Futility of “Colorblindness” & White Hegemony: Mere CEO Repudiations of the 45th President’s Comments–Insufficient, Useless

It is insufficient for corporate CEOs to denounce the words of President Donald Trump, while doing absolutely nothing to eradicate the stain of “colorblind” discrimination.

With the actions in Charlottesville, Va., in August 2017, the nation recoiled at the open display of racial hatred. However, the events in Charlottesville served as the culmination of the grinding microaggressions–covert, exclusionary, discriminatory-and “colorblind” systemic discrimination–that occur daily.

Into this systemically discriminatory reality (for some members of the U.S. society) enter corporate chief executive officers (CEO), many of whom, perhaps, are active or passive participants in the systemic discrimination. It is not enough to proclaim the words of the civil rights laws and then pursue reckless programs that permit the exclusionary practices, which the neo-nazis, kkk-ers, and other white hegemons stated openly in Charlottesville as well as uttered in other places in the United States.

merck ceo leaves council 2017

Dick Grote, Harvard Business School, Corporate America, & “Rank and Yank”.  Systemic discrimination is involved in the practice of forced-distribution “performance management”. This blog has covered Dick Grote’s “rank and yank” (aka forced distribution) program, which many corporations follow in order to dump employees should the financial numbers be insufficient to satisfy Wall Street. Other organizations have followed suit, some covered in this blog. Indeed, Harvard Business School, from which many corporate-executive MBAs come, publishes Grote’s materials.

Bucket (rank)

Percentage [“vitality curve”] (amounts can be adjusted)

Effect

A

20

Lavish rewards, encouragement

B

70

Little to paltry increase

C

10

Pressure to quit, firing

rank_yank
Artist: Michael Sloan

A quote from Grote (discussed previously at this blog):

But what if a company’s forced ranking procedure, honestly and objectively done, reveals that the blacks or women or disabled employees just aren’t as talented as the white ones? Should they do what some Harvard professors are said to do and award A’s to all the blacks, just to keep them from squawking?” (Grote, page 4 (a quote from a previous post)).

(Note: Consider this statement from Grote with the ever-present and persistent legacy of slavery and Jim Crow subjugation in the United States of America.)

White hegemony in the government. This questionable fidelity to white hegemony extends to the government. The Federal Reserve (its former Artis v. Greenspan Bernanke Yellen was covered in this blog), the Secret Service, and the U.S. Capitol Police Department have had or have long-term employment discrimination cases. The Federal Reserve acts grudgingly and haughtily towards any action that would threaten the mostly white workforce it has created. (Note: After 104 years of Federal Reserve inaction, Dr. Raphael Bostic became President of the Atlanta Federal Reserve Bank.)

Black/African American Permanent Board Employees, Table C-2, in whole numbers (in numerical order of significance), 2011–2013
2011 2012 2013
Total Black/African American employees 567 573 573
All other pay grade, FR-16 to FR-25 434 418 400
Mid-level professional pay grades, FR-26 to FR-28 106 125 136
Senior managers and officers pay grade, FR-29 to FR-00 27 30 37
Total employees of the Federal Reserve Board 2,187 2,279 2,353
Source: Board OIG Audit Report, 2015-MO-B-006, page 65.

The same is true for the U.S. Supreme Court, which lectures for a “colorblindness” (see John Marshall Harlan’s dissent in Plessy v. Ferguson) that practically means that most nonwhites are not welcome (for example, Antonin Scalia). The proof of this is the composition of a homogeneous law clerk workforce, who in turn apply their elite, majority life experiences into law. (For example, Graham v. Connor, Tennessee v. Garner, and all affirmative action cases.)

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Confirmation bias in the workplace and management. Discrimination extends into supervision, with writing being judged by high standards, exclusively (Reeves, Dr. Arin N. (2014, April). “Written in Black and White:  Exploring Confirmation Bias in Racialized Perceptions of Writing Skills.” Nextions Yellow Paper Series, 2014-0404.)  for the nonwhite subordinate. Such middling or low evaluations seriously hobble or end careers.

Conclusion. So, in closing, while the words of Trump were hard to hear, they are the result of covertly practiced and rampant systemic discrimination.

It is far past time for the United States to eradicate all discrimination from the society. Mere words from wealthy CEOs, who have lives of exclusion, are not enough. Only positive and definitive institutional action will satisfy the people of the United States.

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Federal Reserve Board: H.2 Release for Week Ending December 2, 2017; H.4.1 Release (Balance Sheet) for Week Ending December 7, 2017; Three Of Note Items


Of Note–

(1) Employers not able to find workers in Iowa, according to Rep. Rod Blum (R-Iowa-1st District), quoted in a Washington Post column. To him, the problem is welfare.

Not so.

A New York Times article stated the same in 2016. However, the article mentioned that the state is 90 percent white, and that people who do not fit with that demographic (without credentials in technology and science) had reported difficulty finding work.

Iowa (2010 Census)
Race Percentage of population Number
White 91.4 2,865,109
Black 3.7 115,984
Native American 0.5 15,673
Asian 2.5 78,367
Note: Total population: 3,134,693.

In addition, for a tight labor market, the wage gains were still limited. Also, adding to the problem–low wage offers from employers.

The state also had a hard time attracting non-Iowans. The article did not provide an explanation for this observation. But looking at the demographics and considering the climate provides some clues.

(2) New Fed Bank President, Richmond District, Thomas I. Barkin.

Richmond Fed press release

(3) Destruction of Black Wealth During the Obama Presidency, a paper by


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending December 2, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Testimony and Statements Economic Outlook — statement by Chair Yellen before the Joint Economic Committee of the U.S. Congress on the current economic outlook and monetary policy.
-Published, November 29, 2017
Bank Holding Companies National Bank Holdings, Greenwood Village, Colorado — to merge with Peoples, Inc., Lawrence, Kansas; and for NBH Bank, Greenwood Village, Colorado, to merge with Peoples Bank, Lawrence, and Peoples National Bank, Colorado Springs, Colorado, and thereby establish branches.
-Approved, November 27, 2017
Regulations and Policies Countercyclical Capital Buffer — affirmation of the countercyclical capital buffer at the current level of 0 percent.
-Approved, November 30, 2017
Regulation A (Extensions of Credit by Federal Reserve Banks) — publication for comment of a notice of proposed rulemaking to (1) revise the provisions regarding the establishment of the primary credit rate in a financial emergency and (2) delete references to the expired Term Asset-Backed Securities Loan Facility.
-Approved, November 30, 2017 
Reserve Bank Operations Federal Reserve Bank of Richmond — appointment of Thomas I. Barkin as president, effective January 1, 2018.
-Approved, December 1, 2017
Enforcement Brand Group Holdings, Inc., Lawrenceville, Georgia; and The Brand Banking Company — written agreement dated August 2, 2010, terminated November 27, 2017.
-Announced, November 30, 2017
Peoples Bank, Lawrence, Kansas — issuance of a consent cease-and-desist and restitution order for deceptive residential mortgage origination practices in violation of section 5 of the Federal Trade Commission Act.
-Approved, November 27, 2017 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for December 7, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of December 6, 2017):  $4,483,930 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending November 25, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 30, 2017; Two Of Note Items


Of Note–

(1) The confirmation hearing for the Fed Chairman nominee, Jerome Powell was held on November 28, 2017. The balance sheet is planned to be reduced, not to its pre-crisis level of less than $1 trillion but rather to $2.5 to $3 trillion (from the current level (as of the date of this post) of approximately $4.5 trillion. The Board will continue to seek to reduce employment to 3 percent, as many people still are left out of the workforce.

Powell, noted, in responding to a Senator’s question for a need of diversity at the Fed, stated that a long-term process for inclusion (which he advocated) would take a “long time.” The Fed already had 104 years, inclusive of the nearly 20-year employment discrimination of Artis v. Greenspan Bernanke Yellen. How much longer must the people of the United States wait?

2014-03-04-auerbach
Sheila Clark’s letter to the EEOC (printed in the Auerbach book, page 123).

 Governor Powell’s statement to the Banking Committee.

 The webcast of Governor Powell’s nomination hearing.

 

(2) The departure of “full employment.” The grave consequences of outsourcing, the egregious insult of low wages and low supply of jobs. The blog has heard a story of the gall of an employer wanting people with law degrees to write summaries of U.S. court opinions for $3.00 each, regardless of the time needed to produce such a summary. (The bulk of the employer’s production work is done in India.)

This week, the blog has become aware of a job-applicant glut in the lawyer field. In a recent announcement for trademark examiners at the U.S. Patent and Trademark Office, there were 500 applications for 50 positions.

So-called full employment will never arrive because of a glut of people holding degrees (not only law), surpassing the number of jobs available, compounded by the relentless outsourcing of jobs from the United States.


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending November 18, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Branches Frost Bank, San Antonio, Texas — to establish a branch at 640 Taylor Street, Fort Worth.

-Approved, November 20, 2017

Bank Holding Companies Sandy Spring Bancorp, Inc., Olney, Maryland — (1) to merge with WashingtonFirst Bankshares, Inc., Reston, Virginia, and thereby indirectly acquire WashingtonFirst Bank; (2) to acquire 1st Portfolio, Inc., Fairfax,  a nonbank subsidiary of WashingtonFirst Bankshares; and (3) for Sandy Spring Bank, Olney, Maryland, to merge with WashingtonFirst Bank, Reston, and thereby establish branches.

-Approved, November 20, 2017

Forms Forms — initial Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with Securities Transactions Pursuant to Regulation H (Reg H-3).

-Proposed, November 20, 2017

 

Forms — final Board review to extend without revision the Application for Exemption from Prohibited Service at Savings and Loan Holding Companies (FR LL-12).
-Approved, November 20, 2017

 

Personnel Division of Monetary Affairs — appointment of Trevor A. Reeve as deputy director and Mary T. Hoffman as associate director.

-Announced, November 21, 2017

Regulations and Policies Regulation BB (Community Reinvestment) — final interagency amendments to Community Reinvestment Act (CRA) regulations to update the existing definitions of “home mortgage loan” and “consumer loan” and the public-file content requirements to conform the CRA regulations to recent changes to Home Mortgage Disclosure Act regulations.

-Approved, November 8, 2017

(A/C)

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for November 30, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of November 29, 2017):  $4,484,546 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending November 18, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 24, 2017; Two Of Note Items


Of Note–

(1) Senatorial Argument about the poor and middle class. U.S. Senator Sherrod Brown (D-Ohio) (estimated net worth $599,002 (2015)) and U.S. Senator Orrin Hatch (R-Utah) (estimated net worth $4,441,020 (2016)) had a discussion about the effects of the Republican tax bill.

In response to Sen. Brown’s comments during a committee hearing that the Republican tax bill neglected the middle class, Sen. Hatch said the following (keep the net worth in mind):

“I’m just going to say to you that I come from the poor people. And I’ve been here working my whole stinking career for people who don’t have a chance. And I really resent anybody saying that I’m just doing this for the rich. Give me a break,” Hatch said.”

(2) Corporate Democrats & the Republicans (generally millionaires) support payday lenders. See the article in The Week.

800px-Paris_Tuileries_Garden_Facepalm_statue
paris_tuileries_garden_facepalm_statue
Legislator Estimated Net Worth
S.1642 – Protecting Consumers’ Access to Credit Act of 2017
Mark Warner, U.S. Senator (D-Va.) $238,157,630 (2015)

 

Pat Toomey, U.S. Senator (R-PA) $2,676,527 (2015)
Gary Peters, U.S. Senator (D-MI) $4,008,590 (2015)
Steve Daines, U.S. Senator (R-MT) $14,434,015 (2015)
H.R. 3299, Protecting Consumers’ Access to Credit Act of 2017
Patrick McHenry, U.S. Representative (R-NC) -$162,495 (2016)
Gregory Meeks, U.S. Representative (D-NY) (see Black Agenda Report article for background) $900,000 (2016)
Gwen Moore, U.S. Representative (D-WI) $40,002 (2016)
Trey Hollingsworth, U.S. Representative (R-IN) In the Indianapolis Star article, Hollingsworth’s net worth is greater than the $50 million disclosure limit.

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending November 18, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies South State Corporation, Columbia, South Carolina — to merge with Park Sterling Corporation, Charlotte, North Carolina, and thereby indirectly acquire Park Sterling Bank.

-Approved, November 14, 2017

Forms Forms — initial Board review to extend without revision the Disclosure Requirements Associated with CFPB’s Regulation DD (Truth in Savings Act).

-Proposed, November 15, 2017

Monetary and Financial Policy Term Deposit Facility (TDF) — to authorize adjustments to the terms and conditions of individual TDF test operations that raise significant technical or operational issues, and to consolidate prior authorizations relating to proposed TDF testing.

-Approved, November 15, 2017

Regulations and Policies Regulatory Capital Rules — interagency final rule to extend the current transition provisions in the Board’s capital rules for certain regulatory capital deductions and other requirements for banking organizations that are not subject to the advanced approaches capital rules.

-Approved, November 9, 2017

(A/C)

 

Rules of Organization and Rules Regarding Delegation of Authority — amendments to the Board’s quorum rule to enhance efficiency while retaining the Board’s ability to function in an emergency.

-Approved, October 25, 2017

(A/C)

Enforcement Maple Leaf Financial, Inc., Newbury, Ohio — cease-and-desist order dated March 27, 2009, and amended cease-and-desist order dated July 8, 2010, both issued by the Office of Thrift Supervision, terminated on November 8, 2017.

-Announced, November 14, 2017

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for November 24, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of November 22, 2017):  $4,497,515 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending November 11, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 16, 2017; Three Of Note Items


Of Note–

(1) Rubbish articles of Money magazine.

 (a) Celebrating the 5 percent. Money magazine announced that 1 in 20 people in the United States are millionaires. What does that mean? 310 million people live in the United States; 15. 35 million are millionaires (like Fed Chairs Bernanke and Yellen as well as Fed Chair nominee Powell).

net worth fed chairs

 (b) Inability to buy homes due to low pay and high debt–not sandwiches. Implying that people cannot buy houses in the United Kingdom because they eat out (a sandwich!) too much.  (See the Money article.)

My observation:  I guess if you stop eating you’d be able to save as well–if you live long enough on the hunger strike! The article in Money magazine is absolute $%?~%&^(!!!? rubbish. [See also “Young people are right to be angry about their financial insecurity,” by Joseph Stiglitz in the Guardian.]

(2) U.S. Treasury Secretary Steven Mnuchin and his wife, Louise Linton, at Treasury’s Bureau of Engraving and Printing to view the U.S. dollar bills with Mnuchin’s signature.

 Comment:  An exceptional display of wealth as well as cavalier and unprofessional conduct.

 (3) CEO nonchalance with tax cuts; no new jobs. Gary Cohn, former president of Goldman Sachs and current staff member in the Trump Administration reacted to lack of CEO response to question whether tax cuts will spur investment (that is, jobs): “Why aren’t more hands up?”

Comment:  The rich will hoard the cash and corporate executives will up their salaries with the calculations of their executive pay plans. No one else will benefit. And so it goes.

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The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending October 28, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Personnel Division of Supervision and Regulation — appointment of John Kolb as associate director.

-Approved, November 4, 2017

(A/C)

Reserve Bank Services Federal Reserve Priced Services — 2018 private sector adjustment factor and fee schedules for priced services and electronic access.

-Approved, October 30, 2017

(A/C)

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for November 16, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of November 15, 2017):  $4,495,311 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

 

(See the release for further information.)

 

 

Federal Reserve Board: H.2 Release for Week Ending November 4, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 9, 2017; Three Of Note Items


Of Note

(1) Employment-related cases filed against the Board.

Active cases

Handy v. Board of Governors, No. 17-cv-274 (E.D. Va., filed May 4, 2017). Employment claim.

Mitchell v. Yellen, No. 17-182 (D.D.C., filed January 27, 2017). Employment discrimination case.

Hardy v. Yellen, No. 16-1572 (D.D.C., filed August 2, 2016). Employment discrimination claim.

Richardson v. Board of Governors et al., No. 16-cv-00867 (D.D.C., filed May 9, 2016). Claims arising out of termination of employment.

Richardson v. Board of Governors, No. 14-cv-01673 (D.D.C., filed October 8, 2014). Employment discrimination claim.

Burford v. Yellen, No. 15-cv-02074 (D.D.C., filed December 1, 2015). Employment discrimination claim.

Case concluded

Artis v. Greenspan, No. 15-5260 (D.C. Cir., notice of appeal filed September 19, 2015). Appeal of dismissal of plaintiffs’ Equal Employment Opportunity claims. On December 21, 2015, the Court of Appeals summarily affirmed the district court’s dismissal. On October 3, 2016, the Supreme Court denied plaintiffs’ petition for certiorari (No. 15-1543).

[Author’s note: This case has been the subject of several blog posts.]

(2) Dick Grote’s “rank-and-yank” procedure challenged in a court case against Uber Technologies Inc. as discriminatory towards women. (See Bloomberg article.)

(3) Oligarchy admission? Stephen Cloobeck, millionaire, and political donor stated on cable network MSNBC that he told Democratic Party leaders in Congress that if the party moves too far left “he’s out” (in other words, he will not donate to the party).

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Austerity

In other news, Cloobeck stated on Twitter that he will no longer endorse Sen. Dean Heller (R-Nev.).

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“Free-market” result

Comment:  It is time for money to get out of politics.


The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending October 28, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies First Horizon National Corporation, Memphis, Tennessee — to merge with Capital Bank Financial Corp., Charlotte, North Carolina, and thereby indirectly acquire Capital Bank Corp., Raleigh.

-Approved, October 29, 2017

 

Southside Bancshares, Inc., Tyler, Texas — to merge with Diboll State Bancshares, Inc., Diboll, and thereby indirectly acquire First Bank & Trust East Texas.
-Approved, October 29, 2017

 

Enforcement Liberty Shares, Inc. (now Heritage Bancorporation, Inc.), Hinesville, Georgia — written agreement issued May 9, 2011, terminated October 23, 2017.

-Announced, October 31, 2017

 

 

Wayne Bank and Trust Company, Cambridge City, Indiana — issuance of a consent order of assessment of a civil money penalty.
-Announced, November 2, 2017

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for November 9, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of November 8, 2017):  $4,505,435 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

 

Federal Reserve Board: H.2 Release for Week Ending October 28, 2017; H.4.1 Release (Balance Sheet) for Week Ending November 2, 2017; Two Of Note Items


Of Note

(1) The STEM-Shortage fib. For all the promotion of STEM (science, technology, engineering, and mathematics) degrees (and castigation of liberal arts degrees as useless), it turns out that there are not sufficient jobs in many STEM areas, especially engineering. (Links are to articles in the New York Times.)

The reason for this terrible state of affairs–outsourcing of jobs to non-U.S.-based-or-trained labor. Similar to the glut of people with law degrees (many U.S.-based legal jobs have been outsourced to attorneys outside of the United States), there is an excess of U.S. educated engineers.

Comment:  For legal jobs, the blog author is aware of an online legal information provider to bar association members offering court-opinion-summary jobs for $3.00 per completed summary, requiring a Juris Doctor degree. Given that it takes about 4 hours to prepare such summary (plus headline), a U.S.-trained lawyer is asked to work for 75 cents per hour (and 40 summaries are expected per week (!)).

[A lot of the word processing of the cases is being done in India. The exchange rate is (as of the date of this post) 1 USD to 64.51 INR.]

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(2) The promotion of Jerome Powell. Board Governor Jerome Powell is President Donald Trump’s pick to be the next Chair of the Federal Reserve Board.

Comment:  Notably–

(a) Powell is not a Ph.D economist. He has a bachelor’s degree in political science and a law degree.

(b) His net worth–an eye-opening $55 million.


 

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending October 28, 2017, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Advisory Councils Community Advisory Council — announcement of five new members of the council.

-Announced, October 26, 2017

Bank Holding Companies Reliable Community Bancshares, Inc., Perryville, Missouri, and MAB Acquisition Corp. — to acquire Mid America Banking Corporation, Rolla, and thereby indirectly acquire Mid America Bank & Trust Company, Dixon.

-Approved, October 25, 2017

Forms Forms — final Board review to extend without revision the Notifications Related to Community Development and Public Welfare Investments of State Member Banks (FR H-6).

-Approved, October 28, 2017

Personnel Division of Supervision and Regulation — appointment of Richard Nathan Ragan as senior associate director.

-Approved, October 18, 2017

(A/C)

Enforcement Mid America Bank & Trust Company, Dixon, Missouri — issuance of a consent order against Mid America Bank & Trust Company for deceptive practices in violation of section 5 of the Federal Trade Commission Act related to balance-transfer credit cards issued to consumers by Mid America through third parties.

-Approved, October 23, 2017

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for November 2, 2017, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of November 1, 2017):  $4,502,772 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Futility of “Colorblindness” and Republican Colorado State Senator Vicki Marble: Covering Up Anti-Black Beliefs with Grossly Broad Citations of Cuisine and Diseases

Colorado State Senator Vicki Marble (R-Fort Collins) was questioned (in 2017) by a 10-year-old Cub Scout for her anti-black comments at a 2013 legislative task force meeting on poverty. What she did with her words was express her anti-black animus with a fig leaf–citation of diseases and cuisine. Note that Marble did not receive any apparent training in medicine, genetics, or health care.

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Whenever a person of good will is faced with mind-bending statements like Marble’s, the person should take time to closely investigate all claims made. It is galling that these statements are made, and that Marble shamelessly promotes them through all her statements on the matter (emphasis mine).

One colleague took offense when I observed that some of these problems stem not just from biological factors beyond an individual’s control, but due to personal choices and food preferences, which is something widely recognized as true. That somehow got twisted by the PC police into a case of racial stereotyping, by inserting words or meanings that furthered their narrative but weren’t true. Then, through the echo effect of repeated re-telling, it’s become a political myth.

"I don't see race."
“I don’t see race.”

Marble’s approach was described in a book, David K. Shipler (1997), “A Country of Strangers:  Blacks and Whites in America,” page 280:

In the realm of proper political discourse, where overt racial slurs can destroy a career, the expression of prejudice takes a more circuitous route. There, the lesser regard for blacks’ intelligence and initiative is diluted into less obviously racist forms to please the current taste in acceptable debate. You cannot speak of black people as indolent, but it’s all right to urge that (black) welfare mothers be required to work.

Marble used the so-called circuitous route to castigate black people (and then attempt to soften the harsh, broad conclusions with her like of barbecue). The quotes come from a Denver Post article.

When you look at life expectancy, there are problems in the black race. Sickle-cell anemia is something that comes up. Diabetes is something that is prevalent in the genetic makeup, and you just can’t help it. Although I’ve got to say I’ve never had better barbeque and better chicken and ate better in my life than when I went down South and you, I mean, I love it.


Sidebar: Sickle Cell Anemia (from the National Institutes of Health)

“In the United States, most people with sickle cell disease (SCD) are of African ancestry or identify themselves as black.

  • About 1 in 13 African American babies is born with sickle cell trait.
  • About 1 in every 365 black children is born with sickle cell disease.

There are also many people with this disease who come from Hispanic, southern European, Middle Eastern, or Asian Indian backgrounds.

Approximately 100,000 Americans have SCD.”


Also in the same Denver Post article, Colorado State Representative Rhonda Fields (D-Aurora), an African American, stated the following in response:

“You mentioned what we eat — I was highly offended by your remarks,” Fields said.”

“I will not engage in a dialogue where you are using these stereotypical references about African Americans and chicken and food,” Fields said to Marble. I will not tolerate that. This is not what the committee is all about. What we are trying to do is come up with meaningful solutions. This is not about eating chicken.”