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Upsetment
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Conservative lawmakers weigh bid to call for constitutional convention

Conservative lawmakers weigh bid to call for constitutional convention | Upsetment | Scoop.it
Proponents seek a balanced budget amendment, but opponents say delegates could take up any issue.
Kenneth Weene's insight:

I think it time for a new constitutional convention, but what makes the conservatives think the American people will support the amendments that the right wants? The only thing they think we all agree on is that the government needs over the long haul to balance its budget. However, even that isn't totally clear since some government borrowing is necessary for the bond markets to function and for the government to be able to stabilize the economy. On  the other hand, there is great agreement on campaign finance, on appropriate checks on gun buyers, and on limiting the tax exemption of religious bodies. My guess is that a true constitutional convention could be very contentious with the right being the big losers. And, in the end, who's to say that the balanced budget amendment won't mandate tax on the wealthy rather than reduced spending on social welfare. My advice to the smart-ALECs. "Be careful of what you wish for, you may get it."

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As U.S. hits debt limit, Treasury takes steps to extend borrowing

As U.S. hits debt limit, Treasury takes steps to extend borrowing | Upsetment | Scoop.it
The Treasury Department has started taking steps to extend the federal government's borrowing ability as the U.S. hits its debt limit again Monday, Treasury Secretary Jacob J. Lew told lawmakers Friday.
Kenneth Weene's insight:

The farce that is Washington continues. A few simple suggestions: cut waste and interdepartmental duplication. Cut back on pentagon weapons procurement that is based on political goals instead of actual military requests. Offer rewards to government employees who save money by innovation. Increase taxes on corporations and the very wealthy. Reduce the number of foreign military bases. Require allies such as South Korea and Japan to help pay for American forces providing their protection. Increase grants that might lead to greater national income, such as to science and technology. Repair the infrastructure and improve the railroads; both of which will increase the current GNP and will provide for economic growth. It isn't rocket science to figure out that today's wealth concentration system is not the best economic model.

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Obama to Outline Proposals to Bolster a Lagging Housing Sector

Obama to Outline Proposals to Bolster a Lagging Housing Sector | Upsetment | Scoop.it
President Obama will seek to address the disappointing housing sector Thursday, lowering insurance rates on federally issued mortgages to first-time home buyers, minorities and struggling Americans.
Kenneth Weene's insight:

Every America should have the possibility of a decent place to live. Private home ownership is good because it gives people a stake in their communities. However, artificially stimulating home ownership was one of the major causes of the last recession. Inducing banks to play with mortgages (and derivatives) was a fool's errand. We should not be going down that road again. If the government wants to encourage home ownership among the less wealthy, then build the housing and sell it to them for less. Guarantee mortgages as long as people are honestly trying to work and keep their homes, much as we give Social Security to those who become disabled and welfare to those who lose their jobs without fault of their own. But let us not play the mortgage tinkering game again.

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The Hole in Holder’s Legacy

The Hole in Holder’s Legacy | Upsetment | Scoop.it
The Justice Department under Attorney General Eric Holder Jr. failed to prosecute cases related to the financial crisis.
Kenneth Weene's insight:

The bottom line so often seems to be the bottom line. Our government no longer seems to be a balance between business and the public but is rather primarily a servant of corporations and the wealthy. We have moved back to the late nineteenth century. We need another Teddy Roosevelt to lead the charge up the hill of money.

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Kansas bond rating downgraded after tax cuts

Kansas bond rating downgraded after tax cuts | Upsetment | Scoop.it
Big tax cuts and no spending cuts means Kansas has to pay more to borrow.
Kenneth Weene's insight:

Anybody for a Republican government? Somehow they just don't get it, those tickle down and increased revenues from tax cut ideas just don't work in the real world. 

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The Founding Fathers backed Thomas Piketty – and feared a powerful 1 percent

The Founding Fathers backed Thomas Piketty – and feared a powerful 1 percent | Upsetment | Scoop.it
This 4th of July, remember the truth about founding fathers, and their prescient warnings about income inequality
Kenneth Weene's insight:

If you don't know who Thomas Piketty is; no, he was not a founding father. He is a modern French economist who proposes a worldwide tax on wealth to stop the growth of inequality. Meanwhile, the review of the thought of some of our great American heroes is very instructive and interesting.

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Where the World's Unsold Cars Go To Die | Zero Hedge

Where the World's Unsold Cars Go To Die | Zero Hedge | Upsetment | Scoop.it
In the past several years, one of the topics covered in detail on these pages has been the surge in such gimmicks designed to disguise lack of demand and end customer sales, used extensively by US automotive manufacturers, better known as "channel stuffing", of which General Motors is particularly guilty and whose inventory at dealer lots just hit a new record high. But did you know that when it comes to flat or declining sales and stagnant end demand, channel stuffing is merely the beginning? Presenting... Where the World's Unsold Cars Go To Die
Kenneth Weene's insight:

This is strong evidence that the "capitalist" system of Adam Smith is not the way our actual economic system is working. Excess supply should drive down prices or supply, but that isn't happening. Instead we have collusion among the manufacturers, which is why we need government supervision of markets.

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The Scariest Environmental Fact in the World | TIME.com

The Scariest Environmental Fact in the World | TIME.com | Upsetment | Scoop.it
China is burning almost as much coal as the rest of the world combined. We won't solve global warming until that changes
Kenneth Weene's insight:

Another example of why unbridled econmic growth is not the best plan for the world. What good is all that stuff if we end up breathing crap?

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Washington’s Big China Screw-up

Washington’s Big China Screw-up | Upsetment | Scoop.it
In March alone, France, Italy, Germany, and the United Kingdom have now all agreed to join a major, China-led initiative that could one day rival…
Kenneth Weene's insight:

It is time for the U.S. government and we the people to understand that we are not in charge of the world nor should we try to be. When I was a kid I learned that it was never a good idea to play with a kid who, because he owned the ball, always had to be captain. Sadly, those kids never got it that as soon as the other kids could buy their own ball they would and would not want to be friends anymore. A simple playground lesson lost on Washington.

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North Korea’s growing economy — and America’s misconceptions about it

North Korea’s growing economy — and America’s misconceptions about it | Upsetment | Scoop.it
There’s plenty of trade across the border with China — and you might be wearing pants from North Korea.
Kenneth Weene's insight:

Sadly in the modern world ruled as it is by money there are far too many forms of slavery. It seems like the best thing we can do is buy products made in democracy such as the U.S. and most of Europe and hope that despite the right wing workers will retain their rights. It is only when we all support the rights of workers everywhere that we can hope for a true capitalist system.

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Voters are punishing Obama for this one economic failure

Voters are punishing Obama for this one economic failure | Upsetment | Scoop.it
Obama's economic performance has been middling compared with other presidents, except for one key thing.
Kenneth Weene's insight:

Until we have a political party willing to address the issue of income distribution, willing to recognize that the concentration of wealth is the real issue in every system, nothing will be accomplished to address the stagnation of incomes.

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United States' Highest-Paid CEO Works for Company That's Never Turned a Profit

United States' Highest-Paid CEO Works for Company That's Never Turned a Profit | Upsetment | Scoop.it
Here's something fun I saw on Bloomberg TV (whose Market Makers is truly the morning show of champions and/or people who are really interested in the bond market) earlier today: The highest-paid CEO in the United States, Charif Souki, works for a company that has never turned a profit. Souki...
Kenneth Weene's insight:

Two things seem obvious to me. One is that executive compensation should be tied to realities of production and function not to the creation of market fantasies. The other is that a system of taxation which makes it meaningful to just suck a company dry is not good for the economy in the long term.

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Feds stop public disclosure of many serious hospital errors

Feds stop public disclosure of many serious hospital errors | Upsetment | Scoop.it
As of this month, the federal government no longer publicly reports when hospitals leave foreign objects in patients' bodies or make a host of other life threatening mistakes.
Kenneth Weene's insight:

It seems that in this information age the role of government has not been to make information more available to consumers but rather to protect businesses by concealing the information we deserve to have for our decision making. This is the antithesis of capitalism. Sadly, many Americans think corporatism, which is our actuality, is the same as the capitalism of free markets. NOT!

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In Modi, Indians hope for an economic miracle-worker | Al Jazeera America

In Modi, Indians hope for an economic miracle-worker | Al Jazeera America | Upsetment | Scoop.it
Indians overlook new PM's hardline, sectarian rhetoric in hopes he can revitalize the slumping economy
Kenneth Weene's insight:

I think this is wishful thinking on the part of the press and perhaps many Indians. There are two things going on, and one of them is definitely the desire for a Hindu state, not necessarily religious but certainly cultural instead of non-sectarian. Second, is a hope for economic growth. However, his secret to date has been to more his state into a better competitive position against other states in India. This model is very much like the model in the U.S., a model in big business has ended up getting all the real benefits as states compete.  As a love of India, I wish Mr. Modi well, but as a realist and skeptic, I wait to see.

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5 companies that excel at screwing over customers

5 companies that excel at screwing over customers | Upsetment | Scoop.it
Time Warner Cable, Wal-Mart and others have made treating you like crap part of their basic business model
Kenneth Weene's insight:

The market only works if there is information. Here is some information that might well influence your consumer behavior. The two biggies for me are Walmart, against which I am always warning people, and Sprint, about which I have heard many complaints. Of course I don't live near the Time-Warner market.

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