Friday, November 20, 2009

A Decade Without Glass-Steagall Topples the Global Financial System

A Decade Without Glass-Steagall Topples the Global Financial System

This month marks a decade since the repeal of Glass-Steagall Act, the Depression-era safeguard that prohibited the commingling of commercial and investment banks. The deregulation gave rise to all-in-one financial behemoths like Citi, AIG ushered in the too-big-to-fail era, and nearly toppled the global financial system Bill Clinton, Glass-Steagall and the Current Financial and Mortgage Crisis* The Biggest Cause of the Financial Crisis * The Subprime Mess and Phil Gramm: An Experiment in Deregulation

Congress Panics
Attacks Old Boys Network as Fall Guy

With the public turning against the bailout, very upset about the recession and unemployment congress is looking to escape blame by finding a fall guy. Blame game on Hill Geithner in crossfire. Congress knows that if the public begins to fully understand that the banking crisis began when their legislative body deregulated the banking industry. How many incumbents would lose in 2010? Incumbents are afraid that the millions in campaign contributions from the banks and financial institutions that benefited from the regulations would be used in the 2010 campaigns against them.

Last year congress allowed the old boys Wall Street network to continue when it confirmed both Geithner and Summers for the Obama administration. When Glass Steagall act of 1933 was removed by congress to deregulate the banking and financial industry both those men were working in the White House. Then Treasury secretary, now Obama economics czar Larry Summers, who boldly declared that the deregulation would “benefit American consumers, business, and the national economy for many years to come.” This year there is a good chance that both Summers and Geithner will be fired as fall guys, so congress can tell the public they are taking action to get rid of those that destroyed the economy * Geithner Hopes to End Bailout Fund * The Big Squander By not extracting concessions from bankers during the rescue of A.I.G., policy makers undermined their own credibility — and put the broader economy at risk (Krugman NYT) * What Geithner Got RightTimothy F. Geithner, like others on the White House economic team, is pragmatic and responds flexibly to situations, and that approach has paid off during the economic crisis Special Inspector General: NY Fed Screwed Up AIG Bailout , Dissecting Tim Geithner's 658-Page Schedule TPM * Geithner Takes Heat For AIG Bonuses Blamed For Failure To Reign In Company's Massive Payments * Geithner defends job, blames woes on Bush

Memo to NYT: Albany Has Already Been Convicted Brian M. McLaughlin Ex-Labor Leader Is Sentenced to 10 Years for Racketeering (NYT) * Anthony S. Seminerio Queens Assemblyman Pleads Guilty in Corruption Case Today's NYT could be considered by some in Albany who constantly escape the law to be double jeopardy How Albany Works Is Also on Trial * Bruno pal up for questions on pay

Council Spends Like There No Recession With 6000 less offices since 2001 a terror trial that will drain manpower for the next 5 to 10 years. Problems on the subways Sex Offenses on the Subways Are Widespread, City Officials Are Told and children with guns shooting children should the city be spending a billion and a half on a new police academy City Council approves College Point police academy

Looks like the NYT Does Not Read For years papers have been waring about illegal apartment death traps. Today's NYT says the fire reveals the fire traps Fire Reveals Illegal Homes Hide in Plain Sight Death trap warnings over the years THE BATTLE OF tRICHMOND HILL llegal subdivisions are transforming suburban homes in Queens into modern-day tenements and fire-traps (City Limits 1998) * High demand for illegal Chinatown apartments (May 2007) * Bill Would Increase Penalties For Dividing Houses Illegaly (NYT 1997) * Queens Leads City in Complaints About Illegally Overcrowded Houses (2005)

True News Was First
To Identify the Battle Ground of the New Newspaper War

Today's Bloomberg Murdoch Targets Sulzberger as Fight Shifts to Readers The New York Times and Wall Street Journal are pursuing readers from regional U.S. newspapers in their fight to survive the worst advertising declines in the industry’s history (November 20, 2009)

The City's latest Newspaper War November 9, 2009
Not About New York

The NYT launched a personal attack at the NYP that is part of a nation wide newspaper war between the NYT and Murdoch WSJ that is being fought on the streets of New York. With a redesigned Wall Street Journal, mogul Rupert Murdoch is launching an old-fashioned newspaper war against The New York Times. Not since William Randolph Hearst took on Joseph Pulitzer have we seen such a fight.

Out of Towners This newspaper war is different than Hearst vs. Pulitzer in the 1800 or the Post against the Daily News and Newsday in the 1970's and 80's. This Newspaper war is not only about capturing New York's newspaper readers. As papers like the NYP and Daily News continue on their decades long loss of circulation in the city, the Journal and the Times are engaged in a pitched but unusually quiet battle for readers outside the New York metro area who might be persuaded to abandon their local dailies. The Times recently announced a deal that will extend newsstand sales and home delivery of the newspaper to Nashville, Tenn. That becomes the 26th North American city where the Times is printed, link to a mapped of NYT distribution deals. New York Times expanding circulation battlefield with Bay Area For more The City's latest Newspaper War, Not About New York or Democracy

Newspaper's Saturday Morgue Saturday night is the time American pay almost no attention to the news. That why the senate pick that day and time to vote on the health bill Senate may take first health care vote Saturday night Run Paterson Run If I am David I thing how badly the Marist poll blew the mayor's race Marist Pollster: Cuomo Has 'Clear Path' to Governor, Paterson Ads Not Working , 10/22: Bloomberg Leads Thompson By 16 Among Likely Voters

Gov of La Mancha Albany Assembly Passes A Stronger Law Than It Wanted Leandras new drunk driving law (NYC Civic) *** Pols hit the road - & leave Dave in lurch *** "We have them on call," David Paterson said following an afternoon leaders meeting. "There is no deal. I don't want to waste any taxpayers' money having them sit around." *** DWI? Check. But what else? (Times Union) *** E.J. McMahon is not so impressed by the authorities reform bill *** Who will pay to make sure water supplies near shale drilling are safe? *** With the help of five professional fundraisers, AG Andrew Cuomo has reportedly raised $16 million for a campaign against Paterson *** There's no DRP deal, but talk of using stimulus cash to reduce proposed education cuts is on the table *** Also under consideration: A cut in state payments for Medicaid care provided by nursing homes *** The Legislature has left the building — although work on the deficit package continues. (TU) *** A stunning revelation from the trial: Member items are partially allocated according to political needs. (TU) *** Senate Democratic Conference Leader John Sampson was forced to cancel a scheduled 4 p.m. session after realizing several key members, including Finance Chairman Carl Kruger, had left town*** Lawmakers Leave for the Weekend Without Solving Budget Crisis WXXI*** Paterson: ‘I would compromise, but … ‘ (Times Union) *** Professors Union Launches Newspaper Blitz *** Paterson's Doomsday Scenario (Updated) *** State Lawmakers Leave Albany, Budget Deficit Behind (NY1) *** Paterson: Moody's has sent a warning *** Furloughs, Worker Firings Looming in New York, Paterson Says Bloomberg *** 4:00 PM Guv warns of 'furloughs, layoffs,' if $3.2B budget gap not closed *** Paterson Campaign Attacks Cuomo for 'Shadow' Operation *** $70,000 A Day And Lawmakers Still Can't Fix Budget Problems
Campaign 2010
Is Rudy Picking on a Weakling? | The New York Observer *** Suburban districts see red (Politico) *** Don't Rule Out Paterson - Republican Pollster Zogby *** Giuliani Said to Decide Against Run for Governor (NYT) *** Hoffman Claims Voter Fraud *** Giuliani already has money and influence, so why run for Senate? *** The Prognosticator Back and Forth: Lee Miringoff (City Hall) *** "I definitely believe he is seriously rethinking the Senate," one source familiar with the situation told The Buffalo News. "I'm 98 percent sure he will run for the Senate." *** But Giuliani is jetting off to Florida for a four-day weekend. "If he were running," joked one pal, "that plane would be headed to Buffalo." *** Another Weprin For Assembly ***Bloomberg Can Embrace His Wealth Again (NY Magazine) *** In Monserrate-Peralta Race, a Democratic Club Takes Its Time

Play to Pay Bruno Joe Bruno used a state grant to start up a technology research center anchored by a company tied to him *** "They get paid annually for working a certain number of hours," Bruno told reporters about public employees doing private work. "They have a perfect right to do other things as long as it doesn't interfere with their public work." *** A former Senate attorney testified he warned ex-Senate Majority Leader Joe Bruno not to consult for a software company that wanted to land state contracts*** Pork politics key to Bruno reign Witness in fraud case details how funds were spread around *** Meeting Mr. Trump, and Paying the Price *** 4PM Bruno got job because of his contacts: witness *** Joe Bruno pal at trial says he hired pol to use his 'rolodex' *** Bruno won’t testify; jury to hear summations Monday (Times Union) ***Nobody Thought It Was Abnormal That Joe Bruno Ran a Multi-Million-Dollar Consulting Business Out of His Government Office

Inside City Hall Repudiating his own "progress, not politics" campaign theme, Mayor Bloomberg insisted Bill Thompson is not motivated by politics *** Angling for Finance Chair: Fidler, Recchia and Felder *** "I wouldn't be surprised if myself, Dan Halloran, or Peter Koo brought home more money for our districts than some Democrats," Councilman Eric Ulrich predicts *** Michael Bloomberg cashes in on his baseball bet*** Philadelphia Mayor Comes to NY to Make Good on Series Bet
New York's Economic Crisis
Jobless Rate Got No Help From Hiring for Holidays *** Cab sharing with strangers - for cheaper fare - on tap *** New York's unemployment rate hits 9% *** Goldman's extreme makeover: If bank has heart, it should forgo state, city payments (DNEd) *** Worst month of job losses since last December (Crains) *** Cash-poor NY pushes state workers to take severance Reuters *** Quiet Shift in Budget Rules May Prompt City Job Cuts *** 5 Post Offices in City, Not 14, Are Now at Risk of Closing *** NY Unemployment Rate Highest Since 1983

Developers Old Boys Network
NYC groups sue to block deal for Nets arena *** Private Flushing development to get federal stimulus money From the Times Ledger *** City Building Agency May Farm Out Tests *** Foes file new suit against Atlantic Yards

More City News Gonzalez: 911 fails 3 times in the past week *** Five companies to clean up Newtown Creek *** dling midtown buses drive retailers mad ***Teachers at failing schools got bonuses *** Your MetroCard May Be Sending You a Secret Message *** NY1 Gets Exclusive Look At New Underground Power Line *** Divisions in TriBeCa: A rezoning plan that would send children who live in the lower-priced housing section of a TriBeCa building to separate schools is generating tensions. [Curbed] *** Video: Police made two arrests of New School protesters who were part of a demonstration to show support for University of California students protesting budget cuts. [Gothamist *** FDNY Modifies 911 Reporting System

Law and Order Complaints of sexual abuse on subway worst in Manhattan *** Jayson Williams close to taking plea deal *** Baby-faced teen facing attempted murder charges in shooting of Bronx girl *** Complaints of sexual abuse on subway worst in Manhattan *** Radical Lawyer Convicted of Aiding Terrorist Is Jailed *** Five Youths Arraigned in Shooting of Two on Bronx Street *** 911 snafu part two *** Scenes from a Bronx rally against gun violence, inspired by the shooting death of Sadie Mitchell. [Bx News]

Mob Wars Gotti jury: We're deadlocked

New York Terror Trial Obama vows 9/11 fiend will get death - then backs off (NYP) *** 9/11 kin put heat on Holder *** Lawmakers Call Ft. Hood Shootings ‘Terrorism’ *** Pay up, Mr. President: The feds should eat security cost of foolhardy KSM terror trial *** Krauthammer: N.Y. giving terrorist the greatest platform *** New York is ready for trial of evil 9/11 mastermind, city big says *** Advantages of Civilian Trial Seem to Outweigh Risks - Stuart Taylor, NJ *** Obama May Come to Regret KSM Trial Decision - Con Coughlin, Telegraph *** Downtown locals cry: Objection! *** Eight Fort Hood Wounded to Deploy *** The absurdity of trying 9/11 terrorists in New York City(The Hill) *** Holder's Decision is Reasonable - Comey & Goldsmith, Washington Post *** Eric Holder's True Motive - Mona Charen, National Review
White House Clinton Emerges as Key Link to Afghan Leader *** Obama Has a Job for Dana Perino. Really *** Watchdog Urges Caution on Claims of 640,000 Stimulus Jobs *** U.S. Talks Tougher on Iran (WSJ) *** Gates: Afghan Surge Could Happen Swiftly *** Inside Obama's Plan to Close Guantanamo - Massimo Calabresi, Time *** Obama's Dysfunctional Decision Making - Michael Gerson, Washington Post *** Obama's Asian Tour May Produce Future Benefits - Pittsburgh Post-Gazette *** No Troop Decision Until After Holiday *** Obama approval rating dips below 50 percent in Gallup *** Obama fundraising group using out-of-office Palin to drum up support

Congress Reid, as Legislative Tactician, Takes Ownership of Health Care Overhaul *** Senate Health Care Bill Faces Crucial First Vote *** Panel Votes to Broaden Oversight of the Fed *** A Gift to Credit Card Companies A Senate bill to move up the effective date of the law protecting consumers from predatory actions by the credit card industry should have become law already (NYT Ed) *** Health bill could get 34-hour reading in Senate (Wash Times) *** Cutting Medicare a Big Political Risk for Dems - Jay Cost, RealClearPolitics *** Why the Greg Craig Debacle Matters - Elizabeth Drew, Politico *** Rep. Maurice Hinchey introduced a bill that would require the dismantling of banks deemed too big to fail *** Poll Shows McCain in Jeopardy *** Congress vs. Obama *** Ron Paul Pushes for More Fed Oversight *** Ethics committee: No punishment for Burris *** The Louisiana Purchase: $100 Million Payoff to Buy Sen. Landrieu's Vote... *** John McCain assails fellow Republicans’ climate-change efforts. (Politico) *** Tomorrow's Anticlimax in the Senate - Jay Cost, HorseRaceBlog

Health Care Feds nix mammo slammo *** Guidelines Push Back Age for Cervical Cancer Tests *** The Controversy Over Mammograms The recent recommendation on mammographies is guidance for women and doctors, and should not be injected into the partisan debate over health care(NYT Ed) *** Bad medicine: Callous bureaucrats' mammogram report is dumb and dangerous (DN Ed) *** A Leap Forward to Better Care - Peter Orszag, Washington Post *** Cave In on Mammograms a Set Back for HC - Steven Pearlstein, Wash Post *** Rational Advice or Rationed Care? - Sarah Palin, Facebook *** Experts: Pap Smears Should Start At 21 *** Plastic Surgeons Protest Tax
Politics and Political Parties
The AP's Palin panic AP didn't send 11 reporters to fact-check President Obama's two books (it didn't bother to fact-check them at all). Nor did it hold Vice President Joe Biden's books under a microscope (NYP Ed)*** Christian Leaders Unite on Political Issues *** Hard Math for Democrats, Middle Class - David Rogers, Politico *** A Tilt Away From Social Issues for GOP - Adam Nagourney, New York Times *** Senate Democrats Unveil Health Care Bill - John Fritze, USA Today *** GOP Celebrates Gov Wins, Dems Mock 'Comeback' *** Republicans Think Obama Stole Election *** Weak Economy + Angry Voters = Third Party? - Mort Kondracke, Roll Call *** Lipstick on a Rogue - Ellen Goodman, Boston Globe

Wall Street and the Economy
With F.H.A. Help, Easy Loans in Expensive Areas *** U.S. Mortgage Delinquencies Reach a Record High *** Blackstone unit buying Birds Eye Foods *** Goldman Holders Miffed at Bonuses (WSJ) *** Even More Falling Behind: Mortgage Delinquencies, Foreclosures Hit A New High *** The "Cave In" to Goldman Sachs a Big Problem - Jeff Madrick, Daily Beast *** Why No One Expects a Strong Recovery - Reps. Hensarling & Ryan, WSJ *** Four Lessons We've Learned from the Recession - Ben Stein, Fortune *** Interest on U.S. Debt: $4,800,000,000,000 - Jeanne Sahadi, CNNMoney *** Wall Street Plays Hardball w/ Local Gov'ts - Theo Francis, BusinessWeek *** Entire Housing Recovery Is Built on Sand - Randall Forsyth, Barron's *** Ohio files suit against rating agencies *** 'Zombie Buildings': Are They The Next Economic Calamity? (VIDEO) *** Unemployment By State In October (MAP) *** Morgan Stanley’s $9,000,000,000.00 Check. That’s $9 Billion!|Andrew Ross Sorkin

Today's Wall Street Spin Winner
Though Dell’s Profit Slips, Its Outlook Turns Brighter *** Dell Trails Peers in Recovery (WSJ)
International Bad Blair day Falters in wild EU prez race *** Attention Shifts to China for Private Equity Industry *** Deadly Labor Wars Hinder India's Rise *** Karzai Has Many Promises for the West *** Japan's Government Confirms Deflation *** Iran's Iron Fist - Chicago Tribune *** Calling Karzai to Account - Times of London *** EU Elects Two Minor But Competent Leaders - The Economist *** Election of Van Rompuy as New EU President Draws Mixed Reaction *** New Sanctions Considered as Iran Stalls on Nuclear Deal *** U.S. Fears Iraq Development Projects May Go to Waste

National A Crown Jewel of Education Struggles With Cuts Students and faculty worry that deep budget cuts are pushing the University of California into decline*** Rage as Tuitions Skyrocket 32 Percent *** Protesters take over UC Berkeley building *** Unemployment rises in 29 states *** Workers weary counting paper ballots in Nassau election

Media and New Tech
AOL wants to slash 2,500 jobs *** Making friends (and money) on Facebook *** NBCU price must be right: Vivendi CFO *** Windows 7 lift for Microsoft
***Harbinger shrinking at Times Hedge fund Harbinger Capital Partners cut its stake again in The New York Times Co., almost two years after it bought a big stake in a bid to shake up the newspaper publisher *** DirecTV's open to a big tie-up *** Oprah Bets on Her Future With Cable *** AOL to Cut One-Third of Its Staff *** Google Offers Peek at Operating System, a Potential Challenge to Windows *** Google to Add Captions, Improving YouTube Videos
*** End of an era: Oprah Winfrey will pull plug on show in 2011 *** Top 10 Internet moments of the decade*** Google's Chrome OS to be ready for 2010 holidays *** WATCH: Former Fox News Anchor Now At Onion News Network *** Oprah's Exit: Milepost on the Road to the End of Broadcast TV *** A Tearful Winfrey Explains Her Departure *** PHOTOS: Classic "Oprah" Show Moments Through The Years *** Bill-O's Gonna Be Mad: Hannity Gets HUGE Ratings, Tops O'Reilly With Palin Interview *** Free Press Urges New York City Council to Support Open Internet *** Dobbs Mulling White House, Senate Run *** Larry King’s 76th-Birthday Party Had an Old Western Theme *** Business Week Lays Off 130 *** 5:00 PM NY1 Anchor Guilty Of Attempted Assault On Wife *** Bill Moyers Retiring From Weekly Television *** Former NY1 anchor Dominic Carter found guilty of misdemeanor attempted assault for beating up wife