Washing to shore… 27 August 2007Posted by marisacat in 2004 Election, 2008 Election, DC Politics, Lie Down Fall Down Dems.
Exploding whale - Tainan Taiwan – 2004
Stand back. They are using “electability” again. Democrats will be hearing that one for decades. It failed miserably in ’04, so keep rolling it out. Poor Democrats, always on cruise control..
New York Magazine on Obama:
The effect on the Clinton-Obama dynamic has been appreciable. According to a recent CBS News poll, fully 82 percent of Democrats now say she has “the right kind of experience to be a good president”—compared to just 41 percent who say the same about him.
And while Democrats on average still find Obama more likable than they do Clinton, she leads him by sixteen points on the question of electability.
“Look, I find it hard to get behind her. She’s the worst of both worlds: too conventional and too divisive at the same time,” says a former Clinton White House official uncommitted to any candidate. “But Obama has been a disappointment. Playing the same card over and over, that he was against the war from the beginning, just is not enough. And it’s not just on foreign policy. Across the board, his campaign has been way too cautious, way too safe. I find myself wanting to support him, but there’s not enough there.”
the last pic of the tryptich, on the right, always looks like a pol on the hustings to me…
And, while washing to shore, use what you have…
And they treated an interviewer the way politicians surely wish they could at times, refusing at first to remove their iPod earphones for a discussion of life on the trail.
“I don’t want to do this,” Jack protested to his father, John Edwards, the Democratic presidential candidate and former North Carolina senator.
“I don’t care whether you want to do this,” Mr. Edwards replied.
A moment later, Jack hid his face in his hands.
“Mr. Jack, do we need to go in the back and have a conversation?” asked Mr. Edwards, lifting his son’s head.
The boy sat for a few more minutes, fidgety but obedient, before being freed and happily bounding with his sister to the fort they were building in the back of the bus.
No criticism from me, not the first, not the last to shove the family into a perambulator and tour the country.
Hell, wandering thru photo galleries in the local Ohio print media during the vaunted Hackett run - Jesus was at Fallujah too, on the side of the angels, you know - I landed on some bizarre, surreal photos of the militarist, the Jr League (black linen, really big sunglasses) wif and the small kids, out on the Cincinnatti suburb hustings.
Folding tables set up with war paraphernalia. His helmuts, camo gear, flak jacket, firing clips – I am not kidding… It oozed, between bake sale and legal murder display. Blood cupcakes anyone?
Oh yes I am so supposed to vote for that. Not in this lifetime.
Here is a bit of a glance back, from TAPPED:
Here’s one: At the Democratic forum today, Edwards spent some time — as he often does — lamenting the fact of medical bankruptcies. This is no surprise: Elizabeth Warren, who’s done the seminal work in this area, informally advises him.
But when the Bankruptcy Bill — which Edwards voted for — came up in 2001, then-Senator Paul Wellstone offered an amendment to “create an exemption for certain debtors that can demonstrate to the satisfaction of the court that the reason for the filing was a result of debts incurred through medical expenses.” In other words, to prevent medical bankruptcies. The amendment failed, 65-34. Edwards was one of the 65 voting against it (as was Biden — Clinton and Dodd both voted for, and Obama wasn’t yet in the Senate). In doing, he broke with just about every liberal in the Senate. At times, votes like this can be out-of-context, as Senators kill good liberal amendments to get an important progressive bill to the floor. But the Bankruptcy Bill was hardly that. It’s a hard vote to explain. But I’d still like to hear what the Edwards camp has to say.
Clean-up in the hot sun had to be scrumptious…
I landed on this little tidbit – at a conservative site:
Transportation officials have closed Interstate 40 in both directions in West Memphis near the Mississippi River. Officials say an inspector discovered that a bridge pier on the approach bridge west of the river had settled overnight. The bridge on the Arkansas side is being retrofitted to make keep it stable during an earthquake. Officials say the closure is precautionary. Tennessee Department of Transportation Chief Engineer Paul Degges says the bridge is being inspected to make sure it has “not been compromised by the settlement in any way.” Degges says all lanes are blocked so inspectors can take a thorough look at the span. Motorists are being diverted to the Interstate 55 bridge over the Mississippi until further notice. Tennessee is doing the bridge work, even though it is on the Arkansas side. (WREG)
But not to worry about the I-35 in Minneapolis. The Republicans plan their convention there next year. New Orleans will languish, but the bridge over the Mississippi up north, at Minneapolis will be fixed.
Couple of comments from the previous thread, from D Throat…
D. Throat | |
Finally someone is “whispering” about Clinton’s Banking Reform failure… “the revocation that dare not speak it’s name”:
Fed bends rules to help two big banks
If the Federal Reserve is waiving a fundamental principle in banking regulation, the credit crunch must still be sapping the strength of America’s biggest banks. Fortune’s Peter Eavis documents an unusual Fed move.
By Peter Eavis, Fortune writer
August 24 2007: 5:09 PM EDT
NEW YORK (Fortune) — In a clear sign that the credit crunch is still affecting the nation’s largest financial institutions, the Federal Reserve agreed this week to bend key banking regulations to help out Citigroup (Charts, Fortune 500) and Bank of America (Charts, Fortune 500), according to documents posted Friday on the Fed’s web site. (aka Friends of Bill Clinton)
The Aug. 20 letters from the Fed to Citigroup and Bank of America state that the Fed, which regulates large parts of the U.S. financial system, has agreed to exempt both banks from rules that effectively limit the amount of lending that their federally-insured banks can do with their brokerage affiliates. (Just smell what that Rock is cooking… gee kinda smells like 1929) The exemption, which is temporary, means, for example, that Citigroup’s Citibank entity can substantially increase funding to Citigroup Global Markets, its brokerage subsidiary. Citigroup and Bank of America requested the exemptions, according to the letters, to provide liquidity to those holding mortgage loans, mortgage-backed securities, and other securities.
This unusual move by the Fed shows that the largest Wall Street firms are continuing to have problems funding operations during the current market difficulties, according to banking industry skeptics. The Fed’s move appears to support the view that even the biggest brokerages have been caught off guard by the credit crunch and don’t have financing to deal with the resulting dislocation in the markets. The opposing, less negative view is that the Fed has taken this step merely to increase the speed with which the funds recently borrowed at the Fed’s discount window can flow through to the bond markets, where the mortgage mess has caused a drying up of liquidity.
On Wednesday, Citibank and Bank of America said that they and two other banks accessed $500 million in 30-day financing at the discount window. A Citigroup spokesperson declined to comment. Bank of America dismissed the notion that Banc of America Securities is not well positioned to fund operations without help from the federally insured bank. “This is just a technicality to allow us to use our regular channels of business with funds from the Fed’s discount window,” says Bob Stickler, spokesperson for Bank of America. “We have no current plans to use the discount window beyond the $500 million announced earlier this week.”
There is a good chance that other large banks, like J.P. Morgan (Charts, Fortune 500), have been granted similar exemptions. The Federal Reserve and J.P. Morgan didn’t immediately comment.
(WSWK: Wall Street Welfare Kings… It is sickening to see that the only reason Reagan and Clinton have gotten this far is because the tapped Americans hatred towards poor Black people… Reforming Welfare as we know it…. yeah by give 100 times as much welfare to the rich)
The regulations in question effectively limit a bank’s funding exposure to an affiliate to 10% of the bank’s capital. But the Fed has allowed Citibank and Bank of America to blow through that level. Citigroup and Bank of America are able to lend up to $25 billion apiece under this exemption, according to the Fed. If Citibank used the full amount, “that represents about 30% of Citibank’s total regulatory capital, which is no small exemption,” says Charlie Peabody, banks analyst at Portales Partners.
The Fed says that it made the exemption in the public interest, because it allows Citibank to get liquidity to the brokerage in “the most rapid and cost-effective manner possible.”
SO, HOW SERIOUS IS THIS RULE-BENDING? VERY. ONE OF THE CENTRAL TENETS OF BANKING REGULATION IS THAT BANKS WITH FEDERALLY INSURED DEPOSITS SHOULD NEVER BE OVER-EXPOSED TO BROKERAGE SUBSIDIARIES; INDEED, FOR DECADES FINANCIAL INSTITUTIONS WERE LEGALLY REQUIRED TO KEEP THE TWO UNITS COMPLETELY SEPARATE. THIS MOVE BY THE FED EATS AWAY AT THE PRINCIPLE.
Aug 27, 11:02 AM —
And Part Two:
D. Throat | |
Seems like Word press is now limiting text… here is the second part of the above:
(Gee… I think he is talking about Clinton revoking the Glass Steagall Act… yunno the one that made it impossible to “accidentally have another Depression because companies like…. well like the very ones mentioned in this article Citicorp and JP Morgan (a do over) to mix brokerages and banking… which may lead to over extension…. yeah… like what the Fed just did giving them 500 million A PIECE with no assets to back it up….. The economy goes boom… no wonder Sarkozy is distancing himself… and instead of stockbroker jumping out of window… the inner cabinet is resigning… probably heading out to the “homestead” in South America…)
Sure, the temporary nature of the move makes it look slightly less serious, but the Fed didn’t give a date in the letter for when this exemption will end. In addition, the sheer size of the potential lending capacity at Citigroup and Bank of America – $25 billion each – is a cause for unease.
Indeed, this move to exempt Citigroup casts a whole new light on the discount window borrowing that was revealed earlier this week. At the time, the gloss put on the discount window advances was that they were orderly and almost symbolic in nature. But if that were the case, why the need to use these exemptions to rush the funds to the brokerages?
Expect the discount window borrowings to become a key part of the Fed’s recovery strategy for the financial system. The Fed’s exemption will almost certainly force its regulatory arm to sharpen its oversight of banks’ balance sheets, which means banks will almost certainly have to mark down asset values to appropriate levels a lot faster now. That’s because there is no way that the Fed is going to allow easier funding to lead to a further propping up of asset prices.
Don’t forget: The Federal Reserve is in crisis management at the moment. However, it doesn’t want to show any signs of panic. That means no rushed cuts in interest rates. It also means that it wants banks to quickly take the big charges that will inevitably come from holding toxic debt securities. And it will do all it can behind the scenes to work with the banks to help them get through this upheaval. But waiving one of the most important banking regulations can only add nervousness to the market. And that’s what the Fed did Monday in these disturbing letters to the nation’s two largest banks. Top of page
Find this article at: money.cnn.com…
Aug 27, 11:03 AM —
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Apologies about Word PRess. It is a mess. The Spam Filter is still blocked (nothing in it for three hours, I get over 800 spam a day)… and sometimes comments take minutes to appear. Pages are slow, the comment form is slow. ”Back pages” seem to be on a dying mule.
They need Liquid Plummer. Badly.
One more from the previous thread:
D. Throat |
Marie EXCELLENT diary
Marie there is a very interesting comment in your diary:
I was at the Fed in 1987 (0+ / 0-)
and I remember the events of October very clearly. Most of my colleagues had been working much longer than I had and they were all worried about the values of their mutual funds and pension schemes. I had nothing but student loans to pay, so nothing to lose.
Anyone who thinks that the Federal Reserve is above being interested in the price of markets so long as there is adequate transparency and price discovery is stupid. Everyone who has savings in bonds and stocks will be watching the charts as a market crashes – including the lawyers and economists at the Fed.
I was part of the team that dissassembled Glass-Steagall, and part of the team that dissassembled the McFadden Act (the other depression era law that banned interstate banking to “keep Wall Street bankers from spreading speculation to Main Street”. In retrospect I think we probably got it wrong to let the banks have their way because there is no doubt that they have leveraged the economy into a very dangerous state. Any little problem in the credit markets could now tip a large proportion of the economy into a spiral of decline. And Bush only knows how to create problems . . .
“It ain’t what people don’t know that hurts `em – it’s what they do know that ain’t true.” – Will Rogers
by LondonYank on Mon Aug 27, 2007 at 02:16:49 PM PDT
Please do tell more!!!
Aug 27, 2:37 PM
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