The additional nine members of the task force are not politically distinct from Volcker and Ravitch. They include Nicholas F. Brady, former Secretary of the Treasury under Presidents Reagan and Bush; Peter Goldmark, the former budget director of New York State; Alice Rivlin, former Vice Chairman of the Federal Reserve under the Clinton Administration; and former Secretary of Labor, Treasury, and State, George P. Shultz.
The bipartisan character of the Task Force points to the vicious attacks being prepared against public employees and essential social service, regardless of whether President Obama or his Republican challenger Mitt Romney wins in November
It's ideology masquerading as "economic austerity." When in the hell will people wake up?
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"You people" don't need to know about Romney's taxes or how much the family is REALLY worth, which is probably more in the billion-dollar range than merely hundreds of millions of dollars.
Ann Romney seems to be oblivious to the fact her husband "made" his fortune by stealing from others.
Not to mention he appears to have profited from the misery of children.
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In the battle between state and local governments and Wall Street crooks, it's the banksters who always prevail.
And now, Wall Street may get away with the biggest heist of the public purse in the history of the world. You know it’s an unprecedented crime when the conservative Economist magazine sums up the situation with a one word headline: “Banksters.”
It has been widely reported that Libor, the interest rate benchmark that was rigged by a banking cartel, impacted $10 trillion in consumer loans. Libor stands for London Interbank Offered Rate and is supposed to be a reliable reflection of the rate at which banks are lending to each other. Based on the average of that rate, after highs and lows are discarded, the Libor index is used as a key index for setting loan rates around the world, including adjustable rate mortgages, credit card payments and student loans here in the U.S.
But what’s missing from the debate are the most diabolical parts of the scam: how a rigged Libor rate was used to defraud municipalities across America, inflate bank stock prices, and potentially rig futures markets around the world. All while the top U.S. bank regulator dealt with the problem by fiddling with a memo to the Bank of England.
Libor is also one of the leading interest rate benchmarks used to create payment terms on interest rate swaps. Wall Street has convinced Congress that it needs those derivatives to hedge its balance sheet. But look at these statistics. According to the Office of the Comptroller of the Currency, as of March 31, 2012, U.S. banks held $183.7 trillion in interest rate contracts but just four firms represent 93% of total derivative holdings: JPMorgan Chase, Citibank, Bank of America and Goldman Sachs.
I honestly don't see any way out other than bloodshed. Both political parties are openly hostile to doing anything right by the voters. This could be easily fixed and the crooks thrown into jail, but as long as we have politicians doing the banksters' bidding, nothing will happen.
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