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Gender: Male
Home country: USA
Member since: Thu Jul 8, 2004, 03:14 PM
Number of posts: 7,536

Journal Archives

Wall Street’s Problem Isn’t Too Big to Fail. It’s Too Big to Nail.

The main problem with Wall Street isn’t that, as Bernie Sanders says, the banks are too big to fail. It is that the bankers who run them are too big to nail—to be held financially and personally liable for the bad or corrupt decisions they make. This is now, sadly, documented history. The heart of the subprime mortgage mania—the real reason it could go on for so many years, nearly sinking the world economy in the end—was that no one was really held responsible for any of his or her bad decisions. Ever.

Bank executives weren’t held responsible during the bubble as it was building, when banks stopped caring about their own mortgage lending standards because the bankers knew all those bad loans would be bundled into securities that could be sold around the world, thus relieving the bankers’ firms of liability (though many banks also fecklessly kept substantial amounts on their books). Executives weren’t held responsible during the crash, when they were bailed out by the federal government and barely had to promise any change of behavior in return. And they weren’t held responsible long afterwards, when the Justice Department and the SEC failed to convict (and barely put on trial) a single senior executive, or even to send any to the poorhouse by levying fines and penalties. No personal accountability whatsoever, from start to finish; on the contrary, bankers, traders and executives were rewarded for their reckless behavior with big bonuses. Is there any better recipe for encouraging more greed, mania and irresponsibility by Wall Street—no matter how big the bank you’re working at is?

Federal regulators are gradually trying to get at this problem; on Thursday, they proposed new rules under the 2010 Dodd-Frank law intended to prevent executives at businesses with more than $1 billion of assets from earning “excessive” pay that encourages too-risky or aggressive tactics. The idea is to require the nation's largest banks and financial firms to hold back executives' bonus pay for longer than before—and require a minimum period of seven years for the biggest firms to "claw back" bonuses if it emerges that an executive's actions have hurt the institution.

But regulators need to go much further than this modest proposal and once again require—as in the long-ago days of private partnerships—that senior Wall Street executive put their entire personal wealth and holdings under threat of confiscation. In plain language, in the event of a bankruptcy, a bank’s bigwigs would be legally required to turn over to creditors or shareholders, until they are made whole, title to scores of Fifth Avenue co-ops, homes in the Hamptons or Palm Beach, or wherever they may be, plus brokerage and bank accounts filled with their accumulated billions. At the moment, of course, no such legal provisions exist. In fact, the whole purpose of a corporate structure is designed to shield executives from liabilities and make them the responsibility of creditors and shareholders.

More: http://www.politico.com/magazine/story/2016/04/wall-street-too-big-to-fail-too-big-to-nail-213841

Bernie is going all the way

Chris Hayes and Nick Confessore, Political Reporter for The New York Times, discuss further evidence that the Sanders campaign will not concede before the convention.


Actor Glover: 'Of course, I believe Bernie can win'

http://www.nbcnews.com/widget/video-embed/672410179537" width="560" height="315"

Bernie Sanders Is Seeing Gains In States That Have Yet To Vote

Sen Bernie Sanders (I-Vt.) is on the verge of catching up to Democratic presidential front-runner Hillary Clinton, if national polls of the primary are any gauge.

HuffPost Pollster’s average, which includes all publicly available surveys, shows Sanders trailing by about 4.3 points, down from a deficit of more than 20 points at the beginning of the year.

National primary polls, however, aren’t an especially good gauge for a number of reasons. For one, there’s no such thing as a national primary — states vote individually, and attempts to survey them all at once omit the significant differences between, say, the Iowa caucuses in February and the New Jersey primaries in June. For another, at this point in the calendar, many of the people included in national polls live in states that have already voted rather than those that still have upcoming contests.

National pollsters often don’t try to differentiate between those groups, viewing their results as a barometer of political attitudes rather than a tool for predicting who’s likely to win. But the NBC/SurveyMonkey tracking poll, which has been following the race since the beginning of the year, was able to look at the divide between the states that have already voted and those that have yet to do so.


Bernie: Calling the Hillary NY Cheating "Disgraceful" is Not Enough, It Was Illegal. Do Something.

As the major media, once again, parrots Hillary's "win" in a primary without even a hint of the anger boiling beneath the headlines, due to what can only be called blatant voter suppression tactics, Senator Sanders stumbles but can recover. No, Senator Sanders, what has been happening is not "a disgrace," as you have remarked previously about Arizona and now New York. It is illegal. That is a big difference.

No less a personage than the NYC Comptroller, whose job it is to crunch numbers when something looks fishy, has called into question, by implication, the New York primary results. Comptroller Scott Stringer has "confirmed" that "more than 125,000 voters in Brooklyn were removed from voter rolls." Brooklyn is one of five NY Boroughs. Multiply that by five and you get 625,000 voters. And that's just the city. 1.7 million voters officially turned out for the NY Democratic primary. It takes no genius to see that's a game changer, and a big one.

Comptroller Stringer said in a scathing press release: “There is nothing more sacred in our nation than the right to vote, yet election after election, reports come in of people who were inexplicably purged from the polls, told to vote at the wrong location or unable to get in to their polling site,” Comptroller Stringer said. “The people of New York City have lost confidence that the Board of Elections..."

Stringer is a Hillary superdelegate. And even he says it stinks. You can't get politically covered any better than that.

more: http://hubpages.com/politics/Bernie-Saying-the-Hillary-Cheating-is-Disgraceful-is-Not-Enough

True story about the primaries: Remember last Spring or Summer when Sec. Clinton

was playing coy with her announcement and all that? Then for awhile she was the only person presumed to be running. Well, I am one of those many thousands of people who, at a certain point, because so nauseated at it being her instead of Bernie, whom I had listened to with awe for literally years on CSPAN and on cable news. Leading up to this cycle it really seemed he was hitting a very real stride...A very astute and Presidential stride.

And I keep thinking to myself, man, I *wish this guy would run! He would win in a landslide. And the longer it went on with her and Trump dominating the news, I got more antsy. One day, I googled Bernie's office telephone number in Burlington and called them. I don't even know who I might have talked to, but when that poor guy answered the phone I gave him an earful of effusive praise, and I insisted he *HAD to run.

The young man thanked me, took a couple of moments to say they were getting many calls like mine from all over the country, and were taking it under advisement. I only had about 30 seconds I suppose with him, but managed to tell him why he needed to run.

I've been all in since. I was urging him on when he was driving that little red compact car around stopping at curbsides and diners. Just him and a driver in that little car (Jane? Not sure). Lovely, genuine, caring people. Kind people. Real people. Not in it for money, or fame, or power. People with a very real understanding of how people should treat other people, and what the proper role of government actually is by the Constitution, and what it is now and what it could and should be.I have been all-in ever since.

Their STRONG support for Unions is quite in evidence, and not just lip service.

PS: I desperately NEED that Social Security expansion.

DU Poll: Third Way or FDR?

Where should the party go?

Just a reminder:

I am a 50+ year Democrat. I haven't changed. But the party has. Bernie is trying to take us back to our solid foundations. FDR. The New Deal. Hell, an even NEWER deal.

The right-wing forces on the other side who took over during the first Great Triangulation in 92 are at it again.

Can we do this? Bernie: Yes, We Can. Hillary: No, we can't.

Fact: The embarrassing situation we shall not mention (evidently) remains. I cannot vote for her under any circumstances. I may well vote against her, as I have stated over and over. I simply cannot let you embarrass me in this manner, and will not let you do so. The day she is nominated is the day you made your choice. I will have to forcefully and publicly disavow myself from the Democratic Party until they recover. I will have to re-register during the Great Political Tribulation, so that the public records do not associate me with the taint. And I will only vote for candidates who share my values. Then the party can whine about low voter turn-out some more while the elites continue to put on a political casino every cycle and beg for voters to come on in and spin the lever just one more time.

If that is the case, it will be prima fascia evidence to whomever is left to pick up the pieces of just exactly where we as a party went wrong. It is that simple.

ON EDIT: I guess this is where I'm sticking my flag. Bernie or Bust isn't accurate. Bernie or else it already Busted is accurate. I should be safe until Skinner pulls the trigger on the much-anticipated Great Purge. Good luck with THAT plan. That should help unite us. Not.

Election 2016: Plenty at stake for Republican, Democratic presidential candidates in Indiana primary


Clinton could lose momentum if Sanders gets a big primary victory in Indiana that could further extend their primary battle. Sanders is a long shot to get the upset win for the Democratic nomination, but both candidates are taking Indiana seriously and have opened campaign offices throughout the state.


Meet the Democratic women fighting for Sanders

Hillary Clinton is already closer than anyone in history to being the nation's first woman president. But that doesn't mean all female Democratic officeholders are on her side.

Two of Bernie Sanders' biggest surrogates on the campaign trail are Hawaii Rep. Tulsi Gabbard, who is campaigning for him in Pennsylvania on Friday, and former Ohio State Sen. Nina Turner. And they say going against the Clinton grain has not been easy.

Turner distinctly remembers what happened a few days after she publicly endorsed Sanders. She was set to be the keynote speaker at Planned Parenthood event. The organization, which has now endorsed Hillary Clinton, was still unaffiliated with either campaign. Yet when she arrived folks who organized the fundraiser told her that they were working to "ease tensions" in order to make sure she was treated with respect.

Turner was confused by what they meant. She soon found out.

more: http://www.cbsnews.com/news/meet-the-democratic-women-fighting-for-sanders/
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