Solution to Social Security Admin Solvency

There is no such thing as “safe” Socialism. If it’s safe, it’s not Socialism. And if it’s Socialism, it’s not safe. The signposts of Socialism point downhill to less freedom, less prosperity, downhill to more muddle, more failure.

IRON LADY was right. I have been missing leaders like Her for a long , long time . She truly was a COLOSSUS among men.

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Norway, Sweden, Finland and Denmark would like a word.

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Sure there is, socialism for the rich. Pay little or no taxes, take subsidies and tax breaks [welfare] and the public bails you out when you crash.

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Geez I can not believe it :wink:
are You a subscriber to utube channel " Democracy at work " where main fiddle is played by Prof. Richard D. Wolff .
or another ch. " Democracy now" .
Well I am and listen especially to Prof. Wolff as I am interested in his opinion on capitalism but it does not mean I worship him :wink: . Love to get different opinions on issues from different sources. Enjoyed his last lecture about futility of tarriff threats of soon to be POTUS D.Trump. But he likes China so I think You may not like that part of him :wink:

So as You can see not only Tucker Carlson is shaping my under witted mind and world view :wink:

Was it not Obama who saved big fishes in 2008 ? :wink:

It sure was and he saved the crooks from jail too. They are back to their opaque ways only now on steroids.

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No. Untrue. To convict someone of a crime you need a law to convict them under. And generations of congressmen and senators had made sure no such laws had ever made it to the books, despite repeated attempts.

It was impossible to convict the bankers, financiers, and swindlers that caused the 2008 meltdown precisely because Congress had made sure no such laws existed.

The kicker: after the meltdown, people like Senator Warren tried to pass laws making such chicanery illegal, and make the people responsible for it see jail time. Makes sense right? She was shot down by the GOP. Why? They called these proposed laws “communism “.

If the same shit went down a year from now the result would be the exactly the same. No laws, no convictions.

But hey, congress could pass the Warren laws next week. Next month. A year, tops. Simple. Makes sense, right? Hold grifters and swindlers accountable for their crimes?

What are the chances of that happening?

Still working on the Gulf of America thing. Far more important.

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The meaning was it did happen on his watch. Did it not? @freighterman1

They choose not to jail bankers. Take a look a CEO Jamie Dimon’s rap sheet at JP Morgan Chase. They pay a fine, pass the cost to the stock holders keep committing crimes. Dimon knows the law says he could be jailed but knows he won’t.
One of those too big to fail banks. The thing that really pissed me off is when Obama and all of congress in both parties decided the banks were too big to fail. The banks could have been broken up into smaller entities, it’s been done before, but for some reason [campaign contributions/bribes] this was not done.
JPMorgan Chase’s Rap Sheet

(Highlights)

April 21, 2011, JPMorgan Chase agreed to settle a civil lawsuit and pay $56 million to settle claims that it overcharged members of the military service on their mortgages in violation of the Service Members Civil Relief Act and the Housing and Economic Recovery Act of 2008.

February 7, 2012, JPMorgan Chase agreed to pay $110 million to settle consumer litigation that claimed it overcharged customers for overdraft fees.

February 9, 2012, JPMorgan Chase reaches an agreement with the OCC to pay $113 million for unsafe and unsound mortgage servicing and foreclosure practices.

August 10, 2012, JPMorgan Chase agreed to pay $1.2 billion to settle claims that it, along with other banks, conspired to set the price of credit and debit card fees.

November 16, 2012, JPMorgan Chase agreed to pay $296.9 million to the SEC to settle claims that it misstated information about the delinquency status of its residential mortgage portfolio.

July 2013, a unit of JPMorgan Chase agreed to pay $410 million to the Federal Energy Regulatory Commission to settle claims of bidding manipulation of California and Midwest electricity markets.

September 19, 2013, JPMorgan Chase agreed to pay $80 million in combined fines to the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) and $309 million in refunds to customers whom the bank billed for credit monitoring services that the bank never provided.

September 19, 2013, JPMorgan Chase agreed to pay $920 million to U.S. and U.K. regulators for its unsafe and unsound banking practices in using bank depositors’ money to trade in derivatives in London. It lost at least $6.2 billion in the trades. This was known as the “London Whale” scandal.

November 15, 2013, JPMorgan Chase announced that it had agreed to pay $4.5 billion to settle claims by private investors that it defrauded them in mortgage-backed securities.

November 19, 2013, JPMorgan agreed to pay $13 billion to settle claims by the Department of Justice; the FDIC; the Federal Housing Finance Agency; and various State Attorneys General over its fraudulent practices with respect to mortgage-backed securities. JPMorgan acknowledged it made serious misrepresentations to the public.

December 4, 2013, JPMorgan Chase agreed to pay 79.9 million Euros to settle claims of the European Commission relating to illegal rigging of benchmark interest rates.

In December 2013, JPMorgan Chase agreed to pay $22.1 million to settle claims that the bank imposed expensive and unnecessary flood insurance on homeowners whose mortgages the bank serviced.

January 7, 2014 the U.S. Department of Justice charged JPMorgan Chase with two criminal counts for its banking conduct in the Bernard Madoff Ponzi scheme. The bank admitted to the charges; agreed to pay $1.7 billion to a Madoff victim fund and agreed to a Deferred Prosecution Agreement.

May 20, 2015, JPMorgan Chase pleaded guilty to one criminal count brought by the U.S. Department of Justice for its role with other banks in rigging the foreign exchange market. The bank agreed to a fine of $550 million.

December 18, 2015 the bank agreed to charges by the SEC that it had steered its customers into in-house products where it reaped higher profits without disclosing this conflict to the customer. It paid $267 million to settle these charges.

November 17, 2016 The U.S. Department of Justice fined a Hong Kong subsidiary of JPMorgan Chase $72 million and charged it with bribing Chinese government officials with jobs for their unqualified children in order to get banking deals. The code name for the program inside the bank was “Sons and Daughters.” The bank was given a non-prosecution agreement, which an inside attorney at the bank later charged they had violated by keeping two sets of books for payments to politically-connected individuals.

On January 20, 2017 JPMorgan Chase agreed to pay $53 million to settle charges that it had discriminated against minority borrowers by charging them more for a mortgage than white customers.

October 2018 JPMorgan Chase agreed to pay $5.3 million to settle U.S. Treasury allegations that “it violated Cuban Assets Control Regulations, Iranian sanctions and Weapons of Mass Destruction sanctions 87 times,” according to Reuters.

December 26, 2018 JPMorgan Chase settled claims with the SEC for $135 million over charges that it had improperly handled thousands of transactions involving the shares of foreign companies.

May 16, 2019, JPMorgan Chase settled charges for 228.8 million Euros with the European Commission that it rigged the foreign exchange market. (Other banks were also fined.)

September 16, 2019, the U.S. Department of Justice indicted two current and one former precious metals traders at JPMorgan Chase for turning the precious metals desk at the bank into a “racketeering” enterprise.

September 29, 2020, the U.S. Department of Justice brings two counts of wire fraud against JPMorgan Chase involving “tens of thousands of episodes of unlawful trading in the markets for precious metals futures contracts, and the second involving thousands of episodes of unlawful trading in the markets for U.S. Treasury futures contracts and in the secondary (cash) market for U.S. Treasury notes and bonds.” The bank admits to the charges and agrees to pay $920 million in fines and restitution to various regulators.

December 17, 2021, the securities unit of JPMorgan Chase admits its traders and their supervisors were using personal communications devices to conduct company business. The firm failed to record and retain messages from these devices as required under the law. These violations occurred despite similar conduct in the bank’s participation in the rigging of the foreign exchange market, where traders used unauthorized electronic chat rooms, called “The Cartel” and “The Mafia.” That case brought a criminal felony charge against the bank by the Justice Department in May of 2015. In the current case, the SEC fined the firm $125 million.

September 26, 2023: JPMorgan Chase agrees to pay the U.S. Virgin Islands $75 million to settle a federal lawsuit it brought over charges that the bank turned a blind eye to Jeffrey Epstein’s sex trafficking of minors in order to obtain lucrative business deals through him.

September 29, 2023 The CFTC charges that over a period of five years, spanning 2017 to 2022, JPMorgan Chase Bank and two of its units “failed to report, or failed to correctly report” more than 40 million derivative transactions. The fine to this five-count felon was a paltry $15 million in total for the three JPMorgan units, meaning it cost this recidivist bank just 37 ½ cents per law violation.

November 9, 2023: JPMorgan Chase’s settlement for $290 million to Jeffrey Epstein’s sex-trafficked victims (and their lawyers) receives final approval by a federal court judge in Manhattan. See our earlier report: Lawyers for Epstein’s Victims Ask for $87 Million in Legal Fees from the $290 Million JPMorgan Settlement; Victims Could Get Nothing after Releasing their Claims.

March 14, 2024: The Office of the Comptroller of the Currency (OCC) announces a $250 million civil money penalty against JPMorgan Chase Bank, N.A. for failing to provide adequate surveillance of its trading platforms, which left billions of trades with no surveillance. The trading was occurring in the FDIC-insured bank and the OCC said these deficiencies “constitute unsafe and unsound banking practices.”

March 14, 2024: The Federal Reserve Board issued an enforcement action against JPMorgan Chase & Co. (the publicly-traded parent of JPMorgan Chase Bank N.A.) and fined the firm approximately $98.2 million for an inadequate program to monitor firm and client trading activities for market misconduct. The Board’s action requires JPMorgan Chase to review and take corrective action to address the firm’s inadequate monitoring practices, which occurred between 2014 and 2023.

May 23, 2024: The Commodity Futures Trading Commission (CFTC), released a statement and imposed a fine of $200 million – which was reduced by a $100 million credit for settling with two other regulators. The CFTC’s charges were directed at J.P. Morgan Securities LLC – a registered futures commission merchant and swap dealer with the CFTC as well as a broker-dealer registered with the Securities and Exchange Commission and a Primary Dealer with the Federal Reserve. The charges suggested that the company ignored “billions” of trades that may have involved spoofing or other forms of market manipulation. The trading unit is part of JPMorgan Chase & Co.

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Do you not have basic Googling skills? The financial meltdown occurred halfway through the second George w Bush administration.

At that point the Administration and Congress had ample time to pass legislation preventing future such meltdowns and hold swindlers accountable for their criminality.

Bush and the GOP never even tried.

The Obama administration tried to pass legislation criminalizing the financial practices leading to the meltdown so that in the future swindlers and grifters could be held accountable.

The GOP torpedoed the legislation, just like they tried to torpedo everything Obama did. The GOP used your favorite word when they torpedoed this common sense legislation: ‘communism’.

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Which laws would allow them to jail bankers?

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Jamie Dimon violated, by his own admission, can be found in Section 906 of the Sarbanes-Oxley Act. In the aftermath of the 2001 financial crisis, when corporations like Enron and WorldCom melted down in accounting scandals, Congress passed and George W. Bush signed Sarbanes-Oxley, meant to reform corporate accounting and protect investors through additional disclosures.

Section 906 forces corporate CEOs and CFOs (chief financial officers) to add a written certification to every periodic financial statement filed with the Securities and Exchange Commission. In this certification, the CEO and CFO must personally attest that the documents submitted to the SEC are accurate, as well as that the corporation has adequate internal controls. That phrase “internal controls” has a very specific meaning, covering the accuracy of all financial reporting, proper risk management, and compliance with all applicable regulations. Under Section 906, if the CEO or CFO knowingly or willfully make false certifications – i.e., if they know the SEC filing contains inaccurate information, or that the company’s internal controls are inadequate – they face fines of up to $5 million, and imprisonment of up to 20 years.

They cannot claim they did know. The buck stops at the top

Seems the St Louis Fed is coming around to reason

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The more I think about my original post the more I like the idea.

A different way of looking at is this: leagues of states can withdraw from those services and roles (and proportional taxation) now under the departments of Education, Energy, Health and Human Services, Housing and Urban Development, as well as the Social Security Administration.

Any state could choose to stay in the present federal system, or join into a league of states which jointly supports the replacement departments, which will provide the services once done by the federal departments.

Example: Washington, California, New York, New Jersey , and several other states, could form one league. Call it the Blue League . All those states share roughly the same politics. That’s key. A lot of bullshit red/ blue haggling in Congress is about things that fall under those particular departments. The closer a league’s state members are alike politically the less reason to haggle over major issues.

The league’s citizens would vote in their commissioners to oversee these new league departments. The governors would appoint another set of watchdogs.

These would not be individual state departments. They would be joint departments to which all states in the Blue League jointly contribute taxes. Taxes they would NOT pay to the federal government. Each league-citizen’s federal tax burden would be reduced.

Other states can form their own leagues.

The bonus to the Blue League’s citizens would be that more of the tax dollars produced in the league member states will stay there. The states I mentioned each presently pay more in federal tax dollars than they receive in services. In my state for every federal tax dollar we pay we only get 00.83 back. Whereas with another state for every dollar they pay in they get $2.5 back.

The inequity is obvious. With the new system a league like the Blue League would have more of their federal taxes stay within the league. And the same for any other league that formed.

No more red/ blue haggling over SS, Obamacare, or education. Don’t like vaccines? The federal government can abolish the department of Heath, and the Blue League will happily over its employees and infrastructure ( with the proviso that all NIH research be aimed at Blue League citizens first).

The beauty of the plan is this: the Blue League states presently pay out more in federal tax dollars than they receive. They can easily finance their league departments once they reduce the amount they pay to federal coffers.

States with other political views can form their own leagues, or just sign on to the remains of the federal system.

Congress then becomes more centered on defense, transportation, and commerce. Less political haggling. A more equitable taxation system.

what happened to the Glass Stegal act that was put in place to stop another 29 style crash…
The crooks have learnt just get into the “too big to fail club” no worries then

Perhaps some Icelandic law is what required

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Sounds more like a slush fund for scum like Bondi.

Glass Steagall was repealed in 1999 after Clinton signed the Gramm-Leach-Bliley Act . Repealing GS allowed investment banks to also engage in banking that previously been allowed only by FDIC insured banks. So investment banks who gambled professionally could now be part of the regular banking industry most people are accustomed to. Rep. John Dingell Democrat of Michigan) argued that the bill would result in banks becoming “too big to fail.” Dingell further argued that this would necessarily result in a bailout by the Federal Government.
Sure enough that’s what happened 9 years later.

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fox is running the hen house

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Those financial foxes, the tech bros and lobbyists for other monopolies have been running the government for quite a few years. It’s just getting more concentrated. Worldwide they know people are starting to catch on so the next step is a more authoritarian form of government to keep the pitch forks, torches and guillotines at bay. :smiley:

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CJ and Elon waste any time. While people are distracted by nonsense about Greenland they’ve taken the first step to raid the social security administration. All your personal data is now in the hands of Elon, the Uber tech bro.

Did you elect him to play with your social security account? He’s already planting lies to cover the raiding he and his tech bro buddies are dreaming up.

That’s why the Blue states need to form a league monitoring its own SSA—if there’s any money left after the tech bros are through with it.

(Now back to your regularly scheduled distractions.)

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And in the middle of this gish gallop - 100M is going to be diverted to rich Bitcoin owners. Maybe the biggest goverment give away ever.

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