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HUMANITY DOOMSDAY CLOCK - Moves forward to 2125 due to election of US President trump.

Estimate of the time that Humanity will go extinct or civilization will collapse. The HUMANITY DOOMSDAY CLOCK moves forward to 2125 due to US President trump's abandonment of climate change goals. Apologies to Bulletin of the Atomic Scientists for using the name.

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Saturday, October 15, 2011

Volcker Rule Proposal - Impossible

Hey Barry:

I was looking for ways to improve the proposal to help our country. Given the political system realities we face today, it is my opinion that the Volcker proposal will fail to help the country.

A reasonably careful reading of the Draft proposal provides clear evidence of numerous exceptions, qualifiers, definitions and other obfuscatory statements which may well compromise the Rule's efficacy or, alternatively, provide ample work for litigation attorneys and financial industry lobbyists.

We do not need that.

We need financial industry stability.

The Glass-Steagall act provided that stability for fifty years.

The Volcker rule will not provide stability.

Drop the Volcker rule and reinstate the Glass-Steagall Act.

Please.

Your pal,

Sensible Plan for Bank Failures

Hey Barry:

We know that we will see even more major bank failures very soon, probably as a result of the European situation as a proximate cause, but primarily due to underlying conditions of corruption and greed.

We need a plan of what to do when it happens.

Here is the plan:

1. Fire Timothy Geithner now. He will be unwilling or unable to implement any sensible solutions since his loyalties seem to lie elswehere than what is good for the country.

2. Upon a request for financial assistance from the Treasury or the FED beyond normal requests for short term loans by any bank of any size, or upon clear evidence of insolvency, immediately seize all the bank's assets and properties.

3. Close the bank for ten days.

4. Fire all managers.

5. During that time, liquidate all operations and assets involved in non-lending and non-depositor operations.

6. Ensure that the FDIC makes depositors whole.

7. Immediately begin a criminal investigation of bank management to locate which persons committed crimes or extra poor judgment.

8. Sue any bank manager found guilty of a crime to recover bank assets.

9. Re-open the bank under strict Glass-Steagall rules. Until Glass-Steagall is reimplemented by Congress and aggresively enforced by appropriate authorities, station a federal marshall in the bank to ensure that those rules are followed.

10. Under no circumstances allow the FED or the Treasury to rescue the bank without these changes.

These actions will ensure the stability of the country's money supply and prevent widespread catastrophes.

It is NOT throwing good money after bad.

Time for a change, Barry.

Your pal,

Wednesday, October 12, 2011

OWS - A New Way

Hey Barry:

Occupy Wall Street taps into all our frustrations about our country - the good ol U S of A.

We are broken.

The old ways don't work.

The new way has been developed by the Occupy Wall Street folks.

It is very different.

It has the potential to change the country.

I hope it does so, Lord knows we need changing.

Here's a report on how it looks from the inside:

http://www.truthdig.com/report/item/why_the_elites_are_in_trouble_20111009/

Pay attention to what they're saying Barry.

Your pal,

Monday, October 10, 2011

Volcker Rule Proposal: Problems 1, 2 & 3

Hey Barry:

I see some problems with the Volcker rule proposal.

PROBLEM ONE: CLARIFY STATUS OF 'NONBANK FINANCIAL COMPANIES'

While the proposal 'generally prohibits any banking entity from engaging in proprietary trading or from acquiring or retaining an ownership interest in, sponsoring, or having certain relationships with a hedge fund or private equity fund (“covered fund”), the language that may extend this coverage to 'nonbank financial companies' is unclear.

It should be made clear that all the provisions of the proposed rule apply to all nonbank financial companies as well as any banking entity.

It should also be made clear that any institution which accepts deposits from the public or other institutions and/or lends money to any person or entity is considered a 'banking entity' or 'nonbank financial company' and is subject to the rules.


PROBLEM TWO: Section 13 of the BHC Act.

While 'Section 13 of the BHC Act generally prohibits banking entities from engaging in proprietary trading or from acquiring or retaining any ownership interest in, or sponsoring, a covered fund,' the rule does not specify 'nonbank financial companies'.

This should be amended so that the rule applies to all 'banking entities' and 'nonbank financial companies'.

PROBLEM THREE: EXEMPTIONS

Section 13(d)(1) of the BHC Act includes exemptions from these prohibitions for certain permitted activities, including:

'Trading in certain government obligations;

Underwriting and market making-related activities;

Risk-mitigating hedging activity;

Trading on behalf of customers;

Investments in Small Business Investment Companies (“SBICs”) and public interest investments;

Trading for the general account of insurance companies;

Organizing and offering a covered fund (including limited investments in such funds);

Foreign trading by non-U.S. banking entities; and

Foreign covered fund activities by non-U.S. banking entities.'


All these exemptions should be removed so that the rules apply to all 'banking entities' and 'nonbank financial companies'.


Allowing these exemptions will allow some 'banking entities' and 'nonbank financial companies' to circumvent its provisions and render the rule impotent. Such rendering of the rule will place the entire financial system at risk.

These should be fixed, otherwise the rule will be useless.

Your pal,