It is hard to say enough bad things about the Jumpstart Obama’s Bucket Shops act in a short space. I’m in the UK now, and a contact asked me to explain it to him. When I told him of some of the major provisions, he could not believe what he was hearing. He said (correctly) that it was a great boon for conmen and aside from a few companies who were early to raise money under the new law, would make obtaining equity funding more difficult and costly for legitimate operators.
This Real News Network interview with Bill Black gives an overview:
Will Obama OK this bill just to generate monetary juice to the system (The Big Lie). They can have another collapse of the system and on with the Globalist Bail Out. Thats all they want. (on our dime USA)
I can’t help suspecting our entire financial regulatory apparatus is a ridiculous kludge on top of an inherently dishonest money system. I mean it’s no secret that “banking was conceived in inequity and born in sin”, is it? I mean how many more hundred years will it take to perfect a system that has shown itself to be dangerous unstable? Do we even have those years?
But at least I know why the world will end. The banks will be a major reason.
Not with a bang, not a whimper,
More a transfer of silk scarves (fetchingly tied together, one after another) from one pocket to another, via a magical transit through plain air, invisible all the way: sheer sorcery.
That is exactly what it looks like to the uninformed “public” and what it is supposed t look like to “Wall Street” too.
The solution is simple men, Roseanne Barr 2012. Go Green!
Who can forget, two years after her show ended:
‘The Financial Services Modernization Act of 1999 did away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt’s New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others’ industries, and investment banking and commercial banking were separated.’
Butterfly wings in Brazil, Roseanne‘s last season… It all makes sense, I guess.
* * *
That said, the Greens are on the ballot up here in the great state of Maine, and whether Jill Stein is on the ballot or Roseanne is, I’ll vote Green.
All right, Mr. Strether!
But i don’t think anyone has to really wonder as to the nominee – Stein has won all the primaries so far with overwhelming margins. Wonder why Barr doesn’t drop out… could be any one of a number of reasons, I suppose …
Yahoo seems to think the bill will be Mom and Pop shops. I suppose that’s the cover story.
If they smash everything back to the stone age, will that be enough, or can they go further still?
“To reign is worth ambition, though in Hell:
Better to reign in Hell than serve in Heaven”
or serve the 99%. It could be the motto of our elites.
Paradise lost, indeed.
The irony is that worthy believers SHALL co-reign with Christ in His Kingdom.
Funny thing about that. I watched “The Mission” last night. My paraphrase of the Jesuit creed is “to serve God without expectation of reward in any way.” So where does that put those who subscribe to “better to reign in hell than to serve in heaven?” Are they busy creating their hell to reign in?
Chained upon a burning lake.
“smash everything back to the stone age” — that’s a funny thing. Before the invasion of Afghanistan, an Afghan-American sent an e-mail to a friend who forwarded it, virally I guess, because I saw it, about the idiocy and shame of bombing Afghanistan back to the stone age, because it was already bombed back to the stone age. Just stop. Just be human. Just stop. But we didn’t, and we are still bombing it back to the stone age.
And I’m thinking, where’s the justice? And I am not looking to the Department of Justice. All the disaster, murder and misery we bring on to others… and, funnily, now seem to be eager to bring onto ourselves in the name of “homeland security.” Mayberry with a tank, tasering and pepper spraying as a police response to citizen gathering, citizen anything. A visible citizen is a threat to the state. There is nothing that is going to stop this train wreck.
And I think of Lincoln’s Second Inaugural Address. It’s short, it’s amazing: http://www.bartleby.com/124/pres32.html
Still, his last word:
So I’m waiting, till we can see our way to the right, I guess, till we can afford to care for each other again. I wonder if that’s where train wrecks deliver us.
the viral e-mail by Tanim Ansary, 9/13/01: http://tcotrel.tripod.com/afghanletter.html
Sounds like us now, except we’re doing it to ourselves with insane financial fraud. Actually I think that’s what Harry Shearer calls it on his radio show, “The New F-Bomb” — foreclosure. It’s poetic, at least.
The whole thing is of course that no one holds a gun to ones head and says buy the trash. One should just call the act let the buyer beware of the peddler of securities act of 2012. All the CFPB needs to do is IMHO say that you should assume that anyone who cold calls on securities is a cheat and fraud, and that you should assume that your broker is a used car salesperson wannabe.
Of course people are gullable in the extreme else Madoff would never have madeoff with the money, and to watch american greed and see the number of schemes that are exposed there.
The main issue is to tell folks what the average is and to expect to beat the market unless you are the house is very unlikley.
Oh and like your S&P 500 stocks are any better, any less a fraud. What will you do when Warren Buffet turns out to be the next Madoff?
Unlike most companies, Berkshire Hathaway is extremely transparent.
Of course, it owns Wells Fargo stock. Which is completely worthless. So there’s that.
First thing to monitor if its too good to be true it probably is. Madoffs returns were clearly to good to be true, basically anything that beats the market over a long time frame is to be suspected, in particular a fund like Madoffs that never had a down month. It is IMHO a manifestation of our national obsession with get rich quick, given that Virginia and the West were founded as get rich quick schemes (at least as was NYC). (A gold rush is the ultimate get rich quick scheme, and the folks that founded Va thought there was gold to scoop up near by).
Of course the spirit of the entrepreneur contains a bit of get rich quick in it, so get rich quick has both good and bad effects.
So…I guess when the S&P 500 packages up all their mistakes and bad ideas into a new subsidiary to spin off and monetize with a brand new IPO, we shouldn’t buy those either.
Fraud and crime are essential ingredients for economic recovery. Hence, no banksters in jail. Puritans are usually asked/forced to leave, no? Those whom the gods seek to destroy,….
…will form a colony in Massachusetts Bay, and tell the Baptists and Quakers to keep movin’…
I loved how Forbes magazine tried to spin this as if critics were blowing the problems with the bill way out of proportion.
“It is a bad sequel to a bad movie,” said Eliot Spitzer, the former New York attorney general. “It shouldn’t be called the JOBS Act, it should be called the Bring Fraud Back to Wall Street Act.”
I think Mr. Spitzer has got that wrong.
“Bring fraud back” ???
I didn’t know it had ever left.
Some of his clients must not have wanted to hear it hadn’t left.
Or he’s a part-time PR man.
From the 1930s through the 1980s, there wasn’t that much fraud on Wall Street — the SEC did its job.
We’re pretty much “back to the 1920s” already, and it looks like this act is designed to take us back to the 19th century financial system. Yeesh.
There is something funny going on here –
10 trillion dollars missing in the mortgage market – someone somewhere bought the securitized mortgages with real dollars.
a billion dollars a day missing in fraudulent petro dollars missing even though it has finally been admitted that there is lower demand, more production, and ample refinery capacity.
Another trillion in kickbacks in the nuclear power revival.
Another trillion or two in givebacks at the industrial level.
And perhaps another 5 trillion or so in high speed computerized trading
Now of course perhaps some 20% is skimmed off in the form of inflated salaries, bribes, the congressional 1% rule, various fees, trading fees, etc.
So where is the 7 or 8 trillion left /
I mean where is the money ?
We need to end naming congressional acts with acronynms that are the opposite of what they are about.
Financial Services Modernization Act
Commodity Futures Modernization ACt
Judicial Procedures Reform Bill of 1937
And agree the JOBS act will be another stab in any accountability companies have to share-holders. This will be a boon to those people who just want to extract money from investors. After the inevitable does occur and the JOBS act is pointed to as a culprit we will find much like the MF Global situation that investors lose faith in initial public offerings market.
that’s a wonderful idea; that people would just be turned off eventually and sotp buying the IPOs. But I suspect that’s not the record of Canadian penny stock schemes, or telemarketing deals to the poorest, most naive and desperate.
…But in that case we can start blaming the “liberal” media for “running down the economy” and “discouraging investors”.
when the proverbial sh#t hits the fan
its Bush and the republicans fault right?
Regulate the individual via the national security state. Freedom and liberty for the corporation via de-regulation.
Someday, far in the future, will a heroic woman or man–a new MLK–stand up and say, “Enough. People are corporations, too!”
controversies about the new bill aside, there must be a need to make investing more democratic. It seems very unfair that only “qualified” investors, of a given high net worth, are at present allowed to invest in start up companies. Why should higher net worth people have a right that others do not? That seems crazy to me, and, fundamentally no egalitarian and undemocratic. I agree every crook in the Universe will take advantage of every dumb investor. Maybe we need a better law. or maybe this is a work in progress, that can be fixed once the problems surely occur. I would hate, however, that we in the US end up with a white collar crime nightmare like the Toronto stock exchange. For that matter, does anyone really trust the bigger US exchanges?
This is not an accurate description of reality. *Anyone* is allowed to invest in startup companies, *right now*. This means the family and friends of the principals can and do invest.
The startups are not allowed to *advertise* to anyone except “qualified” investors.
Thanks to the JOBS act, and that SOX investor protections established in 2002 will now be gutted, the Squid will be helping bring back a number of dot com companies such as Webvan (the online “credit and delivery” grocery business), Boo dot com and pets dot com, and we’re looking for a few good research analysts to promote these start-ups to investors.
Remember Jack Grubman, telecom analyst? His kids must be nearing college age now.
Get Jack on the phone.
If Citigroup had to donate $1 million in 1999 to get Grubman’s kids into the 92nd St Y nursery, how much would it cost to put those Grubman brats through four years of Harvard?
Whatever the cost, it’ll be worth it once muppet investors see his strong buy ratings on boo dot com and pets dot com.
Interesting that the last major set of de-reg bills were pushed and signed by a Dem admin and so is this one …
Shucks, i’m confused, i thought the Reps were the party of de-regulation?
They are. They’re also the party of blackmail.
This was pushed by the Republican Party and signed by the “DLC” Democrat. Got the issue there son?
Ever heard of the Grover Cleveland wing of the Democrats?
The only tool left in the bag is Fraud – let it live and grow stronger!
hopefully it will hasten the eve of destruction – the only solution is the complete death of the system
The houses now are scrap and dust, sea to shinning sea – Fraud enabled – no value!
let the Mullets eat it one more time !
they never were “muppets” – there are only Mullets –
Mullets are baby seals – always have been
The lincoln town cars – ten men – arrive at the beach in seperate cars- the suits get out – walk to the trunk – take off their shoes – roll up their pant cuffs – take off their suit jacket – and pick up the …baseball bat(s)
walk the beach to the shoreline – ten abrest – where the baby seals all lined up – look up adoringly and……cute –
with cadence…..club the baby seals – rip their skin off – take the skin and walk to the awaiting limo – dump it in the trunk
clean off the blood and gore – put your shoes on, your suit jacket, straighten your Hermes tie and get in the limo – and…..drive off in mass…within the designated speed limit.
the tide comes in – washes the carcasses and detriss out to sea and the beach is ……….clean – no one saw a thing!
no fuss no muss!
God Bless America !
The JOBS Act: Washington Takes One Step Back Toward Capitalism
Read a very different take with a free-market perspective on the new JOBS Act by Ron Holland, CEO of Biologix Hair Inc.