There is some unusual phenomena occurring...nothing personal, but we are induced into taking it as "our fault"...as our 'weakness'...as directed at our beings, our bodies, our families, our stuff, our safety.
But notice how consecutively one "crisis" occurs immediately after another kind....like another one of more war and sacrifices needed from YOU too, and now !
another of Buy More or the government cant pay it's accumulated debts.
another of Buy another house to keep up with your neighbors' purchasing more homes for profit and prestige.
another of Bail-Out of YOUR banks by your tax monies or you will be responsible for all your money losses
another of Put on that mask to save your life from swine flu death creeping into your daily breath
another of Our sons and fathers coming home from an [necessary for whom and for what benefits ?] WAR in Pakistan and Afghanistan - maybe even returning, but now crushed, mutilated, left untreated by the military and turned into killers of innocent civilians while visiting those far off lands. When those in war or in our military returns with PTSD what do we call those people we knew before now ?
another of our waters being privatized, rationed, contaminated, dried up, and [not "or"] limited everywhere...and you cant live without that precious water
another of venomous lionfish having grown into a devouring menace to other fish and living things, having no natural predators and having been delivered to remote from their original coral reef habitat into more local waters [see Mother Jones article describing this one !] eliminating whole groups of fish and other species and extinguishing other growth of populations ...in other words, our global transportation systems have delivered one local dangerous fish into other regions where they have grown exorbitantly and freely. Or the rabbits proliferating Australia, or other plant species overtaking other’s habitats.
another of our precious USAmerican dollar being printed up with nothing but Federal [private banks] banks creating credit out of the government massive deficit...so dont wonder what that cash you think you have to depend upon is worth more than the illusion and propaganda behind it.
another of cyberspace being so surveillanced by the US data- collectors that there is no more actual privacy, only the IDEA that what you say, write, hear, or think [ ever written or stated] is only yours. NO. Now it all can be SAVED for some future time when 'evidence is needed' to arrest you or some other identified dissident ...to legally use against anyone who acts against those who hold all the legal powers, right now. All that data mining collected is as a legal library for use 'as necessary' when and if you or yours does anything 'considered by those who hold that information/power' as not-OK. It can also be used as extortion, as file-sharing for whatever purpose is convenient, or data can be selectively identified for a particular interpretation or even used as a bribe maybe.
That this blog, your reading it, your morning cell phone conversation, your email message, your voicing at work or in school some activist or dissident opinion, your note to yourself left at home even, or that simple statement you inadvertently made and then simply forgot, yes, that too is being RECORDED by more than the NSA, FBI, CIA or those easily identified groups.
This is not 'paranoia' and false suspicions but has been verified already by many and with new laws curbing privacy and expanding the powers of data-sharing and data storing in hiding. Check it out and take the hint. Nothing to worry about because it is already a done deal. Without our permission or agreement.
now why FEAR anything more ? Your health. YOur privacy. YOur money. Your savings and security. Your home. Your credit [whatever is left of it by now, with the world-money-men claiming they did not know what happened or what they were trading all this time...] Your insurance. Your death.
All is in more than just flux. All of this is out of your control and out of your information stream...and what is known is just the tip of your pinkie finger, because you are powerless to change it in your favor. Peon. Pawn. Fool. Human piece. Just another byte. or Nano.
If this sounds scary or dismal or fearsome, then know it does not MATTER because it is already a done deal. As a done deal, but no one wins. That is the irony, the joke, the last laugh. Those who thought their lives would improve and their prestige be enhanced by taking it all and maybe using what they know and own to even greater power heights still live in the same type of human bodies with human emotions, limited human minds and even with spiritual bits too.
And by assuming any bodies can own and hold and take more and more and "win" any games for pride and ego-gain have lost already, not because of hell-after-death but because this world is less worth living in when turned into a fear-growing machine.
So whatever the next disaster, [natural or man-made, they are not separated events] or scare that is advertised and sold to CREATE more FEAR and pain and suffering...just know that you dont have to do anything. YOu dont have to buy it, believe it, accept that story or myth or paradigm. You dont have to follow anyone, or if you do out of belonging or needing to be part of a safer group, your choice has a 50=50 chance of being the best choice anyhow.
The globe is also called gaia, or an organism, or a whole, or part of 'the universe' we prefer, or an earth/planet but not all this is. Just as you are not all you think you are, but much more and other than what you 'think' too. That is the unadmitted part that makes the worst only another way to live or to die. Chose how you prefer to do it, or try a few ways out and see which might, maybe, be better for you.
Chose the FEAR you want to temporarily believe and follow it to it's natural logical or reasonable conclusion. Look around and see how others' have chosen different or varied fears to focus their lives upon and how it affects them. Fear is always here and refuses to exit as long as thinking constructs conflicting / limiting / ideas that are not what-is.
Notice how there seems to always be prey & predators, competition for "more" or for position / status. See how death is always possible except for that moment of exception. Find out how much of our time we spend worrying about losing and suffering and hating ourselves for being 'imperfect'. Remember how much we want it allllll, easily, immediately, perfectly, pleasurably and nothing less.
So enjoy the scare, just like you like violent or horror films, or do dangerous risky activities for the adrenalin rush. Be Afraid. But chose it, and then change how and why you do this. It comes naturally to all animal forms, maybe plants fear too, tho we have not heard this clearly yet.
Those who want to scare you use your fear for their gain, but if YOU CHOSE when, how, how long, where and take some responsibility for your own fearing, then it is YOURS to play with, and not give it away by the news media push.
Fear ? of course ! Suffer ? no way !
When the danger of death or pain or direct loss happens right in your face, then and only then do you know if fear is necessary or the right reaction. Otherwise, it is all IMAGINED FEAR ...of the future, of possibilities [not probabilities usually].
To fear a direct danger is different. Then it is a challenge, an action, a direct reaction, not so much imagined, although imagination may play into the perception of that danger.
Fearing again ? why not ? It's OK, just learn something from that emotion at that time, and just keep going on....and on...and on...
until....yep...
you're dead and then it's a bit easier...they say.
(c) maryjanie 2009
Showing posts with label bank bailouts. Show all posts
Showing posts with label bank bailouts. Show all posts
Monday, May 25, 2009
Wednesday, March 4, 2009
Banks are eating us up =what do you expect when you appoint the head of New York Fed to "fix" the banking problem?
this is a reposting from:
http://www.huffingtonpost.com/william-k-black/why-is-geithner-continuin_b_169234.html
Why Is Geithner Continuing Paulson's Policy of Violating the Law?
February 23, 2009 by William K. BlackAssociate
Professor, University of Missouri; Senior regulator during S&L debacle
Whatever happened to the law (Title 12, Sec. 1831o) mandating that banking regulators take "prompt corrective action" to resolve any troubled bank? The law mandates that the administration place troubled banks, well before they become insolvent, in receivership, appoint competent managers, and restrain senior executive compensation (i.e., no bonuses and no raises may be paid to them). The law does not provide that the taxpayers are to bail out troubled banks. Treasury Secretary Paulson and other senior Bush financial regulators flouted the law. (The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) are both bureaus within Treasury.) The Bush administration wanted to cover up the depth of the financial crisis that its policies had caused.
Mr. Geithner, as President of the Federal Reserve Bank of New York since October 2003, was one of those senior regulators who failed to take any effective regulatory action to prevent the crisis, but instead covered up its depth. He was supposed to regulate many of the largest bank holding companies in the United States. Far too many of these institutions are now deeply insolvent because the banks they own are deeply insolvent. The law mandated that Geithner and his colleagues place troubled banks in receivership long before they became insolvent. Why are the banking regulators, particularly Treasury Secretary Geithner, continuing to disobey the law?
We need a Pecora investigation
We can understand now why the administration and so many committee chairs are virulently opposed to the single most essential step we need to take to diminish future crises -- a modern Pecora investigation. Pecora was the prosecutor hired by the Senate banking committee to investigate the misconduct that helped cause the Great Depression. You must vigilantly study past failures to learn causation and to enact remedies. If we were dealing with a crisis of airplane crashes and someone opposed studying the causes of the failures we would (correctly) label him a lunatic. Congress largely stopped conducting meaningful oversight hearings of financial regulation during the Bush administration. The results were horrific. It appears that only intense public pressure will suffice to overcome congressional and administration resistance to a Pecora investigation. I hope readers will add their voices to this call.
The financial cost of Paulson's and Geithner's flouting of the law
Paulson and Geithner's refusal to comply with the law has already cost the taxpayers scores of billions of dollars in unnecessary costs. Geithner indicated Friday, February 20 that he would continue to flout the law. If he is allowed to do so it will add hundreds of billions of dollars to the eventual cost to taxpayers. The amount of taxpayer money wasted due to Paulson and Geithner's violations of the prompt corrective action law will exceed the total present value cost of resolving the S&L debacle, $150 billion ($1993). The waste will take the form of the U.S. taxpayers subsidizing the officers, shareholders and subordinated debt holders of failed banks -- who are disproportionately wealthy, frequently profited from the accounting fraud that caused the banks to fail, and are often foreign. The prompt corrective action law was passed in large part to prevent such a subsidy.
The S&L debacle led to a new financial regulatory system premised on "prompt corrective action" (PCA). Future posts will explain more fully why this system failed, but it is remarkable that the system, the phrase, and the law have disappeared from the coverage of the banking crises. PCA's premise was that regulatory discretion led to cover-ups of failed banks and excessive losses to the taxpayers. The PCA solution was to require higher capital requirements and to mandate that the regulators take over troubled banks before they deteriorated to the point that the failure would impose a cost on the Federal Deposit Insurance Corporation (FDIC). PCA also recognized that failing bankers had perverse incentives to "live large" and cause larger losses to the FDIC and taxpayers. PCA's answer was to mandate that the regulators stop these abuses by, for example, strictly limiting executive compensation and forbidding payments on subordinated debt.
PCA's purpose is "to resolve... problems... at the least possible long-term cost to the [FDIC]." That means the least possible cost to taxpayers. Secretary Geithner's priority is protecting private shareholders:
We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system....
We have a law that says when banks are at or near insolvency private shareholders should be eliminated unless we can arrange a transaction that has no cost to the FDIC. Receiverships produce "private institutions." The FDIC manages the failed institution only long enough to get it in shape to be sold at the least cost to the taxpayers. Receiverships end unnecessary bailouts of private shareholders, reducing the cost to the FDIC, as the law requires. Receiverships place banks back in the hands of new shareholders. Geithner has so twisted the framing of this issue that he is warning that a cheaper, more effective means of resolving failed banks used under President Reagan is some alien form of socialism that President Obama must slay before it destroys capitalism. Geithner is channeling Rove when he conflates receiverships with "nationalization."
Secretaries Paulson and Geithner subverted the PCA law by allowing failed banks to engage in massive accounting fraud (which also means they are engaged in securities fraud). Treasury is telling the world that resolving the failed banks will require roughly $2 trillion dollars. That has to mean that the failed banks are insolvent by roughly $2 trillion. The failed banks, however, are reporting that they are not simply solvent, but "well capitalized." The regulators flout PCA by permitting this massive accounting and securities fraud. (Note that by countenancing this fraud they make it extremely difficult to ever prosecute these elite white-collar frauds.)
==================
Why are the USA public and it's opinions and concerns being ignored by this "new" fangled administration ? huh ?
Why is our money, so carefully saved and squirreled away being depleted, sold out, given away and diminished in value [with daily printing devaluing our dollars] ????
Why are we so passive, docile, quiet and submissive, just listening to what "they tell us" and not taking more ACTIVE MOVES to insure that what was 'ours' as personal, individual cash, properties, government-saved-monies-paid-by-our-taxes remains OURS ?
huh?
(C) maryjanie 2009
http://www.huffingtonpost.com/william-k-black/why-is-geithner-continuin_b_169234.html
Why Is Geithner Continuing Paulson's Policy of Violating the Law?
February 23, 2009 by William K. BlackAssociate
Professor, University of Missouri; Senior regulator during S&L debacle
Whatever happened to the law (Title 12, Sec. 1831o) mandating that banking regulators take "prompt corrective action" to resolve any troubled bank? The law mandates that the administration place troubled banks, well before they become insolvent, in receivership, appoint competent managers, and restrain senior executive compensation (i.e., no bonuses and no raises may be paid to them). The law does not provide that the taxpayers are to bail out troubled banks. Treasury Secretary Paulson and other senior Bush financial regulators flouted the law. (The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) are both bureaus within Treasury.) The Bush administration wanted to cover up the depth of the financial crisis that its policies had caused.
Mr. Geithner, as President of the Federal Reserve Bank of New York since October 2003, was one of those senior regulators who failed to take any effective regulatory action to prevent the crisis, but instead covered up its depth. He was supposed to regulate many of the largest bank holding companies in the United States. Far too many of these institutions are now deeply insolvent because the banks they own are deeply insolvent. The law mandated that Geithner and his colleagues place troubled banks in receivership long before they became insolvent. Why are the banking regulators, particularly Treasury Secretary Geithner, continuing to disobey the law?
We need a Pecora investigation
We can understand now why the administration and so many committee chairs are virulently opposed to the single most essential step we need to take to diminish future crises -- a modern Pecora investigation. Pecora was the prosecutor hired by the Senate banking committee to investigate the misconduct that helped cause the Great Depression. You must vigilantly study past failures to learn causation and to enact remedies. If we were dealing with a crisis of airplane crashes and someone opposed studying the causes of the failures we would (correctly) label him a lunatic. Congress largely stopped conducting meaningful oversight hearings of financial regulation during the Bush administration. The results were horrific. It appears that only intense public pressure will suffice to overcome congressional and administration resistance to a Pecora investigation. I hope readers will add their voices to this call.
The financial cost of Paulson's and Geithner's flouting of the law
Paulson and Geithner's refusal to comply with the law has already cost the taxpayers scores of billions of dollars in unnecessary costs. Geithner indicated Friday, February 20 that he would continue to flout the law. If he is allowed to do so it will add hundreds of billions of dollars to the eventual cost to taxpayers. The amount of taxpayer money wasted due to Paulson and Geithner's violations of the prompt corrective action law will exceed the total present value cost of resolving the S&L debacle, $150 billion ($1993). The waste will take the form of the U.S. taxpayers subsidizing the officers, shareholders and subordinated debt holders of failed banks -- who are disproportionately wealthy, frequently profited from the accounting fraud that caused the banks to fail, and are often foreign. The prompt corrective action law was passed in large part to prevent such a subsidy.
The S&L debacle led to a new financial regulatory system premised on "prompt corrective action" (PCA). Future posts will explain more fully why this system failed, but it is remarkable that the system, the phrase, and the law have disappeared from the coverage of the banking crises. PCA's premise was that regulatory discretion led to cover-ups of failed banks and excessive losses to the taxpayers. The PCA solution was to require higher capital requirements and to mandate that the regulators take over troubled banks before they deteriorated to the point that the failure would impose a cost on the Federal Deposit Insurance Corporation (FDIC). PCA also recognized that failing bankers had perverse incentives to "live large" and cause larger losses to the FDIC and taxpayers. PCA's answer was to mandate that the regulators stop these abuses by, for example, strictly limiting executive compensation and forbidding payments on subordinated debt.
PCA's purpose is "to resolve... problems... at the least possible long-term cost to the [FDIC]." That means the least possible cost to taxpayers. Secretary Geithner's priority is protecting private shareholders:
We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system....
We have a law that says when banks are at or near insolvency private shareholders should be eliminated unless we can arrange a transaction that has no cost to the FDIC. Receiverships produce "private institutions." The FDIC manages the failed institution only long enough to get it in shape to be sold at the least cost to the taxpayers. Receiverships end unnecessary bailouts of private shareholders, reducing the cost to the FDIC, as the law requires. Receiverships place banks back in the hands of new shareholders. Geithner has so twisted the framing of this issue that he is warning that a cheaper, more effective means of resolving failed banks used under President Reagan is some alien form of socialism that President Obama must slay before it destroys capitalism. Geithner is channeling Rove when he conflates receiverships with "nationalization."
Secretaries Paulson and Geithner subverted the PCA law by allowing failed banks to engage in massive accounting fraud (which also means they are engaged in securities fraud). Treasury is telling the world that resolving the failed banks will require roughly $2 trillion dollars. That has to mean that the failed banks are insolvent by roughly $2 trillion. The failed banks, however, are reporting that they are not simply solvent, but "well capitalized." The regulators flout PCA by permitting this massive accounting and securities fraud. (Note that by countenancing this fraud they make it extremely difficult to ever prosecute these elite white-collar frauds.)
==================
Why are the USA public and it's opinions and concerns being ignored by this "new" fangled administration ? huh ?
Why is our money, so carefully saved and squirreled away being depleted, sold out, given away and diminished in value [with daily printing devaluing our dollars] ????
Why are we so passive, docile, quiet and submissive, just listening to what "they tell us" and not taking more ACTIVE MOVES to insure that what was 'ours' as personal, individual cash, properties, government-saved-monies-paid-by-our-taxes remains OURS ?
huh?
(C) maryjanie 2009
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