The following is the audio of the Catawba County Board of Elections meeting of July 3, 2012. During this meeting the Hickory Ward Specific voting petition was certified. According to people I have spoken with this is the first successful petition to be brought to a referendum in the history of Catawba County, therefore this is a historic event in the history of Catawba County.
This is serious business and the City of Hickory must act upon the will of the people. There will be a special election upon this referendum. This election cannot take place until a minimum of 60 days have passed and at a maximum of 120 days after the certification and delivery of documents to the City of Hickory. City Manager Mick Berry was present and accepted and signed the document. Two more issues are that this election must take place at least 30 days prior to any Statewide or Federal Elections and the City must provide 45 days notice prior to the scheduled date of the special election, but this 45 days does not include the early voting period that is a prerequisite to any election in the State of North Carolina and is to be held two weeks prior to the scheduled election date.
In the presentation, the issue is discussed and approved from the beginning to the 6:20 mark of the audio and then the Board moves onto other business and then comes back to the discussion of the issue at the 24:05 mark and discusses the election process and other matters involving the referendum until adjournment at around the 38:45 mark. So in essence the full discussion of this issue takes a little over 20 minutes.
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Thursday, July 5, 2012
Wednesday, July 4, 2012
A Day of Independence to Celebrate - July 4, 2012
Yesterday we celebrated people participating in their governance with the success of the Petition Drive to bring adequate representation back to the people of Hickory.
Today we celebrate our nation's 236th birthday and enjoy the effort it took to achieve success in our local petition campaign and appreciate those who were at the forefront of getting the numbers and the history of our forebearers who made the ability for the common man to have a voice possible. Tomorrow we renew the American spirit of Democracy and go back to work to deliver the final goal.
God Bless America!!!
The Star Spangled Banner
Today we celebrate our nation's 236th birthday and enjoy the effort it took to achieve success in our local petition campaign and appreciate those who were at the forefront of getting the numbers and the history of our forebearers who made the ability for the common man to have a voice possible. Tomorrow we renew the American spirit of Democracy and go back to work to deliver the final goal.
God Bless America!!!
This Land is Your Land
The Star Spangled Banner
Tuesday, July 3, 2012
Ward Voting Petition Drive Successful on to the Election - July 3, 2012
Today history was made in Hickory and Catawba County. At 8:15am the Catawba County Election Board gathered for their regular meeting, but this meeting was special. At this meeting the Catawba County Election Board reviewed and summarily certified the Petition presented by the Citizens for Equity in Government and now we will proceed towards the special election on this issue.
This election cannot take place until a minimum of 60 days have passed and at a maximum of 120 days after the certification and delivery of documents to the City of Hickory. City Manager Mick Berry was present and accepted and signed the document. Two more issues are that this election must take place at least 30 days prior to any Statewide or Federal Elections and the City must provide 45 days notice prior to the scheduled date of the special election, but this 45 days does not include the early voting period that is a prerequisite to any election held in the State of North Carolina.
This is the game changer that I have been addressing over the past couple of years. Although this is a milestone, it is not a victory. We move forward with Humble Responsibility for the citizenry of Hickory.
CITIZENS FOR EQUITY IN GOVERNMENT COMPLETES PETITION DRIVE :
TRUE WARD ELECTIONS FOR HICKORY CITY COUNCIL TO GO ON BALLOT
Hickory , NC - July 3, 2012 - While not planned for today, it is appropriate that the Catawba County Board of Elections certified the Petition for Fair Representation on the eve of Independence Day. Over the past year, Citizens for Equity in Government (CEG) gathered the signatures of 2,707 registered voters, 6% more than required to call for a referendum election to restore Hickory City Council elections from the current modified-at-large system to a true ward system as it was in the original city charter.
“It’s a real step toward improving representative democracy in Hickory city council races,” says CEG spokesperson Billy Sudderth. “The Petition for Fair Representation is about a change in the process of electing representatives that will give the voters of every ward a stronger voice in who represents them on city council.”
In 1967, the Hickory city council voted to change from a true ward system to a modified “at-large” (or blended system) for city council. This means that each of the six wards chooses two candidates in primaries and then those two candidates run city-wide for a seat on the council to represent the ward.
CEG and the 2700+ petition signers say that this at-large system goes against the concept of fair representation by allowing voters from outside a ward to influence the outcome of elections in wards where they do not live. The true ward system promotes fair representation by promoting close ties between ward representatives and constituents, providing immediate service and direct accountability to voters, and eliminating voting blocks.
The pure ward system has been shown to increase citizen participation both in voting and in running for office. Under the current at large system voters feel disenfranchised because they know they are not the ones who are choosing their own ward representative. Candidates are forced to fund expensive city-wide campaigns, which puts the possibility of running for office out of the reach of many potential candidates. And, polls must be open for all six wards for every city-council race under the current system; polls in the pure ward system would be open for only half the wards each election cycle which would cut government spending.
A City-Wide, Non-Partisan, Volunteer Effort
Volunteers with CEG made phone calls, knocked on doors, worked polls, and had tables at events to get signatures on the Petition for Fair Representation. No city resources have been used in mounting the petition. “It’s been an educational process,” Sudderth says. “Our canvassers estimate that more than 80% of the people who were approached and understood the petition signed it.” No organized citizen group has come out to say they oppose the change. Widespread geographical and non-partisan support of the petition is reflected in the signatures of Unaffiliated, Republican, Libertarian and Democratic voters from all six wards and every precinct in City of Hickory.
The 2,707 signatures supporting the true-ward system represent more voter support than any member of the Hickory City Council has gotten in the past 10 years except for the 2005 election where the Lowe's issue was at stake.
Next Steps – Education and A Vote
The certified petition is the first step in restoring the true ward electoral system. The certified petition calls for City of Hickory to hold a referendum election where all registered voters in the City of Hickory can vote for or against the change. Or, just as City Council made the change to a modified-at-large system with their vote in 1967, the current City Council could restore the true ward system with their majority vote saving city taxpayers $47,501, the cost of a city-wide election.
“Citizens for Equity is calling on the city to move forward as soon as possible,” says Sudderth. “We need to get the referendum on the ballot and let the people decide.” A good first step, he adds, would be to put together a four-person team, two from the City Council and two from CEG, to develop the language for the ballot.
“As for us,” Sudderth concludes, “CEG will continue to educate voters on how the true ward system is more fair and more representative.” To learn more about the Petition for Fair Representation and the true-ward system, citizens of Hickory are invited to a roundtable discussion Wednesday, July 11 at 6:00 pm at Ridgeview Library, 706 1st Street SW Hickory , NC 28602.
CEG is a grassroots organization engaging in economic and social justice, educational and cultural efforts in the Hickory area. The CEG was founded to work on behalf of disenfranchised citizens in the Hickory area. CEG’s goal is to ensure participation and representation in the establishment of public policy. Contact Citizens for Equity in Government at 828-308-4669.
1961 -- A lesson in Hickory's History
1967 - How we got where we are today
The History of At-Large voting in Hickory - The HDR articles and Council Minutes Documents
Hal Row's First Talk - CEG discussion about Ward Specific Voting - The Interview
Help Bring Fair Representation Back to the City of Hickory
Mayor Wright - Hal Row - Ward Specific Elections
This election cannot take place until a minimum of 60 days have passed and at a maximum of 120 days after the certification and delivery of documents to the City of Hickory. City Manager Mick Berry was present and accepted and signed the document. Two more issues are that this election must take place at least 30 days prior to any Statewide or Federal Elections and the City must provide 45 days notice prior to the scheduled date of the special election, but this 45 days does not include the early voting period that is a prerequisite to any election held in the State of North Carolina.
This is the game changer that I have been addressing over the past couple of years. Although this is a milestone, it is not a victory. We move forward with Humble Responsibility for the citizenry of Hickory.
CITIZENS FOR EQUITY IN GOVERNMENT COMPLETES PETITION DRIVE :
TRUE WARD ELECTIONS FOR HICKORY CITY COUNCIL TO GO ON BALLOT
Hickory , NC - July 3, 2012 - While not planned for today, it is appropriate that the Catawba County Board of Elections certified the Petition for Fair Representation on the eve of Independence Day. Over the past year, Citizens for Equity in Government (CEG) gathered the signatures of 2,707 registered voters, 6% more than required to call for a referendum election to restore Hickory City Council elections from the current modified-at-large system to a true ward system as it was in the original city charter.
“It’s a real step toward improving representative democracy in Hickory city council races,” says CEG spokesperson Billy Sudderth. “The Petition for Fair Representation is about a change in the process of electing representatives that will give the voters of every ward a stronger voice in who represents them on city council.”
In 1967, the Hickory city council voted to change from a true ward system to a modified “at-large” (or blended system) for city council. This means that each of the six wards chooses two candidates in primaries and then those two candidates run city-wide for a seat on the council to represent the ward.
CEG and the 2700+ petition signers say that this at-large system goes against the concept of fair representation by allowing voters from outside a ward to influence the outcome of elections in wards where they do not live. The true ward system promotes fair representation by promoting close ties between ward representatives and constituents, providing immediate service and direct accountability to voters, and eliminating voting blocks.
The pure ward system has been shown to increase citizen participation both in voting and in running for office. Under the current at large system voters feel disenfranchised because they know they are not the ones who are choosing their own ward representative. Candidates are forced to fund expensive city-wide campaigns, which puts the possibility of running for office out of the reach of many potential candidates. And, polls must be open for all six wards for every city-council race under the current system; polls in the pure ward system would be open for only half the wards each election cycle which would cut government spending.
A City-Wide, Non-Partisan, Volunteer Effort
Volunteers with CEG made phone calls, knocked on doors, worked polls, and had tables at events to get signatures on the Petition for Fair Representation. No city resources have been used in mounting the petition. “It’s been an educational process,” Sudderth says. “Our canvassers estimate that more than 80% of the people who were approached and understood the petition signed it.” No organized citizen group has come out to say they oppose the change. Widespread geographical and non-partisan support of the petition is reflected in the signatures of Unaffiliated, Republican, Libertarian and Democratic voters from all six wards and every precinct in City of Hickory.
The 2,707 signatures supporting the true-ward system represent more voter support than any member of the Hickory City Council has gotten in the past 10 years except for the 2005 election where the Lowe's issue was at stake.
Next Steps – Education and A Vote
The certified petition is the first step in restoring the true ward electoral system. The certified petition calls for City of Hickory to hold a referendum election where all registered voters in the City of Hickory can vote for or against the change. Or, just as City Council made the change to a modified-at-large system with their vote in 1967, the current City Council could restore the true ward system with their majority vote saving city taxpayers $47,501, the cost of a city-wide election.
“Citizens for Equity is calling on the city to move forward as soon as possible,” says Sudderth. “We need to get the referendum on the ballot and let the people decide.” A good first step, he adds, would be to put together a four-person team, two from the City Council and two from CEG, to develop the language for the ballot.
“As for us,” Sudderth concludes, “CEG will continue to educate voters on how the true ward system is more fair and more representative.” To learn more about the Petition for Fair Representation and the true-ward system, citizens of Hickory are invited to a roundtable discussion Wednesday, July 11 at 6:00 pm at Ridgeview Library, 706 1st Street SW Hickory , NC 28602.
CEG is a grassroots organization engaging in economic and social justice, educational and cultural efforts in the Hickory area. The CEG was founded to work on behalf of disenfranchised citizens in the Hickory area. CEG’s goal is to ensure participation and representation in the establishment of public policy. Contact Citizens for Equity in Government at 828-308-4669.
1961 -- A lesson in Hickory's History
1967 - How we got where we are today
The History of At-Large voting in Hickory - The HDR articles and Council Minutes Documents
Hal Row's First Talk - CEG discussion about Ward Specific Voting - The Interview
Help Bring Fair Representation Back to the City of Hickory
Mayor Wright - Hal Row - Ward Specific Elections
Monday, July 2, 2012
Tick Tock, Tick Tock, Tick Tock....
Countdown Initiated... Close and Initiate your visors and permit O2 flow... T-minus 11 hours... Confirmed Go... Go for Main Engine Start...
Sunday, July 1, 2012
Economic Stories of Relevance in Today's World -- July 1, 2012
JP Morgan Trading Loss May Reach $9 Billion - New York Times - By JESSICA SILVER-GREENBERG and SUSANNE CRAIG - June 28, 2012 - Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation. When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank. The bank’s exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year.
Former Obama Advisor: 'Fiscal Cliff' Plunge Likely - CNBC - Eamon Javers - June 26, 2012 - ...In an interview, Bernstein said no matter who wins the Presidency this fall, the fiscal cliff may be unavoidable. “If you actually play out the difference scenarios here, the President wins, Romney wins — it’s hard to see that we don’t go off this fiscal cliff,” Bernstein said. “Because I don’t see how this compromise gets made.”... That said, Bernstein argues that the fiscal cliff may not be the economic nightmare scenario many pundits have described. Bernstein thinks it’s possible to go over the cliff early in 2013, but not for long, and that Washington will come to a deal once the pain kicks in.... “If we can reverse it in a matter of two or three weeks — and there is a scenario in which that can happen — that would do a lot less damage to the economy than if we stayed over the cliff,” he said. Bernstein is currently a fellow at the Center on Budget and Policy Priorities and a CNBC contributor. The fiscal cliff is a series of politically imposed deadlines on tax and spending policy that are all set to hit at the same time at the end of 2012. Taken together, many analysts argue that a massive decrease in federal spending and increase in federal taxation could paralyze the economy just as it is struggling to creep out of recession. Here’s what’s slated to end by the end of the year: The US government is expected to hit the debt ceiling of $16.394 trillion by the end of 2012, although Treasury has ways of stretching this that could push that deadline into the early part of 2013. Speaker Boehner has said he’ll only support extending the debt limit again if there are spending cuts put in place that are larger than the debt increase itself. That, plus Democrats’ insistence on increased taxes, could force a rerun of last year’s damaging debt ceiling debate. The Bush tax cuts are slated to expire by the end of this year, too. Democrats and the President want to extend them only for those making less than $250,000 per year, while Republicans would like to extend the entire set of cuts. In the context of the debt debate, this will be a tricky one to resolve. Remember the “sequester?” That’s the term for automatic spending cuts set to kick in at the end of this year because last year’s super committee was unable to reach a spending deal. The cuts total about $1.2 trillion, and they start January 2, split between defense and domestic spending and causing an estimated 15 percent across the board cut at the Pentagon. Throw in a payroll tax holiday expiration and emergency unemployment benefits ending at the end of the year as well, and we’re looking at a very tough New Year’s Eve in Washington.
U.S. Economic Confidence Continues to Slide - Economic confidence declines to -26, lowest since late January - Gallup - Jenny Marlar - June 26, 2012 - U.S. economic confidence last week was hardest hit June 19-21, when it fell to -28, but it bounced back to -25 over the weekend. The midweek slide may have resulted from the anticipated Moody's downgrade of several major banks and one of the worst trading days of the year on Thursday. However, the market rallied back on Friday, which may have led to the weekend improvement in confidence. Gallup's Economic Confidence Index consists of two measures -- one assessing current economic conditions and the other assessing the nation's economic outlook. Americans' perceptions of current economic conditions worsened to -31, down four from the previous week, with 44% saying the economy is poor and 13% saying it is excellent or good. Attitudes about the economic outlook were down marginally last week, at -21.
Mortgage applications fell last week: MBA - Reuters - June 27, 2012 - Reporting by Anna Louie Sussman; Editing by Diane Craft - Applications for U.S. home mortgages fell last week as refinancing applications for government loans slowed, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7.1 percent in the week ended June 22. The MBA's seasonally adjusted index of refinancing applications decreased by 8.3 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell by 1.4 percent. The refinance share of total mortgage activity fell to 79 percent of applications from more than 81 percent the week before. Michael Fratantoni, MBA's vice president of research and economics, attributed the decline to a fall-off in refinance applications for government-backed loans, which had soared the previous week. "The large swings in activity were due to the implementation of FHA's new premiums on streamline refinances, and borrowers timing their application to lower their premiums," he said in a statement.
Wash Trading by High-Frequency Firms Said to Face U.S. Scrutiny - Bloomberg - Joshua Gallu and Silla Brush - Jun 22, 2012 - High-frequency trading firms are drawing scrutiny from U.S. regulators seeking evidence that they may be distorting market prices by conducting transactions with themselves, said two people with knowledge of the matter. So-called wash trades, in which a party buys a contract from itself, could be executed inadvertently by firms with multiple algorithms active in the same stock or derivative, said the people, who requested anonymity because the review isn’t public. Such trades, which can alter the price of shares if they are executed above or below market rates, would be illegal if deemed intentional efforts to manipulate stocks. The Securities and Exchange Commission and Commodity Futures Trading Commission have sharpened their focus on high- frequency and algorithmic trading since May 6, 2010, when about $862 billion was erased from stock values in 20 minutes before share prices recovered from the plunge. Regulators have expressed concern that some firms and electronic exchanges don’t have sufficient controls to prevent a range of events -- from improper trades to programming glitches -- that could roil markets even when there is no wrongdoing. High-frequency trading, in which computer algorithms are used to buy and sell stocks in fractions of a second, accounts for more than half of equity trading volume. Getco LLC and Citadel LLC, both based in Chicago, and New York-based Virtu Financial LLC are among the biggest automated-trading firms.
17 Reasons To Be EXTREMELY Concerned About The Second Half Of 2012 - The Economic Collapse Blog - What is the second half of 2012 going to bring? Are things going to get even worse than they are right now? Unfortunately, that appears more likely with each passing day. I will admit that I am extremely concerned about the second half of 2012. Historically, a financial crisis is much more likely to begin in the fall than during any other season of the year. Just think about it. The stock market crash of 1929 happened in the fall. "Black Monday" happened on October 19th, 1987. The financial crisis of 2008 started in the fall. There just seems to be something about the fall that brings out the worst in the financial markets. But of course there is not a stock market crash every year. So are there specific reasons why we should be extremely concerned about what is coming this year? Yes, there are. The ingredients for a "perfect storm" are slowly coming together, and in the months ahead we could very well see the next wave of the economic collapse strike. Sadly, we have never even come close to recovering from the last recession, and this next crisis might end up being even more painful than the last one. The following are 17 reasons to be extremely concerned about the second half of 2012.... #1 Historical Trends... #2 JP Morgan... #3 Derivatives... #4 LEAP/E2020 Warning... #5 Increasing Pessimism... #6 Spain... #7 Italy... #8 Greece... #9 Cyprus... #10 Germany... #11 Bank Runs... #12 Preparations For The Collapse Of The Eurozone... #13 Global Lending Is Slowing Down... #14 Sophisticated Cyber Attacks On Banks... #15 U.S. Municipal Bankruptcies... #16 The Obamacare Decision... #17 The U.S. Election...
Why the Middle Class Is Doomed - Of Two minds - Charles Hugh Smith - April 17, 2012 - The dwindling middle class, squeezed by higher taxes and costs, is losing its political voice. The middle class is doomed by some very basic dynamics. Economic historian David Hackett Fischer laid out the fundamental dynamic in his book The Great Wave: Price Revolutions and the Rhythm of History. By assembling price and wage data stretching back hundreds of years, Fischer found that cycles of economic growth spawned population growth, an expanding number of workers entering the market economy (as opposed to the non-market subsistence economy) and a demand-driven expansion of essential commodities such as grain and energy (wood, coal, oil, etc.). In the initial phase, wages rise and commodity prices remain stable as supplies of essential goods expand and the demand for labor pushes up wages. But this virtuous cycle reverses when the supply of essentials no longer keeps pace with rising population and demand: the price of essentials begin an inexorable rise even as an oversupply of labor drives down wages.
Declining Wages
Income by Age Bracket
What all this reveals is that the middle class has lost its political power. Roughly 40% of all households receive a check or equivalent from the Federal government, while at the top Power Elite crony capitalists skim capital gains and pay an average of 17% of all income. The 100 million dependents on the Federal government (Central State) vote to support their share of the largesse, regardless of the consequences to future generations, and the Power Elite crony capitalists buy political protection for their cartels and financialization scams. The dwindling middle class ends up paying most of the taxes even as their percentage of the population falls to the point that their political voice is drowned out by more numerous dependents and Elites that both favor the Status Quo.
Former Obama Advisor: 'Fiscal Cliff' Plunge Likely - CNBC - Eamon Javers - June 26, 2012 - ...In an interview, Bernstein said no matter who wins the Presidency this fall, the fiscal cliff may be unavoidable. “If you actually play out the difference scenarios here, the President wins, Romney wins — it’s hard to see that we don’t go off this fiscal cliff,” Bernstein said. “Because I don’t see how this compromise gets made.”... That said, Bernstein argues that the fiscal cliff may not be the economic nightmare scenario many pundits have described. Bernstein thinks it’s possible to go over the cliff early in 2013, but not for long, and that Washington will come to a deal once the pain kicks in.... “If we can reverse it in a matter of two or three weeks — and there is a scenario in which that can happen — that would do a lot less damage to the economy than if we stayed over the cliff,” he said. Bernstein is currently a fellow at the Center on Budget and Policy Priorities and a CNBC contributor. The fiscal cliff is a series of politically imposed deadlines on tax and spending policy that are all set to hit at the same time at the end of 2012. Taken together, many analysts argue that a massive decrease in federal spending and increase in federal taxation could paralyze the economy just as it is struggling to creep out of recession. Here’s what’s slated to end by the end of the year: The US government is expected to hit the debt ceiling of $16.394 trillion by the end of 2012, although Treasury has ways of stretching this that could push that deadline into the early part of 2013. Speaker Boehner has said he’ll only support extending the debt limit again if there are spending cuts put in place that are larger than the debt increase itself. That, plus Democrats’ insistence on increased taxes, could force a rerun of last year’s damaging debt ceiling debate. The Bush tax cuts are slated to expire by the end of this year, too. Democrats and the President want to extend them only for those making less than $250,000 per year, while Republicans would like to extend the entire set of cuts. In the context of the debt debate, this will be a tricky one to resolve. Remember the “sequester?” That’s the term for automatic spending cuts set to kick in at the end of this year because last year’s super committee was unable to reach a spending deal. The cuts total about $1.2 trillion, and they start January 2, split between defense and domestic spending and causing an estimated 15 percent across the board cut at the Pentagon. Throw in a payroll tax holiday expiration and emergency unemployment benefits ending at the end of the year as well, and we’re looking at a very tough New Year’s Eve in Washington.
U.S. Economic Confidence Continues to Slide - Economic confidence declines to -26, lowest since late January - Gallup - Jenny Marlar - June 26, 2012 - U.S. economic confidence last week was hardest hit June 19-21, when it fell to -28, but it bounced back to -25 over the weekend. The midweek slide may have resulted from the anticipated Moody's downgrade of several major banks and one of the worst trading days of the year on Thursday. However, the market rallied back on Friday, which may have led to the weekend improvement in confidence. Gallup's Economic Confidence Index consists of two measures -- one assessing current economic conditions and the other assessing the nation's economic outlook. Americans' perceptions of current economic conditions worsened to -31, down four from the previous week, with 44% saying the economy is poor and 13% saying it is excellent or good. Attitudes about the economic outlook were down marginally last week, at -21.
Mortgage applications fell last week: MBA - Reuters - June 27, 2012 - Reporting by Anna Louie Sussman; Editing by Diane Craft - Applications for U.S. home mortgages fell last week as refinancing applications for government loans slowed, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7.1 percent in the week ended June 22. The MBA's seasonally adjusted index of refinancing applications decreased by 8.3 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell by 1.4 percent. The refinance share of total mortgage activity fell to 79 percent of applications from more than 81 percent the week before. Michael Fratantoni, MBA's vice president of research and economics, attributed the decline to a fall-off in refinance applications for government-backed loans, which had soared the previous week. "The large swings in activity were due to the implementation of FHA's new premiums on streamline refinances, and borrowers timing their application to lower their premiums," he said in a statement.
Wash Trading by High-Frequency Firms Said to Face U.S. Scrutiny - Bloomberg - Joshua Gallu and Silla Brush - Jun 22, 2012 - High-frequency trading firms are drawing scrutiny from U.S. regulators seeking evidence that they may be distorting market prices by conducting transactions with themselves, said two people with knowledge of the matter. So-called wash trades, in which a party buys a contract from itself, could be executed inadvertently by firms with multiple algorithms active in the same stock or derivative, said the people, who requested anonymity because the review isn’t public. Such trades, which can alter the price of shares if they are executed above or below market rates, would be illegal if deemed intentional efforts to manipulate stocks. The Securities and Exchange Commission and Commodity Futures Trading Commission have sharpened their focus on high- frequency and algorithmic trading since May 6, 2010, when about $862 billion was erased from stock values in 20 minutes before share prices recovered from the plunge. Regulators have expressed concern that some firms and electronic exchanges don’t have sufficient controls to prevent a range of events -- from improper trades to programming glitches -- that could roil markets even when there is no wrongdoing. High-frequency trading, in which computer algorithms are used to buy and sell stocks in fractions of a second, accounts for more than half of equity trading volume. Getco LLC and Citadel LLC, both based in Chicago, and New York-based Virtu Financial LLC are among the biggest automated-trading firms.
17 Reasons To Be EXTREMELY Concerned About The Second Half Of 2012 - The Economic Collapse Blog - What is the second half of 2012 going to bring? Are things going to get even worse than they are right now? Unfortunately, that appears more likely with each passing day. I will admit that I am extremely concerned about the second half of 2012. Historically, a financial crisis is much more likely to begin in the fall than during any other season of the year. Just think about it. The stock market crash of 1929 happened in the fall. "Black Monday" happened on October 19th, 1987. The financial crisis of 2008 started in the fall. There just seems to be something about the fall that brings out the worst in the financial markets. But of course there is not a stock market crash every year. So are there specific reasons why we should be extremely concerned about what is coming this year? Yes, there are. The ingredients for a "perfect storm" are slowly coming together, and in the months ahead we could very well see the next wave of the economic collapse strike. Sadly, we have never even come close to recovering from the last recession, and this next crisis might end up being even more painful than the last one. The following are 17 reasons to be extremely concerned about the second half of 2012.... #1 Historical Trends... #2 JP Morgan... #3 Derivatives... #4 LEAP/E2020 Warning... #5 Increasing Pessimism... #6 Spain... #7 Italy... #8 Greece... #9 Cyprus... #10 Germany... #11 Bank Runs... #12 Preparations For The Collapse Of The Eurozone... #13 Global Lending Is Slowing Down... #14 Sophisticated Cyber Attacks On Banks... #15 U.S. Municipal Bankruptcies... #16 The Obamacare Decision... #17 The U.S. Election...
Why the Middle Class Is Doomed - Of Two minds - Charles Hugh Smith - April 17, 2012 - The dwindling middle class, squeezed by higher taxes and costs, is losing its political voice. The middle class is doomed by some very basic dynamics. Economic historian David Hackett Fischer laid out the fundamental dynamic in his book The Great Wave: Price Revolutions and the Rhythm of History. By assembling price and wage data stretching back hundreds of years, Fischer found that cycles of economic growth spawned population growth, an expanding number of workers entering the market economy (as opposed to the non-market subsistence economy) and a demand-driven expansion of essential commodities such as grain and energy (wood, coal, oil, etc.). In the initial phase, wages rise and commodity prices remain stable as supplies of essential goods expand and the demand for labor pushes up wages. But this virtuous cycle reverses when the supply of essentials no longer keeps pace with rising population and demand: the price of essentials begin an inexorable rise even as an oversupply of labor drives down wages.
Declining Wages
Income by Age Bracket
What all this reveals is that the middle class has lost its political power. Roughly 40% of all households receive a check or equivalent from the Federal government, while at the top Power Elite crony capitalists skim capital gains and pay an average of 17% of all income. The 100 million dependents on the Federal government (Central State) vote to support their share of the largesse, regardless of the consequences to future generations, and the Power Elite crony capitalists buy political protection for their cartels and financialization scams. The dwindling middle class ends up paying most of the taxes even as their percentage of the population falls to the point that their political voice is drowned out by more numerous dependents and Elites that both favor the Status Quo.
We Are Living in a ‘Modern-Day Depression’: David Rosenberg - Yahoo Finance - By Aaron Task | Daily Ticker – Mon, Jun 25, 2012
Saturday, June 30, 2012
Thursday, June 28, 2012
July will not be boring
I know that most people go on vacation in July. Well, they all can go on vay-kay, but we aren't going anywhere. There are going to be some awesome developments taking place over the next few weeks that are going to make you start paying closer attention. So stay tuned...
Now the world is getting older There´s a few things to be said Do you believe the things they told you Do you believe the things you´ve read There´s a rumour on the corner But it´s always been denied Cause they don´t want you any wiser You´re just toeing the party line From the west side to the east side From the north side to the south You´ll never get bad information If you believe in the word of mouth Look out for those who still want to hang on Look out for those who live in the past Get out and listen to the whisper Because the times are changing fast From the west side to the east side From the north side to the south You´ll never get bad information If you believe in the word of mouth You don´t believe the information You don´t believe it when it´s denied So when you´re reading explanations You have to read between the lines From the west side to the east side Through the windows I´m looking out You´ll never get bad information If you believe in the word of mouth From the west side to the east side From the north side to the south You´ll never get bad information If you believe in the word of mouth
"Word of Mouth" by Mike and the Mechanics - © 1991 Hidden Pun Music, Inc (BMI)/63 Songs Ltd.
[ From: http://www.elyrics.net/read/m/mike-&-the-mechanics-lyrics/word-of-mouth-lyrics.html ]
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