Thursday, January 20, 2011

After running the car into the ditch, Wall Street wants the keys back with the exact same scheme planned.

The American Dream is now a racket.  Does that make Wall Street racketeers?

Wells Fargo (click title to entry - thank you) and some other large banks would like private companies, perhaps even themselves, to become the new housing finance giants helping to bundle individual mortgages into securities — that would be stamped with a government guarantee....

Hm?  Bundling individual mortgages into securities.  Isn't that illegal YET?

The banks have presented their ideas publicly through trade groups. Housing industry consultants and people familiar with recent meetings at the Treasury Department  (Mr. Wall Street Himself - Secretary Geithner) say these banks view the government’s overhaul of the mortgage market as a potential profit opportunity. Treasury officials have met with executives from several institutions, including Wells Fargo, Morgan Stanley (No surprise here.), Goldman Sachs (Why there is Former Secretary Hanky Paulson.) and Credit Suisse (Oh, what joy a foreign company owning most of the USA real estate market.), according to a public listing of the meetings. ...

(Reuters) - Federal agencies regulating mortgage servicers (click here) and other financial products will not "double-team" companies who fall short of the law, the head of the Federal Trade Commission said on Thursday.
Some businesses had feared that the FTC, which will share jurisdiction with the new Consumer Financial Protection Bureau (CFPB) in some areas, would both investigate offenses, potentially along with state attorneys general.
The CFPB will issue rules -- as yet unspecified -- regulating financial products like credit cards and mortgages. The FTC enforces laws against unfair or deceptive practices in lending, loan servicing, debt collection and related areas.
"My sense is that your fears will turn out to be unfounded," FTC Chairman Jon Leibowitz said in remarks to the U.S. Chamber of Commerce.
"My strong sense is that neither agency will have the time to double team legitimate businesses," he said.
Instead, Leibowitz said, the agency would work to "weed out the crooks and the scam artists."...

So, let's see.  There won't be any 'double dipping' for the purpose of enforcement of laws between the FTC and the NEW consumer protection bureau established after the global banking collapse of 2008 AND the new House Majority would just as well DESTROY the consumer protecion agency all together so they can have Wall Street do it all over again.

Rep. Randy Neugebauer, R-Texas, (click here) chairman of the Oversight and Investigations Subcommittee of the House Financial Services Committee, has sent a four-page letter to Elizabeth Warren requesting specific information on the depth and scope of the ongoing activities within the Consumer Financial Protection Bureau (CFPB).

Neugebauer stated that he has not been privy to any details on the CFPB's organizational structure, nor did he have information regarding its hiring process. Neugebauer cited a July 29, 2010, article from Bloomberg that said the CFPB could have more than 1,000 employees, and he asked Warren to confirm the accuracy of the figure.

Neugebauer noted that the CFPB is still without an official leader. "Congress has not received an update on the status of a permanent director of the CFPB since Sept. 22, 2010," he wrote, adding that he felt Warren's exact role in the CFPB's creation remains hazy....

I tell you what.  Watch the House Republicans completely UNDERFUND the entire protection system set up to protect The American Dream.  Amazing.  Here we go again.

by Claude R. Marx
Saying she is "executing a fatally flawed plan," the lawmaker in charge of overseeing the new consumer agency asked point person Elizabeth Warren four page of organizational and policy questions on the new consumer bureau. 
Saying she is "executing a fatally flawed plan," the lawmaker in charge of overseeing the new consumer agency asked point person Elizabeth Warren four pages of organizational and policy questions on the new consumer bureau. 
Rep. Randy Neugebauer (R-Texas) asked Warren, who is coordinating the set up of the Consumer Financial Protection Bureau before it begins operating in July, to explain which policies “are in place to avoid potential duplicative, conflicting or overlapping rulemakings that are currently under way, but will ultimately be under the regulatory authority of the CFPB?”
He also asked Warren how the new bureau plans to evaluate the impact of its regulatory efforts so as to “avoid the over-regulation that might stifle financial innovation and leave some market participants worse off.’’  
Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Oversight and Investigations, also asked Warren about the bureau’s hiring practices and its budget. He requested a response by Jan. 31.
President Obama hasn’t named a director of the bureau, which is housed in the Treasury Department while it is being set up and then will be housed at the Federal Reserve....

Click here to read the FOUR PAGES of time consuming harassment of Elizabeth Warren.

Does anyone besides me every get the impression Repuglicans really, really HATE the American people.  I guess we get 'in the way' of crony profits.  Ya think?

I have a suggestion for Professor Warren.  The CFPB has work to do.  AND.  Until that work has begun and there are reports to ACTUALLY report on, the House needs to stop taking up the bureau's time.  There needs to be a 'schedule' of when the CFPB is required to report on all matters facing the agency.  There should be NO political harassment of ANY agency, especially one that has very little to report on in the first place. 

The 'time' has already been spent in previous legislation to outline the CFPB and I strongly suggest the politically motivated harassment needs to STOP ! 

I am satisfied the CFPB is being lead by a very well credentialed woman.

If I am not mistaken, repeatedly interrupting the work of THE EXECUTIVE BRANCH rings of ethics violations to me.

In case local economies haven't figured out how China's consumers are going to increase their market share...

...the local entrepreneur will benefit from a 'wholesome' relationship with China.  I want to recommend that Community Colleges conduct seminars with their local business leaders on how to build an economic attraction from foreign markets.  This opportunity should not be viewed as simply a Wall Street opportunity.  The quality of products and the wholesomeness of relationships with Americans to increase wages within China while mutually purchasing products to support both economies is a real solution to joblessness and poverty.

Small business entrepreneurs need to be cautious about over extending their potential to establish 'market share.'  In markets such as China, the 'market share' has to be developed with the help of the USA State Department to open those markets and insure the Chinese government finds them 'in compliance' with their laws and opportunities.  There is a lot to this, but, globally there are other foreign markets already developed and open to opportunity from the USA.

Remember how the Wall Street banks DID NOT loan to small businesses in the USA?  Yes?  Now you know why.  Small business entrepreneurs are 'real' competition to Wall Street.  Go get 'em.

SBA Loan Programs  (click here)

SBA offers a variety of loan programs for very specific purposes. Take some time to study the programs described in this section, to see if you qualify to participate....

On this blog there is an entry about where to find Former Secretary of Commerce Don Evans.  After he left the Bush Administration, which was one term, he went to China.  He wasn't there for the small entrepreneurs, he was there for 'cheap labor' and Wall Street. 


Why do you think Paulson was in China more than he was at home?  To benefit Small Business Owners and to establish cultural exchanges to promote sales of Art and Entertainment? 

Come on people, put on your thinking caps.  Give China some credit for protecting the potential of the 'market share' for their people on a global stage.

29 October 2003

U.S. Commerce Secretary Encouraged by Recent Talks in China  (click here)

Evans' October 29 press conference in Beijing
Secretary of Commerce Donald L. Evans says he is "encouraged" by talks he had with top economic and trade officials during his just-completed trip to China.
During an October 29 press conference in Beijing, Evans reported that he and his Chinese counterparts focused on several issues, including:
-- The protection of intellectual property rights. According to Evans, more than 90 percent of DVDs, CVDs and software sold in China is counterfeit. Some of it is being exported outside the country.
-- The elimination of trade barriers and opening of markets. "Competition is good for the economy of the world but it has to be on a level playing field," Evans said. "We all have to be playing by the same rules."...

Without the nuturing of Small Business in China; they are doomed by Wall Street to live in poverty and squaller forever.  If Americans and other First World peoples want Third World countries to move out of poverty they have to develop their Small Business Markets.  That is where human rights issues will be solved, through cultural exchanges, new understandings and opportunity.  Don't expect the leaders of more than a billion people to simply throw caution to the wind and provide changes 'with abandon.'  The leaders of countries that are benevolent in their intent have to 'transition' their governments.  I don't blame theses leaders for being cautious. 

I don't recall State Dinner Participants leaving to declare war on ANY occassion.

Hu Jintao ... state dinner in his honour in Washington. Photo: AFP

This is very different treatment of China by this administration.  Prior delegations to the USA have been shunned by the Bush Administration and others.

This is a significant mile marker for the USA.  In past administrations the issues regarding Taiwan always prempted good diplomacy.  This changes the tone between the USA and China for the better while increasing global stability.

It is not easy being communist and upto recent years China was primarily a third world country.  It has more than a billion consumers within its borders and the Chinese government has been moving at a snails pace to modernize the quality of life for their people.  There is a good chance that will change now. 

When countries act in hostile manner toward each other, the possiblity of unstable relations leads to horrible consequences such as 'Cold War' tactics and 'posturing' with increased weapon stores.  The 'welcoming' of China's President at a state dinner is a peace offering to which the American people hope to realize an increase in quality of life for its vast populous.

This is in combination with the new START Treaty with Russia and shows friendship to an ally of North Korea and Russia.  It is all good.

...The White House (click title to entry - thank you) was private about the planning, for fear of saying or doing something that might offend China.
Mr Hu, wearing a business suit, posed at the North Portico of the White House with the US President, Barack Obama, in black tie.
Mr Obama's wife, Michelle, wore a flowing off-the-shoulder dress from the British design house of Alexander McQueen in red - considered a lucky colour in China.
On the list of 225 guests for Mr Obama's third state dinner were his two predecessors as Democrat presidents, Bill Clinton and Jimmy Carter.
Guests from the art world and the media included the cellist Yo Yo Ma and Anna Wintour, the editor-in-chief of Vogue.
Wendi Deng, wife of the media mogul Rupert Murdoch, attended without her husband....

The TONE of the political Right Wing needs to change in the USA.  They don't recognize the Obama Administration as legitimate while huge leaps in peaceful relations and productive economies are being made.

The article below is hostile.  The Right Wing Media needs to realize changing the TONE isn't just about guns and killing.  Until that happens there is no need for me to respect them. 

Unless world leaders can discuss their differences and what that means to the global community on a greater scale then all hopes of peace are lost.  In recognizing how far China has come and the future plans it has is to realize much is possible and that is how the 'hope' for human rights can change.  I remind, the USA still has Gitmo and the 'mark' of torture and rendition to its name.

Chinese President Hu Jintao, at a joint press conference on his state visit to Washington, said that “a lot still needs to be done in China in terms of human rights.” But Hu did not mean what you might think he means.
...You might think, for example, that one important thing that needs to be done is to free Liu Xiaobo, the Nobel Peace Prize-winning political dissident who is serving an 11-year sentence. For co-authoring a public appeal for democratic freedoms, he was found guilty of “subversion of state power.”To President Obama, who pressed Hu for Mr. Liu’s release, that is an open-and-shut violation of a universal human right – the right to free speech.
To the Chinese president, however, it is a case of a subversive, treasonable plotting to bring down the state....

A US Congresswoman heads to rehab and prosecutors indict an assassin.

...Captain Kelly (click title to entry - thank you) said the center in Houston had “a national reputation for treating serious penetrating brain injuries, and is also in a community where I have family and a strong support network.”
Also Wednesday, a federal grand jury returned a three-count indictment against Jared L. Loughner for attempting to kill Ms. Giffords and two of her aides. A United States attorney, Dennis K. Burke, called it an initial indictment and suggested that additional charges were forthcoming. By going to a grand jury, prosecutors are able to avoid a preliminary hearing in which witnesses can be cross-examined by the defense.
An arraignment, at which Mr. Loughner will enter a plea to the charges, is scheduled for Monday in Federal District Court in Phoenix.
“There will almost certainly be a superseding indictment,” said A. Bates Butler III, a former United States attorney for Arizona. “This gives the government more time to continue its investigation.”...

Even though Rep. Giffords is alive and recovering, Loughner killed six people including a 'sworn' aid to the Congresswoman, Mr. Zimmerman.  He is an assassin, as he planned to be.

Will Speaker Boner have a meaningless two years?

The House of Representatives (click title to entry - thank you) Jan. 19 passed a repeal of the Patient Protection and Affordable Care Act of 2010 (PPACA), better known as the healthcare reform law, by a vote of 245-189.

The vote has been deemed “symbolic”...

Probably.  If the current house majority does nothing but act in meaningless ways, the two years as Speaker will be laced with a 'take home to constituents' of nothing but hubris.

It gives new meaning to "The Good Ole Boys."

Lieberman for defense secretary? I don't even have to think about this one.

NO !

He was and is a sellout to his Connecticut based insurance companies, republicans and is a Neocon. 


The first thing he'd do upon confirmation is reinstitute DADT and THEN bomb Iran.

NO, NO, a thousand times NO!