Day: April 28, 2010

Bastards! One And All!

Daily Agitator

I spent a good portion of my day watching the Senate hearings into the Goldman-Sachs scam….there is only so much arrogance I could stand….the pricks from Goldman were anything but forthright…they NEVER answered a single question and this went on for 6 hours maybe more…..

They were well trained and coached by their attorneys and they proved, at least to me, just how bad we need to cut the dicks off these self-centered toads……but I will not hold my breath….I do not see the Congress growing a complete set of nuts in this matter……

Yes, I thought the guys from Goldman were arrogant and self-indulgent……the Senators were angry….trying to reflect the anger by their folks back home…..this was a show also….these dipsticks have nothing to be angry about…why?  These are the same people that allowed this gambling scam to go forward…..How is that, Professor?

They are the ones in 1999 that repealed the Glass-Steagall Act…..and I know what the Hell is that?  The easy answer is:

Legislation passed by Congress authorizing deposit insurance and prohibiting commercial banks from owning full-service brokerage firms. Under Glass-Steagall, these banks were prohibited from investment banking activities, such as underwriting corporate securities or municipal revenue bonds. The law was designed to insulate bank depositors from the risk involved when a bank deals in securities and to prevent a bank collapse like the one that occurred during the Great Depression. The original separation of commercial and investment banking had already significantly eroded when, on November 12, 1999 the Financial Services Modernization Act of 1999 was signed into law, repealing parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act and effectively allowing banks, brokers, and insurers into each other’s businesses. Basically, the 1999 Act allows banks to affiliate with securities firms and insurers through a holding company structure and permits nationally chartered banks to engage in most financial activities through direct subsidiaries. While provisions of Glass-Steagall continue to restrict banks from most underwriting activities and securities firms from taking deposits, these restrictions apply only to the banks and securities firms, not to their Financial Holding Company affiliates and are, therefore, technical.

Everyone in Washington is to blame, as much as the bankers for the problems we have now…..so to watch these Senators feign anger is sickening and to watch the guys from Wall Street sounded like they are a victim in all this is just as putrid as the Senators.

Once again we come to responsibility….NO one is to blame….is the cry….”sh*t happens!” seems to be the norm……they ALL are responsible for the economic mess….everyone involved needs to hone up to their complacency in the financial crisis….they were warned in 1999 to what they were doing and they did not heed the word…..the people need to be angry with ALL those involved in the scam and that started with Gramm-Leach-Bliley Act that let the banks run wild unchecked and Pres. Clinton who also thought this was a sterling idea…….Repubs as well as Dems are the cause of your problems…..stop whining!  And make else dipsticks take credit where credit is due!

2010 Election Watch: The UK

From the desk of the Scriptorium

Election series 2010:  The UK

I realize that most of the people in the US could care less about the elections in the UK…..I think they are mistaken…….

I have been asked why I subject myself to the agony of politics…..the answer is easy….my education made me a political addict….it is the most fascinating of subjects…..I meet a lot of good friends and a bunch of crazies….both are interesting in their own way….and the exchange of views is almost a good exercise…..I have also been asked why I would be interested in the politics of another country….that is easy also…they have a different type of government and it plays differently than the Federal system we have here……I also depend on my friend Quin from Quintessential Havoc (blogroll will get you there) to help me understand better and to fill in the gaps that I will no doubt have in my posts concerning the UK and the EU…….

The election for PM of Britain is under way…..they have Brown from Labor, Cameron from the Tories and Clegg from the Liberal Democrats….as best I can tell it is pretty much a draw right now, but the LibDem Clegg is making lots of noise and could be a spoiler for one of the dudes….

The voting system is a bit unique , at least I think it is……..Rather than marking an ‘X’ against their preferred candidate, each voter ranks candidates in order of preference. If a candidate receives a majority of first place votes, he or she is elected. However if no single candidate gets more than 50 percent of the vote, the second choices for the candidate at the bottom are redistributed. The process is repeated until one candidate gets an absolute majority.  (Quin maybe able to expand this a bit)

The UK currently operates a simple plurality, first-past-the-post system. In this voting system the single winner is the person with the most votes; there is no requirement that the winner gain an absolute majority of votes.

Uses multi-seat constituencies and transfers votes that would otherwise be wasted to other eligible candidates. STV initially allocates an elector’s vote to his or her most preferred candidate and then, after candidates have been either elected or eliminated, transfers surplus or unused votes according to the voters’ stated preferences.  (Thanx to Reuters reporters for some of the facts in this post)

With that said…there is a push for electoral reforms in the UK….the issue is popular as it is in the US?

Labor

– Referendum early in the next parliament on whether to move to the Alternative Vote* system for elections to the House of Commons

– Free vote in parliament on reducing voting age to 16

– Legislation to ensure parliaments sit for a fixed-term

– Commission to chart a course to a written constitution

– Statutory register of lobbyists

– Completion of reform of the House of Lords

– Full implementation of a new system of independent regulation of MPs pay, pensions and allowances.

CONSERVATIVES

– Oppose change to ‘first-past-the-post’ system**

– Reduce the number of MPs by 10 percent to 585 from 650 (The US only has 435 Reps)

– Work to ensure consensus for substantially elected House of Lords

– Give House of Commons more control over own timetable

– Reduce discrepancy between constituency electorate sizes

– Right to kick out MPs found guilty of wrongdoing

– Ensure that legislation on devolved issues that only affects England, or England and Wales, can only be passed with the consent of MPs from England, and where applicable Wales

– Introduce new rules on lobbying

LIBERAL DEMOCRATS

– Prefer Single Transferable Vote system***, which would allow them to cut MPs by 150

– Right to vote from age 16

– Fixed-term parliaments

– Replace House of Lords with fully elected second chamber with fewer members

– Introduce written constitution(Wait!  There is NO written constitution?)

– Right to sack MPs who have broken the rules

– Curb influence of lobbyists

Alternative vote

This will make the Brit system of electing a PM as clear as mud for most, but I think that what effects one country may ultimately show up in others and that includes the US……once again I apologize of my UK readers if I screwed up any of this…..I look forward to hearing from them….