BRANDON ROSS
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Everything posted by BRANDON ROSS
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It's a long article, but I think the bolded part best describes a major problem with most regulation. The companies being regulated have more influence in the actual construction of the regulation than the people the regulations are meant to protect. http://online.wsj.com/article/SB10001424052748704288204575363162664835780.html?mod=googlenews_wsj So Republicans Scott Brown, Olympia Snowe and Susan Collins now say they'll provide the last crucial votes to get the Dodd-Frank financial reform through the Senate. Hmmm. Could this be Minority Leader Mitch McConnell's secret plan to take back the Senate, guaranteeing another year or two of regulatory and lending uncertainty and thus slower economic growth? Probably not, but that still may be the practical effect. This week White House aides leaked to the press that President Obama may seek a review of regulations that are restraining business confidence and bank lending. Yet Dodd-Frank, with its 2,300 pages, will unleash the biggest wave of new federal financial rule-making in three generations. Whatever else this will do, it will not make lending cheaper or credit more readily available. In a recent note to clients, the law firm of Davis Polk & Wardwell needed more than 150 pages merely to summarize the bureaucratic ecosystem created by Dodd-Frank. As the nearby table shows, the lawyers estimate that the law will require no fewer than 243 new formal rule-makings by 11 different federal agencies. The SEC alone, whose regulatory failures did so much to contribute to the panic, will write 95 new rules. The new Bureau of Consumer Financial Protection will write 24, and the new Financial Stability Oversight Council will issue 56. These won't be one-page orders. The new rules will run into the hundreds if not thousands of pages in the Federal Register, laying out in detail what your neighborhood banker, hedge fund manager or derivatives trader can and cannot do. Finance Overhaul Casts Shadow on Plains Details: What's in the Bill Corporate Checking Gets Interest Financial Bill Nears Senate Vote As the Davis Polk wonks put it, "U.S. financial regulators will enter an intense period of rule-making over the next 6 to 18 months, and market participants will need to make strategic decisions in an environment of regulatory uncertainty." The lawyers needed 26 pages of flow charts merely to illustrate the timeline for implementing the new rules, the last of which will be phased in after a mere 12 years. Because Congress abdicated its responsibility to set clear rules of the road, the lobbying will only grow more intense after the President signs Dodd-Frank. According to the attorneys, "The legislation is complicated and contains substantial ambiguities, many of which will not be resolved until regulations are adopted, and even then, many questions are likely to persist that will require consultation with the staffs of the various agencies involved." In other words, the biggest financial players aren't being punished or reined in. The only certain result is that they are being summoned to a closer relationship with Washington in which the best lobbyists win, and smaller, younger firms almost always lose. New layers of regulation will deter lending at least in the near term, and they are sure to raise the cost of credit. Non-blue chip businesses will suffer the most as the financial industry tries to influence the writing of the rules while also figuring out how to make a buck in the new system. View Full Image Associated Press The timing of Dodd-Frank could hardly be worse for the fragile recovery. A new survey by the Vistage consulting group of small and midsize company CEOs finds that "uncertainty" about the economy is by far the most significant business issue they face. Of the more than 1,600 CEOs surveyed, 87% said the federal government doesn't understand the challenges confronting American companies. Believe it or not, Mr. Frank has already promised a follow-up bill to fix the mistakes Congress is making in this one. In a recent all-night rewrite session, he and Mr. Dodd made a particular mess of the derivatives provisions. They now say they didn't really mean to force billions of dollars in new collateral payments from industrial companies on existing contracts that present no systemic risk. But that's precisely what the regulators could demand under the current language, and the courts will ultimately decide when everyone sues after the new rules are issued. Taxpayers might naturally ask why legislators don't simply draft a better bill now. But for Democrats the current and only priority is to pass something they can claim whacks the banks and which they can hail as another "achievement" to sell before the elections. More remarkable is that a handful of Republicans are enabling this regulatory mess. Mr. Brown and Ms. Collins say they now favor Dodd-Frank because Congressional negotiators agreed to drop the bank tax. But lawmakers didn't drop the bank tax. They only altered the timing and manner of its collection. Instead of immediately assessing a tax on large financial companies to pay for future bailouts, the final version simply authorizes the bailouts to occur first. The money to pay for them will then be collected via a tax on the remaining firms. Because this tax will be collected by the Federal Deposit Insurance Corporation, even opponents of the bill have viewed it as part of an insurance system. It isn't. Insurance is when you pay a premium and the insurance company agrees to replace your house if it burns down. A tax is when you pay the government and then the government decides which houses it wants to replace when there is a fire in the neighborhood. Under Dodd-Frank, if Firm A pays to cover the cost of the last bailout, there's no guarantee that the FDIC will rescue its creditors if Firm A fails in the future. This is fundamentally different from traditional deposit insurance, which guarantees the same deal for every bank customer. Dodd-Frank allows the FDIC to discriminate among creditors at its discretion. This transfer of wealth is a tax by any reasonable definition, borne by the customers, shareholders and employees of the companies ordered to pay it. Is this how Mr. Brown plans to reward the tea partiers who carried him to victory last winter in Massachusetts? Is this the key to a small business rebound in Maine? A good definition of a bad law is one that its authors are rewriting even before they pass it. The only jobs Dodd-Frank will create are in Washington—and in law firms like Davis Polk.
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The only reason I can come up with why Jerome Simpson hasn't been charged is....he's snitchin'! Say it ain't so Jermone!
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BJGE but Benson plays good against the Raven. http://www.fftodayforums.com/forum/index.php?showtopic=395969&mode=show&st=
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little
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That is tough...I'd say Celek since Maclin is out, and D-Jax hasn't proven he's out of the pooper yet.
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Nelson, GB gegts up big and runs the ball for once
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If You Could Spit On Anyone Or Thing
BRANDON ROSS replied to BunnysBastatrds's topic in The Geek Club
Tough choice. If only I could get keith olbermann and joy behar to stand close enough together to count as one object. -
As much animosity as plays out publicly between the reps and dems, you know they have more than a few unspoken agreements between the leadership of both parties to maintain the status quo, and keep the gravy train flowing. Ron Paul threatens a lot of people. High level bureaucrats that behind the scenes. Special interest groups that know he has put out too many specific positions to be bent by their contributions. Most importantly, the military industrial complex that has a huge interest in keeping as many of our troops overseas as possible.
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I didn't see this posted anywhere, but it seems pretty radical. The bill's author states the reason was to limit the selling of stolen property, but I think we know that tax collection is their number one priority. Question: Is this legal since out currency is supposed to be legal tender for all debts public and private? "A secondhand dealer shall not enter into any cash transactions in payment for the purchase of junk or used or secondhand property. Payment shall be made in the form of check, electronic transfers, or money order issued to the seller of the junk or used or secondhand property and made payable to the name and address of the seller. All payments made by check, electronic transfers, or money order shall be reported separately in the daily reports required by R.S. 37:1866." http://www.techdirt.com/articles/20111019/17424316421/louisiana-makes-it-illegal-to-use-cash-secondhand-sales.shtml http://www.mygov365.com/legislation/view/id/4db66f7549e51bd334be0300/tab/versions/
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Louisiana Bans cash for second hand goods
BRANDON ROSS replied to BRANDON ROSS's topic in The Geek Club
I'm really surprised such a strong red state would pass something that takes away so much personal freedom. Guess I shouldn't be, but I am. -
Louisiana Bans cash for second hand goods
BRANDON ROSS replied to BRANDON ROSS's topic in The Geek Club
Did you see the link to the actual HB195 text? -
ok, that's a good one. Seriously though, my toe nails on my big toes crack a lot, and I use Nail Envy (clear) to keep them from splitting all the way. It works great, but I need some pointers on my technique.
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Louisiana Bans cash for second hand goods
BRANDON ROSS replied to BRANDON ROSS's topic in The Geek Club
The law says "dealer". I'm not sure if you have to get some type of license to be a junk dealer, but either way the govt has been trying to charge capital gains on small purchases to force precious metals investors to pay taxes on their profits for a while now. -
spicy garlic, but if you want to get a table during a big game forget about it. Too crowded.
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Yeah, it's not Tebow you have to worry about, but the other guys getting healthy. I mean, Thomas has to come back eventually right?
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A movie you have seen, probably no one else has?
BRANDON ROSS replied to edjr's topic in The Geek Club
Let's just say I've watched parts of it. How about "Heavy" ? http://www.imdb.com/title/tt0113280/ It's kinda good. -
What was the first movie you saw in a theater
BRANDON ROSS replied to shotsup's topic in The Geek Club
Super Fuzz http://www.imdb.com/title/tt0082924/ -
i ditn't know the wall street protests were...
BRANDON ROSS replied to BudBro's topic in The Geek Club
It's the greedy versus the lazy. -
I'm thinking about dropping him for Torain.
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Wells over Thomas all day.
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http://1.bp.blogspot.com/_BhgevmfsHKA/TT9KZGdNEBI/AAAAAAAAAEg/mVV_OVCWwa4/s1600/Samantha+3%253A4.JPG This chick is totally my type, or the type I would like to be my type if I were somebody much better looking with more money.
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What to Expect From Game of Thrones Season Two: More Direwolves, Dragons and Death!
BRANDON ROSS replied to edjr's topic in The Geek Club
Actually Game of Thrones is a book, and D&D is a role playing game. -
http://www.google.com/finance?client=ob&q=NYSE:TMV TMV is a triple-leveraged ETF tied inversely to the price of the 30 year US Treasury bond. It is currently trading at 18.60. If you have $10k laying around buy it with as high a margin as your broker will let you go. (Personally, I'm broke so when you make a killing remember to hook a brother up. )
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You don't understand. When the price of treasuries goes down this fund goes up. Institutional investors have been cramming into US Treasury Bonds like commuters on a Japanese subway due to stock market volatility and concerns over European sovereign funds. The Fed had kept the price high by purchasing US Treasuries with POMO to keep the Fed Funds rate at the near zero point. There are several factors that could significantly influence the price of U.S. Treasuries. "52 week low is 18.16. It can go lower. " Did you perchance look to see what the 52 Week high was?