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Is a state development bank right for Connecticut?

Insight

Part 2 of 2

 

What’s the development bank secret? The answer: Regulated government service salaries. No fat cat bonuses. No kick-backs. No self-dealing. No double dipping. No excessive risk taking. No gambling with other people’s money. No bundled mortgages. No derivatives. No credit default swaps. No currency speculation. No short-selling. Yes, transparent accounting. Yes, profits are returned to equity.

Is a state development bank right for Connecticut?

Insight

Part 1 of 2
Back in 1970, Morocco’s King Hassan II was putting on the 18th hole in Marbella, Spain when his friend, Citibank Chairman George Moore, interrupted: “King, what you need to do is establish a Moroccan agro-industrial development bank.”  
The king missed the putt. He looked up. “I need a what?”
George Moore said, “I’ll send you someone.” So it was agreed.

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Is a state development bank right for Connecticut?

Insight

Part 1 of 2

 

Back in 1970, Morocco’s King Hassan II was putting on the 18th hole in Marbella, Spain when his friend, Citibank Chairman George Moore, interrupted: “King, what you need to do is establish a Moroccan agro-industrial development bank.”  

The king missed the putt. He looked up. “I need a what?”

George Moore said, “I’ll send you someone.” So it was agreed.

Global financial speculation

Insight

Part 2 of 2 - The Solution
The futures market, particularly what are called commodities futures, originally served laudable purposes.
Futures purchases permitted farmers, miners, energy producers, manufacturers and others to go ahead and plant crops, explore for resources, create energy and make products of value to society, knowing in advance that they could count on future marketability to customers and consumers. These were what we might call long sales. They were bets in favor of the future.

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Once you've created an account, you will be given a free 30-day subscription to the site where you can view all content unrestricted. After 30 days, you can extend your account by purchasing a subscription.

If you are already a print subscriber, click here to give us your contact information, and we will confirm your active subscription and give you a password to access the website.

Global financial speculation: the short-selling of America

Insight

Part 2 of 2 - The Solution

The futures market, particularly what are called commodities futures, originally served laudable purposes.

Futures purchases permitted farmers, miners, energy producers, manufacturers and others to go ahead and plant crops, explore for resources, create energy and make products of value to society, knowing in advance that they could count on future marketability to customers and consumers. These were what we might call long sales. They were bets in favor of the future.

Global financial speculation: the short-selling of America

Insight

Part 1 of 2 - The Problem

First aid for the United States economy: revenue reform

Insight

It comes as something of a surprise to read pronouncements by some conservative gurus in the pages of mainstream newspapers such as the New York Times that “Obamacare is the principal cause of the economic recession and the U.S. debt crisis.”

That’s curious. Didn’t the debt problem begin under President George W. Bush in 2001-2008? Didn’t the economic recession begin in late 2007, and didn’t President Obama take office afterward in January 2009?

The real solution to Social Security, Medicare and the national debt

Insight

In addition to saving Social Security and Medicare, the long-term U.S. national debt crisis is also solvable.

Every good businessman knows that in tough economic times it is necessary to reduce wasteful spending, but do so without cutting quality of product. At the same time, it is necessary to mobilize all sources of credit and income. In government, this means reducing waste, protecting important social benefits and generating equitable tax income.

Solving the so-called Social Security crisis

Insight

Aren’t we making undue heavy weather over the alleged solvency or insolvency of Social Security, Medicare and the nation? Are we not overlooking the obvious? Let’s have a closer look at the facts, and apply a few principles of democratic equity and fairness.
Social Security, introduced under FDR in 1935, fiercely defended by Eisenhower in 1956 and declared a sacred trust by Obama in 2011, is fully solvent, “in the black,” now and for two decades to come, even if we don’t tweak it.
Yes, we could raise the retirement age above 65; that’s a discussion worth having on its own merits.

Full text available to premium subscribers only. Log in or Create an account.

Once you've created an account, you will be given a free 30-day subscription to the site where you can view all content unrestricted. After 30 days, you can extend your account by purchasing a subscription.

If you are already a print subscriber, click here to give us your contact information, and we will confirm your active subscription and give you a password to access the website.

The real solution to Social Security, Medicare and the national debt

Insight

Aren’t we making undue heavy weather over the alleged solvency or insolvency of Social Security, Medicare and the nation? Are we not overlooking the obvious? Let’s have a closer look at the facts, and apply a few principles of democratic equity and fairness.

Social Security, introduced under FDR in 1935, fiercely defended by Eisenhower in 1956 and declared a sacred trust by Obama in 2011, is fully solvent, “in the black,” now and for two decades to come, even if we don’t tweak it.

Yes, we could raise the retirement age above 65; that’s a discussion worth having on its own merits.