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Posts Tagged ‘Economy’

Update

As of 4:20 PM PST, the Daily Digest has not yet produced the record for today, indicating the vote, the 11th of December. However, find below the House passed  reform bill, as entitled:

H.R.4173
Title: To provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes.
Sponsor: Rep Frank, Barney [MA-4] (introduced 12/2/2009)      Cosponsors (None)
Related Bills: H.RES.956, H.RES.964, H.R.3126, H.R.3818
Latest Major Action: 12/10/2009 House floor actions. Status: Committee of the Whole House on the state of the Union rises leaving H.R. 4173 as unfinished business.

The bill has several short titles. You may hear several of them. The titles in italics represent portions of the bill:

Wall Street Reform and Consumer Protection Act of 2009

Accountability and Transparency in Rating Agencies Act of 2009

Consumer Financial Protection Agency Act of 2009

Corporate and Financial Institution Compensation Fairness Act of 2009

Credit Risk Retention Act of 2009

Dissolution Authority for Large, Interconnected Financial Companies Act of 2009

Federal Insurance Office Act of 2009

Financial Stability Improvement Act of 2009

Investor Protection Act of 2009

Over-the-Counter Derivatives Markets Act of 2009

Private Fund Investment Advisers Registration Act of 2009

Go HERE to open the information on the summary page. There are reports that the Senate version is not at the same stage and may take as long as six months to pass.Dakinikat, over at the Confluence has a good post on moral hazard, HERE. It is  a timely and apt post in relation to the just passed H.R.4173. Risk is always present in any activity. Either we leave the cat with the pigeons and trust it will behave, or we buy the cage, and transfer the risk into losing a paw to the cat if it misbehaves.

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[Politico Breaking News

The House has passed a sweeping financial regulatory reform bill by a vote of 223 to 202. The bill is designed to prevent a repeat of last year’s economic meltdown by creating a new consumer watchdog agency and new regulations on everything from credit cards to executive compensation.

For more information…http://www.politico.com]

I’ll have more in a bit.

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In business, and other fields such as information systems, “Knowledge Management”, (to quote Wiki,) has been “an established discipline since 1991”. If you click on the link above, you will see that essentially it is a field of study in how knowledge is learned, passed around, and the process optimized.

I’ve always found it to be a pretty interesting subject, especially in regard to the twin topics of “Explicit Knowledge” and “Tacit Knowledge“.

Perhaps explicit knowledge best relates to the left side of our linear brain, where thing can be discussed, measured, stored and written about.  Knowledge like this might include databases, manuals, or drawings.

Tacit knowledge is different in that is not directly communicated. Closed communities and groups develop shared pools of information, not directly articulated. An example might be when a junior person observes a senior employee’s efforts with a difficult client. The junior will certainly learn more quickly what works and what doesn’t. This form of mentoring is highly useful and an efficient way of increasing the knowledge pool of the company. Aside from the explicit knowledge being transmitted, the hand gestures, facial expressions, attitudes, and subliminal word meanings are part of what is being learned. Funny examples might include the day someone tells you that your dog and you look and act alike, or you hear your child whining, complaining or yelling and are horrified they sound like you.

The pools of information that are formed by growing explicit and tacit knowledge are part of what is called the intellectual capital of a business, information system, or group.

Why am I talking about this subject? Here is an example of the point I am about to make:

If you haven’t yet been over to the Confluence today, be sure and check out Dakinikat’s comments on monetary policy, HERE.

Dakinikat has extensive explicit knowledge in the subject of banking, monetary policy, and economics.

Her blogs are dense and sparkly. As her waves of logic pull you along, the patterns in the economic sands are revealed to us all. Even though she is sharing explicit knowledge, her sharing, or “story telling” provides other information.  I have a sense of her truth and fairness, of altruism in the desire to communicate, and her outrage over our current economy. So, from that vantage point, as one of the less informed,  it is pretty easy to trust and work to understand what she says. I would feel that way even if I didn’t usually agree with her.

One of the ideas in knowledge management is that there is so much information in the world; that it is becoming difficult to evaluate what to read, where to get data, and whom to trust. How is good information to be gained?

One idea is to “fly” over the river of information and “dip” in, like a seagull might do for the right fish. This assumes the seagull, us, has a method of judging the fish or data, before she dips and bites, and after, if it turns up rotten. I can see how this method might work in an information technology system, where only tiny bits of data are identifiers. I don’t think dipping is proving so far, for me, at least, to efficiently make a judgment on quality, and absorb the information. I need much more time in the day.

For me, tacit knowledge often is what determines what I choose to read, and whether I read or not. As we flatten more and more of our information in order to compress it into the media river, it seems to me the fairness, research and depth I want in an article, a report, are getting harder to find. So this brings up another point.

As newspapers continue to retrench and media in general is taken over by the oligarchy, how are we going to find the real journalists? How are going to find our truth tellers? ? How we are going to support those who are?

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“The economy of California is a dominant force in the economy of the United States, with California paying more to the federal system than it receives in direct monetary benefits.”

It’s official, we are in the well! If you think this will just affect California, think again. The state’s economic engine is too big; it ranks 10th in the world economy. I guess the state will need to keep what’s left of that money to pay unemployment to all those folks they just laid off. Get rid of Proposition 13 now! (more…)

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-UPDATE-

Bush to the rescue?

US Financial Bailout Money May Go to Automakers

By Kent Klein

Washington

12 December 2008

The Bush administration says it will consider using money from the $700 billion Wall Street rescue fund to prevent the U.S. auto industry from collapsing. After carmaker bailout talks broke down in the Senate, news of possible White House intervention seemed to calm financial markets on Friday. 

U.S. President George Bush has long opposed dipping into the financial bailout package approved earlier this year to keep Detroit’s “Big Three’ car companies afloat.

http://voanews.com/english/2008-12-12-voa27.cfm 

For more on the subject go to SavagePolitics.

-UPDATE-

Take a look at the roll call vote HERE.  12 senators just couldn’t make it! Tired? Too late at night? Got snowed in?

To see the House vote go HERE.

Politico.com Breaking News:
—————————————————–

The Senate has rejected the auto industry bailout. The vote was 52-35 but 60 votes were required to move forward.

http://www.politico.com

I Own My Vote, PUMA, The Denver Group, Just Say No Deal

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While it’s official that Hillary Clinton is nominated as Secretary of State, Bill Clinton is off working on his own lifetime project; the Clinton Global Intiative.

So, in the next two days we are going to get an immediate test of how well this articulation of POTUS Obama, SOS Clinton and EXPOTUS will work. (more…)

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Yikes! (more…)

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Real News places a great deal of information in their videos. In dial up of course, this is a problem. However, this article also contains a partial transcript of the interview, located at the bottom of the page.  If the video is annoying, just click the two bars at the bottom left of the video to stop it.

What Noam Chomsky said:

October 21, 2008

Chomsky on the economy

[Noam Chomsky: Current crisis demonstrates anti-democratic nature of financial system….]

http://therealnews.com/t/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=2603

I Own My Vote, PUMA, The Denver Group, Just Say No Deal

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