News and Current Events - 2012

[garyd]

Was it Newsweek that once ran a cover of Bill Clinton calling him the first
black President?

Toni Morrison "coined" the phrase, if you will, back in 1998 in an article that appeared in "The New Yorker'. 
http://ontology.buffalo.edu/smith/clinton/morrison.html

I am not sure the phrase ever actually occurred on a magazine cover.  Might have, I just don't know.

[CellarDweller115]

Or, to be inclusive, here's an author's "Cliche Watch" take on it:

Barack Obama: Our First Gay-Female-Hispanic-Asian-Jewish President

http://www.theatlanticwire.com/politics/2012/05/obama-our-first-gay-female-black-hispanic-asian-jewish-president/52299/

[brokebacktom]

To be honest, I prefer the New Yorker one, Obama isn't gay.  He's been a great supporter of the gay community, but to call him the "first gay president" doesn't seem right.

I agree with you.

[kathy]

True, but the estimate has went from 2, to 3 and now they are saying the trading loss might amount to $4B.   Who knows, by tomorrow or later in the week, it might be higher yet, and additional  trades might be revealed to have gone bad.

The point is, this is a company that was bailed out (TARP) with American tax dollars, not just Chase, but ALL the big banks in the U.S. and they were told in no certain terms at that time that basically, 'this shit has gotta stop' or else.   So what happens, they continue to pay their top crooks huge bonuses, they live a lifestyle of the rich and famous, and continue to circumvent each and every regulatory effort put in their path.

They deserve to fail, and I can't wait for it to happen.

I agree completely and can't wait for it to fail either.  When the U.S. Gov't. bailed out all of those rotten banks , I really felt sick to my stomach.  Taxpayers' money bailing out the criminals of Wall St.

Although -  "Jamie" Dimon did receive a $23 Million pay package for 2011, approved at today's stockholders' meeting in Tampa.  (A boss named "Jamie"?  Whew).  And what about that Ina person?  She is definitely as huge a lying crook as the rest of them are, and has been paid millions and millions over...ahem...30 years.  I wonder how many millions more she got after "resigning".

I've always said there's no justice.  This speculating jerk and his cronies at that criminal bank lost $2 Billion - yet he gets a $23 Million pay package approved.  Just like all the other thieves at the banks did.  There is no justice for the little or honest  guy.   Never was, never will be.  I don't like to say this, but I believe this has always been true.   Tons of $$$ gets you out of anything.

kathy          

[doodler]

Don't let the "illion" get in the way. It takes 1000 billion to make a trillion. So in normal Americanhousehold terms, the bank lost $2 of it's $2300. If it was out of my pocket, I sure wouldn't be upset or looking for a missing $2.

[Sandy]

The approval for Jamie Dimon's salary actually came through proxies and votes, most of which came in weeks before this scandal took part. I'm not sure that American taxpayers are on the hook for this loss, but shareholders sure are.

It's a very small loss relative to JP Morgan Chase and to the economy. However, we do need some regulation to keep speculative trading from infecting and crashing ordinary banking so something much bigger wouldn't bring the whole edifice down. Maybe a return to Glass-Stegal, or something that says if it quacks like a bank, it needs to be regulated like a bank. We need something so the shadow banking system doesn't cast its shadow over all of banking.

[Sandy]

On the political front, it looks like Romney is trying to burnish his credentials as a businessman, while the Obama campaign is trying to undermine them.

My question is, Is he a businessman in general or, more specifically, just a banker (an investment banker)? Seems like he never had skin in the game since Bain would walk away with its fees whether the businesses they invested in failed or prospered. (And would walk away with stock if they succeeded, as well.)

Seems like the Obama campaign could make more hay by treating Romney as just a banker (or consultant) and capitalize on the current animus against bankers.

Thoughts?

[doodler]

The approval for Jamie Dimon's salary actually came through proxies and votes, most of which came in weeks before this scandal took part. I'm not sure that American taxpayers are on the hook for this loss, but shareholders sure are.

It's a very small loss relative to JP Morgan Chase and to the economy. However, we do need some regulation to keep speculative trading from infecting and crashing ordinary banking so something much bigger wouldn't bring the whole edifice down. Maybe a return to Glass-Stegal, or something that says if it quacks like a bank, it needs to be regulated like a bank. We need something so the shadow banking system doesn't cast its shadow over all of banking.

Absolutely true. And according to what I heard, Morgan Chase had made big strides in convincing  the "powers" that the new laws were overkill. This should erase any progress in that direction. $2 billion well spent.

[brokebacktom]

I don't get why some cons and baggers so embrace "Austerity" (except when it comes to taxes on the rich, tax breaks for corporations, and the bloated military). Seriously, where did the economic crisis come from? We trusted the 1% to handle the money (most of it). They gambled it on created garbage like "Mortgage Backed Securities" (which they knew were worthless) and "Credit Default Swaps"  Read More... (betting on each other's failure). They lost TRILLIONS OF DOLLARS, than they DEMANDED that WE bail them out. We did, we bailed them out, but where did the money go? Into huge bonuses for themselves for a "job well done", not into the economy where it was needed. So should we "make good" on that debt by punishing working class Americans? YES!! It doesn't make any sense.

[Lyle (Mooska)]

On the political front, it looks like Romney is trying to burnish his credentials as a businessman, while the Obama campaign is trying to undermine them.

My question is, Is he a businessman in general or, more specifically, just a banker (an investment banker)? Seems like he never had skin in the game since Bain would walk away with its fees whether the businesses they invested in failed or prospered. (And would walk away with stock if they succeeded, as well.)

Seems like the Obama campaign could make more hay by treating Romney as just a banker (or consultant) and capitalize on the current animus against bankers.

Thoughts?

My thoughts are why voters ever believe a businessman can do anything in a political arena.
By nature or definition, businessmen who head up companies can tell their subordinates to
do whatever they want them to do.  In politics you cannot force your policies into effect
without the co-operation of other politicians.  It's an entirely different job.  Wasn't Bush a
businessman?  Hoover?  Carter?

[Lyle (Mooska)]

Co-inky-dinkally, I just saw this article posted online:

Do Businessmen Make Good Presidents?
by Doug Mataconis
Tuesday, May 15, 2012   

http://www.outsidethebeltway.com/do-businessmen-make-good-presidents/

[Sandy]

My thoughts are why voters ever believe a businessman can do anything in a political arena.
By nature or definition, businessmen who head up companies can tell their subordinates to
do whatever they want them to do.  In politics you cannot force your policies into effect
without the co-operation of other politicians.  It's an entirely different job.  Wasn't Bush a
businessman?  Hoover?  Carter?

I agree with you. The problem is that President = CEO is deeply embedded in the collective subconscious. Different skill sets, different worldviews.

[brokebacktom]

I agree with you. The problem is that President = CEO is deeply embedded in the collective subconscious. Different skill sets, different worldviews.

I agree.

[bubba]

http://www.dailymail.co.uk/news/article-2145456/Robert-Kennedy-Jrs-ex-wife-Mary-dead-New-York-home-apparent-suicide.html


The Kennedy curse strikes again!   

[kathy]

I don't get why some cons and baggers so embrace "Austerity" (except when it comes to taxes on the rich, tax breaks for corporations, and the bloated military). Seriously, where did the economic crisis come from? We trusted the 1% to handle the money (most of it). They gambled it on created garbage like "Mortgage Backed Securities" (which they knew were worthless) and "Credit Default Swaps"  Read More... (betting on each other's failure). They lost TRILLIONS OF DOLLARS, than they DEMANDED that WE bail them out. We did, we bailed them out, but where did the money go? Into huge bonuses for themselves for a "job well done", not into the economy where it was needed. So should we "make good" on that debt by punishing working class Americans? YES!! It doesn't make any sense.

Yeah...