Skip to content

Populism III

From the Huffington Post news of 89 year old women tossing her virginity in her fight against the credit lending practices of the card companies….

~~~ John Clinton Tuttle of Seattle, Wash. is waging guerrilla warfare against high interest rates and other depredations of the credit card industry. He’s literally sticking it to ‘em — he’s launched a campaign to encourage angry consumers to put bank-bashing stickers on ATMs.

“The credit card business is unethical,” said Tuttle, 60, who told HuffPost he put 40 stickers on ATMs in Seattle last Thursday.

The stickers say “Stand up to the rich bankers!” and direct ATM customers to Tuttle’s website, www.creditcardrevolt.com, where he makes the case for five basic reforms for the credit card industry, including a 15 percent interest rate cap, better disclosure of rates and fees, and clearer contracts.

Tuttle enlisted the support of Georgie Bright Kunkel, who stars in three YouTube videos promoting the site.

In one video, Kunkel, 89, swings a baseball bat, saying, “We can put an end to these evil, evil lending practices!” In another, she posts a flier on a Bank of America ATM.

“I’ve never posted a flier in my entire life. It’s my first time!” says Kunkel in the video. “That makes me a flier-posting virgin!”

Banqueros en acción

Remedios Varo, Banqueros en accion, Bankers in action

Remedios Varo, Banqueros en accion, Bankers in action

From the IMF’s World Economic Outlook…

A Policy-Driven, Multispeed Recovery“…

~~~ “Driving the global rebound was the

extraordinary amount of policy stimulus.

Monetary policy has been highly expansionary,

with interest rates down to record lows in most

advanced and in many emerging economies,

while central bank balance sheets expanded to

unprecedented levels in key advanced

economies. Fiscal policy has also provided

major stimulus in response to the deep

downturn. Meanwhile, public support of the

financial sector has been crucial in breaking the

negative feedback loop between the financial

and real sectors. At the same time, there are still

few indications that autonomous (not-policy induced)

private demand is taking hold, at least

in advanced economies.

Banker bonuses? Look across the sea…

Hector Sants was appointed as the Chief Executive Officer of the UK Financial Services Authority in July 2007.

Hector Sants was appointed as the Chief Executive Officer of the UK Financial Services Authority in July 2007.

From the Daily Telegraph… we get news of a regulator that knows how to rein in behavior it deems risky…

~~~ “Banks told to comply on bonuses or lose UK banking licences in shock FSA ultimatum

Investment banks have been told that every bonus issued must comply with the regulatory guidelines – or they face having their licences to operate in Britain revoked.

In an extraordinary ultimatum that has shocked some of the City’s biggest companies, the Financial Services Authority (FSA) told bank bosses that 60pc of all pay must be deferred, with no exceptions, even for those whose contracts conflicting with the edict.

Many of the global players have in recent weeks made representations to the City watchdog, in particular about pre-existing employment contracts that guarantee bonuses over a year or more. But their appeals have been met with the FSA’s toughest yet response.

One pay executive in a major bank told The Daily Telegraph: “The message came back that while the FSA agreed that it does not have jurisdiction over contractual law, it does have jurisdiction over issuing bank licences in London, and that we should go away and unwind the contracts.

Bankers at Merrill Lynch are among the first affected. Those with pre-existing contracts were told about the FSA’s tough stance on Friday when their bonuses were agreed.

One Merrill Lynch employee said: “We thought that contracts would be immune from changes but were told by bosses that their hands were tied and there was nothing they could do, the regulator had put its foot down.”

(Continued)

Barney Frank, Zhu Min and global hot money flows…

Interesting undercurrents at The Next Global Crisis panel at the World Economic Forum at Davos…

Check out the video at 1 hour 10 minutes.

You can see the comments of Zhu Min, the deputy governor of the People’s Bank of China (the Federal Reserve of China), as he gives some insight from his part of the world on the risks of the next global crisis.

Mr. Zhu raises the specter of “capital flows” as the real risk the global economy faces this year…

Because of very low US rates many financial institutions can borrow from the Federal Reserve or through their prime broker at extremely low interest rates and are engaged in the “dollar carry trade“…

Mr Zhu pegs the sum of the carry trade between $1 trillion to $1.9 trillion. This is much bigger than the Japanese yen carry trade of 10 years ago.

He goes on to say because of the $ carry trade all this money runs in and out of emerging market economies creating asset volatility… he is politely describing “global hot money” flows…

The Chinese central banker is implicitly condemning the damage that zero interest rates of the US Federal Reserve are causing in less advanced economies… it’s a form of inflation exporting… and it’s morally indefensible… and it could be the cause of the next global crisis…

The moderator asks Mr. Zhu about the yuan and its value… he argues that it is important that the yuan be a “stable” currency to counterbalance the extreme instability that can be created in Asian economies from the “global hot money flows”…

Barney Frank asks him to raise the value of the yuan…. hmm… those are sovereign decisions…

Rather than trying to influence the monetary policies of other nations I think we need to address the problem of the overly large and unstable financial sector in the United States…

(Continued)

witness the Romans, who had a constant succession of triumphs while they managed their Government on a certain plan

“It is not chance that rules the world, witness the Romans, who had a constant succession of triumphs while they managed their Government on a certain plan, and an uninterrupted series of reverses when it was conducted on another.

There are general causes, either moral or physical, at work in every monarchy, exalting, maintaining or overcoming it.”

The Spirit of Laws, Charles-Louis de Secondat, baron de La Brède et de Montesquieu


Reichbach Says Regulatory Overhaul to Take Several Years: Video

Roosevelt and Obama

From a recently published academic paper: “Populist Retribution and International Competition in Financial Services Regulation”

Adam C. Pritchard
University of Michigan Law School

~~~ “… The bottom line for Roosevelt was that populist anger against the bankers provided him with the political capital he needed to fundamentally reshape the financial sector in the United States.

Roosevelt succeeded in breaking up the commercial/investment banking giants, curtailing the most aggressive selling tactics of the securities underwriters, and putting the New York Stock Exchange and its broker-dealer members under the watchful eye of the newly created SEC.

Roosevelt won a great political victory against the capitalists, but he did so in a world in which capital markets were generally fragmented on a country specific basis.

Is Barack Obama likely to have the same success in reshaping finance in a world of integrated capital markets?

B. Now: Obama

Simply based on the sheer number of proposals made, Obama’s vision of regulatory reform equals Roosevelt’s in its ambition.15 But once one delves into the details, some aspects of the plan look rather timid. Raising capital requirements was a given of any reform.16 But imposing more stringent capital requirements on the largest banks provides an implicit list – and accompanying subsidy — of the institutions that the government deemed “too big to fail.”

The moral hazard problem created by “too big to fail” is the central problem of reform.

(Continued)

California = Libya

Fails to deliver

Bloomberg’s Brian Luke reports on the outlook for the U.S. mortgage-bond market. (running time = 1:40 minutes)

Fails to deliver are a problem that the Fed have not addressed since the giant daisy chain fails problem after 9/11…

Primary dealers…  financial market utilities

President Obama’s proposed budget

From the Guardian:
~~~ Obama’s 2011 budget: US public spending by department since 1962

Barack Obama’s second budget is already controversial. Find out what it means for each department, how it compares to George Bush’s last one - and how it’s changed since 1962

Get the data

See the article for an excellent compilation of information…

gerd in children birth control online dog med cancer medicine buy viagra online no prescription viagra young what pills look like phentermine accupril health asthma viagra online no prescription drug spironolactone meloxicam tablets nausea remedy cialis brands enhance sexual performance order celebrex cholesterol herbs cholesterol herbs cialis and viagra benadryl dosing dog health klonopin pill weight loss software treating ear infections bodybuilding zyban pharmacy on line weight loss program epilepsy treatment drugs for pain buy viagra soft flavored tramadol and dosage buy cha de bugre viagra women buy cialis by check chronic heart failure cat health websites buy effexor online cheap viagra order online skin cancer treatment weight loss programs online levitra cialis compare buy mevacor medication to aid in sleeping cheap effexor order cialis online without prescription buy benfotiamine viagra buy cialis on line buy levitra viagra cialis cheap tramadol depression buy levitra onlines cialis on line how to prevent strokes enhance breast valium 2mg care health pet high blood calcium levels buy cialis generic how to improve sleep health remedies for dogs coumadin information naturally increase breast size skin psoriasis antibiotic herbs buy green tea minocin online sex pheromones impotence treatments drug price zyban order arimidex buy taking 20mg valium carb blockers zolpidem dosage strattera medication treating high blood pressure buy diazepam online woman enhancement stretch penis muscle men how to give up smoking lexapro drugs fat loss treatment to stop smoking drug store on line benadryl dosing immune supplements online viagra in the us quitting zyban improve skin drug free high blood pressure help sleep disorders remedy xanax sales diet pills for teenagers cat infections asthma treatment drugs high blood pressure symptom medicines for blood clot about levitra how to buy viagra online hepatitis b treatment viagra and women where to buy stop pain skin fungal infections tramadol hcl 50 osteoporosis bone health improve your skin what does evening primrose oil do how long does xanax last health problems cats viagra online store on rx legal diazepam blood purifications dog skin infection effect of viagra on women ultram er kamagra reduce swelling methods protonix dose cialis consultation acne product Levitra Online muscle spasm relief buy cleocin gel mobic tablets relieve joint pain levitra 10 mg chronic urinary tract infections canada over the counter antibiotics pharmacy new cancer drugs viagra cialis fat weight loss products diflucan purchase soma online pain in left side dark spot on skin natural breast enhancements canada drug store voltaren tablets online med zantac tablets pain control system pain treatment blood pressure support buy hyzaar breast augmentation prices cheap buy viagra depression pills older dog health omnicef drug drugs for depression natural help for pain cat care prostate cancer treatment reducing uric acid synthroid tablets treatment for hypertension male enhancement enhancement reducing fluid retention alpha blocker attention deficit disorder help penis enlargement free natural cure arthritis generic carafate natural ways to reduce blood pressure ambien prices online purchase viagra doxycycline dose chlamydia pill crestor dosage canada drug pharmacy provera pregnancy cialis online ordering carisoprodol medication really large breast enhancement asthma treatments viagra or cialis lipitor pills buy cialis generic buy prescription drugs buy tramadol online cheap prozac parkinsons treatment weight loss system cheap order buy teeth whitening help with weight loss clomipramine gernic viagra drug free high blood pressure help drug omnicef asthma control motilium buy female sexual enhancement pills viagra generic cheap verapamil cialis versus viagra neck pain relief order allegra overdose zolpidem xanax usa buy cefixime cheap phentermine online chest muscle pain body building buy product baby acne Viagra Online Cheap how to sperm more drugs for epilepsy xanax price soma no prescription nexium drug drugs that treat high blood pressure top hair loss revatio drug pain in left side neurontin medication purchase viagra online without prescription symptoms of congestive heart failure generic orlistat relieve joint pain xanax sales online bone muscle pain relafen effectiveness zyban pharmacy drug store pharmacy online cialis from us pharmacy buy zyrtec online aspirin treating ear infections clomid no prescription post pregnancy weight loss mebendazole tablets cialis viagra on line tramadol depression bad body odor xanax online prescription celebrex generic treatment of heart attacks beta blockers medication phentermine next day cheapest phentermine onlin e pharmacy software breast augmentation info buy topamax high blood pressures medications viagra on-line the new flu buy cialis cheap wellbutrin dosages order vermox tablets weight loss doctor online paxil side effects cat urinary tract disease control blood pressure canadian drug pharmacy weight loss meds on line buy zocor cheap canadian drugs phentermine with hoodia levitra discount order bactroban tips for increasing breast size taking viagra after cialis small dog products flomax prescription hoodia information cialis on line new cat products cure for gout naturals hoodia ultram dosage acne skin treatmen male body building information on ambien help with anxiety glutamine valium mg dose hair loss treatment online dogs health drugs affecting levitra prostate cancer treatment buy cheap cialis without a prescription xenical pill breast enlargement pills on sale longer lasting condoms cheap online drug stores in canada healthy weight loss plan buy precose natural cure arthritis order clarinex cialis comparison sleeping problems uk women's fertility body building for women list of medication used for diabetes antibiotics sideeffects buy brafix cialis without rx pregnancy and weight loss viagra buy online muscle man tetracycline ativan no prescription buy karela congested heart failure effects of zoloft muscle mass gain alzheimers meds dog health what are beta-blockers purchase cialis online without prescription symptoms of congestive heart failure buy energy patch viagra on-line bupropion anxiety medicine for diabetes cialis prescription buy tadalafil online on line viagra congested heart failure accutane prescription drugs levitra online pharmacy fast weight loss tips cialis best on-line drugstore rythmol cheap lower blood sugar immediately buy tramadol online without prescription cialis 20 control blood pressure buy clotrimazole prozac on line canada drug pharmacy online stop smoking support face wrinkles ear infection medicine discount cialis levitra viagra sleep problems with children diazepam intake fat loss diet cure for gout paxil medication phentermine to buy offers xenical how to treat prostate cancer ultram er medication shingles alli cialis 5mg tablets free weight loss programs astelin generic phentermine to buy captopril weight loss support group online depression pills ramipril drug cialis 20 dog infections naturals hoodia diazepam lorazepam weight loss web sites a reliever of arthritic pain medications for high blood pressure wellbutrin 150 xl cialis online softtabs low valium carisoprodol muscle and bone pain cure buy cialis pharmacy yeast infection remedies paxil information taking viagra after cialis medicine for insomnia erythromycin online discount medicine naturals hoodia how to cure snoring accupril enhancement breast chronic pain relief colostrum order zaditor cheap xanax without prescription blood pressure medication blood purifications what valium does antifungal scalp vitamin erectile dysfunctions new osteoporosis treatments prednisone online how to increase fertility weight loss on line levaquin online antibiotics safe for dogs female body building program acne skin care treatment products cancer drug Online Viagra anti allergic drug arm and upper back pain remedy for hair loss parkinson's disease medication ultram dosing buy pheromones itching relief sleep disorders treatment buy diazepam without prescription buy cialis online viagra lasix side effects cheap cialis generic what is generic viagra where can i order viagra online how to get a big penis valium narcotic new medication anxiety buy chloramphenicol antibiotic new viagra how do a stop smoking medications for high blood pressure phentermine by fedex buy lisinopril levitra dosing diabetes drugs buy diazepam online women taking viagra accutane online diazepam medical skin care lines valium sold in usa increase breasts ranitidine interaction parkinson's disease treatments anti depression drug ramipril medication rapid hair loss medications without a prescription cialis and purchase reasons for high blood pressure how increase breasts size weight loss on line buy levitra on-line buy cheap cialis without a prescription valtrex dosage prozac prescription buy lioresal flomax side effects weight loss software lasix side effects online cialis breast increase