Too Big To Fail model is most profitable
Why the Preemptive Break Up of Financial Institutions Would Be Bad for New York -- and America
Dear Members of the New York State Congressional Delegation,
The Partnership for New York City is an organization of business leaders who are committed to the continued success of the city and state economy. We are writing because we know you share this commitment and that you are working to develop policies that will lead us toward economic recovery and full employment.
In that regard, we want to alert you to proposed legislation that could diminish America's standing as a preeminent, global financial center and inflict particular damage on New York. This is the call for the preemptive and arbitrary break up of large, complex, and interconnected financial institutions. Enacting such a provision would give foreign competitors the opportunity to capture market share among the world's largest corporate and investor clients -- those that demand the huge capacity and global reach that only our biggest U.S. banks have. We cannot afford for proposals like this to make it into the financial reform package and we hope every member of the delegation will make it their business to oppose them.
The "FIRE" sector - finance, insurance, and real estate - is particularly important in New
York. It produced more than $363 billion in economic output in 2008, accounting for 31.7% of New York's Gross State Product, and currently employs 684,100 people statewide. The securities industry has the greatest impact, with every Wall Street job responsible for creating or maintaining 3.3 additional jobs in other sectors. In terms of taxes, financial services represents 20% of the state and 12% of the city tax revenues.The global finance industry, with companies and top talent that could locate anywhere in the world, is heavily concentrated in New York, with benefits that reverberate across the country. To retain its position as a global financial leader, the U.S. needs institutions of all sizes, business models, and expertise. For a global city like New York, large, multinational institutions are what connect our local businesses, large and small, to markets around the world and attract foreign companies to come to New York to raise capital and generate jobs. (One out of nine employed New Yorkers works for a foreign company.)
Reform of America's financial regulatory framework is essential. There are plenty of ways to achieve reform and reduce risk and taxpayer exposure without destroying institutions that are the anchors of our global financial center. We hope you will work with us to distinguish useful reform from overkill reactions.
Thank you for your consideration.
Allow me...
Show me one person who is against economic recovery and full employment? Saying this does not give you exclusive ownership of this idea or that your ideas will produces such ends.
While there are other ways to reduces the risk of too big to fail, these methods seem to center around allowing banks to commit greater fraud. This letter does not diagram ANY leadership to accomplish risk reduction.
In this letter there is no analysis on the global financial industry. Foreign competitors may get a real advantage if we pre-emptively break up our banks but the real question is,should these foreign banks be broken up too? If so, can we apply laws to level the playing field until they do?
Now for the numbers: $363 b in economic output in 2008, 31.7 of NY's GSP, employs 684,100 people state-wide. I'm not really sure of the point of the numbers except that a few people may move out of New York or out of the United States. It should be noted that an industry that produces virtually nothing other than stealing other peoples' wealth and calling it industry profit is does not have "benefits that reverberate across the country." It's hurting all the other sectors where that money is coming from.
Lastly, you know how you always hear about layoffs when two companies merge? Well, when they split the opposite happens. They need to hire more people. This reverse redundancy is a point that most banksters or large companies don't like to tell you. Splitting up the banks would produce more competition, less monopoly (or oligopoly), lower rates, lower APRs, more jobs, and more State GSP.
Will you kindly explain why "Too Big To Fail" is a good thing again?
9/11 Truth – The Pentagon Attack
National Security Alert - Citizen Investigation Team
To whom it concerns, i.e., everyone:
In 2006 Citizen Investigation Team launched an independent investigation into the act of terrorism which took place at the Pentagon on September 11, 2001. This exhaustive three-year inquest involved multiple trips to the scene of the crime in Arlington, Virginia, close scrutiny of all official and unofficial data related to the event, and, most importantly, first-person interviews with dozens of eyewitnesses, many of which were conducted and filmed in the exact locations from which they witnessed the plane that allegedly struck the building that day.Be forewarned: Our findings are extraordinarily shocking and frightening. They are also deadly serious, and deserving of your immediate attention. This is not about a conspiracy theory or any theory at all. This is about independent, verifiable evidence which unfortunately happens to conclusively establish as a historical fact that the violence which took place in Arlington that day was not the result of a surprise attack by suicide hijackers, but rather a false flag "black operation" involving a carefully planned and skillfully executed deception.
If you are skeptical of (or even incensed by) this statement we do not blame you. We are not asking you to take our word for it, nor do we want you to do that. We want you to view the evidence and see with your own eyes that this is the case. We want you to hear it directly from the eyewitnesses who were there, just as we did.
Please understand that this information is not being brought to your attention simply for educational purposes. It is presented within the context of a “call to action” accompanied by a detailed step-by-step strategy intended to inspire and empower you to do something about it. But first, please familiarize yourself with the evidence by viewing and paying close attention to the 81-minute video presentation, National Security Alert.
Thank you for your concern and thank you for your action.
Sincerely,
Craig Ranke and Aldo Marquis
Citizen Investigation Team
NATIONAL SECURITY ALERT - SENSITIVE INFORMATION from Citizen Investigation Team on Vimeo.
Citizen Investigation Team offers this compilation of independent verifiable evidence exposing the 9/11 attack on the Pentagon as a psychological black operation of deception. Consider this a non-violent call to action as everyone is encouraged to copy and distribute this conclusive evidence to media, political, and authority figures while first requesting, and then demanding a response. Inaction by authorities and media to this information amounts to a crime of obstruction of justice so it's time they are held accountable. This is particularly the case as more innocents are slaughtered and additional billions of dollars are spent on a fraudulent "war on terror" perpetuated under any other name. Please visit CitizenInvestigationTeam.com for full resources and a step-by-step strategy as to how you can take action on this critical life or death information. Click on the below link to subscribe to receive email notifications of updates:
http://cli.gs/EPband
Make up your own mind.
When you look at the impact on the building ask yourself, where is the damage from the wings and engines?
Joy Tiz: Conservative and Uninformed
This is a great interview of Joy Tiz by Cenk Uygur on The Young Turks. It's a shocking inside look into emotion as a driver of policy instead of logic. The left has this problem too but it seems to be worse on the right.
It really doesn't seem like this woman has a logical bone in her body.
Why go for just Muslim extremists when we really should be worried about all extremists: Muslim, Christian, Nazi, and all other mass murderers including those in the US Military. Singling out a single group only means that you've learn that they are not you and you are not them. This is wholly untrue. We are all people.
It would have been interesting if Cenk had asked her what is so terrifying about Muslims that they all need to be suspect. Her answer to this question would be very revealing of her psychology.
Joy was talking about extremist muslims and she was 2 orders of magnitude off in the number of Muslims in the world. She said 7m Muslims worldwide. It's about 1,570m. That's 225 times her estimate. When she has the inability to count, or even look up the number on wikipedia (takes about 30 seconds), she just suddenly has an informed opinion? Logically, it does not work that way. To have an informed opinion, you must first be informed.
As a Psychologist and with a JD under her belt, I would expect her to know about logical fallacies and how easy they are to fall into. With this in mind, one must always be checking, double checking, and so forth for flaws in your conceptual framework and train of thought. She would also know what to do to sell an idea that has logical fallacies. Isn't that what lawyer do? (Sorry, bad joke). [Ed Note (12/19/2009): Joy Tiz is not a lawyer as in 1995 she resigned. This was unknown during the writing of this post.]
Really, her ability to rationalize is much greater than her ability to seek the truth. If you live in New York City and decide to drive to Los Angles, you can't stop at the first stop sign and declare your there. It seems like Joy Tiz and Sarah Palin are in a group by themselves.
Anyone taking Joy Tiz seriously should just fact check what she says. Underestimating the number of muslims in the world by 225 times is the nail in the coffin for me to render the verdict: Talking Head Wannabe without any real substance. She's all style, rhetoric, and ideology.
K, Even if 1% of all Americans were terrorists, that's a huge number! That's got to be like 1000 people, maybe more. LOL. You get my point.
Lastly, why do people argue facts? A "fact" is either true or it's not true. You can't "concede" a fact. Apparently beliefs are more important to her than facts... for example, as in, it's more important to believe the world is flat than to know it's round and has a diameter of about 25,000 miles. This makes everything she says suspect due to the unknown roots of each argument.
So Joy, good luck with that. Respectfully yours.
(And just for the record, there are some amazing Conservative Thinkers and Republicans just as there are some amazing Liberal Thinkers and Democrats out there)