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58362Re: 7.8

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  • Bryan Junius
    Oct 5, 2012

      When I lived in Jacksonville, Fl from 2005-2010, during Bush's reign in office at the white house - Jeb Bush was Governor here then (go figure),...for the first 2 years the jobs in Florida were O.K. Come 2008 the unemployment went from 9% to 14.2% in a course of 3 short years. And that was only third highest compared to Tennessee and Nevada. Detroit basically became an empty ghost city by 2012 because all the plants shut down and crime rates went through the roof alongside Nashville. It looked like the East coast started to bottom out after all the number of people I knew who became those "99ers". It was dreadful and depressing for some time.

      When I think of investment banking and all the money they are gambling away, I feel a sudden lurch in my belly to regurgitate. These banks that have gotten to big to fail should of never happened to begin with. They should of been deregulated into smaller banks and optimally decentralized - for example - when I lived in Germany I had a bank account with Sparkasse - at the time, I was annoyed with the way the Germans had their banking practices setup, as well as many other peculiarities I didn't like - anyway, if you have a bank account in, say Darmstadt, Germany and you go to Stuttgart for a day, which is 100 miles, you better have your ATM card cause you cannot use the same bank at a different location, they won't let you - all the cashier attendants will tell you is you have to go use your own bank. Literally, If I wanted to deposit money at my Sparkasse bank in Darmstadt and did it in Stuttgart, they would make me do a wire transaction back to Darmstadt and charge me for it in Stuttgart!

      Back then...I was so irritated with their way of banking, but after the financial meltdown we had, I think the German system was not so bad after all. It keeps banks honest and transparent to a certain degree in transactions, but I am sure, there would be downfalls to a full decentralization such as that, so maybe there can be a compromise in how we can reform banking practices.


      Bryan Junius

      --- In existlist@yahoogroups.com, "William" <vize9938@...> wrote:
      > I am listening to the spin being put on the unemployment numbers. The republicans say the administration is calling the numbers from the White House. Thats too much spin for me. Obama now has an unemployment rate lower than when he took office. I want to know what number we are aiming at if we even remember the controversy after the election. I have read that it is impossible to have Zero unemployment because some people are changing jobs or normal sesional lay offs or short term disabilities.Three % seems a realistic bottom and here we are at 5% . We have more jobs than workers but many of those workers are not suitable for the jobs. It would seem to me that at 5% you quit worrying about the numbers and initiate job training programs.
      > As political pay back I suggest that republican banking and insurance should not be included in new jobs training programs. We do not need more of those sort of workers who got us in this mess. Regulate and reduce insurance and banking they just add overhead to real business that produces goods or essential services. Investment banking needs particular scrutany as those people lose billions of other peoples dollars and then throw the debt on the general public. As Dodd ,Frank mandates investment banking needs diverge street banking and the public cash flow from the wild risks of investment banking schemes. The unbridled rampage of too big to fail banks needs compartmentalisation breaking them down into traditional banking activities and a separate investment banking group. Their cash flows should not be mingled . They follow entirely different risk profiles. If you work in the traditional banking sector your job should be very secure with moderate salaries and good benefits. If you opt for the investment side you are a true risk taker. This is the wild side of capitalism that adds innovation to a society but adds crazy risk. 7.8% unemployment is too high and many of those people are financial service people who were fired when the bad investments of their unregulated corporations blew up. Regulate the corporations, retrain the workers in other industries and get 7.8 down to 5.0. Bill
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