Politics and Economics


Blind Faith in Republicans

Posted in Uncategorized by agussuryanto88 on July 30, 2010

Most Americans think a GOP Congress would be better at running the economy, but few can tell you just what that means.

By Mark Willen, Senior Political Editor, The Kiplinger Letter

Voters have high hopes for Republicans. By every indication, they plan to send a lot more of them to the next Congress, maybe even enough to take control of the House of Representatives.

It’s not hard to understand why voters are unhappy with President Obama and his Democratic Congress. They’re tired of waiting for the economy to improve. They want a real recovery, with real jobs and pay raises, and they’re unhappy about the rapid growth of government and a corresponding escalation of the deficit. They believe the national debt is out of control. And they blame Obama for most of that.

Republicans have been fueling that anger but so far have been relatively shy about offering alternatives. They promise to change that by offering a policy plan in September, after a monthlong recess they’ll use to listen to voters and craft ideas. A lot is riding on that plan — at least in terms of voter hopes.

A recent poll by the Benenson Strategy Group shows just how much. The survey, conducted for Third Way, a moderate think tank, found that voters are counting on the GOP to come up with fresh ideas. Almost two-thirds said they expect Republicans to promote “a new economic agenda that is different” from former President Bush’s agenda. And that’s what they want. By 49% to 34%, they said if the choice is between Obama’s economic agenda and Bush’s, they prefer Obama. They don’t want to go back to the old ways.

So far, though, a return to the Bush era is exactly what Republicans have offered. As the expiration of the Bush tax cuts draws near, several GOP leaders have gone on record saying they want them all extended, and they insist there is no need to find offsetting savings to avoid exploding the deficit. Republicans have long argued that tax cuts grow the economy and pay for themselves, though the numbers don’t show that. The first round of Bush tax cuts came in 2001, and the 2002 deficit rose to 1.2% of GDP (from a surplus in 2000). The second round of tax cuts came in 2003, and the 2004 deficit rose to 3.5% of GDP. There were other factors involved — notably higher spending for the war against terrorism and a recession, and Republicans say the deficit would have been worse without the tax cuts. But that argument — that it would have been worse otherwise — is the same one they dismiss when Obama uses it to defend the 2009 stimulus, which incidentally included more than $300 billion in tax cuts.

There are things that Republicans can usefully propose. A more pro-business policy that removes the uncertainty would help a lot, though businesses probably need to expect more regulation as long as Obama is president. A revamping of the tax code is sorely needed, but it has to be something other than cuts and more cuts. A resolve to work with the debt commission’s whole package of ideas, including tax hikes and entitlement cuts, is a necessity. More than anything, a real plan to create jobs is needed.

Still, even if Republicans take back the House, delivering on their goals won’t be easy — not with Democrats controlling the Senate and White House. It will take bipartisan cooperation, which has not exactly been plentiful. Two years of complete gridlock may satisfy those Obama critics who just want to stop him in his tracks, but by itself, it won’t get the nation any closer to a more stable and prosperous economy.

Leak May Hurt Efforts to Build War Support

Posted in Uncategorized by agussuryanto88 on July 27, 2010

WASHINGTON — The disclosure of a six-year archive of classified military documents increased pressure on President Obama to defend his military strategy as Congress prepares to deliberate financing of the Afghanistan war.

Kevin Lamarque/Reuters

White House Press Secretary Robert Gibbs discussed leaked military documents on Monday.

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Fallout from the Afghanistan War Files

What 92,000 classified documents reveal about the Taliban’s strength and American security.

Andrew Testa for The New York Times

Julian Assange, the founder of the Web site WikiLeaks.org, in London on Monday.

The disclosures, with their detailed account of a war faring even more poorly than two administrations had portrayed, landed at a crucial moment. Because of difficulties on the ground and mounting casualties in the war, the debate over the American presence in Afghanistan has begun earlier than expected. Inside the administration, more officials are privately questioning the policy.

In Congress, House leaders were rushing to hold a vote on a critical war-financing bill as early as Tuesday, fearing that the disclosures could stoke Democratic opposition to the measure. A Senate panel is also set to hold a hearing on Tuesday on Mr. Obama’s choice to head the military’s Central Command, Gen. James N. Mattis, who would oversee military operations in Afghanistan.

Administration officials acknowledged that the documents, released on the Internet by an organization called WikiLeaks, will make it harder for Mr. Obama as he tries to hang on to public and Congressional support until the end of the year, when he has scheduled a review of the war effort.

“We don’t know how to react,” one frustrated administration official said on Monday. “This obviously puts Congress and the public in a bad mood.”

Mr. Obama is facing a tough choice: he must either figure out a way to convince Congress and the American people that his war strategy remains on track and is seeing fruit — a harder sell given that the war is lagging — or move more quickly to a far more limited American presence.

As the debate over the war begins anew, administration officials have been striking tones similar to the Bush administration’s to argue for continuing the current Afghanistan strategy, which calls for a significant troop buildup. Richard C. Holbrooke, Mr. Obama’s special representative to Afghanistan and Pakistan, said the Afghan war effort came down to a matter of American national security, in testimony before the Foreign Relations Committee two weeks ago.

The White House press secretary, Robert Gibbs, struck a similar note on Monday in responding to the documents, which WikiLeaks made accessible to The New York Times, the British newspaper The Guardian and the German magazine Der Spiegel.

“We are in this region of the world because of what happened on 9/11,” Mr. Gibbs said. “Ensuring that there is not a safe haven in Afghanistan by which attacks against this country and countries around the world can be planned. That’s why we’re there, and that’s why we’re going to continue to make progress on this relationship.”

Several administration officials privately expressed hope that they might be able to use the leaks, and their description of a sometimes duplicitous Pakistani ally, to pressure the government of Pakistan to cooperate more fully with the United States on counterterrorism. The documents seem to lay out rich new details of connections between the Taliban and other militant groups and Pakistan’s main spy agency, the Directorate for Inter-Services Intelligence, or ISI.

Three administration officials separately expressed hope that they might be able to use the documents to gain leverage in efforts to get more help from Pakistan. Two of them raised the possibility of warning the Pakistanis that Congressional anger might threaten American aid.

“This is now out in the open,” a senior administration official said. “It’s reality now. In some ways, it makes it easier for us to tell the Pakistanis that they have to help us.”

But much of the pushback from the White House over the past two days has been to stress that the connection between the ISI and the Taliban was well known.

“I don’t think that what is being reported hasn’t in many ways been publicly discussed, either by you all or by representatives of the U.S. government, for quite some time,” Mr. Gibbs said during a briefing on Monday.

While agreeing that the disclosures were not altogether new, some leading Democrats said that the new details underscored deep suspicions they have harbored toward the ISI.

“Some of these documents reinforce a longstanding concern of mine about the supporting role of some Pakistani officials in the Afghan insurgency,” said Senator Carl Levin, a Michigan Democrat who heads the Armed Services Committee. During a visit to Pakistan this month, Mr. Levin, who has largely supported the war, said he confronted senior Pakistani leaders about the ISI’s continuing ties to the militant groups.

And others said that the documents should serve as an impetus to correct deficiencies in strategy.

“Those policies are at a critical stage, and these documents may very well underscore the stakes and make the calibrations needed to get the policy right more urgent,” said Senator John Kerry, a Massachusetts Democrat who is the chairman of the Foreign Relations Committee and has been an influential supporter of the war.

The White House appeared to be focusing some of its ire toward Julian Assange, the founder of WikiLeaks.org, the Web site that provided access to about 92,000 secret military reports spanning the period from January 2004 through December 2009.

White House officials e-mailed reporters select transcripts of an interview Mr. Assange conducted with Der Spiegel, underlining the quotations the White House apparently found most offensive. Among them was Mr. Assange’s assertion, “I enjoy crushing bastards.”

At a news conference in London on Monday, Mr. Assange defended the release of the documents. “I’d like to see this material taken seriously and investigated, and new policies, if not prosecutions, result from it,” he said.

The Times and the two other news organizations agreed not to disclose anything that was likely to put lives at risk or jeopardize military or antiterrorist operations, and The Times redacted the names of Afghan informants and other delicate information from the documents it published. WikiLeaks said it withheld posting about 15,000 documents for the same reason.

Pakistan strongly denied suggestions that its military spy service has guided the Afghan insurgency.

A senior ISI official, speaking on the condition of anonymity under standard practice, sharply condemned the reports as “part of the malicious campaign to malign the spy organization” and said the ISI would “continue to eradicate the menace of terrorism with or without the help of the West.”

Farhatullah Babar, the spokesman for President Asif Ali Zardari of Pakistan, dismissed the reports and said that Pakistan remained “a part of a strategic alliance of the United States in the fight against terrorism.”

While Pakistani officials protested, a spokesman for the Afghan president, Hamid Karzai, said that Mr. Karzai was not upset by the documents and did not believe the picture they painted was unfair.

Speaking after a news conference in Kabul, Mr. Karzai’s spokesman, Waheed Omar, was asked whether there was anything in the leaked documents that angered Mr. Karzai or that he thought unfair. “No, I don’t think so,” Mr. Omar said.

Reporting was contributed by Adam B. Ellick and Salman Masood from Islamabad, Pakistan; Richard A. Oppel Jr. from Kabul, Afghanistan; and Caroline Crampton from London.

http://www.nytimes.com/2010/07/28/world/asia/28wikileaks.html?_r=1&partner=rss&emc=rss

Three of every four oil and gas lobbyists worked for federal government

Posted in Uncategorized by agussuryanto88 on July 23, 2010

Washington Post Staff Writer
Thursday, July 22, 2010

Three out of every four lobbyists who represent oil and gas companies previously worked in the federal government, a proportion that far exceeds the usual revolving-door standards on Capitol Hill, a Washington Post analysis shows.

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Key lobbying hires include 18 former members of Congress and dozens of former presidential appointees. For other senior management positions, the industry employs two former directors of the Minerals Management Service, the since-renamed agency that regulates the industry, and several top officials from the Bush White House. Federal inspectors once assigned to monitor oil drilling in the Gulf of Mexico have landed jobs with the companies they regulated.

With more than 600 registered lobbyists, the industry has among the biggest and most powerful contingents in Washington. Its influence has been on full display in the wake of the BP oil disaster: Proposals to enact new restrictions or curb oil use have stalled amid concerted Republican opposition and strong objections from Democrats in oil-producing states.

(The ten nastiest Senate races)

Even considering the generally friendly relationship between

K Street and Capitol Hill, the number of well-connected oil lobbyists is remarkable. The nonpartisan Center for Responsive Politics calculates that fewer than one in three registered lobbyists in 2009 had revolving-door connections — less than half the oil industry rate found by The Post.

Officials with the Project on Government Oversight, a nonprofit group that tracks Interior Department officials who cross over to the oil sector, said they were surprised by the findings. “With these numbers, you can see how the revolving door between the Hill and industry allowed problems in the agency to happen and not be addressed,” said Mandy Smithberger, an investigator for the group.

As both the House and Senate consider limiting the influence of revolving-door lobbyists, the topic will be a focus of a congressional hearing Thursday chaired by Rep. Edolphus Towns (D-N.Y.), who has experienced the phenomenon firsthand: One of his former aides, Jesse McCollum, signed on as a BP lobbyist two weeks after the Deepwater Horizon explosion. Towns’s office declined to comment; McCollum did not respond to a message.

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The Post analysis found that BP and other companies involved in the gulf disaster employ as lobbyists more than three dozen former lawmakers, congressional staffers and bureaucrats. BP alone has hired at least 31 internal and external lobbyists with government experience, records show.

The American Petroleum Institute, the industry’s leading trade group, employs 48 lobbyists with previous federal experience, the analysis shows. They include former senator J. Bennett Johnston (D-La.), who helped deregulate the natural gas industry, and former congressmen Jim McCrery (R-La.) and Charlie Stenholm (D-Tex.), both of whom strongly backed oil interests while in Congress.

“If you want somebody to work on energy issues, you don’t hire health-care workers,” said Jack N. Gerard, the group’s president and chief executive.

Few former government officials who joined the oil industry wanted to discuss their new roles. More than 30 individuals, companies and lobbying firms contacted by The Post, including BP, declined to comment or did not respond to messages.

Seven EU banks fail stress tests

Posted in Uncategorized by agussuryanto88 on July 23, 2010

Seven of the 91 European banks that underwent stress tests have failed the healthchecks, the Committee of European Banking Supervisors (CEBS) has said.

They include five Spanish banks – Diada, Espiga, Banca Civica, Unnim and Cajasur. The other two were Germany’s Hypo Real Estate and Greece’s ATEbank.

The tests assessed banks’ ability to survive future economic shocks.

The seven banks would need a total of 3.5bn euros (£3bn) of new capital to meet the standards required, CEBS said.

“[The failed banks] will have to agree with their respective supervisors a plan over a given time period which will explain how this weakness will be resolved,” CEBS chairman Giovanni Carosio said.

BBC business editor Robert Peston said that on the face of it, the results appeared to be “good news”, but questioned how severe the tests were.

The weekend will be an anxious time for banks, as they wait to learn whether it will become easier or harder for them to borrow, when markets open on Monday, he added.

Some analysts are already arguing that the tests were not strict enough.

Peston’s Picks

Continue reading the main story

“Start Quote

It’s very unclear whether banks’ creditors will be reassured or unsettled by the stress test results”

End Quote Robert Peston BBC business editor

“What seems to have occurred is a compromise amongst European banking regulators, with many questioning if the bar had been set way too low in testing the European banking sector,” said Mark O’Sullivan of foreign exchange firm Currencies Direct.

“It seems the tests may have raised more questions than they have answered and in the coming weeks, it will be the interbank lending markets that will have the real answer as to whether real confidence has returned to the European banks.”

But Vitor Constancio from the European Central Bank said the tests were very extensive.

Reassurance

The stress tests were conducted on a bank-by-bank basis, in a move designed to reassure investors over the health of Europe’s financial sectors.

The most severe test looked at an adverse scenario, assuming a “double-dip” recession over the next two years, as well as a sovereign debt shock – some kind of financial crisis for European governments such as Greece.

// Vitor Constancio: “These stress tests are the more extensive and the more severe that have been conducted in developed countries on such a scale”

The seven banks failed because in this scenario, it was deemed that their “tier one” capital ratios – the strictest measure of capital – would fall below 6%, the threshold set for the test.

In its report revealing the aggregate outcome of the tests, CEBS said that the 6% threshold was used as a “benchmark solely for the purpose of this stress test exercise”.

“This threshold should by no means be interpreted as a regulatory minimum… nor as a capital target reflecting the risk profile of the institutions.”

Banks that are supervised in the EU need to have a regulatory minimum of 4% tier one capital.

CEBS added that failing to meet the 6% threshold did not mean a bank was insolvent.

‘Preparedness and resilience’

The UK’s four major banks – RBS, Lloyds, HSBC and Barclays – were among the banks tested and all passed the tests, which were carried out by the Financial Services Authority (FSA) on behalf of the EU.

Hewitt’s Europe

Continue reading the main story

“Start Quote

Seven banks failing the stress test was fewer than many had expected. Some thought the figure would be closer to 10 or 12”

End Quote Gavin Hewitt BBC Europe editor

“As expected, the outcomes of the stresses demonstrate the preparedness and resilience of the UK banks under unlikely adverse economic scenarios,” the FSA said.

“This resilience is a result of the considerable work that has been undertaken to strengthen UK banks in recent years.”

The British Bankers’ Association said: “UK banks have already put in the work to rebuild their businesses and put more money aside against future financial problems.

“It is no surprise to find they have exceeded the standards set out by CEBS.”

‘Sound Spanish system’

The five Spanish banks that failed, out of 27 tested, were regional savings banks, which racked up heavy losses following the collapse of the Spanish property market.

Cajasur was bailed out by the Bank of Spain in May.

Following publication of the stress test results, the central bank said in a statement: “The exercise confirms that the Spanish banking system is sound, and in turn substantiates the savings bank restructuring and recapitalisation process pursued over the past twelve months by the Bank of Spain.”

Meanwhile, 13 out of 14 German banks passed the tests.

“The German banking system has shown itself to be robust and proved its resilience even under very pessimistic assumptions,” financial watchdog Bafin and central bank, the Bundesbank, said in a statement.

It added that the only German bank that failed, Hypo Real Estate, “is currently undergoing a far-reaching restructuring process”.

ATEbank was the only one of the six Greek banks that participated in the tests to fail.

Greek Finance Minister George Papaconstantinou said the results were positive and showed that “the Greek banking system can cope even in the extreme conditions of a stress test”.

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Neo-Nazi Group Patrolling Ariz. Border

Posted in Uncategorized by agussuryanto88 on July 18, 2010

(AP) Minutemen groups, a surge in Border Patrol agents, and a tough new immigration law aren’t enough for a reputed neo-Nazi who’s now leading a militia in the Arizona desert.

Jason “J.T.” Ready is taking matters into his own hands, declaring war on “narco-terrorists” and keeping an eye out for illegal immigrants. So far, he says his patrols have only found a few border crossers who were given water and handed over to the Border Patrol. Once, they also found a decaying body in a wash, and alerted authorities.

But local law enforcement authorities are nervous given that Ready’s group is heavily armed and identifies with the National Socialist Movement, an organization that believes only non-Jewish, white heterosexuals should be American citizens and that everyone who isn’t white should leave the country “peacefully or by force.”

“We’re not going to sit around and wait for the government anymore,” Ready said. “This is what our founding fathers did.”

An escalation of civilian border watches have taken root in Arizona in recent years, including the Minutemen movement. Various groups patrol the desert on foot, horseback and in airplanes and report suspicious activity to the Border Patrol, and generally, they have not caused problems for law enforcement.

But Ready, a 37-year-old ex-Marine, is different. He and his friends are outfitted with military fatigues, body armor and gas masks, and carry assault rifles. Ready takes offense at the term “neo-Nazi,” but admits he identifies with the National Socialist Movement.

“These are explicit Nazis,” said Mark Potok of the Southern Poverty Law Center’s Intelligence Project. “These are people who wear swastikas on their sleeves.”

Ready is a reflection of the anger over illegal immigration in Arizona. Gov. Jan Brewer signed a controversial new immigration law in April, which requires police, while enforcing other laws, to question a person’s immigration status if officers have a reasonable suspicion that the person is in the country illegally.

But Brewer hasn’t done enough, Ready said, and he’s not satisfied with President Barack Obama’s decision to beef up security at the border.

Pinal County Sheriff Paul Babeu said there haven’t been any incidents with Ready’s group as they patrol his jurisdiction, which includes several busy immigrant smuggling corridors. But Babeu is concerned because an untrained group acting without the authority of the law could cause “extreme problems,” and put themselves and others in danger.

“I’m not inviting them. And in fact, I’d rather they not come,” Babeu said. “Especially those who espouse hatred or bigotry such as his.”

Law enforcement officials said patrols like Ready’s could undercut the work of the thousands of officers on duty every day across the border, especially if they try to enforce the law themselves in carrying out vigilante justice.

Ready said his group has been patrolling in the desert about 50 miles south of Phoenix, in an area where a Pinal County Sheriff’s deputy reported he was shot by drug smugglers in April.

Bureau of Land Management rangers met Ready’s group during one patrol, and they weren’t violating any laws or looking for a confrontation, said spokesman Dennis Godfrey.

The patrols have been occurring on public land, and militia members have no real restrictions on their weaponry because of Arizona’s loose gun laws.

The militia is an outgrowth of border watch groups that have been part of the immigration debate in Arizona. Patrols in the Arizona desert by Minutemen organizations brought national attention to illegal immigration in 2004 and 2005.

Such groups continue to operate in Arizona, and law enforcement officials generally don’t take issue with them as long as they don’t take matters into their own hands.

Border Patrol spokesman Omar Candelaria said the agency appreciates the extra eyes and ears but they would prefer actual law enforcement be left to professionals.

Former Minutemen leader Al Garza recently created the Patriot’s Coalition, which uses scouts and search-and-rescue teams to alert the Border Patrol and provide first aid to illegal immigrants.

Depending on the availability of volunteers and the scouts’ evidence of border crossers, patrols can vary from several times a week to once a month, Garza said. The operation is about 500 people, and includes a neighborhood watch program, legislative advisers and a horseback patrol, he said.

Technology, rather than manpower, is the focus of Glenn Spencer’s American Border Patrol. The group is based at his ranch near the border. The five-man operation flies three small airplanes to ensure that his American Border Patrol is present and visible along the international line.

Spencer also uses Internet-controlled cameras and works with a group called Border Invasion Pics, which posts photos of people they suspect are crossing illegally.

“Sitting out there with a bunch of volunteers looking for people is generally a tremendous waste of people and time,” Spencer said. “And it’s also dangerous.”

Ready said he’s planning patrols throughout the summer.

“If they don’t want my people out there, then there’s an easy way to send us home: Secure the border,” he said. “We’ll put our guns back on the shelf, and that’ll be the end of that.”

By Associated Press Writer Michelle Price© MMX The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

How U.S. Financial Reform will Affect Consumers

Posted in Uncategorized by agussuryanto88 on July 17, 2010

The U.S. Senate just muscled through a sweeping financial bill (already passed in the House of Representatives) that provides the largest changes to financial regulation since the Great Depression. The financial reform bill took months of wrangling, but it has finally passed, and President Obama is expected to sign it into law fairly soon.

A lot of the bill focuses on how Wall Street is regulated, including providing the Federal Reserve with new powers, as well as providing the government with the power to shut down large financial companies that appear on the verge of failure. The bill also changes the rules about money financial firms can use to engage in risky and speculative behaviors. Additionally, shareholders are given more a voice in executive pay (although nothing binding).

However, what most people want to know is how the new financial reform bill affect them in their daily lives. Here are some of the ways that Americans can expect financial reform to affect them:

Consumer Financial Protection Bureau

The creation of this new agency is designed to protect consumers. It brings the regulation of consumer financial products and services under the auspices of a single agency. Instead of a crazy quilt of different regulators more focused on the institutions they are regulating, the Consumer Financial Protection Bureau is supposed to be focused on consumers, providing education through the Office of Financial Literacy, and providing an easy hotline for consumers to complain about financial practices.

Lending overseen by the Consumer Financial Protection Bureau is meant to be more transparent, with contracts that are easier to read, and the abolition of hidden fees. The only exemptions from the lending oversight of this Bureau are car dealerships. (So maybe it’s best to avoid dealer financing from here on out.) However, the FTC has been granted powers to oversee auto dealer financing more closely in the name of consumer protection.

New Mortgage Lending Rules

Consumers are likely to see more protection in the form of new mortgage lending rules. First of all, the bill insists that lenders retain an interest (at least 5%) in the loans they make. This means that they can no longer approve mortgages to people they know can’t afford them, and simply sell the mortgage off, retaining the commissions but not the risk. Additionally, the bill forces lenders to verify borrow income, in order to help reduce the number of unaffordable mortgages.

This means that you may have a more difficult time getting a bigger mortgage. You will be required to prove you can afford the mortgage. While this means that you may not be able to buy a bigger house, it does mean that you are less likely to be steered gamely into a mortgage you will not be able to afford (losing the bigger house to foreclosure anyway). Mortgage terms are also supposed to be more transparent, with prepayment penalties severely limited, and mortgage products without them offered as alternatives.

Also, appraiser independence is meant to be strengthened, so that banks aren’t influencing home values in order to justify larger mortgage loans. However, the bill acknowledges that further study is needed, and appraisal rules are likely to be overhauled down the road. Also required for study under this bill: Reverse mortgages.

Private Student Loan Regulation

Last year, the government took over government student lending (subsidized government loans) in order to rein in the student loan industry. However, the private student loan industry remained mostly as it was. Private student loans don’t come with the same protections as government student loans, so this bill aims to help by bringing the private student loan industry under the supervision of the Consumer Financial Protection Bureau. It also creates a central place for students to turn for information about private student loans.

New FDIC Limits and Free Credit Scores

Many people have been asking for the temporary FDIC limit of $250,000 per insured account to be made permanent, and it will be. The financial reform legislation gets rid of the January 1, 2014 date for reversion to the $100,000 limit. Now, all accounts will be insured for up to $250,000. This means that your bank accounts can be bigger, and still protected by the FDIC.

Another change is that you are entitled to a free credit score, if your score was material in a decision to deny a credit application, or if you were denied housing or a job. If a credit card issuers cites your credit score as a reason for changing some of the terms of your account, you can request a free copy of your score. You don’t get a free look at your score, though, if you don’t have any negative experiences. But at least you still get access to a free credit report each year from each bureau at www.annualcreditreport.com.

For Further Consideration: Broker Fiduciary Duty Toward Retail Customers

One of the sticking points for many is that brokers do not have a fiduciary duty to retail customers. This means that a broker/dealer can recommend products that may not be in the client’s best interest, banking a fat commission without having to worry about the ultimate financial fate of a retail customer. The financial reform law requires that the SEC spend six months studying the obligations that a broker has toward his or her clients. Then, if the SEC feels it necessary, brokers can be placed under the same fiduciary requirements that investment advisors adhere to.

Bottom line: While this massive bill deals mainly with Wall Street regulation, there are still measures that will affect consumers. Even the move allowing merchants to institute up to a $10 minimum for credit card purchases could affect consumers, by requiring them to pay cash for small purchases, rather than simply swiping their plastic.

What do you think of U.S. financial reform? Will it really protect consumers?

Top 10 Outlandish Republican Ideas in AZ

Posted in Uncategorized by agussuryanto88 on July 17, 2010

By Chad Campbell

For the past 18 months, Arizona’s economy has taken a nose dive, jobs have been lost, and schools have been starved of funding. Have the Republicans who control the state Legislature fixed these problems? No. But they have kept themselves busy!

Here are 10 of the most outlandish things Arizona Legislative Republicans spent time and taxpayer resources on in the past year:

  1. Invoked the U.S. Constitution in an attempt to protect (wait for it) … light bulbs … from federal energy requirements. (But only the bulbs made in Arizona, of course.)
  2. Eliminated the requirement for training and a permit to carry a concealed weapon. (Driver’s license tests are still around, in case anyone is concerned about public safety)
  3. Passed legislation banning human-animal hybrids in Arizona. (Our state is now safe from mermaids and centaurs.)
  4. Voted to deny more than 47,000 children access to KidsCare health insurance. (They’re kids, they’re young, they’re plenty healthy, right?)
  5. Allowed guns in bars. (Bar owners, for some strange reason, did not support this legislation)
  6. Increased property taxes and asked voters to tax themselves, but refused to close tax loopholes for the rich. Their country club memberships, spa treatments and pet grooming are exempt from the sales tax. Middle-class folks buying clothes and school supplies, however, are subject to the tax. (Darling, we already tip the help … isn’t that enough for you people?)
  7. Made it a crime for teachers to talk to students of color about their own history and heritage. (There’s only one version of history – duh!)
  8. Based environmental policies on the belief that the Earth is only 6,000 years old, as cited by a state senator. (The Hohokam people apparently migrated to Arizona on the backs of dinosaurs.)
  9. Cut off services to 36,500 seriously mentally ill patients, allowing those individuals to wander Arizona’s communities homeless, untreated and unmedicated. (Shhh, just let the Democrats worry about this one.)
  10. Jumped on the “birther” bandwagon, pushing legislation that would require presidential candidates to show proof of U.S. citizenship to be on the Arizona ballot. (Hey, don’t call it a fringe movement – we don’t want to offend the Tea Party now do we?)

Arizona has seen 40+ years of a Republican-controlled Legislature, but this absurd list is from only the past two years! And though my blog may sound a bit tongue-in-cheek about the ideas listed above, it is only because of the seriousness with which I view the impact these policies are having on my native state.

We can no longer afford political games and rhetoric aimed at diverting the attention away from the critical issues facing our state. Arizonans need to elect leaders who will get serious about fixing our budget, bringing jobs back, and making us competitive once again.

Democrats are outnumbered in Arizona, but we want everyone to know we’re working hard to win key races in November and get our state back on track — and off of The Daily Show.

Original Article: Chad Campbell: A top 10 list of the … ideas in AZ – Huffpo

Who Owns the U.S. Debt

Posted in Uncategorized by agussuryanto88 on July 16, 2010

At the end of March 2010, the national debt stood at $12.8 trillion. And if you look at some of the U.S. debt clocks that display real-time estimates, such as this one here, you will see that in the three months since that number has exceeded $13 trillion — and counting. What is commonly referred to as ”the U.S. debt” is basically securities such as savings bonds, bills, notes and other bonds that are issued by the Treasury and other federal agencies under special financing authorities. If you own Treasuries (or a fund that invests in them), you own a piece of the national debt. Who else does? The latest numbers can be found in the latest Treasury Bulletin, released in June 2010 and reflecting data through March 31, 2010. The largest chunk of Treasury securities is, in fact, held by Federal Reserve banks, adding up to $940 billion at the end of the period.  And when it comes to foreign holders, number one is China, which at that time held nearly $900 billion’s worth. (Japan was a close second, with $784.9 billion.) You can find the details in the Treasury Bulletin – or for a more visual presentation, check out our infographic.

http://www.mint.com/blog/trends/who-owns-the-u-s-debt-07152010/

In attack on Christian philosophy, Glenn Beck sides with Nazi propaganda

Posted in Uncategorized by agussuryanto88 on July 16, 2010

Fox News personality Glenn Beck believes the Jews murdered the biblical messiah Jesus Christ, and Gosh Darn It, if the Christian savior had been more like Barack Obama he’d have “come back and made the Jews pay for what they did.”

That’s just the tip of a bizarre rant recently aired by News Corporation, which featured the chalkboard-handy host once again assailing Christian social justice efforts, which many faithful see as core to their sacrament. In the process, however, Beck revealed what one prominent reverend called a fundamental “misunderstanding” of scripture, as well as an apparent detachment from the English language when it comes to the word “victim.”

First of all, as the story goes, Jews did not kill Jesus. The Roman empire had him executed after Jewish religious leaders became worked into a frenzy over his ideas – or so the New Testament claims. Armed Roman guards allegedly beat and lashed him, then hung him on a cross until death.

Indeed, claiming as fact that Jews killed Jesus would seem to indicate that Beck has adopted a meme otherwise endemic to antisemitic thought and literature. The implication that Romans were stalwarts of law and reason who merely appeased the bloodthirsty Jewish mob was a vital component of Nazi propaganda.

Beck also suggests that calling Jesus the “victim” of a violent and oppressive system is “an abomination.” Jesus, he insists, was really a “conqueror” who chose death at the hands of his own people in order to overcome the wages of sin for all humanity.

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While an advanced theological argument could potentially be rendered to support this statement, all traces of logic seem missing. By its principle definition, what Beck is describing is victimhood. The word “victim” literally means a living being that is scarified to a deity.

A nearly universal cornerstone of Christian theology holds that Christ’s death washed away man’s sin in God’s eyes, therefore his sacrifice is a key moment in their religious rite. Logically, it would follow that without the fundamental construction of the Christian God, who measures ill-deeds against humanity and threatens impure souls with eternal punishment, there would be no such thing as “sin” — meaning the sacrifice chosen by Christ was to satisfy a deity. Such is the first definition of the word “victim,” according to Merriam-Webster’s dictionary.

The alternate definition of “victim” also contradicts Beck’s application of the word. Webster further defines “victim” as “one that is acted on and usually adversely affected by a force or agent”. In this understanding of the word, the conservative opinion host would seem to be suggesting that being beaten and murdered by armed thugs is not a force or agent acting on an individual in an adverse manner.

Instead, the juxtaposition of victim and conqueror is convenient for Beck in that he’s trying to refute the intrinsic nature of many Christians’ beliefs that the poor and needy should be comforted. Instead, the television talker opines that “redistribution of wealth” is nowhere to be found in the religious tome.

But even this rings hollow. The first generation of Christians, spoken of in the book of Acts, took it upon themselves to sell all their possessions and bring the proceeds to Christ’s apostles so they might redistribute the wealth to all believers.

Acts 2:44-45 says, “All that believed were together, and had all things in common; And sold their possessions and goods, and parted them to all men, as every man had need.”

The notion is multiplied by Acts 4:34-37, which adds: “There was not a needy person among them, for as many as owned lands or houses sold them and brought the proceeds of what was sold. They laid it at the apostles’ feet, and it was distributed to each as any had need. There was a Levite, a native of Cyprus, Joseph, to whom the apostles gave the name Barnabas (which means ‘son of encouragement’). He sold a field that belonged to him, then brought the money, and laid it at the apostles’ feet.”

In the spirit of the one they called a messiah, the first Christian church willingly shared their wealth with fellow believers. In this same vein, legendary author Kurt Vonnegut once opined, “‘Socialism’ is no more an evil word than ‘Christianity.’ Socialism no more prescribed Joseph Stalin and his secret police and shuttered churches than Christianity prescribed the Spanish Inquisition. Christianity and socialism alike, in fact, prescribe a society dedicated to the proposition that all men, women and children are created equal, and shalt not starve.”

Facts of language and scripture considered, Beck’s unusual claims about Christian theology seem to be, at best, misplaced.

In a recent piece charging Beck with “heresy,” Time‘s Elizabeth Dias explained:

A core Biblical command is to follow Jesus’ example of humility, not of conquering, and to show compassion for the least of those in our midst. A different commentator, the Apostle Paul, quickly sets straight Beck’s account of Christian service: “Your attitude should be the same as that of Christ Jesus, who being in very nature God did not consider equality with God something to be grasped, but made himself nothing, taking the very nature of a servant, being made in human likeness. And being found in appearance as a man, he humbled himself and became obedient to death—even death on a cross.”

People may not disagree with Beck, as he said last night, because he is Mormon. But many Christians will disagree with him because he insinuates Christianity is nothing but a pull-yourself-up-from-your-bootstraps spirituality and ignores the church’s long tradition of working for the plight of the powerless.

It’s certainly not the first time Beck has crossed the line with Christians, many of whom are core to the conservative political movements that make up a vast cross-section of Beck’s audience. In March, after the Fox News personality claimed that “social justice” is code for Nazi authoritarianism, many religious groups took him to task, lashing back in defense of their efforts to aid the poor.

Ready with a retort was Rev. Jim Wallis, a Christian leader in Washington, D.C. who spoke with ABC News.

“Brother Glenn, let’s dispense with personal attacks,” he said. “I don’t know you. I have no reason to attack you. But you made a statement here that needs a serious conversation. … I know you’re used to monologues, but when you say things like this, you invite a dialogue. What do you say about Dr. Martin Luther King Jr., what do you say about Desmond Tutu, about Mother Teresa, what do you say to the reverends and rabbis who gave their lives to social justice because that is their faith?”

Speaking with the New York Times, Wallis added: “What he has said attacks the very heart of our Christian faith, and Christians should no longer watch his show. [...] His show should now be in the same category as Howard Stern.”

Rev. Canon Peg Chemberlin, who presides over the National Council of Churches of Christ USA, further told ABC that Beck’s charges seem “ridiculous” and reveal a fundamental “misunderstanding” of scripture.

“He’s speaking on behalf of his political views and trying to take out of the biblical text the things that are going to oppose his political views,” she said. “This is primarily a political motivation. … It’s not that Christians haven’t been Nazis and socialists, but we’re not talking about political parties here. We’re talking about 2,000-year-old gospel.”

Ultimately, these silly claims boil down to Beck’s apparent goal of convincing his viewers that Obama is a secret harbinger of “liberation theology”; that the president of the United States is a covert Nazi who has come to redistribute all your wealth.

Richard Lawson over at Gawker offered perhaps the most cutting response to Beck’s latest assault on Christianity’s core tenets, suggesting the host has just gone “insaner and insaner” as the Obama administration progresses.

“Can you believe that there is someone on national television talking about this stuff, in this manner, every day and lots of people watch it in 2010?” he asked. “It’s like a Terry Gilliam movie. Only darker.”

Beck’s rant on Christianity begins at the 6:00 minute mark, in this video broadcast by Fox News on July 13, 2010.

http://rawstory.com/rs/2010/0715/beck-rant-reveals-misunderstanding-jesus-story-definition-word-victim/

Brief for 9 states backs Arizona immigration law

Posted in Uncategorized by agussuryanto88 on July 16, 2010

y DAVID RUNK, Associated Press Writer David Runk, Associated Press Writer Thu Jul 15, 3:50 am ET

DETROIT – States have the authority to enforce immigration laws and protect their borders, Michigan Attorney General Mike Cox said Wednesday in a legal brief on behalf of nine states supporting Arizona’s immigration law.

Cox, one of five Republicans running for Michigan governor, said Michigan is the lead state backing Arizona in federal court and is joined by Alabama, Florida, Nebraska, Pennsylvania, South Carolina, South Dakota, Texas and Virginia, as well as the Northern Mariana Islands.

The Arizona law, set to take effect July 29, directs officers to question people about their immigration status during the enforcement of other laws such as traffic stops and if there’s a reasonable suspicion they’re in the U.S. illegally.

President Barack Obama’s administration recently filed suit in federal court to block it, arguing immigration is a federal issue. The law’s backers say Congress isn’t doing anything meaningful about illegal immigration, so it’s the state’s duty to step up.

“Arizona, Michigan and every other state have the authority to enforce immigration laws, and it is appalling to see President Obama use taxpayer dollars to stop a state’s efforts to protect its own borders,” Cox said in a statement.

Arizona’s Republican Gov. Jan Brewer, in a statement released by Cox’s office, said she was thankful for the support.

In a telephone interview, Cox said the nine states supporting Arizona represents “a lot of states,” considering it was only Monday that he asked other state attorneys general to join him. The brief was filed in U.S. District Court in Arizona on the same day as the deadline for such filings.

“By lawsuit, rather than by legislation, the federal government seeks to negate this preexisting power of the states to verify a person’s immigration status and similarly seeks to reject the assistance that the states can lawfully provide to the Federal government,” the brief states.

The brief doesn’t represent the first time Cox has clashed with the Obama administration. Earlier this year, he joined with more than a dozen other attorneys general to file a lawsuit challenging the constitutionality of federal health care changes signed into law by the Democratic president.

Like with his stance on health care, the immigration brief again puts Cox at odds with Democratic Michigan Gov. Jennifer Granholm. Granholm, who can’t seek re-election because of term limits, disagrees with the Arizona law, her press secretary Liz Boyd said. The Michigan primary is less than three weeks away on Aug. 3.

“It’s a patently political ploy in his quest for the Republican nomination for governor,” Boyd said.

http://news.yahoo.com/s/ap/20100715/ap_on_re_us/us_immigration_states

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