Posts Tagged ‘regulation’

“When Right Is Wrong”

The American way of life has changed dramatically, the result of three decades going in the wrong direction.

Economically we’re setting records; contradictory indicators of wealth and poverty, production and unemployment, and corporate growth offset by small business decline.

The economic picture is vividly uncertain and Congress added to the unpredictability with their obfuscation of the payroll tax — finally passed under pressure.

When, then, can we expect recovery?

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Posted in Economy, Election 2012, Opinion, Politics, Rebalancing America | 2 Comments »

“An UnTea Party Revolution”

New article has been posted on The Huffington Post. Read it on HuffPost by clicking on the link.

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Stop the revolution, I want to get off!

Revolution is nigh and this time it’s not the product of the misguided anger of the Tea Party!

This one is ‘real.’ Not manufactured. A protest the right loves to hate.

Armed with legitimate complaints, too many to count, people — ignored by an uncaring Congress — have taken their concerns to the street.

It started with the occupation of Wall Street, spread to more than 100 cities throughout the United States, then to cities all over the world.

Is this a populist movement?

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Posted in HuffPost Articles, Occupy, Opinion, Politics, Tea Party | Comments Off

Quick Hit: “Move Your Money”

Are small banks and credit unions safer than big banks?

Big banks and Wall Street caused the financial meltdown, were bailed out by the taxpayers, and are operating under the same destructive model that caused our financial problems. By remaining with any one of the top 20 banks you are helping create another financial crash that will be even worse for the global economy.

Occupy Wall Street has brought the collusion of  big banks and Wall Street into focus as the main cause of our declining economy. It has served, in growing numbers, to expose their collusion and calls for Congressional action.

But, the next move can be yours!

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Posted in Banking, Quick Hits, Rebalancing America, Too Big to Bail | Comments Off

“Who’s Next: The Cowboy or the Thug?”

It’s not a very impressive Republican field for President for 2012.

Even Republicans are less than enamored by the current slate of candidates hopeful of becoming President.

And for good reason. Though things have changed, they’ve remained the same since I wrote the first article in the “Is That All You’ve Got?” Series.

Front runner, Mitt Romney, the apparent heir to the nomination in normal Republican politics, struggles to retain 30% even with this weak field.

There have been over 20 Republican presidential aspirant’s. Over half have either fallen off or declined to run. It has become a comedy of sorts and those remaining are doing stand-up.

But there is still hope among Republican powerbrokers. Several factions of the party have been actively courting two rising GOP stars trying to get them to throw their proverbial hats into the ring.

So, who’s next?

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Posted in Election 2012, Is That All You've Got?, Politics, Republican Hopefuls | Comments Off

“Republicans Run From the Truth: Again!”

This new article has been posted at The Huffington Post and on wsj.com.To read it there click on the link.

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Like spoiled children the remaining two Republicans quit bipartisan budget talks.

Majority Leader, Eric Cantor, and Senator, Jon Kyl, the last two GOP members, left the Biden chaired budget negotiations.

But this is not the first time Republicans have quit.

Because things weren’t going his way, Senator Tom Coburn, left the Gang of Six. Sarah Palin continues to quit everything she starts, more recently her big bus vacation. And Republicans have, over and over, abandoned positions they had previously supported as soon as the Democrats or Obama endorse them, even if they’re good for the nation.

This time, the consequences may be more serious—the results far more devastating.

Why, when negotiations reach critical points, do Republicans take their ball and head home?

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Posted in Budget, Economy, Election 2012, HuffPost Articles, Politics, Republican Crises | Comments Off

“Stimulating a Dead Economy”

My newest article is now available on The Huffington Post. Click on the HuffPo linke to read it there.

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The U.S. economy is surviving only because of over-stimulation.

We’re living on fumes in this country, and the pursuit of happiness has come to an end for millions of families!

Main Street is still suffering. But, the Market is on Viagra, shored up by QE2, the Fed program to buy hundreds of billions of dollars in U.S. Treasury Bonds. As QE2 winds down, and the economy falters, the discussion turns to the possibility of QE3.

A tremendous number of band aids have been administered to keep the U.S. economy from hemorrhaging; to prevent not only a domestic collapse, but a global one.

Each attempt to divert a financial disaster has had varying levels of success; many failing to achieve their intended goals.

Why have we needed so much stimulus?

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Posted in Economy, HuffPost Articles, Predictions, Wall Street | Comments Off

“Two More Banks Fall in Georgia”

On Friday, Georgia lost two more large banks to foreclosure.

Atlantic Southern Bank and First Georgia Banking Company were seized by the FDIC and became the 62nd and 63rd banks closed in Georgia since the banking crisis began.

A third closure, the first of the year in Washington, was the 43rd bank foreclosure this year and only the fourth bank to fall in May.

Bank failures have slowed compared to last year but there are still some concerns: the cost of the foreclosures to the FDIC’s Deposit Insurance Fund, the continued closures in Georgia, and the level of the loss-share provisions afforded assuming banks.

The three banks closed on Friday will cost the DIF over $445 million, $430 million of that from the two Georgian banks. With the cost of these new Georgia take-overs, the Peach State has cost the Fund over $1.3 billion this year alone.

In addition, the loss-share is an extraordinary $1.15 billion for just three banks.

Since the crisis began in 2008, a total of 365 banks have succumbed to this modern banking crisis which is far from over. Each bank foreclosure has an undetermined, but probably negative, affect on our financial recovery.

You can track the banking crisis in several ways including the FDIC Foreclosures Category here on The Cutting Edge Blog.

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Posted in Economy, FDIC Foreclosures | Comments Off

Quick Hit: “Oil Slides While Executives Whine”

The price of oil fell by over $5.00 a barrel yesterday after EIA report was released.

Speculators were running for the exits yesterday as demand for their pumped-up product continues to fall.

Oil Executives of the big five oil companies, Exxon Mobil, Chevron, BP, Conoco, and Royal Dutch Shell, testified before the Senate Finance Committee to justify—after amassing huge quarterly profits—the need of government subsidies of $2.1 billion dollars a year.

In a pre-statement with unAmerican overtones, Conoco-Phillips CEO, James Mulva, called the elimination of the subsidies ‘UnAmerican’ and ‘discriminatory.’

With the oil industry making record profits, why continue subsidies?

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Posted in Economy, Oil, Uncategorized | Comments Off

“The Gang of Six”

Three Republicans and three Democrats search for budget compromise!

A bipartisan group, six Senators, have spent months pounding out a compromise they hope to persuade Congress to adopt; a plan that will reduce the deficit, create jobs, and turn the U.S. economy around.

Senators Mark Warner (VA), Dick Durbin (IL), Kent Conrad (ND) and Tom Coburn (OK), Saxby Chambliss (GA), and Tom Crapo (ID), after months of meeting behind closed doors may not be able to complete a deal as budget talks begin in earnest now that Congress has returned from its two week recess.

Since they’ve been meeting in almost complete secrecy it’s difficult to predict what their proposal will contain. Difficult to know what they agree on and what they differ on.

Unlike the Ryan Plan which was passed by the House a few weeks ago, the bipartisan proposal is rumored to contain some revenue increases as well as spending cuts. It will, like the President’s Deficit Commission, address the reality that serious deficit reduction requires growth in revenue which does not sit well with Republicans.

Will the bipartisan plan get bipartisan support?

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Posted in Budget, Economy, HuffPost Articles, Jobs, Politics | 1 Comment »

“Transitory Oil: Greasing the Slide”

Turmoil in the Mideast is being blamed for high gas prices.

Americans are getting fleeced by big oil companies!

In his first ever press conference Fed Chairman Ben Bernanke referred to the rise in oil and gas prices, as well as food and other commodity prices, as transitory. Though these stifling rises aren’t permanent they are having an immediate impact on those that can least afford them. They continue to erode the middle-class.

Transitory or not, big oil companies are making a killing on the high prices.

Exxon/Mobil reported record quarterly earnings, $10.65 billion, for the first quarter of 2011. That’s a 69% improvement over the same quarter last year. They spend millions of dollars in television and radio ads telling us how great they are. How much they’re doing for our planet. How much they’re improving our lives.

But are they really improving our lives?

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Posted in Economy, Oil | Comments Off