it.
The gas blowout was reported Tuesday morning.
Tuesday’s blowout occurred near an unmanned offshore gas platform that was not currently producing natural gas, said Angelico. The workers were aboard a portable drilling rig known as a jackup rig, owned by Hercules Offshore Inc., which was a contractor for exploration and production company Walter Oil & Gas Corp.
Walter Oil & Gas reported to the BSEE that the rig was completing a “sidetrack well” — a means of re-entering the original well bore, Angelico said.
The purpose of the sidetrack well in this instance was not immediately clear. A spokesman for the corporation did not have the information Tuesday night. Industry websites say sidetrack wells are sometimes drilled to remedy a problem with the existing well bore.
Just more environmental damage to an already fragile ecosystem……..may not mean much to some but I live here and it could effect so many different sectors……..how many times must a story like this come to light and people still cannot see pass their moronic slogans?
18 July 2013
Business, Economics, Environment, News, Public Policy
Disasters, Gulf Coast, Oil Industry, Oil Spill
Remember a couple of years ago and the BP oil rig disaster? Well, guess what? Off the coast of Louisiana there is another situation that could be a disaster in the making……..
Crews worked Wednesday to seal an old oil and gas well off the Louisiana coast that began leaking during work to plug it permanently.
Eileen Angelico, a spokeswoman for the Bureau of Safety and Environmental Enforcement, said the bureau is reviewing plans to seal the well. She said it’s most likely that drilling mud will be pumped in to stop the small flow.
The well and production platform, in the Gulf of Mexico about 75 miles southwest of the oil depot at Port Fourchon, are owned by a subsidiary of Houston-based Talos Energy LLC. The company said the well had not been producing for years.
Talos President Timothy S. Duncan said saltwater and small amounts of natural gas and the light oil-and-water mixture called condensate escaped the well. A light sheen is expected to evaporate.
Duncan said Wild Well Control Inc. has been brought in to seal the leak.
The well did not blow out, and there was no explosion or fire on the platform, Coast Guard Lt. Lily Zepeda said.
The well is one of three on a platform in water 144 feet deep. Production from the other two wells has been shut down.
Talos acquired the platform and wells in its February 2013 acquisition of Energy Resources Technology GOM, which also is based in Houston.
But we still will have the whack-a-doodles yelling “drill baby drill” (a post to come) and no t one of them will pay any attention to the possible problems there support could cause……but what do you expect from clowns owned by the banking clan? They are trained animals that do as they are instructed like any good beat down animal…….good boys!