Fed actions to reduce mortgage rates may be helping banks more than borrowers
Fed actions to reduce mortgage rates may be helping banks more than borrowers
via Booming banks say consumers may not see lower mortgage rates – The Washington Post.
Fed actions to reduce mortgage rates may be helping banks more than borrowers
via Booming banks say consumers may not see lower mortgage rates – The Washington Post.
Here’s an easy way to spoil a vote: digitize it . . . then lose the digits.
Prestidigitation is the French-derived term for conjury, legerdemain, sleight-of-hand, presto-change-o hand-jive, disappearing trickery . . . or, in the language of Karl Rove, “Helping America Vote.”
Following what the media called the “Florida debacle,” the winners of the debacle agreed to “reform” the voting system. So the Bush administration proposed and Congress passed the Help America Vote Act.
The best way to prevent voting reform is to pass a voting reform bill—especially if it’s written by the folks that helped themselves to your vote in the first place.
The Help America Vote Act is not the most Orwellian named, satanic law ever passed by Congress, but it tries. To avoid ballots with hanging chads, the law simply does away with ballots, providing about $4 billion in subsidies for Direct Recording Equipment (DREs), better known as “computer ballots” or “black box voting.”
Continued:

A painting of 17th-century Venice, with a view of the banks of the Grand Canal and the Doge’s Palace, by Leandro Bassano.
<nyt_byline style=”font-family: georgia, ‘times new roman’, times, serif; font-size: 10px; line-height: 15px; background-color: rgb(255, 255, 255); “>
IN the early 14th century, Venice was one of the richest cities in Europe. At the heart of its economy was the colleganza, a basic form of joint-stock company created to finance a single trade expedition. The brilliance of the colleganza was that it opened the economy to new entrants, allowing risk-taking entrepreneurs to share in the financial upside with the established businessmen who financed their merchant voyages.
Continued:
In this episode, Max Keiser and Stacy Herbert discuss workers of the world ‘uniting’ to give up their rights and nations of the world ‘uniting’ to give up their sovereignty. And the IMF sees for Europe an Irish like future where JP Morgan, Citibank, Bank of America and the Big Four accounting firms write the laws. In the second half of the show, Max Keiser talks to Nick Verbitsky, director of CONFIDENCE GAME, about the civil mortgage fraud suit filed against JP Morgan.
I’ve never thought much of Joe Biden. But man, did he get it right in last night’s debate, and not just because he walloped sniveling little Paul Ryan on the facts. What he got absolutely right, despite what you might read this morning (many outlets are criticizing Biden’s dramatic excesses), was his tone. Biden did absolutely roll his eyes, snort, laugh derisively and throw his hands up in the air whenever Ryan trotted out his little beady-eyed BS-isms.
But he should have! He was absolutely right to be doing it. We all should be doing it. That includes all of us in the media, and not just paid obnoxious-opinion-merchants like me, but so-called “objective” news reporters as well. We should all be rolling our eyes, and scoffing and saying, “Come back when you’re serious.”
The load of balls that both Romney and Ryan have been pushing out there for this whole election season is simply not intellectually serious. Most of their platform isn’t even a real platform, it’s a fourth-rate parlor trick designed to paper over the real agenda – cutting taxes even more for super-rich dickheads like Mitt Romney, and getting everyone else to pay the bill.
The essence of the whole campaign for me was crystalized in the debate exchange over Romney’s 20 percent tax-cut plan. ABC’s Martha Raddatz turned the questioning to Ryan:
MS. RADDATZ: Well, let’s talk about this 20 percent.
VICE PRESIDENT BIDEN: Well – (chuckles) –
MS. RADDATZ: You have refused yet again to offer specifics on how you pay for that 20 percent across-the-board tax cut. Do you actually have the specifics, or are you still working on it, and that’s why you won’t tell voters?
Here Ryan is presented with a simple yes-or-no answer. Since he doesn’t have the answer, he immediately starts slithering and equivocating:
REP. RYAN: Different than this administration, we actually want to have big bipartisan agreements. You see, I understand the –
“We want to have bipartisan agreements?” This coming from a Republican congressman? These guys would stall a bill to name a post office after Shirley Temple. Biden, absolutely properly, chuckled and said, “That’d be a first for a Republican congress.” Then Raddatz did exactly what any self-respecting journalist should do in that situation: she objected to being lied to, and yanked on the leash, forcing Ryan back to the question.
I’m convinced Raddatz wouldn’t have pounced on Ryan if he hadn’t trotted out this preposterous line about bipartisanism. Where does Ryan think we’ve all been living, Mars? It’s one thing to pull that on some crowd of unsuspecting voters that hasn’t followed politics that much and doesn’t know the history. But any professional political journalist knows enough to know the abject comedy of that line. Still, Ryan was banking on the moderator not getting in the way and just letting him dump his trash on audiences. Instead, she aggressively grabbed Ryan by his puppy-scruff and pushed him back into the mess of his own proposal:
MS. RADDATZ: Do you have the specifics? Do you have the math? Do you know exactly what you’re doing?
So now the ball is in Ryan’s court. The answer he gives is astounding:
REP. RYAN: Look – look at what Mitt – look at what Ronald Reagan and Tip O’Neill did. They worked together out of a framework to lower tax rates and broaden the base, and they worked together to fix that. What we’re saying is here’s our framework: Lower tax rates 20 percent – we raise about $1.2 trillion through income taxes. We forgo about 1.1 trillion [dollars] in loopholes and deductions. And so what we’re saying is deny those loopholes and deductions to higher-income taxpayers so that more of their income is taxed, which has a broader base of taxation –
Three things about this answer:
1) Ryan again here refuses to answer Raddatz’s yes-or-no question about specifics. So now we know the answer: there are no specifics.
2) In lieu of those nonexistent specifics, what Ryan basically says is that he and Romney will set the framework – “Lower taxes by 20 percent” – and then they’ll work out the specifics of how to get there with the Democrats in bipartisan fashion.
3) So essentially, Ryan has just admitted on national television that the Romney tax plan will be worked out after the election with the same Democrats from whom they are now, before the election, hiding any and all details.
So then, after that, there’s this exchange.
VICE PRESIDENT BIDEN: Can I translate?
REP. RYAN: – so we can lower tax rates across the board. Now, here’s why I’m saying this. What we’re saying is here’s a framework –
VICE PRESIDENT BIDEN: I hope I’m going to get time to respond to this.
REP. RYAN: We want to work with Congress –
MS. RADDATZ: I – you’ll get time.
REP. RYAN: We want to work with Congress on how best to achieve this. That means successful – look –
MS. RADDATZ: No specifics, yeah.
Raddatz did exactly the right thing. She asked a yes-or-no question, had a politician try to run the lamest kind of game on her – and when he was done, she called him on it, coming right back to the question and translating for viewers: “No specifics.”
Think about what that means. Mitt Romney is running for president – for president! – promising an across-the-board 20 percent tax cut without offering any details about how that’s going to be paid for. Forget being battered by the press, he and his little sidekick Ryan should both be tossed off the playing field for even trying something like that. This race for the White House, this isn’t some frat prank. This is serious. This is for grownups, for God’s sake.
If you’re going to offer an across-the-board 20 percent tax cut without explaining how it’s getting paid for, hell, why stop there? Why not just offer everyone over 18 a 1965 Mustang? Why not promise every child a Zagnut and an Xbox, or compatible mates for every lonely single person?
Sometimes in journalism I think we take the objectivity thing too far. We think being fair means giving equal weight to both sides of every argument. But sometimes in the zeal to be objective, reporters get confused. You can’t report the Obama tax plan and the Romney tax plan in the same way, because only one of them is really a plan, while the other is actually not a plan at all, but an electoral gambit.
The Romney/Ryan ticket decided, with incredible cynicism, that that they were going to promise this massive tax break, not explain how to pay for it, and then just hang on until election day, knowing that most of the political press would let it skate, or at least not take a dump all over it when explaining it to the public. Unchallenged, and treated in print and on the air as though it were the same thing as a real plan, a 20 percent tax cut sounds pretty good to most Americans. Hell, it sounds good to me.
The proper way to report such a tactic is to bring to your coverage exactly the feeling that Biden brought to the debate last night: contempt and amazement. We in the press should be offended by what Romney and Ryan are doing – we should take professional offense that any politician would try to whisk such a gigantic lie past us to our audiences, and we should take patriotic offense that anyone is trying to seize the White House using such transparently childish and dishonest tactics.
I’ve never been a Joe Biden fan. After four years, I’m not the biggest Barack Obama fan, either (and I’ll get into why on that score later). But they’re at least credible as big-league politicians. So much of the Romney/Ryan plan is so absurdly junior league, it’s so far off-Broadway, it’s practically in New Jersey.
Paul Ryan, a leader in the most aggressively and mindlessly partisan Congress in history, preaching bipartisanship? A private-equity parasite, Mitt Romney, who wants to enact a massive tax cut and pay for it without touching his own personal fortune-guaranteeing deduction, the carried-interest tax break – which keeps his own taxes below 15 percent despite incomes above $20 million?
The Romney/Ryan platform makes sense, and is not laughable, in only one context: if you’re a multi-millionaire and you recognize that this is the only way to sell your agenda to mass audiences. But if you’re not one of those rooting gazillionaires, you should laugh, you should roll your eyes, and it doesn’t matter if you’re the Vice President or an ABC reporter or a toll operator. You should laugh, because this stuff is a joke, and we shouldn’t take it seriously.
In this episode, Max Keiser and Stacy Herbert discuss whether it’s time to start loving bankers as former Mayor Ken Livingstone suggests and they also wonder if the flying naked short selling witch caught by religious police in Saudi Arabia is, in fact, Blythe Masters covering an oil trade. In the second half of the show, Max Keiser talks to Aston Walker – aka the Birmingham Looter – about whether he was ever offered a deferred prosecution agreement for his crime of looting during the 2011 riots and ask whether he would have been granted immunity had he offered the loot as an infinitely rehypothecated collateralized looted H&M clothes bonds.
On May 31, 2010, the Israeli right-wing government sent armed military troops to illegally board in international waters Gaza aid ships of the Gaza Freedom Flotilla organized by the Free Gaza Movement and the Turkish Foundation for Human Rights and Freedoms and Humanitarian Relief. The Israelis murdered 8 Turkish citizens and one US citizen in cold blood. Many others were wounded by the forces of “the only democracy in the Middle East.”
Continued:
By John C. Goodman | Monday October 8, 2012 at 10:09 AM PDT
Most Americans will be required to have health insurance beginning on January 1, 2014. The type of insurance you have, where you will get it, and what you will pay will be determined not by you and your employer or by free choice in the marketplace, but by government. Here are the biggest problems the mandate will create. (For more details, please consult my book Priceless: Curing the Healthcare Crisis.)
More here:
By MATT TAIBBI
Well, it’s over. Or almost over, thank God. It looks like Obama will probably win, which I guess is good news, compared to the alternative – a Mitt Romney presidency would have felt like four straight years of waking up with a naked Lloyd Blankfein sitting on your face. But it’s not so much the result that matters – it’s the quiet.
What we Americans go through to pick a president is not only crazy and unnecessary but genuinely abusive. Hundreds of millions of dollars are spent in a craven, cynical effort to stir up hatred and anger on both sides. A decision that in reality takes one or two days of careful research to make is somehow stretched out into a process that involves two years of relentless, suffocating mind-warfare, an onslaught of toxic media messaging directed at liberals, conservatives and everyone in between that by Election Day makes every dinner conversation dangerous and literally divides families.
Politicians are much to blame for this, but we in the media have to take responsibility for the damage we do to the American psyche in the name of election coverage. At this very moment, there are people all over the country who are stocking up on canned goods and ammo for the apocalypse they believe will come if Obama is re-elected. For the broadcast business to be successful, viewers need to be not merely interested in our political melodramas, they have to be in an absolute state about them – emotionally invested in the outcome and frightened not to watch what happens next. And any person who’s been subjected to 720 consecutive days of propaganda is not likely to take the news well if he gets the wrong result, whether it’s a victory for Obama or for Romney. By that point, the networks have spent two years finding new ways each day to convince him that the world is going to disintegrate into some commie or Hitlerian version of Mad Max, to keep him coming back and watching ads.
The campaign should start and finish in six weeks, and there should be free TV access to both candidates. And it should be illegal to publish poll numbers. This isn’t as crazy as it sounds – they actually had such a law in Russia while I lived there, and people were much happier. (Well, they were still miserable, because they were Russian, but at least they weren’t stressing about poll numbers.) Think about it: Banning poll numbers would force the media to actually cover the issues. As it stands now, the horse race is the entire story – I can think of a couple of cable networks that would have to go completely dark tomorrow, as in Dan-Rather-Dead-Fucking-Air dark, if they had to come up with even 10 seconds of news content that wasn’t centered on who was winning. That’s the dirtiest secret we in the media have kept from you over the years: Most of us suck so badly at our jobs, and are so uninterested in delving into any polysyllabic subject, that we would literally have to put down our shovels and go home if we didn’t have poll numbers we can use to terrify our audiences. Can you imagine if your favorite news network had to do stories like, “What is the Overseas Private Investment Corporation up to, and what do each of the candidates think about it?” That would be like asking Nineties-era baseball players to take the field without popping greenies – what, you mean play the game sober? Half the on-air talent would have to resign, or do ad work hawking reverse mortgages.
It obviously matters who gets to be president. And it’s perfectly valid for us media types to advocate for the candidate we think is more qualified, based on our reporting. But the hype has gotten so out of control, it’s become bigger than the presidency itself. In every race there are now not two but three dominating figures – the Democrat, the Republican and The Process, and we’re raising whole generations who hate The Process far more than they like either of the candidates. Mainly for grim commercial reasons, we in the media manipulate people to stay wired on hate and panic-focused on the race for every waking moment, indifferent to how much this depresses the hell out of everyone. In doing so, we rob people of their patriotism and their desire to vote. If The Process is so clearly wrong, how right can the candidates be?
If we did this right, people would come out of presidential elections exhilarated, maybe even stoked to get involved in their local races for county sheriff or D.A. (Such races would likely have more of an impact on their day-to-day lives: For the most part, when it comes to our daily routines, the president might as well be on Mars.) Instead, most of us come out of the election exhausted, in desperate need of a couple of Ambiens and determined to spend the next two years buried in Hulu reruns, afraid to even pass a news channel while couch-surfing our way to Storage Wars or a Lifetime movie.
What makes us feel pessimistic about the world, ultimately, is the way the media encourage us to believe that our fate hangs on the every move of the promise-breaking, terminally disappointing Teflon liars in Washington. And that’s a shame, because feeling optimistic shouldn’t require turning off the TV or tuning out The Process. What we are witnessing, after all, is the world’s greatest contest for power, an amazing fairy tale full of iconic moments that we’ll watch no matter how much Sean Hannity or Chris Matthews screams at us. But it would be awesome, next time, if we could find a way to turn down the volume.
This story is from the October 25th issue of Rolling Stone.
How the Hype Became Bigger Than the Presidential Election | Politics News | Rolling Stone.
orlandosentinel.com/business/os-darden-part-time-workers-20121007,0,1505128.story
By Sandra Pedicini, Orlando Sentinel
7:15 PM EDT, October 7, 2012
|
|
In an experiment apparently aimed at keeping down the cost of health-care reform, Orlando-based Darden Restaurants has stopped offering full-time schedules to many hourly workers in at least a few Olive Gardens, Red Lobsters and LongHorn Steakhouses.
Darden said the test is taking place in “a select number” of restaurants in four markets, including Central Florida, but would not give details. The company said there has been no decision made about expanding it.
In an emailed statement, Darden said staffing changes are “just one of the many things we are evaluating to help us address the cost implications health care reform will have on our business. There are still many unanswered questions regarding the health care regulations and we simply do not have enough information to make any decisions at this time.”
Analysts say many other companies, including the White Castle hamburger chain, are considering employing fewer full-timers because of key features of the Affordable Care Act scheduled to go into effect in 2014. Under that law, large companies must provide affordable health insurance to employees working an average of at least 30 hours per week.
If they do not, the companies can face fines of up to $3,000 for each employee who then turns to an exchange — an online marketplace — for insurance.
“I think a lot of those employers, especially restaurants, are just going to ensure nobody gets scheduled more than 30 hours a week,” said Matthew Snook, partner with human-resources consulting company Mercer.
Darden said its goal at the test restaurants is to keep employees at 28 hours a week.
Analysts said limiting hours could pose new challenges, including higher turnover and less-qualified workers.
“It’s a real problem for restaurants,” said Howard Penney, a restaurant analyst and managing director for Hedgeye Risk Management.
Darden, the world’s largest casual-dining company and one of the nation’s 30 largest employers, said it offers health insurance to all its approximately 185,000 employees. Many are offered a limited-benefit plan. That type of coverage is being phased out under health-care changes, which will ban annual limits for most plans.
About 25 percent of Darden workers are full time, meaning they work more than 30 hours a week. Though employees say Darden already offers traditional health insurance to full-timers, Janney Capital Markets analyst Mark Kalinowski said the cost of providing that could become higher for Darden under the Affordable Care Act. Because that law requires everyone to have health insurance, more workers will likely choose its coverage, Kalinowski said.
“Even a modest jump up in the amount of employees that decide they want the insurance you’re offering could have a meaningful impact on your bottom line,” he said.
Under the system Darden is testing, employees are to be scheduled for no more than 28 hours each week. They can run over that if things get busy, but Darden acknowledged they are not supposed to exceed 30 hours.
At a new Olive Garden in Stillwater, Okla., former busboy Keaton Hasty said employees were routinely limited to 29 1/2 hours.
“It was 29 1/2, and they’d kick you out,” said Hasty, a college student who now works at a pharmacy. “They’d always print off a little slip every day and say who was getting close.”
And Michael Walker said when he applied for a job at a new Olive Garden in Hammond, La., he was told that except for a few “key training positions,” only part-time jobs were available for hourly workers.
“Without having full health care … I don’t see that as an option,” Walker said. He decided to stick with his current job at another restaurant.
Darden told analysts last year it would consider changing its mix of part-time and full-time employees to reduce costs.
Darden has been aggressively keeping labor costs down. It has cut bartenders’ pay and required servers to share tips with them. It also has eliminated busboy positions at Red Lobster and reduced the number of servers working each shift at that chain.
Labor costs as a percentage of sales have dropped steadily from 33.1 percent in fiscal 2010 to 30.8 percent in the most recent quarter.
spedicini@tribune.com or 407-420-5240
Copyright © 2012, Orlando Sentinel
Darden tests limiting worker hours as health-care changes loom – OrlandoSentinel.com.
points to ponder
Entertainment News & Everything In Between!
A Fan Blog in connection with TwinsBaseball.com.
the source for WordPress News, Tips and Help
points to ponder
points to ponder
Syntropy, Self Sovereignty and Radical Human Ecology
Taking personal action to end all animal exploitation by not eating, wearing or using animals
points to ponder
points to ponder
Manufacturing consent for private and public sector clients for over 250 years
points to ponder
points to ponder
points to ponder
Investigative reporting on globalism, Christianity, Islam, Judaism and where politics, culture and religion intersect.
points to ponder
points to ponder