Yearly Archives: 2011


Six Ways to Liberate America From Wall Street Rule

The Six Ways to Liberate America From Wall Street Rule that are posted in the article are theo following:

How to Liberate America from Wall Street Rule spells out details of a six-part policy agenda to rebuild a sensible system of community-based and accountable financial services institutions.

  1. Break up the mega-banks and implement tax and regulatory policies that favor community financial institutions, with a preference for those organized as cooperatives or as for-profits owned by nonprofit foundations.
  2. Establish state-owned partnership banks in each of the 50 states, patterned after the Bank of North Dakota. These would serve as depositories for state financial assets to use in partnership with community financial institutions to fund local farms and businesses.
  3. Restructure the Federal Reserve to function under strict standards of transparency and public scrutiny, with General Accounting Office audits and Congressional oversight.
  4. Direct all new money created by the Federal Reserve to a Federal Recovery and Reconstruction Bank rather than the current practice of directing it as a subsidy to Wall Street banks. The FRRB would have a mandate to fund essential green infrastructure projects as designated by Congress.
  5. Rewrite international trade and investment rules to support national ownership, economic self-reliance, and economic self-determination.
  6. Implement appropriate regulatory and fiscal measures to secure the integrity of financial markets and the money/banking system.

Listen To Elizabeth Warren Speak


In the video above, we don’t get to Elizabeth Warren for quite a few minutes (8 minutes and 35 seconds), but it is worth hanging on to hear her. Or you could skip ahead to that part by using the slider under on the video.

If you had any fear (and I don’t know why you would) that Elizabeth Warren’s campaign for the Senate would be like Martha Coakley’s campaign, I think this interview would put those fears to rest.

I first saw the video in the story, Elizabeth Warren: We will not let Republicans ‘rip arms and legs off’ of consumer agency, on the Rawstory web site.


ALEC Exposed: State Legislative Bills Drafted by Secretive Corporate-Lawmaker Coalition


I first found the link to the above video on Truth-Out.

I finally found the list of bills mentioned. Bills Affecting Worker and Consumer Rights and More.

This is a list of bills and resolutions that attack worker and consumer rights.


Remember when they all laughed at Hillary Clinton for talking about some “vast right-wing conspiracy”?

One might wonder how she knew about it. When you wonder about this question, you then start to wonder how it came to pass that Bill Clinton pushed all these trade bills and he pushed the repeal of the Glass-Steagall act. These are some of the major items on ALEC’s agenda.

Did Hillary stop talking about the vast right wing conspiracy because of the ridicule? Or did someone she was very close to try to rein her in and keep her on the reservation, so to speak?

I suppose another possibility was that Bill had been duped by ALEC, and Hillary’s remarks were an attempt to repent for the mistakes of Bill.

Good research always raises more questions than it answers.


Debt ceiling debate turns ‘scary’

Politico has an article  Debt ceiling debate turns ‘scary’.  Here are a few quotes from the article.

President Obama has threatened to veto House Republicans’ debt plan.

Washington’s frayed nerves showed through Monday amid tough talk on the right, a White House veto threat, canceled weekend passes and the top Senate Democrat likening default to a “very, very scary” outcome even for those “who believe government should be small enough to drown in a bathtub.”

Finally we get to the word veto.  It is about time.

To let you know how serious I take this, here is an investment change I made today.  I had a variable annuity that has been invested in an investment grade bond fund.  It is my only investment in bonds. I have been thinking for a long time that I ought to turn it into an income producing annuity.  The application papers to do this are on the way to me for signature.  In the mean time, I locked in the value of the investment today by exchanging the bond fund for a money market fund in the variable annuity.  By the end of the week this money will be invested in a fixed income annuity.  Decisions like this are what drive bond prices down (and bond yields up).


ALEC Politicians

At ALEC Politicians, you’ll find a partial list of politicians involved with ALEC.

… Trove of Over 800 “Model” Bills Secretly Voted on by Corporations to Rewrite Your Rights. Learn More at ALECexposed

ALEC is not a lobby; it is not a front group. It is much more powerful than that. Through ALEC, behind closed doors, corporations hand state legislators the changes to the law they desire that directly benefit their bottom line. Along with legislators, corporations have membership in ALEC. Corporations sit on all nine ALEC task forces and vote with legislators to approve “model” bills.


Getting to Crazy

Paul Krugman’s piece, Getting to Crazy, repeats a question on commentators lips,

A number of commentators seem shocked at how unreasonable Republicans are being. “Has the G.O.P. gone insane?” they ask.

You can probably figure out the answer without even clicking on the link above to see the whole article.

Thanks again to LlandaR for suggesting this post.


Letter of Experts Opposed to Cuts in Social Security Benefits

The Letter of Experts Opposed to Cuts in Social Security Benefits is fairly brief.

To see the lengthy signature list, click on the above link to the article.

As experts on Social Security, the federal budget or the economy, we write to correct a commonly held misconception – that Social Security somehow contributes to the federal government’s deficit. In fact, Social Security’s Old Age and Survivors Insurance Trust Fund and its Disability Insurance Trust Fund are prohibited from paying benefits unless those funds have sufficient income and assets to cover the cost, and they have no borrowing authority to acquire the requisite income and assets. Consequently, Social Security is prohibited by law from deficit-spending and thus contributing to the federal deficit.

We also write to point out that Social Security’s benefits are modest both compared to those of other industrialized countries and in absolute terms. Its administrative costs are also modest, amounting to less than a penny of every dollar expended. The modest size yet increasing importance of Social Security’s life insurance, disability insurance, and old age annuities, given the trends in private sector retirement arrangements, savings, home equity and stock values, leads us, as a policy matter, to recommend strongly that Social Security’s manageable shortfall, still decades away, should be eliminated without cutting benefits, including without raising the retirement age.

 


Koch Brothers’ ALEC Tentacles Creep Into Your State

The quotes below are from the article Koch Brothers’ ALEC Tentacles Creep Into Your State by Allison Kilkeny.

we now know that ALEC (the American Legislative Exchange Council), a front group for major corporations, the Koch brothers and right-wing lobbying groups, actively disseminated model bills promoting its agenda to state leaders.

ALEC creates plausible deniability for state legislators by claiming it’s not lobbying, of course, but merely making friendly suggestions and, in turn, the legislators ultimately reap the rewards of being extra nice to ALEC’s corporate clients.

ALEC’s Public Safety and Elections Task Force approved a piece of model legislation called the “Voter ID Act,” that calls for voters to have IDs with both a photo and expiration date, which, of course, rules out college IDs from young voters who historically vote overwhelmingly Democrat. These types of bills also discriminate against poor and minority voters, who again, tend to vote for Republicans’ ideological opponents.

An ALEC model called “Prevailing Wage Repeal Act” would repeal all laws requiring administratively determined employee compensation rates, including wages, salaries and benefits. CMD notes that paying the prevailing wage is designed to ensure quality work is done on public projects and also helps keep wage standards in the construction industry.

“The Employer Standing Act” gives an employer preferential standing before the appropriate boards or commission to dispose of a workers’ compensation claim if they can convince the board the claim was filed fraudulently. This bill gives rights to corporations and employers at the expense of workers, notes CMD.

When you consider how benign it is to watch NOVA on PBS sponsored by one of the Koch brothers or for MIT to accept huge amounts of money to build a cancer research building and name it after this Koch brother, let this post flit through your brain for just a moment.