In the past I have discussed the China Wall. This was one of the first things I learned when I got into the financial business. It is a fictitious wall that separated banks into the commercial side and the investment side. The idea is the employees on side should not discuss business with the other side since the commercial side might be tempted to invest customer funds in businesses represented by the investment side. This is what happened in the 20’s and the banks went broke when businesses failed. A law was passed in the 30’s to prevent this from happening again. The law was named after its sponsors Senator Glass and Congressman Steagall. For many years various interested parties tried to repeal Glass-Steagall and in 1999 they succeeded.
The CEO of Travelers Insurance Sanford Weill wanted to merge with Citibank which was run by John Reed but they needed to get rid of Glass-Steagall to allow such a merger. Weill was a mover and shaker and had influence with Fed Chairman Alan Greenspan and Treasury Secretary Robert Rubin and so with their help he was able to push through the repeal. The new company was called Citigroup and was the biggest merger in US history and became the largest financial institution in the world.
Now here is the interesting part. Rubin left the government and got a job with Citicorp and over the next ten years he was paid $115 million while he helped to run the company into the ground.
Here is a quote from the new media:
Rubin made at least $115 million (plus stock options) between 1999 and 2008, before the feds had to inject $45 billion and then guarantee $300 billion of the firm's liabilities to keep the place afloat.
Rubin told the Wall Street Journal in November 2008 that he was worth every penny -- and then some. "I bet there's not a single year where I couldn't have gone somewhere else and made more," he said.
Is this a great country or what!
Sunday, October 30, 2011
Democracy
A man by the name of Alexander Tyler is credited with saying
"A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship."
I realize we have a Representative Republic and not a Democracy but the idea intrigues me because in the next election we will find out if the people are wise enough to vote to limit their benefits or will they chose to spend us into bankruptcy.
"A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship."
I realize we have a Representative Republic and not a Democracy but the idea intrigues me because in the next election we will find out if the people are wise enough to vote to limit their benefits or will they chose to spend us into bankruptcy.
Socialism
I often hear people say that Obama is leading us toward socialism so I looked up the definition of Socialism.
Socialism is an economic system characterized by public ownership and centralized planning of all major industries (manufacturing, services, and energy), banks and insurance companies, agribusiness, transportation, the media, and medical facilities.
As I read that I am astounded that so called educated people believed that such a system would work. I will let my imagination run wild and set up a socialist type of country. First the government owns everything so they can agree to pay everyone the same salary regardless of what the job entails. Brain surgeons and CEO’s make the same as garbage collectors and janitors. That is easy enough to do although it begs the question as to why someone would go through all the training for no extra salary but this is not the tough part. How does the government decide on how many surgeons and how many janitors are needed and then how do they decide who will assume those positions. Next take production of goods and services. How many cars and how many clerks are needed and once again who are these people and how are they selected. Finally who decides who does the selecting?
It is obvious to me that such a system as pure socialism cannot exist in the real world but partial socialism is what most people refer to when they say Obama is tending toward socialism. The argument is how far toward socialism do we want to go. For all of my life the federal government has been assuming more responsibility. It appears that we are at a crossroad and the pendulum is beginning to swing back. Will the people who have become accustom to Big Brother be willing to give up some of their benefits and take on more personal responsibility? We will find out in November 2012.
Socialism is an economic system characterized by public ownership and centralized planning of all major industries (manufacturing, services, and energy), banks and insurance companies, agribusiness, transportation, the media, and medical facilities.
As I read that I am astounded that so called educated people believed that such a system would work. I will let my imagination run wild and set up a socialist type of country. First the government owns everything so they can agree to pay everyone the same salary regardless of what the job entails. Brain surgeons and CEO’s make the same as garbage collectors and janitors. That is easy enough to do although it begs the question as to why someone would go through all the training for no extra salary but this is not the tough part. How does the government decide on how many surgeons and how many janitors are needed and then how do they decide who will assume those positions. Next take production of goods and services. How many cars and how many clerks are needed and once again who are these people and how are they selected. Finally who decides who does the selecting?
It is obvious to me that such a system as pure socialism cannot exist in the real world but partial socialism is what most people refer to when they say Obama is tending toward socialism. The argument is how far toward socialism do we want to go. For all of my life the federal government has been assuming more responsibility. It appears that we are at a crossroad and the pendulum is beginning to swing back. Will the people who have become accustom to Big Brother be willing to give up some of their benefits and take on more personal responsibility? We will find out in November 2012.
Jews
The United States is considered by many as a Judeo-Christian country. While many
Christians believe this, they often forget that the Old Testament is the history of the Jews. If I had to sum up the Old Testament in one sentence, I would say that it is a written record of the Jews searching for the promise land. More than 3000 years ago when Moses, led the Jews out of more than 400 years of slavery in Egypt, the first place he headed was for the promise land. Where is the promise land? It is that area that lies between the rivers Nile and Euphrates and the center of this is the old land of Canaan which is located in and around the present city of Jerusalem.
The Jews basically stayed in this area until about 2500 years ago when the city of Jerusalem was destroyed by the Babylonian army and the Jews were exiled to what is present day Iraq. During the 200 years they remained in Iraq the area around Jerusalem was controlled by many different groups including Persians, who allowed the Jews to return to the promise land
The Jews never had a country and for the next 2000 years they migrated to different parts of the western world where they were treated as second class people. At first it was because of their religion but later it turned into prejudice against them as a race and this was called anti-Semitism. This continued well into the 19th century when the idea of a Jewish homeland called Zionism came into being.
About 100 years ago the area in and around Jerusalem became known as Palestine and some wealthy Jewish businessmen in Europe begin to sponsor settlements in Palestine for Jews.
After WW1 Zionism attracted the interest of many in Europe as a way a getting rid of the Jews and after WW11 the Jews were granted statehood and the country of Israel was founded in 1948 and the Jews finally had a home in the promise land
Christians believe this, they often forget that the Old Testament is the history of the Jews. If I had to sum up the Old Testament in one sentence, I would say that it is a written record of the Jews searching for the promise land. More than 3000 years ago when Moses, led the Jews out of more than 400 years of slavery in Egypt, the first place he headed was for the promise land. Where is the promise land? It is that area that lies between the rivers Nile and Euphrates and the center of this is the old land of Canaan which is located in and around the present city of Jerusalem.
The Jews basically stayed in this area until about 2500 years ago when the city of Jerusalem was destroyed by the Babylonian army and the Jews were exiled to what is present day Iraq. During the 200 years they remained in Iraq the area around Jerusalem was controlled by many different groups including Persians, who allowed the Jews to return to the promise land
The Jews never had a country and for the next 2000 years they migrated to different parts of the western world where they were treated as second class people. At first it was because of their religion but later it turned into prejudice against them as a race and this was called anti-Semitism. This continued well into the 19th century when the idea of a Jewish homeland called Zionism came into being.
About 100 years ago the area in and around Jerusalem became known as Palestine and some wealthy Jewish businessmen in Europe begin to sponsor settlements in Palestine for Jews.
After WW1 Zionism attracted the interest of many in Europe as a way a getting rid of the Jews and after WW11 the Jews were granted statehood and the country of Israel was founded in 1948 and the Jews finally had a home in the promise land
Reagan spending
There is a lot of talk about the deficit and looking back we can see some interesting things if we compare the 8 Reagan years 1981 through 1989 and the 8 years of Clinton 1994 through 2001. During the Reagan years revenues increased by 6.1% per year and spending increased by 5.5%. During the Clinton years revenues increased by 5.9% but spending increased by only 3.1%. Reagan ended up with a deficit and Clinton with a surplus and the major difference was in spending. The reason for this is that Reagan for most of his time had a Republican congress who did not try to hold the line on spending but Clinton had a Republican congress which fought against spending.
More recently with George Bush and a Republican congress and Obama with a Democrat congress spending has sky rocketed. Since party trumps county no congress wants to spend money if the President is in the opposite party since they don’t want the President to get credit. It appears the country is better off when the President is in one party and the congress in the other party.
More recently with George Bush and a Republican congress and Obama with a Democrat congress spending has sky rocketed. Since party trumps county no congress wants to spend money if the President is in the opposite party since they don’t want the President to get credit. It appears the country is better off when the President is in one party and the congress in the other party.
Missouri
A friend sent me this interesting piece and check out the source at the bottom
Missouri has no problem with illegals, go figure...won't be too difficult......
Missouri's approach to the problem of illegal immigration appears to be more advanced, sophisticated, strict and effective than anything to date in Arizona .
Do the loonies in San Francisco , or the White House, appreciate what Missouri has done? When are our fearless President and his dynamic Attorney General going to take action to require Missouri start accepting illegal immigrants once again? So, why doesn't Missouri receive attention?
Answer: There are no Mexican illegals in Missouri to demonstrate.The "Show Me" state has once again shown us how it should be done. There needs to be more publicity and exposure regarding what Missouri has done.
In 2007, Missouri placed on the ballot a proposed constitutional amendment designating English as the official language of Missouri . In November, 2008, nearly 90% voted in favor! Thus, English became the official language for ALL governmental activity in Missouri . No individual has the right to demand government services in a language OTHER than English.
In 2008, a measure was passed that required the Missouri Highway Patrol and other law enforcement officials to verify the immigration status of any person arrested, and inform federal authorities if the person is found to be in Missouri illegally. Missouri law enforcement officers receive specific training with respect to enforcement of federal immigration laws.
In Missouri , illegal immigrants do NOT have access to taxpayers benefits such as food stamps and health care through Missouri HealthNET.
In 2009, a measure was passed that ensures Missouri 's public institutions of higher education do NOT award financial aid to individuals who are illegally in the United States ..
In Missouri , all post-secondary institutions of higher education to annually certify to the Missouri Dept. of Higher Education that they have NOT knowingly awarded financial aid to students who are unlawfully present in the United States .
So, while Arizona has made national news for its new law, it is important to remember, Missouri has been far more proactive in addressing this horrific problem Missouri has made it clear that illegal immigrants are NOT welcome in the state and they will certainly NOT receive public benefits at the expense of Missouri taxpayers
Taken from: "The Ozarks Sentinel" Editorial - Nita Jane Ayres, May 13, 2010. If the link does not work, just type in "The Ozarks Sentinel - Nita Jane Ayres" in Google. Here is the link to confirm: Be sure to read the reader comments too.
http://www..ozarkssentinel.com/missouri-ahead-of-the-game-in-dealing-with-illegal-immigrants-p1034.htm
�
Missouri has no problem with illegals, go figure...won't be too difficult......
Missouri's approach to the problem of illegal immigration appears to be more advanced, sophisticated, strict and effective than anything to date in Arizona .
Do the loonies in San Francisco , or the White House, appreciate what Missouri has done? When are our fearless President and his dynamic Attorney General going to take action to require Missouri start accepting illegal immigrants once again? So, why doesn't Missouri receive attention?
Answer: There are no Mexican illegals in Missouri to demonstrate.The "Show Me" state has once again shown us how it should be done. There needs to be more publicity and exposure regarding what Missouri has done.
In 2007, Missouri placed on the ballot a proposed constitutional amendment designating English as the official language of Missouri . In November, 2008, nearly 90% voted in favor! Thus, English became the official language for ALL governmental activity in Missouri . No individual has the right to demand government services in a language OTHER than English.
In 2008, a measure was passed that required the Missouri Highway Patrol and other law enforcement officials to verify the immigration status of any person arrested, and inform federal authorities if the person is found to be in Missouri illegally. Missouri law enforcement officers receive specific training with respect to enforcement of federal immigration laws.
In Missouri , illegal immigrants do NOT have access to taxpayers benefits such as food stamps and health care through Missouri HealthNET.
In 2009, a measure was passed that ensures Missouri 's public institutions of higher education do NOT award financial aid to individuals who are illegally in the United States ..
In Missouri , all post-secondary institutions of higher education to annually certify to the Missouri Dept. of Higher Education that they have NOT knowingly awarded financial aid to students who are unlawfully present in the United States .
So, while Arizona has made national news for its new law, it is important to remember, Missouri has been far more proactive in addressing this horrific problem Missouri has made it clear that illegal immigrants are NOT welcome in the state and they will certainly NOT receive public benefits at the expense of Missouri taxpayers
Taken from: "The Ozarks Sentinel" Editorial - Nita Jane Ayres, May 13, 2010. If the link does not work, just type in "The Ozarks Sentinel - Nita Jane Ayres" in Google. Here is the link to confirm: Be sure to read the reader comments too.
http://www..ozarkssentinel.com/missouri-ahead-of-the-game-in-dealing-with-illegal-immigrants-p1034.htm
�
67 borders
Today President Obama laid out his view of the Middle East and in a surprise said that Israel should go back to the 1967 borders. In 2004 President Bush said the US would not require Israel to do this and a letter to that effect was sent to congress and 75% of the house members and 75% of the senate signed the letter. This was not an agreement made with Bush and the congress but it was made with the United States government.
In Israel’s 70 years history there have been 5 wars with the Arabs and Israel won all five. In each war they captured Arab territories and later gave back the territories. After the 67 war they kept certain territories so they could defend themselves against future attacks. If Israel goes back to the 67 borders the Arab border will be only five miles from the capital of Tel Aviv.
It has always been expected that one day Israel would be willing to negotiate a return to these borders when they could be assured they would not be attacked. In addition Israel would demand that the Palestinians give up the right of return. These is the idea that all Palestinians that lived in what is now Israel in 1948 when Israel became a state had the right to return to Israel and reclaim their property and be citizens of Israel. Since there are fewer than 5 million Jews in Israel and there would be 6 million Palestinians returning that would be the end of Israel because these people returning would have the rights of citizens and the right to vote. The very next election they would vote all the Jews out of the country and that would be the end of Israel.
The interesting thing about this right of return is that throughout history this right has been reserved only to those who were displaced and not their progeny. Since this occurred in 1948 most of these people are dead and it would make no difference but the UN has ruled in this case that it is the refugees and their progeny who could return.
As a reminder when the Jewish state was created in 1948 there were about a half million Jews living in that area and about a half million Arabs. In the days preceding the war all of these Arabs moved out of the area and about an equal number of Jews who were living in Arab lands moved into Israel. The war then began with forces from Egypt, Syria, Jordan, Iraq, Lebanon, Saudi Arabia and Palestine attacking Israel. Their plan was to drive Israel into the sea but instead Israel defeated these armies, something which would repeat itself in four more wars.
Each time the Arabs were humiliated their hatred toward the Jews increased and today they would like nothing better, as the leader of Iran says, to wipe Israel off the map. Another disturbing aspect is the fact that two days ago the Jews were told there would be no mention of the 67 borders but today it came out just one day before the head of Israel is schedule to visit the White House. When Netanyahu visited Obama last year he was made to sit and wait while the President ate dinner which was considered a slap in the face and some say this is no way to treat an ally.
In Israel’s 70 years history there have been 5 wars with the Arabs and Israel won all five. In each war they captured Arab territories and later gave back the territories. After the 67 war they kept certain territories so they could defend themselves against future attacks. If Israel goes back to the 67 borders the Arab border will be only five miles from the capital of Tel Aviv.
It has always been expected that one day Israel would be willing to negotiate a return to these borders when they could be assured they would not be attacked. In addition Israel would demand that the Palestinians give up the right of return. These is the idea that all Palestinians that lived in what is now Israel in 1948 when Israel became a state had the right to return to Israel and reclaim their property and be citizens of Israel. Since there are fewer than 5 million Jews in Israel and there would be 6 million Palestinians returning that would be the end of Israel because these people returning would have the rights of citizens and the right to vote. The very next election they would vote all the Jews out of the country and that would be the end of Israel.
The interesting thing about this right of return is that throughout history this right has been reserved only to those who were displaced and not their progeny. Since this occurred in 1948 most of these people are dead and it would make no difference but the UN has ruled in this case that it is the refugees and their progeny who could return.
As a reminder when the Jewish state was created in 1948 there were about a half million Jews living in that area and about a half million Arabs. In the days preceding the war all of these Arabs moved out of the area and about an equal number of Jews who were living in Arab lands moved into Israel. The war then began with forces from Egypt, Syria, Jordan, Iraq, Lebanon, Saudi Arabia and Palestine attacking Israel. Their plan was to drive Israel into the sea but instead Israel defeated these armies, something which would repeat itself in four more wars.
Each time the Arabs were humiliated their hatred toward the Jews increased and today they would like nothing better, as the leader of Iran says, to wipe Israel off the map. Another disturbing aspect is the fact that two days ago the Jews were told there would be no mention of the 67 borders but today it came out just one day before the head of Israel is schedule to visit the White House. When Netanyahu visited Obama last year he was made to sit and wait while the President ate dinner which was considered a slap in the face and some say this is no way to treat an ally.
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