July 25, 2010
COLUMBUS: President Obama signed the Dodd-Frank Financial Reform bill. But really, it’s more of a Jobs bill, and all the new jobs will be in Washington. Thousands of Wall Streeters will move down there to advise the government on how to reform Wall Street. A couple dozen Harvard professors will be hired to assist them. Their job will be to write the rules in such a way that nobody can understand them except lawyers. Only one thing will be clear: there will be no rules or regulations pertaining to the financial dealings of Fannie Mae and Freddie Mac. Or Congress. Thereby assuring the failure of any financial reforms.
You have read in the papers that Wall Street banks paid bonuses of $2 Billion. These bonuses were paid even though those same outfits went so deep in the hole they had to be bailed out with $800 Billion. It kinda makes you wonder how much those birds rake in when they’re profitable.
Meanwhile, the BP Board of Directors is giving CEO Tony Heyward a $15 Million bonus. To leave. He also gets to keep his yacht and all the oil he can scoop up from the Gulf. No word from the Board yet if they are accepting my suggestion to change the name from BP to Amoco. That idea ought to be worth another $15 Million.
Here in Columbus, the mayor cut the ribbon on a new bridge. It was designed by a Harvard professor named Spiro Pollalis who said the 660 foot long bridge would cost $20 million. It’s called an inclined-arch bridge with one arch, not two, and the arch leans about 10 degrees upstream. Well, he designed it with match sticks and the engineers had to add a million pounds of steel to the design and 2500 cubic yards of concrete so it wouldn’t fall in the river. The cost TRIPLED to $60 million. But the mayor says it’s worth it because this bridge will become the symbol for Columbus, Ohio, the way the Space Needle is to Seattle, the Gateway Arch is to St. Louis and the Leaning Tower is to Pisa.
It seems we spent $20 million to cross the river and $40 million for advertising purposes. From now on, whenever you see on TV a prominent person being interviewed in Columbus, he will be standing in front of this bridge. Or maybe he’ll be standing on it, where hordes of tourists eventually will be photographed, pushing against the tilting arch. The mayor will go down in history because the city will become famous worldwide as the home of the Leaning Bridge of Columbus.
Professor Pollalis was asked about the extra $40 million for his bridge design, he scoffed and said, "In Athens, Greece, today nobody thinks about what the Parthenon cost." He’s right. Greece has been operating by that same economic plan for centuries. That’s why they’re broke.
Historic quote from Will Rogers:
"Banking and After Dinner Speaking are two of the most Non-essential industries we have in this country. I am ready to reform if they are." WA #14, March 14, 1923
Randall Reeder
Will Rogers Today http://willrogerstoday.com
614-477-0439 willrogers@aol.com
Need a Speaker? Hurry up and hire me before I die... again.
Showing posts with label Dodd-Frank Bill. Show all posts
Showing posts with label Dodd-Frank Bill. Show all posts
Sunday, July 25, 2010
Monday, July 19, 2010
Weekly Comments: Wall Street reform, carbon taxes and the Constitution #612
July 16, 2010
COLUMBUS: The big financial reform bill passed Congress. This is the Dodd-Frank bill I told you about last month. I thought they had passed it at 5 in the morning, but that was only a preliminary bill. They took another three weeks to see how much more they could pile on to it.
They got the bill up to 2300 pages, but they still could not find room for even a paragraph on Fannie Mae and Freddie Mac. How can they claim to reform Wall Street and prevent another financial catastrophe when the main culprits are left alone? That’s like saying, we will stop illegal immigration by patrolling the Mexican border, except for Arizona.
Next they are going to take on the electric power companies. See, this oil spill down in the Gulf made Congress so mad at Big Oil they are getting even by attacking Coal. Senator Kerry says we can’t tax the carbon in oil and gasoline now, so we’ll tax the carbon in coal. I guess he figures we would gripe if we see the price of gasoline increase at the pump, but an increase in the electric bill will slip through.
It appears that BP has capped the well. Once we know for sure there is no more oil leaking into the Gulf, vacationers will return to the beaches. There will still be millions of gallons of oil floating in the water, but people will react to a few tar balls the same as they do to jellyfish: we’ll put up with a little annoyance to enjoy the water and sandy beaches.
The heat has been in the news, and not just the Heat in Miami that signed LeBron James. It’s been so hot across the country Al Gore wishes he had scheduled a Global Warming conference this month. He could gather his doubters in a big convention center, turn off the air conditioning, and start talking. By supper time they would all be persuaded. And talking all day, Al would sweat so much he could go straight to sleep without need of a massage.
The NAACP is angry at the Tea Party, and the Tea Party is upset about the Black Panthers. The Constitution is in the middle, and you wonder how many have read it.
Historic quotes from Will Rogers:
(Many folks say) "‘Leave the Constitution alone.’ And that's mighty good logic. But here's something they forget. You or I can rightfully say we got where we are by these laws, but there's a lot of folks that haven't got anywhere under ‘em, you know. And the prospects ain't any too bright for 'em to get any further. So they might not be averse to some small change in the Constitution. They might say, ‘Yes, give us what you've got, and we'll say it's a perfect Constitution, too.’ See?
So it all gets back to just how good has the Constitution been to you? That's all it is. And nobody can answer that question but yourself. I would say that to the big majority, almost a unanimous majority over a long course of years, it's been a mighty fine old document, and any person will think mighty serious before he'll vote for any change in the Constitution." Radio, July 9, 1935
Randall Reeder
Will Rogers Today http://willrogerstoday.com
614-477-0439 willrogers@aol.com
Need a Speaker? Hurry up and hire me before I die... again.
COLUMBUS: The big financial reform bill passed Congress. This is the Dodd-Frank bill I told you about last month. I thought they had passed it at 5 in the morning, but that was only a preliminary bill. They took another three weeks to see how much more they could pile on to it.
They got the bill up to 2300 pages, but they still could not find room for even a paragraph on Fannie Mae and Freddie Mac. How can they claim to reform Wall Street and prevent another financial catastrophe when the main culprits are left alone? That’s like saying, we will stop illegal immigration by patrolling the Mexican border, except for Arizona.
Next they are going to take on the electric power companies. See, this oil spill down in the Gulf made Congress so mad at Big Oil they are getting even by attacking Coal. Senator Kerry says we can’t tax the carbon in oil and gasoline now, so we’ll tax the carbon in coal. I guess he figures we would gripe if we see the price of gasoline increase at the pump, but an increase in the electric bill will slip through.
It appears that BP has capped the well. Once we know for sure there is no more oil leaking into the Gulf, vacationers will return to the beaches. There will still be millions of gallons of oil floating in the water, but people will react to a few tar balls the same as they do to jellyfish: we’ll put up with a little annoyance to enjoy the water and sandy beaches.
The heat has been in the news, and not just the Heat in Miami that signed LeBron James. It’s been so hot across the country Al Gore wishes he had scheduled a Global Warming conference this month. He could gather his doubters in a big convention center, turn off the air conditioning, and start talking. By supper time they would all be persuaded. And talking all day, Al would sweat so much he could go straight to sleep without need of a massage.
The NAACP is angry at the Tea Party, and the Tea Party is upset about the Black Panthers. The Constitution is in the middle, and you wonder how many have read it.
Historic quotes from Will Rogers:
(Many folks say) "‘Leave the Constitution alone.’ And that's mighty good logic. But here's something they forget. You or I can rightfully say we got where we are by these laws, but there's a lot of folks that haven't got anywhere under ‘em, you know. And the prospects ain't any too bright for 'em to get any further. So they might not be averse to some small change in the Constitution. They might say, ‘Yes, give us what you've got, and we'll say it's a perfect Constitution, too.’ See?
So it all gets back to just how good has the Constitution been to you? That's all it is. And nobody can answer that question but yourself. I would say that to the big majority, almost a unanimous majority over a long course of years, it's been a mighty fine old document, and any person will think mighty serious before he'll vote for any change in the Constitution." Radio, July 9, 1935
Randall Reeder
Will Rogers Today http://willrogerstoday.com
614-477-0439 willrogers@aol.com
Need a Speaker? Hurry up and hire me before I die... again.
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