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Monday, July 16, 2018

Sometimes A Fixer Is Unwanted, Unstable, Unfit, Unwell and Unbalanced

When something has not been "fixed" for "six decades" it might not need a "fix" or "fixer"...if the "fixer" is our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. you definitely should skip the "fix"...our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al.'s notion of "fixing" (aka make or keep America great) is to cluelessly create a clusterf^ck...then blame some version of "Hillary" (i.e. others) for the clusterf^ck...stagger through a delusional fog into another self-created clusterf^ck while declaring the earlier clusterfu^ck "fixed"...

Welcome2America

Exaphone Links: ...our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al...

Web:

UPDATED 07/16/2018 WP, Maria Butina, Russian Gun Rights Advocate, Charged in U.S. with Acting as Russian Federation Agent (note: these charges were not filed by the special council's office - Mueller)



UPDATED 07/16/2018 Reuters, Shock As Trump Backs Putin On Election Meddling At Summit and NYT, Trump and Putin Speak After Summit and WP, Trump To Putin: ‘I Think We’ll End Up Having An Extraordinary Relationship’∅ and WP, Trump and Putin End Historic Summit That Trump Says ‘Changed’ Bad Relations and NYTOpEd, President Trump: Don’t Be Putin’s Puppet (Ukrainian Femen) and Atlantic, This Is the Moment of Truth for Republicans and AtlanticCouncil, Trump in Three Acts and Vox, Read The Full Transcript of the Helsinki Press Conference

...more rectum-ramblings from our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al...our press is learning how to "counter-handle" our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al...




...if our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. had been our nation's first Commander-in-Chief of the United States Armed Forces∅∅ our nation's experiment with democracy would never have begun...our  unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. can't distinguish between a friend and foe...

...don't forget to laugh...NewYorkerSatire, Kim Jong Un Upset to Learn That Trump Is Seeing Other Dictators...







∅∅...the first bullet point in Commander-in-Chief for Dummies is know your enemies and don't harm or kill your friends...the second bullet point is never declare you know more than the generals actually fighting the battles...if you f^ck up the first or second bullet points none of the others will matter...

∅...the "extraordinary relationship" is what our U.S. Department of Justice Office of Special Counsel, governments, and global news media et al. are diligently investigating...

UPDATED 07/15/2018 Reuters, U.S. Grand Jury Indicts 12 Russian Spies in 2016 Election Hacking and WP, Mueller Probe ["Fake"   ҈     ҈     ] Indicts 12 Russians for Hacking Democrats in 2016 and NYT, 12 Russian Intelligence Officers Indicted in Hacking Tied to the Clinton Campaign and DOJSCO, U.S. v. Viktor Borisovich Netyksho, et al (1:18-cr-215, District of Columbia); aka 12 Russian [Glavnoje Razvedyvatel'noje Upravlenije, Generalnogo Shtaba (GRU  ҈   )] Hackers...



  ҈     ҈   Alexander Malkevich (various spellings) is behind one of Putin's recent propaganda platform USAReally.com...clearly Putin has no intention of stopping his small-scale meddling...curiously our leaders are feigning a dependency on Putin's agreement to stop meddling in democratic processes before taking actions to harden those democratic processes and countering Putin et al.'s meddling...

  ҈   ...separate from the GRU Spetsnaz, which are currently active in Ukraine's, Donbas and surrounding regions...more information on military activity on Ukraine's eastern border...MoD of Ukraine:

Summarizes Military Situation in Eastern Regions of Ukraine

UPDATED 07/13/2018 NYT, NATO Summit Live Updates: Trump Claims Victory on Military Spending and UNIAN, NATO Leaders Urge Russia to Withdraw Its Forces, All Militant Groups from Donbas and WP, GOP Lawmakers Threaten FBI Agent Peter Strzok with Contempt for Refusing to Answer Questions on Mueller Probe and NPR, Trump's Harsh Words For NATO Meet With Pushback From Republicans And Democrats and NATO, NATO and EU Leaders Sign Joint Declaration and WP, Trump Says NATO Nations Make Major New Defense Spending Commitments After He Upends Summit...


... and WP, ‘I Think They Like Me a Lot in the U.K.,’ Trump Says, as He Faces Mass Protests in Britain and WP, Britain Greets Trump with Pprotests, ‘Trump Baby’ Balloon


...a successful strategy for "counter-handling" our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al.:
  • ...ignore its continuous rectum-ramblings and related shit-slingers while watching with amusement creation of its latest serial cluster-f^cks... 
  • ...do nothing to respond to its created cluster-f^ck while waiting for it to declare its earlier created cluster-f^ck solved and creation of its next cluster-f^ck ... 
  • ...try to avoid getting hit by any shit from the media shit-slingers... 
  • ...rinse and repeat for each cluster-f^ck cycle created by our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al...
..."He came. He raged. [He Prevaricated. He Pouted.] He claimed victory. He left."--Reuters...

...don't forget to laugh...NewYorkerSatire, Merkel Asks Mueller If There’s Anything She Can Do to Help




UPDATED 07/10/2018 WP, Republicans on Russia Trip Face Scorn and Ridicule from Critics at Home and NPR, GOP Lawmakers Hope Russia Visit Sets Stage For 'New Day' Ahead Of Trump-Putin Summit and RFERL, EU Officially Extends Russia Sanctions Through January 2019 and CNBC, Stoltenberg: It’s In Trump's [Our Nation's] Interest To Back NATO Countries At Summit

...a Republican Party morphing into...what?...maybe the Republican members of the congressional delegation (Codel) will inform us or the press in their public statements...it must be more than the equivalent propaganda of our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. saluting a North Korean general...


...don't forget to laugh...NewYorkerSatire, Man Wins “Why Trump Shouldn’t Go to Prison” Essay Contest and NewYorkerSatire, Putin Reportedly Has Made Final Supreme Court Choice and NewYorkerSatire, China Slaps Two-Thousand-Per-Cent Tariff [Export Tax] on Tanning Beds...






☭ ...SmithsonianMag, Vladimir Lenin’s Return Journey to Russia Changed the World Forever

(click for enlargement)
UPDATED 07/05/2018 Reuters, Mayor of London Says 'Trump Baby' Protest Blimp Can Fly and USATody, Court-Ordered Review in Cohen Raid Yields 1.3M Items for Government

...don't forget to laugh...Twitter, Baby Trump whose 24/7 "daycare" play pen gets smellier and smaller each day...


UPDATED 07/03/2018 RFERL, Senate Committee Backs Intelligence Findings On Russian Meddling and SIC, The Intelligence Community Assessment: Assessing Russian Activities and Intentions in Recent U.S. Elections and Axios, Russia Investigation (Tag) and AP, Russian [Kilimnik - Red Tie in AP Photo] Charged with Trump’s Ex-campaign Chief [Manafort- Magentta Tie] Is Key Figure and AP, Judge [T.S. Ellis] in Virginia Lets Case Against Manafort Move Forward (unsurprisingly, the shit-slingers who were praising the judge a couple of weeks ago are quite now.) and Vox, Trump: Russia Didn’t Interfere in the Election. GOP-led Senate Panel: Yeah, It Did (and its purpose may be much more nefarious than to hurt Hillary (e.g. establishing an agent in place or agent of influence)

...don't forget to laugh...


UPDATED 07/01/2018 CBSNews, Blumenthal Says Trump's Supreme Court Pick "Ought To Recuse" Themselves From Russia Decisions and WP, A U.S. Ambassador Resigned Over Trump’s ‘Factually Wrong’ Attacks On Allies

...neither facts nor friendships burden our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al...and an unburdened unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. has yet to burden its supporters...kudos to the ambassador...

...no actions or decisions of our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. should burden our nation if facts show that our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. originated from the illegal actions of Putin et al...

...don't forget to laugh...

 

UPDATED 07/01/2018 Reuters, Manafort Assistant Gave FBI Access To Storage Locker: Testimony

...attorney's for our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al.'s former campaign manger Manfort are concerned about financial documents from a storage locker showing money flows from Russian oligarch Oleg Deripaska --> Manafort --> Purchase of a condo from real estate holdings of our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al (see also, Reuters, Russian Elite Invested Nearly $100 Million In Trump Buildings)...

...don't forget to laugh...NewYorkerSatire, Trump’s Lawyers Argue That He Cannot Be Impeached Because He Was Never Actually Elected...


UPDATED 06/29/2018 Reuters, House Republicans Shout Down Rosenstein In Tense Hearing and  WP, Jim Jordan Reveals Just How Nutty Republicans Have Become and NYT, Russian Hacking and Influence in the U.S. Election

...this is precious...chief congressional super-shit thrower Trey Gowdy wants the investigation into our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. to finish the hell up...awe, isn't that precious, super shit-thrower Trey Gowdy expresses concern about tearing our country apart...


...the same super shit-throwing Trey Gowdy who spent years before the 2016 presidential election throwing shit about "Hillary's inappropriate use of an unsecured email serverÅ., not to mention the years of shit-throwing about Benghazi (2012) by Trey Gowdy...

...don't forget to laugh...




Å Do not confuse "Hillary's" email server with the DNC email server that hackers working on Putin's mimetic warfare project to influence the United States 2016 elections hacked...the super shit-throwers often conflate the FBI's criminal investigation of "Hillary's" inappropriate use of an email server with the counter-intelligence (CI) investigation of Putin's mimetic warfare project to influence the 2016 presidential election (note: a CI investigation can spawn independent criminal investigations)...

...when you're throwing shit on behalf of our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. facts, nuance, and reality get lost in the shit...to a super shit-thrower shit is shit...you just keep throwing shit hoping some shit sticks...

...and our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. is "lead" superduper shit-thrower:
Donald J. Trump
@realDonaldTrump

Russia continues to say they had nothing to do with Meddling in our Election! Where is the DNC Server, and why didn’t Shady James Comey and the now disgraced FBI agents take and closely examine it? Why isn’t Hillary/Russia being looked at? So many questions, so much corruption!

4:25 AM - Jun 28, 2018
86.1K
59.8K people are talking about this 
--RFERL, Putin Ready To Reiterate Denials Of Election Meddling To Trump--
UPDATED 06/28/2018 WP, Trump Advocates Depriving Undocumented Immigrants Of Due-Process Rights and WPOpEd, Vote Against The GOP This November and Bloomberg, Trump Border Policy Mired in Confusion Following New Order and CNS, DOJ Seeks Removal of 20-Day Limit on Immigrant Family Holds and Meet The Press Transcript - June 24, 2018


...the Republican Party has worked very hard over decades to "bring forth" our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. and is now presented with a self-immolation "free" Hobson's choice of saving our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. or their nation...what's next, a proposal to send the relatively small numbers∃∃∃of asylum or refugee seekers∃∃ to Guantanamo relabeled as toddler terrorists...feeling the heat, yet?...


...the beauty of irony is boundless...

...don't forget to laugh...NewYorkerSatire, Foreigners Unsure Why Anyone Would Want To Travel To U.S. At This Point


...while it is challenging to commiserate with our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. it is useful to understand that its increasingly bizarre behavior and rectum-ramblings are highly likely the result of the "confining cage" in which it finds itself...a cage every bit as catastrophically confining  as those cages in which recent immigrants are being "housed"...do not expect our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. to commiserate with others anytime soon, if ever...however, it's important to understand that most "whites" are not this fragile as this one...










DailyShow, Journalisming - Cable News Panels are S**tshows





∃ The special counsel office is now probing Putin's 2016 election meddling...a probe our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. has tried to impede and stop...

∃∃ Our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al.'s claims to have single-handedly made America great again and is running for re-election to keep it that way...curiously it's now pleading for what it calls "meritorious immigration"...what is "meritorious immigration" to an already great nation?...conflating meritorious immigration with monetizing immigration is not helpful, ask the first lady...the richer our unstable, unfit, unwell, and unbalanced "new" alt-white-house et al. tries to make us the poorer we're becoming...

∃∃∃ UPDATED 06/25/2018  BBCNews, Maps Reveal Hidden Truths[And Debunking Myths] Of The World's Cities [Refugees] and WP, Most Immigrants Who Enter The Country Do So Legally, Federal Data Shows ...some of our politicians substitute hyperbole, fear, demagoguery, myths, and conspiracies for data driven debate and discussion...





...and AP, At Least 3 Tender Age Shelters Set Up For Child Migrants and Reuters, In Age Of Trump, Evangelicals Back Self-Styled Top U.S. Pimp and Reuters, US Protectionism Symptom Of 'Paranoid Delusions' - China Daily

...don't forget to laugh...

Tuesday, July 10, 2018

Prominent Signatory Of The China Charter 08 And Nobel Laureate Liu Xiaobo

Prominent signatory of the China Charter 08 and Nobel Laureate Liu Xiaobo has died at the age of 61; and the ghosts of June 04, 1989 live on:


Web:

UPDATED 07/10/2018 Reuters, Widow of Chinese Dissident Liu Xiaobo Arrives In Germany

UPDATED  09/16/2017 Reuters, Wife of detained Taiwan activist to attend his trial in China and BBC, Lee Ming-che: Taiwanese activist goes on trial in China

China's pro Forma trials of human rights activists lack parity with the minimal expectations of developed nations of the international community.

UPDATED 07/31/2017 WSJ, China's Long List of Political Prisoners


UPDATED 07/27/2017 CDT, Liu Xiaobo’s Death and Western Rights Advocacy
UPDATED 07/17/2017 CPI, Liu Xiaobo and Normalised Norway
UPDATED 07/15/2017 CDT, Despite Censorship, Netizens Remember Liu Xiaobo 
UPDATED 07/14/2017 Reuters, Attention Turns To Widow After Death of Liu Xiaobo


NYT, Liu Xiaobo, Chinese Dissident Who Won Nobel While Jailed, Dies at 61
NYT, The Nobel Peace Laureate Liu Xiaobo, in His Own Words
NobelPeaceCenter, I have no enemies - Liu Xiaobo


NewYorker, Liu Xiaobo, China’s Prescient Dissident by Jiayang Fan July 3, 2017
Reuters, China's liberals Quietly Fight Efforts To Erase Liu Xiaobo Legacy
Reuters, Nobel Laureate Liu Xiaobo Dies In Pictures

Liu Xiaobo In Pictures





Originally Published July 13, 2017; Last Updated July 10, 2018; Last Republished July 10, 2017:

Associate Justice Antonin Gregory Scalia Dies At Age 79

Originally Published February 14, 2016; Last Updated  July 10, 2018; Last Republished July 10, 2018:

Associate Justice Antonin Gregory Scalia dies at age 79—he preached a static and stale legal pedanticism that neither our language nor Constitution could carry.


Res:

UPDATED 03/23/2016 CRS, Justice Antonin Scalia: His Jurisprudence and His Impact on the Court and Merrick Garland’s Nomination to the Supreme Court: Initial Observations



Web:

UPDATED 07/10/2018 NYT, Brett Kavanaugh Is Trump’s Pick for Supreme Court and Reuters,  Top U.S. Senate Democrat Vows To Fight Trump's Supreme Court Pick and NYT, Conservative and Liberal Groups Gird for Battle Over Kavanaugh Image and CourthouseNews, Trump Picks Kavanaugh to Replace Kennedy on High Court

...Judge Kavanaugh...an acolyte of the deceased Scalia, Federalist Society protege, and docent of the "originalism" dogma docket is highly unlikely to do well a primary duty of an active justice, complement court credibility...

...without credibility what is a court's announcement that a business baker can decide whether to deliver cakes into the steam of commerce based on his interpretation of the gospel according to Jesus...makes the constitutional interpretive efforts of originalism seem stupendously scientific...

UPDATED 05/22/2018 CLR, Reclaiming the Constitutional Text from Originalism: The Case of Executive Power

UPDATED 04/18/2017 Onion, Rookie Justice Gorsuch Assigned To Supreme Court Overnight Shift


UPDATED 04/08/2017 AP, Senate Democrats Secure Votes To Block Gorsuch The minority Senate members need not apologize for filibustering the Gorsuch nomination.

He's "mainstream" while attending Federalist Society meetings with its claimed membership estimated at 70,000 (6/7th lawyers and 1/7th law students)! However, such a small clique or core cabal of lawyers committed to pursuing an extreme libertarianism (aka neo-anarchism) is hardly representative of "mainstream" America, especially if they wear black robes on our Supreme Court.


It is not clear if criteria of the ABA Federal Judiciary Standing Committee's rating considers such a stagnant, extreme, and dogmatic2 judicial temperament in a justice of our Supreme Court?

UPDATED 03/20/2017 Bloomberg,Why the Supreme Court's Approval Rating Is Sliding and C-SPAN, Gorsuch Confirmation Hearing, Day 1; Live

Efforts to disguise libertarian dogma and doctrine (aka neo-anarchism) in black robes is likely to backfire while seriously harming our Supreme Court and nation.

 

UPDATED 02/02/2017 Reuters, Trump Supreme Court nominee Gorsuch seen in the mold of Scalia and NYT, In Judge Neil [M.] Gorsuch, an Echo of Scalia in Philosophy and Style and WP, Key decisions from Supreme Court nominee Neil Gorsuch


Justices who pretend they can interpret our frabjous1 Constitution within today's context are preferable to those who pretend they can interpret it within yesterday's context.

UPDATED 03/21/2016 NYT, John Roberts Criticized Supreme Court Confirmation Process, Before There Was a Vacancy

Mr. Chief Justice, wonder if the Court's increasing patina tarnish (some might say sully or disgrace) is related to the politician requites?

UPDATED 03/17/2016 WP, Initial thoughts on President Obama’s decision to nominate Judge Merrick Garland to the Supreme Court


UPDATED 03/05/2016 NYT, Supreme Court Nominees Considered in Election Years Are Usually Confirmed
PBS, Justice Antonin Scalia's Funeral Mass
Roll Call, Justice Scalia Lies in Repose at Supreme Court
Oyez, Supreme Court Virtual Tour, Including Captions for Chief Justices' Busts in Great Hall The casket appears to be traverse the bust of Chief Justice Morrison R. Waite, Great Hall-Middle West. USN, Supreme Court In Memoriam Associate Justice Scalia


WH, Watch President Obama Speak on the Passing of Supreme Court Justice Scalia
NYT, Justice Antonin Scalia: His Life and Career

-----notes-----

1. Feel free to spend time studying literature, poems, law, Lewis Carroll, and Alice Through the Looking Glass etc. as needed to interpret yesterday's (circa 1871 CE) context of "frabjous" or grab today's context from Google.

2. Dogma by definition is stagnant and not an element in the desirable set of attributes required of any lawyer, much less a nominee lawyer to our Supreme Court. An ABA Federal Judiciary Standing Committee, which rates a dogmatic lawyer "well qualified" is either unaware of the dogma or evaluating the nominee as "well qualified" to enforce an implicit agenda.

Horrifyingly, it is possible that the the ABA Federal Judiciary Standing Committee is ignoring the dogma and evaluating a Supreme Court nominee as "well qualified" to enforce an explicit agenda?

Monday, July 9, 2018

Basel III LCR and HQAL Class Wilting

Basel III liquidity coverage ratio (LCR) and high quality asset liquidity (HQAL) class quality is wilting. Ironically the continuing illiquidity induced global economic weakness has been cited as a basis for the wilting LCR and HQAL class quality1.
Web:

UPDATED 07/09/2108 FN, Fed Gave Morgan Stanley and Goldman Help on Stress Tests and FedRes, Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR)

...the Federal Reserve "helped"¢ Morgan and Goldman on the quantitative side...




¢...the banks are also being "helped" by congressional efforts to weaken Dodd-Frank...so much for the 2007-2008 global financial crisis bailout mantra of "never again"...can we do capitalism without returning to capitalism with cannibal characteristics and the inevitable "never again" bailout?...

UPDATED 07/09/2018 IMF, Global Financial Stability Report October 2017: Is Growth at Risk? and MarketWatch, Citi Among 9 Banks IMF Says Will Struggle To Be Profitable

The downside of spending one (and a half?) decades recapitalising your banks at near zero interest rates. The oft hyped trillion(s) debt-tax-break is unlikely to do for growth what near zero interest rates didn't.

The myth that our wealthy will fund "growth" (wages or GDP) with their debt-tax-breaks (Added 07/09/2018 Reuters, Tax Cuts to Give Little Lift to U.S. Economy: FRBSF Economic Letter)  which they would not fund at near zero interest rate is [fill-in description]†.




† The "repatriation tax break" coupled with near zero interest rates enables corporations to profitably run for years while stockpiling their cash (i.e. tax advantageous low or no cost debt for cash) offshore awaiting favorable tax treatment (tax subsidy). The politician tell voters that the corporations will use their tax subsidy to grow jobs, wages and GDP, but corporations usually buy back their shares or declare dividends, which distributes the tax subsidized funds to investors (Reuters 10/28/2017). Under a proposed tax provision by Senator Hatch the dividend is tax-deductible!

UPDATED 07/12/2017 FedRes, Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR) and CSPAN, Monetary Policy Report and Reuters, Powell suggests review of capital rule to boost central clearing



UPDATED 02/15/2017 Bloomberg, Fed's Daniel Tarullo on Bank Risks, Too-Big-to-Fail


UPDATED 11/18/2016 Reuters, Fed's Kashkari unveils plan to tackle 'too big to fail' banks and funds and NYT, Minneapolis Fed Chief Proposes Eliminating ‘Too Big to Fail’ Banks

Increasing banks' equity capital by 10% (from 13%-23%) reduces risk of bank bailout by 58% (67%-9%)4. The downside, if it's a downside, is a significant hit to expected GDP.

UPDATED 10/30/2016 Reuters, Basel gives banks breathing space over new accounting rules and Brookings, BPEA Conference September 2016 Draft, Have big banks gotten safer?

The bankers' bleating that asset value be counted while discounting the asset's risk is deafening.

UPDATED 09/29/2016 FRB, Testimony Chair Janet L. Yellen Supervision and Regulation Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. September 28, 2016 Progress continuing, sloooooooooooowly.



UPDATED 06/30/2016 FRB, Press Release Announcing Results of Comprehensive Capital Analysis and Review (CCAR) and CNBC, Fed flags Morgan Stanley, Deutsche, Santander in stress tests; 30 other banks OK (also, IMF, Financial Sector Assessment Program, Individual Country Reports e.g. Germany June 2016)3

Most participating bank holding companies continuing to show improvement as capital requirements increase...

UPDATED 06/27/2016 Reuters, U.S. banks' stress tests may offer comfort in Brexit tumult and Market Pulse, Fed to Release Stress Test Results on Wednesday and Federal Reserve June 23, 2016 Press Release and Federal Reserve, Comprehensive Capital Analysis and Review 2016 Summary Instructions January 2016 (pdf)

The Wednesday results is the more important Part II release (see Part I,  Dodd-Frank Act Supervisory Stress Testing Results, June 2016) of a periodically conducted Comprehensive Capital Analysis and Review (CCAR),  which need regulators to audit overall bank risk and equity given five concocted financial scenarios (i.e. three regulator and two bank).

Unfortunately, many or most, if not all banks and financial institutions (aka cowboy-capitalists) have not embraced and incorporated CCAR into their routine financial and business practices. They begrudgingly (less begrudging of Part I, which is basically a computer crunching numbers) endure it so they can payout equity, while complaining and lobbying2 mightily to end the regulatory regimen.

When you begin hearing our cowboy-capitalists publicly state that they brought on the CCAR regulatory regimen by their unprecedented, arrogant, and ignorant recklessness you will know they've begun behaving like responsible, responsive, and lightly regulated capitalists. (don't hold your breath or go long on the cowboy-capitalists)

UPDATED 06/20/2016 WSJ, FASB Rule to Require Banks to Record Projected Loan Losses Up Front

More financial prophylaxis against our cowboy-capitalists' propensity for creating "financial engineering" fiascoes and other lesser financial diseases.
 
UPDATED 03/14/2016 NYT, Mutual Funds Oppose S.E.C.’s Plan for a Bigger Cash Cushion

What a surprise, our confused casino-cowboy capitalists oppose regulatory predator prophylactics2.

Specifying liquidity in days seems an easy method for evaluating and measuring risk. (i.e. will money be returned in one, two, three...n day or bankruptcy?)

UPDATED 01/07/2016 CFA, Martin Wolf: How Markets Can Be Rebalanced

UPDATED 12/13/2015 Bloomberg, Leverage Ratio for Banks Can Rise as High as 5%, BIS Says
UPDATED 12/12/2015 WSJ, On Capitol Hill, Another Banking Battle Brews 

Not so long ago shadow banking's (think hedge funds and investment houses) congressional patrons (think former Texas Senator Phil Gramm and then Senate Banking Committee Chairman et al) argued to be treated like banks.

Unsurprisingly, now that the casino-cowboy-capitalists are being treated like banks (think Dodd-Frank Act) their congressional patrons have begun arguing that they should not be treated like banks?

Unfortunately, duplicity has become de rigueur and for many of our congressional representatives vying for corrupting campaign contributions.


BIS, Group of Governors and Heads of Supervision endorses revised liquidity standard for banks
Results of the Basel III [Voluntary-Self Reporting] Monitoring Exercise (pdf), as of 31 December 2011


Res: 

UPDATED 01/07/2016 BIS, Stress-testing financial systems: an overview of current methodologies

It's difficult to imagine the usefulness of stress-testing, which does not integrate across all financial institutions?

Individually bulls and elephants cause little damage, which is not true during a stampede.

UPDATED 01/07/2016 Wikipedia, Basel III

-----notes------

1. Must be more of that "too hard to understand" derivative reasoning; not to mention dizzying or dazzling circular reasoning.

UPDATED 03/20/2016 2. Those interested in an entertaining book articulating why regulatory prophylactics are necessary may enjoy Akerlof and Shiller's, Phishing for Phools:The Economics of Manipulation and Deception

Those not tired of reading about the most recent efforts by our casino-cowboy capitalists to destroy the global economy will want to peruse footnote one to chapter two.

2. There are, of course legitimate and reasoned concerns about the most efficient capital ratios, risk, economic scenarios, shocks and hedges, audit costs versus benefits etc. It's unfortunate that our cowboy-capitalists' continued recklessness, indifference, and unresponsiveness will likely mean such concerns will fall on deaf ears for many years.

Fortunately, our Federal Reserve will likely interpret statements like "it's too complex to understand" as challenges and not explanations.

3. UPDATED 09/28/2016 Economist, America’s Department of Justice asks Deutsche Bank for $14 billion

4. The post Dodd Frank estimated risk of bank bailout has been reduced by 17% (84%-67%).



Originally Published January 06, 2013; Last Updated July 09 2018; Last Republished July 09, 2018:

Monday, July 2, 2018

Our Shameful Gini Coefficient

Originally Published October 25, 2008; Last Updated July 02, 2018; Last Republished July 02, 2018:

Our shameful Gini coefficient (video explanation Gini) is more indicative of regressive, oppressive, and corrupt nations than the great nation we claim to be:

Gini by Country - Yellow USA @ .381
Unfortunately, the most recent USA Gini coefficient has trended up to .408 (see United Nations 2011 Table 3 below) .

Like we target economic growth with low inflation we must target income and wealth growth with low Gini (video explanation Gini).1  



Res:

UPDATED 11/04/2017 OECD, Income Distribution and Poverty   : by country - INEQUALITY
UPDATED 08/26/2013 UnivWisconsin, Midwest International Economic Development Conference, Keynote Slides, 2013; The Idea of Antipoverty Policy, Martin Ravallion and NBER, The Idea of Antipoverty Policy

Interesting keynote further hastening the elimination of any historical stench of mercantile economics suggesting poverty as a necessary economic byproduct—a stench equally odoriferous to indentures, slavery, and rotten corpses.

UPDATED 12/05/2012 CRS, The U.S. Income Distribution and Mobility:Trends and International Comparisons, dated November 29, 2012 Courtesy FAS Secrecy News

Our current GINI continues to climb toward "nation-destructive" levels—.47+ is an acutely damaging level of income inequality that our policymakers must immediately reverse! Our policymakers need not waste time debating what levels of inequality are optimal until our nation approaches .30.

Continuing to parrot the delusion that America is an "exceptional meritocracy" is dangerous to the extent that it paralyzes our nation or prevents immediate action! Or as more eloquently stated in the above report:
"...In the United States, a longstanding argument against redistributionary policies has been that each person has an equal opportunity to move up the income ladder. Research raises questions about whether Americans’ perceptions of their likelihood of upward mobility are exaggerated. Empirical analyses estimate that the United States is a comparatively immobile society, that is, where one starts in the income distribution influences where one ends up to a greater degree than in several advanced economies. Children raised in families at the bottom of the U.S. income distribution are estimated to be especially less likely to ascend the income ladder as adults..."
UPDATED 04/26/2012 CES, Equality and Efficiency in Advanced Democracies:
Revisiting the Leaky Bucket Hypothesis

Neoliberals often cite Okun as support for their linear Darwinian, dog-eats-dog preference for unregulated economic market efficiency over reduced inequality.

This draft paper (Apr 2012) discusses a more nuanced relationship between market efficiency inequalities.

UPDATED 01/04/2012  CRSChanges in the Distribution of Income Among Tax Filers Between 1996 and 2006: The Role of Labor Income, Capital Income, and Tax Policy Link is Courtesy FAS Secrecy Blog.

If a single graph is capable of explaining much of our current protests, dissatisfaction and societal fragmentation it’s this one:

Our poorest 20% actually lost 6% of the income share during 1996-2006! Incredibly these are the same people our policymakers are currently "piling on" by proposing to further reduce their income share!

Perhaps we can impute the costs of our prisons, mental institutions and other coercive institutions to our poor so their share of our national income is less negative (just sarcasm not an idea).

The good news is that we do not have to accept these pathetic policies—we can demand policies, which decrease income distributional imbalances and thereby decrease both protests, dissatisfaction and societal fragmentation.
UPDATED 11/05/2011 Wikipedia, Gini Coefficient

UPDATED 11/05/2011 Wolfram Mathworld, Gini Coefficient

UPDATED 11/03/2011 United Nations, 2011 TABLE 3 Inequality-adjusted Human Development Index (pdf)

Our nation ranks fourth on the United Nations 2011 Human Development Index (HDI), but that respectable rank plummets a staggering 23 positions when our HDI is adjusted for inequality. Stated differently our 2011 adjusted HDI drops by a steep 15.3% (0.910 to 0.771) percentage points, moving our nation completely out of the very high development tranche.

Web:


UPDATED  07/02/2018 Robert Reich, How to Prevent Future Trumps


UPDATED 06/19/2018 Economist, Should We Tax The Rich More?


UPDATED 06/23/2018 CNN, America's Poor Becoming More Destitute Under Trump, UN Report Says and Reuters, America's Poor Becoming More Destitute Under Trump: U.N. Expert and UN, Report Of The Special Rapporteur On Extreme Poverty And Human Rights On His Mission To The United States Of America


UPDATED 02/25/2018 HooverInst, Cardinal Conversations: Francis Fukuyama and Charles Murray on "Inequality and Populism" [moderator, Niall Ferguson]




It is unfortunate that Ferguson could not find a more informative and interesting person than Murray as counterpoint to Fukuyama.

It is useful to note that a basic income is not intended to effect an individual's dignity, but mitigate structural poverty that limit modern economic systems, which express components of randomness.

UPDATED 01/02/2018 Brookings, Once the Tax Bill is Paid for, Low- and Middle-income Households Will be Worse Off
"...After-tax incomes for the bottom 20 percent would decline by an average of 11 percent, or $1,560 (rounding to the nearest $10).  Average after-tax income would fall by 1.2 percent, or $690, for middle-income households.

On the other hand, households in the top 40 percent would be better off on average after the financing is included (relative to a baseline without the tax cuts).  Those in the top 0.1 percent would still gain, on average, more than $190,000..."
UPDATED 12/17/2017 UCTV, The Past, Present and Future of US Income Inequality with Valerie Ramey and Brookings, Thirteen Facts About Wage Growth


The hodgepodge of congressional tax proposals, which the Republican Party is branding as a historic tax reform and a great Christmas gift to the middle-class will do little to decelerate American's accelerating middle-class decline.

UPDATED 12/09/2017 FT, Universal basic income: renaissance for a 500-year-old idea and Kurzgesagt, Universal Basic Income Explained and Wikipedia, Basic Income


UPDATED 10/23/2017 11/08/2017 WSJ, Tracking Taxes: Live Coverage of the GOP Tax Bill and NYT, Republicans Release Tax Plan, Cutting Corporate and Middle-Class Taxes and WP, GOP Tax Plan Would Shrink Mortgage Interest Benefit, Slash Corporate Tax Rate and Reuters, IMF calls for fiscal policies that tackle rising inequality and IMFBolog, Inequality: Fiscal Policy Can Make the Difference


If corporate America did not create jobs when they could borrow money at near zero interest rate it is highly unlikely that they will use any proposed tax break to create jobs now.

It is difficult to overstate the harm an increasing distributional imbalance has and will continue to inflict on our nation or as more eloquently stated by the IMF:
"...While overall global inequality has fallen in recent decades because of the economic rise of countries such as China and India, inequality within countries has risen sharply, especially in large countries like the United States and China. The Fund warned that excessive inequality could lower economic growth as well as polarize politics..."


The now proposed "tax-framework" tax-plan does little or nothing to cut our increasingly destabilizing inequality imbalances. These imbalances will likely continue to worsen as the bipartisan divide widens and our leaders flounder for consensus.


UPDATED 10/20/2017 Economist, Higher Taxes Can Lower Inequality Without Denting Economic Growth

A race to the tax-rate bottom is invariably accompanied by unrealistic and unrealized growth forecasts (NYT, Republicans Ready to Move on a Tax Plan Few Have Seen).


UPDATED 10/03/2017 Brookings, Back to the Future: Reagan, Trump and Bipartisan Tax Reform

The same unproved and harmful Republican Party sermons on economic dogma masquerading its wacky financial engineering schemes†, which prophesies growth that "god" could not deliver! These dogmatic prophesies are highly likely to end where its earlier prophesies based on unproved economic dogma have ended, with nation destabilizing debt and dangerously imbalanced wealth-distribution coefficients.

...don't forget to laugh...


† It will be interesting to see if European Union’s Markets in Financial Directive II, or MiFID II will dampen our casino-capitalists' appetite for wacky financial products?

UPDATED 06/15/2017 Ted, Poverty Isn't a Lack of Character; It's a Lack of Cash and Brookings, Can Universal Basic Income Boost Financial Inclusion and Transparency?

When we handout money to recapitalize (aka rescue) the capitalists from their pathetic cannibalistic ways we call it "helicopter money"! Lets recapitalize our poor and call it a "minimum basic income".

Our religious zealots (some might say wackos) can still pray for our poor and the politicians can still rhetorically crucify them—we can unify all these similar programs under the budget line item "pay not pray or punish"!


UPDATED 06/03/2017 Economist, Gimme Shelter, The Super-rich Are Different: They Pay Less Tax

...a lot less! These are the (non)taxpayers, which our "new" alt-white-house's budget proposes to help with tax breaks at the price of providing healthcare coverage for an estimated 23 million of our citizens; higher premiums for insuring citizens with preëxisting conditions; and higher premiums for aging seniors...


...and these are the taxpayers, which our "new" alt-white-house OMB Director Mulvaney asserts are not getting compassion...you cannot make this stuff up!

UPDATED 04/19/2017 IMF, Transcript of the Press Conference on the Release of the April 2017 World Economic Outlook

We'll see if our citizenry once again vote for the unproved canard that "tax breaks for our wealthy benefit our poor"?

UPDATED 03/23/2017 Economist, Economic shocks are more likely to be lethal in America ...and when the economic shocks turn to trends?

UPDATED 03/01/2017 CSM, Guaranteed Paycheck: Does a 'basic income' Encourage Laziness?

What's the basis for correlating "laziness" with a minimum income floor?

UPDATED 01/12/2017 WH, Household Incomes Rising: Facebook Live with President Obama


UPDATED 12/27/2016 MoJo, 11 Charts That Show Income Inequality Isn't Getting Better Anytime Soon




The "distribution of income" graph on top is problematic, but the graph of annualized (1870-2014) per-capita growth below that graph is disturbing because it presages a regressing future for America absent intervention of significant invention!

Those interested in the significant role meaningful inventions play in macroeconomic growth will want to read macroeconomist Robert Gordon's new book The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War.

Those thinking recently hyped technology "shared economy" platforms like Uber, Airbnb etc. will significantly alter Gordon's "bell-shaped graph" will want to study Robert Solow, Paul Romer et al. and take to heart any or all the many variants of a quote oft attributed to Solow:

"you can see the computer age everywhere but in the productivity statistics." (Wikipedia)

...and of course evaluate the growth implications of graphs contained in our census publications like: Projections of the Size and Composition of the U.S. Population: 2014 to 2060 Page 4   dated March 2015.

Thank you Mr. President,...your presidency has provided many Americans with much pride:


Your successor's leadership and government (regime?) will likely exacerbate America's distributional dilemma and economic growth problems4, in pursuit of its fervent laissez-faire (aka neo-anarchism) and paradoxical efforts to use government to end it!
  
UPDATED 09/02/2016 Reuters, U.S. Treasury says EU's Apple tax ruling aimed at U.S. companies  One nation's "money grab" is another nation's "level playing field"!


Plenty of multinational companies and competing nations use financial schemes and shenanigans for competitive advantage*. Instead of criticizing the EU, Treasury Secretary Lew should nominate or name a few or better yet jointly investigate the amount of taxes and penalties owed as a result of their unfair competitive advantage?

WSJ, Apple Ordered to Pay $14.5 Billion Irish Tax Bill How about imposing penalties for Apple et al. substitution of corporate financial schemes and shenanigans in lieu of responsibly participating in civil society?


* There is a big difference between a nation (or local entity within a nation) setting its own tax policy and using its tax policy to confer a subsidy or unfair competitive advantage!

With respect to "concerns" that Apple will deduct its Ireland tax from any owed our Treasury note that Apple (and other corporations) is engaging in a different set of financial schemes and shenanigans while awaiting favorable U.S. tax treatment (i.e. nominal or zero tax) before repatriating its overseas earnings!

UPDATED 08/29/2016 NYT, Central Bankers Hear Plea: Turn Focus to Government Spending

The current Congress is unlikely to correct the imbalances created by predominately relying on monetary policy, financial shenanigans, and unproved economic dogma for sustainable economic growth.

Stated differently as the financial shenanigans unwind, dogma ditched, and global interest rates begin to trend negative bankers are pleading for fiscal help!

Hopefully, our next Congress will be less dysfunctional?

UPDATED 04/29/2016 Economist, Household income inequality: ladders to climb
UPDATED 04/09/2016 UCTV, Income Inequality and the Future of the American Dream: Differing Perspectives


Ayn Rand's apostles and acolytes are not lacking in "strong beliefs"—they lack any theory of realpolitiks, economics, or governance to support those "strong beliefs", except, perhaps chaos and anarchy. Blowing things up might work for novelists, terrorists, libertarians, nihilists, actors, anarchists, and Howard Roark; not so much for democrats, economists, or statists.

It's unimaginative, unbalanced, and unnecessary to blow up government to correct market failures or economic and distributional imbalances.

UPDATED 04/01/2016 UCTV, Breaking Promises: The Young’s Declining Share of the Economic Pie with S.Druckenmiller G. Canada

How "precious", our confused cowboy-capitalists, who have spent the last several decades silently launching and participating in one catastrophic financial scheme after another are concerned about our children's declining share of the economic pie (i.e. our seniors are getting too much)!

Yes, there are capitalists concerned about our children's futures, but they're currently too busy scooping up the shit after the confused cowboy-capitalists' previous parades and figuring out how to sustainably grow the economic pie to lecture the public on a looted treasury.


Unfortunately, it's not an April Fools joke! You can't make this stuff up.

UPDATED 03/28/2016 MoJo, California Is About to Make a $15 Minimum Wage a Reality and UCBLC, The High Public Cost of Low Wages

The confused cowboy-capitalists currently cannibalizing "disrupting" our economy are unlikely to be responsive to an acute political pull for growing wage rates.

Is economic inequality simply a disguised and advanced form of rent-seeking?

UPDATED 02/17/2016 YouTube, Capitalism will eat democracy - unless we speak up, Yanis Varoufakis


Unconstrained capitalism is cannibalistic, which is capable of consuming itself—this is news to neither capitalism's proponents and opponents nor economic theorists.

UPDATED 02/11/2016 Economist, Going after Google and Guardian, How much does Google's European boss really earn? and Fortune, A Top Google Executive Said He Doesn't Know How Much He's Paid

Google does not what to be part of the estimate $7.6 trillion3 "off-shore tax problem" and must immediately take steps to completely extract and alienate itself from this problem.

Let no Google press release ever read "Google pays all the taxes we are legally obligated to pay" or other like drivel with respect to their participation in the "off-shore tax problem"!


Wonder how many more video's like this one will be required before Google decides to exit all "legal" tax dodging and avoidance schemes...? Taxodus - Playing The Global Tax Avoidance Game (documentary not to be confused with the game by the same name)

UPDATED 12/19/2015 NYT, Class Differences in Child-Rearing Are on the Rise and Stanford, The widening academic achievement gap between the rich and the poor: New evidence and possible explanations

Continuously parroting myths is not a substitute for publicly sponsored research.

UPDATED 11/06/2015 UCTV, Inside Inequality: The Making of the Book with Thomas Piketty and his Collaborators and UCTV, Capital in the 21st Century with Thomas Piketty - Helen Edison Lecture Series

 

UPDATED 10/12/2015 NYT, Nobel in Economics Given to Angus Deaton for Studies of Consumption and The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2015 to Angus Deaton:
"for his analysis of consumption, poverty, and welfare"

UPDATED 09/16/2015 NYT, Uninsured Numbers Drop as Poverty Rate Holds Steady Deceleration generally precedes a beneficial inflection (reversal) of a trend.


UPDATED 08/14/2015 UCTV, Economic Inequality and the Future of Progressivism with Bill De Blasio and Robert Reich

UPDATED 08/13/2015 Atlantic, The Resurrection of America's Slums and Atlantic, Income Inequality and the End of the Middle Class

The stakes are likely to be greater than a sustainable 21st century Middle Class—any sustainable solution set is unlikely to include prayer and parroted dogma.

UPDATED 05/29/2015 UCTV, The Great Divide with Joseph Stiglitz and Robert Reich

Stiglitz discussing his newest book, The Great Divide: Unequal Societies and What We Can Do About Them.


A collection of previously published media articles describing in nontechnical terms the harm inflicted by our "Great Recession", including the so-called "collateral damage".

UPDATED 04/22/2015 Ted, Why we need to rethink capitalism

UPDATED 01/01/2015 BBC, France economist Thomas Piketty rejects Legion D'Honneur

Piketty tells France's leaders to keep their encomium and focus on solving economic issues—politicos no doubt find it easier to hand out encomiums than solve pesky economic distributional imbalances?

UPDATED 10/18/2014 UPI, Janet Yellen says income inequality hurting U.S. economy

Continuously asserting that distributional imbalances are harming our economy and nation does nothing to reduce or eliminate these imbalances. Our income and wealth imbalances are so grossly large there is little harm in acting immediately, using crude methodology and tools, if necessary, to reduce these imbalances. We can debate the finer economic points of optimal imbalances in a capitalist economy while the imbalances are trending down (as opposed to up)!

Of course perpetually debating how best to achieve a balance between capitalism and confused-corrupt-cowboy-cannibal-carny-casino-capitalism is important. However, this debate, which has continuously occurred since the founding of our nation, need not impede immediate action to reduce or eliminate our grossly large income and wealth imbalances.

UPDATED 10/08/2014 Reuters, New data shows Americans' incomes still stagnant after recession

Well, on the upside talking about an important economic attribute usually precedes corrective actions—on the downside some prefer to substitute talking for corrective actions.


UPDATED 09/15/2014 WP, Income inequality is hurting state tax revenue, report says

UPDATED 09/15/2014 Twitter, Joseph Blasi Coauthor of the popular book The Citizen's Share: Putting Ownership Back in Democracy (out in paperback) and AuthorsAtGoogleTalk (~58:00).


UPDATED 05/29/2014 NYT, Taking on Adam Smith (and Karl Marx)

It's encouraging that these difficult (different than complex) discussions are finally beginning.

Discussions on how to improve capital distribution need not morph into a bipolar choice between capitalism and socialism.  Nor, need these discussions underestimate the benefits of speedily implementing demonstration projects aimed at convincing capital that "God and Darwin" have played no part in creating our current distributional imbalances.


* Piketty response to Giles concerns over the rate at which wealth distribution (Chapter 10) imbalances are accumulating—primarily the result of different interpretations concerning the reliability of the British noncontiguous heterogeneous data sets.

UPDATED 01/05/2014 NYT, Mapping Poverty in America Nice United States map listing county poverty (distributional imbalances twin sister) rates.

UPDATED 12/08/2013 Economist, Inequality in America Gini in the bottle and New Yorker, American Inequality in Six Charts









































The good news about our nation's current income inequality is that it's enabled us to start an important dialog about inequality and related myths—notwithstanding the many subtle and not so subtle inferences to Darwinism, a money gene has not been located!

That will not dissuade some of our citizenry from sending saliva to 23andMe, cells to a cryonic laboratory or seriously consider whether to preserve their body post-death. It's unclear why these citizens would think future human habitats will require or apply their unique skill set or be constrained by today's myths?

UPDATED 12/04/2013 WH, President Obama Speaks on Economic Mobility (entire)



Sometimes all you can say is Wow!


UPDATED 10/12/2013 UPI, U.S. poverty rate stabilizes but number of poorest of poor grows 

What's "exceptional" about any nation simultaneously producing richer rich and poorer poor?!

UPDATED 08/03/2013 UPI, Obama: Reversing income gap is 'highest priority'

UPDATED 01/16/2013 Reuters, Number of working poor families grows as wealth gap widens
"Data showed that the top 20 percent of Americans received 48 percent of all income while those in the bottom 20 percent got less than 5 percent...In 2011, roughly 23.5 million, or 37 percent, of U.S. children lived in working poor families compared with about 21 million, or 33 percent, in 2007, the report (pdf) said."
UPDATED 09/19/2012 Atlantic, U.S. Income Inequality: It's Worse Today Than It Was in 1774

UPDATED 06/30/2012 GoogleTalk, Joseph Stiglitz, The Price of Inequality

UPDATED 06/06/2012 NPR, Growing Economic Inequality 'Endangers Our Future'

Cannibal capitalism is negatively distorting markets and the lives of millions of Americans—will we return to capitalism or proceed to carcass capitalism?

UPDATED 05/29/2012 UPI, U.S.: Second-highest child poverty level

UPDATED 11/03/2012 Moyer&Company, On Winner-Take-All Politics

By using a macro-measure target like the "gini coefficient" our policymaker are able to completely avoid winner-take-all-politics or accusation of "choosing winners and losers" or engaging endless and mostly useless debates about redistribution.

The "gini" is then discussed and managed in a manner not dissimilar to a discount or unemployment rate.

UPDATED 12/18/2011 TTBK, Decline of the Middle Class

UPDATED 12/16/2011 AP, Census shows 1 in 2 people are poor or low-income

The result American exceptionalism, survival of the fittest or just decades of pathetic public policy that "hallowed out" our middle-class? Jeffrey Sack talking on The Price of Civilization thinks it's the latter:


UPDATED 12/07/2011 SeattleTimes, Obama: Middle class at 'make or break' stage

President Obama takes direct aim at those seeming hell bent on returning America to the workhouses of centuries past—full video (55min) of the President's Osawatomie, Kansas speech on the economy.


Mr. President, reducing our gaping income inequality gap improves more than trust. A reduced income inequality improvements life expectancy, math and literacy, infant mortality, homicides, imprisonment, teen births, trust, obesity, mental illness and social mobility, are all positively correlated with lower income inequality!

The above graph is from Richard Willkerson's short Ted Talk on How Economic Inequality Harms Societies


Other research confirms Wilkerson et al's linear correlation between a nation's worsening quality of life measures and its increasing income inequality.

Some of our President's critics proudly assert that the difference between knowledge and ignorance is mere opinion and justification for seeking "God's" opinion, which they inform us they routinely do. Hopefully, before bothering "God" they will read Irving Fisher's 1907, "Why Has The Doctrine of Laissez Faire Been Abandoned?" (quoted in part below):
"...The adherents of this school seemed to treat the difference between knowledge and ignorance as a mere difference in opinion, with which the government has no more concern than with difference of religious creeds. It is certainly true that the attempts of governments to impose what is regarded by the ruling class as the 'true religion' upon the entire people have always proved ill-advised; the recognition of this has produced the modern sentiment of religious toleration. But we are carrying toleration too far when we refuse to correct errors which science demonstrates to be false. There are doubtless millions of persons to-day who jeer at the idea that indiscriminate spitting is dangerous to public health, but it would be silly to allow their ignorant prejudice to prevail. The bacteriologist knows what the ignorant do not know, and every effort should be made to pass down this knowledge to the masses as soon as possible after it is discovered. We can not let any dogma of laissez faire prevent us from checking suicidal ignorance...."--Fisher, Laissez Faire 1907--
UPDATED 11/07/2011 IMF, Inequality and Unsustainable Growth: Two Sides of the Same Coin? Berg, Andrew, and Jonathan D. Ostry, 2011

Paper makes the correlation between inequality and length of growth period—a decrease in the Gini from .40 to .37 is expected to lengthen the growth period by 50 percent.

It goes on to make the fascinating observation:
"...Second, the efficacy of some standard policy recommendations may depend on forces related to distributional issues. It may be simultaneously true that inadequate regulation lay behind the financial crisis in the United States and that increasing inequality underlay the pressures on lenders and borrowers to overleverage. Better analysis of macroeconomic and financial sector linkages, and thus more appropriate regulation, can surely help. But such analysis cannot ignore the larger context of rising inequality if it is to yield useful policy advice...."--Inequality and Unsustainable Growth--
The above correlation and observation would seem to favor President Obama's strategy to prevent our acute distributional issues from becoming chronic.

How ironic that our policymakers, so practiced at yelling "class warfare"2 and enacting policies that exacerbate our distributional inequalities are in fact truncating the very growth their yelling and policy seeks to create and sustain, thereby jeopardizing our nation.

UPDATED 11/05/2011 Reuters, Inequality dents U.S. rank in U.N. development index

UPDATED 11/03/2011 ProPublica, U.S.'s [Shameful] Growing Income Gap By The Numbers a troubling trend that must be immediately and significantly reversed.

UPDATED 04/15/2011 Vanity Fair, Of the 1%, by the 1%, for the 1%
"...An economy in which most citizens are doing worse year after year—an economy like America’s—is not likely to do well over the long haul...."--Joseph E. Stiglitz--
Growing Unequal? Income Distribution and Poverty in OECD Countries

-----notes------

1. When discussing or thinking about national inequality distributions and policy, measurements of income, wealth, GDP, GNP, and other economic indicators are often unhelpfully conflated with measurements of that nation's citizens.

2. One suspects that managing an economy that maintains equilibrium between incentives and inequalities requires policymakers with a different skill set.

3. Those interested may enjoy reading Gabriel Zucman's short seminal primer on off-shore tax havens, including initial data estimates on corporate participation (figure 8 of Excel Spreadsheet), The Hidden Wealth of Nations

4. UPDATED 12/28/2016 Economist Ken Rogoff sees 'significantly faster' growth under Trump. Rogoff generally asserts it's to early to predict stagnation of long-term growth, given our recent Great Recession (i.e.  lesser growth is an attribute of financial crises?).