A Gentleman’s view.

The dirty game of politics played by gangsters with degrees cloaked in Brooks Brothers proper!

The Occupation Is Non-Partisan…

Occupy Isn’t About Electing Democrats–It’s About Exposing a Broken System

 

The Mississippi Freedom Democratic Party didn’t succeed by electing candidates–it succeeded showing the limitations of the electoral system. Occupy should do the same.

As long as there has been a thing called Occupy Wall Street, there have been people who’ve suggested it should become the left’s version of the Tea Party. Josh Harkinson’s piece is a notable contribution to the conversation because it comes after eight months of in-depth reporting on the movement. Harkinson, like Jennifer Granholm, suggests that Occupy should recruit and run candidates, so the left has champions in Congress and can credibly threaten less ideologically aligned Democrats. According to this logic, it doesn’t matter if Occupy does this itself or essentially outsources the job to our progressive allies — the point is to find ways to elect more good Democrats.

The idea of a progressive Tea Party was totally my jam before Occupy started. Like Harkinson, I didn’t see how the left could create real change in America without taking control of the Democratic Party. Now I think it’s important to recognize that the problems we face as a country can’t be solved by electing more Democrats, or even by electing more good Democrats. A progressive Tea Party would be a welcome addition, but it wouldn’t be nearly enough to create the kind of change we need.

If Occupy tried to start a left Tea Party, we would be following in the footsteps of several progressive movement efforts that came up short. Howard Dean’s presidential campaign turned into Democracy for America to reclaim the “Democratic wing of the Democratic Party,” the Progressive Change Campaign Committee explicitly references the DCCC, and Rebuild the Dream originally billed itself as the progressive Tea Party. I have worked for each of these organizations and have lots of respect for their work. But unfortunately, none of these projects, despite their many successes, have managed to mount a serious national effort to take out bad Democrats and replace them with good ones. They are constrained by the lack of a grassroots base in many congressional districts and big donors reluctance to fund challenges to Democrats. Even big, collaborative efforts to take out bad Democrats have a relatively poor record (See Sheyman, Ilya; Halter, Bill; or Lamont, Ned).

Occupy is less well suited than the Progressive movement to overcome these challenges. Most occupiers I know aren’t interesting in learning how to raise money, knock on doors, or run campaigns. Starting a progressive Tea Party is a completely legitimate, useful goal — but it’s something for the progressive institutions to take on. New York state and city provide a good model for how this can work harmoniously: the Working Families Party is a unified progressive block within the Democratic party. They support Occupy and we support them on the issues. Together, we won a huge, unexpected victory for the millionaires tax.

Despite the hard work of our progressive allies, the unfortunate reality is that our political system as presently constructed is simply incapable of responding to people’s needs. The election of the most progressive Democratic nominee of the past 30 years and a Democratic super majority in Congress resulted in relatively little change in American political economy, even during a time of massive economic crisis. The tepid response showed our political system was designed to serve the whims of the market, and no politician has the power to do much about it.

My generation doesn’t put all, or even most, of the blame for this state of affairs on President Obama. We don’t hate the player, so much as we hate the game. I believe Democrats are better than Republicans, because Democrats care more about the lives of gays, women, and people of color. I also believe everyone should all vote, because not voting would hurt people that I care about. That being said, we won’t just win by getting new players — we need to change the game. The system is fundamentally incapable of healing itself.

Occupy is hardly alone in believing our political system is in a state of crisis. Congress’ approval is at 9 percent. Many have written that our 18th Century political system has proven itself uniquely incapable of responding to external circumstances, including noted radicals like James Fallows, Ezra Klein and Matt Yglesias. The presidential system is prone to gridlock (and, frankly, falling apart) and our byzantine, bicameral legislative system makes it incredibly difficult for even winning parties to put their agenda into law. The crisis of parliamentary democracy taking place in Europe is happening in America as well.

Occupy grew at such an exponential rate because it spoke to people’s sense that the rules of our society are deeply unfair and the political system couldn’t do anything about it. In the midst of systemic failure, only Occupy was talking about systemic change. Occupy transformed the public debate by naming the problem — inequality of wealth and power — and the cause – the power of Wall Street. More important than our discursive accomplishments, we showed what an independent, citizen-led social movement for equality and democracy could look like in America. I don’t want to argue we’ve yet built that movement, because it’s still very much a work in progress. By giving people the space to connect, Occupy showed that people power is the only force capable of shaking the foundation of our corrupt system.

Only Occupy can provide the space, literally and figuratively, for this conversation. The Occupy movement would derelict of duty if we focused on the electoral at the expense of putting pressure on the system as a whole. The entirety of civic life can not be reduced to a get out the vote campaign. The left needs strategies that take aim at all the ways neo-liberalism breaks down our communities. The inherent conservatism of America government, and the limitations of electoral organizing, means we need inside and an outside strategies.

Occupy has already inspired a new generation of social justice leaders to build an inclusive, radical movement that also speaks to the mainstream. We continue to push institutional groups towards more confrontational forms of resistance, bring new people into the struggle and provide a unifying message. Like the civil rights, women’s rights, environmental movements before us, we can’t afford to ignore the electoral realm, but we also shouldn’t expect to succeed by voting alone. The Mississippi Freedom Democratic Party didn’t succeed by electing candidates — it succeeded showing the limitations of the electoral system. Occupy should aim to do the same.

By Max Berger

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Liberals View Of Society…

150 Achievements Of Liberalism That Conservatives Seek To Destroy

 

1. The 40-hour work week.

2. Weekends

3. Vacations

4. Women’s Voting Rights

5. The Civil Rights Act of 1964

6. The right of people of all colors to use schools and facilities.

7. Public schools.

8. Child-labor laws.

9. The right to unionize

10. Health care benefits

11. National Parks

12. National Forests

13. Interstate Highway System

14. GI Bill

15. Labor Laws/Worker’s Rights

16. Marshall Plan

17. FDA

18. Direct election of Senators by the people.

19. Occupational Safety and Health Administration, Workplace safety laws

20. Social Security

21. NASA

22. The Office of Congressional Ethics. Created in 2008.

23. The Internet

24. National Weather Service

25. Product Labeling/Truth in Advertising Laws

26. Rural Electrification/Tennessee Valley Authority

27. Morrill Land Grant Act

28. Public Universities

29. Bank Deposit Insurance

30. Centers for Disease Control and Prevention

31. Consumer Product Safety Commission

32. Public Broadcasting/Educational Television

33. Americans With Disabilities Act

34. Family and Medical Leave Act

35. Environmental Protection Agency

36. Clean Air Act

37. Clean Water Act

38. USDA

39. Public Libraries

40. Transcontinental Railroad and the rail system in general

41. Civilian Conservation Corps

42. Panama Canal

43. Hoover Dam

44. The Federal Reserve

45. Medicare

46. The United States Military

47. FBI

48. CIA

49. Local and state police departments

50. Fire Departments

51. Veterans Medical Care

52. Food Stamps

53. Federal Housing Administration

54. Extending Voting Rights to 18 year olds

55. Freedom of Speech

56. Freedom of Religion/Separation of Church and State

57. Right to Due Process

58. Freedom of The Press

59. Right to Organize and Protest

60. Pell Grants and other financial aid to students

61. Federal Aviation Administration/Airline safety regulations

62. The 13th Amendment

63. The 14th Amendment

64. The 15th Amendment

65. Unemployment benefits

66. Women’s Health Services

67. Smithsonian Institute

68. Head Start

69. Americorps

70. Mine Safety And Health Administration (This has been weakened by conservatives, resulting in recent mining disasters.)

71. Food Labeling

72. WIC

73. Peace Corps

74. United Nations

75. World Health Organization

76. Nuclear Treaties

77. Lincoln Tunnel

78. Sulfur emissions cap and trade to eliminate acid rain

79. Earned Income Tax Credit

80. The banning of lead in consumer products

81. National Institute of Health

82. Garbage pickup/clean streets

83. Banning of CFCs.

84. Erie Canal

85. Medicaid

86. TARP

87. Bail Out of the American Auto Industry

88. Lily Ledbetter Fair Pay Act

89. Wildlife Protection

90. End of Don’t Ask Don’t Tell

91. Established the basis for Universal Human Rights by writing the Declaration of Independence

92. Miranda Rights

93. Banning of torture

94. The right to a proper defense in court

95. An independent judiciary

96. The right to vote

97. Fair, open, and honest elections

98. The right to bear arms (Do you really think extreme right wingers would allow anybody besides themselves to have firearms if in power?)

99. Health care for children and pregnant women

100. A stable and strong government established by a Constitution

101. The founding of The United States of America

102. The defeat of the Nazis and victory in World War II

103. Paramedics

104. The Brady Handgun Act

105. The Glass-Steagall Act (It has since been repealed and we’ve been paying the price for it.)

106. Oil industry regulations (The Gulf paid the price after conservatives tore many of these regulations down.)

107. The Affordable Care Act which makes insurance companies more honest and fair.

108. Woman’s Right to Choose

109. Title IX

110. Affirmative Action

111. A National Currency

112. National Science Foundation

113. Weights and measures standards

114. Vehicle Safety Standards

115. NATO

116. The income tax and power to tax in general, which have been used to pay for much of this list.

117. 911 Emergency system

118. Tsunami, hurricane, tornado, and earthquake warning systems

119. Public Transportation

120. The Freedom of Information Act

121. Emancipation Proclamation, which ended slavery

122. Antitrust legislation which prevents corporate monopolies (These laws have been savaged by conservatives, which is why corporations are getting huger and competition is disappearing leading to less jobs and high prices.)

123. Water Treatment Centers and sewage systems

124. The Meat Inspection Act

125. The Pure Food And Drug Act

126. The Bretton Woods system

127. International Monetary Fund

128. SEC, which regulates Wall Street. (Conservatives have weakened this regulatory body, resulting in the current recession.)

129. National Endowment for the Arts

130. Campaign finance laws (Conservatives have gutted these laws, leading to corporate takeovers of elections.)

131. Federal Crop Insurance

132. United States Housing Authority

133. Soil Conservation

134. School Lunch Act

135. Mental Retardation Facilities and Community Mental Health Centers Construction Act

136. Vaccination Assistance Act

137. Over the course of nearly 50 years, liberals contributed greatly to the eventual end of the Cold War.

138. The creation of counterinsurgency forces such as the Navy Seals and Green Berets.

139. Voting Rights Act, which ended poll taxes, literacy tests, and other voter qualification tests.

140. Civil Rights Act of 1968

141. Job Corps

142. Elementary and Secondary Education Act of 1965

143. Teacher Corps

144. National Endowment for the Humanities

145. Endangered Species Preservation Act of 1966

146. National Trails System Act of 1968

147. U.S. Postal Service

148. Title X

149. Kept the Union together through Civil War and rebuilt the South afterwards.

150. Modern Civilization

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Changing Times Of Southern Hospitality

A Confederacy of Censors by Brian LaSorsa 

 

I’m living in North Carolina right now. When I first moved here, I thought I’d see people hanging out on their front porches, drinking whiskey with a splash of sweet tea, holding double-barrel shotguns close to their hearts, and proudly waving Rebel flags. I assumed the Southern girls would have that “girl next door” look but would feel no shame in clawing out their enemies’ eyes.

Sadly, I have seen nothing of the sort.

Yesteryear’s states’-rights, secession-prone freedom fighters have been replaced by watered-down tools who attach anti-smoking stickers to their Prius windows and vote Democrat.

These days you can hardly mention the Confederacy without the maggots crawling all over you. The public schools’ modern version of American history focuses on slavery’s continued existence during the Civil War and ignores the federal government’s aggression before the battles began. They’re creating a generation burdened with “white guilt.”

“It is almost as if Abraham Lincoln is giving us the finger from the grave.”

Luckily there is still a strong group of people who question whether it was necessary to kill over 600,000 Americans to abolish slavery, something plenty of other countries managed to do without such carnage. One such individual is Texanna Edwards, a senior at Tennessee’s Gibson County High School who made headlines last week for wearing a prom dress resembling the Confederate battle flag and then getting turned away by school bureaucrats who insisted the dress was too offensive.

If she’d worn an image of Che Guevara—much like how Johnny Depp and Carlos Santana do with impunity—she probably would have danced the night away without incident.

It leaves you assuming that public schools do not allow the celebration of any mainstream culture for fear that minorities might feel isolated.

 

Two years ago, administrators at California’s Live Oak High School were perfectly OK with students waving Mexican flags around the campus on Cinco de Mayo, but when five students arrived at school wearing American flag shirts, they were promptly told to take them off or risk suspension. One of the students in question explained, “They said we could wear it on any other day, but [Cinco de Mayo] is sensitive to Mexican-Americans because it’s supposed to be their holiday so we were not allowed to wear it.”

Ironically, Cinco de Mayo is a celebration of Mexico’s victory against the French military in 1862. Napoleon III controlled France at the time and had been supplying the Confederacy’s soldiers with the weapons and money they needed to secede, so Mexico’s victory was the end of one of the Confederacy’s most important relationships.

Heaven forbid I wear a Thomas Jefferson shirt during Black History Month next year and a liberal judge uses legal precedent to ban me from McDonald’s.

To leftists, only minorities have rights. Culture is only to be celebrated if you’re a minority; otherwise it’s plain racism. This is why the government and its willing enablers suspend students for waving American flags, remove teenage girls dressed in Southern-designed prom dresses, and conceal religious symbols at Catholic universities.

It is almost as if Abraham Lincoln is giving us the finger from the grave.

 

 

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It Got Ugly, Then It Got Worse…


Author, End This Depression Now! Paul Krugman

The following is excerpted from “End This Depression Now!” available now from W.W. Norton & Company.

 

CHAPTER ONE: HOW BAD THINGS ARE

 

I think as those green shoots begin to appear in different markets and as some confidence begins to come back that will begin the positive dynamic that brings our economy back.

Do you see green shoots?

 

I do. I do see green shoots.

–Ben Bernanke, chairman of the Federal Reserve, interviewed by 60 Minutes, March 15, 2009

In March 2009 Ben Bernanke, normally neither the most cheerful nor the most poetic of men, waxed optimistic about the economic prospect. After the fall of Lehman Brothers six months earlier, America had entered a terrifying economic nosedive. But appearing on the TV show 60 Minutes, the Fed chairman declared that spring was at hand.

His remarks immediately became famous, not least because they bore an eerie resemblance to the words of Chance, aka Chauncey Gardiner, the simpleminded gardener mistaken for a wise man in the movie Being There. In one scene Chance, asked to comment on economic policy, assures the president, “As long as the roots are not severed, all is well and all will be well in the garden. . . . There will be growth in the spring.” Despite the jokes, however, Bernanke’s optimism was widely shared. And at the end of 2009 Time declared Bernanke its Person of the Year.

Unfortunately, all was not well in the garden, and the promised growth never came.

To be fair, Bernanke was right that the crisis was easing. The panic that had gripped financial markets was ebbing, and the economy’s plunge was slowing. According to the official scorekeepers at the National Bureau of Economic Research, the so-called Great Recession that started in December 2007 ended in June 2009, and recovery began. But if it was a recovery, it was one that did little to help most Americans. Jobs remained scarce; more and more families depleted their savings, lost their homes, and, worst of all, lost hope. True, the unemployment rate is down from the peak it reached in October 2009. But progress has come at a snail’s pace; we’re still waiting, after all these years, for that “positive dynamic” Bernanke talked about to make an appearance.

And that was in America, which at least had a technical recovery. Other countries didn’t even manage that. In Ireland, in Greece, in Spain, in Italy, debt problems and the “austerity” programs that were supposed to restore confidence not only aborted any kind of recovery but produced renewed slumps and soaring unemployment.

And the pain went on and on. I’m writing these words almost three years after Bernanke thought he saw those green shoots, three and a half years after Lehman fell, more than four years after the start of the Great Recession. The citizens of the world’s most advanced nations, nations rich in resources, talent, and knowledge–all the ingredients for prosperity and a decent standard of living for all–remain in a state of intense pain.

In the rest of this chapter I’ll try to document some of the main dimensions of that pain. I’ll focus mainly on the United States, which is both my home and the country I know best, reserving an extended discussion of the pain abroad for later in the book. And I’ll start with the thing that matters most–and the thing on which we’ve performed the worst: unemployment.

The Jobs Drought

Economists, the old line goes, know the price of everything and the value of nothing. And you know what? There’s a lot of truth to that accusation: since economists mainly study the circulation of money and the production and consumption of stuff, they have an inherent bias toward assuming that money and stuff are what matter. Still, there is a field of economic research that focuses on how self-reported measures of well-being, such as happiness or “life satisfaction,” are related to other aspects of life. Yes, it’s known as “happiness research”–Ben Bernanke even gave a speech about it in 2010, titled “The Economics of Happiness.” And this research tells us something very important about the mess we’re in.

Sure enough, happiness research tells us that money isn’t all that important once you get to the point of being able to afford the necessities of life. The payoff to being richer isn’t literally zero–citizens of rich countries are, on average, somewhat more satisfied with their lives than citizens of less well-off nations. Also, being richer or poorer than the people you compare yourself with is a fairly big deal, which is why extreme inequality can have such a corrosive effect on society. But when all is said and done, money is less important than crude materialists–and many economists–would like to believe.

That’s not to say, however, that economic affairs are unimportant in the true scale of things. For there’s one economics-driven thing that matters enormously to human well-being: having a job. People who want to work but can’t find work suffer greatly, not just from the loss of income but from a diminished sense of self-worth. And that’s a major reason why mass unemployment–which has now been going on in America for four years–is such a tragedy.

How severe is the problem of unemployment? That question calls for a bit of discussion.

Clearly, what we’re interested in is involuntary unemployment. People who aren’t working because they have chosen not to work, or at least not to work in the market economy–retirees who are glad to be retired, or those who have decided to be full-time housewives or househusbands–don’t count. Neither do the disabled, whose inability to work is unfortunate, but not driven by economic issues.

Now, there have always been people claiming that there’s no such thing as involuntary unemployment, that anyone can find a job if he or she is really willing to work and isn’t too finicky about wages or working conditions. There’s Sharron Angle, the Republican candidate for the Senate, who declared in 2010 that the unemployed were “spoiled,” choosing to live off unemployment benefits instead of taking jobs. There are the people at the Chicago Board of Trade who, in October 2011, mocked anti-inequality demonstrators by showering them with copies of McDonald’s job application forms. And there are economists like the University of Chicago’s Casey Mulligan, who has written multiple articles for the New York Times website insisting that the sharp drop in employment after the 2008 financial crisis reflected not a lack of employment opportunities but diminished willingness to work.

The classic answer to such people comes from a passage near the beginning of the novel The Treasure of the Sierra Madre (best known for the 1948 film adaptation starring Humphrey Bogart and Walter Huston): “Anyone who is willing to work and is serious about it will certainly find a job. Only you must not go to the man who tells you this, for he has no job to offer and doesn’t know anyone who knows of a vacancy. This is exactly the reason why he gives you such generous advice, out of brotherly love, and to demonstrate how little he knows the world.”

Quite. Also, about those McDonald’s applications: in April 2011, as it happens, McDonald’s did announce 50,000 new job openings. Roughly a million people applied.

If you have any familiarity with the world, in short, you know that involuntary unemployment is very real. And it’s currently a very big deal.

How bad is the problem of involuntary unemployment, and how much worse has it become?

The U.S. unemployment measure you usually hear quoted in the news is based on a survey in which adults are asked whether they are either working or actively seeking work. Those who are seeking work but don’t have jobs are considered unemployed. In December 2011 that amounted to more than 13 million Americans, up from 6.8 million in 2007.

If you think about it, however, this standard definition of unemployment misses a lot of distress. What about people who want to work, but aren’t actively searching either because there are no jobs to be had, or because they’ve grown discouraged by fruitless searching? What about those who want full-time work, but have only been able to find part-time jobs? Well, the U.S. Bureau of Labor Statistics tries to capture these unfortunates in a broader measure of unemployment, known as U6; it says that by this broader measure there are about 24 million unemployed Americans–about 15 percent of the workforce–roughly double the number before the crisis.

Yet even this measure fails to capture the extent of the pain. In modern America most families contain two working spouses; such families suffer, both financially and psychologically, if either spouse is unemployed. There are workers who used to make ends meet with a second job, now down to an inadequate one, or who counted on overtime pay that no longer arrives. There are independent businesspeople who have seen their income shrivel. There are skilled workers, accustomed to holding down good jobs, who have been forced to accept work that uses none of their skills. And on and on.

There is no official estimate of the number of Americans caught up in this sort of penumbra of formal unemployment. But in a June 2011 poll of likely voters–a group probably in better shape than the population as a whole–the polling group Democracy Corps found that a third of Americans had either themselves suffered from job loss or had a family member lose a job, and that another third knew someone who had lost a job. Moreover, almost 40 percent of families had suffered from reduced hours, wages, or benefits.

The pain, then, is very widespread. But that’s not the whole story: for millions, the damage from the bad economy runs very deep.

 

 To Be Continued…

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Wall Street Investment Banking: Gypsies Tramps and Thieves…

TURN ABOUT IS FAIR GAME

At JPMorgan, the Ghost of Dinner Parties Past By GRETCHEN MORGENSON

 

That round wheel turned on JPMorgan Chase last week, which disclosed that it had suffered a $2 billion trading loss in credit derivatives. That such a hit had befallen the mightiest of banks was perhaps more stunning than the size of the loss.

So where does the karma come in? The loss, and the embarrassment it held for Jamie Dimon, the bank’s imperious chief executive, came just one month after a private dinner party in Dallas at which he assailed two respected public figures who have pushed for policies that would make banks like JPMorgan smaller and less risky.

One was Paul Volcker, the former Federal Reserve chairman, whose remedy for risky trading by too-big-to-fail banks is known as the Volcker Rule. The other was Richard W. Fisher, president of the Federal Reserve Bank of Dallas, who has also argued that large institutions should be slimmed down or limited in their risky trading practices.

The party, sponsored by JPMorgan for a group of its wealthy private clients, took place at the sumptuous Mansion on Turtle Creek hotel. Mr. Dimon was on hand to thank the guests for their patronage and their trust.

During the party, Mr. Dimon took questions from the crowd, according to an attendee who spoke on condition of anonymity for fear of alienating the bank. One guest asked about the problem of too-big-to-fail banks and the arguments made by Mr. Volcker and Mr. Fisher.

Mr. Dimon responded that he had just two words to describe them: “infantile” and “nonfactual.” He went on to lambaste Mr. Fisher further, according to the attendee. Some in the room were taken aback by the comments.

Neither Mr. Fisher nor Mr. Volcker would comment on the remarks. But it appears to have been a classic performance from Mr. Dimon. In-your-face. Pugnacious. My way or the highway.

Mr. Dimon declined to comment.

AS overseer of the bank that emerged in the best shape from the credit crisis, Mr. Dimon has gained in stature in recent years. Hailed for his management skill, he has also become the financial industry’s point man in the war against tighter regulation of derivatives and proprietary trading. Almost since the financial crisis began, JPMorgan Chase and its legion of lobbyists have swarmed lawmakers and regulators in an effort to beat back efforts to bring transparency to derivatives and to separate risk-taking activities like proprietary trading from commercial lending units.

JPMorgan has not been alone in these efforts. But it has had more clout because of its position as the grown-up in the financial industry’s playground.

The industry’s efforts to curtail or derail both derivatives transparency and the Volcker Rule — which would eliminate proprietary trading at commercial banks — have had significant effects. In the case of the Volcker Rule, lobbying has made the proposed regulation vastly more complex. Mr. Volcker himself told lawmakers at a Congressional hearing last week that “I could give you stories all day about lobbyists making things more complicated.”

The financial industry’s opposition has delayed the effective dates of regulatory changes. Had those delays not occurred, it’s possible that JPMorgan would not have incurred its big and jarring loss.

Mr. Dimon does not agree with this assessment, judging from his comments in a conference call last Thursday. But it’s an argument made persuasively by Michael Greenberger, a law professor at the University of Maryland and an authority on derivatives. He said that if two still-pending aspects of the Dodd-Frank legislation had been in effect, JPMorgan’s trading position probably wouldn’t have been allowed to grow as large as it did. Even better, the trades might not have been made by the bank at all.

“If the trades at issue were proprietary trading, as now appears to be the case, they would be banned by the Volcker Rule,” Mr. Greenberger said. “And if derivatives rules under Dodd-Frank had been in effect, these trades would almost certainly have been required to be cleared and transparently executed. The losing nature of the trades, therefore, would have been obvious to market observers and regulators for quite some time and the losses would not have piled up opaquely.”

Mr. Greenberger is talking about Title VII, the section of the Dodd-Frank law dealing with over-the-counter derivatives, which were at the heart of the JPMorgan trades. It would require clearing on an exchange and transparent execution of these derivatives. Under these rules, when trades go against an institution, additional capital would have to be supplied. “A Title VII clearing facility would have priced this trade regularly, and if it kept moving away, the facility would have been asking for margin,” Mr. Greenberger said. “That kind of discipline tends to head people off from these positions.”

But regulators are still hammering out the Title VII rules, and the lobbyists are hellbent on weakening them. This much is clear: If the Glass-Steagall law were still around, the problematic trading at JPMorgan would not have occurred.

The hypocrisy is that our nation’s big financial institutions, protected by implied taxpayer guarantees, oppose regulation on the grounds that it would increase their costs and reduce their profit. Such rules are unfair, they contend. But in discussing fairness, they never talk about how fair it is to require taxpayers to bail out reckless institutions when their trades imperil them. That’s a question for another day.

AND the fact that large institutions arguing against transparency in derivatives trading won’t acknowledge that such rules could also save them from themselves is quite the paradox.

“These regulations are not just protecting the United States taxpayer,” Mr. Greenberger said. “They protect the banks themselves. The best friend of these banks would be laws that prevent them from shooting themselves in the foot. The fact is, they can’t do it themselves.”

As if we had to learn that lesson again.

 

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All That Wall Street Investment Banking Is Illegal…

Jamie Dimon On Meet The Press: We Were ‘Dead Wrong’ To Dimiss Trading Concerns

 

NEW YORK — The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was “dead wrong” when he dismissed concerns about the bank’s trading last month.

CEO Jamie Dimon said he did not know the extent of the problem when he said in April that the concerns were a “tempest in a teapot.” After the bank reported the trading loss, investors shaved almost 10 percent off the bank’s stock price.

“We made a terrible, egregious mistake,” Dimon said in an interview that aired Sunday on NBC’s “Meet the Press.” `’There’s almost no excuse for it.”

The $2 billion loss came in the past six weeks. Dimon has said it came from trading in so-called credit derivatives and was designed to hedge against financial risk, not to make a profit for the bank.

Dimon said the bank is open to inquiries from regulators. He has also promised, in an email to the bank’s employees and in a conference call with stock analysts, to get to the bottom of what happened and learn from the mistake.

Dimon told NBC that he supported giving the government the authority to dismantle a failing big bank and wipe out shareholder equity. But he stressed that JPMorgan, the largest bank in the United States, is “very strong.”

Lawmakers and critics of the banking industry have seized on the $2 billion loss to say that banks still take too much risk more than three years after the financial crisis.

A piece of the financial regulation known as the Volcker rule would prevent banks from certain kinds of trading for their own profit. Dimon has said the trading involved in the $2 billion loss would not have fallen under the rule.

Rep. Barney Frank, D-Mass., told ABC’s “This Week” that he hopes the final version of the Volcker rule will prevent the type of trading that led to the massive loss at JPMorgan.

Dimon conceded to NBC that the bank “hurt ourselves and our credibility” and expects to “pay the price for that.” Asked what the price should be, Sen. Carl Levin, D-Mich., said that banks will lose their fight to weaken the rule.

“This was not a risk-reducing activity that they engaged in. This increased their risk,” Levin told NBC.

“So we’ve got to be very, very careful that the regulators here are not undermined by this huge effort to weaken the rule by putting in a huge loophole” that includes the trading involved in the JPMorgan loss, he said.

Addressing public anger toward Wall Street, Dimon said he wants a more equitable society and does not mind paying higher taxes. But he said attacking all of business is “very counterproductive.”

 

Trading Loss ‘Puts Egg On Our Face’

Dimon said JPMorgan Chase’s unexpected $2 billion loss on credit trades in May “puts egg on our face, and we deserve any criticism we get.”

In March 2011, Dimon expressed his fear over new regulations, warning that higher capital requirements would be “pretty much the nail in our coffin for big American banks,” according to the Financial Times.

Warning that limiting proprietary trading would also affect market making, Dimon was quoted by CNBC, “The United States has…the most liquid [capital markets in the world]. If you lose liquidity because you lose market making, you cost investors money.”

‘Little To Do With Financial Crisis’

“Proprietary trading had very little to do with the financial crisis,” Dimon told FOX Business Network Senior Correspondent Charlie Gasparino in January, adding that “you can’t even make markets for your clients” with the Volcker Rule.

Volcker ‘Doesn’t Understand’

“Paul Volcker by his own admission has said he doesn’t understand capital markets,” Dimon told FOX Business. “He has proven that to me.”

Volcker Rule Too Narrow

in February, Dimon asserted the Volcker Rule had been written too narrowly. “If you want to be trading, you have to have a lawyer and a psychiatrist sitting next to you determining what was your intent every time you did something,” he was quoted as saying in Businessweek.

 

 

 

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Black On Black Ain’t Enough…

They Think We Are Animals’: How America’s Police State Controls Black People By Nicholas Powers

 

Racism in America’s police force is linked to cops’ role as keepers of the status quo in an unequal society.

 

“Get out of the fucking car,” he yelled. I dashed to my apartment window, looked down and saw a cop aiming his gun at a car. Slowly, hands trembling above his head, a black man stepped out and kneeled on the road. Is he going to kill him? I wondered. If he so much as twitches the cop will blast his brains out.

As the afternoon mist thickened into rain, I saw the officer blinking droplets from his eyes. His face was a knot of rage and fear. Thankfully the young man being arrested didn’t twitch as he was handcuffed. After they left and my panic ebbed, I knew it wouldn’t be long until someone somewhere was blown into oblivion by the police.

It wasn’t a knee-jerk anti-authority reaction but a heavy feeling based on history. Months later I read of the NYPD killing 18-year-old Ramarley Graham and 68-year-old Vietnam veteran Kenneth Chamberlain. They join Duane Brown, Sean Bell, Timothy Stansbury, Patrick Dorismond, Michael Stewart and others on the growing roster of black men killed by the police.

Once the smoking guns cool and the body is buried, mainstream media repeat the same words, “accident” or “tragic.” But we, who are black or Latino or politicized, hear the slurs and threats shouted in the background. Progressive news show Democracy Now reported that when cops banged on Chamberlain’s door and he told them he was fine, one shouted, “I don’t give a fuck nigger!” In 2011, cops created a Facebook page to complain about working the West Indian Day Parade, on it they called the black partiers “animals” and “savages,” and one wrote, “Drop a bomb and wipe them all out.” Repeatedly, journalists or lawyers smuggle out of the Blue Code of Silence evidence of police using racist, animal imagery to describe the very people they are supposed to serve.

Racism in America’s police force is linked to their role as keepers of the status quo in an unequal society. They enforce laws written by politicians on behalf of the wealthy — laws that end up trapping poor and working-class people in desperate lives. Racial and sexual minorities, legal and illegal immigrants are seen as threats to the social order. When we protest the law and “occupy” a space we are beaten and arrested. When we commit a crime to “get some” we are beaten and arrested. And when we do neither but simply live we’re busted to make a cop’s stop-and-frisk quota.

Language plays an essential role here. It starts with a defensive joke, a “perp” profile that becomes so blurred it encompasses nearly everyone on the street and a constant sense of danger. Each builds on the other until the change is complete and one day, they casually listen to NYPD Capt. James Coan give a racist hurrah speech to detectives executing warrants in Brooklyn. “They’re fucking animals,” he repeatedly said of black people from 2008 to 2010, “If you have to shoot, you shoot them in the head.”

A Shot in the Dark

“He was obliged to keep watch all night long with his guns at hand,” wrote slave trader Robert Durand in 1733. “The negroes were continuously ready to force open his hut to rob him…as they were only looking to avenge the kidnapping of their friends.” During the Atlantic slave trade, 12 million people were stolen from Africa and shipped to the Americas. Slave traders herded them from ship plank to the market, where once bought, they shuffled in chains to plantations. And with each jangling step, slaves were circled by men with guns and whips who did not see them as human beings but as dangerous dark animals.

If your job was to herd, whip and sell people like animals then you must see them as such or risk your sanity. From the auction block, jokes and imagery of Africans as savage heathens and apes, swept through cotton fields and upward into the halls of power. Racial ideology, the belief that a physical difference between humans determines their place in society, rose from the material practice of slavery. In his 1781 book Notes on the State of Virginia, Thomas Jefferson equated blacks to animals, writing that they don’t feel love or pain. “Their griefs are transient,” he wrote “Those numberless afflictions…are less felt, and sooner forgotten with them.”

The continuous association of blacks to monkeys created a culture of violent policing of brown bodies. In his 1845 autobiography, abolitionist Frederick Douglass wrote of an overseer named Mr. Gore who used his whip like a tongue as if to speak with leather. One day he lashed a slave named Demby who ran into a creek and refused to come out. Douglass writes, “Mr. Gore then…raised his musket to his face, taking deadly aim at his standing victim, and in an instant poor Demby was no more. His mangled body sank out of sight, and blood and brains marked the water where he stood.”

Slavery By Another Name

After the Civil War ended, African Americans had a brief season of freedom during Reconstruction. But the sight of their former slaves walking the streets terrified Southern whites. In the book and PBS documentary, Slavery by Another Name: The Re-Enslavement of African-Americans from the Civil War to World War II, reporter Douglass Blackmon explained how the Southern ruling class, which wanted the return of free labor, created the Vagrancy Laws. If blacks couldn’t be owned they could be jailed and forced to work. Historian Talithia LeFouria said it meant that, “Anything from spitting or drinking or being found drunk in public or loitering in public spaces could result in confinement.”

Before the war, images of blacks in newspapers were of lazy watermelon-chomping coons or blissful mammies or silent Uncle Toms. After the war they changed into lewd jezebels and fierce brutes. The shift came as slavery gave way to the convict-lease system. Racial ideology still pivoted on the concept of blacks as animals, once safely shackled, now free and dangerous.

Nearly 900,000 black people were arrested and channeled into the convict-lease system, where once incarcerated they were “sold” or “rented” to industries. In this era, police took over for slave catchers and prison guards for overseers as the reactionary force used to turn back history.

Stop and Frisk

“When I was ten, and didn’t look, certainly, any older, two policemen amused themselves by frisking me, making comic (and terrifying) speculations concerning my ancestry and sexual prowess,” James Baldwin wrote in The Fire Next Time (1963). If you read black writers of the past one truth becomes clear: an “unofficial” stop-and-frisk policy has always been in effect, though the entire nation.

It’s terrifying, humiliating to have a stranger’s hands pawing your limbs and their eyes peeling away your privacy, trying to find some illegal object on you. It takes a while for your body to feel like yours again. And decades after Baldwin wrote those lines, stop and frisk of blacks and Latinos has gone from unofficial racism to official policy. Nearly four million New Yorkers have been stopped and groped by the police between 2004 and 2011. Nine out 10 were innocent. And 87 percent were black or Latino.

Stop and frisk is a policy that legitimizes race-based control. The change came in 1993, at the end of the crack era, when Mayor Giulani was elected and paranoia of black and Latino youth hung in New York. Just four years earlier, the city convulsed when black teens were accused of and falsely confessed to raping a Central Park jogger.

In came Police Commissioner Bill Bratton with the “broken windows” theory. The premise of “broken windows” is that abandoned urban space invites worse crime, so a building with a broken window invites more vandalism, then squatters, then drug dealing, until it becomes a crack mansion. Broken window calls for ramped-up policing of smaller, quality-of-life crimes.

In reality, “broken windows” provides ideological justification for cracking down on low-level dealers and working-class people. CompStat managing used weekly reports to find the “hot spots,” which were inevitably black, Latino and poor. These areas flooded with police patrols. Drinking on the stoop, washing car windows at the intersection or smoking a joint got you busted.

An era of gentrification was upon the city. Neighborhoods that had been off limits were now open to investors. Rents went up. New stores came in. New people came in until the city is what it is today, large swaths serving as a playground for the transnational capitalist class.

So every day, in the city streets, blacks, latinos and the poor are fondled and pushed around by cops. It’s a “natural” site because the classic image of the black “brute” has been transformed into the ghetto thug.

In May 2012, New York City Council members met with Police Commissioner Ray Kelly and questioned him on stop and frisk. They said their constituents felt “under siege.” He shot back, “What I haven’t heard is any solution to the violence problems in these communities — people are upset about being stopped, yet what is the answer?”

Tricky Math

In 2010, secret recordings were smuggled out of the 81st Precinct in “Do or Die” Bed-Stuy by officer Adrian Schoolcraft. Printed in the Village Voice, the transcripts show bosses ordering street level cops to “pay the rent,” parlance for issuing tickets, summons and making arrests. Precinct bosses showed the inflated numbers to upper management as proof they were working hard. But when actual crimes were reported, officers were told to aggressively question the victims and downgrade them.

Putting “paper” on people and suppressing reports of real crime created statistics for politicians to trumpet how safe the city was on their watch. Under the veneer of First World professionalism, New York shares an ugly dynamic with Third World cities. If you are working class, poor, colored or foreign, you essentially have to pay the cops off. Except in our city, the money doesn’t go into their pockets but to the state in the form of a ticket.

People are being “mugged” by cops. And if you have a ticket you can’t pay, you get a warrant you can’t avoid and when caught, you’ll go to jail. The poorest people in the city are paying for their own oppression.

What’s Thug Got To Do With It?

His name was Ro’. I first sensed him in the panicked eyes of my neighbors. My block is a live wire of spoken and unspoken messages; I was told in their suspicious glances and fast walk-away that the new tall black man was trouble. When I got to my building, the DJ who lived downstairs was standing at the doorway with a small knife in his hand.

“What’s going on?” I asked.

“You see that nigga over there,” he jutted his chin to the new guy. “His name is Ro’. Just came back from prison and he’s trying to hustle people, yelling that his bike was broken and they gotta pay to repair it.”

Every time I saw Ro’, he was more raggedy and hungry. My last memory, he jerkily walked along the street like a puppet with invisible strings yanking his limbs. One foot was bare; the other had a dangling slipper. And his eyes seemed to bob in a sea of chemicals. The men on the street shot him hard stares. He vanished afterward, maybe dead or in jail or rehab. I didn’t care which, I was just glad he was gone.

Walking home, I think of who else I want to vanish from the neighborhood. Maybe the bored men who curse my gay friends or the youth who shoot up the summer nights, sending everyone running for cover. And that’s the social contradiction. Black and Latino people are the most victimized by crime but are often brutalized or ignored by the very police who are supposed to protect us.

We live with a city government that is driven by a conservative vision that casts working-class minorities as “ghetto brutes.” On the other side, some activists on the left cast us as tomorrow’s revolutionary heroes or the mangled victims of capitalism. Between these ideologies is the ever-present reality of crime driven by desire to live the “good life” advertised around us without the resources to do so. Criminals defy the hypocrisy of society and try to “get some” but in a selfish, narcissistic way that destroys the neighborhoods they live in.

It leads to a corrosive division in black and Latino communities where we are afraid of each other and angry for being afraid. We lose faith in ourselves but crave it so much that we seize on spectacles of racist violence to experience once more an ephemeral unity. So when Trayvon Martin, a young black male, was shot dead in Florida by neighborhood watchman George Zimmerman, instantly we wore hoodies to love in him the innocence stripped and stolen and cursed and stopped and frisked from us every day.

After his death, the racist Web site Storm Front posted two photos of Martin. One was blurry with him giving two middle fingers, looking mad thug. The other was clearly him smiling his new “gold grill” into the camera. The goal was to lower Martin’s credibility by making his face overlap with the “ghetto brute.”

It was quickly discovered that the first image was false. But as progressive critics pounced on the photos, we missed a vital point. Thugs don’t deserve to be shot either. In playing the politics of respectability, we relied on Martin’s cherubic youthful face to sell black innocence. He became for many, an icon of our own sabotaged lives. But the scarred, embittered men and women in the ‘hood are once again ineligible for public sympathy.

And I fell into this conservative ideology. I studiously look hipster to avoid hassle by the police. Sweaters, dark-rim glasses and a man-pouch are my camouflage. And it works. They never harass me. Since I teach literature, a thick book is often in my hands, which is useful for hailing taxis in Manhattan. Drivers assume I’m “safe” but I hear fear and disappointment in their voices when I say, “Take me to Bed-Stuy!”

My First Night In Jail

Last summer, an officer clamped cold handcuffs on me as I turned to him and said, “I’m glad I’m helping you make your quota tonight.” He roughly pushed me into the car, “Alright smart ass, for that you can sit in the back.”

I had been ticketed for drinking a beer in Tompkins Park. The bills came in the mail but I ignored it until it was forgotten. Now I cursed myself for being caught by 21st century vagrancy laws. While in the cell, new men came in and others were let out. Over the next 16 hours, I heard story after story of guys busted for drinking a beer or not having a ID on them or smoking a joint in the park. Some shouted for hours, some slept and some stared at the wall, projecting a personal movie of where they wanted to be instead.

I thought of Richard Pryor’s routine where he said, “Don’t go to the courts thinking you’ll find justice because guess what you’ll find – just us.”

 

 

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Rape Performed In Every Modern Nation: Priceless…

 

It’s in Their Culture by Nicholas Farrell 

 

We are endlessly told that white people are racist and that white men are sexist. But in my experience people of a different color are much more racist and men of a different color much more sexist. It is just that we do not hear about this racism because no one is allowed to speak about it for fear of being branded…a racist.

Now from Britain comes the latest horrific example of nonwhite racism and sexism. And try as they might, the British media were unable this time to avoid telling us at least part of the truth.

Here it is: Nine British Muslims, eight of Pakistani and one of Afghani origin, gang-raped dozens of underage white girls in the northern England town of Rochdale between 2008 and 2010. One of the nine just happens to be a father of five and a religious-studies teacher in his local mosque.

There were 47 known victims, mostly aged 12-16 and living in local government children’s homes. But there were probably many more victims and many more rapists.

“If nine non-Muslim white men did the same thing to dozens of Muslim teenage girls, British Muslims would blow up the Houses of Parliament and Buckingham Palace.”

Last Tuesday in Liverpool those nine men were convicted and sentenced to a total of 77 years in prison. In separate recent trials, 56 men (50 of them Muslims) were convicted of similar crimes in other northern England towns.

In the coverage of this latest child-rape-industry trial, the British media avoided the fact that racism motivated the nine and that they are all Muslims. The police and social workers failed to investigate for the same reason. The nine are usually referred to as “Asian” or “Pakistani” and not “Muslim.” But at the root of their racism is their religion. Asian or Pakistani Christians or Hindus, for example, treat women of whatever age and color differently.

The Pakistani/Muslim attitude to women in general is very bad; the Pakistani/Muslim attitude to non-Muslim white women is even worse.

To such men, white women who go out without a male chaperone, dressed in miniskirts and high-heeled shoes, plastered in make-up, and who drink and take drugs, are sluts plain and simple. Infidel sluts.

In short: They are not merely asking to be raped. They do not just want to be raped. They deserve to be raped. That they are underage and in the care of the social services only reinforces this point of view.

All men, me included, have issues regarding how women dress and behave, don’t we? But most of us deal with them as best we can.

And most Muslims in non-Muslim countries, even of Pakistani origin, do not do what the Rochdale Nine did to all those non-Muslim, white, teenage girls. Nor are most Muslims in non-Muslim countries, even if of Pakistani origin, Islamic terrorists.

But let’s face it: Many, many Muslims do think that non-Muslim white women are sluts and the perfect symbols of Western decadence and that this is a core reason why they do not (how shall I put this?) approve of Western civilization and therefore why they would like it to be run along Islamic lines, just as the Islamic terrorists do, even if personally they do not actively support al-Qaeda, et al. Not in public, at least.

The crimes committed by those nine Muslim sexist racists in Rochdale, a former mill town and once the pride of Britain’s textile industry, included multiple counts of rape and sex trafficking. The gang members, many of whom were taxi drivers, enticed the teenage girls to go out on the town with them by plying them with free alcohol and drugs. They would then pass the girls around to have sex with several men a day, several times a week, in taxis, flats, and kebab shops. One 13-year-old was forced to have sex with 20 men in one night.

In 2008, the police and the social workers had evidence of these terrible crimes. But they did little mainly because to do something would have meant criticizing the British Muslim community of Pakistani origin. Terrified of being accused of racism—an accusation that could easily have destroyed their careers and led to criminal charges against them as well as civil unrest—they turned a blind eye.

Even now, the metropolitan chattering classes and the multicultural freak-show crowd that control the media still insist that the Rochdale case has nothing to do with race.

Let’s not forget the sexism. This racism and sexism were rooted in the religion of the nine men, Islam. To do the same thing to Muslim girls, on the other hand, would have been for them unthinkable.

They all pleaded not guilty on the grounds that they had done nothing wrong in their eyes and were thus were brought to trial only because of their race and religion. One was banned from court after he called the judge “a racist bastard.”

At least Nazir Afzal, the Chief Crown Prosecutor in the northwest who eventually brought the case and who is of Pakistani origin and a Muslim, had the balls to say after the trial that “imported cultural baggage” had played a role, although he carefully avoided the word “religious.” Regardless of how you define it, that baggage involves among other things forced marriage, honor killings, and genital mutilation.

But still the metropolitan chatterers and the multicultural freaks refuse to concede defeat. They chant their tired old mantra: Sexual exploitation of teenage girls happens in every racial and ethnic group. Oh no, it doesn’t! Not on this scale against girls chosen precisely because they came from a different racial and religious group. And if nine non-Muslim white men did the same thing to dozens of Muslim teenage girls, British Muslims would blow up the Houses of Parliament and Buckingham Palace. And that would only be the first course.

It is time that the left abandoned its multicultural diktat of turning a blind eye to such disgusting racism and sexism by nonwhite men simply because “it’s in their culture.” And it is time for the rest of us to look after vulnerable white non-Muslim teenage girls a little better than this.

 

 

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