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Genesis Posts: 71412 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/907-Mo....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-03-27 09:14:16
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Tesla Posts: 8174 Incept: 2008-04-03 
Delaware
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Another link that will get us all steamed: http://www.bloomberg.com/apps/news?pid=2.... They want to shut Cuomo down. All those who pointed the finger (and rightfully so) at the Bush administration's preemption of state's rights to regulate mortgages, here's Obama's take. Obama Backs Banks, Seeks to Block Fair-Lending Probe By Greg Stohr March 26 (Bloomberg) -- The Obama administration’s call for greater financial regulation may have its limits. The administration late yesterday urged the U.S. Supreme Court to bar New York and other states from enforcing their fair-lending and other consumer-protection laws against federally chartered banks including JPMorgan Chase & Co. and Wells Fargo & Co. The legal brief, which adopts the Bush administration’s position, is a setback for consumer and civil-rights groups that had urged President Barack Obama’s team to switch positions. The filing puts the administration at odds with New York Attorney General Andrew Cuomo over the respective roles of state and federal regulators. The high court will hear arguments April 28. “National banks are created by the government to serve federal purposes,” argued Solicitor General Elena Kagan, the Obama administration’s top courtroom lawyer. “Oversight of the banks is therefore principally entrusted to the United States.” The court filing coincides with this week’s proposal by the administration to put large hedge funds, private-equity firms and derivatives under federal supervision for the first time. Reviving Investigation Cuomo is seeking to revive an investigation, begun by predecessor Eliot Spitzer, into the real-estate lending practices of units of JPMorgan, Wells Fargo and HSBC Holdings Plc. A lower court barred the probe, saying a regulation issued by the U.S. Comptroller of the Currency blocks state scrutiny of national banks. The case will determine whether federal regulators have exclusive governmental authority to press fair-lending and other types of complaints against national banks. More broadly, the case will shape how much ability agencies have to shield companies from state-level scrutiny. Kagan filed the brief on behalf of the OCC, an independent Treasury Department bureau still being run by Republican appointee John Dugan, whose term expires in 2010. Obama has decided to retain Dugan, two people familiar with the decision said last month. “We’re disappointed to see it,” said Gail Hillebrand, a San Francisco-based Consumers Union attorney who had sent a letter urging the administration to switch sides in the case. “We hope they just haven’t gotten around to getting rid of those regulations. It’s certainly a missed opportunity.” Administration Constraints Consumer advocates said Dugan’s control of the OCC may have constrained the new administration in its handling of the case, particularly given that Kagan was sworn in less than a week ago. “If the OCC was unwilling to change their position, then the Justice Department had relatively few options,” said Eric Halperin, a lawyer with the Center for Responsible Lending, a Washington consumer advocacy group that supports Cuomo in the case. “We would hope that in the future the OCC shows as much concern about consumer protection as they do about protecting their turf.” The case bears some resemblance to a dispute resolved by the Supreme Court in 2007 in favor of the banking industry. The court ruled 5-3 that states can’t regulate the mortgage-lending subsidiaries of banks supervised by the OCC. While the 2007 case involved traditional banking regulation, including licensing and so-called visitorial powers, the latest fight concerns more general state rules, such as antidiscrimination and consumer-protection laws. Federal-State Balance By blocking those laws, the OCC regulation “drastically alters the federal-state balance,” Cuomo argued in a court filing earlier this month. The Obama administration contends that federal regulators can adequately ensure that national banks comply with both state and federal laws. The administration said last night that the OCC “vigorously enforces fair-lending laws against national banks.” Civil rights groups dispute that. In a letter this month to Treasury Secretary Timothy Geithner and Attorney General Eric Holder, groups led by the Leadership Conference on Civil Rights said the OCC had filed no enforcement actions based on state antidiscrimination laws since the OCC adopted the disputed regulation in 2004. “It is painfully clear that federal regulators did little to fill the void,” the letter said. The Supreme Court case stems from Spitzer’s probe into whether lenders charged higher mortgage interest rates to minorities. Spitzer began his investigation after 2004 data released under the Home Mortgage Disclosure Act showed black and Hispanic customers in New York were more likely to receive high- priced loans. Spitzer’s Probe OCC and the Clearing House Association, which represents commercial banks, sued in 2005 to block Spitzer’s probe. The Clearing House’s members include JPMorgan, Wells Fargo and HSBC. In a court filing, the Clearing House Association’s attorney, Seth Waxman, argued that the OCC regulation is a reasonable interpretation of the National Bank Act. That law “broadly precludes state investigations or enforcement actions that relate to a national bank’s exercise of its authorized banking powers,” Waxman argued. The case is Cuomo v. Clearing House Association, 08-453. ---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata Last modified:
2009-03-27 13:12:08 by tesla
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Digitalcolony Posts: 335 Incept: 2007-07-09 
Seattle
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I took this photo yesterday in the Magnolia area of Seattle. Seems appropriate here.
2009-03-27 10:22:20
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Jstanley01 Posts: 2564 Incept: 2008-07-30
San Antonio, Texas
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It's interesting to note who Obama is meeting with (from the linked article):Quote:President Barack Obama will seek support today from executives of the nation’s largest banks for his plan to stabilize the financial system and try to get beyond the furor over bailouts and bonuses.Then the article reports that, as you cited: Quote:White House advisers said the meeting will focus on stabilizing financial markets, boosting lending to businesses and consumers, reducing foreclosures and imposing regulatory overhaul rather than specific issues at individual institutions.Okay, lemme see if I've got this straight. So you're in the room full of representatives of organizations that have recently perpetrated murder and mayhem. And you tell them that you aren't particularly interested in holding anyone in particular accountable for any particular act of murder or mayhem. But that you just want their input on how to reduce acts murder and mayhem in the future. After all, what's the point of being vindictive? Oh yeah, that ought to work... ---------- ...so in short, my fellow Texans, we must secede. "For the children..." --Me
2009-03-27 10:31:32
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Trades50 Posts: 1142 Incept: 2007-10-30
IL
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Media reports housing is getting better. Besides this we have commercial real estate. New Home Sales Fell 41% in February 2009 http://www.rgemonitor.com/us-monitor/256.... ---------- Labor for the Globalist: World Class means Third World Class.
2009-03-27 10:33:17
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Johnny_crab Posts: 886 Incept: 2008-10-09
Boonieland south Texas, Ron Paul's District Online
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Let's see what happens to Cuomo next. Dot Gov seems fairly proficient at neutering those attempting to derail the Clown Car. ---------- If you want to know truth, start by turning off your television. "Many, many people are coming into an understanding that the left/right, us vs them construct foisted upon them for centuries is, in fact, a meme constructed to control our thinking."--Truthseeker Last modified:
2009-03-27 13:31:19 by johnny_crab
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Hihoherewego Posts: 595 Incept: 2009-02-25
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The feds telling the states to butt out of investigating banks is essentially the same as them telling the states to butt out of securing their borders with Mexico. While their borders were being breeched the states had no choice but to pay for the attendant long term costs of medical, educational, encarceration, welfare, etc., of illegal aliens while the fed shirked its very own mandate of border security responsibility. The states, their citizenry, continue to bear the burdens of defective federal policies. Nothing is changing except the appearance of change. This is the appearance of change you can believe in. H
2009-03-27 11:48:01
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Az Posts: 1658 Incept: 2008-09-22
Looking down the Rabbit Hole
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Well focused Ticker (as usual). Thanks
---------- Whistleblowers R my heros
2009-03-27 12:18:28
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Curbyourrisk Posts: 1891 Incept: 2008-08-19 Long Island, New York
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Quote:Let's see what happens to Cuomo next. I am sure there some hookers ready to come out of the closet somewhere. ---------- Hopium: hope filled delirium preached by the White House and Swallowed whole by the American Sheeple. Why is Franklin Raines a free man? "We saved the world from disaster" - Ben Bernanke - Jackson Hole 08/21/2009 
2009-03-27 12:30:27
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Fatso Posts: 1764 Incept: 2008-02-03
Roll on up, gonna roll back down
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Tesla, do you have the Bloomberg link on that story? I want to send it around to my "Obama is better than Bush" friends.
---------- The most defining theme, and overriding purpose, of the U.S. Constitution is to limit the power of the federal government. Over that, there can be no historical, or textual, debate. - Tickerfan
2009-03-27 12:42:33
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Snooze Posts: 1652 Incept: 2007-07-09
florida
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Quote:So you're in the room full of representatives of organizations that have recently perpetrated murder and mayhem. And you tell them that you aren't particularly interested in holding anyone in particular accountable for any particular act of murder or mayhem. But that you just want their input on how to reduce acts murder and mayhem in the future. Being a COMMUNITY ORGANIZER means you have to include the gangs for a cut of the action to be effective.....RIGHT? ---------- We're on a journey - and we don't know it - back to a nation of communities where your character really matters, and where character rests on whether your deeds comport with truthfulness......KUNSTLER
2009-03-27 12:47:11
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Tesla Posts: 8174 Incept: 2008-04-03
Delaware
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Sure, Fatso http://www.bloomberg.com/apps/news?pid=2.... Posted the wrong link above. Good luck with the Obamabots - but actually, I've been making some inroads there lately... ---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-03-27 13:11:33
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Risingcream Posts: 2542 Incept: 2007-09-07
Online
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We need a feelgood ticker every once in a while. Being constantly bombarded everyday, I feel like the Republican Guard.
---------- Civilization...ancient and wicked. --Subotai The trees in Siberia are miles apart, that is why the dogs are so fast. -- Bob Hope
2009-03-27 13:46:01
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Pika-steph Posts: 39197 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing.
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http://www.oag.state.ny.us/online_forms/.... For anyone who would like to contact A.G. Cuomo with encouragement. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2009-03-27 18:09:43
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Tyme2flygirl Posts: 32 Incept: 2009-03-22
Nazi-like Police State, MO
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Thanks Pika-Steph for the link. I just wrote him with a few words of encouragement.
---------- "The process of money creation is so simple, the mind is repulsed" -J.K. Galbraith This will probably be the year that the Grinch manages to steal Christmas in Whoville. - Aja 7/2/09
2009-03-27 18:37:21
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