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pan6467 11-09-2007 09:57 AM

Platforms you wish to hear
 
Ok, so we're less than a year away now from the election and months away from primaries. It got me to thinking, what platforms, what issues do you want to see addressed? In other words what would your perfect candidate run on?

Here's mine: My candidate would

- raise import tariffs lower income and domestic business taxes. I'm tired of paying my hard earned dollars while knowing that some guy in a foreign country is laughing at us as his goods get delivered with minimum import taxes. China and Japan get to bring their steel here dirt cheap, and yet our steel industry (that is dying) gets taxed here at home, then gets the Hell taxed out of it elsewhere. Free trade does not work one way, yet we keep doing it. It has to end, we are destroying ourselves by allowing minimum import tariffs and taxing the people and domestic businesses into oblivion. Enough is enough.

- close the borders, perhaps give an easier route to citizenship, but no more illegals. They committed a crime getting here and are a burden to the nation. NO MORE. The cost to taxpayers, jobs and crime rates are horrendous. We cannot support this any longer and the borders must be closed.

- give every LEGAL citizen $1Million dollars. Then completely get rid of welfare, social security, Medicaid and restructure Medicare so that retirees still have some insurance but it is based on income and a sliding scale. That Million is your retirement, investment in health care insurance, and life. What you do, how you spend it is up to you, but if you are 65 and it is gone, don't look to the taxpayers and government for support. If you choose to, the government can and will contract investment firms and invest the money for you so that you can't touch it until retirement or necessary (buying a house, etc.) Education is not a part of this, there is aid for furthering education available.

- Invest more into education, but colleges that raise tuitions more than 3% every 2 years and cannot show a true legitimate reason why, lose accredation and student aid no longer will be allowed at those schools. Colleges and Universities are there to teach and to help generations grow, not to be businesses and fleece the populations. They are a public service and their job is to keep the citizenry educated and competitive on an international level. They need to be kept affordable.

- End the war in Iraq, it's a money pit and hurting us in many ways. America does not need to be the policeman of the world. It is time to take care of our own and start a regrowth.

- End all financial aid to other countries. If Israel can't make it on their own, then all well. If a country needs humanitarian aid, that's what the UN is for.

- Invest in small new companies and growing bigger companies. Open up no interest to low interest loans to entrepreneurs and give them chances to grow by having a 5 year period of tax free growth.

- Work on eliminating the income tax and figure out a true system that will not penalize people for what they make but promote growth and economic stability so that we don't have the drastic economic swings we have been having.

- Regulate security. No open bids for out of country companies to watch our ports, airports, build our highways, etc. We are the UNITED STATES of AMERICA it is time we act like it and let our own work to protect and build our future.

- Strengthen the military by raising wages on the enlisted men, put money into research and development, only companies owned by Americans, with factories in the USA will be contracted to work.

- Rebuild the infrastructure, put the money into the cities and states (match funding) so that highways, water systems, dams, electric plants, etc can be rebuilt. Work on building more nuclear power plants, wind powered, hydro powered dams, etc.

- Invest in fuel research, offer the DOMESTIC car companies some serious R&D monies if they can produce cars that run on renewable fuels or hybrids that get massive MPGs.

Now, if only I can find a candidate that most closely resembles my wish platform, I would be a happy man.

Strange Famous 11-09-2007 11:08 AM

Im not American, but if I was....

The nationalisation - without ANY compensation - of all utility, energy and health care resources in the US.

In the current climate there is scope for private ownership of capital in many "markets", but the provision of health care, of electricity and water and fuel... it is vital that these are democratically controlled immediately.

It is critical also that compensation for the owners of these corporations is not even considered. The fat cats will be allowed to stay on as employee's of their former corporations and earn a salary of 40,000 a year... a very aedquate wage that they can more than easily live a comfortable life. This is the ONLY renumeration that can be considered.

samcol 11-09-2007 11:18 AM

Quote:

Ok, so we're less than a year away now from the election and months away from primaries. It got me to thinking, what platforms, what issues do you want to see addressed? In other words what would your perfect candidate run on?
I really like most of your ideas.

Quote:

- raise import tariffs lower income and domestic business taxes. I'm tired of paying my hard earned dollars while knowing that some guy in a foreign country is laughing at us as his goods get delivered with minimum import taxes. China and Japan get to bring their steel here dirt cheap, and yet our steel industry (that is dying) gets taxed here at home, then gets the Hell taxed out of it elsewhere. Free trade does not work one way, yet we keep doing it. It has to end, we are destroying ourselves by allowing minimum import tariffs and taxing the people and domestic businesses into oblivion. Enough is enough.
Totally agree, it's not fair that we have to compete with countries that don't have our enviornmental regulations and labor laws without a tarif to balance it out.

Quote:

- close the borders, perhaps give an easier route to citizenship, but no more illegals. They committed a crime getting here and are a burden to the nation. NO MORE. The cost to taxpayers, jobs and crime rates are horrendous. We cannot support this any longer and the borders must be closed.
No, arguments there.

Quote:

- give every LEGAL citizen $1Million dollars. Then completely get rid of welfare, social security, Medicaid and restructure Medicare so that retirees still have some insurance but it is based on income and a sliding scale. That Million is your retirement, investment in health care insurance, and life. What you do, how you spend it is up to you, but if you are 65 and it is gone, don't look to the taxpayers and government for support. If you choose to, the government can and will contract investment firms and invest the money for you so that you can't touch it until retirement or necessary (buying a house, etc.) Education is not a part of this, there is aid for furthering education available.
$1 million dollars to every citizen seemed crazy when I first read it, but after realizing that the budget is 2. something trillion, I think we could afford a couple hundred million. I'm all for phasing out social programs in some manner like this. Giving people back the money they put in while allowing people like me to get out of these programs when we have no hope in seeing a return on our investment.

Quote:

- Invest more into education, but colleges that raise tuitions more than 3% every 2 years and cannot show a true legitimate reason why, lose accredation and student aid no longer will be allowed at those schools. Colleges and Universities are there to teach and to help generations grow, not to be businesses and fleece the populations. They are a public service and their job is to keep the citizenry educated and competitive on an international level. They need to be kept affordable.
Disagree somewhat here. I feel education isn't a federal issue and should be run as a business.

Quote:

- End the war in Iraq, it's a money pit and hurting us in many ways. America does not need to be the policeman of the world. It is time to take care of our own and start a regrowth.
Definetly.

-
Quote:

End all financial aid to other countries. If Israel can't make it on their own, then all well. If a country needs humanitarian aid, that's what the UN is for.
Agreed, its unconstitutional and we could use the money here anyway.

Quote:

- Work on eliminating the income tax and figure out a true system that will not penalize people for what they make but promote growth and economic stability so that we don't have the drastic economic swings we have been having.
Agreed.

Quote:

- Regulate security. No open bids for out of country companies to watch our ports, airports, build our highways, etc. We are the UNITED STATES of AMERICA it is time we act like it and let our own work to protect and build our future.
Yes, outsourcing security is treasonous.

Quote:

- Strengthen the military by raising wages on the enlisted men, put money into research and development, only companies owned by Americans, with factories in the USA will be contracted to work.
Agreed.

Only thing I'd really like to see in addition is the elimination of the Federal Reserve. It takes away buying power from the lower/middle classes and hands it to the upper 1% through fractional reserve banking.

Honestly, this platform is very Ron Paulish with a few differences.

rlbond86 11-09-2007 11:47 AM

Quote:

Originally Posted by pan6467
- give every LEGAL citizen $1Million dollars. Then completely get rid of welfare, social security, Medicaid and restructure Medicare so that retirees still have some insurance but it is based on income and a sliding scale. That Million is your retirement, investment in health care insurance, and life. What you do, how you spend it is up to you, but if you are 65 and it is gone, don't look to the taxpayers and government for support. If you choose to, the government can and will contract investment firms and invest the money for you so that you can't touch it until retirement or necessary (buying a house, etc.) Education is not a part of this, there is aid for furthering education available.

Because that wouldn't wreak havoc on the economy. If everyone has money, nobody has money.

Willravel 11-09-2007 12:01 PM

Members of the previous administration will be prosecuted to the fullest extent of the law.

All foreign military bases, that is US military bases on non-US soil, will be closed, given to the country where they are located, and American soldiers will all come to serve on military bases in the US.

Full independence for the territories of Guam, the United States Virgin Islands, and American Samoa, and the Commonwealths of Puerto Rico and the Northern Mariana Islands. We will also support their entrance into the UN and forgive any debts.

Amnesty for all undocumented workers and a clear and straightforward naturalization process.

Disbanding of NAFTA.

Strong Middleclass support.

Incentives to private companies who are successfully testing and creating alternative energies.

Ending poverty.

Leave the WTO.

kutulu 11-09-2007 12:15 PM

Quote:

Originally Posted by samcol
$1 million dollars to every citizen seemed crazy when I first read it, but after realizing that the budget is 2. something trillion, I think we could afford a couple hundred million. I'm all for phasing out social programs in some manner like this. Giving people back the money they put in while allowing people like me to get out of these programs when we have no hope in seeing a return on our investment.

Recheck the math, that would be over $400 trillion.

samcol 11-09-2007 12:23 PM

Quote:

Originally Posted by kutulu
Recheck the math, that would be over $400 trillion.

Wow, I guess I need more sleep haha.

Ustwo 11-09-2007 12:51 PM

Quote:

Originally Posted by pan6467
- give every LEGAL citizen $1Million dollars. Then completely get rid of welfare, social security, Medicaid and restructure Medicare so that retirees still have some insurance but it is based on income and a sliding scale. That Million is your retirement, investment in health care insurance, and life. What you do, how you spend it is up to you, but if you are 65 and it is gone, don't look to the taxpayers and government for support. If you choose to, the government can and will contract investment firms and invest the money for you so that you can't touch it until retirement or necessary (buying a house, etc.) Education is not a part of this, there is aid for furthering education available.

Quote:

Originally Posted by Strange Famous
It is critical also that compensation for the owners of these corporations is not even considered. The fat cats will be allowed to stay on as employee's of their former corporations and earn a salary of 40,000 a year... a very aedquate wage that they can more than easily live a comfortable life. This is the ONLY renumeration that can be considered.

http://will.incorrige.us/facepalm/picard.jpeg

Willravel 11-09-2007 12:58 PM

Why Picard?

BTW, $1m x 300m = $300,000,000,000,000. That's $300 trillion. The current tally of the Iraq war is about $467,191,300,000.

Strange Famous 11-09-2007 01:24 PM

Pan46..'s manifesto is a call to cast aside the vulnerable... a call to cull the least protected member's of society in a frenzy of "law of the jungle"... I hope all decently thinking people would reject such idea's on instinct.

Of those who speak for the progression of humanity... we do not talk of ways to translate the law of jungle into human life again in an especially clean way... we do not speak of closed borders and wars over oil and divisions based on the shade of skin of accent of speaking of a person.

We socialists speak of real action towards human brotherhood. We do not speak of the doomed capitalistic system, we speak of the world after the impending collapse. We speak of a world in which humanity is not laid helpless to prevent itself from placing 1/5 of the population of the world underwater.

Let us be clear... we examine the current method of distribution of wealth. We see clearly a world in which more than 20 million a people a year die of not having enough to eat, while the America's and Euope is filled with people who die of , physically, eating too much. We call this method of distribution pathetic and seek to work to one which is based on human need rather than one based upon the capacity to grab what you can, whatever the cost.

Let those who have the stomach to do so defend Dafur, defend the North Korean famines, defend Iraq... I call for a political power who will not accept such things.

You may talk all you like about voting for this or that capitalist,,, the current arrangemet WILL fail.

Let Ustwo call for the law of the jungle and the triumph of the strong and the protection of their right to trample the vulnerable. Let him rejoice as his society poisons this earth through sheer helplessness to stop because the profit mechanism demands to whatever accumulates the most capitals. Perhaps he does not care becauce he does not anticipate having children who will pay for his actions, or perhaps doesnt care for them if they do.

Let all decent minded people reject this.

sprocket 11-09-2007 01:31 PM

Quote:

Originally Posted by Strange Famous
Im not American, but if I was....

The nationalisation - without ANY compensation - of all utility, energy and health care resources in the US.

In the current climate there is scope for private ownership of capital in many "markets", but the provision of health care, of electricity and water and fuel... it is vital that these are democratically controlled immediately.

It is critical also that compensation for the owners of these corporations is not even considered. The fat cats will be allowed to stay on as employee's of their former corporations and earn a salary of 40,000 a year... a very aedquate wage that they can more than easily live a comfortable life. This is the ONLY renumeration that can be considered.

40k a year is hardly a salary that provides a comfortable living, just about anywhere in the US.

ubertuber 11-09-2007 01:33 PM

Quote:

Originally Posted by willravel
Why Picard?

BTW, $1m x 300m = $300,000,000,000,000. That's $300 trillion. The current tally of the Iraq war is about $467,191,300,000.

So in other words, not even close. We could devote the entire GDP for the next 23 years to giving this year's taxpayers a million dollars.

That seems unlikely to happen.

Strange Famous 11-09-2007 01:34 PM

really?

so people who work for Wallmart earn much more than 40K do they?

No? Well, I wonder they live....

Willravel 11-09-2007 01:53 PM

Quote:

Originally Posted by ubertuber
So in other words, not even close. We could devote the entire GDP for the next 23 years to giving this year's taxpayers a million dollars.

That seems unlikely to happen.

Precisely. $1m per person isn't a logistically feasible amount. Not even $100k per ($30t) is feasible.

We should concentrate on brining unnecessary costs (wars) down and stabilizing the budget so that the government can save up to pay back what we owe and spend money with a more stable budget on programs that are ultimately beneficial and necessary to all Americans. Was that a run on sentence?

Quote:

Originally Posted by Strange Famous
really?

so people who work for Wallmart earn much more than 40K do they?

No? Well, I wonder they live....

They are living in poverty, usually.

Strange Famous 11-09-2007 02:00 PM

then the owners of the corporations may live lives with 60% more pay than the average minimum wage worker.

Since they have campaigned very hard to keep the minimum wage at an "appropriate" level, we should assume they will be very happy with such a salary, yes?

ubertuber 11-09-2007 02:01 PM

Quote:

Originally Posted by willravel
Precisely. $1m per person isn't a logistically feasible amount. Not even $100k per ($30t) is feasible.

We should concentrate on brining unnecessary costs (wars) down and stabilizing the budget so that the government can save up to pay back what we owe and spend money with a more stable budget on programs that are ultimately beneficial and necessary to all Americans. Was that a run on sentence?


They are living in poverty, usually.

I think we agree there. :thumbsup:

They live in poverty, they have multiple jobs, or multiple incomes within one house Strange_Famous.

Ustwo 11-09-2007 02:05 PM

I think the amusing thing is I pay members of my staff more than SF thinks the top people should be getting.

I think we should subtitle this thread 'numbers pulled out of my ass because they sounded good to my political point of view.'

As someone who has recently just sold his soul into a loan for a new office, and still feel pretty shaky about the whole thing, I wonder what makes some of you think you are even remotely qualified for deciding possible fiscal policy.

Strange Famous 11-09-2007 02:13 PM

listen to yourself Ustwo

"you have sold your soul"

"this makes you more qualified than other people here to talk about fiscal policy"

I could post as much political talk as I could summon, and I couldnt say a worse thing about you than you just said about yourself.

____

For those who want to sell their souls, by all means... follow what he says.

dksuddeth 11-09-2007 02:44 PM

If you think 40k a year provides a comfortable life, you're totally out of whack with reality. I make more than that and am living paycheck to paycheck.

The platforms I'm interested in are

1) A government that works within the framework of the constitutional powers they've been assigned....and no more than that.

2) Supreme court justices who will actually rule according to the constitutional text instead of stretching interpretations to suit political needs or emotional feely wants.

3) reducing the size of the government beauracracy, i.e. removing or limiting powers of the ATF, IRS, DEA, DOJ, HUD, DOE, and every other alphabet agency that doesn't have a constitutional exercise to exist.

4) actually using the veto powers assigned to a president to invalidate crap amendments like 'bridge to nowhere', etc.

5) invalidating unconstitutional gun laws currently on the books and not allowing any more of them to exist.

6) cut the spending budget by half, remove the federal deficit, cut taxes by the %age equal to all cuts, allowing people to keep their money, and enforce equal protection of the laws for corporation and citizen alike.

Strange Famous 11-09-2007 02:58 PM

40 K is well in extension of the minimum wage

Therefore it is a MORE than apporpriate award for the capitalsts who's assets will be stripped.

They are welcome to go to the "open" market if they think they can earn a better wage somewhere else.

Ustwo 11-09-2007 03:54 PM

Quote:

Originally Posted by Strange Famous
listen to yourself Ustwo

"you have sold your soul"

"this makes you more qualified than other people here to talk about fiscal policy"

I could post as much political talk as I could summon, and I couldnt say a worse thing about you than you just said about yourself.

____

For those who want to sell their souls, by all means... follow what he says.



Quote:

Originally Posted by Ustwo

Only thing I have to say, really.

dksuddeth 11-09-2007 04:07 PM

Quote:

Originally Posted by Strange Famous
40 K is well in extension of the minimum wage

Therefore it is a MORE than apporpriate award for the capitalsts who's assets will be stripped.

They are welcome to go to the "open" market if they think they can earn a better wage somewhere else.

then start showing numbers of how many people make above minimum wage, then how many of those live comfortably.

I'm telling you right now, from hard life experience, that if you think 40k a year is making a living, you are out of touch with reality.

Quote:

Originally Posted by Ustwo
Only thing I have to say, really.

goes along with other pictures like this that caption 'oh jeez, not this shit again.'

Willravel 11-09-2007 04:15 PM

I interpreted it as "Why the fuck don't Ursa and B'Etor wear fucking bras? No one wants to see that shit..."

rlbond86 11-09-2007 04:26 PM

Quote:

Originally Posted by Strange Famous
40 K is well in extension of the minimum wage

Therefore it is a MORE than apporpriate award for the capitalsts who's assets will be stripped.

They are welcome to go to the "open" market if they think they can earn a better wage somewhere else.

Dude, it doesn't work that way. 40,000 is shit. I'm not going through 4 hard years in a college of engineering and 3 years of grad school to earn a paltry 40,000 a year. Your reasoning is flawed; your logic weak. Nobody *wants* to have that kind of life. That's why it's the MINIMUM.

Ustwo 11-09-2007 06:08 PM

I think the 40k thing is clouding the real issue.

We know SF is just pulling numbers out of his ass here, so they really aren't even worth discussing.

The real issue is why would I bust my ass for 10 extra years in school like I did to make 40k at the end of that raman noodle eating rainbow?

Some of the deeply infected socialists seem to think that good people will continue to do good work and make the required sacrifices to do so even if they are getting paid shit for said work. These people are of course delusional, and it shows just why socialism can't work on this level as well as capitalism. What happens is people like me decide its not worth busting their ass for a decade for no gain and work no harder than the wallmart greeter.

I didn't bust my ass, put off having a family, and take myself out of the social scene for years just for you.

Baraka_Guru 11-09-2007 07:16 PM

$40,000 does sound like an arbitrary figure. It sounds like the owners will not only lose ownership, but will also be handed a starting salary (for a manager of a utility/health care company) despite being amongst the most experienced in the industry. Why is that? Would they be shifted into the mail room or something?

ngdawg 11-09-2007 07:51 PM

To get back on track, my candidate would:
Dismantle the DEA and regulate "illegal" drugs, decriminalize pot at the very least. ( I am still of the thought that if weed were a product like booze, the country would never be in a deficit again, regardless of leadership)
Allow gay marriage-why should just heteros be miserable but with great tax breaks?
Close the borders. What part of "illegal immigrant" is so difficult to understand?
Dismantle NAFTA. Instead of rewarding corporations for moving offshore, reward them for staying put or penalize them for taking their operations elsewhere. "Oh, you're moving to Costa Rica and laying off 3,000 Americans? That'll be 4.5 million restitution tax, please."
We could get a vast majority of those on welfare off the dole if some daycare was provided. Workfare isn't working because of that, in part. If you have 200 moms on welfare, take 100, train'em in childcare, then put them into the daycares as workers, get the others at least ground level employment.
Incentives for urban renewal. Stop building on pristine land and get the builders and landowners to invest in our cities.
Promote and give incentives for alternative energy sources. Landfills produce methane, yet it's just burned off instead of recycled, for instance. And do you really need that Ford Excursion to drive around your two kids? If so, it'll cost ya an energy consumption surcharge.
There has to be some sort of regulations with this gas pricing. Here in NJ, we have major refineries owned by local gasoline corporations, yet they're charging the same as say, Exxon. Why? Speculation coupled with greed. Gas wars wouldn't be a bad idea right now.
Treat our veterans better. Period. 44% of homeless men are vets. That's disgusting.

Strange Famous 11-10-2007 01:32 AM

the previous owners will not be expected to be on the premises.

40 K a year is the only compensation that will be considered when the loot and assets which they have taken from working people is repatriated.

If they insist on working, and the new democratic structure of the company gives them permission, i would suggest toilet cleaner would be an appropriate role. Once they find other employment, at whatever rate they can get it, the 40K will no longer be paid.

This is a compassionate policy. We certainly wish for ownership of these entities to be transfered to the public immediately... but we do not propose for the former fat cats to starve.

I will also propose, although it really goes without saying, a 100% tax rate on any salary of over $500,000 a year. It is unacceptable in a civilised society for the richest people to earn more than 10 times than the minimum wage. Certainy different jobs will pay different rates - depending on skill, experience, value added, and the violence of the invisible hands - in the existing form of society anyway. But let us be realistic and set the scope, the range of salaries, at a level that is not obscene.

Baraka_Guru 11-10-2007 08:04 AM

Quote:

Originally Posted by Strange Famous
If they insist on working, and the new democratic structure of the company gives them permission, i would suggest toilet cleaner would be an appropriate role.

I'm sorry, did you say democratic structure of fascist structure? :confused:

Strange Famous 11-10-2007 08:27 AM

The public ownership of key utilities and the public provision of health care is hardly fascism, it is normal in most of the industrialised world.

Baraka_Guru 11-10-2007 09:34 AM

Yes, I know. I was referring to your specific action, not the idea of public ownership. You would suggest that someone with the skills, talent, experience, and desire to head a utility/health care company should be a toilet cleaner? That doesn't sound democratic; it sounds authoritarian. Why don't we just execute them instead?

/hyperbole

Strange Famous 11-10-2007 10:01 AM

It is our opinion that an individual who is skilled in the accumulation of capital in the face of and in oppositition to every human and social consideration will be found lacking in the necessary skills to run a corporation which is based on achieving public good, bot ammassing capital and profit.

By no means to I especially want the biggest capitalists to clean toilets... I said if they insisted on working in their former organisation then this is appropriate.

When someone leads a private company we must understand that the wealth they have ammassed is directly the result of the exploitation of their workers and of society. To allow them to maintain any kind of power within the democraticised corporation would undermine it.

These capitalist fat cats have exploited sometimes millions and billions of dollars by exploiting the working class, pillaging the environment and ripping off the consumers.. We do not propose ANY punishment for this. We even allow a VERY COMFORTABLE living wage to be paid to these individuals after we have returned all assets of the business and their person to the public, where ownership rightly belongs.

host 11-10-2007 10:40 AM

Quote:

Originally Posted by Baraka_Guru
Yes, I know. I was referring to your specific action, not the idea of public ownership. You would suggest that someone with the skills, talent, experience, and desire to head a utility/health care company should be a toilet cleaner? That doesn't sound democratic; it sounds authoritarian. Why don't we just execute them instead?

/hyperbole

I think that the "specific action", is the opposite of "fascism", or corporatism. Corporatism is "fascism lite", the government taking direction from, and acts in unison with, at the expense of the best interests of nearly everyone else.

We've experienced, in less than the last 60 days, the spectacle of the largest US Bank, Citigroup, the largest financial brokerage, Merrill, and the largest industrial corporation, GM, all experience significant up moves in the prices of their common stock, on public assurances of their CEOs or CFOs, that "the worst is over". The stocks have all declined at least 25 percent in price, since, rocking the markets. Government regulators have done nothing in response, even though the false pronouncements of these giants greatly influenced the broader move up to new October 9 record highs on both the Dow 30 and S&P 500 stock indexes. Blatant manipulative, criminal fraud, and no federal regulators have announced objection or an inquiry.

This is the same stock market that president Bush attempted to feed the public's social security assets to, in the name of "privatization". Since the financially secure retirement of so many hinges on the soundness of the stock market, would not "toilet cleaning" be a generous punishment for the thugs of the top executives of the following corporations?

IMO, this is an episode more reminiscent of fascism. Nationalization of utilities and health care sectors is associated with socialists. My ideal platform would include an SEC investigating and regulating in a pro-public, instead of in the present, pro-business manner....

My example of deception began with the false assurances of a major, but lesser investment bank on September 19:
Quote:

http://www.nytimes.com/2007/09/19/business/19wall.html
By JENNY ANDERSON
Published: September 19, 2007

..Lehman is the No. 1 underwriter of mortgage-backed bonds, or bonds backed by pools of mortgages.

Third-quarter profit fell 3 percent, to $887 million, or $1.54 a share, from $916 million, or $1.57 a year ago. It declined 30 percent from a strong second quarter...

.... “It’s not smooth sailing,” Lehman’s chief financial officer, Christopher O’Meara, said, <h3>“but the worst of this credit correction is behind us.”</h3>

Mr. O’Meara expected merger and acquisition volumes would end the year up 15 to 20 percent.

Lehman’s shares closed up $5.87 to $64.49, on a day the overall market rose 2.5 percent after the Federal Reserve cut the federal funds rate....


Quote:

http://www.nytimes.com/2007/10/01/bu...0A&oref=slogin
Citigroup Warns of 60% Earnings Drop in Third Quarter

By ERIC DASH and JULIA WERDIGIER
Published: October 1, 2007

...Citigroup said it expects its third-quarter net income to fall to $2.2 billion from $5.51 billion in the period a year earlier as it books losses on loans related to leveraged buyouts, weak fixed-income trading results and the deterioration of complex mortgage-backed securities that contained bad subprime loans. It also said its consumer business would be hurt by higher credit costs.

“Our expected third-quarter results are a clear disappointment,” Charles Prince, the chief executive of Citigroup, said in a statement. “The decline in income was driven primarily by weak performance in fixed-income credit market activities, write-downs in leveraged loan commitments, and increases in consumer credit costs.”

<h3>“We expect to return to a normal earnings environment in the fourth quarter,” Mr. Prince added.</h3>

Mr. Prince faces mounting pressure from investors because of Citigroup’s sluggish stock price. Today’s announcement, in fact, comes four years since Mr. Prince took over as chief executive from Sanford I. Weill. Its stock price was in the $47 to $49 range in October 2003. This morning, it slumped at the opening bell before staging a rally as investors were cheered that the company was putting the worst of the subprime and credit crisis behind it. Its shares closed up more than 2 percent, at $47.72....

http://www.nytimes.com/2007/11/05/bu...5citi-web.html
November 5, 2007
Citigroup Names Rubin as Chairman and Plans More Write-Downs
By ERIC DASH

The board of Citigroup today accepted the resignation of its embattled chairman and chief executive, Charles O. Prince III, and appointed Robert E. Rubin, the former Treasury secretary, as its chairman, according to a person briefed on the situation.

At an emergency meeting held today at the bank’s Park Avenue headquarters, the board also appointed the chairman of its European operation, Winfried Bischoff, as its acting chief executive, this person said.

<h3>Citigroup will also announce tomorrow that it will take another $8 billion to $11 billion in write-downs, this person said.</h3> That would be in addition to the $5.9 billion that it wrote down in early October, when it reported third-quarter results.....

Quote:

http://biz.yahoo.com/ap/071006/merri...nce.html?.v=64
Merrill Lynch to Post 3Q Loss
Saturday October 6, 6:48 am ET
By Stephen Bernard, AP Business Writer
Merrill Lynch to Post 3Q Loss Up to 50 Cents Per Share After Taking $5 Billion in Writedowns

NEW YORK (AP) -- Investment bank Merrill Lynch & Co. said Friday credit and mortgage woes will lead it to post a third-quarter loss, as it takes almost $5 billion in writedowns in the wake of a credit crunch that paralyzed Wall Street this summer.....

....Despite the third-quarter declines, <h3>Merrill Lynch's chairman and chief executive, Stan O'Neal, said in a statement market conditions have shown improvement and are returning to more normal levels.</h3>

Shares of Merrill Lynch rose $1.89, or 2.53 percent, to close at $76.67 Friday. In general, shares of financial institutions have risen recently after warning of substantial losses, as investors take the caution to mean the worst of the credit crisis is over.....

http://biz.yahoo.com/rb/071102/merrilllynch.html?.v=2
Merrill's credibility and stock take hit
Friday November 2, 6:10 pm ET
By Tim McLaughlin

NEW YORK (Reuters) - Merrill Lynch & Co Inc.'s credibility and stock took a big hit on Friday after reports said the biggest brokerage sought to delay billions of dollars of losses on troubled assets by moving them to hedge funds.

Renewed worries about U.S. banks' exposure to subprime mortgage-related assets punished financial stocks across the board on Friday.

Merrill, which does not have a chief executive after the departure of Stan O'Neal earlier this week, led the declines, which knocked about $4.3 billion off its market capitalization.

Merrill had its biggest drop in 18 years, falling as much as 12 pct Friday morning, before the company said that it was not aware of any inappropriate transactions. Merrill's stock closed down 7.9 pct, or $4.91, to $57.28.

Its shares have lost 38.5 percent so far this year, shaving more than $35 billion off its market cap.

"We have increasingly lost confidence in the financials of Merrill, especially after the sudden increase in (collateralized debt obligation) write-downs," Deutsche Bank analyst Mike Mayo said in a note issued on Friday. He cut his rating on Merrill shares to "buy" and said the company might need to find a partner to restore credibility and financial strength.

In the fourth quarter alone, large U.S. banks and brokerages could suffer additional write-downs of more than $10 billion as deteriorating credit trends continue to undercut the value of subprime mortgages and related securities, Mayo said.

The spreads, or the yield premium over U.S. Treasuries investors demand to hold Merrill bonds, widened on Friday. Merrill credit is now trading as low as junk.

Merrill has been in turmoil after an $8.4 billion write-down in the third quarter caused a $2.3 billion loss, the biggest in the company's history. <h3>Analysts expect additional write-downs on collateralized debt obligations, with estimates of $5 billion to $10 billion.</h3>

ANALYSTS PUZZLED

Already, the company faces a shareholder lawsuit seeking class-action status over the write-downs and legal experts say more could be on the way.

Write-downs at Citigroup (NYSE:C - News), the No. 1 U.S. bank, could be $4 billion in the fourth quarter, Mayo said. Citigroup shares fell 2 percent, Bear Stearns Cos Inc (NYSE:BSC - News) shares lost 5.4 percent, Goldman Sachs Group Inc (NYSE:GS - News) fell 4.4 percent and Morgan Stanley's (NYSE:MS - News) shed 5.8 percent.

Meanwhile, analysts are puzzled how Merrill reduced its net exposure to $15 billion from the $32 billion disclosed in its third quarter report, with only $6 billion in write-downs.

Mayo said that leaves the question of how Merrill reduced the other $11 billion.

Janet Tavakoli, a structured finance analyst, said in a note last week that <h3>Merrill had asked hedge funds to take its troubled assets for a year in an off-balance sheet credit facility. The effect of such a deal would reduce Merrill exposure to CDOs, but only temporarily.</h3>

"One fund claimed that Merrill was offering a floor return (set buy-back price), so this risk would return to Merrill," Tavakoli said in her note. "That would explain the magnitude of the exposure disappearance, but only if Merrill was able to find counterparties."

In July, as turmoil ripped through the global credit markets, analysts and investors began pressing Merrill for more detail about its CDO exposure. Merrill's point-man for those questions has been Chief Financial Officer Jeff Edwards.....
Quote:

http://www.pbs.org/nbr/site/onair/gharib/070314_gharib/
One on One with GM, CFO Fritz Henderson
Wednesday, March 14, 2007
Susie Gharib, NBR Anchor/Senior Strategic Advisor

SUSIE GHARIB: Earlier today, I talked with GM's chief financial officer, Fritz Henderson, and <h3>asked him if the worst is over for the auto maker.

FRITZ HENDERSON, CFO, GENERAL MOTORS: It's impossible to predict the future with certainty, obviously, but I would say yes.</h3> You know, certainly if you look at what was done in terms of reducing our costs in '06, that put us in a much better position to be able to weather storms to the extent that we face them in the market because you do face them in the market from time to time. But we lowered our risk. We lowered our cost, improved our liquidity, improved our product line, and we have done the sort of things that I think do make us confident that we have a good future and that we put the worst behind us.

GHARIB: Mr. Henderson, as you reported today, earnings were impacted by losses related to the sub-prime mortgages. To what extent will these sub-prime loans be a factor for 2007 earnings?

HENDERSON: We do think that it will be a constraining factor on the profitability of the GMAC level in '07, but we're committed to working for example with our partner, the consortium led by Cerberus to do what's necessary to take the actions in the business to repair it and to build a profitable future for (INAUDIBLE) and for GMAC.....

http://online.barrons.com/article/SB...rrons&ru=yahoo
GM May Have a Smoother Ride

General Motors (GM: NYSE)
By Banc of America Securities ($37.05, Oct. 3, 2007)

WE ARE UPGRADING GM TO Neutral from Sell to reflect the better-than-expected labor agreement the company reached with United Auto Workers Union (UAW).

While we expect GM's fundamentals to turn for the worse with a decline in their new product pipeline, the elimination of the UAW health-care liability at a better-than-expected 25% discount (including the higher pension liability) results in a higher valuation for GM stock.

We are raising our earnings-per-share estimates for 2008-2009 to $2.60 and $2.90, from $2.35 and $2.60, respectively. Our target goes to $37 from $25 and is driven by $6 in lower liability, $5 in a higher valuation multiple and $1 in higher earnings....

http://online.wsj.com/article/SB1192...oo_hs&ru=yahoo
Huge Loss, Bleak Outlook
Stand in Stark Contrast
To Toyota's Rising Fortunes
By JOHN D. STOLL and ANDREW MORSE
November 8, 2007; Page A4

<h3>General Motors Corp.'s $38.96 billion third-quarter net loss underscores a tough reality for the auto maker: Despite two years of restructuring, it can't seem to keep its turnaround on track.

What's more, the Detroit auto maker is giving little indication its performance will improve in the near term.</h3>

GM's massive loss stands in stark contrast to the performance of Toyota Motor Corp., which is threatening to supplant GM as the world's largest auto maker by vehicle sales. For the quarter ended Sept. 30, the Japan-based auto maker reported an 11% rise in net profit to 450.9 billion yen, or $3.93 billion, its second-largest quarterly profit ever. It was helped by a doubling of operating profits in Asian markets outside of Japan and a jump in European sales, suggesting the company will be able to weather downturns in its key markets of Japan and the U.S.

The vast majority of GM's loss, which came to $68.85 a share, stemmed from a $38.6 billion charge related to the write-down of tax credits and doesn't affect its cash position. But even before the write-down, GM would have reported a substantial loss, the company said. It also reported a $3.5 billion gain from the sale of assets. The loss ranks as one of the largest quarterly losses for a public U.S. company, according to Standard & Poor's....

If you've read the preceding excerpts, <h3>the following opinion almost seems muted:</h3>
Quote:

Originally Posted by Strange Famous

....When someone leads a private company we must understand that the wealth they have ammassed is directly the result of the exploitation of their workers and of society. To allow them to maintain any kind of power within the democraticised corporation would undermine it.

These capitalist fat cats have exploited sometimes millions and billions of dollars by exploiting the working class, pillaging the environment and ripping off the consumers..

We also witness the spectacle of the US president urging congress to pass retroactive immunity to insulate the largest US telecom firms from potential damages of civil litigation after they secretly and unlawfully agreed to provide government intelligence agencies with the details of private domestic telephone, internet, and email communications, without requiring lawful search warrants from the agencies:
http://thehill.com/leading-the-news/...007-11-08.html

MSD 11-11-2007 02:43 PM

My candidates would support:

-Preservation of the constitution, with executive orders immediately overriding laws in blatant violation, and referral of any questionable laws to the appropriate courts. The job of the government should be to protect its people, not to oppress them.

-A constitutional amendment explicitly separating church and state and preserving individual religious freedom. If prayer occurs in public schools, it should happen privately, and if accommodations need to be made to allow people to pray in private, then it is reasonable to expect those accommodations to be made. Any religious display placed on public land should be funded, maintained, and monitored by private citizens who are given equal opportunity and space to do so, and should be restricted to holiday times when such displays are expected. If a public employee wants a religious symbol in their own private office or desk space, that's fine, but the ten commandments on the courthouse steps isn't. Public funding of religious programs must end.

-A flat rate income tax at a rate (I'm thinking somewhere in the 40% range would be sustainable) will be levied on all income above $25,000 per person per household (dependents can either claim this deduction for themselves or allow a parent to claim it.) Businesses will not be treated as individuals under tax, criminal, or civil law, and therefore the only tax on these businesses will be sales tax on what is purchased. This will free small businesses from the tax burden on money reinvested into the business that can crush them, and large businesses will no longer be able to hide their assets in tax shelters. Personal expense accounts will be taxed as income with no applicable deductions, and the tax on those account will be paid by the business, not the individual.

-Property tax will be outlawed at all levels by federal law. Local governments will be retained as suppliers of last resort for utilities and services and will charge for infrastructure. When functioning as a supplier, they will bill only for service delivered and may not markup the cost of service. State income tax will pay for public schools and parents should have the option of sending their children to charter schools if public school performance is not up to state standards. Schools that consistently fail need to be examined for causes of failure and those causes addressed.

-Welfare as we know it is out. People who are unable to provide for themselves should be guaranteed a minimum standard of living, people who need education should be minimally provided for while seeking that education, and people who need a bit of help to get back on their feet should be given a bit of assistance. People who are able to work or go to school but don't shouldn't get anything from public funds.

-Drug laws and the drug war hurt people. Rehabilitation should be out there for people who have problems. People who are receiving public assistance should be expected to refrain from buying drugs including tobacco and alcohol.

-Giving foreign aid is harmful to the United States and foreign intervention is contrary to national sovereignty except in extreme cases. The UN should be responsible for these functions, but also must be brought into the present; the cold war is over. We can be the driving force behind the needed changes.

-Those who damage the environment should pay for all cleanup and restoration. EPA-sanctioned limits on polluting need to end and fees for emissions need to be implemented and grow exponentially above a certain limit. Carbon offsets are part of the solution, but not the whole solution. Making it prohibitively expensive to pollute and making environmentally friendly technology profitable will drive innovation.

-Eminent Domain used for private development is government-sanctioned armed robbery. When used for the true public good, there should be no problem paying property owners no less than double fair market value for their property in order to discourage abuse and compensate them for the inconvenience.

-Gun control beyond basic measures to ensure that those who are a risk to other s do not obtain weapons is abusive and violates the human right to defend the self and others. It is a right that may only be deprived through due process, and only for the good of the public. The right to own guns should not be granted out of need, only prohibited when there is an overwhelming need to do so.

-Immigration is what mad this country great and it should be simple for those who are not wanted criminals or terrorists to enter the country legally and be able to work. Anyone who graduates from an accredited post-secondary school should be granted citizenship.

I'm sure I'll think of more, but that's enough for now.

Quote:

Originally Posted by Strange Famous
It is our opinion that an individual who is skilled in the accumulation of capital in the face of and in oppositition to every human and social consideration will be found lacking in the necessary skills to run a corporation which is based on achieving public good, bot ammassing capital and profit.

By no means to I especially want the biggest capitalists to clean toilets... I said if they insisted on working in their former organisation then this is appropriate.

When someone leads a private company we must understand that the wealth they have ammassed is directly the result of the exploitation of their workers and of society. To allow them to maintain any kind of power within the democraticised corporation would undermine it.

These capitalist fat cats have exploited sometimes millions and billions of dollars by exploiting the working class, pillaging the environment and ripping off the consumers.. We do not propose ANY punishment for this. We even allow a VERY COMFORTABLE living wage to be paid to these individuals after we have returned all assets of the business and their person to the public, where ownership rightly belongs.

How about a system in which the workers are partial owners of any company they work for. If the company profits, they profit. If the company does not profit, they do not. It's an incentive for everyone to work hard and do their best, and rewards people in a way directly proportional to their contribution. It seems fair to me.

Strange Famous 11-20-2007 02:41 PM

Quote:

Originally Posted by MrSelfDestruct
How about a system in which the workers are partial owners of any company they work for. If the company profits, they profit. If the company does not profit, they do not. It's an incentive for everyone to work hard and do their best, and rewards people in a way directly proportional to their contribution. It seems fair to me.

I'd call that a good start.

MSD 11-20-2007 09:16 PM

Quote:

Originally Posted by Strange Famous
I'd call that a good start.

If that's just a good start, then what would be the ideal end that's fair for everyone? I think that the heads of a company (who would ideally be elected by the workers/owners) should be compensated more heavily for positive decisions and penalized more heavily than negative ones than the average worker because of the higher risk associated with decision making in their position. I'm not sure that you'd agree with that.


And to expand on my view of welfare, I think that the only way we can realistically break out of the ghetto and slum poverty cycle is to offer free public education to those who cannot afford it. A GED is a basic need in the modern economy, and providing community college or vocational school tuition will allow people to achieve their potential. I see it as a different facet of supply-side economics, the proverbial teaching a man to fish instead of giving him fish.

samcol 11-20-2007 09:47 PM

Quote:

Originally Posted by MrSelfDestruct
If that's just a good start, then what would be the ideal end that's fair for everyone? I think that the heads of a company (who would ideally be elected by the workers/owners) should be compensated more heavily for positive decisions and penalized more heavily than negative ones than the average worker because of the higher risk associated with decision making in their position. I'm not sure that you'd agree with that.

Elected company heads? It would be awesome to see someone elected head of our family company after running it for 12 years. I'm sure they could handle the responsibility even though they don't take care of their families or keep their court costs paid. The heads of a company already get compensated or punished based on their decisions, it's called the free market. Under your plan our company would be gone in less than a month and dozens of employees would be out of work as well.

MSD 11-22-2007 10:38 PM

Quote:

Originally Posted by samcol
Elected company heads? It would be awesome to see someone elected head of our family company after running it for 12 years. I'm sure they could handle the responsibility even though they don't take care of their families or keep their court costs paid. The heads of a company already get compensated or punished based on their decisions, it's called the free market. Under your plan our company would be gone in less than a month and dozens of employees would be out of work as well.

Family businesses and massive corporations are different things. In an environment where thousands or tens of thousands of people can be fucked over by a bad decision at the top, accountability to the stockholders of the company is important in my mind. That post was more of a stream of thought than something I really thought out, so I generalized much more than I intended to.

host 11-23-2007 12:44 AM

Quote:

Originally Posted by samcol
....The heads of a company already get compensated or punished based on their decisions, it's called the free market. Under your plan our company would be gone in less than a month and dozens of employees would be out of work as well.

Just four posts before http://www.tfproject.org/tfp/showpos...2&postcount=33
your post #37, I made the exact opposite argument of your <h3>"it's called the free market"</h3>, and I supported my points with three examples from 2007, two of those just happened in the last 75 days....

All three examples SCREAM the opposite of what I quoted above from your post.
Here's more from one of them:
Quote:

http://www.washingtonpost.com/wp-dyn...103000565.html
Merrill CEO Steps Down, Leaves Firm In Crisis

By Tomoeh Murakami Tse
Washington Post Staff Writer
Wednesday, October 31, 2007; Page D01

NEW YORK, Oct. 30 -- E. Stanley O'Neal, the embattled chairman and chief executive of Merrill Lynch, stepped down Tuesday as expected, taking with him a $161.5 million retirement package and leaving behind a company facing portentous questions about its future.

<h3>O'Neal, 56, forced from his job a week after the firm reported an $7.9 billion quarterly write-down</h3> because of aggressive bets in mortgage-related securities, left under pressure from Merrill board members, who had lost confidence in his leadership.

According to a document Merrill filed in the late afternoon with the Securities and Exchange Commission, O'Neal will receive no severance package or cash bonus for 2007. But because he is retiring rather than being terminated, O'Neal will be allowed to keep the stock awards and options that he has accumulated.

These include $131.4 million in stock awards and unexercised stock options, according to the SEC filing. He will also receive a $24.7 million pension and $5.4 million in deferred compensation, and he will be provided with an office and an assistant for up to three years.....
Note where the stock price was when E. Stanley O'Neal was misleading stock holders, just a few weeks before the addtional, $7.9 billion write down. Nothing material had changed in those few weeks, O'Neill knew of should have known that his company had refused to mark down mortgage backed "instruments" that had become unsaleable because of declining housing valuation and risks of mortgage lending fraud that increased the risks that the "instruments" could be "put back" on issuers such as O'Neill's firm. What do you think O'Neal's september complicity in the "cover up" of impending additional write downs, <h3>cost stock holders who believed him and bought or held their shares?</h3>
<img src="http://chart.finance.yahoo.com/c/3m/m/mer">

From post #33, above:
Quote:

http://biz.yahoo.com/ap/071006/merri...nce.html?.v=64
Merrill Lynch to Post 3Q Loss
<h3>Saturday October 6, 6:48 am ET</h3>
By Stephen Bernard, AP Business Writer
Merrill Lynch to Post 3Q Loss Up to 50 Cents Per Share After Taking $5 Billion in Writedowns

NEW YORK (AP) -- Investment bank Merrill Lynch & Co. said Friday credit and mortgage woes will lead it to post a third-quarter loss, as it takes almost $5 billion in writedowns in the wake of a credit crunch that paralyzed Wall Street this summer.....

....Despite the third-quarter declines,
Merrill Lynch's chairman and chief executive, <h3>Stan O'Neal, said in a statement market conditions have shown improvement and are returning to more normal levels.


Shares of Merrill Lynch rose $1.89, or 2.53 percent, to close at $76.67 Friday.</h3> In general, shares of financial institutions have risen recently after warning of substantial losses, as investors take the caution to mean the worst of the credit crisis is over.....
Read post #33, Citicorp's CEO did exactly the same as Stan O'Neal:
Quote:

http://www.nytimes.com/2007/10/01/bu...0A&oref=slogin
Citigroup Warns of 60% Earnings Drop in Third Quarter

By ERIC DASH and JULIA WERDIGIER
<h3>Published: October 1, 2007</h3>

...Citigroup said it expects its third-quarter net income to fall to $2.2 billion from $5.51 billion in the period a year earlier as it books losses on loans related to leveraged buyouts, weak fixed-income trading results and the deterioration of complex mortgage-backed securities that contained bad subprime loans. It also said its consumer business would be hurt by higher credit costs.

“Our expected third-quarter results are a clear disappointment,” Charles Prince, the chief executive of Citigroup, said in a statement. “The decline in income was driven primarily by weak performance in fixed-income credit market activities, write-downs in leveraged loan commitments, and increases in consumer credit costs.”

<h3>“We expect to return to a normal earnings environment in the fourth quarter,” Mr. Prince added.</h3>


Mr. Prince faces mounting pressure from investors because of Citigroup’s sluggish stock price. Today’s announcement, in fact, comes four years since Mr. Prince took over as chief executive from Sanford I. Weill. Its stock price was in the $47 to $49 range in October 2003. This morning, it slumped at the opening bell before staging a rally as investors were cheered that the company was putting the worst of the subprime and credit crisis behind it. Its shares closed up more than 2 percent, at $47.72....
Can you differentiate between a worker who is fired for poor job performance and misleading statements, having little impact on the rest of the world, but leaving the company with possibly a few thousand dollars, vs. the outcomes of O'Neal and Prince? O'Neal walked with a huge fortune and free office space, and Prince:
Quote:

http://in.ibtimes.com/articles/20071...s-mortgage.htm

Citigroup gives ex-CEO Prince $40 million severance package
By Dan Wilchins

Posted 10 November 2007 @ 10:05 am GMT

New York - Citigroup Inc, the largest bank in the United States, said on Thursday that its former Chairman and Chief Executive, Charles Prince, will take home roughly $40 million as he retires from the company.

The package is less than a quarter of what former Merrill Lynch Chief Executive Stan O'Neal was awarded when he was ousted from the investment bank last week.

The terms of Prince's retirement include the vesting of options estimated to be worth $1.28 million, the vesting of deferred stock estimated to be worth $16.05 million and the vesting of restricted shares worth $10.7 million.

The package also includes a little more than 83 percent of his 2006 bonus and stock awards of about $23.8 million, adjusted for the total shareholder return for 2007, which is so far a decline of about 38 percent. That totals another $12.3 million or so.

Citi said on Sunday that Prince was retiring amid billions of dollars of expected fourth-quarter writedowns for securities linked to subprime mortgages. Citi wrote down $6.8 billion in the third-quarter.

Citi shares have fallen for eight straight sessions, in a slump <h3>that has chopped $48.5 billion off the bank's market capitalization.... </h3>
It boggles my mind that I'm here posting this "S old S", just a few posts apart.
I'm taking pains to more clearly spell it out:
The CEO of the largest US financial broker, assured the public that "the worst was behind", as did the CEO of the largest US bank. Stock prices after the assertions were stable to higher, the market believed the two CEO's.

No later than in five weeks after that, the brokerage announced an additional $7.9 billion writedown, and the bank:
Quote:

http://www.msnbc.msn.com/id/21600857/
updated 9:20 p.m. ET, Sun., Nov. 4, 2007

NEW YORK - A month after foretelling a better future for Citigroup Inc., Charles Prince has no future of his own at the nation’s largest financial institution....

....Prince’s widely expected departure from the positions of chief executive and chairman came Sunday at an emergency meeting of Citi’s board, at which <h3>the company also decided to take $8 billion to $11 billion in writedowns>/h3>. Citi already took a hit during the third quarter of $6.5 billion from asset writedowns and other credit-related losses.....
Four days ago, I <a href="http://www.tfproject.org/tfp/showpost.php?p=2347452&postcount=15">posted</a> the following on another thread, the well documented reporting of Citicorp's 1920's ancestor, National City Bank, and the criminality of it's top officer:

<h3>Your "leave it to the freemarkets" opinion does not do well if you click the preceding link and read my post, and it's not a new problem. The predecessor of Citicorp, National City Bank, was rife with similar corruption, 75 to 80 years ago:</h3>
Quote:

Jackie Corr: Ferdinand Pecora, an American Hero
Scheduled to follow Mitchell was National City Director and Anaconda Copper Chairman John D. Ryan. ... But others would come before Pecora and the Senate. ...
www.counterpunch.org/corr01112003.html - 27k - Cached - Similar pages - Note this
Damnation of Mitchell - TIME
Few hours later the directors of National City Co. accepted the resignation of President Hugh Baker. Mr. Mitchell and Mr. Baker returned to Washington for ...
http://www.time.com/time/magazine/ar...5272-4,00.html - 36k - Cached - Similar pages - Note this
Citibank - Wikipedia, the free encyclopedia
In 1933 a Senate investigated Mitchell for his part in tens of millions ... By 1969, First National City Bank decided that the Everything Card was too ...
en.wikipedia.org/wiki/Citibank - 57k - Cached - Similar pages - Note this
samcol, "the stuff" that I posted four days ago was intended to overwhelmingly support my contention that the "free market", "free" because of a lack of 1920's government regualtion and oversight of banks and brokers, was the reason for the creation of the SEC, FDIC, and the passage by congress
of
Quote:

Glass-Steagall Act - Wikipedia, the free encyclopedia
Two separate United States laws are known as the Glass-Steagall Act. The Acts (Glass & Steagall) were both reactions of the U.S. government to cope with the ...
en.wikipedia.org/wiki/Glass-Steagall_Act
The "free market".... the banks and brokerages...lobbied for years for repeal of Glass-Steagall and they were partially successful in the last few years.

Now we're seeing a blurring of the former separation of bank and brokerage activities, and banks are less financially sound becaue they were newly permitted to take larger stakes (added risk) in their brokerage subsidiaries. This imperils the FDIC bank deposit insurance fund.

The bullshit O'Neal and Price presided over and misled the public about, along with partial repeal of Glass-Steagall acts, lead us to this:
Quote:

http://money.cnn.com/2007/08/24/maga...ion=2007082417

....August 24 2007: 5:09 PM EDT

NEW YORK (Fortune) -- In a clear sign that the credit crunch is still affecting the nation's largest financial institutions, <h3>the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America</h3> (Charts, Fortune 500), according to documents posted Friday on the Fed's web site.

....The regulations in question effectively limit a bank's funding exposure to an affiliate to 10% of the bank's capital. But the Fed has allowed Citibank and Bank of America to blow through that level. Citigroup and Bank of America are able to lend up to $25 billion apiece under this exemption, according to the Fed. If Citibank used the full amount, "that represents about 30% of Citibank's total regulatory capital, which is no small exemption,"
says Charlie Peabody, banks analyst at Portales Partners.

The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in "the most rapid and cost-effective manner possible."

So, how serious is this rule-bending? Very. One of the central tenets of banking regulation is that banks with federally insured deposits should never be over-exposed to brokerage subsidiaries; indeed, <h3>for decades financial institutions were legally required to keep the two units completely separate. This move by the Fed eats away at the principle.....</h3>
samcol, the FDIC insures bank deposits and it's reserves covering insured deposits of $100.000 per account, benefit the "little guy", and are paid by the little guy. FDIC member banks pay lower rates on insured accounts than they would it they were not paying FDIC deposit insurance. O'Neal, Prince, et al, have weakened the FDIC, as the preceding article makes clear.

Samcol, I urge you to rethink this:
Quote:

Originally Posted by samcol
The heads of a company already get compensated or punished based on their decisions, it's called the free market. ....

<h3>I've done my damnedest to argue that the exact opposite is closer to fact.</h3>

The SEC should be filing charges against O'Neal and Prince for pimping their stocks and playing a huge part in influencing the DJIA and the S&P 500 to climb to new record highs on Oct. 9th.....

O'Neal and Prince, instead, "walk" with more than $200 million in combined final payments from the companies they led. The leadership of the SEC was appointed by Bush. The SEC was created to act in the public interest. It doesn't "need" to be dismantled, it needs to have a board appointed that will follow it's mandate.

Charlatan 11-23-2007 12:49 AM

It appears the laws are in place. Why aren't they being enforced?

Is there something else going on here?

host 11-23-2007 02:40 AM

Quote:

Originally Posted by Charlatan
It appears the laws are in place. Why aren't they being enforced?

Is there something else going on here?

I know you lean towards thinking I'm overly fond of "conspiracy theories", but I'll risk giving you my "take" to attempt to answer your question.

No one could downgrade the civilian and military components of government, in the short span of six years, at such greatly increased borrowing and spending levels, except by intent:

26 years ago, there was at least a fifteen year federal plan, in place and designed to dramatically lower US dependence on petroleum imports.
I detailed in these posts,

http://www.tfproject.org/tfp/showpos...7&postcount=47

http://www.tfproject.org/tfp/showpos...2&postcount=49

http://www.tfproject.org/tfp/showpos...23&postcount=2

...the Reagan administration's almost immediate steps, upon taking office, to dismantle the program, crony-ize it, and prematurely privatize it. There was also a push to abolish the cabinet level department of energy. The poor and delayed appointments at the Synfuel Corp. were not unlike the rushed appointment by Bush of now indicted Bernard Kerik as directore of the Dept. of Homeland Security.


<h3>From this, six years ago: </h3>
09/30/2001 .. <a href="http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm">$5,807,463,412,200.06</a>

To this debt level, today:
<a href="http://www.treasurydirect.gov/NP/BPDLogin?application=np">$ 9,125,236,872,835.68</a>

Quote:

http://www.tfproject.org/tfp/showpos...&postcount=111
ace....isn't it about the trend? The trend was reversed for the only time in the 30year period from 1970....from debt increasing at :

09/30/1993 .. $4,411,488,883,139.38
09/30/1992 .. $4,064,620,655,521.66 from: http://www.treasurydirect.gov/govt/r...t/histdebt.htm

..... $346 billion, YOY....by the end of the last GHW Bush budget.....DOWN to $18 billion....YOY.... between 9/30/99 and 9/30/00.

...the bulk of the increase here:

09/30/2001 .. $5,807,463,412,200.06 YOY increase= $133 billion
09/30/2000 .. $5,674,178,209,886.86

....was the result of the retroactive, 2001 tax cut.

I don't understand the comparison that you just tried to post. Don't you see any negative in a trend that ramps up from increasing federal debt from $18 billion, YOY...to $420 billion...just two years later....then to mid $500's....and it just stays there....at that high level.....and is spun as declining, when it isn't....by the officials directly responisble for it happening.....
and the complaint about government was:
Quote:

http://www.brookings.edu/papers/1999...nce_light.aspx

The Changing Shape of Government

Governance, Bureaucracy, Executive Branch, Civil Service

Paul C. Light, Nonresident Senior Fellow, Governance Studies

February 1999

....<h3>Without discounting the significant downsizing that has occurred</h3>, only one of the two ingredients for a leaner, more efficient government is in place. The girth of government—measured by the total number of federal employees—may be shrinking, but its height—measured by the management tiers between the top and bottom—continues to climb. Every year fewer front-line employees are reporting upward through what appears to be an ever-lengthening chain of command.

The Girth of Government

There is no question that the girth of government is shrinking. The proof is in the federal phone books and employment files.......
We are where we find ourselves now, and it shouldn't be a surprise. They hate government, they have no faith in it's potential, only in exploiting and
downgrading it's effectivenes, always at a higher cost than before.
[quote]http://www.tfproject.org/tfp/showthr...an#post2342862
...and I'm seeing a number of posters on this forum posting opinions that "government doesn't work", and we need Ron Paul to.....

So, is there a disconnect? Isn't the reason it looks like government "doesn't work", a result of an intenional movement to demonize the idea of government working?
Quote:

...."The nine most terrifying words in the English language are 'I'm from the government and I'm here to help'" .....

-Ronald Reagan
<h3>Or, do you have the correct take on things. I'm "too partisan", or the government needs to be reduced in size to the point that it performs only security functions, the courts, and the military, under the reforms of Ron Paul?</h3>

Doesn't anybody else see that what is happening directly parallels what Grover Norquist said the republican agenda was?
Quote:

http://en.wikipedia.org/wiki/Grover_Norquist#_note-7
(21) http://www.npr.org/templates/story/s...toryId=1123439

"I don't want to abolish government. I simply want to reduce it to the size where I can drag it into the bathroom and drown it in the bathtub."
Quote:

http://www.rollingstone.com/national...he-government/
7/18/07, 1:49 pm EST
Trust in People or the Government?

I like a good debate so here goes day two of <a href="http://www.rollingstone.com/nationalaffairs/index.php/2007/07/17/let-new-orleans-rebuild-itself/#comments">NA Daily vs. The Paul Patrol:</a>

[Day one started <a href="http://www.rollingstone.com/nationalaffairs/index.php/2007/07/17/ron-paul/">here</a>]...

...It’s true that many individuals and some companies were better prepared to offer relief than our socalled first responders at FEMA. But why was that the case?

That’s where the dark metastasis of anti-government ideology that I’ve been talking about came into play. Under Republican leadership, FEMA was downgraded in the federal pecking order, staffed with cronies, and had its budget slashed.

In short: <h3>A formerly robust arm of the government with real power to save lives was degraded and gangrene-ized by small government ideologues.</h3> The government’s failures during Katrina, to my mind, are not an argument for smaller, more limited government, they’re the horrific side effect of such arguments implemented as policy.

Here’s the argument marshaled very succinctly at the time of the disaster by recently retired Massachusetts congressman <a href="http://www.house.gov/list/press/ma05_meehan/NR050902Katrina.html">Marty Meehan</a>:

<i>The reality is that this country is woefully unprepared to respond to a major disaster in this country because FEMA has been systematically dismantled over the past five years by incompetent leaders, anti-government ideology, budget cuts, and bureaucratic red tape.

FEMA’s current problems essentially began with the creation of the Department of Homeland Security, which demoted FEMA from cabinet-level status and reduced it to one of 22 organizations under the umbrella of the Secretary of Homeland Security. Next, its mission was reprioritized and its budget cut, taking the emphasis off of responding to natural disasters while the upper ranks of management were filled by patronage hires, five out of eight having had no emergency preparedness experience. At the same time, FEMA’s professional staff was becoming increasingly demoralized. By this week, nine out of ten regional director positions were vacant as were three out of five disaster response director positions. This brain drain left an agency without the proper leadership, resources, or influence in government to cope with a major catastrophe.

Responsibility, however, does not rest solely with the Bush Administration. This Congress has been a willing co-conspirator in the degradation of FEMA’s capabilities.

Since 2001, many federal disaster mitigation programs have fallen to budgetary pressures. FEMA’s Project Impact, a model mitigation program, has been canceled outright. Federal funding of post-disaster mitigation efforts designed to protect people and property from the next disaster has been cut in half, and now communities across the country must compete for pre-disaster mitigation dollars.

In 2003, Congress approved a White House proposal to cut FEMA’s Hazard Mitigation Grant Program in half. Previously, the federal government was committed to invest 15 percent of the recovery costs of a disaster in mitigating future problems. Under the Bush formula, only 7.5 percent are given. Experts say that such post-disaster mitigation efforts are the best way to minimize future losses.

In 2004 alone, Congress cut FEMA’s budget by $170 million.

FEMA is not the only agency to feel the effects of budget cuts. Bush’s 2005 budget proposal called for a 13 percent reduction in the Army Corps of Engineers’ budget, down to $4 billion from $4.6 billion in fiscal 2004 and the New Orleans Corp of Engineers was to experience the largest cuts in its history of $71.2 million. This is the very agency who was responsible for the New Orleans levee system. Assistant Secretary of the Army Michael Parker was even fired for accusing the Bush Administration of failing to adequately fund the Corp of Engineers before Katrina struck. </i>

Walker, I hope that addresses your question. I don’t fault the individuals and organizations who attempted to aid their countrymen post Katrina. It’s shameful that their help was rebuffed. But I trace the failings of FEMA directly to the ideology encapsulated in Reagan’s famous joke that the most terrifying words in the English language are: “I’m from the government, and I’m here to help.”
-- Tim Dickinson
Quote:

http://www.nytimes.com/2007/03/20/us/20army.html
By DAVID S. CLOUD
Published: March 20, 2007

FORT POLK, La., March 14 — <h3>For decades, the Army has kept a brigade of the 82nd Airborne Division on round-the-clock alert, poised to respond to a crisis anywhere in 18 to 72 hours.</h3>


Today, the so-called ready brigade is no longer so ready. Its soldiers are not fully trained, much of its equipment is elsewhere, and for the past two weeks the unit has been far from the cargo aircraft it would need in an emergency.

Instead of waiting on standby, the First Brigade of the 82nd Airborne is deep in the swampy backwoods of this vast Army training installation, preparing to go to Iraq. Army officials concede that the unit is not capable of getting at least an initial force of several hundred to a war zone within 18 hours, a standard once considered inviolate.

The declining readiness of the brigade is just one measure of the toll that four years in Iraq — and more than five years in Afghanistan — have taken on the United States military. Since President Bush ordered reinforcements to Iraq and Afghanistan in January, roughly half of the Army’s 43 active-duty combat brigades are now deployed overseas, Army officials said. A brigade has about 3,500 soldiers.

Pentagon officials worry that among the just over 20 Army brigades left in the United States or at Army bases in Europe and Asia, none has enough equipment and manpower to be sent quickly into combat, except for an armored unit stationed permanently in South Korea, several senior Army officers said.....

Quote:

http://www.pensitoreview.com/2007/06...loys-overseas/
As Hurricane Season Starts, Entire 82nd Airborne Redeploys Overseas
Jon Ponder | Jun. 11, 2007

....Earlier this year, with recruitment tanking and its forces strapped down in Iraq and Afghanistan, the Army’s famed 82nd Airborne Division was forced to disband one of its best known missions, the “division ready brigade” — a contingent of troops on stand-by at all times ready to deploy anywhere in the world within 18 hours.

The 82nd’s ready brigade has been an integral part of the United States’ relief preparations for domestic disasters such as hurricanes for years. But now, as the 2007 hurricane season begins, the entire 82nd Division is leaving United States for the first time since it was deployed to Iraq in 1990 as part of Operation Desert Storm — and none of its divisions will return until September, when the season is over:

<i>When a jet lifts off Sunday at Pope Air Force Base with the commander of the 2nd Brigade Combat Team and the last load of his 3,300 paratroopers aboard, the 82nd Airborne Division will notch one more hard-earned mark in a history so often described as “storied.”

For only the second time since World War II, all of the division’s combat infantry brigades will be at war. Other 82nd units are deployed also, bringing the total overseas to nearly 17,000 paratroopers.</i>

One of the most memorable successful stateside deployments of the 82nd’s ready brigade was to South Florida in response to the Hurricane Andrew disaster in August 1992. The 82nd provided food, shelter and medical attention in the region for 30 days.

In 2005, however, Pres. George Bush’s incredible six-day delay after Katrina before sending the 82nd’s ready brigade to New Orleans was the worst of a cluster of bad decisions that came out of the White House. It was this failure of leadership that finally woke many Americans up to the depth of the president’s incompetence.

On Monday, August 30, 2005, the day after Katrina’s storm surge breached the levies and flooded New Orleans’ low-lying neighborhoods, the 82nd was put on alert at Fort Bragg, N.C., for deployment into the region:

<i>[A] battalion would have been ready to move as early as Tuesday, said Major Gen. Bill Caldwell, commander of the 82nd .

“We could have immediately responded within 18 hours,” he said. “We could have come here, had we been asked, at any point.”</i>

As the days dragged on in New Orleans — while thousands of people were stranded in the Superdome, dozens were rescued off roofs and others drowning in the flooded streets — millions of Americans watching the disaster on television were wondering — Where is the 82nd?

It wasn’t until six days after Katrina struck, at 10 o’clock Saturday morning, September 3, that the 82nd was called into New Orleans. Even then, Pres. Bush made the announcement to the media before he or anyone in his government officially notified commanders of the 82nd’s ready brigade.

The 2006 storm season was comparatively mild, but now as the 2007 season gets underway, the American South faces its first hurricane season without the 82nd Airborne on alert and ready to move in if the unthinkable happens — again.


Charlatan 11-23-2007 06:57 AM

Actually Host if you paid attention to my posting history you would know that I am not for reducing government for reducing's sake.

I am an advocate of a social saftey net, universal health care, etc. If I were to advocate for any reductions it would only be in an effort to maintain cost efficiencies. Many government bureaucracies can become bloated with fat and can afford to be trimmed from time to time.

As for the Reagan and Bush Admin having intent... of course they have intent. They both ran on platforms of reducing government. The philosophies that sit at the heart of the neo conservative (or whatever they are being called today) agenda is to lower taxes and reduce the size of the government.

People like Karl Rove devote time to making sure that their message is absorbed by the populace at large. It's what selling your position means. It's how you get your agenda carried out.

Why would you be shocked to see that they did what they said they would do?

host 11-23-2007 11:37 AM

Quote:

Originally Posted by Charlatan
Actually Host if you paid attention to my posting history you would know that I am not for reducing government for reducing's sake.

I am an advocate of a social saftey net, universal health care, etc. If I were to advocate for any reductions it would only be in an effort to maintain cost efficiencies. Many government bureaucracies can become bloated with fat and can afford to be trimmed from time to time.

As for the Reagan and Bush Admin having intent... of course they have intent. They both ran on platforms of reducing government. The philosophies that sit at the heart of the neo conservative (or whatever they are being called today) agenda is to lower taxes and reduce the size of the government.

People like Karl Rove devote time to making sure that their message is absorbed by the populace at large. It's what selling your position means. It's how you get your agenda carried out.

Why would you be shocked to see that they did what they said they would do?

Charlatan, I didn't assume that you are favoring the Norquist/Reagan/Bush/Bush/Paul attitude about role and potential of government or methods for reducing it's size. I think that you're reaction to the damage that has been done by the current administration is too mild, but I wouldn't bet on it....

My frustration and protest is because of the huge amounts of money the Bushes and Reagan borrowed while the size of government grew, while it's effectiveness decreased. They profess to have had no faith in improving the effectiveness and benefits of government, but signed bills that had the consequence of increasing it's size, even as they lowered morale of government workers, via policy, criticism and cronyism.

They didn't attempt to hire the best people...political appointees committed to improving government, they hired like minded folks who also do not believe in the role of government as an instrument to mitigate wealth inequity and abuses like those of O'Neal of Merrill Lynch and Prince of Citicorp.

They reduced taxes of their financial backers, and left all of us with huge new treasury debt obligations, and some of us with the impression that "government doesn't work". It's an impression strong enought to cloud the improvements that were achieved in between the two Bush administrations, reduction of federal non-military employees by 300,000, and annual federal debt increase (see my last post...) from $346 billion in year ending 9/30/93, to $18 billion in year ending 9/30/00.

Dramatic achievements...discounted, downplayed, ignored by the "government doesn't work", let us "reduce it in size", deregulate what remains, and let the "free market" "grow us" into a Randian utopia.

The approach of the newly installed, 1981 Reagan administration, towards the Carter energy independence plan, and towards the Dept. of Energy, heavy on a shift towards privatiization and reductions of federal incentives and research subsidies, combined with appointments of like minded cronies with profit motivated conflicts of interest, is an example of the approach taken toward the entire government these last seven years, especially evident in the "no bid" military and state dept. contracts related to Iraq and Afghanistan:
Quote:

http://politicalticker.blogs.cnn.com...rustrate-bush/
Senate holds another quickie session to frustrate Bush

WASHINGTON (CNN) — With the nation’s attention focused on Thanksgiving leftovers and bargain shopping, the Senate held another brief but significant session on Friday as part of a continuing effort to prevent President Bush from making unconfirmed “recess” appointments.

Sen. Byron Dorgan of North Dakota took on the task of gaveling the Senate in and out of session; the formalities lasted approximately 28 seconds and no other senators were present. Dorgan followed Sen. Jim Webb of Virginia, who presided over a similarly brief meeting on Tuesday. By not going into recess, Democrats can prevent President Bush from filling federal government posts without going through the confirmation process. Dorgan’s holiday plans were not disrupted; he told CNN he was happy to preside, as he had already planned to be on Capitol Hill on Friday for an appropriations meeting.

– CNN Contributor Jamie Gray

http://www.publicintegrity.org/WOWII/
Baghdad Bonanza
The Top 100 Private Contractors in Iraq and Afghanistan

By Bill Buzenberg

KBR, Inc., the global engineering and construction giant, won more than $16 billion in U.S. government contracts for work in Iraq and Afghanistan from 2004 to 2006—far more than any other company, according to a new analysis by the Center for Public Integrity. In fact, the total dollar value of contracts that went to KBR—which used to be known as Kellogg, Brown, and Root and until April 2007 was a subsidiary of Halliburton—was nearly nine times greater than those awarded to DynCorp International, a private security firm that is No. 2 on the Center's list of the top 100 recipients of Iraq and Afghanistan reconstruction funds.

Another private security company, Blackwater USA, whose employees recently killed as many as 17 Iraqi civilians in what the Iraqi government alleges was an unprovoked attack, is 12th on the list of companies and joint ventures, with $485 million in contracts. (On November 14, the New York Times reported that FBI investigators have concluded that 14 of the 17 shootings were unjustified and violated deadly-force rules in effect for security contractors in Iraq, and that Justice Department prosecutors are weighing whether to seek indictments.) First Kuwaiti General Trading & Contracting, which immediately precedes Blackwater on the Top 100, came under fire in July after a pair of whistleblowers told a House committee that the company essentially "kidnapped" low-paid foreign laborers brought in to help build the new U.S. embassy in Baghdad. First Kuwaiti and the U.S. State Department denied the charges.

Other key findings from the Center's analysis:

<h3>• Over the three years studied, more than $20 billion in contracts went to foreign companies whose identities—at least so far—are impossible to determine.</h3>

• Nearly a third of the companies and joint ventures on the Top 100 are based outside the United States. These foreign contractors, along with the $20 billion in contracts awarded to the unidentified companies, account for about 45 percent of all funds obligated to the Top 100....
They've conducted a slow motion coup that has looted our treasury and marginalized our bill or rights as effectively as if they had openly carried it out, the way Musharraf has in Pakistan, and the response from too many is "more privatization", less regulation, let "the free market" proceed!

Charlatan, I perceive that you are "on the fence", as far as what is playing out in the tug of war between the executive branch and a senate controlled, with the slimmest possible majority, by democrats (Lieberman I-CT) is the 51st vote, and he sides with the administration too often, so there is no clear democratic majority...)

<h3>You asked why there is no regulation or enforcement.</h3> It is because it has been thwarted at the highest levels. If Steven G. Bradbury can continue to serve illegally at DOJ, what does it say about the executive branch's commitment to "the rule of law"?

What would it take to "fire you up"? What could the administration of GW Bush do to truly offend your sensibilities? The 28 seconds long "session" in the Seante today will have no effect on a president unconcerned about whether his recess appointees even serve legally:
Quote:

http://leahy.senate.gov/press/200707/071807a.html
July 17, 2007

The Honorable Alberto Gonzales
Attorney General
United States Department of Justice
950 Pennsylvania Avenue, N.W.
Washington, DC 20530

Dear Attorney General Gonzales:

...8.This Committee recently became aware of a memorandum dated July 10, 2007, and signed by Steven G. Bradbury as “Principal Deputy Assistant Attorney General” for the Office of Legal Counsel. It contends that Harriet Miers, who is a former White House Counsel, is “immune from compelled congressional testimony.” Pursuant to what legal authority did Mr. Bradbury issue this memorandum, and how is Mr. Bradbury’s issuance of this memorandum consistent with the Vacancies Act? At the end of the last Congress, Mr. Bradbury’s nomination to serve as the Assistant Attorney General for the Office of Legal Counsel was returned to the President....

http://www.tpmmuckraker.com/archives/003728.php
Senators: Justice Department's Chief Counsel Breaking the Law
By Paul Kiel - July 19, 2007, 4:24PM

Nothing surprises me any more.

Four Democratic senators <a href="http://www.talkingpointsmemo.com/docs/miers-gonzales/">wrote</a> Alberto Gonzales today to inquire whether Stephen Bradbury, the apparent acting head of the Justice Department's Office of Legal Counsel, was illegally carrying out his duties.

Bradbury was nominated for the top spot at OLC last year, but the Senate Judiciary Committee returned his nomination to the president, refusing to hear it until Bradbury's role in approving the National Security Agency's surveillance program became clear. The President shut down an internal Justice Department investigation of the matter last year by taking the unprecedented and unexplained step of <a href="http://www.tpmmuckraker.com/archives/002861.php">denying security clearances to investigators</a> from the Office of Professional Responsibility.

In <a href="http://www.talkingpointsmemo.com/docs/miers-gonzales/">the letter</a>, written by Senate Judiciary Chairman Patrick Leahy (D-VT), along with Sens. Durbin (D-IL), Kennedy (D-MA), and Feingold (D-WI), the senators say that since it's been more than 210 days since the Senate returned the nomination to the President, Bradbury should not be carrying out the duties for the spot under the Vacancies Act. But that certainly appears to be what is happening.

It's enough to make your head spin. Bradbury <a href="http://www.talkingpointsmemo.com/docs/doj-exec-priv/?resultpage=1&">signed a letter last week</a> that advised that "the President and his immediate advisers are absolutely immune from testimonial compulsion by a Congressional committee." Both the White House and Harriet Miers <a href="http://www.tpmmuckraker.com/archives/003667.php">relied</a> on that advice when she refused to appear before the House Judiciary Committee.

Think about it: Bradbury's advice meant that Miers did not need to testify to Congress about whether she plotted to circumvent the Senate confirmation process in order to replace independent-minded U.S. attorneys with political cronies. As a committee staffer put it, <h3>"This appears to be yet another attempt by this Administration to circumvent the confirmation process in order to install a controversial nominee in a key Justice Department post, and now, ironically, that nominee is involved in protecting the Administration’s efforts to circumvent the confirmation process."</h3>

http://www.talkingpointsmemo.com/doc...?resultpage=1&
Request to Withdraw OLC Nomination of Steven Bradbury
10-16-2007

<img src="http://talkingpointsmemo.com/docs/files/1192562919Bradbury%20withdrawal%20letter_Page_2.jpg">


Charlatan 11-23-2007 08:02 PM

Host, as a Canadian, I don't have any real desire to get "fired up" about how the US has decided to fuck things up. I am merely a fascinated spectator when it comes to America's internal operations.

I only get fired up when those policies extend beyond its borders.


As for being on the fence. I am much more of a centrist when it comes to the discussion of right vs. left politics. I see positives from a capitalist system and I see positives from a socialist system.

The can bring balance and rationality to the worst elements of either when they are viewed in their most extreme forms (as I have suggested, neither is system is ideal in its purest form).

What Bush and Reagan's lot have done is to enact (or attempt to enact) a particular philosophy. Doing so, take more than just changing the laws, it also takes changing public opinion.

They have been masterful (as you point out) in changing public opinion. The one thing they have proven though, is that their execution of this "brave new system" has been largely a failure. It has been rife with the same corruption and nepotism that they claimed was rife in the preceding system.

Here, in my opinion, is what is missing from the picture.

The Bush-Reagan agenda has managed to control public opinion. As I have suggested elsewhere, they are winning the media war by controlling the discussion.

The opposition hasn't offer a coherent counter message. They haven't been able to sufficiently change public opinion in their favour. And the kicker is that the time is ripe. Bush's ratings are in the basement. A new election is on the horizon. People are hungry for a new plan. A new deal. A fresh start.

Yes, a lot of damage has been done to the infrastructure but it isn't impossible to fix. It will take time and imagination and... leadership but it can be fixed.

Where is this leadership?

Willravel 11-23-2007 08:15 PM

Well if it means anything, a lot of us are doing our best to stop the irresponsible leaders while simultaneously trying to get better leaders. Really, though, what happens in the US does effect the rest of the world including our neighbors to the north, Canada.

Sun Tzu 11-23-2007 09:05 PM

Quote:

Originally Posted by Strange Famous
It is our opinion that an individual who is skilled in the accumulation of capital in the face of and in oppositition to every human and social consideration will be found lacking in the necessary skills to run a corporation which is based on achieving public good, bot ammassing capital and profit.

By no means to I especially want the biggest capitalists to clean toilets... I said if they insisted on working in their former organisation then this is appropriate.

When someone leads a private company we must understand that the wealth they have ammassed is directly the result of the exploitation of their workers and of society. To allow them to maintain any kind of power within the democraticised corporation would undermine it.

These capitalist fat cats have exploited sometimes millions and billions of dollars by exploiting the working class, pillaging the environment and ripping off the consumers.. We do not propose ANY punishment for this. We even allow a VERY COMFORTABLE living wage to be paid to these individuals after we have returned all assets of the business and their person to the public, where ownership rightly belongs.

The capitalistic environment (if uncorrupted- regulated in the wrong direction) stimulates innovation, encourages good customer service, and produces quality based on freedom of choice.

If company A produces a better product than company B, then company B will be forced to raise its standards.

Employees are not forced to work for their companies (at least in the US). If an employee views their wages, benefits, or anything else they view as disagreeable from their employer there is nothing stopping them from looking for other employment opportunities.

Uncorrupted is the key phrase here. Walmart didnt become what it is because of being good to its employees or putting out good products. In many cases where employees have ownership in the company the products and services are usually outstanding. If your suggesting that this be forced would go against many of the reasons why we had a tea party a few hundred years ago.

A vision that always comes to mind when having this discussion is- if we were all taking a test, and it was common knowledge that everyone is going to get a C- there wouldn't really be a need to study.

Pan Im almost aligned with everything you stated except the $1000000. Although you wouldnt see me out in the streets protesting it either.

Willravel 11-23-2007 09:24 PM

Capitalism promotes corporatism. Corporatism can easily become an economic form of fascism or fascist corporatism, much like the international oil industry.

Charlatan 11-24-2007 08:00 AM

Will capitalism does not promote corporatism per se. Corporations are a way that certain capitalists can hide from their responsibilities. Change the laws a bit and the benefits of a corporation will remain while the more egregious problems of corporations will fade away.

Strange Famous 11-24-2007 09:45 AM

Quote:

Originally Posted by Sun Tzu
The capitalistic environment (if uncorrupted- regulated in the wrong direction) stimulates innovation, encourages good customer service, and produces quality based on freedom of choice.

If company A produces a better product than company B, then company B will be forced to raise its standards.

Employees are not forced to work for their companies (at least in the US). If an employee views their wages, benefits, or anything else they view as disagreeable from their employer there is nothing stopping them from looking for other employment opportunities.

Uncorrupted is the key phrase here. Walmart didnt become what it is because of being good to its employees or putting out good products. In many cases where employees have ownership in the company the products and services are usually outstanding. If your suggesting that this be forced would go against many of the reasons why we had a tea party a few hundred years ago.

A vision that always comes to mind when having this discussion is- if we were all taking a test, and it was common knowledge that everyone is going to get a C- there wouldn't really be a need to study.

Pan Im almost aligned with everything you stated except the $1000000. Although you wouldnt see me out in the streets protesting it either.

And in the days of serfdom, the peasant was not forced to work the Lord's land... he was perfectly free to starve to death instead.

Capitalism offers a choice marginally less stark, but fundamentally the same.

I would not speak of the American Revolution in terms of freedom personally... it did not create much freedom for the blakc population, who were enslaved; for the Indian people, who were butchered - did it?

The American Revolution was simply one band of exploiters fighting another band... the common people merely were forced to die for the rich.

The position of the slave in America was horrific even in comparison to the many crimes committed by the European colonialists; the murder of the Indian's carried about by the invaders a crime almost without equal in all human history. And what benefit for the working men and women of the nation, whether the gang master and the capitalist exploiter will pay some tax to a bigger exploiter, or keep it all for himself?

None. The American Revolution was meaningless to the ordinary citizen, other than a symbolic thing.

The Working People of the world have no nation, they are one people - united against the master class and the exploiter in cause, and divided by those exploiters in order to maintain the misery of the people.

Willravel 11-24-2007 09:54 AM

Quote:

Originally Posted by Charlatan
Will capitalism does not promote corporatism per se. Corporations are a way that certain capitalists can hide from their responsibilities. Change the laws a bit and the benefits of a corporation will remain while the more egregious problems of corporations will fade away.

It was my understanding that pure capitalism basically operates in a governmental vacuum, with no interference whatsoever. My economics teacher my freshman year was a raging capitalist just like most economics teachers I know of here in the US.

Governments can step in and make the necessary rules to prevent corporatism, and then the corporations that do make it buy politicians and you get corporatism again. With no government interference, it just skips the bribery (or rather lobbyists, same diff) phase.

Sun Tzu 11-24-2007 11:58 AM

Quote:

Originally Posted by Strange Famous
And in the days of serfdom, the peasant was not forced to work the Lord's land... he was perfectly free to starve to death instead.

A very passionate, but exaggerated comparison. Not forced to work the Lord’s land? They weren’t allowed to leave the manor either- so it sounds as close to slavery as I would define it.

Quote:

Capitalism offers a choice marginally less stark, but fundamentally the same.
Capitalism offers this certain reality- the greater the reward, the greater the sacrifice. The level of what a person is willing to sacrifice (time, work, etc) is going to dictate what they create. Serfs and seignorialism had a caste system which a person was born into. Here in the United States anyone is capable of creating anything they choose to, it comes down to their level of intention.


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I would not speak of the American Revolution in terms of freedom personally... it did not create much freedom for the blakc population, who were enslaved; for the Indian people, who were butchered - did it?

The position of the slave in America was horrific even in comparison to the many crimes committed by the European colonialists; the murder of the Indian's carried about by the invaders a crime almost without equal in all human history. And what benefit for the working men and women of the nation, whether the gang master and the capitalist exploiter will pay some tax to a bigger exploiter, or keep it all for himself?
I agree with your point here. It is the great paradox this country was founded on, but I see you have your interpretation of history, I have mine. As I learned it, the colonies didn’t agree with the King’s vision what their economic future was going to be. So much, they were willing to go to war over it. Yes indeed, as any other point in history, and in virtually all regions; there were profiteers. There were also people of honor that gave thought about the generations that would follow them. There was a division between those that were pro-slavery and those against it. The side against it knew they would never beat England without being unified with the slavers. They acknowledged the reality that the slave issue was a fight that would be fought in the future. They were confident enough the verbiage of the Declaration would set the stage for a future constitutional amendment that would ultimately set them free. Have you ever heard of picking your battles?

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The position of the slave in America was horrific even in comparison to the many crimes committed by the European colonialists
I don’t understand, where did the colonists originate from? What crimes are you comparing to slavery? (which was a crime).


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The American Revolution was simply one band of exploiters fighting another band... the common people merely were forced to die for the rich.
The common people? What are you talking about? The “common people” were the ones fighting the King. Untrained militias went against a well equipped army for reasons that were clearly obvious, if you have another historical perspective please provide a link to it, I would be very interested to research it.

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the murder of the Indian's carried about by the invaders a crime almost without equal in all human history.
Without equal? I'm not going to get into that even though I disagree. As far as what happend to the Indians, there is really no arguing that. The Native Americans were shafted. America has done actions (usually by a small group influencing political policy that was not in the best interest of the US) that are not very nice. So have allot of countries. I don’t agree with how the Indians were treated. At this point all I can do is acknowledge that, and accept that I was born in a country known as the United States. Hopefully all anyone can do is do their part to strive for the global mindset that humanity as a whole has progressed from then, and such actions are not acceptable in the human community. The way the British handled the Palestine issue is going to have far more implications in the years to come.

It still happens, but not all of us agree with it. Blemishes of the past have little to do with 21st century free enterprise, unless there is private influence corrupting national policy. That I disagree with, I believe it is possible for one to exist without the other.


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And what benefit for the working men and women of the nation, whether the gang master and the capitalist exploiter will pay some tax to a bigger exploiter, or keep it all for himself?
Believe me, I think there is a small group of elite that have big plans and are currently implementing them, just as they have done for hundreds of years. I call it the parasitic society. If you want any clarification of how deeply I think this conspiracy goes, go over the to the Tilted Paranoia area and enter the Endgame thread. That sums up what my views on that are. I don’t think the answer to this is socialism.

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The American Revolution was meaningless to the ordinary citizen, other than a symbolic thing.
It may seem this way to some that observe our evolution. It may also seem that some of our leaders haven’t taken any wisdom from lessons that should have been learned studying the history of other empires, but I disagree with this statement on so many levels that it would turn into a thread jack to list them. I will just leave it as you being entitled to your opinion.

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The Working People of the world have no nation, they are one people - united against the master class and the exploiter in cause, and divided by those exploiters in order to maintain the misery of the people.
This sounds very similar to slogans that were being promoted by the Germans just prior to WWII.


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