Hometown: Seattle, WA
Member since: Mon Dec 13, 2004, 01:55 AM
Number of posts: 7,886
Hometown: Seattle, WA
Member since: Mon Dec 13, 2004, 01:55 AM
Number of posts: 7,886
Here in Washington state, we even had two "Democrats" side with the Republicans to stage a coup to give the Republicans control of the state Senate - that's how blatant they've become here.
I keep going back to Obama's Toronto G20 speech. He laid it out there and now is more openly acting on it. And for those who say he doesn't mean it, his statements then show he does and in no uncertain terms:
In 2010, Obama said “I’m doing it because I said I was going to do it.”
He said it during a G20 press conference in response to a question about deficit reduction.
He said it in the context of tying Social Security to the deficit (erroneous as that is) and of describing the fiscal commission and referring to other actions, including ACA, that he acted upon.
He said it after describing what he calls structural issues and changes (austerity measures) by other G20 countries and stating his “violent agreement” with these. (And note that whether it’s called pension cuts or chained CPI, cuts to social retirement plans are a key part of austerity measures.)
And he said it in terms of "not rushing to the exits too quickly and all at the same time" in terms of austerity measures in other countries.
He also said "And one of the interesting things that's happened over the last 18 months as President is for some reason people keep on being surprised when I do what I said I was going to do."
I was hoping against hope in the last election that other Democrats, including the ones I helped elect from Washington State, Murray, Cantwell and McDermott, might have shifted his view and his campaign rhetoric seemed to indicate that.
But he seems more bound to his promises on the global stage than to the ones he makes to us.
No surprise here, not anymore, just dismay.
Posted by suffragette | Sun Apr 14, 2013, 02:24 PM (1 replies)
from the hail storm.
Posted by suffragette | Sat Apr 13, 2013, 08:09 PM (14 replies)
Thank you for posting this!
I do agree with other posters about Obama not trembling.
He has continually (except during campaign times) indicated that he agrees with global austerity measures, going so far as to note he is in "violent agreement" that this is the direction to go :http://www.whitehouse.gov/the-press-office/remarks-president-obama-g-20-press-conference-toronto-canada
And part of that has been purposefully conflating Social Security with the deficit and introducing decisions at key points (such as the Fiscal Commission) which are aimed at cutting Social Security, just as austerity measures have been doing this globally.
He's made an agreement and keeps taking actions to fulfill it - the problem is that the agreement is not with citizens here, but with financiers and the politicians who are in the club with them.
Posted by suffragette | Mon Apr 8, 2013, 11:58 AM (1 replies)
Source: The Guardian
Barclays has been accused of trying to "bury bad news" by announcing it has given its top nine bankers bonuses worth £38.5m while the City is distracted by the budget.
The bank, which promised it was "changing" in the wake of the Libor rate-rigging scandal, awarded the head of its investment banking division, Rich Ricci, £17.5m worth of shares. He immediately cashed in all of the shares.
Barclays chief executive Antony Jenkins was awarded 1.8m shares worth £5.3m. He cashed in half of the shares.
Last month Barclays said Jenkins and Ricci would not be collecting a bonus this year after the bank was fined £290m over the Libor rate-rigging scandal.
Read more: http://www.guardian.co.uk/business/2013/mar/20/barclays-bonuses-budget-day
Continuing their pattern of our austerity and their prosperity.
And with a name right out of Dickens - Rich Ricci.
Posted by suffragette | Wed Mar 20, 2013, 01:05 PM (9 replies)
Grigg was also formerly a partner and managing director at Goldman Sachs.
And their actions now are not so different from their actions then:
Posted by suffragette | Sun Jul 8, 2012, 07:03 PM (0 replies)
I keep thinking of that picture of Cameron and his buddies when they were young and the captions showing their career paths.
Also, note that Anshu Jain, one of Deutsche Bank's new co-CEOs is operating from The City.
Ackermann, the previous CEO for Deutsch Bank was one of the key proponents for austerity and had Merkel's ear. This while Deutsche Bank has been engaged in numerous corrupt practices. Ackermann tried to settle many of the investigations into their shady practices before leaving, but the ones stemming from Libor and energy price manipulation are now going on.
I've been trying to remember to include posts I make on this in my journal, so there's a bit of info there on this going back awhile.
Posted by suffragette | Sun Jul 8, 2012, 04:56 PM (1 replies)
Found this overview of Libor investigations and thought it might be helpful in understanding what is occurring. It's fairly concise with links to additional information.
Beyond Barclays: Laying out the Libor Investigations
Last week, the British bank Barclays was slapped with $450 million in fines and penalties for manipulating information used to set a critical interest rate.
Settlements filed by government regulators in the U.S. and the U.K. show this manipulation happened in two ways: first, Barclays’ traders attempted to steer rates up or down in order to benefit trades they had made to profit off of those rates. Separately, the filings show that during the financial crisis, Barclays tried to counter reports that it had financial troubles by changing the interest rate it reported.
In his testimony, Diamond stuck by the line that everybody was doing it. And indeed, the revelation that banks might have tried to keep their rates artificially low during the crisis isn’t altogether new—in 2008, the Wall Street Journal reported that banks were submitting much lower rate estimates than other market measures would have suggested. In 2008, the British Bankers’ Association said it had received suggestions that banks were exhibiting “herd” behavior in setting low rates.
The Washington Post notes that a manipulated Libor doesn’t just have repercussions for investors and borrowers, but also for regulatory efforts; by keeping rates low during the financial crisis, the banks were trying to quell concerns about the health of the banking system and “stave off calls for additional regulation.”
More at article, including a list and links to the investigations of additional banks being investigated.
Posted by suffragette | Sun Jul 8, 2012, 02:03 PM (8 replies)
Libor-rigging went on until 2010, claims Canadian watchdog
An investigation in Canada alleges that interest-rate rigging by staff working for British banks and financial institutions continued until at least June 2010, more than a year after Barclays' derivatives traders were found to have colluded in such practices.
An affidavit filed in Ontario's superior court by the criminal matters branch of Canada's competition bureau alleges that traders working for the British banks HSBC and RBS, as well as the broker Icap, conspired to fix rates relating to Japanese yen trades for personal gain. Traders from Deutsche Bank, JP Morgan and Citibank Canada are also said to have taken part. All contest the claims.
The competition bureau is being aided in its investigation by Swiss bank UBS, which has turned whistleblower and agreed to hand over key documents, emails and transcripts that are expected to shine new light on the nature of the alleged collusion between staff at the banks.
According to the affidavit, UBS has "provided the bureau with information that, during the material time, the participant banks, at times facilitated by the cash brokers, entered into agreements to submit artificially high or artificially low London interbank offered rate (Libor) submissions in order to impact the yen libor interest rates published by the British Bankers Association".
Deutsche Bank suspends two over Libor -report
Two Deutsche Bank employees have been suspended after it used external auditors to examine whether staff were involved in manipulating interbank lending rates, German magazine Der Spiegel reported, citing no sources.
A spokesman for Deutsche Bank on Sunday declined to comment on the article, referring to its quarterly report, which said it has received subpoenas and requests for information from U.S. and European authorities in connection with setting interbank rates.
On Friday, people familiar with the matter told Reuters that Germany's markets regulator has launched a special probe into Deutsche Bank over suspected manipulation of interbank lending rates.
Investigators in the United States, Europe and Japan are examining more than a dozen big banks over suspected rigging of the London Interbank Offered Rate (Libor).
Hmmm, looks like Ackerman (the former CEO of Deutsche Bank) tried to settle (buy off) as many potential illegal and scandalous endeavors as he could before leaving but the LIBOR investigations shows there were even more that took place.
Deutsche Bank Settles Lawsuit with the US
With just a couple of weeks to go before the era of CEO Josef Ackermann comes to an end at Deutsche Bank, Germany's largest financial institution is cleaning house. On Thursday, the bank reached a $202 million (€156 million) agreement with the US Department of Justice to settle charges that Deutsche had engaged in fraud.
The deal puts an end to a civil lawsuit alleging that Deutsche Bank subsidiary MortgageIT breached federal housing regulations from 2007 to 2009. The subsidiary made hefty profits during that period, partially due to the resale of risky mortgages. The Thursday deal included an admission by Deutsche Bank that it was in a position to know about the regulation violations.
The government lawsuit argued that bad mortgages made by MortgageIT cost the Department of Housing and Urban Development some $386 million to cover insurance claims made by the Federal Housing Administration. The costs stem from some 1,400 housing loans made by MortgageIT that have defaulted. More may be on the way.
Deutsche Bank bought MortgageIT for $430 million in 2007, on the eve of the bursting of the US real estate bubble. The Department of Justice accused Deutsche Bank of knowing at the time of the risky and illegal practices engaged in by MortgageIT, practices which, US officials said, only became worse following Deutsche's takeover of the company. According to the Financial Times Deutschland, Ackermann once called the purchase of MortgageIT the "biggest mistake of my time as CEO."
Many of the same banks are currently under investigation for energy price manipulation as well:
Posted by suffragette | Sun Jul 8, 2012, 01:36 PM (0 replies)
"Most New Orleans schools are in ruins," Friedman observed, "as are the homes of the children who have attended them. The children are now scattered all over the country. This is a tragedy. It is also an opportunity."
That comes from the OP-ED he wrote for the WSJ just 3 months after Katrina. The full article is, of course, behind a pay wall.
Sourcewatch has a page on Friedman's voucher pushing foundation:
And his influence has been global and the destruction from that influence has been global as well.
Good article here on that:
I think it's no coincidence that the children are viewed as dollar figures through this lens (the number of vouchers the private schools will receive), then placed in settings that teach certain skills and behaviors (though these are not the skills the schools highlight).
There is teaching and learning going on there, including:
Adherence to fundamentalist thought that promulgates not questioning authority, being uncritical, and valuing doctrine, obedience and exclusivity.
Restriction or complete non-access to materials that would counter or call any of the above into question.
Conditioning to systems and environments that emulate corporate models (the isolated cubicles being a prime example of that)
Scary stuff altogether and the astounding ignorance of proponents such as the politician in your OP just makes it even scarier.
Posted by suffragette | Sat Jul 7, 2012, 12:20 PM (1 replies)
particularly the need to actually read and have the guidance of a competent teacher in analyzing primary sources such as the Constitution and historical writings such as those from people like Jefferson.
Instead, here's an example of what the children there will be subjected to:
The school willing to accept the most voucher students -- 314 -- is New Living Word in Ruston, which has a top-ranked basketball team but no library. Students spend most of the day watching TVs in bare-bones classrooms. Each lesson consists of an instructional DVD that intersperses Biblical verses with subjects such chemistry or composition.
The Upperroom Bible Church Academy in New Orleans, a bunker-like building with no windows or playground, also has plenty of slots open. It seeks to bring in 214 voucher students, worth up to $1.8 million in state funding.
At Eternity Christian Academy in Westlake, pastor-turned-principal Marie Carrier hopes to secure extra space to enroll 135 voucher students, though she now has room for just a few dozen. Her first- through eighth-grade students sit in cubicles for much of the day and move at their own pace through Christian workbooks, such as a beginning science text that explains "what God made" on each of the six days of creation. They are not exposed to the theory of evolution.
"We try to stay away from all those things that might confuse our children," Carrier said.
This continues the privatization of siphoning more money from public education which Naomi Klein described so well in The Shock Doctrine:
Friedman's radical idea was that instead of spending a portion of the billions of dollars in reconstruction money on rebuilding and improving New Orleans' existing public school system, the government should provide families with vouchers, which they could spend at private institutions.
In sharp contrast to the glacial pace with which the levees were repaired and the electricity grid brought back online, the auctioning-off of New Orleans' school system took place with military speed and precision. Within 19 months, with most of the city's poor residents still in exile, New Orleans' public school system had been almost completely replaced by privately run charter schools.
The Friedmanite American Enterprise Institute enthused that "Katrina accomplished in a day ... what Louisiana school reformers couldn't do after years of trying". Public school teachers, meanwhile, were calling Friedman's plan "an educational land grab". I call these orchestrated raids on the public sphere in the wake of catastrophic events, combined with the treatment of disasters as exciting market opportunities, "disaster capitalism".
Privatising the school system of a mid-size American city may seem a modest preoccupation for the man hailed as the most influential economist of the past half century. Yet his determination to exploit the crisis in New Orleans to advance a fundamentalist version of capitalism was also an oddly fitting farewell. For more than three decades, Friedman and his powerful followers had been perfecting this very strategy: waiting for a major crisis, then selling off pieces of the state to private players while citizens were still reeling from the shock.
Posted by suffragette | Fri Jul 6, 2012, 10:52 AM (1 replies)