Even Apart From The "complementary" Provision, Gramm Quietly Added Another Time Bomb To The Law, A Grandfather
Even apart from the "complementary" provision, Gramm quietly added another time bomb to the law, a grandfather clause, which said that any company that became a bank holding company after the passage of Gramm-Leach-Bliley in 1999 could engage in (or control shares of a company engaged in) commodities trading – but only if it was already doing so before a seemingly arbitrary date in September 1997. This was nuts. It was a little like passing a law that ordered you to leave the Army if you were gay in November 1999 – but if you were a heterosexual soldier as of September 1997 and then somehow became gay after 1999, you could stay in the Army. For nearly a decade, this obscure provision of Gramm-Leach-Bliley effectively applied to nobody. Then, in the third week of September 2008, while the economy was imploding after the collapses of Lehman and AIG, two of America's biggest investment banks, Goldman Sachs and Morgan Stanley, found themselves in desperate need of emergency financing. So late on a Sunday night, on September 21st, to be exact, the two banks announced they had applied to the Federal Reserve to become bank holding companies, which would give them lifesaving access to emergency cash from the Fed's discount window. The Fed granted the requests overnight. The move saved the bacon of both firms, and it had one additional benefit: It made Goldman and Morgan Stanley, which both had significant commodity-trading operations prior to 1997, the first and last two companies to qualify for the grandfather exemption of the Gramm-Leach-Bliley Act. "Kind of convenient, isn't it?" says one congressional aide. "It's almost like the law was written specifically for them." The irony was incredible. After fucking up so badly that the government had to give them federal bank charters and bottomless wells of free cash to save their necks, the feds gave Goldman Sachs and Morgan Stanley hall passes to become cross-species monopolistic powers with almost limitless reach into any sectors of the economy.
Matt Taibbi 'The Vampire Squid Strikes Again'
More Posts from Dclcq and Others
Madonna Kolhbenschlag, in Kiss Sleeping Beauty Goodbye, however, pleased me very much when she explained that in the original version of the Frog Prince story, the frog was transformed not by a kiss but only when the princess acknowledged her disgust, picked him up, and threw him in the fire. I have seen more men changed, I think, when their wives stopped putting up with their chauvinism than through their acceptance of it. I have seen children change when their parents thought enough of them to demand that they act in keeping with their inner wisdom, or at least common sense. I think love, wise love, sometimes demands a transformative toss into the fire, rather than the reinforcement of beastliness or froggishness in people.
Carol S. Pearson
Last rays in a snowy forest
niiloi
Where are the limes, and what is to be done?
The Great North American Lime Shortage of 2014 has people panicked. As the heat of the summer looms, the national media is running frenzied articles, families are being ripped apart, bartenders are at each other's throats and lime hoarding is rampant.
Consumption (of limes) has risen dramatically since the 70s, and people have been living beyond their means, delaying the inevitable reckoning with citrus-fueled bacchanalias.
Globalization and the destruction of lime farming in the U.S. now means that most limes here come from Mexico. And this production has been severely damaged by a combination of bad weather (probably caused by global warming), bacterial infection (no doubt drug resistant) and, of course, drug cartels[1], who are supposed to be hijacking supply.
We will not inquire further into the ultimate causes of the lime shortage and simply discuss coping mechanisms (or, if you prefer, routes to salvation).
[1] If the war in Iraq did not guarantee cheap oil, and the drug war in Mexico does not guarantee cheap limes, then what is war good for? Also, at least according to the New York Times, drug cartels are taking over the avocado business too, so we should all be concerned. Maybe United Fruit will step in to save us all.
- Rishidev Chaudhuri
One of the big dangers, one of the big problems with technology. It develops much faster than human society and human morality, and this creates a lot of tension. Once you really solve a problem like direct brain-computer interface ... when brains and computers can interact directly, to take just one example, that's it, that's the end of history, that's the end of biology as we know it. Nobody has a clue what will happen once you solve this. If life can basically break out of the organic realm into the vastness of the inorganic realm, you cannot even begin to imagine what the consequences will be, because your imagination at present is organic. We're basically learning to produce bodies and minds. And if there is a gap between those that know how to produce bodies and minds and those that do not, then this is far greater than anything we saw before in history. And this time, if you're not fast enough to become part of the revolution, then you'll probably become extinct. ... You look at Japan today, and Japan is maybe 20 years ahead of the world in everything. And you see these new social phenomena of people having relationships with virtual spouses. And you have people who never leave the house and just live through computers. And I don't know, maybe it's the future, maybe it isn't, but for me, the amazing thing is that you'd have thought, given the biological background of humankind, that this is impossible, yet we see that it is possible. Apparently, Homo Sapiens is even more malleable than we tend to think. Nobody would doubt that all the new technologies will enhance again the collective power of humankind, but the question we should be asking ourselves is what's happening on the individual level. We have enough evidence from history that you can have a very big step forward, in terms of collective power, coupled with a step backwards in terms of individual happiness, individual suffering.
Yuval Noah Harari Edge.org, 'Death is Optional'
Yvan Feusi - Media Overdose
