Daily Digest 3/16 - 'Dangerous' Financial Products Named, PA Unions: 'Stop Cutting Taxes'
“If they’re too big to fail, they’re too big,” Bloomberg News reports Greenspan said in October of 2009. “In 1911 we broke up Standard Oil -- so what happened? The individual parts became more valuable than the whole. Maybe that’s what we need to do.”
'Dangerous' financial products named (westcoastjan)
CDSs first came into the public view as one of the causes of the financial collapse in 2008. They allow investors to buy protection against bond issuers defaulting on their debts. In this case, the bonds were issued to finance the debt of emerging market countries such as China or Brazil.
Max Keiser: Is Bitcoin Money? (westcoastjan)
Bitcoin is a peer-to-peer, decentralized form of money; as durable as the Internet itself. Remember, the Internet or DARPA as it was originally called, was created as a fail-safe, global network with no 'single point of failure.' If one part goes down, data takes another route and nothing is lost. So on this point the answer is "Yes," Bitcoin is durable.
But Butkovitz questioned whether lowering taxes was wise when the schools are struggling financially: "It's surreal to reschedule for July the business tax cuts when there's no plan in place to get the schools through the school year."
AFSCME estimates that maintaining current tax rates would boost city revenues by $50 million yearly, but Finance Director Rob Dubow said such a savings would only come in the future.
Parallel World of Finances (goldrunner1)
The invisible financial world is something the majority of people have no idea of. The major part of it is the shadow sector of world financial system – financial institutes and financial operations conducted under the cover of off-shores and falling out of the sight of financial regulators (central banks, ministries of finances, security and exchange commissions etc.) . One can only guess how large it is, there is no way to have a clear picture of what it is like because all the activities are conducted beyond any supervision. No books kept, no accounting before state structures exists. The world dwellers are criminal gangs related to drug trafficking, arms trade, slave trade and so on. It’s not even grey sector activities, but rather “black” economy breaching al norms of penal law. According to experts, the turnover is a few trillion dollars a year… Besides, the shadow sector encompasses various structures that do not hide underground. Many of them openly offer various services to individuals and corporations.
Shock in Cyprus as savers face bailout levy (westcoastjan)
While Cyprus may be one of the eurozone's tiniest economies - its third-smallest - there could be serious repercussions for other financially over-stretched economies, such as those of Spain and Italy, Robert Peston writes.
The point of the levy is as a caution to lenders to banks that they should take care where they place their funds, and avoid banks that overstretch themselves - as Cypriot banks did, he adds.
‘If You Ain’t a Gardener, You Ain’t Gangster’ (Thomas C.)
Finley didn’t remove his garden, and he wasn’t arrested for not doing so. Rather, he’s become a prominent voice for bringing food justice to low-income, minority neighborhoods like his own. He talked about his efforts to bring more gardens in neighborhoods like South Central—and to rebrand gardening as, among other things, “gangster”—at the TED Conference in Long Beach, Calif., earlier this month.
“Canadians continue to have a love affair with paved driveways,” Mr. Sandford said in a release. The study showed 47% of Canadians say their “ideal” house has a paved driveway or yard, and most of them stuck to it even knowing that a permeable surface would ease the pressure on sewers and pollution runoff. “There’s a serious trickle-down effect,” Mr. Sandford says, with excess water from urban sidewalks, roadways and parking lots combined with paved residential areas to overwhelm stormwater systems.
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