IheartIheartTesla

US politics: Donny, you're out of your element

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Sorry for jumping the gun, but I just thought of a thread title.

Please continue once the previous thread locks.

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You evil ninja!!!

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I already started the next thread last night.

In Sweden.

 

True Story.

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More on Dodd-Frank:

http://econbrowser.com/archives/2017/02/repealing-dodd-frank-and-basel-iii

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The ability of the bank to repay its short-term debt is of interest not just to the bank’s depositors and creditors, but also to all of us innocent bystanders. When the ability of major financial institutions to pay back their short-term debts comes into doubt, the result is that nobody wants to lend to anybody. We can then see a fire sale as institutions try to dump their risky assets to raise cash. That’s the essence of the financial turmoil in the fall of 2008, which unquestionably was a key factor that made the broad economic recession was so severe.

 

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If these changes are undone, what would replace them? The Financial Choice Act, introduced by Representative Jeb Hensarling (R-TX) last year, would exempt banks from these and other regulations if they maintain a simple capital requirement of 10% of “leverage exposure,” which is conceived as in Basel III to include off-balance-sheet exposure in addition to on-balance-sheet assets. The theory appears to be that if the bank has sufficient equity, then the risks are all on the bank’s owners, and further regulation is largely unnecessary. But as always, the devil is in the details. How exactly will this ratio be calculated? If it is the simple ratio of Tier 1 capital to risk-adjusted assets, the major U.S. banks already are well above the 10% threshold. If it is the ratio as calculated under Basel III, the major banks would have to raise hundreds of billions in new equity to reach 10%.

Maybe I smoked something funny here recently, but it seems to me that strange things are afoot here at the Circle K.
It seems to me, that Hensarling wanted a simple leverage ratio, defined as generally:

Capital/Assets(unweighted)

Risk Weighted Assets is generally:
Capital/a*Asset_1 + b*Asset_2 + c*Asset_3..............

Where a,b,c are risk weights assigned based on asset class.

Basel III advocates for both. The simple leverage ratio is supposed to act as a backstop to RWA as during credit booms the weights on each asset class may not reflect the true risk. Typically RWA ratios will be higher than leverage ratios.
Now it's true there are people that think a simple leverage ratio is really all you need here and and they say forget about all this RWA and other stuff. But, they usually advocate for a much higher leverage ratio than what Hensarling is advocating for here.

I agree though that if all Hensarling wants is a 10% RWA requirement, his plan is even worse.

And, again, I think we should be extremely suspicious of Hensarling's, or the Republican's, notion that, "Golly, we'll just send every troubled institution to Bankruptcy court!", even if allegedly there is supposed to be a new chapter written specifically for financial institutions. That's probably not realistic and we need to think what we are going to do upfront in the case you can't simply send a SIFI to bankruptcy court. It should be designed to do a few things. 1) Stop the credit market from imploding.2) Be painful for the banks, or the managers of said banks, if and when it happens. And yes it needs to be credible, that it will happen.
 

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And how will this little detail end up getting resolved? Perhaps Representative Hensarling hopes for a libertarian, self-enforcing framework that would use numbers like those in the second column above. 

Well don't ya know, if you just throw around a little libertarian fairy dust, everything will just work themselves out?

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11 minutes ago, OldGimletEye said:

Well don't ya know, if you just throw around a little libertarian fairy dust, everything will just work themselves out?

Everyone knows libertarian fairy dust is the absolute best fairy dust.  It's just terrific.  Other fairy dust is FAKE!  Sad.

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5 minutes ago, aceluby said:

Everyone knows libertarian fairy dust is the absolute best fairy dust.  It's just terrific.  

It also goes great with automatic weapons and oversized Texas Belt Buckles.

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3 hours ago, Commodore said:

If you're attributing the increase to better reporting and broader definitions of rape, how would one prove an actual increase?

Here is a 60 Minutes crew going into a no-go zone in Sweden. Without a police escort, they are assaulted my Somali migrants.

Ok, I'll bite. What is that video supposed to show exactly? I see a group of young black men attacking a camera crew. Without any context or information it means jack shit.

You (and/or 60 minutes) say it's a "no-go zone." What is that supposed to mean? According to google and a Swedish embassy, there is no such thing in Sweden. And if it's about areas that are supposedly not safe because of a high proportion of immigrants... Well surely one could find actual data rather than a mere youtube video on it. Because I've lived in such areas for years and TV tells a lot of bullshit about them.
Then there's the contention that these are "Somali migrants." Er... How in the seven hells do you know that?

And now the kicker. A bit of google gives a very different spin on that clip. An individual Swede, who can't be seen as a reliable source, but then, neither is a youtube video anyway, writes:

Quote

https://www.quora.com/What-do-Swedes-think-about-the-60-minute-crew-being-attacked-in-one-of-the-no-go-zones
Having arrived at the dreaded " no-go zone" outside of Stockholm our brave companions stumble upon a two cops doing their rounds on foot through the neighbourhood. With cute cotton hats instead of heavy military grade equipment you might otherwise expect in the "zone"... 
Our intrepid reporter then asks the handsome Swedish police officer officers if they would mind escorting her personally for a few hours  under the pretense of needing police protection against the" riff - raff".
Also worth noting. No newly arrived refugees live in that suburbs. Those "immigrants" are born here.
In the background I hear the Swedish Swedish police officer inside the actual no go zone tell our valiant heroess in Swedish to  -  "You don't need police protection. Just don't do anything stupid and you will be fine."
The cnn 60 minutes crew then bring along a known nazi figurehead to the hood,  and observe that thanks to our great public school system everyone speak English fluently by the way...
Our valiant heroress makes a brave conclusion of her interview with the expelled fascist.. "immigrants are ruining this country..."
Some times when you get punched in the face it is not because of Swedish economics, sociocultural diversity issues or bad architectural design in the 70s.
Sometimes it is the result of your own stupidity. [...]

Then again.  Our brave seekers of truth thought filming drug dealers in action after talking to the cops directly in front of them was an great backdrop  to discuss the war in Syria and how to say" immigrants are ruining this country... "

So according to a random individual on the internet, that TV crew brought a known neo-nazi to that neighborhood (in which no recent migrants live) and then filmed a group that was likely engaging in drug dealing (which is indeed not rare near train/metro stations in some poor neighborhoods).

And this is supposed to show us what? That immigrants don't adapt well? Or that it's easy to take an incident completely out of context?

In a nutshell: that's just right-wing propaganda. And bad propaganda too. I mean, if I wanted to do a nice clip to cast a bad light on immigrants I could do a much better job. Seriously.

 

Edited by Rippounet

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2 minutes ago, Rippounet said:

 

In a nutshell: that's just right-wing propaganda. And bad propaganda too. I mean, if I wanted to do a nice clip to cast a bad light on immigrants I could do a much better job. Seriously.

 

Yes, I didn't have the time to respond to that properly, but since then have read numerous stories about Trump's remarks about Sweden and there are countless responses by Swedes calling bullshit. Though note that Commodore responds to my list of comments calling out the bullshit in his posted article about rape not by responding to the points I listed but by posting the crap you described. Typical Commodore.

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1 minute ago, Fragile Bird said:

Yes, I didn't have the time to respond to that properly, but since then have read numerous stories about Trump's remarks about Sweden and there are countless responses by Swedes calling bullshit. Though note that Commodore responds to my list of comments calling out the bullshit in his posted article about rape not by responding to the points I listed but by posting the crap you described. Typical Commodore.

Thank you, by the way, for expanding on my quickly composed point in far more detail. I appreciated it :) 

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Reuters also reported that, even with the recent influx of immigrants, crime rates in Sweden have dropped since 2005.

And the former PM of Sweden made some comments about fewer murders in Sweden than in Florida, fewer than Orlando, but then again Orlando had the nightclub attack where 69 were murdered.

http://thehill.com/blogs/blog-briefing-room/news/320346-former-swedish-pm-more-murders-in-florida-where-trump-spoke

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1 hour ago, aceluby said:

Everyone knows libertarian fairy dust is the absolute best fairy dust.  It's just terrific.  Other fairy dust is FAKE!  Sad.

Sadly it works best on the spherical humanity that lives free-fall in vacuum. So sad. So horrible for us.

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Lets see which Jewish reporter Trump shoots down next time they ask about the rising antisemitism across the US.

 

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Einheri, previous thread,

"You basically insinuated that all non-western 'certain groups' (I read this as Muslims) of immigrants contribute nothing to society besides taking part in consent classes, and while that is undoubtedly true for some, it’s not true for the majority of them, so you’re stigmatizing a large number of people, and that is never a good thing. (I mean, would you be happy if someone else did that to you?)"

Again, you are acting like the issue is somehow my fault. 
Ffs, I don't even know if it's only muslims who have to attend the consent classes. Probably not. 
I'm not stigmatizing these groups of people, it's the actions of that group that stigmatizes them. While stigmas are not cool, rape and harassment is way way less cool. 
If I was one of  those people I would be mortified and would do everything to change their dehumanizing views of women.  

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3 hours ago, Tywin et al. said:

Sounds like the Russians might be experiencing some buyers remorse:

http://www.msnbc.com./morning-joe/watch/the-kremlin-is-watching-trump-closely-881010755987

They only have themselves to blame at this point. First off for backing this moron, and secondly for allowing their ambassador to ask Flynn questions that they had to know were inappropriate while being recorded or monitored.. Perhaps their spycraft isn't everything its' cut out to be.

Edited by Manhole Eunuchsbane

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20 minutes ago, Manhole Eunuchsbane said:

They only have themselves to blame at this point. First off for backing this moron, and secondly for allowing their ambassador to ask Flynn questions that they had to know were inappropriate and being recorded. Perhaps their spycraft isn't everything its' cut out to be.

I kind of expect something like this to happen, but not after just one month.

Also, I'm wondering what will happen with Trump finally grows wise to the fact that Bannon is playing him for his own gains...

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So, does Putin think California out of the USA a good idea?  Or is this just, yanno, a California guy who lives in Russia, who just ended up for some reason pushing signatures for the petition to secede from the USA?

https://www.washingtonpost.com/news/worldviews/wp/2017/02/19/hes-the-founder-of-a-californian-independence-movement-just-dont-ask-him-why-he-lives-in-russia/?utm_term=.020215b6e711

 

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Trump selects Lt. Gen. H.R. McMaster as replacement for Flynn as National Security Advisor. By all appearances, this might be his least controversial nomination yet.

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I think this belongs here: https://www.splcenter.org/news/2017/02/15/hate-groups-increase-second-consecutive-year-trump-electrifies-radical-right
 

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The number of hate groups in the United States rose for a second year in a row in 2016 as the radical right was energized by the candidacy of Donald Trump, according to the Southern Poverty Law Center’s (SPLC) annual census of hate groups and other extremist organizations, released today.

The growth has been accompanied by a rash of crimes targeting Muslims, including an arson that destroyed a mosque in Victoria, Texas, just hours after the Trump administration announced an  executive order suspending travel from some predominantly Muslim countries. The latest FBI statistics show that hate crimes against Muslims grew by 67 percent in 2015, the year in which Trump launched his campaign. 

 

Of course, the all-time high seems to have been in 2011. So perhaps it's all liberal propaganda and has nothing to do with Trump. I mean, we'd know it if the US president was in any way xenophobic, right?

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7 minutes ago, Rippounet said:

I think this belongs here: https://www.splcenter.org/news/2017/02/15/hate-groups-increase-second-consecutive-year-trump-electrifies-radical-right
 

Of course, the all-time high seems to have been in 2011. So perhaps it's all liberal propaganda and has nothing to do with Trump. I mean, we'd know it if the US president was in any way xenophobic, right?

Wasn't 2011 the height of the birther movement, where Trump began vigorously backing it?

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