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Skeptical Debunker

Bankers winning financial reform battle - Answer Desk- msnbc.com - 0 views

www.msnbc.msn.com/...business-answer_desk

finance banking reform progress

shared by Skeptical Debunker on 11 Mar 10 - No Cached
  • Proponents of comprehensive regulatory reform hope for sweeping measures to protect consumers from predatory lending, rein in high-stakes Wall Street trading in arcane derivatives, boost capital requirements for banks that want to bet big with depositors' money and spread some regulatory sunshine on the dark pools of the “shadow banking system” that caught regulators flat-footed when the market spiraled into the abyss in the fall of 2008. “We cannot afford to let the status quo continue,” Sheila Bair, head of the Federal Deposit Insurance Corp., told a meeting of business economists in Washington. The final law is still in doubt. Sen. Christopher Dodd, D-Conn., has pressed for reform during a year of intensely partisan bickering. On Friday, Dodd — a lame duck who announced his retirement after disclosures that he accepted favorable terms from subprime lender Countrywide Financial — claimed that the Senate Banking Committee he chairs was “days away” from wrapping up a bill. Any resolution faces a major political hurdle that has drawn the most public attention: a proposal to create a new agency to protect consumers from predatory lending and other abusive financial practices. While the "systemic risks" to the financial system may represent a bigger threat in dollar terms, voters might be more focused on the consumer impact.Dodd said that’s not hard to understand.“The subject matter of derivatives and swaps and the issue of systemic risk and too-big-to- fail seem somewhat removed from the general public,” he told CNBC after the Senate compromise was reached. “Watching my credit card go to 32 percent rates and huge fees, watching prepayment penalties on mortgages, these are things that millions of people understand.”
  • Skeptical Debunker on 11 Mar 10
     
    As Congress this week inches toward a new set of rules to avert another global financial collapse, it is focused on two conflicting goals: reforming the banking system to protect consumers while still giving lenders the freedom to take risks. So far the score looks like: Bankers 1, Consumers 0. More than a year after a wave of risky mortgage bets brought Wall Street to its knees, banks and other financial institutions are still playing by the same rules that got them into the mess.
Skeptical Debunker

Top home-school texts dismiss Darwin, evolution - Yahoo! News - 0 views

news.yahoo.com/...us_rel_home_school_evolution

home schoolling Christian evolution propoganda

shared by Skeptical Debunker on 07 Mar 10 - Cached
  • Christian-based materials dominate a growing home-school education market that encompasses more than 1.5 million students in the U.S. And for most home-school parents, a Bible-based version of the Earth's creation is exactly what they want. Federal statistics from 2007 show 83 percent of home-schooling parents want to give their children "religious or moral instruction." "The majority of home-schoolers self-identify as evangelical Christians," said Ian Slatter, a spokesman for the Home School Legal Defense Association. "Most home-schoolers will definitely have a sort of creationist component to their home-school program." Those who don't, however, often feel isolated and frustrated from trying to find a textbook that fits their beliefs. Two of the best-selling biology textbooks stack the deck against evolution, said some science educators who reviewed sections of the books at the request of The Associated Press. "I feel fairly strongly about this. These books are promulgating lies to kids," said Jerry Coyne, an ecology and evolution professor at the University of Chicago. The textbook publishers defend their books as well-rounded lessons on evolution and its shortcomings. One of the books doesn't attempt to mask disdain for Darwin and evolutionary science. "Those who do not believe that the Bible is the inspired, inerrant Word of God will find many points in this book puzzling," says the introduction to "Biology: Third Edition" from Bob Jones University Press. "This book was not written for them." The textbook delivers a religious ultimatum to young readers and parents, warning in its "History of Life" chapter that a "Christian worldview ... is the only correct view of reality; anyone who rejects it will not only fail to reach heaven but also fail to see the world as it truly is."
  • Skeptical Debunker on 07 Mar 10
     
    Home-school mom Susan Mule wishes she hadn't taken a friend's advice and tried a textbook from a popular Christian publisher for her 10-year-old's biology lessons. Mule's precocious daughter Elizabeth excels at science and has been studying tarantulas since she was 5. But she watched Elizabeth's excitement turn to confusion when they reached the evolution section of the book from Apologia Educational Ministries, which disputed Charles Darwin's theory. "I thought she was going to have a coronary," Mule said of her daughter, who is now 16 and taking college courses in Houston. "She's like, 'This is not true!'"
  • Skeptical Debunker on 07 Mar 10
     
    Home Fooling.
Yee Sian Ng

Board openings give Obama a rare chance to remake the Federal Reserve - washingtonpost.com - 0 views

www.washingtonpost.com/...AR2010030101139.html

Politics Financial Markets Regulation

shared by Yee Sian Ng on 07 Mar 10 - Cached
  • Yee Sian Ng on 07 Mar 10
     
    "The No. 2 official on the Federal Reserve Board said Monday that he will retire, opening a third seat on what may be the world's most powerful economic body and giving President Obama a historic opportunity to reshape the central bank.\n\n[...]\n\nThe changes come at a time of epic transformation in, and intense scrutiny of, the Fed's mission. During the past two years, the Fed has taken extraordinary actions to contain a financial crisis and prop up the economy. Now the institution must decide how and when to wind down some of those emergency measures."
Sarah Eeee

Income Inequality and the 'Superstar Effect' - NYTimes.com - 0 views

www.nytimes.com/...26excerpt.html

inequality capitalism economics

shared by Sarah Eeee on 27 Dec 10 - No Cached
  • Yet the increasingly outsize rewards accruing to the nation’s elite clutch of superstars threaten to gum up this incentive mechanism. If only a very lucky few can aspire to a big reward, most workers are likely to conclude that it is not worth the effort to try.
  • It is true that the nation grew quite fast as inequality soared over the last three decades. Since 1980, the country’s gross domestic product per person has increased about 69 percent, even as the share of income accruing to the richest 1 percent of the population jumped to 36 percent from 22 percent. But the economy grew even faster — 83 percent per capita — from 1951 to 1980, when inequality declined when measured as the share of national income going to the very top of the population.
  • The cost for this tonic seems to be a drastic decline in Americans’ economic mobility. Since 1980, the weekly wage of the average worker on the factory floor has increased little more than 3 percent, after inflation. The United States is the rich country with the most skewed income distribution. According to the Organization for Economic Cooperation and Development, the average earnings of the richest 10 percent of Americans are 16 times those for the 10 percent at the bottom of the pile. That compares with a multiple of 8 in Britain and 5 in Sweden.
  • ...4 more annotations...
  • Not coincidentally, Americans are less economically mobile than people in other developed countries. There is a 42 percent chance that the son of an American man in the bottom fifth of the income distribution will be stuck in the same economic slot. The equivalent odds for a British man are 30 percent, and 25 percent for a Swede.
  • Just as technology gave pop stars a bigger fan base that could buy their CDs, download their singles and snap up their concert tickets, the combination of information technology and deregulation gave bankers an unprecedented opportunity to reap huge rewards. Investors piled into the top-rated funds that generated the highest returns. Rewards flowed in abundance to the most “productive” financiers, those that took the bigger risks and generated the biggest profits. Finance wasn’t always so richly paid. Financiers had a great time in the early decades of the 20th century: from 1909 to the mid-1930s, they typically made about 50 percent to 60 percent more than workers in other industries. But the stock market collapse of 1929 and the Great Depression changed all that. In 1934, corporate profits in the financial sector shrank to $236 million, one-eighth what they were five years earlier. Wages followed. From 1950 through about 1980, bankers and insurers made only 10 percent more than workers outside of finance, on average.
  • Then, in the 1980s, the Reagan administration unleashed a surge of deregulation. By 1999, the Glass-Steagall Act lay repealed. Banks could commingle with insurance companies at will. Ceilings on interest rates vanished. Banks could open branches anywhere. Unsurprisingly, the most highly educated returned to banking and finance. By 2005, the share of workers in the finance industry with a college education exceeded that of other industries by nearly 20 percentage points. By 2006, pay in the financial sector was again 70 percent higher than wages elsewhere in the private sector. A third of the 2009 Princeton graduates who got jobs after graduation went into finance; 6.3 percent took jobs in government.
  • Then the financial industry blew up, taking out a good chunk of the world economy. Finance will not be tamed by tweaking the way bankers are paid. But bankers’ pay could be structured to discourage wanton risk taking
  • Sarah Eeee on 27 Dec 10
     
    (Part 2 of 2 - see first part below) What impact do the incredible salaries of superstars have on the rest of us? What has changed, technologically and socially, to precipitate these inequities? This article also offers a brief look at the relationship between income inequality and economic growth, comparing the US throughout its history and the US vis a vis several European countries.
Sarah Eeee

Income Inequality and the 'Superstar Effect' - NYTimes.com - 0 views

www.nytimes.com/...26excerpt.html

inequality economics capitalism

shared by Sarah Eeee on 27 Dec 10 - No Cached
  • In 1982, the top 1 percent of pop stars, in terms of pay, raked in 26 percent of concert ticket revenue. In 2003, that top percentage of stars — names like Justin Timberlake, Christina Aguilera or 50 Cent — was taking 56 percent of the concert pie.
  • . In an article entitled “The Economics of Superstars,” he argued that technological changes would allow the best performers in a given field to serve a bigger market and thus reap a greater share of its revenue. But this would also reduce the spoils available to the less gifted in the business.
  • IF one loosens slightly the role played by technological progress, Dr. Rosen’s framework also does a pretty good job explaining the evolution of executive pay. In 1977, an elite chief executive working at one of America’s top 100 companies earned about 50 times the wage of its average worker. Three decades later, the nation’s best-paid C.E.O.’s made about 1,100 times the pay of a worker on the production line.
  • ...2 more annotations...
  • CAPITALISM relies on inequality. Like differences in other prices, pay disparities steer resources — in this case, people — to where they would be most productively employed.
  • In poor economies, fast economic growth increases inequality as some workers profit from new opportunities and others do not. The share of national income accruing to the top 1 percent of the Chinese population more than doubled from 1986 to 2003.
  • Sarah Eeee on 27 Dec 10
     
    What impact do the incredible salaries of superstars have on the rest of us? What has changed, technologically and socially, to precipitate these inequities? This article also offers a brief look at the relationship between income inequality and economic growth, comparing the US throughout its history and the US vis a vis several European countries. (Part 1 of 2)
Michael Haltman

The Hallmark Abstract Sentinel: What happens if your title insurance underwriter stops ... - 2 views

hallmarkabstractllc.blogspot.com/...s-if-your-title-insurance.html

title insurance house crisis real estate market financial crisis underwriter

shared by Michael Haltman on 11 Aug 11 - No Cached
  • Michael Haltman on 11 Aug 11
     
    New Jersey Title, an underwriter of title insurance policies in the northeast, has become a casualty of a financial and real estate crisis that has taken many victims. Some of these casualties might never have occurred if the events of the past few years had not taken place, but because they did there are firms and individuals who now face the need to find alternatives at a time when those alternatives may be difficult to come by.
David Corking

Op-Ed Contributor - Obama's Ersatz Capitalism - Joseph Stigltz - NYTimes.com - April 1,... - 0 views

www.nytimes.com/...01stiglitz.html

Culture Finance

shared by David Corking on 02 Apr 09 - Cached
  • Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the Geithner plan works only if and when the taxpayer loses big time. Some Americans are afraid that the government might temporarily “nationalize” the banks, but that option would be preferable to the Geithner plan. After all, the F.D.I.C. has taken control of failing banks before, and done it well.
    • David Corking
      David Corking on 02 Apr 09
       
      This seems to be the brunt of the complaint
  • David Corking on 02 Apr 09
     
    A Nobel Prize winner says that Geithner and the Obama administration are giving a vast amount of taxpayer funds to private investors, without Congressional approval.
William Green

China Ramps Up To Buy Cheap U.S. Real Estate - 0 views

moneynews.newsmax.com/...258589.html

china real estate news information market

shared by William Green on 10 Sep 09 - Cached
  • William Green on 10 Sep 09
     
    Something we need to keep aware of.
The Ravine / Joseph Dunphy

Bush economic report praises 'outsourcing' jobs - 0 views

www.post-gazette.com/...271362.stm

job market poverty outsourcing opportunity

shared by The Ravine / Joseph Dunphy on 28 Mar 09 - Cached
  • The Ravine / Joseph Dunphy on 28 Mar 09
     
    Yet another reason why I'll never vote Republican, again.
The Ravine / Joseph Dunphy

Is Your Boss a Psychopath? | Fast Company - 0 views

www.fastcompany.com/...open_boss.html

job market employment business abuse of power

shared by The Ravine / Joseph Dunphy on 28 Mar 09 - Cached
  • The Ravine / Joseph Dunphy on 28 Mar 09
     
    You've long suspected, and now somebody thinks he knows. If he's right, what does that say about lassez faire?
The Ravine / Joseph Dunphy

Student Debts, Stunted Lives | | AlterNet - 0 views

www.alternet.org/...33861

poverty opportunity job market

shared by The Ravine / Joseph Dunphy on 28 Mar 09 - Cached
  • The Ravine / Joseph Dunphy on 28 Mar 09
     
    A thought to keep in mind as you read this - what happens to the already overburdened graduate whose job gets outsourced, and then can't find another because he's deemed "overqualified" for the low skilled, low wage jobs available? Answer: Look up "capitalization of interest" and then note that one can't erase student loan debt by declaring bankruptcy. What will result will be the mathematical equivalent of charging compound interest on a loan that the graduate has been deprived of the means of repaying.
The Ravine / Joseph Dunphy

Unemployed try unconventional methods to find jobs - Jan. 14, 2009 - 0 views

money.cnn.com/...unconventional_job_searches

job market poverty

shared by The Ravine / Joseph Dunphy on 28 Mar 09 - Cached
  • The Ravine / Joseph Dunphy on 28 Mar 09
     
    Now, something from today (2009) as the author talks about sometimes undignified extremes that some applicants go to in the often futile search for work. Submitted to Digg by bamafun.
The Ravine / Joseph Dunphy

America's Work Stories - 0 views

usaworkstories.blogspot.com

job search job market human resources blog work blogs testimonials griping complaining personnel

shared by The Ravine / Joseph Dunphy on 01 Apr 09 - Cached
  • The Ravine / Joseph Dunphy on 01 Apr 09
     
    WARNING: Profanity is present at the other end of this link. Tedious reading, but informative for those who, on hearing a job seeker complain about how he was treated by the people in personnel, think "oh, it's just him complaining". No, not even close. Horror stories from those dealing with Human Resources, and the rest of management, from those lucky enough to have permanent jobs to suffer through. How the neocon and libertarian supported doctrine of "employment at will" has been working out in the real world.
Bakari Chavanu

Skepticblog » Capitalism-A Propaganda Story - 0 views

skepticblog.org/...capitalism-a-propaganda-story

comment politics micheal moore micheal shermer

shared by Bakari Chavanu on 16 Oct 09 - Cached
  • When Michael Moore said that capitalism should be replaced by democracy, it didn’t make the most sense, I agree. However, it is well known that the economic system of socialism change how effective a political system works. Captialism, when allowed to go to extremes can also interfere with our political system.
  • Suggestion #1 Shermer should stay out of politics and economics. #2 He and all of you should read this: How the Servant Became a Predator, Finance’s Five Fatal Flaws By William K. Black Assoc. Professor, Univ. of Missouri, Kansas City
  • Michael Moore is a fantastic skeptic. He doesn’t fall for the cultural mythologies of our age. The fervor that some people hold for their favorite economic systems is much akin to that held for religions. People get bent all out of shape when someone is sacrilegious enough to point out the problems and disconnects within their worshipped system. Some people think that there is some kind of magical something or other to their economic system that makes it function automatically. When you go looking for the “man behind the curtain”, you find out how frail the system really is.
  • ...7 more annotations...
  • The microeconomics that drive the lives of ordinary people and businessmen do not necessarily coordinate with the macroeconomic needs of a nation.
  • In this latest installment in his continuing series of what’s wrong with America, Michael Moore takes aim at his biggest target to date, and the result is a disaster. The documentary is not nearly as funny as his previous films, the music selections seem contrived and flat, and the edits and transitions are clumsy, wooden, and not nearly as effective as what we’ve come to expect from the premiere documentarian (Ken Burns notwithstanding) of our time. And, most importantly, the film’s central thesis is so bad that it’s not even wrong.
  • Even if people were more educated individual behavior is determined by the structure of society.
  • I fail to see how businesses only operate without coercion. Businesses only operate without coercion if they have been coerced to do so. There are many examples in history of businesses taking as much control of their employees’ lives as possible. It is only due to government regulation that we do not have more businesses treating employess as property as some coal mines once did.
  • If we ask which economic system produces the greatest human well-being, the overwhelming evidence is already in: we know economic libertarianism doesn’t work. The only serious question, the only question for critical thinkers, is what balance between state and market (assuming we can even make a meaningful distinction between them in some cases) is ideal?
  • Both are idealistic, purist and pseudo-rational systems of belief that were the basis of the greatest ideological divide of the 20th century. I think it’s time we grew up from both and set about the hard task of finding out how to really make an economic system work for us, and not the other way around.
  • In general, libertarians seem to have a blindspot when it comes to noticing the self-serving aspects of their beliefs. They often spout words like “liberty” and “freedom” without even considering that they might be truly wanting “liberty” from responsibility toward others and “freedom” from paying back the society that has often served their interests quite well.
Bakari Chavanu

The root cause of war is oligarchic capitalism | Middle East Eye - 0 views

www.middleeasteye.net/...igarchic-capitalism-1397733231

capitalism middle east

shared by Bakari Chavanu on 06 Mar 15 - No Cached
  • After World War Two, Britain and the USA pressured the United Nations into confiscating Arab land to form the state of Israel, making the Arabs pay for the crimes of the Germans. In addition to providing a nation for the Jews, Israel would be a forward base for Western economic and military power in the Middle East. To the Arabs it was another European invasion of their territory.
  • In the early 1950s, the USA and Britain overthrew the government of Iran because it tried to nationalise its oil industry, which was under Western control.
  • In the mid-1950s, Egypt decided to nationalise the Suez Canal and use the income from it to help their people out of poverty. They were willing to pay its British and French owners the full market value for their shares, but Western governments and Israel responded violently, invading and bombing Egypt into submission.
  • ...6 more annotations...
  • The USA and Britain committed similar atrocities in Iraq, Syria, Lebanon, Libya, Indonesia and Afghanistan. We overthrew their governments, installed dictators, undermined their economies - all to strengthen our business interests. In every nation where we now have terrorism, we had first assaulted them.
  • Capitalism is always at war. The violence, though, is often abstract: forcing us either to accept low-paying, exhausting jobs or starve; denying us adequate healthcare, education and economic security; convincing us that human beings are basically isolated, autonomous units seeking self gratification. But when this doesn't suffice to keep their profits growing, the violence becomes physical, the cannons roar, and the elite rallies us to war to defend "our" country and destroy the fiendish enemy.
  • Since 9/11 the USA has killed over 300,000 - a hundred times more than died in the World Trade Center. The overwhelming majority have been civilians.
  • As Martin Luther King stated with simple eloquence: "The greatest purveyor of violence in the world today is my own government."
  • Since they don't have our military power, they resort to guerrilla warfare. As Mike Davis wrote, "The car bomb is the poor man's air force."
  • www.amazon.com/dp/1897455844
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