Are Romney’s Pledges As Good As They Seem-When He Says He Will Provide Jobs

 

Last week Mitt Romney committed himself to picking a Federal Reserve Board chairman that will try to keep workers’ wage down, likely costing them tens of thousands of dollars over the next decade. You remember reading the front page news stories on this pronouncement?
Of course you didn’t read them, because the media largely ignored President Romney’s statement about his choice of Fed chairs. And all of them ignored its implications for people’s wages and living standards. The media would rather focus on the ongoing debate over President Obama’s birth certificate or, when we are lucky, tax policy decisions that might in the extreme case make $1,000-$2,000 a year in difference to the typical family. The much more important policy decisions that allow people like Mitt Romney to be incredibly wealthy and the rest of the country to be struggling are totally off the media’s radar screen.
Romney’s statement about the Fed fits in the latter category because he said that he would pick a chair who supports a “strong dollar.” The implication is that he wants the Fed to run policies that keep the dollar over-valued relative to other currencies, making U.S. goods uncompetitive in international markets. Courtesy of Dean Baker – Huffington Post 

My Personal View: 

Will this type of action not cut wages and at the same time create a no-jobs for the man in the street, mentality? As anyone knows by keeping wages low you cut the ability of the economy to grow by the power of your workers! The sheer fact that there is less money in the economy will prevent growth and with the Fed ready to issue another round of fiscal stimulation, this will help overheat an already massive debt burden! Then the only way is that the balance of debt over growth will tip them into a deeper recession than the 1930’s!

The only way any country, nation or people can make any country prosperous is by rewarding people for a job well done, that are at the sharp-end. As these people are the coal on which any economy will grow! Then instead of warming themselves on Capitol Hill on the embers of a dying economy they can look out and see a nation of people proud to be Americans,once again.

 

#barack-obama-citizenship-conspiracy-theories, #current-events, #dean-baker, #federal-reserve-system, #mass-media, #mitt-romney, #obama, #politics, #republican, #romney, #united-states

The First US Silver Dollar Ever Minted

An 1836 Gobrecht Dollar (J-60). This is an auc...

An 1836 Gobrecht Dollar (J-60). This is an auction scan from American Numismatic Rarities http://www.anrcoins.com/lotdetail.aspx?lrid=AN00017103&fs=true. (Photo credit: Wikipedia)

The Gobrecht dollar, minted from 1836 to 1839, was the first silver dollar struck for circulation by the United States Mint after production of that denomination was officially halted in 1806. In 1835, Director of the United States Mint Robert M. Patterson began an attempt to redesign the nation’s coinage. Christian Gobrecht was hired as an engraver. On August 1, Patterson wrote a letter to Philadelphia artist Thomas Sully laying out his plans for the dollar coin. He also asked Titian Peale to create a design for the coin. Sully created an obverse design depicting a seated representation of Liberty and Peale a reverse depicting a soaring bald eagle. After the designs were created and trials struck, production of the working dies began in September 1836. After a small
quantity was struck for circulation, the Mint received complaints
regarding the prominent placement of Gobrecht’s name on the dollar, and
the design was modified to incorporate his name in a less conspicuous
position. In January 1837, the legal standard for the percentage of
precious metal in silver coins was changed from 89.2% to 90%, and the
Gobrecht dollars struck after that point reflect this change. In total,
1,900 Gobrecht dollars were struck during the official production run.

#christian-gobrecht, #liberty, #philadelphia, #robert-m-patterson, #thomas-sully, #titian-peale, #united-states, #united-states-mint

Consumers Rights & Fair Debt Collection

Vintage Ad #1,807: The Dapper Debt Collector

Vintage Ad #1,807: The Dapper Debt Collector (Photo credit: jbcurio)

The Federal Trade Commission, the Department of Justice, and the Consumer Financial Protection Bureau filed a joint amicus brief in the U.S. Supreme Court supporting consumers’ ability to protect their rights under the Fair Debt Collection Practices Act by suing debt collectors.

The amicus brief urges the Supreme Court to overturn a decision of the U.S. Court of Appeals for the Tenth Circuit.  In this case, a consumer, Olivea Marx, sued a debt collector, General Revenue Corporation, that had contacted her employer to get information about her employment status.  Marx believed that the debt collector’s conduct had violated the Fair Debt Collection Practices Act, but she lost the case.  The Tenth Circuit ruled that Marx was responsible for paying more than $4,500 to cover the debt collector’s litigation costs, even though she had brought the case in good faith.

The amicus brief argues that the Tenth Circuit’s decision was inconsistent with the terms of the Fair Debt Collection Practices Act, which specifies that consumers who win lawsuits against debt collectors may recover their litigation costs from the defendants, but that consumers who lose these cases must pay defendants’ litigation costs only if the consumers sued in bad faith or for purposes of harassment.  Theamicus brief also argues that these provisions of the Act advance Congress’ intent to help consumers deter abusive debt collection practices by bringing private enforcement actions in good faith.  By contrast, the Tenth Circuit’s ruling would create a disincentive to prosecute private enforcement actions, the brief states.

https://twitter.com/AceDebtNews/status/239717719447064577 

#collection-agency, #debt-collection-practices, #fair-debt-collection, #fair-debt-collection-practices, #fair-debt-collection-practices-act, #federal-trade-commission, #general-revenue-corporation, #lawsuit, #supreme-court-of-the-united-states, #united-states-consumer-financial-protection-bureau, #united-states-court-of-appeals-for-the-tenth-circuit

Special Offers Are Not As Special As You Think

English: Frame of an animation by the U.S. Fed...

English: Frame of an animation by the U.S. Federal Trade Commission http://www.ftc.gov/bcp/conline/ecards/phishing/index.html intended to educate citizens about phishing tactics. (Photo credit: Wikipedia)

The Federal Trade Commission is mailing 9,282 refund checks to consumers who were deceived by false promises that they could earn real income if they bought and followed the “Stefanchik Program” to buy and sell privately held promissory notes and mortgages. The FTC alleged that claims made by John Stefanchik and his company, Beringer Corporation, were false and unsubstantiated, and that most consumers made no money at all. The refunds are a result of a court settlement resolving a money judgment against the defendants.

More than $855,000 is being returned to consumers; each payment will be $92.16. Consumers who receive the checks from the FTC’s refund administrator should cash them within 60 days of the date they were issued.

This article provided by the FTC started me thinking about HOW and WHY people click links and sign-up to what seems impossible, on the face of it!

My conclusions were quite revealing as in most cases, people l spoke to say! ” Well it might have been true and l could have made a lot of money! The key reason people apply for any special offer ” It might have been true” but dig a little deeper and you find out that it was only a hope!

I have received a lot of ” Special Offers” look at where they are from and Google website details or even their email in some cases and check it out! Everyone is either offering at a cost per month to give you the perfect way to obtain, information on HOW to make money online!

In fact the only people l have found that make money are those that charge you $79.95 per month and you get a FREE DVD well how can paying $79.95 per month be FREE? So the truth is we BELIEVE what others tell us and we WANT it to make us millions!

REMEMBER: Google AD Words make Google more than you make as every time someone clicks your link, you pay Google $1 and you earn once the person on search to your link ” Buys Your Product” not before.

So WHY do you even THINK these people will be any different and will give you something for nothing!

A UK programme l watch is called Hustle and their favourite phrase is:

” We give people nothing for something and not something for nothing”

Well that answers my question but everyone wants to BELIEVE one day, it will be a truthful SPECIAL OFFER!

#beringer-corporation, #consumer, #federal-trade-commission, #ftc, #google, #john-stefanchik, #safari, #stefanchik-program

More than $723,000 being returned to consumers

Seal of the United States Federal Trade Commis...

Seal of the United States Federal Trade Commission. (Photo credit: Wikipedia)

The Federal Trade Commission mailed more than 13,000 refund checks to consumers who were allegedly deceived by a company that claimed it would negotiate with lenders to change the consumers’ mortgages and make them more affordable. To resolve FTC charges, First Universal Lending and its owners agreed to an order banning them from the mortgage relief services business.

The FTC alleged that the operators of First Universal Lending encouraged homeowners to stop making mortgage payments. The defendants charged consumers up-front fees, but then did little or nothing to help them, the agency charged.

The checks were mailed by an administrator working for the FTC. More than $723,000 was returned to consumers. The amount varied based upon the amount of each consumer’s loss. Those who receive checks from the FTC’s refund administrator should cash them on or before October 6, 2012. The FTC never requires consumers to pay money or provide information before redress checks can be cashed. Consumers with questions should call the refund administrator, Gilardi & Co., LLC, at 1-888-251-6825, or visit www.FTC.gov/refunds.

To learn how to avoid mortgage help relief scams, read the FTC’s Mortgage Assistance Relief Scams: Another Potential Stress for Homeowners in Distress and Mortgage Payments Sending You Reeling? Here’s What to Do.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics.

#confidence-trick, #consumer, #consumer-topics, #federal-trade-commission, #ftc, #limited-liability-company, #mortgage-loan, #unfair-business-practices

Protecting People From Scams – Sweepstakes

Seal of the United States Federal Trade Commis...

Seal of the United States Federal Trade Commission. (Photo credit: Wikipedia)

The Federal Trade Commission mailed 503 refund checks to consumers who were allegedly tricked into paying a fee to collect a fake multi-million-dollar sweepstakes prize. The FTC alleged that operators of the scam, collectively known as Prize Information Bureau, sent personalized mailers, some with fictitious government agency names and official-looking seals, to hundreds of thousands of consumers.

The refund checks were mailed by an administrator working for the FTC. More than $183,000 was returned to consumers. The amount varied based upon the amount of each consumer’s loss. Those who receive the checks from the FTC’s refund administrator should cash them within 60 days of the date they were issued. The FTC never requires consumers to pay money or provide information before redress checks can be cashed. Consumers with questions should call the refund administrator, Gilardi & Co., LLC, at 1-888-251-6826, or visit www.FTC.gov/refunds.

To learn how to avoid these kinds of scams, read the FTC’s Prize Offers: You Don’t Have to Pay to Play.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to give information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics.  Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

#consumer, #consumer-topics, #facebook, #federal-trade-commission, #ftc, #limited-liability-company, #twitter, #unfair-business-practices

Fiscal Regeneration As Economy Slows

Federal Open Market Committee

Federal Open Market Committee (Photo credit: DonkeyHotey)

Members of the Federal Reserve’s policy-setting committee pared back their expectations for short-term U.S. economic growth as a result of tepid consumer spending and employment growth, Federal Open Market Committee minutes reveal. The FOMC warned that a potential intensification of the European debt crisis and the looming fiscal cliff also present ‘significant downside risks’ to the outlook. As such, the FOMC considered new policy options, including a large-scale asset purchase program and the extension of the Fed’s low-rate pledge to jump-start the economy.

#ben-bernanke, #economic, #economic-growth, #european-sovereign-debt-crisis, #federal-open-market-committee, #federal-reserve-system, #fomc, #unemployment

Only Good Citizens Need Apply!

The Mail on Sunday claims that Ed Miliband has been embarrassed by MPs in his own party, after the Labour leader called for ‘good citizens’ to be fast-tracked up council-housing lists. The paper notes that the local Labour council in Camden has said that they don’t have enough houses, while Labour runMerton Council has said such a move would breach Harriet Harman’s equalities legislation.

I read this story with dismay as the word ” Good ” has many onerous ways to be understood!  The free dictionary has many ways to tell us how it should be used, please read it at this link http://www.thefreedictionary.com/Good 

The good l mean is who decides one man or woman is good and by what guidelines do we apply this meaning? If we refer to one person being good at sport ,do we believe those people get a council house first! Or maybe someone who teaches our children and who earns enough, to pay for a home and does not need this type of help! Or maybe simply the tramp in the street, who for no fault of his own is on their uppers! Once a shopkeeper and a supermarket is allowed to open up and his business goes crash!

So l look at good as what one person does for another and not by what that person expects in return! The meaning of giving of oneself for no reward is a seldom gift and so easily abused, by us and our society!

#current-events, #ed-miliband, #free-dictionary, #good-citizens, #government, #harriet-harman, #jon-cruddas, #labour, #labour-council, #labour-leader, #mail-on-sunday, #member-of-parliament, #miliband, #politics

Barclays A New Dawn

English: Barclay's Bank, Jerusalem, circa 1940.

English: Barclay’s Bank, Jerusalem, circa 1940. (Photo credit: Wikipedia)

Barclay’s has a new centurion: David Walker will take over from Marcus Agius as Barclay’s chairman on November 1. Walker is a former regulator who served in the UK Treasury and Bank of England. That background will give Walker’s credibility as he tries to overhaul the bank’s culture, operations and reputation in the wake of the Libor scandal.

As lead author of the eponymous 2009 report on corporate governance at UK banks, Walker has already committed to the standards he – and other board members – should act on:

The most critical need is for an environment in which effective challenge of the executive is expected and achieved in the boardroom before decisions are taken on major risk and strategic issues. For this to be achieved will require close attention to board composition to ensure the right mix of both financial industry capability and critical perspective from high-level experience in other major business. It will also require a materially increased time commitment from non-executive directors … In all of this, the role of the chairman is paramount, calling for both exceptional board leadership skills and ability to get confidently and competently to grips with major strategic issues. With so real an expectation and obligation, the chairman’s role will involve a priority of commitment that will leave little time for other business activity.

So far, Walker is following his own advice by committing to work a minimum of four days a week as chairman. Anything short of full-time may sound slight, but none of his peers have made their time commitment similarly transparent nor can credibly argue that theirs is greater. For that work, he’ll receive £750,000 ($1.17 million), of which £100,000 will be in Barclay’s stock.

Additional transparency may be coming to Barclay’s in other forms, as well: the Walker report called for disclosure of the number of employees earning more than £1 million in salary and bonus and a tally of those “earning between £1m and £2.5m; £2.5m and £5m; and over £5m”. Walker also called for the head of the board’s pay committee to automatically face re-election if their proposals are supported by less than 75% of shareholders.

Walker also thinks boards should hear directly from risk officers, and should have final say over their hiring and firing. He wants the chief risk officer to report to other executives, but the CRO also “should report to the board risk committee, with direct access to the chairman of the committee”.

These and Walker’s many other recommendations add up to a view of the relationship between the chairman and the CEO at financial institutions very different from what we’ve recently seen. UK board oversight is more rigorous than in the US, and the chairman and CEO roles are invariably separate.  It’s hard to imagine Jamie Dimon working under Walker’s structure. In Walker’s view, chief executives cannot be allowed to become indispensable or inscrutable: “If the embedding of authority… makes the CEO become effectively unchallengeable (and possibly a control freak), the CEO will be a major source of risk and will probably need to be removed”. That should make for some interesting interviews as Walker takes up his first prominent task, finding a new CEO.

#bank-of-england, #barclays, #chief-executive-officer, #david-alan-walker-banker, #hm-treasury, #list-of-banks-in-the-united-kingdom, #marcus-agius, #walker

Euro Zone Market News

German Logo of the ECB.

German Logo of the ECB. (Photo credit: Wikipedia)

Fiscal policy

Fiscal policy (Photo credit: Wikipedia)

Market News and Views

The FTSE 100 is called to open higher this morning after the performances on Wall Street and in Asia overnight after supportive comments from German Chancellor Angela Merkel on the European Central Bank‘s plans to help the euro zone debt situation. She also called for swift integration of fiscal policy in Europe adding that time was running short. There is no important UK economic data due out today so attention will focus on the release of the preliminary reading of the University of Michigan Consumer Sentiment Index this afternoon in the US. Commodity prices are mixed in trading and on the foreign exchanges, the major currencies are range bound with the dollar edging slightly higher.

So on the face of it we are going to get this mess finally sorted! Even though this belies one truth that is hidden, any fiscal policy will only work with growth! The sheer fact that for the last 4 years in real terms growth has eluded the world, apart from parts of Asia and especially China! Even though they are starting to feel the draft of their economy starting to chill!

My personal view is that very soon the European Central Bank will have to act to shore things up but this only puts of the fateful day, when a reckoning will be needed! This is closer than we think but further from our minds than we care to admit!

#angela-merkel, #asia, #chancellor-of-germany, #european-central-bank, #fiscal-policy, #ftse-100-index, #university-of-michigan-consumer-sentiment-index, #wall-street