Last week the FDIC released a policy statement on covered bonds that provides for "expedited release of collateral" if an issuing bank is taken into FDIC receivership or liquidation. The Treasury is expected to release a protocol on best practices for covered bond issuance in a high profile event next week.
A few investment banks would end up with most everything of value from the banks' portfolios rolled into covered bonds, and the assets covering those bonds would fly away to the investment banks issuing the bonds upon the institutions defaults.
No one in Washington will say anything for three reasons.
One: Very few people will pay close enough attention to notice what is happening. It sounds wonky.
Two: If they speak out, they are endangering the contributions from these banks to their re-election campaigns.
Three: They can always say that they didn't expect THIS to happen.
Call me cynical, but that is exactly what I expect. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
The folks in this administration seem to view their obligations as being to the members of their own group, not to the nation as a whole.
First it is Helen with the "But the EU, like any government, is supposed to be run for the benenfit of the society as a whole, not just that tiny proportion of the population who are already over-rewarded for their contributions." and now this from Geezer?
What happened to my fellow pithy angry travelers?
Let's see if I can do this?
Whereas recognition of the inherent dignity and of the equal and inalienable rights of all members of the human family is the foundation of freedom, justice and peace in the world, Whereas disregard and contempt for human rights have resulted in barbarous acts which have outraged the conscience of mankind, blah blah blah... ... if man is not to be compelled to have recourse, as a last resort, to rebellion against tyranny and oppression, that human rights should be protected by the rule of law, blah blah blah... All human beings are born free and equal in dignity and rights.They are endowed with reason and conscience and should act towards one another in a spirit of brotherhood.
Whereas disregard and contempt for human rights have resulted in barbarous acts which have outraged the conscience of mankind, blah blah blah...
... if man is not to be compelled to have recourse, as a last resort, to rebellion against tyranny and oppression, that human rights should be protected by the rule of law,
blah blah blah...
All human beings are born free and equal in dignity and rights.They are endowed with reason and conscience and should act towards one another in a spirit of brotherhood.
How did I do? I'm not built for this comedy stuff. I think I need to work on my general patter in my delivery, don't you think? Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
(Let it not be said that we are all cynics on ET!)
I'm not going to need any sweets for lunch or dinner today.
Mark my words, today is the day that we will read that Helen walked outside and a pony was standing there and everyone looked in their mailbox and found tickets to Malta for the next meet-up. Never underestimate their intelligence, always underestimate their knowledge.
Ba dum.
Here's some more
Article 2. Everyone is entitled to all the rights and freedoms set forth in this Declaration, without distinction of any kind, such as race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status. Furthermore, no distinction shall be made on the basis of the political, jurisdictional or international status of the country or territory to which a person belongs, whether it be independent, trust, non-self-governing or under any other limitation of sovereignty.
Everyone is entitled to all the rights and freedoms set forth in this Declaration, without distinction of any kind, such as race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status. Furthermore, no distinction shall be made on the basis of the political, jurisdictional or international status of the country or territory to which a person belongs, whether it be independent, trust, non-self-governing or under any other limitation of sovereignty.
The day after that happened, there was a huge fight for parade permits from the "Thank Odin, Women Are Being Paid As Much As Men" and the "Gay Rights" and the "Roma Are Our Brothers Everywhere" and athe "Papers? We Don't Need No Stinking Papers - Internationalists" groups.
Article 3. Everyone has the right to life, liberty and security of person.
Everyone has the right to life, liberty and security of person.
Going to the chapel and I'm Going to get married So I'm Going to the Chapel and I'm going to get married and Gee the little Chapel in the hills of Afghanistan and I'm going to see my family wiped out.
All together now. Yes; Clap your hands. Kumbia, my Lord....Look at that next slide....Kumbia...
Article 4. No one shall be held in slavery or servitude; slavery and the slave trade shall be prohibited in all their forms.
No one shall be held in slavery or servitude; slavery and the slave trade shall be prohibited in all their forms.
I love that "in all their forms" part, don't you?
By the way, does wikipedia ever get anything right? I don't see any date for when predatory capitalism was outlawed. Chris? Gotta a citation for me?
Article 5. No one shall be subjected to torture or to cruel, inhuman or degrading treatment or punishment.
No one shall be subjected to torture or to cruel, inhuman or degrading treatment or punishment.
There goes that "Be All That You Can Be" campaign. Great, shift that advertising money to the fuel budget and we may be able to get one more war in by the end of the year.
OK; no more comedy. Hurts too much... Never underestimate their intelligence, always underestimate their knowledge.
I thought it was generally accepted under [Helen's Crystal Ball of Doom Technology] that all of my comments come ready-coated in cynicism and sarcasm. keep to the Fen Causeway
Sorry for not having a "lighter touch!" We need all of the comic relief we can get just about now. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
