The Cellar

The Cellar (http://cellar.org/index.php)
-   Politics (http://cellar.org/forumdisplay.php?f=5)
-   -   The Obamanation (http://cellar.org/showthread.php?t=19310)

classicman 05-11-2012 03:09 PM

Quote:

Originally Posted by Lamplighter (Post 811182)
You apparently feel that individual bankers should be criminally prosecuted for their decisions and actions that lead to the mortgage and financial crisis.

yep
Quote:

In fact, the corporation is required to legally defend it's officials for their decisions, and may be required to financially indemnify the officials from any penalties.
fine -go after them then.
Quote:

your nemesis, Obama
Completely incorrect.
Quote:

To attribute lack of federal prosecution to political contributions is dissimulation.
perspective

Quote:

But, I suspect all this will have little effect on your feelings
about Obama and the Dept of Justice, and you will vote accordingly.
correct

TheMercenary 05-15-2012 07:49 PM

Quote:

OBAMA'S OWN WORDS TRAP HIM:
2008: "Navy Seal Team 6 is Cheney's private assassination team."
2011: "I put together Seal Team 6 to take out Bin Laden."

2008: "Bin Laden is innocent until proven guilty, and must be captured alive and given a fair trial."
2011: "I authorized Seal Team 6 to kill Bin Laden."

2008: " Guantanamo is entirely unnecessary, and the detainees should not be interrogated."
2011: "Vital intelligence was obtained from Guantanamo detainees that led to our locating Bin Laden."

TheMercenary 05-15-2012 07:56 PM

Great....

http://www.breitbart.com/Big-Governm...raining-racism

TheMercenary 05-15-2012 07:58 PM

This is going to hurt....

http://www.breitbart.com/Big-Governm...ck-at-obama-ad

http://www.breitbart.com/Big-Governm...-obama-bundler

classicman 05-15-2012 08:56 PM

Isn't breitbart dead?

TheMercenary 05-15-2012 09:10 PM

Bbretbart will never die.... :) eva.

BigV 05-16-2012 12:19 PM

Quote:

Originally Posted by classicman (Post 811785)
Isn't breitbart dead?

like elvis.. y'know how he released "a little less conversation" years after he died? Others are pulling the strings on his dead body to make money.

Except Elvis has *talent*, *intelligence*, and *something positive* to contribute. Other than that, it's just the same.



Quote:

The newer version transposed the key of A major recording of three months earlier into E major and featured a vocal, now with heavy reverb, in which Elvis performed an octave leap between verses, with backup vocals from The Blossoms.[2] This new version was not officially released by RCA until the 1990s.

tw 05-16-2012 09:59 PM

So, when are we going after Borat? And why will our politicians not even discuss it?

TheMercenary 05-17-2012 08:19 PM

Breitbart will haunt Liberal Causes for years to come. Esp as people like me give them the money to do it. ;)

classicman 07-23-2012 10:04 AM

Quote:

Originally Posted by TheMercenary (Post 811776)
OBAMA'S OWN WORDS TRAP HIM:
2008: "Navy Seal Team 6 is Cheney's private assassination team."
2011: "I put together Seal Team 6 to take out Bin Laden."

2008: "Bin Laden is innocent until proven guilty, and must be captured alive and given a fair trial."
2011: "I authorized Seal Team 6 to kill Bin Laden."

2008: " Guantanamo is entirely unnecessary, and the detainees should not be interrogated."
2011: "Vital intelligence was obtained from Guantanamo detainees that led to our locating Bin Laden."

Politifact Destroys this.

Lamplighter 07-23-2012 10:35 AM

Classic, nice catch...

Spexxvet 07-23-2012 11:01 AM

Quote:

Originally Posted by classicman (Post 821320)

Doesn't matter.

xoxoxoBruce 07-23-2012 11:32 AM

The truth always matters.

BigV 07-23-2012 02:50 PM

Quote:

Originally Posted by Spexxvet (Post 821327)
Doesn't matter.

to some people.

Quote:

Originally Posted by xoxoxoBruce (Post 821342)
The truth always matters.

to some people.

...

generally speaking, these are different groups of people.

classicman 07-23-2012 09:12 PM

Bwahahaha! That was EXCELLENT, V.

piercehawkeye45 08-13-2012 03:38 PM

Grunwald is an obvious Obama supporter but his arguments at least make logical sense. Long but interesting read.


Think Again: Obama's New Deal
The president's Republican critics are dead wrong. The stimulus worked.

http://www.foreignpolicy.com/article..._deal?page=0,0


Edit: Well apparently he is writing a book on the topic...
http://www.amazon.com/The-New-Deal-M...5200283&sr=1-1

xoxoxoBruce 08-14-2012 01:18 AM

Gruwald says the stimulus saved us from a second great depression.
If that's true, then it was a bad thing. It appears that's what it will take to get people to wake the fuck up to what's been going on for the last 30 years. Apparently there are still too many people doing too well, to create enough interest in straightening congress out.:mad:

SamIam 08-14-2012 12:41 PM

Quote:

Originally Posted by xoxoxoBruce (Post 824410)
Gruwald says the stimulus saved us from a second great depression.
If that's true, then it was a bad thing. It appears that's what it will take to get people to wake the fuck up to what's been going on for the last 30 years. Apparently there are still too many people doing too well, to create enough interest in straightening congress out.:mad:

There's enough people doing really, really, really well who want to preserve the status quo and retain their immunity from the laws the rest of us are expected to follow. Wealthy tea party members establish PAC's to get their right wing wacko candidates elected. Upper echelon members of the government routinely smooth the way for lucrative contracts for large companies whose CEO's have deep pockets - deep pockets to keep the money flowing to the correct party and candidates. Naturally, these CEO's can do whatever they feel like and no one raises so much as an eyebrow.

Convert to the Church of the Latter Day Saints now and avoid the rush.

xoxoxoBruce 08-14-2012 10:29 PM

Not only the "people doing really, really, really well", there are a shitload of people not doing as well as they were, but still employed, hanging on, and getting by. They're scared because the know if they lose their job they're well and truly fucked, so they don't want to rock the boat. They'll likely plug their ears, say nanananana, and vote for the party they always voted for.

It will take a real depression to piss these people off enough to clean house. The Teaparty played to the disgruntled mood of the country with congress, but see who it attracted. People that were comparatively well off, and not pissed off enough to really think about who they were voting for. How else would you explain Christine O'Donnell in Delaware.

SamIam 08-15-2012 01:55 AM

Quote:

Originally Posted by xoxoxoBruce (Post 824540)
Not only the "people doing really, really, really well", there are a shitload of people not doing as well as they were, but still employed, hanging on, and getting by. They're scared because the know if they lose their job they're well and truly fucked, so they don't want to rock the boat. They'll likely plug their ears, say nanananana, and vote for the party they always voted for.

It will take a real depression to piss these people off enough to clean house. The Teaparty played to the disgruntled mood of the country with congress, but see who it attracted. People that were comparatively well off, and not pissed off enough to really think about who they were voting for. How else would you explain Christine O'Donnell in Delaware.

Lacking cable or even a TV, I had to look up O'Donnell on the net. I like this quote of hers in 2007 on the O'Reilly Factor. O'Donnell said, "American scientific companies are cross-breeding humans and animals and coming up with mice with fully functioning human brains. So they’re already into this experiment.”

Where's Mickey when we need him?

The fact that people actually vote for her shows just how ignorant and intolerant American voters have become. The far right is engaging in what amounts to the politics of hatred. I think that as much as anything influences Joe Six Pack when he enters the polling booth. I don't know if a deepening economic crisis would influence old Joe much. If he lost his job, he'd probably blame the flag burners in Congress who oppose giving big corporations even more tax breaks than they already get, pander to "welfare queens," and won't give the little guy a break by cutting taxes on the wealthy. Surely all those rich people who suddenly have extra money would use it to buy fancy items at the hardware store Joe was laid off from.

What Joe refuses to understand is that big corporations use their tax breaks to give zillion dollar raises to their CEO's - not create new jobs; that welfare queens actually constitute only about 20% of those who receive assistance from social programs - 80% of the beneficiaries of these programs are the elderly and the disabled; and the rich bitch from the snappy gated community was already buying her gold faucets from some chic overseas outfit and would never be caught dead in Joe's hardware shop.

Americans today are ignorant and mean and they scare me.

piercehawkeye45 08-15-2012 08:00 PM

Quote:

Originally Posted by xoxoxoBruce (Post 824540)
Not only the "people doing really, really, really well", there are a shitload of people not doing as well as they were, but still employed, hanging on, and getting by. They're scared because the know if they lose their job they're well and truly fucked, so they don't want to rock the boat. They'll likely plug their ears, say nanananana, and vote for the party they always voted for.

It will take a real depression to piss these people off enough to clean house. The Teaparty played to the disgruntled mood of the country with congress, but see who it attracted. People that were comparatively well off, and not pissed off enough to really think about who they were voting for. How else would you explain Christine O'Donnell in Delaware.

I don't disagree with you but I don't know if people will just "wake up" if the situation gets bad enough. It would be the hopeful possibility but xenophobia et al. is the other option, which would just make a horrible situation worse. Many genocides (Rwanda and Nazi's for example) are the result of populations getting pushed to the edge and taking it out on people who had no control over the situation in the first place.

xoxoxoBruce 08-16-2012 02:32 AM

I don't know if people will just wake up if the situation gets worse either. But I've already seen they won't if it doesn't. I was being optimistic, but you could very well be right. If you are, that would solve the unemployment problem. Lots of jobs opening up suddenly and undertakers hiring.

SamIam 08-16-2012 09:36 PM

Quote:

Originally Posted by piercehawkeye45 (Post 824663)
I don't disagree with you but I don't know if people will just "wake up" if the situation gets bad enough. It would be the hopeful possibility but xenophobia et al. is the other option, which would just make a horrible situation worse. Many genocides (Rwanda and Nazi's for example) are the result of populations getting pushed to the edge and taking it out on people who had no control over the situation in the first place.

Excellent point. I would also like to point out that American culture and society has undergone a major sea change since the depression era in the 30's. At the time of the great depression a much higher percentage of Americans lived in rural areas. The small family farm where the plowing was done with a mule could still to be found all over the country. If you live in a rural area you have fewer neighbors and you come to know the ones you do have well. They may have shared the boundary of your back 40 for generations. People helped one another out as a matter of course. You might help Joe out with the haying, but he could just as well be over at your place someday, helping to rebuild your barn that was lost in a fire. It was far easier for the Americans of that era to understand the importance of helping their fellow countrymen in a time of dire need.

Today's America is a highly urbanized place. Everybody tends to reside in the big city where you can live next door to someone for years and never even know their name. If you happen to have a flat tire on a busy city street, people are more likely to honk their horns in irritation than they are to stop and help you change your tire. Everyone is anonymous. The sense of community and shared hardship does not exist. If someone loses their job or their home they probably deserved it because (pick one) they were the wrong color or spoke with the wrong accent or they lacked the good old American work ethic or they were faking the condition that rendered them disabled. Etc. ect., ect.

Today's America values wealth and priviledge above all else. "He who dies with the most toys wins." Taxation is considered a form of slavery by the tea party because they'd prefer to spend that money on a new Mercedes rather than contribute to the shared fund which maintains our highways and the rest of our national infrastructure.

Today's America always seems to be involved in some undeclared war in some country that most Americans know little about and absolutely nothing about what is really going on. The all volunteer military allows Americans to shrug their shoulders with the comment that those who serve in our armed forces signed on for it. This national state of denial is abetted by the rule that no pictures be taken of the caskets of the dead that are returned daily to our shores. These men and women gave their lives for a country that wants to pretend they never existed. How ironic is that?

Government spending on ever newer and ever better weapons of death is a sacred cow that no one will touch. Just as no one will touch our veterans either. The VA continues to be the target of budget slashers. Our veterans have served their purpose and those who have deep wounds of the body or spirit are useless. We relegate them to city parks and over crowded homeless shelters, and should we pass one on the street, we refuse to meet his eyes.

Today's America is looking into the abyss and the abyss is looking back.

Lamplighter 08-29-2012 09:09 PM

From my post here last March

Quote:

Under the agreement, the banks will provide principal relief and other
borrower assistance valued at $17 billion. In addition, roughly $5 billion
of the settlement will be paid in fines, while $3 billion will be used to help
refinancing for homeowners who owe more than their homes are worth.
The deal also includes new mortgage-servicing standards.
Today, the first preliminary report was made public...

NY Times
By SHAILA DEWAN
Published: August 29, 2012

Homeowners See Benefits in Bank Plan
Quote:

More than 130,000 homeowners have received $10.5 billion in relief
under the national settlement over foreclosure abuses, according to
a preliminary report issued Wednesday by the settlement monitor.


Under the settlement in February, reached in response to evidence
that the foreclosure process had been riddled with fraud,
the country’s five largest mortgage servicers promised $25 billion
to help stem the tide of homeowner losses.

About $20 billion of that was to be in relief to homeowners,
primarily through various forms of debt forgiveness.
Although it may seem that banks have already satisfied more
than half of their commitment, only a portion of the $10.5 billion
will count, because of the way the relief is tallied.

The banks — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo
— reported that the bulk of the help so far had come in the form of short sales,
in which lenders allow homeowners to sell for less than what they owe.
Many homeowners have been stuck in their homes because they have lost so much value.
The banks reported $8.7 billion in debt written off through short sales.
<SNIP>

ZenGum 08-29-2012 09:36 PM

So this "relief" consists of losing your house and walking away with nothing, but at least they don't keep chasing you for more? Thanks, banks.

Lamplighter 08-29-2012 10:02 PM

Quote:

Originally Posted by ZenGum (Post 827216)
So this "relief" consists of losing your house and walking away with nothing,
but at least they don't keep chasing you for more? Thanks, banks.

Ummm... I don't think I would describe it that way.

The article also talks about some of the foreclosures being settled
by "home equity loans", while others were "short sales".

I think this would mean that for those owners who had significant equity
(e.g., more than 20% of loan-to-value), they could end up staying in their homes,
and paying a reduced monthly payment (but probably at a higher interest rate).

The short sales were likely the people who became "owners" with very little down payment.
For them, they had little/no equity in the property, and so lived in the house
while making mortgage payments that were essentially all interest.
(aka "rent")
For these people, I would say they essentially had nothing to walk away from,
but they preserved their credit ratings, and maybe some dignity.

The people who were really screwed by all this were those whose foreclosures
had already been completed, and they had been forced off of their property.
They lost their home, their credit rating, and many other valuables.
And the maximum they received from this "settlement" was $2,000. :eyebrow:

Lamplighter 09-28-2012 09:50 AM

And the beat goes on...


NY Journal

9/28/12

Bank of America to Pay $2.43 Billion to Settle Suit Over Merrill Deal
Quote:

Bank of America announced on Friday that it would pay $2.43 billion
to settle a class action lawsuit related to its acquisition of Merrill Lynch,
as the legal woes continue for the financial institution.
<snip>

Early in the financial crisis, Bank of America looked to be one of the winners.
As other banks struggled to stay afloat, the firm swooped in to buy
Countrywide Financial, the mortgage lender, in 2008.
Later that year, Bank of America agreed to purchase Merrill Lynch, the beleaguered investment bank.
But both deals are proving to be a legal albatross.

Countrywide’s mortgage problems have weighed on profits for awhile.
In the second quarter of 2011, the bank reported an $8.8 billion loss,
mainly related to a settlement with mortgage investors.

Earlier this year, Bank of America and four other banks agreed to a
$26 billion settlement related to their foreclosure practices.
Now, it faces a similar burden from the Merrill Lynch deal.
Bank of America said it would take a $1.6 billion hit related to the settlement
and other legal expenses.
And this too...

NY Times
STEVEN M. DAVIDOFF
9/27/12
A $50 Billion Claim of Havoc Looms for Bank of America
<snip>
This episode also spawned a lawsuit from the Securities and Exchange Commission
that Bank of America, Mr. Lewis and Joseph Price, the former chief financial officer,
settled for $150 million.

Judge Jed S. Rakoff of the Federal District Court in Manhattan approved the deal
but complained that it didn’t sufficiently penalize the individuals involved.
The amount was paid by Bank of America with no liability for Mr. Lewis or Mr. Price.
Judge Rakoff called the settlement “half-baked justice at best.”
Judge Rakoff may see his wish for greater penalties granted.
The New York attorney general’s office has a lawsuit on the matter.
<snip>

Lamplighter 10-01-2012 09:20 PM

Yes, the beat goes on...


Wall Street Journal

JEAN EAGLESHAM And DAN FITZPATRICK
10/01/12

J.P. Morgan Sued on Mortgage Bonds

Quote:

New York's top prosecutor filed a civil complaint against J.P. Morgan Chase Co.,
alleging widespread fraud by the company's Bear Stearns unit in the sale
of mortgage-backed securities in the run-up to the financial crisis.

Eric Schneiderman, New York's attorney general, filed the civil lawsuit
in New York state court Monday. The case is the first brought under the aegis of
a law enforcement group that was formed by President Barack Obama in January
to pursue alleged wrongdoing related to the financial crisis.


More cases from the group are expected to follow.
"We intend to follow up with similar actions against other sponsors and underwriters of RMBS,"
said an official in the attorney general's office.

The allegations relate to billions of dollars of subprime securities
issued by Bear Stearns Cos. before the troubled firm, now owned by J.P.Morgan, collapsed in 2008.
The suit alleges that losses on residential-mortgage securities issued by Bear Stearns
in 2006 and 2007 alone were "astounding," totaling $22.5 billion, or more than a quarter
of the original principal balance. The action asks that the company be made to pay
an undisclosed amount of damages "caused, directly or indirectly, by the fraudulent and deceptive acts."

New York's attorney general filed a civil complaint against J.P. Morgan Chase alleging
widespread fraud in the sale of mortgage-backed securities in the run-up to the financial crisis.
<snip>

richlevy 10-02-2012 07:35 AM

From here

I agree with this guy. Frankly, I'm embarrassed by the rudeness of the opposition in this country.

Quote:

here was a time not so long ago when Americans, regardless of their political stripes, rallied round their president. Once elected, the man who won the White House was no longer viewed as a republican or democrat, but the President of the United States. The oath of office was taken, the wagons were circled around the country’s borders and it was America versus the rest of the world with the president of all the people at the helm.
Quote:

The health-care debate, which looked more like extreme fighting in a mud pit than a national dialogue, revealed a very vulgar side of America. President Obama’s face appeared on protest signs white-faced and blood-mouthed in a satanic clown image. In other tasteless portrayals, people who disagreed with his position distorted his face to look like Hitler complete with mustache and swastika.
Odd, that burning the flag makes Americans crazy, but depicting the president as a clown and a maniacal fascist is accepted as part of the new rude America.

classicman 10-09-2012 12:14 AM

Quote:

...regardless of their political stripes, rallied round their president. Once elected, the man who won the White House was no longer viewed as a republican or democrat, but the President of the United States.
Still many who feel that way regardless of what this crappy POS site says.
Here's the link http://theobamadiary.com/tag/hes/

And there are PLENTY of pics of Bush and virtually every president since the 50's with some sort of Hitler reference. Bush did get a movie made about him being assassinated too. To say that this crap started with Obama is Bullshit.

Lamplighter 10-17-2012 09:31 AM

1 Attachment(s)
I live in a city that is very well off... good schools, expensive houses, etc.

When the housing crisis began there was little effect here for quite a while.
But eventually, it did hit, and home sales slumped and then prices fell.
Construction of new homes slowed and building permits dropped.

I've heard that places that were slowest to be hit by the crisis would be the first to show the recovery.
And last week as I was driving around town, I noticed several new construction sites.

Today, I came across this article.
Maybe, just maybe, the worst is over.


Bloomberg

10/17/12

Housing Starts in U.S. Surged in September to Four-Year High
Quote:

Housing starts in the U.S. surged 15 percent in September
to the highest level in four years, adding to signs the industry at the
heart of the financial crisis is on the road to recovery.

Starts jumped to a 872,000 annual rate last month, the most since July 2008
and exceeding all forecasts in a Bloomberg survey of economists,
Commerce Department figures showed today in Washington.

Attachment 41236

The median estimate of 81 economists surveyed by Bloomberg called for 770,000.
An increase in building permits may mean the gains will be sustained.

<snip>

Building permits, a proxy for future construction, jumped to an 894,000 annual rate,
also exceeding the median forecast and the most since July 2008.
They were projected to rise to 810,000, with a range of 780,000 to 850,000.

The number of permits swelled by 45.1 percent since September 2011,
the biggest annual jump since 1983.

Construction of single-family houses climbed 11 percent from August to a 603,000 rate.
Work on multifamily homes, such apartment buildings, increased 25.1 percent
to an annual rate of 269,000.

glatt 10-17-2012 10:26 AM

1 Attachment(s)
Quote:

Originally Posted by Lamplighter (Post 834611)
Maybe, just maybe, the worst is over.


Attachment 41237

infinite monkey 10-17-2012 10:32 AM

I'm completely frightened.

Unless I get a job offer, I ain't gettin' into Canada.

Can't even get into Canada. :headshake

Maybe I'll move to Mexico instead. :biggrinba

Trilby 10-17-2012 10:39 AM

Mexico doesn't let immigrants in, I don't think. I don't think you can emigrate there. You have to kind of sneak in and lay low. And speak Spanish.

it would be easier to sneak into canada. we'd blend.

infinite monkey 10-17-2012 10:42 AM

Well Jebus Crepes...where CAN I move to?

Anyone?

Trilby 10-17-2012 10:44 AM

let's try islands...they seem really lax on security and shit like that. The Seychelles? They can't even extradite us from there! Or the canaries...NOT Hispaniola though. NO WAY.

eta: it can't be Oz coz they let NO ONE in; but I dunno about the Kiwi's and how they do it. we could do some research...

xoxoxoBruce 10-17-2012 10:47 AM

Quote:

Originally Posted by Lamplighter (Post 834611)
Maybe, just maybe, the worst is over.

Also a report on the news yesterday that defaults on loans, credit cards, and mortgages is steadily dropping a significant amount.

I know people who weren't hit nearly as bad by this recession as many were. They were working, paying their bills, with no wolves at the door. Sure their house was worth less, but they weren't planning on selling or borrowing against it anyway, so it only made a difference on paper, not lifestyle. Their stocks dropped in value, but most have come back.
But in the constant barrage of 24 hour news, virtually every news story included the tag line, "in this economy". Plus the political campaign is telling us doom & gloom is the order of the day. So even these people that skated fairly well through it all, talk constantly how bad things are.
The recession will be over when the public perceives it to be over, regardless of the unemployment rate.

infinite monkey 10-17-2012 10:48 AM

I don't know if I could get into the Canary Islands, not being a canary. How about the Virgin Islands?

How about Bali? I just want to walk around singing Bali Hai all day. I bet they never heard that one before. ;)

Trilby 10-17-2012 10:48 AM

we could go to Key West, P-town Mass., or anywhere in Vermont b/c those places all flaunt the US gov't no matter who gets elected.


eta: um....I don't think they'd let either of us in the Virgin Islands...how about Iceland!!!!!!!!! We could be White Walkers!

infinite monkey 10-17-2012 10:51 AM

I want to live somewhere where everyone rides mopeds around.

Key West is good, but I don't trust repubs in office if we get a hurricane or something.

infinite monkey 10-17-2012 10:57 AM

Ooooh, Switzerland! It's all like, neutral and stuff. And I have people there! Allons-y!

Trilby 10-17-2012 11:00 AM

Key West tried to secede once and they named themselves the Conch Republic.

Switzerland...isn't that full of ex-nazi's guarding their art and gold?

infinite monkey 10-17-2012 11:03 AM

We be going to the Frenchy part.

BigV 10-17-2012 11:43 AM

Quote:

Originally Posted by xoxoxoBruce (Post 834634)
Also a report on the news yesterday that defaults on loans, credit cards, and mortgages is steadily dropping a significant amount.

I know people who weren't hit nearly as bad by this recession as many were. They were working, paying their bills, with no wolves at the door. Sure their house was worth less, but they weren't planning on selling or borrowing against it anyway, so it only made a difference on paper, not lifestyle. Their stocks dropped in value, but most have come back.
But in the constant barrage of 24 hour news, virtually every news story included the tag line, "in this economy". Plus the political campaign is telling us doom & gloom is the order of the day. So even these people that skated fairly well through it all, talk constantly how bad things are.
The recession will be over when the public perceives it to be over, regardless of the unemployment rate.

Another well spoken post. The recession *is* over, our economy has stopped receding some time ago. We're in a depression, a depressed economy now, but no one wants to call it that either.

Actually, xoB, you understate your point which is self-evident. It's so true that it defies refutation. You sound like you're channeling FDR:

Quote:

Men are not prisoners of fate, but only prisoners of their own minds.






among others ;)

Lamplighter 11-02-2012 08:54 AM

There's a new dog on the block... with BIG teeth

NY Times
BEN PROTESS and MICHAEL J. DE LA MERCED
11/2/12

FERC Takes Aim at Wall Street

Quote:

Wall Street finds itself in a bare-knuckle brawl with a government agency.<snip>

The Federal Energy Regulatory Commission, the government watchdog overseeing
the oil, natural gas and electricity business, has lately taken aim at three major banks
suspected of manipulating energy prices.
After taking action against JPMorgan Chase and Deutsche Bank,
the agency on Wednesday threatened to impose its largest fine ever against Barclays.<snip>

The banks sense that a larger regulatory battle is at stake.
Unlike financial regulators, the energy commission can fine firms $1 million a day for every violation.
The string of recent cases, banks fear, could lay the groundwork for years of costly litigation.

The agency’s effort is rooted in a 2005 law passed in the aftermath of the Enron fraud.
The law created an enforcement unit at the agency and gave it the authority to assess hefty fines.

Under the Obama administration, the enforcement unit expanded
its ranks and received a nearly 50 percent budget increase.
The unit, which this year created a specialized group to analyze arcane data
and detect manipulation, also hired seasoned criminal investigators.
<snip>

The commission disclosed this summer that it was investigating JPMorgan Chase
over potential manipulation of markets in California and the Midwest,
exploring whether the firm had engaged in abusive bidding for energy prices.
The fight also centers on a technical issue: whether JPMorgan must turn over internal e-mail.
The bank initially refused to turn over documents to the California agency
that oversees the state’s power grid, citing attorney-client privilege.
In September, the federal energy commission ordered the bank to produce evidence
that it had not violated market rules, or risk losing its license to sell power at market rates.
Last month, JPMorgan apologized and turned over some of the documents,
blaming miscommunication for the impasse<snip>
.
The broader inquiry into the bank continues.

xoxoxoBruce 11-02-2012 03:25 PM

Not to worry, Romney will send the FERC the way of Big Bird.

We don't need no regulation
We don't need no bank control
No meddling with capitalism
FERC, leave them banks alone
Hey FERC, leave them banks alone
All in all it's just another brick in the wall
All in all you're just another brick in the wall

Griff 11-03-2012 11:59 AM

hmmm...

Actually, there were twelve terrorist attacks on U.S. diplomatic facilities abroad during George W. Bush’s tenure — the most of any president in history — and eight of those occurred while Donald Rumsfeld was in office.

ZenGum 11-03-2012 10:22 PM

Quote:

and eight of those occurred while Donald Rumsfeld was in office.
There is nothing more suspicious than a perfect alibi. :eyebrow:

Lamplighter 11-11-2012 06:05 PM

Remember just a few weeks ago when Obama was being criticized for the high price of gasoline.
Where are those screeching critics now ?

Western Oregon had prices of $4.49 / gal for regular back then.
Today, on the price has dropped to $3.51.
Should Obama be praised for this ?

Obviously not... just as the earlier charges were outside of his control.

Lamplighter 11-12-2012 11:15 AM

Here comes Norquist, out of the woodwork again...

CGS This Morning
(CBS News) with on-line video
11/12/12

Grover Norquist: Obama's goal is to raise energy taxes on middle class
Quote:

President Obama met with congressional leaders on Friday
to tackle the upcoming fiscal cliff and over the weekend,
several Republicans in Congress said there is momentum to make a deal before 2013.

As it stands, Mr. Obama has stated that he will allow the Bush tax cuts
for wealthier Americans to expire and Speaker John Boehner has said Congress
can generate revenue from tax reform and closing special interest loopholes.

Grover Norquist, an anti-tax lobbyist and founder of "Americans For Tax Reform,"
has led the conservative effort against the tax increase.
He has gotten nearly all the Republican members of Congress to sign his anti-tax pledge
and on Monday, Norquist shared his own ideas for resolving the fiscal cliff on "CBS This Morning."

<snip>
"I'd rather do growth than raise taxes, which slows the economy and damages things,"
Norquist said. "Obama is not interested in taxing the rich;
he admits there's no money there...his goal, as you saw after the election,
is to raise energy taxes on the middle class, not something he mentioned during the campaign."

The 5-minute video in the link above of his sophisticated interview is worth watching.

SamIam 11-12-2012 12:37 PM

I didn't know very much about our friend, Grover Norquist until now. He first came to my notice when I saw him on an interview with CNN. The interviewer was implying that any Republican who broke faith with Norquist's mandatory "no new taxes" pledge was dead meat as far as the Party was concerned. Norquist did a nice snake imitation, his eyes slithering here, slithering there - neither confirming nor denying anything.

I checked Norquist out on Wiki and discovered that he is the behind the scenes puppetmaster who pulls the strings on almost every Republican politician and is one of the Tea Party's biggest fans. He's helped shape Republican policies at least since the Reagan years and helped engineer W.'s election along with W.'s tax cuts for the wealthy.

Norquist's day job is to head Americans for Tax Reform, a non profit which is not required to disclose the identity of its contributors. However, according to CBS News, a significant portion of ATF's funding appears to come from wealthy individuals, foundations and corporate interests.

One of the few Republicans who has stood up to Norquist is former Republican Senator Alan Simpson, co-chairman of the National Commission on Fiscal Responsibility and Reform. Simpson describes Norquist's position as "no taxes, under any situation, even if your country goes to hell."

I would say that Simpson appears to be correct.

Lamplighter 11-14-2012 09:08 AM

Here's some news the Republicans did not want to hear...

CBS News/ November 14, 2012, 9:30 AM
Brian Montopoli, Jill Jackson

Pelosi to stay on as Minority Leader
Quote:

House Minority Leader Nancy Pelosi of California,
who has served as the highest-ranking female politician in American history,
will stay on as the top Democrat in the House during the coming 113th Congress, CBS News has learned.
<snip>
Maybe this will bring Merc back to The Cellar.
He was very fond of posting his thoughts about Pelosi.

BigV 11-14-2012 09:53 AM

*buckles up*

Happy Monkey 11-14-2012 10:45 PM

Not a joke.
Quote:

Originally Posted by Mother Jones
President Obama is using a Cold War-era mind-control technique known as "Delphi" to coerce Americans into accepting his plan for a United Nations-run communist dictatorship in which suburbanites will be forcibly relocated to cities. That's according to a four-hour briefing delivered to Republican state senators at the Georgia state Capitol last month.


Lamplighter 11-15-2012 08:32 AM

Quote:

a Cold War-era mind-control technique known as "Delphi"
My understanding and experience with the Dephi Method is almost the opposite of that description.

I believe that instead of mind-control, this method of decision-making
removes the influence of the more authoritative or well-known leaders,
and eliminates any "appeal to authority" by the reputation of individuals in the group,
It allows equal weight to the idea or proposal of each individual respondent in the group.

Here is a description from Wikipedia:
Quote:

The Delphi method (play /ˈdɛlfaɪ/ DEL-fy) is a structured communication technique,
originally developed as a systematic, interactive forecasting method
which relies on a panel of experts.[1]

In the standard version, the experts answer questionnaires in two or more rounds.
After each round, a facilitator provides an anonymous summary of the experts’ forecasts
from the previous round as well as the reasons they provided for their judgments.
Thus, experts are encouraged to revise their earlier answers in light of the replies
of other members of their panel.

It is believed that during this process the range of the answers will decrease
and the group will converge towards the "correct" answer.
Finally, the process is stopped after a pre-defined stop criterion (e.g. number of rounds,
achievement of consensus, stability of results) and the mean or median scores
of the final rounds determine the results.[2]

But then, re-defining words to mean just their opposite is a traditional tool of right wing extremists.

Lamplighter 11-30-2012 08:57 PM

Quote:

Originally Posted by Lamplighter (Post 838538)
Remember just a few weeks ago when Obama was being criticized for the high price of gasoline.
Where are those screeching critics now ?

Western Oregon had prices of $4.49 / gal for regular back then.
Today, on the price has dropped to $3.51.
Should Obama be praised for this ?

Obviously not... just as the earlier charges were outside of his control.

Today, a story is emerging that the "shortage" of gasoline back then was phony.
The story is that the price hike was artificially caused by an announcement
that two refineries were "off line", and it was just a matter of "supply and demand".

The same source that helped bring down Enron is saying that "pollution" records
show that these refineries continued running and producing gasoline.

The Dept of Justice is being asked to investigate...

P.S. Today, the lowest prices for regular gas in PDX are at $3.41 / gal

BigV 12-03-2012 05:55 PM

it's about $3.25 / gal out here

Lamplighter 12-03-2012 06:19 PM

I did a bit of Googling, and found that this questioning of the refineries did come up last July.
I'm sort of surprised the media did not make more of it, but instead fed the attack-Obama frenzy.

Even the isolated coastal towns in Oregon have gas prices in the low, low $3.4X's now.


All times are GMT -5. The time now is 07:57 AM.

Powered by: vBulletin Version 3.8.1
Copyright ©2000 - 2025, Jelsoft Enterprises Ltd.