Bill Black: scathing commentary after Geithner 4/25/12 speech

[Milton Kuo]

Re: Callousness of the Right!

But it is a BIG difference from 10-12 years ago......the US dollar doesn't go nearly as far setting up down here in either country. In 2000 you could buy a decent middle class house in NZ for $60,000USD, the average middle class house in NZ would now be $300,000USD(nationwide average).

Inflation in both countries means that minimu mwage is not all that great.

An American who wishes to live in Australia now is doubly punished due to the two factors above. Since 2000, housing prices have skyrocketed and the U.S. dollar has taken a terrible beating against the AUD. In 2000 - 2001, roughly sixty cents U.S. could buy an Australian dollar; as of today, the currencies trade roughly at par.

I suspect that for Australians, outside of housing, things aren't so bad--certainly better than in the U.S.--thanks to the relative strength of the currency. I'd take a $15.50/hour AUD wage with some sort of government health care over $7.25 USD/hour with "you're on your own" health care here in the U.S. God help you if you work in a low-end restaurant in the U.S. where they don't have to pay minimum wage and you don't make much in tips.

[Milton Kuo]

FDIC Suing Failed Banks

Getting somewhat back on topic, this article, Suing Super Bowl QB Only a First-Quarter Effort at FDIC, states the FDIC is actually suing some banks that have gone bust. Sadly, though, a former FDIC assistant general counsel now working in private industry is defending directors and officers of a failed bank using the excuse that it was the worldwide recession that caused the bank failure and that no one could have predicted the crash while turning a blind eye to fraudulent lending.

William Black is quoted a few times in the article:

“What you’re seeing in this crisis, overwhelmingly, is smaller banks,” said William K. Black, who teaches economics and law at the University of Missouri at Kansas City’s law school and was a former litigation director of the Federal Home Loan Bank Board. Most of the largest banks won’t be sued by the FDIC because, as beneficiaries of other government help, they didn’t fail, he said. “The big baddies don’t go through receivership.”

...

The FDIC “should be screaming to the Justice Department to bring criminal actions and investigations,” said Black, adding that on the civil side, “the percentage of folks who did things worthy of suit is much higher this time around.”
That was especially true in the commercial real estate market, he said, in which bankers were “massively increasing” their investments “as the glut and the vacancy rate skyrocketed.”

[doom&gloom]

Re: Callousness of the Right!

You need to take a look at South and Central America. Your dolla's go further there depending on which country you choose.

[Milton Kuo]

Re: Callousness of the Right!

You need to take a look at South and Central America. Your dolla's go further there depending on which country you choose.

I'm not looking to bail out of the U.S. (yet) but thanks to a housing bubble and a stronger Canadian dollar, Calgary, my original Plan B, is looking mighty pricey. I haven't considered South and Central America due to fears of kidnapping and potential inability on my part to fit in.

[lakedaemonian]

Re: Callousness of the Right!

Both NZ and Australia have housing bubbles that may be close to busting.

Could be.....defintiely worth keeping an eye on....I think the housing markets down here would be seriously affected by economic events in China...probably more so OZ since it would appear to be a bit more bubbly from my anecdotal perspective.

[lakedaemonian]

Re: Callousness of the Right!

An American who wishes to live in Australia now is doubly punished due to the two factors above. Since 2000, housing prices have skyrocketed and the U.S. dollar has taken a terrible beating against the AUD. In 2000 - 2001, roughly sixty cents U.S. could buy an Australian dollar; as of today, the currencies trade roughly at par.

I suspect that for Australians, outside of housing, things aren't so bad--certainly better than in the U.S.--thanks to the relative strength of the currency. I'd take a $15.50/hour AUD wage with some sort of government health care over $7.25 USD/hour with "you're on your own" health care here in the U.S. God help you if you work in a low-end restaurant in the U.S. where they don't have to pay minimum wage and you don't make much in tips.

I'd agree...still not going to be an easy and fun filled life working minimum wage in Oz......housing is more expensive that possibly most parts of the US and food costs a bit more, and energy is more expensive....but I think from a catastrophic personal event perspective you'd be better off.

[lakedaemonian]

Re: Callousness of the Right!

Inflation in both countries means that minimu mwage is not all that great.

As to HC, both countries rae still rather small in population size, and thus have a smaller and simpler system to administer.


On a personal note, I would advocate a HC system in the US similar to those you find in some south american countries -- public/private. Everyone gets a bare level of public HC. It isn't great but it is there. Have a major issue they will save you, and then your relatives have to take you home right afterwards. Private supplemental insurance picks up the rest if you have it. Now I know some will call this "unfair", but frankly, not everyone has a "right" to a heart/lung transplant, or a kidney replacement etc. We cannot afford that on a major scale the way the US is set up today, and we certainly do not seem to want to give up being the worlds policeman. Thus, in the end, a basic system to catch many, and a private system to supplemenmt would probably work quite well here. Otherwise we are looking at another Medicare, and this is not gonna work out all so well...

I would largely agree.....and I just want to clarify your point of NZ/OZ being fairly small populations.....in no way do I think the health care models down here would or should work way up there.

It could very well be apples/oranges.

I like the IDEA of a basic level of care option in the US, maybe tied in with some sort of voluntary/compulsory basic catastrophic only health care insurance.

[doom&gloom]

Re: Callousness of the Right!

I'm not looking to bail out of the U.S. (yet) but thanks to a housing bubble and a stronger Canadian dollar, Calgary, my original Plan B, is looking mighty pricey. I haven't considered South and Central America due to fears of kidnapping and potential inability on my part to fit in.

Belize is English speaking. So is a lot of Panama.

Kidnapping is big in Mexico, not so much elsewhere that I know of.

As to fitting in, well, there are ex-pat groups all over the world. You will always have some people to fit in with, the number just may vary.

[Thailandnotes]

Re: FDIC Suing Failed Banks

Getting somewhat back on topic

If campaign adds tying Obama to Wall Street start to have any bite, it wouldn't surprise me to see a celebrity indictment, most likely Corzine.

As for the side topic of this thread...Oaxaca and further south get one vote.

video less than 2 minutes...http://internationalliving.com/2010/...cultural-city/

[Polish_Silver]

Where to bailout to ?

Belize is English speaking. So is a lot of Panama.

I've journeyed in Latin America as a tourist. In my experience Belize (and by reputation) Costa
Rica have the best governance and public health. But all of the countries have some wonderful places.

People do not rate Guatemala highly, but they have some beautiful places and cultural treasures. (But relatively few english speakers). I had a wonderful trip there.

[Polish_Silver]

Re: Callousness of the Right!

The "jobs that Americans won't do

"

I have lived in both California and South Carolina. In SC, you see native english speakers doing jobs that would have gone mainly to immigrants in California. So I'd say that "jobs that americans won't do" is largely an phenomena of the salary and working conditions. (maybe that's obvious, but the standard pro-immigration argument is that the immigrants do jobs that "amercans don't want". These same people fret about black and teenage unemployment, or used to. )

[Thailandnotes]

Re: Callousness of the Right!

Bill Black on Democracy Now, May 15th, mostly talking about J. P. Morgan's loss.

It's worth a listen. Black seems sharper than usual.

[emaij]

Re: Bill Black bibliography

nm

[emaij]

Re: Bill Black: scathing commentary after Geithner 4/25/12 speech

We could start with this: http://www.capitalismwithoutfailure.com/p/a-list.html

This was CWF's suggestion last fall: http://www.capitalismwithoutfailure....1-edition.html

iTulip should set up a page where we could propose and vote for a dream team of the serious people out there. No presidential candidates. No EJ. (It would look bad.)

[emaij]

Re: Bill Black bibliography

Bill Black is realistic about how to investigate and prosecute effectively and with the limited resources that are available. Here is his perspective on "hotspotting":http://www.capitalismwithoutfailure....an-on-why.html

After I interviewed Bill two years ago we struck up an email relationship. The ongoing discussion ended after a particularly long exchange. Some of his emails to me were as long as the article above. If readers are interested in seeing the exchange I will ask Bill's permission to publish it in the subscriber area.

Long story short, Bill wants all of the law breakers in the banking industry who committed crimes to be prosecuted. I argued that 100% prosecution is not practical. By his own estimates, they number in the tens of thousands or even north of 100,000. I think the objective should be to remove the bad actors from the banking and financial system and that an amnesty program is the way to do it. First you prosecute a handful of high ranking law breakers to show that you're serious, then offer the rest the opportunity to avoid prosecution if they return stolen funds and leave the industry forever. Bill is adamant that such an approach is wrong, and I believe came to see me as a kind of apologist for the bankers for suggesting an amnesty approach.

Well, here he is, two years later complaining that our Treasury Secretary is unwilling to go after the bad guys or even acknowledge that laws were broken.

I appreciate Bill's tenacity but let's face it; he isn't getting anywhere.