Bring Back Glass-Steagall Laws

May 16, 2012 13:00 pm

by Charlie · 5 comments

Today’s Courier Herald Column:

Late last week, JP Morgan Chase announced to investors that the company would be taking an unexpected loss of about $2 Billion because of unexpected trading losses in derivatives.  The company’s London investment office created an insurance product as a hedge against the credit default of 125 large North American based companies.

JP Morgan bet big that an improving economy would increase the value of their hedge.  Instead, they flooded the market with too much of the product, with the hedge becoming significantly larger than the underlying index which they were attempting to mitigate risk.  Unwinding the positions will cost the bank dearly, not only with a large amount of the bank’s capital but by shaking the institution’s squeaky clean image.  JP Morgan Chase had been one of the few large institutions that emerged fairly unscathed from the financial meltdown of 2008.

The problems for JP Morgan have more to do with public perception than financial realities.  It claimed roughly $175 Billion of equity on its balance sheet at the end of last year and is earning about $5 Billion per quarter.  It can handle the financial loss.

The fact that a large bank can continue to have internal controls that allow investment units to create investment instruments with unknown risks and lose billions demonstrates that the problems that caused the 2008 financial crisis may not have been fully mitigated.  The fact that it occurred at a bank with JP Morgan’s image and on the watch of its CEO Jamie Diamon reminds a nervous financial community that unexpected financial losses can happen anywhere, and under any management team.

The question remains are there policy changes that need to be made. [click to continue…]

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The Big Day Has Arrived

May 16, 2012 7:53 am

by Ed · 12 comments

Hartsfield-Jackson International Airport opens the brand new international terminal today. It will be known as Terminal F.

The importance of the new terminal can’t really be overstated. Perhaps an indication of that, the opening has garnered nationwide attention c.f.:  USA Today, “Marketplace” from APM etc. I wouldn’t be surprised if by Sunday The New York Times covers the opening.

Closer to home, The AJC reports on the projected impact of the new terminal and the path the terminal took to completion.
Personally I’m looking forward to the new terminal’s opening and will hopefully(?) use it soon. The current international arrival system is godawful and one of the least-efficient setups in the U.S. and possibly the world.

If you are on that first flight from ATL to Narita, or any other flights today/this week, let us know how it goes in the comments.

PS: So the title was a little misleading. “The Big Day” arrived about a month ago. Read all about it here in the greatest Peach Pundit thread ever, of all time.

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According to CBS Atlanta, voters in Douglasville won’t be able to decide on whether or not they can purchase alcohol on Sundays.  The city council passed a ballot measure that city voters would vote upon during the November general election, but measure was vetoed by Mayor Harvey Persons.  Mayor Persons also vetoed a measure that would have allowed bars to serve alcohol until 2a on Sunday morning.

The Douglasville Patch has a letter from the Mayor explaining why he vetoed both measures:

“The Douglasville Mayor has the authority to veto any action of the City Council,” reads the statement. “These two vetoes will be reported officially to the City Council during its Tuesday, May 15, legislative work session. The City Council during its regular meeting on Monday, May 21, can override each of the Mayor’s vetoes should five members vote to do so.”

“I opposed this change in the City’s current ordinance because I believe it negatively would impact the public safety of the City and would result in our streets and roads becoming more dangerous,” Persons said of extending pouring hours till 2 a.m. on Sunday.

Regarding letting voters have the chance to vote on a Nov. 6 Sunday sales referendum, the Mayor said, “I am opposed to this, and I feel there already is sufficient time during the week when people can make purchases of packaged beer, wine, and spirituous liquor.”

As stated, the City Council has the option to override one or both of the Mayor’s vetoes if they feel so inclined.

 

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Today’s Courier Herald Column, posted early so you can think about lunch:

40 years ago, the Watergate break in had not yet happened.  The Atari corporation introduced “Pong” to the world.  The Godfather was the top film at the box office.  And on this date in 1972, Ann Price opened a small hamburger stand on Memorial Drive in East Atlanta.

Most of the world has changed significantly since then.  Though I was not a regular customer of Ann’s Snack Bar until recently, I would be willing to bet it hasn’t changed.  It is a one counter operation that serves eight customers at a time.  “8 stools and 8 rules” is the unofficial slogan.  Ann has been preparing cheeseburgers by hand six days a week for four decades, and when you are in her establishment, there are rules.

You don’t enter Ann’s restaurant unless there is a stool open.  If you do, you are quite liable to have a spatula waved at you as you are told to wait on the porch.  You don’t curse inside Ann’s.  You don’t lean on her counter.  And I would recommend you not even think about talking on your cell phone while waiting on your order.

The rigid atmosphere of Ann’s has earned her comparisons to the “Soup Nazi”, a character from the Seinfeld TV series.  It is understandable, but unfair.  Ann is neither irrational nor unfriendly.  Quite the contrary, Ann is a pleasant and cheerful person who has a beautiful smile when you can break the concentration of her cooking and get her talking about her accomplishments. [click to continue…]

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State Senator Jeff Mullis and State Representative Jay Neal will be holding an open office day along with representatives from the offices of US Senators Johnny Isakson and Saxby Chambliss.  From the Walker County Messenger:

State Sen. Jeff Mullis (R-Chickamauga), Rep. Jay Neal (R-LaFayette) and representatives of U.S. Sens. Johnny Isakson (R-Ga.) and Saxby Chambliss (R-Ga.) will host an “open office day” on June 5 from 9-11 a.m. at the Walker County Civic Center and from 2-4 p.m. at the Colonnade in Catoosa County.

Residents will have an opportunity to meet with them about any issues concerning state or federal government. No appointment is required.

“As elected officials, it is important for us to get out and hear the concerns of our constituents,” Mullis said. “The open office day gives northwest Georgia residents the ability to speak directly with their state delegation in a productive way. We try to offer an open office day each year in the district for the convenience of our constituents.”

Denise Clopton will serve as the representative for Isakson, and Darren Kendall will serve as the representative for Chambliss.

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State Representative Jay Neal, who will now be running for the new district 2 state house seat that covers Walker, Catoosa, and Whitfield Counties, kicked off his campaign with a fundraiser and rally yesterday evening at the Gordon Lee Mansion in downtown Chickamauga.  I had the honor of being invited to the event and was able to attend a reception that featured Congressman Tom Graves, former Falcons running back Gerald Riggs, and former Braves center fielder Otis Nixon.  Although there was rain in the forecast, the event was well-attended for a Monday after work with the threat of rain (I’d say probably around 100 or so folks were there).  All around, it was a really good event.

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Here in Georgia…
- John Smoltz will speak at the Atlanta Press Club on Monday.
- Reps. John Lewis and Hank Johnson have signed onto a lawsuit to end the filibuster.
- Atlanta Public Schools approved some 500 job cuts yesterday.

National stories of interest…
- Mitt Romney is due to make a major speech about the budget deficit today in Iowa.
- Ann Romney was recently compared to Stalin and Hitler on MSNBC.
- Wisconsin Gov. Scott Walker leads his recall race by nine points.
- California will attempt to solve its continuing budget woes by raising taxes on the rich.
- Family Guy poked at the Tea Party on Sunday.
- FAMU’s band will remain on the sidelines for another year.
- Is the GOP having an internal debate over gay marriage?
- The Pentagon conducted a study about studies.
- You can’t buy a Coke or a pack of gum with a debit card anymore.

A few that I like…
- Gallup shows that Americans are the happiest they’ve been since 2008.
- Will the Braves resign Michael Bourn?
- National Journal provides demographics of America’s war veterans.
- Georgia Bulldogs star Aaron Murray has graduated.
- Rumor is that the iPhone 5 will be completely redesigned.
- A fatty meal hits your waist in three hours.
- Parks and Recreation has been renewed for another season.
- The USFL is making a comeback?

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Congressman Ron Paul announced today that he would no longer be seeking votes in states that have yet to have their presidential preference primaries.  However, he will be working on his strategy to maximize the number of delegates in the states that have already voted and who have not elected their delegates to the national convention yet.  From the Washington Times:

Mr. Paul said he will continue to work to win delegates in states that have already voted and where the process of delegate-selection is playing out. He said that’s a way to make his voice heard at the Republican nominating convention in Tampa, Fla., in August.

“Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted,” Mr. Paul said. “Doing so with any hope of success would take many tens of millions of dollars we simply do not have.”

He did encourage his supporters to still turn out and vote.

Sock puppets, have at it.

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Today’s Courier Herald Column

This Friday, Republicans from across Georgia will gather in Columbus for a two day State GOP Convention. There will be a lot of speeches made, a considerable amount of mixing and mingling between elected officials and the grass roots leadership of the party, and the occasional stops within hospitality suites where those running or looking to run for office entice would be supporters with hors d’oeuvres and perhaps an adult beverage or two. Perhaps.

The official purpose of this gathering is to nominate the delegates and alternates who will represent Georgia in Tampa later this year when the Republican National Committee meets to nominate Mitt Romney, his chosen running mate, and hash out the details of the party platform. This will not take the two days allocated, and so there will be a bit of time that needs filling.

In between the speeches by most of Georgia’s Republican members of the congressional delegation and statewide elected officials, there will be resolutions offered. Providing that the resolutions committee sends to the floor one of the resolutions offered by various district conventions held last month, there will be at least one resolution asking if convention delegates agree that the Republican dominated legislature needs to get serious about offering meaningful ethics reform.

Because the nature of the convention is to project what the party stands for, and who shall stand for it, passing a meaningful and clearly worded ethics resolution must be a priority for the delegates. It should not be sanitized as a mealy mouthed statement affirming high ethical values from elected officials. It must instead embrace the reality that Georgia’s ethics laws are meaningless and unenforceable. It must demand action from the Republican elected officials who will be working the crowd of faithful Friday and Saturday.

As such, those faithful need to let their state level elected officials have an ear-full on ethics. Words should not be minced. The tone deaf approach to ethics is not what we promised when we were on the journey to becoming a majority. If the leadership of the grass roots and the party itself is silent on the issue, then we must accept the fact that ethical governance was merely sloganeering of convenience whose time has passed.

The GOP Chairman, Sue Everhart, herself ran for re-election last year on a platform of independence from the Governor and ostensibly other elected officials so that the party could remain a guiding force for Republican principles. As such, it is incumbent on her to reiterate the party’s demands that Georgia be governed according to the strongest ethics laws in the country, not the worst.

The Republican legislature has already proven incapable of self-governance. The response to a Speaker leaving under an ethical cloud was to gut the ethics commission, re-name it, and ensure that there are barely enough staff to even process required forms of self-disclosure. There are no remaining margins for initiative or investigation.

On the current ethics issue facing Senate Rules Chairman Don Balfour, the Senate Ethics Committee met in secret, only to quickly decide along the narrowest definitions of Senate Rules that they did not have the jurisdiction to handle the complaint before them. Yet instead of then referring the complaint to a body that does have jurisdiction such as Georgia’s Attorney General, they chose to “continue” the meeting so as to not have to act on the complaint before them, nor let anyone else. They are, instead, “investigating” a complaint that they have already voted they do not have jurisdiction to handle. That, currently, is how we deal with ethics in Republican controlled Georgia Government.

Republicans will hear a lot of speeches Friday and Saturday. Many will deal with how the President of another party must be removed so that order can be restored to the government in Washington D.C.

The speeches that we need to hear in Columbus, however, have to do with how we deal – and don’t deal – with ethical transgressions of government and abuse of power here at home.

Republicans have a chance at their gathering this weekend to firmly and clearly say where they stand on the need for ethics reform for Georgia’s government. Failure to say anything will be the loudest statement possible to condone the status quo, and the pattern of practices for ethical failure that has become commonplace in this Republican Georgia.

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“The Campaign”

May 14, 2012 10:00 am

by Charlie · 2 comments

…because Filipino Tilt-A-Whirl operators are this nation’s backbone.

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Tuesday through Friday of last week we asked readers to text their opinions on the upcoming regional T-SPLOSTs.  Our final results are in, and are as follows:

No – 51.40%

Yes – 46.36%

Und – 2.24%

Make of the results what you will in the comments section below.

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Even Norm Gets Emotional When Talking About The "Best Peach Pundit Roadshow Ever"

In case you have forgotten already, the Peach Pundit Roadshow hits up Columbus this Friday at The LOFT’s Green Room at 1032 Broadway, Columbus, GA.  We’ll be there from around 6p until 9:30~ish. After then, who knows.  There’s normally a cover charge, but we’ve taken care of that for you as long as you say you’re there for the Roadshow.

Mark believes this could be the “best Peach Pundit Roadshow ever.”  I believe it could be as well.  Don’t disappoint Mark and make him cry in the Guinness you’re buying him (expect to buy Charlie a beer too, but don’t expect him to shed tears over anything).  Come on out and meet the cast of characters from the front page, some of your favorite (and not so favorite) commenters, and general spectators.  Heck, there may be even an elected official or two who may drop by and say hello.

As always, we look forward to seeing most of you.  Others, not so much.

::UPDATE::  Buzz mentioned in the comments that it’s best to arrive early because there may be a “special guest” who drops in for a visit.  Not sure who the “special guest” is, but hopefully someone other than Buzz…not to say Buzz isn’t special, of course.

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Good morning. On this day in 1787, delegates to the Constitutional Convention began assembling in Philadelphia. In 1804, Lewis & Clark left St. Louis to begin their expedition, and in 1864 the Battle of Resaca began in NW Georgia.

Georgia News Of Interest

Today you can drive on the shoulder on 400 if you want to.

GPB News: Rural Post Offices Face Reduced Hours

Fulton Science Academy was turned down by the State School Board and my try to go private. Ivy Prep meanwhile, received a two year charter from the State.

Science scores of Georgia’s students are improving.

Maureen Downey posts a column by a recent Cross Keys High School graduate who urges students to “be more responsible for their learning.”

Did Paine College use federal funds meant for students to pay other bills?

Gwinnett resident Paula Hastings offers another view of the Airport Privatization Review Committee’s vote to oppose commercial flights at Briscoe Field.

Atlanta Forward points us to two opinions on lobbyists. Don McAdam says the “mere perception of a conflict is doing great damage to the integrity of our legislative process” while Jet Toney says “The presence of professional advocates on several sides of each issue assures a thorough and healthy debate.”

Maria Saporta remembers a time when “Atlanta stood for something.”

National/International News Of Interest

Newsweek declares President Obama “the first gay President.” Since Clinton was our first “black President” I suppose Obama needs something to be remembered for.

Meanwhile the allegation that Romney bullied a gay classmate in high school has some factual problems.

Channeling Bill Clinton, John Edwards’ defense relies on the legal definition of “the.”

Gernman Chancellor Angela Merkel’s party suffered a large electoral defeat this weekend. Apparently austerity isn’t cool in Europe anymore. Jim Galloway notes that austerity as a political philosophy is a tough sell and quotes Congressman Rob Woodall on his advice at how to convince voters it’s the way to a brighter future.

Is the Ted Cruz v David Dewhurst Senate race in Texas the next place the TEA Party will flex it’s muscles?

Governor Jerry “Moonbeam” Brown was shocked to learn California’s budget deficit has grown from $9 billion in January to $16 billion today. If voters approve his plan to raise sales taxes and place a surcharge on the rich he won’t have to make massive budget cuts. I wonder what Jon Lovitz will say about that (language warning)?

180,000 non-citizens registered to vote in Florida?

Other News Of Interest

The Hawks lost in the first round of the playoffs. Is that really news?

The Braves swept the Cardinals in St. Louis.

Julio Tehran led the Gwinnett Braves to their fourth straight win Saturday. Sunday’s game at Coolray Field was rained out. The GBraves still lead the International League South by 4.5 games and own the second best record in the IL.

Tech Alum Matt Kuchar won the The Players Championship at TPC Sawgrass yesterday.

Aimee Copeland, the Georgia woman battling a flesh eating bacteria, will likely lose her fingers. She remains in critical condition.

At an ALEC Conference I attended Friday in Charlotte (yes protesters were there), I heard a presentation on how cloud computing can benefit State and Local governments. Cue the reflexive opposition to this idea in 3,2,1…

UPDATE: Here’s the latest Incumbent/Challenger sheets for the House and Senate.

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Eight years ago, a hot button issue was whether or not there should be an amendment to the US Constitution defining marriage as being between one man and one woman. Georgia and a number of other states in the Union have made amendments to their respective state constitutions to define marriage as such. There are a few states, on the other hand, that have made gay marriage legal.

A day after the voters in North Carolina adopted a constitutional amendment to define marriage, President Barack Obama “responded” to Vice President Joe Biden’s comment about same-sex marriage and endorsed the idea. I believe Obama is an intelligent and astute politician. He won’t let a good distraction go to waste. I don’t believe Biden’s comments were planned by the White House, but I do believe Obama’s response was a fly ball hit into outfield during a day game in hopes that the outfielders would be distracted by the sun and let it drop for a base hit….maybe a double.

[click to continue…]

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Tom Crawford via Jim Galloway is reporting that George Hooks has decided to retire rather than compete against fellow Democrat Freddie Powell Simms.

Hooks’ future was the subject of much speculation during Sine Die, and even those close to him were someone confused as to the interpretation of his remarks on the last day of the 2012 General Assembly as to whether he planned to return as a Senator.  He has now removed any doubt.

“I’ve got 32 years up there,” Hooks said in a phone interview Friday. “I’ve been floor leader, rules chairman, appropriations chairman, involved in designing the new state flag. It’s been a good run.”

Hooks’ Senate District 14 in southwest Georgia was a victim of stagnant population growth and was eliminated during the reapportionment process last year.

“When I saw the census figures – every county I represented lost population,” Hooks said. “I had nowhere to turn.”

Hooks was the “Dean of the Senate”.  Others will no doubt soon tell in the comments section who that title will now fall upon.

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