May 11th, 2012

RHETORIC!

Obama's Water War Woes

Sometimes, no matter how liberal one is (in the 'labeled' sense, of course!), the facts speak for themselves when it comes to the ridiculous lengths the Federal Government will go to follow the letter of the law.

Take the Water Wars in Tuscon, Arizona. Please. It is a 5 minute read,  detailing at how local interests clash with the needs of..owls. This story is a fascinating look at how locals clash with the Federals, without the buffer of the state.

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Story goes on to detail the legal wherefores, the fascinating cast of characters, dramaz and Shovel Brigades that can only be found in the last bastion of uniqueness and individualism, small town USA. *spits tobacco* Classic Locals vs Feds.

Perhaps Tombstone can simply call an 800 number and report the issue to the EPA.

Sweeping all legal claims aside, do you think the Forest Service has gone to extra lengths to deny Thirsty Tourists of Tombstone the right of way of a pipeline that existed long before there was a Forest Service?
And what does Barrack Obama have to do with any of this?

Cheers!

Question for the day: Is Mittens still criticizing Dodd-Frank this morning?

http://www.businessweek.com/articles/2012-05-11/jpmorgans-big-loss-volckers-not-so-dumb-after-all

JPMorgan CEO Jamie Dimon went out on a limb in saying that he knew more about financial markets than Volcker, the former Federal Reserve chairman who championed the rule restricting banks’ trading risks.

“Paul Volcker by his own admission has said he doesn’t understand capital markets,” Dimon told Fox Business earlier this year. “He has proven that to me.”

Now it’s Dimon who looks like he doesn’t understand capital markets. Bloomberg News is reporting today that the loss occurred after traders in the London-based chief investment office changed a key betting strategy. “Dimon wasn’t immediately told about their shift in strategy and didn’t know the magnitude of the losses until after the company reported earnings April 13,” an executive told Bloomberg.

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Before the Volcker rule even had a chance to go into effect, here's a good argument for dumping it in favor of restoring Glass-Steagall. These monster banks are not a solution - they are the problem. If someone can convince me that Las Vegas isn't a better place for my money, I'd like to hear it.

What's your take on this?