Archive for banking

Elizabeth Warren Does What Hillary Clinton Could Never Do

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YellenWarrenw212h202Do you want to know why there's a draft Elizabeth Warren movement growing by leaps and bounds? The answer is found by simply watching the Massachusetts senator calmly, quietly, and succinctly destroy Fed Chairman Janet Yellen.

You don't have to know anything about banking and finance to understand Senator Warren spelling out precisely that the Federal Reserve Board is still not doing its job. They're kowtowing to the huge money institutions and allowing "too big to fail" to continue.

What's below is priceless. Smart as Hillary Clinton is,  she could never do this:

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Issa Sings Flip Flop Solo In Bonus-Minor

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flip flops

Ever defiant, but also ever evolving, Rep. Darrell Issa can add flip-flopper to his resume of skills -- maybe next to arson and car theft.

The chairman of the United States House Committee on Oversight and Government Reform has never seen the wrong side of an issue where he couldn't find some Democrat or plot to blame and waste our government money investigating. When you think about it, what does he really know about costs and spending anyway? He's one of the three richest members of Congress -- and there's a lot of scratch in that group. His money is important to him. Government money isn't.

Okay, maybe he didn't get rich without being a good businessman. He must have some special business acumen -- after all, he knew exactly when it was time to strike some "Jewish Lightning" to raze his businesses, Quantum Enterprises and Steal Stopper, literally.  

Wikepedia:

Issa appeared to prepare for that fire by increasing the fire insurance policy by 462% three weeks previously, and by removing computer equipment holding accounting and customer information, preventing authorities from seizing it. But what a lucky guy to have removed all the plans and private documents a day before the fire struck from the very building that would burn down.

So if Issa's got that knack of timing, bless him. But where was that timing over the past five years? It's only this past week that he's done a complete turn around on criminals, criminal activity and corporate bonuses. Oh, and whose bonuses is he calling into question? Why none other than the IRS. How about that?

Thanks to the fine people over at Huffington Post, we have this little video to see Issa flipping around like a freshly landed tuna on the deck of a fishing boat. It's actually fun to watch. Hope you will.

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MSNBC Looks Into Krystal Ball For Hillary Clinton's Future

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Krystal Ball

MSNBC's Krystal Ball had some strong insight into the future of the Democratic Party yesterday on The Cycle. She devoted three minutes of very honest, contemporary and deeply thought-out assessment of her party's future - 2016- and whether or not Hillary Clinton is the answer. I was quite surprised, because she precisely stated my feelings which I've expounded numerous times on The Political Carnival. It's as if she were channeling my thoughts. She said them much more succinctly and eloquently than I could have, but I hope you'll watch this. It's not long, but it's eye-opening.

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A.G.Holder's Big Cutting Crime Step:Opening Up Banks

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As crazy as it seems, there's a financial issue on the federal level that has been cause for alarm in the legalized marijuana industry. Note: I said legalized. By that I refer to transactions for medical marijuana purchases (in 20 states plus D.C.) and legal recreational buys in Colorado and soon Washington state. You see, because of archaic federal laws making cannabis a Schedule One drug, purchases are illegal by federal standards despite being legal in a number of states for varying purposes.

So if it's legal in some states, what's the problem with banking?

Simple. Banks are currently barred under federal banking regulations from handling proceeds from marijuana sales even in states where pot sales have been made legal. Banks are also prohibited from doing other banking business with these vendors like loans and investments. Simply put, that means vendors can't deposit their "state legal" revenues in banks.

That trickles down to the customers who are mandated to cash only purchases -- no credit/debit cards. It also means employees have to be paid in cash as the vendors can't have checking accounts if their deposits were made from marijuana purchases. Loans and investments too are verboten for sellers who want to expand or improve their facility -- perhaps to add security measures to safeguard all of the cash-carrying customers.

Finally the Obama Administration Attorney General, Eric Holder, has seen the light -- and gotten at the very least, a nod from the POTUS to take steps which will help guarantee taxes being paid on these purchases -- a gray area in the state legal system but felonious on the federal level. That's right -- Colorado could tax your purchase, but wasn't allowed to pay federal taxes on the money. They would have to send cash via pony express or Wells Fargo Wagon to deliver the tax revenues as the money couldn't be wired. The result was no federal revenues were collected.

Money talks. Especially federal tax revenues.

As reported today on the HuffPo:

Jan 23 (Reuters) - U.S. treasury and law enforcement agencies will soon issue regulations opening banking services to state-sanctioned marijuana businesses even though cannabis remains classified as an illegal narcotic under federal law, Attorney General Eric Holder said on Thursday.

Finally, some common sense out of Washington. Let's face it, if states are fighting to legalize something that shouldn't have been criminalized in the first place (remember the Volstead Act), at least let them levy their taxes and be able to put them somewhere safer than in the mattresses. And lets send the applicable tax revenue to the IRS. If we can get cannabis tax receipts sent to Washington, maybe next we can do something about collecting those soft off-shore tax loophole revenues. Talk about putting a dent in the federal deficit.

This is a step in the right direction. It's late, but like many good things, better late than never.

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