Pimp of the Year and the Trillion Dollar Hooker
September 30, 2008
By Cyd Malone
I don’t mean to start things on a downer, but at the time of this writing Congress is having trouble passing the Bailout of the Century. Forget the furrowed brows, wagging fingers, and the breathless reports on the news, Congress can barely keep from openly drooling in their excitement at this mother lode of money and power at their fingertips. This bailout is a done deal.
One trillion dollars, which comes to roughly $3,400 for every American man, woman, and child, comes to roughly $1.9 billion for every American Congressman, a sum so princely it can buy even the most incompetent, despised officeholder a lifetime of electoral success.
The whole heist is such a lay up that even its primary salesmen needn’t try too hard. According to Treasury Secretary Paulson, if we don’t fork over $13,000 per family of four as an initial down payment to Financial Recovery, Wall Street won’t be able to lend us any more money. God knows all of our debt loads are light as a feather and could use a bit more heft.
Federal Reserve Deciderer Ben Bernanke, a thoroughly decent man foolish enough to take the job when offered, revealed on CNBC that uber-investor Warren Buffet himself is all for the bailout, and if “the Oracle of Omaha” is willing to throw $5 billion down Wall Street’s insatiable maw, shouldn’t all the taxpayers be forced to as well?
But this is all beside the point, what the experts are saying — there is something deeper going on here. Congress has finally grown a spine, but not in the manner we had hoped. As even the most casual observer of America’s political system knows, it is the greatest democracy in the world, in all of history, even. Yet, while opinion polls show a clear majority of His Majesty The People ordering Congress to tell Wall Street “no!” in language less than polite, Congress has shown zero inclination to refrain from the heist, and such disobedient audacity with election season upon us, no less, is telling.
Democracy has changed America drastically since the day she was born. “Congress shall pass no law” long ago morphed into “opinion polls show a clear desire on the part of the American people”. It’s no secret that the Constitution has no bearing on modern American life; it cannot, because it was written to be the law of the land for a republic, not a democracy.
Democracy has no Constitution; its only restraint is the public opinion poll. That has been the supreme law of the land in America for a long, long time, for as long as I can remember at least, and now even that has fallen. This is disquieting; it is a dramatic shift in our political landscape. If the Rasmussen opinion polls no longer mean anything, what restraint on power do we have left? The servant has become the master.
Regardless of all that, I’d be dishonest if I failed to admit a glimmer of pride in this bailout. When Congress pulls this off it’s going to make the Lufthansa heist from Goodfellas look like the take from a 7-11 cash register. For generations to come hungry, up and coming politicians will study the methods of plunder our 110th Congress, 2nd Session used, and you’ll no doubt agree that every patriotic, taxpaying American ought to be grateful just to be a part of history in the making.
I am so proud, in fact, that I propose Congress as a candidate for the 2008 American Pimp of the Year Award, and win they will cause who else has roughly 300,000,000 hookers on staff? On the date they are crowned, which I propose to be our new Fourth of July, every American must celebrate the occasion by squeezing into our best hooker outfit, firing up the BBQ, and shaking our moneymakers until a trillion dollars fall out.
Cyd Malone writes from Wyandanch, NY and may be contacted at peloponny1 (ar) aol.com
McCain, Obama, and The New World Order
September 29, 2008
By Joe Green
As I have watched the events unfold over the past couple of weeks and months I see a lot of the signs of what I know will eventually come. The Bible is a book of prophecy. Everything in the Bible either has happened, is happening, or will happen. As a matter of fact, out of the approximately 4- 5000 prophecies in the Bible, it is estimated that around 80 to 90 percent have already been fulfilled.
I see how the American economy is going down the tubes and how eager the government is to come in and bail out major companies and thus owning a large part of their stocks. Eventually all privately owned companies will probably be under government rule. I see the government’s failure to even attempt to secure our borders from illegal immigrants entering into the country. I don’t believe that these things are happening by chance.
There is a growing threat against the very fabric of America.
Throughout the Bible there are references to a world government that will be controlled by the ant-Christ. The recent events demonstrate just how close we are to a one world economic system. Things such as the European Union, the North American Union, etc. are precursors to the time when instead of many different governments and economic systems, there will be one. This will happen; I just pray that it happen later than sooner.
Most of our past few presidents have been globalists. A globalist is a person that is looking to help facilitate a one world economic, and political system. Both George Bush’s, Bill Clinton and many of our current and past leaders subscribe to this philosophy. This philosophy has infiltrated both Republican and democratic parties. The organization that wants to run this global government is known as the New World Order.
I watched the presidential debates that took place Friday September 26 and it is clear to me that both candidates are most likely globalists. Senator Obama continues to talk about the new global economy, while it is reported that Senator McCain is a member of the Council on Foreign Relations, a think tank for the New World Order.
On the surface, Globalism sounds like a good idea. It would seem as though it is a good thing for all nations to have one big economic system, currency, and one ruler. Unity can be a good thing but unfortunately the Bible tells us that the ruler of this system will be an evil man. If this system were controlled by God, based on Biblical principles it would be fine, however, the scriptures are clear that it will not be.
Ultimately we have to be clear about who and what we put our trust in. As a Christian, I must know that only Jesus can keep us from utter disaster. If we are not careful, Patriotism and America’s sovereignty will soon make way to a North American Union and the New World Order. I blame the people that call themselves Christians for the fallout. Most of us have been sleep for so long that by the time we realize there is a problem it is usually too late. The signs are very clear but we have ignored them for far too long.
Jesus was very clear that if we trust in Him we would be ok. “In this world ye shall have tribulations, but be of good cheer; I have overcome the world” (John 16:33).
There is a solution to the countries woes, God gives us a sure fire way to rescue America: 2 Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land. We have been asleep for far too long.
I believe if we wake up from our slumber and seek God, He will turn this ship around. If we continue to be complacent and wait for someone else to rescue us, we are doomed!
I pray that anyone who truly believes in God will fast and pray over the next few weeks. We have to believe that the God that parted the Red Sea so that His people could escape from their enemies is able to keep our country for collapsing and going into utter chaos. We should be praying for the economy, the upcoming election, and for protection against all those looking to destroy this great country that we call home.
God bless America!
Towers of Babble
September 28, 2008
By Cyd Malone
(Wyandanch, N.Y.) Walk amongst the poor and dispossessed and there you will find God, so I’m told, and last Thursday’s rally in New York City protesting the $1 trillion bailout for Wall Street found me surrounded by them. In this instance, God had taken the form of a gray bearded, scruffy lunatic bellowing into a bullhorn. The Lord works in mysterious ways.
Like all such rallies, it was a small time affair of three hundred or so people, most of them proponents of America’s minor league political parties. Socialists, communists, green party, 9-11 Truthers, and the now ubiquitous twenty something with the Ron Paul button all mashed together over a common outrage. I collected a tree’s worth of photocopied leaflets, one of them a helpful lyric sheet entitled a simple, cringe inducing “chants”. The moment I heard a voice ask, “can we get a chant going?” I beat a hasty retreat to the fringes.
The crowd was ill kempt, loud, obnoxious but peaceful, so the tourists felt it safe to approach and take pictures. The ever-present presence of the New York Police Department lurked well armed and silent, deployed at the ready about the chanting mob, but left the protestors alone. A huddle of four people all sported bright, fluorescent hats that declared each to be a member in good standing with the “National Lawyers Guild Observers Team”. A pamphlet handed out advised you to write the observer’s phone number on your arm.
The Scottish philosopher Adam Smith once noted that nothing warms the human heart more than to meet like-minded others, and the crowd was in a friendly, chatty mood, even with a man who, as one woman stated, “looked like a Wall Street banker”. Which I am.
I strolled from person to person, chatting up the outraged, asking why they had come down. The average opinion, the most popular frame of reference of most, can be summed up best by a funny and inadvertently dead on placard one protestor was holding - it read “No Socialism For the Rich Until We Get Ours”.
Not understanding that the poor and powerless are never in a position to demand anything, these people are condemned to a lifetime clad in cheap t-shirts and ripped jeans, angrily looking for handouts in a babbling, chanting chorus of conflicting, escalating demands, always to be infuriated when election day Santa Claus yet again turns into the Grinch.
The overwhelming majority of the protestors were faithful adherents to the socialist dream – of a benevolent dictator with an endless pot of goodies - a reactionary vision that choked on its own blood in our last century. They are correct to oppose this bailout; they are incorrect as to why. They disagree here with the purpose, but they agree with the act. They do not demand that the looting come to an end; they demand that the spoils rain down on their pet causes, which mostly involve themselves. They miss the principle at stake here.
As I left the rally, off to catch my train, the gray bearded, scruffy lunatic with the bullhorn noticed me and my thousand-dollar suit walking past. “No bailout for Wall Street!” he screamed, pointing an accusatory finger at me. “Not one cent, and let the chips fall where they may!”
Despite being the target of his anger, as I passed through beautiful, tiny Bowling Green Park I silently applauded him. If only Congress had the sense of justice, outrage, and inadvertent economic sense of that lunatic, we’d all be better off for it.
Bank Borrowing From Fed Already Exceeded Bailout Total in Last Week
September 26, 2008
by Steve Watson
(New York, N.Y.) U.S. banks borrowed $188 billion per day on average in the latest week from the Federal Reserve, meaning that the Fed loaned out more money than the Treasury’s proposed bailout in just one week, still barely managing to keep the economy afloat.
Federal Reserve data showed on Thursday the total amount banks borrowed nearly quadrupled the previous record of $47.97 billion per day notched just the week before, Reuters reports.
$188 billion per day on average over the course of five days means that the total amount borrowed from the Fed in the week ending the 24th September stood at $940 billion - a figure that easily eclipses the proposed $700 billion bailout.
As we have already reported, the $700 billion number was simply pulled out of thin air by the Treasury.
The Treasury’s fact sheet about the bailout states, “The Secretary will have the discretion, in consultation with the Chairman of the Federal Reserve, to purchase other assets, as deemed necessary to effectively stabilize financial markets.”
This gives the government and the Federal Reserve carte blanche to do whatever they want to long as it is done in the name of stabilizing financial markets, they can nationalize any company or industry and use taxpayer money, above and beyond the initial $700 billion, for whatever purpose is deemed necessary, without any oversight. Paulson’s bailout plan is also unreviewable by any court, it will remain in perpetuity.
Paulson’s draft bailout plans says: “The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.”
As Chris Martenson writes, “This means that $700 billion is NOT the cost of this dangerous legislation, it is only the amount that can be outstanding at any one time. After, say, $100 billion of bad mortgages are disposed of, another $100 billion can be bought. In short, these four little words assure that there is NO LIMIT to the potential size of this bailout. This means that $700 billion is a rolling amount, not a ceiling.”
If the bailout bill passes it is just the beginning of something much larger. $700 billion is a meaningless figure that will do nothing to shore up the economy. It is not a bailout, it is a giveaway that will allow insiders to purge themselves of bad bets and free to continue where they left off. The real reason for the bill is the unprecedented transfer of power to the Executive Branch and into the hands of the global corporate elite.
Senate Democrats Laud Feds for Increase in Heating Assistance Funding
September 25, 2008
Senior New York U.S. Senator Chuck Schumer and New York Congressional Delegation secure $490 million in additional funding to address heating crisis
(New York, NY)—State Senate Democratic Leader Malcolm A. Smith (D-St. Albans) today praised U.S. Senator Charles Schumer and the New York Congressional Delegation for securing much needed home heating funding in pending federal legislation. New York is set to receive millions of dollars in additional heating assistance funding as part of a $5.1 billion
appropriations bill agreed upon in Washington last night.
“Energy costs are skyrocketing and household income is not keeping with the cost of heating your home. For months, Senate Democrats have tried to cut heating costs while Republicans did nothing. Now, our plan for heating assistance is being supported by funding from Congress, but the State must also act now to pass comprehensive relief that will benefit millions of New York families,” said Senator Smith.
Last year, New York State received Low Income Home Energy Assistance funding of $357 million from Congress, compared to $490 million the state is set to receive under the current bill set to be passed by Congress. In addition, the State recently received supplemental funding from the federal Department of Health and Human Services for this program.
Senator Smith traveled to Washington D.C. earlier in the year to urge members of Congress to provide higher levels of federal funding for the Low Income Home Energy Assistance Program (LIHEAP). For months, Senate Democrats have been pushing a comprehensive home energy assistance and efficiency plan, which calls for higher levels of LIHEAP funding.
Yesterday’s agreement will allow New York to increase LIHEAP benefits to an average of over $600 for low-income families making up to $45,000 per year. It will also provide additional funding for emergency grants and home weatherization improvements for senior and people with disabilities, in addition to low-income families.
“Two weeks ago, the State Senate Republicans said the home heating plan laid out by the Democratic Conference was unrealistic because it was unlikely that the federal government would increase funding,” said Senator Smith. “Congress’ action proves Democrats can and will deliver for New York families. This is the kind of collaboration our state needs.”
The State Senate Democrats proposed plan also creates a program for middle income families facing high heating costs this winter, as well as, an increase in funding for the existing home weatherization and energy efficiency initiatives. Senate Democrats are currently revising the proposed Middle Income Home Energy Assistance Program (MIHEAP) in light of
the reduced amount being offered through the regional carbon emission auction program, known as Regional Greenhouse Gas Initiative (RGGI).
Smith called on Senate Republicans to quickly move forward in passing other components of the Senate Democratic home heating and efficiency plan.
Senator Smith concluded: “Senate Democrats are committed and ready to come to the table to pass legislation that will provide assistance to New Yorkers, in an economically unstable time. Our conference will continue to monitor new developments on all fronts to ensure New Yorkers receive the relief they need.”
Long Island’s Largest Music Event Ever Starts November 16th 2008
September 25, 2008
(Westbury, N.Y.) Starting November 16th, “Support Long Island Music Week”, the largest music event ever held on Long Island, will take place. You can find updates and a list of current sponsors and companies involved by going to www.longislandmusicfestival.com now.
The event runs through November 22nd 2008 and will feature 200 acts in every conceivable genre performing at 100 different venues including bars, nightclubs, theatres and coffee houses, encompassing the fruitful landscape that has made Long Island the hotbed of talent it has been for the past fifty plus years. This tiny strip of land is well documented in having given the world acts such as Billy Joel, The Stray Cats, Joan Jett, Twister Sister, Harry Chapin, Pat Benatar, Public Enemy, Mariah Carey, Ashanti, Nine Days and Taking Back Sunday to name a few; and this event will act as a catalyst for the next generation of budding superstars to shine.
“We are very excited to have the chance to continue assisting the local music community; offering both businesses and bands alike the networking and promotional opportunities this festival will allow, hopefully helping all involved get a little closer to achieving their goals.” said Rich Branciforte, Founder of Support Long Island Music Week.
In addition to the artists and venues, this week long event will also feature a free open house at 25 of the best recording studios in the area, $10 to $20 hourly rooms at 25 of the area’s top rehearsal facilities, and 10% to 25% off at many of the premier local music equipment stores and at 7 of our local CD and DVD retailers.
*IF YOU ARE INTERESTED IN AN INTERVIEW WITH RICH BRANCIFORTE FOR SUPPORT LONG ISLAND MUSIC WEEK, PLEASE LET US KNOW AND WE WILL COORDINATE.
MR BRANCIFORTE IS ALSO THE EDITOR AND FOUNDER OF GOOD TIMES, THE ORIGINAL LONG ISLAND MUSIC PAPER NOW CELEBRATING THIER 1000TH ISSUE AND WHO WILL BE CELEBRATING THEIR 40TH ANNIVERSARY IN 2009!
Also, interested acts, vendors, clubs and companies dealing in the music business are encouraged to fill out the form located at www.longislandmusicfestival.com to submit and guarantee you the visibility and the networking opportunities that this unique and exciting event will be sure to offer to all involved. Don’t delay; get your free submission in today.
Mail completed entry forms to:
P.O. Box 33, Westbury N.Y. 11590
Phone (516) 280-2100
Fax (516) 280-2103
************************************************
For public relations requests please contact:
Rick Eberle | PopCore Entertainment
516-729-6872 cell | rick (at) popcore.net
Bailout: It’s Time to Start Listening - No More Price Fixing
September 24, 2008
(Long Island, N.Y.) The Unites States Congress, which could adjourn for the year as early as this week, is now deciding the unthinkable: How to take 700 Billion dollars from the American people and give it to those on Wall Street who lied and cheated us into this financial mess. This is a discussion that shouldn’t even be on the table.
Congress is being pushed into a corner to sign legislation before the end of the week, despite the fact that the White House admitted it drew up this scenario over pervious months and weeks. Some say this is no surprise as unfavorable bills or those which are not in the best interest of the people are often sent to congress with strategic timing such as this.
According to the New York Times, many Americans are writing their elected representatives in the nation’s capital to voice their concerns. “The last time that Congress hurriedly passed legislation that the administration presented as ‘urgent’ we got the Patriot Act, with its mix of necessary reforms and onerous civil rights abuses, Do not fall into this trap again”. One of the constituents wrote. We can only hope that Congress will listen to the many Americans who contact them.
Over the last year, Treasury Secretary Henry Paulson repeatedly assured the American people that the United States economy was sound. While many suspected that the United States was facing a recession, those like Henry Paulson, President Bush, and Federal Reserve Chairman Ben Bernanke explained the downturn as our nation facing “tough times” or “difficult challenges”. Today, they ask the American People to believe that catastrophic danger awaits them around every corner if action is not taken now. That they did not notice this as being possible until days ago - requiring quickly written three page legislation that would put taxpayers on the hook for purchasing troubled assets - mainly mortgage-backed securities, to be signed and passed immediately. Paulson’s original proposal included statements like: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
Representative Ron Paul of Texas, who has been fighting to explain the nations economic difficulties for years, was quoted in a July article as saying “Some Big Events Are About To Occur“. He warned that “These fast-approaching events will not go unnoticed. They will affect all of us. They will not be limited to just some areas of our country. The world economy and political system will share in the chaos about to be unleashed.” But few ran this story.
Government intervention in the free market has artificially inflated prices for years. This has made money too easy to come by, and let banks lend to previously overly risky buyers. These governmental measures, combined with the Federal Reserve’s loose monetary policy, led to an unsustainable housing boom. The key measure by which the Fed caused this boom was through the manipulation of interest rates, and the open market operations that accompany this lowering.
This lowering of prices which we are experiencing today actually brings the economy back into balance, equalizing supply and demand. However. the government doesn’t like this, and is willing to put the tax payers money on the line to keep prices artificially inflated.
We must restore the checks and balences of our financial system by saying no to another Wall Street Bailout.
The following group of prominent economists, including numerous Nobel Prize winners, has written a letter slamming the bailout proposal:
- Acemoglu Daron (Massachusetts Institute of Technology)
- Adler Michael (Columbia University)
- Admati Anat R. (Stanford University)
- Alexis Marcus (Northwestern University)
- Alvarez Fernando (University of Chicago)
- Andersen Torben (Northwestern University)
- Baliga Sandeep (Northwestern University)
- Banerjee Abhijit V. (Massachusetts Institute of Technology)
- Barankay Iwan (University of Pennsylvania)
- Barry Brian (University of Chicago)
- Bartkus James R. (Xavier University of Louisiana)
- Becker Charles M. (Duke University)
- Becker Robert A. (Indiana University)
- Beim David (Columbia University)
- Berk Jonathan (Stanford University)
- Bisin Alberto (New York University)
- Bittlingmayer George (University of Kansas)
- Boldrin Michele (Washington University)
- Brooks Taggert J. (University of Wisconsin)
- Brynjolfsson Erik (Massachusetts Institute of Technology)
- Buera Francisco J. (UCLA)
- Camp Mary Elizabeth (Indiana University)
- Carmel Jonathan (University of Michigan)
- Carroll Christopher (Johns Hopkins University)
- Cassar Gavin (University of Pennsylvania)
- Chaney Thomas (University of Chicago)
- Chari Varadarajan V. (University of Minnesota)
- Chauvin Keith W. (University of Kansas)
- Chintagunta Pradeep K. (University of Chicago)
- Christiano Lawrence J. (Northwestern University)
- Cochrane John (University of Chicago)
- Coleman John (Duke University)
- Constantinides George M. (University of Chicago)
- Crain Robert (UC Berkeley)
- Culp Christopher (University of Chicago)
- Da Zhi (University of Notre Dame)
- Davis Morris (University of Wisconsin)
- De Marzo Peter (Stanford University)
- Dubé Jean-Pierre H. (University of Chicago)
- Edlin Aaron (UC Berkeley)
- Eichenbaum Martin (Northwestern University)
- Ely Jeffrey (Northwestern University)
- Eraslan Hülya K. K.(Johns Hopkins University)
- Faulhaber Gerald (University of Pennsylvania)
- Feldmann Sven (University of Melbourne)
- Fernandez-Villaverde Jesus (University of Pennsylvania)
- Fohlin Caroline (Johns Hopkins University)
- Fox Jeremy T. (University of Chicago)
- Frank Murray Z.(University of Minnesota)
- Frenzen Jonathan (University of Chicago)
- Fuchs William (University of Chicago)
- Fudenberg Drew (Harvard University)
- Gabaix Xavier (New York University)
- Gao Paul (Notre Dame University)
- Garicano Luis (University of Chicago)
- Gerakos Joseph J. (University of Chicago)
- Gibbs Michael (University of Chicago)
- Glomm Gerhard (Indiana University)
- Goettler Ron (University of Chicago)
- Goldin Claudia (Harvard University)
- Gordon Robert J. (Northwestern University)
- Greenstone Michael (Massachusetts Institute of Technology)
- Guadalupe Maria (Columbia University)
- Guerrieri Veronica (University of Chicago)
- Hagerty Kathleen (Northwestern University)
- Hamada Robert S. (University of Chicago)
- Hansen Lars (University of Chicago)
- Harris Milton (University of Chicago)
- Hart Oliver (Harvard University)
- Hazlett Thomas W. (George Mason University)
- Heaton John (University of Chicago)
- Heckman James (University of Chicago - Nobel Laureate)
- Henderson David R. (Hoover Institution)
- Henisz, Witold (University of Pennsylvania)
- Hertzberg Andrew (Columbia University)
- Hite Gailen (Columbia University)
- Hitsch Günter J. (University of Chicago)
- Hodrick Robert J. (Columbia University)
- Hopenhayn Hugo (UCLA)
- Hurst Erik (University of Chicago)
- Imrohoroglu Ayse (University of Southern California)
- Isakson Hans (University of Northern Iowa)
- Israel Ronen (London Business School)
- Jaffee Dwight M. (UC Berkeley)
- Jagannathan Ravi (Northwestern University)
- Jenter Dirk (Stanford University)
- Jones Charles M. (Columbia Business School)
- Kaboski Joseph P. (Ohio State University)
- Kahn Matthew (UCLA)
- Kaplan Ethan (Stockholm University)
- Karolyi, Andrew (Ohio State University)
- Kashyap Anil (University of Chicago)
- Keim Donald B (University of Pennsylvania)
- Ketkar Suhas L (Vanderbilt University)
- Kiesling Lynne (Northwestern University)
- Klenow Pete (Stanford University)
- Koch Paul (University of Kansas)
- Kocherlakota Narayana (University of Minnesota)
- Koijen Ralph S.J. (University of Chicago)
- Kondo Jiro (Northwestern University)
- Korteweg Arthur (Stanford University)
- Kortum Samuel (University of Chicago)
- Krueger Dirk (University of Pennsylvania)
- Ledesma Patricia (Northwestern University)
- Lee Lung-fei (Ohio State University)
- Leeper Eric M. (Indiana University)
- Leuz Christian (University of Chicago)
- Levine David I.(UC Berkeley)
- Levine David K.(Washington University)
- Levy David M. (George Mason University)
- Linnainmaa Juhani (University of Chicago)
- Lott John R. Jr. (University of Maryland)
- Lucas Robert (University of Chicago - Nobel Laureate)
- Luttmer Erzo G.J. (University of Minnesota)
- Manski Charles F. (Northwestern University)
- Martin Ian (Stanford University)
- Mayer Christopher (Columbia University)
- Mazzeo Michael (Northwestern University)
- McDonald Robert (Northwestern University)
- Meadow Scott F. (University of Chicago)
- Mehra Rajnish (UC Santa Barbara)
- Mian Atif (University of Chicago)
- Middlebrook Art (University of Chicago)
- Miguel Edward (UC Berkeley)
- Miravete Eugenio J. (University of Texas at Austin)
- Miron Jeffrey (Harvard University)
- Moretti Enrico (UC Berkeley)
- Moriguchi Chiaki (Northwestern University)
- Moro Andrea (Vanderbilt University)
- Morse Adair (University of Chicago)
- Mortensen Dale T. (Northwestern University)
- Mortimer Julie Holland (Harvard University)
- Muralidharan Karthik (UC San Diego)
- Nanda Dhananjay (University of Miami)
- Nevo Aviv (Northwestern University)
- Ohanian Lee (UCLA)
- Pagliari Joseph (University of Chicago)
- Papanikolaou Dimitris (Northwestern University)
- Parker Jonathan (Northwestern University)
- Paul Evans (Ohio State University)
- Pejovich Svetozar (Texas A&M University)
- Peltzman Sam (University of Chicago)
- Perri Fabrizio (University of Minnesota)
- Phelan Christopher (University of Minnesota)
- Piazzesi Monika (Stanford University)
- Piskorski Tomasz (Columbia University)
- Rampini Adriano (Duke University)
- Reagan Patricia (Ohio State University)
- Reich Michael (UC Berkeley)
- Reuben Ernesto (Northwestern University)
- Roberts Michael (University of Pennsylvania)
- Robinson David (Duke University)
- Rogers Michele (Northwestern University)
- Rotella Elyce (Indiana University)
- Ruud Paul (Vassar College)
- Safford Sean (University of Chicago)
- Sandbu Martin E. (University of Pennsylvania)
- Sapienza Paola (Northwestern University)
- Savor Pavel (University of Pennsylvania)
- Scharfstein David (Harvard University)
- Seim Katja (University of Pennsylvania)
- Seru Amit (University of Chicago)
- Shang-Jin Wei (Columbia University)
- Shimer Robert (University of Chicago)
- Shore Stephen H. (Johns Hopkins University)
- Siegel Ron (Northwestern University)
- Smith David C. (University of Virginia)
- Smith Vernon L.(Chapman University- Nobel Laureate)
- Sorensen Morten (Columbia University)
- Spiegel Matthew (Yale University)
- Stevenson Betsey (University of Pennsylvania)
- Stokey Nancy (University of Chicago)
- Strahan Philip (Boston College)
- Strebulaev Ilya (Stanford University)
- Sufi Amir (University of Chicago)
- Tabarrok Alex (George Mason University)
- Taylor Alan M. (UC Davis)
- Thompson Tim (Northwestern University)
- Tschoegl Adrian E. (University of Pennsylvania)
- Uhlig Harald (University of Chicago)
- Ulrich, Maxim (Columbia University)
- Van Buskirk Andrew (University of Chicago)
- Veronesi Pietro (University of Chicago)
- Vissing-Jorgensen Annette (Northwestern University)
- Wacziarg Romain (UCLA)
- Weill Pierre-Olivier (UCLA)
- Williamson Samuel H. (Miami University)
- Witte Mark (Northwestern University)
- Wolfers Justin (University of Pennsylvania)
- Woutersen Tiemen (Johns Hopkins University)
- Zingales Luigi (University of Chicago)
- Zitzewitz Eric (Dartmouth College)
Here’s the letter.They are not alone. See this, this, this, this, this, this and this.
Private Profit, Public Loss
September 23, 2008
By Cyd Malone
(Wyandanch, N.Y.) Wall Street has finally, bubble-by-bubble, pushed their confidence game too far and burned through their capital as well as Main Street’s. Now, hoping for one last money grab before they exit this phase of their lifecycle, the Wall Street titans wish to off load $1 trillion worth or so of their mistakes onto the backs of their fellow citizens.
At no time during the “boom years” was there one peep from these financial titans to turn over their immense incomes to “the people”, quite the opposite. Now their stock jobbery has eaten its way through not only our wealth but also into theirs. Suddenly “the people” are required to bail them out. They’ve taken an about face – capitalists when there are profits to virulent socialists when any losses arrive. This is not only unseemly but also clearly illegal.
Just as deserving of our censure is that species of hustler known as the politician, who all seem more than willing to sell the peoples’ wealth to the highest donor – in this instance to their Wall Street patrons. Despite the fact that not one word in our Constitution – the one they swore to uphold and defend – gives them any legal authority to loot the public to bail out any business, the crushing weight of Wall Street donations has seemingly buried their sworn word to that sacred trust.
Of course, this pig of a give away wears bright red lipstick, brand named “systemic risk”, cries of which are the last refuge of the scoundrel. Bailout or no, many banks will no doubt fail, and it will be a pain in the neck adjusting to their collapse. But if we do have a “free market” system as we claim, then other capitalists will create new banks, and they’ll be better and more honest with the example of Lehman and Bear Stearns fresh in their memory and, most important, our liberty and property will be more secure for our having been shielded by our Constitution from this proposed looting.
Wall Street has burned itself out in an orgy of paper money. The decision we have before us is whether the people responsible will get their just deserts, or whether we will reward them for their dishonesty and foolishness with a $1 trillion parting gift, when our Constitution clearly states they should get not a penny. Would this not add insult to injury? We have lost wealth in uncountable sums; many will be hurt; yet we have not lost our ability to think, and to burn with indignation.
The banking industry is the only industry in our nation that is exempt from the threat of failure, and hence from the laws of honesty. It is high time to set an example, to allow the Wall Street titans to, for once, collapse in a heap of their own making, and to chase all the sordid moneychangers from not only our financial system, but from our political one as well.
Our Constitution demands this bailout to be defeated, as does economic justice and our future security. We will get through this crisis as we have overcome others in our history. How we chose to do so will say much about us as a people, much about our sense of justice, and everything about our respect for the rule of law.
Senate Democratic Leader Malcolm A. Smith Joins Other Elected Officials In Calling For A Formal Investigation Into Disability Payments to Some L.I.R.R. Retirees
September 22, 2008
Senate Democrats applauds designation of Attorney General Cuomo to look into published reports of a disproportionate number of LIRR retirees receiving disability benefits, calls on United States Attorney to investigate as well
(New York, NY) In a letter to State Attorney General Andrew Cuomo, Senate Democratic Leader Malcolm A. Smith applauded the designation of the State’s highest law enforcement official to investigate recent allegations of practically universal disability benefits for many recently retired Long Island Rail Road employees.
Senator Smith, a Queens Democrat, is calling for a thorough investigation into the payment of these claims by the federal Railroad Retirement Board, in the wake of recent charges that retiring railroad employees receiving disability benefits may have been fraudulent. The Retirement Board administers various federal benefit programs for railroad employees.
“I am pleased to see Governor David Paterson’s swift decision to launch an investigation into possible fraud and illegality in connection with disability claims paid to some former LIRR employees,” said Senator Smith. “In a time of economic uncertainty and frequent mass transit fare hikes, it is truly unacceptable to let this go without penalty.”
Senator Smith said that in no way this should reflect negatively upon the years of commitment and dedication that many retired railroad employees have given to New York State.
The letter comes on the heels of Governor Paterson granting “broad” jurisdiction to the Attorney General to investigate into allegations uncovered by a recent New York Times article.
Smith noted in his letter to Attorney General Cuomo that the Senate Democratic Conference will monitor the ongoing state investigation to determine whether “any state legislation would be warranted to ensure that this kind of abuse does not occur in the future.”
Senator Smith concluded: “I look forward to the investigations’ findings and welcome the opportunity to work on any legislative proposals the Attorney General may deem necessary. I look forward to the findings and if any illegality is found, I urge full prosecution of all offenders to the full extent of the law.”.
Bethpage Water District & H2M Install First Perchlorate Removal Plant in New York State
September 22, 2008
(Melville, NY) – The Bethpage Water District and Holzmacher, McLendon & Murrell, P.C. (H2M) of Melville, NY, a multi-disciplined Engineering and Architectural service firm, recently completed the first drinking water treatment system for perchlorate removal approved in New York State. The water treatment plant was approved for operation in July 2008 by the Nassau County and New York State Departments of Health.
Naturally occurring and manmade perchlorate is typically found in the form of salts such as ammonium perchlorate, potassium perchlorate, sodium perchlorate and lithium perchlorate (less common). It persists in the environment when solid salts of perchlorate dissolve in water. With solubility similar to common table salt, perchlorate is extremely soluble, making it difficult to remove from water by conventional treatment processes. Perchlorate is extremely mobile in groundwater environments and can persist for very long periods of time due to the strong chloride-oxygen chemical bond.
Manmade perchlorate is most commonly used as the oxidizer and the primary ingredient in solid rocket fuel. Other uses are for fireworks, road flares, munitions, air bag inflator charges and matches. Perchlorate is also an impurity in chemical fertilizers and agricultural chemical compounds. The United State Environmental Protection Agency is still studying the prevalence, health effects and exposure pathways of perchlorate, so a federal drinking water standard has not been set. New York State has set an action level of 18 micrograms per liter (ug/l) for perchlorate, which if reached would require a well to be either treated or lost from service.
Following successful completion of a year long small scale pilot study finding that a cost-effective solution to remove perchlorate, through a fixed bed ion exchange process was attainable, the Bethpage Water District decided to implement the treatment process for one of its supply wells which had trace levels of perchlorate well below the 18 ug/l action level. Although there is no federal standard, the District wished to be out in front of the treatment technology in anticipation of a standard, while at the same time providing drinking water of the highest quality. With the new perchlorate removal system successfully in place and operating, a now proven treatment technology is available to the District and other water suppliers in New York State for the removal of perchlorate once a drinking water standard is set.
“Even though perchlorate is not yet regulated by the EPA, the Bethpage Water District has proven once again to be very proactive in providing the highest quality water possible. The implementation of the first perchlorate removal plant approved in New York State is another step towards achieving its goals,” said Richard W. Humann, P.E., Vice President, at H2M.
For further information on this and many other projects feel free to contact H2M at 631-756-8000 or visit our website at www.h2m.com.
Founded in 1933, H2M has grown to be one of the most respected professional consulting firms in the Northeast, providing full-service engineering, architecture, environmental services, and laboratory analysis. H2M consists of Holzmacher, McLendon & Murrell, P.C., H2M Labs, Inc., H2M Associates, Inc., H2M Architects & Engineers, Inc.; and has offices in Melville, New York and Parsippany, New Jersey.
