On June 16th 2010, The Obama Administration and BP announced the creation of the $20 billion dollar "Oil Spill Liability Trust Fund" to provide a faster and more fair way to pay damage claims for individuals and businesses harmed by the Gulf Oil Spill. BP has agreed to contribute $5 Billion per year to the fund until the $20 billion dollars is depleted, including $5 billion in 2010.posted by BobbyVan at 9:39 AM on November 30, 2011
since you've thought a lot about it, can you outline some things we might be able to try under the current view of corporations and the First Amendment?The demand for influence in politics comes from the power we give to politicians. The demand for money in politics comes from voters who are easily influenced by expensive media.
So lots of grandparents' retirement account are wiped out, even though they never did anything more wrong than be part of their employers pension plan, and who exactly would be in a position to buy the company whole, or want to buy the individual assets?Oh spare me this bullshit. People absolutely are responsible for the behavior of companies they invest in, up to their equity. If you invest in a company that does the world harm and gets in trouble because of it you absolutely deserve to lose your money. When you invest your money, you're trusting the people you give it too. Asking for a bailout because they got caught breaking the law (which you would have profited from had they not fucked up) is ridiculous.
You're right in a sense, but the reality is that there will never be a free national health service in the US until some fundamental changes are made to American culture and governance. It ain't as easy as it looks to bring some common sense to the table here, on that topic.Isn't that the point of OWS though?
- market-to-market is a very important accounting measure, which helps investors get better transparency into otherwise opaque financial companies portfolios. They are asking for less transparency from financial companies?Huh, bizarre. I actually assumed that they were arguing for mark to market. Right after the financial crash the government allowed big banks to switch to mark to model instead of mark to market. Most people said it was a scam to allow banks to hide losses, because the market had crashed. Instead they could use whatever numbers they wanted (as long as they could think up a model to justify it) which let the banks appear solvent when they weren't.
I think you, and sadly the authors of the suggestions in question, are looking at these individually without considering how they interact. Mark-to-market results in more transparency - but it has a cost, and that cost appears to be accuracy when there's high market volatility. And while I agree that the high-frequency trading is a bit of a boogeyman, it certainly creates higher volatility than we've seen in the past. The two things work together to make the system worse.
Except both the Civil Rights Movement and the Velvet Revolution were about giving people the power to exercise their basic political rights. On the other hand, OWS is now (apparently) about stopping an oil pipeline, taking sides on immigration policyI absolutely think it's reasonable to take sides on immigration policy. Our immigration policy is the result of compromise between people who are racist and those who aren't. Our (and most countries) policies only make sense in a framework where xenophobia is reasonable. But SB1070 specifically is small potatoes for anyone not living in AZ.
Are you living in the woods? Do you have electricity and running water? Because if you do, it may come as a shock to you to learn that some "technocrats" somewhere had a lot to do with all that once upon a time.The problem with 'technocrats' is that they're not all that technocratic.
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For a very compelling essay on why OWS shouldn't cave to the pressure to issue demands, get thee to J.A. Myerson: posted by davidjmcgee at 8:09 AM on November 30, 2011 [19 favorites]