From Bloomberg News: "JPMorgan Chase & Co. Chief Risk Officer Barry Zubrow will tell Congress that regulators risk impeding the economic recovery by going too far in tightening bank rules and raising capital requirements…A capital surcharge on the largest global banks combined with higher U.S. margin requirements for certain trading accounts 'currently risks doing more harm than good,'" and "puts U.S. firms at a 'distinct and unnecessary competitive disadvantage.'"

Funny, that's exactly what the financial industry convinced Bloomberg and Schumer to say in a report in 2007, a report I commented on in June 2008. The financial industry has clearly either learned nothing, or has learned that it could bully its way to increased concentration, power and bailouts. Has anyone else learned anything?

I am a registered democrat. That’s well known. As a naturalized citizen, I have only been able to vote in the last four presidential elections. I have voted three times for an independent candidate (Nader), and the other vote went to Barack Obama. In the past I never felt republican nominees offered me much as an option: thus they were minimally considered.  

In the movie Chinatown we learn of incest, betrayal, violence and corruption all so Los Angeles can be provided with a sound supply of water.  Well, 60 miles north of New York City in the Town of Fishkill similar chicanery is going on that is endangering the lives of an entire neighborhood of families according to one resident who asked to remain anonymous.

The previous three posts showed that after being underfunded in the past, spending per student in the New York City public schools soared to levels that by FY 2009 not only far exceeded the U.S. average after adjustment for the cost of living, but also exceeded (on average) other parts of the metro area in the Downstate New York Suburbs and New Jersey. But a large share of the increased spending went to a category in which New York City’s spending was already high – instructional employee benefits, particularly on the retired, as rich benefits for those not working and no longer working became richer still. So instead of money being drained from the classroom to got to the overfunded school districts in the rest of the state due to the state school aid formula, money has been drained from the classroom to go to the retired due to a series of retroactive pension enhancements.

FY 2009 is the most recent data from the U.S. Census Bureau, and thus the most recent data for which New York City education finance may be compared with the U.S. average and other places. This post uses New York City “Budget Summary” documents dated May 2009 and May 2011 to analyze how the city’s spending has changed from FY 2009 to FY 2011, and how it is proposed to change from FY 2011 to FY 2012. A spreadsheet is attached, with data in $millions. The data is not inflation adjusted, as inflation has been low in this period of recession, and compensation increases for most workers have been absent or negative. And it is not per student, as I don’t have enrollment figures and estimates for these years, just total. But if enrollment in FY 2011 is at the same level as it was in FY 2009, spending per student is up to $23,167 this year. An incredible sum.

Let me get this correct: so far it hasn’t been proven that Congressman Anthony Weiner has committed adultery; or patronized prostitutes; or stolen money; or avoided paying taxes; or assaulted anyone;  or corrupted the morals of a minor; or taken any bribes; or perjured himself in a legal matter;  or abused his powers of office;  or was censured by the House of Representatives;  indicted or convicted; yet he is being pressured to resign; when others who have done  some of what I just outlined are still in office.  I will say this again: until it is shown that Weiner has broken some l

This is the most unexpectedly touching video since McGreevey said "I am a Gay American."

Congrats especially to Tom Duane.

People questioned Duane when he publicly befriended Kruger (bringing him a can of soda on the Senate floor) at a time when most of his conference made Kruger persona non grata.

Now we understand why.