Federal Reserve Board: H.2 Release for Week Ending June 17, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 22, 2017; Three Of Note Items


Of Note–

(1) Oxfam America’s Politics of Poverty:  “Contingent work: Using rigged rules against American workers.”

(2) The Guardian (UK). A view of precarious work (“gig-economy” jobs).

A sample quote–

“O’Grady reaches for a similar description. “I am personally shocked about how technology is used as a tyrant in the workplace. Tracking people going to the toilet. Tracking the work they do … All of that feels Dickensian in its failure to respect workers as human beings. They are just commodities. There is something really sickening about it.”

(3) Despite the claims of an improving economy, many people are still left out. (Emphasis, below, is from me.)

The civilian labor force participation rate was 62.7%, a 0.2% decrease from April. Workers unemployed for less than 14 weeks fell 356,000, while the number of long-term unemployed, those jobless for 27 weeks or more, rose to 1.7 million and accounted for 24.2% of the unemployed. The number of discouraged workers was 355,000, falling for the fourth straight month.


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 June 17, 2017, is below.

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

Category Action Taken
Monetary Policy Implementation Federal Open Market Committee — increase in the target range for the federal funds rate to 1 percent to 1-1/4 percent, effective June 15, 2017.

-Announced, June 14, 2017

Interest on Reserves; Discount and Advance Rates — increase in the (1) interest rate paid on required and excess reserve balances from 1 percent to 1-1/4 percent and (2) primary credit rate from 1-1/2 percent to 1-3/4 percent, both effective June 15, 2017.

-Approved, June 14, 2017

Personnel Division of International Finance — appointment of Stephanie Curcuru, Matteo Iacoviello, and Carol Bertaut as assistant directors, and Sally Davies as deputy associate director.

-Announced, June 12, 2017

Enforcement Bank of America Corporation, Charlotte, North Carolina — written agreement dated December 6, 2010, terminated June 8, 2017.

-Announced, June 15, 2017

Bank of the Orient, San Francisco, California — cease-and-desist order dated June 17, 2015, terminated June 7, 2017.

-Announced, June 13, 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 June 22, 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 June 21, 2017):  $4,520,944 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

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“Rule of Law”: Without Consideration of Equity by Law Enforcement and the Judicial Systems, the “Rule of Law” Alone Creates Destructive Injustice

[Note (26-June-17): Shortly after this post was published, the city of St. Anthony, Minnesota, through League of Minnesota Cities Insurance Trust,  reached a $2.995 million settlement with Philando Castile’s mother, Valerie Castile.]

See statement of Valerie Castile, mother of the late Philando Castile:  http://cbsloc.al/2twBJEO

In cases where an unjust ruling results, lawyers are quick to remind people that the judicial (and law enforcement) systems’ decisions must be respected. The lawyers never mention that the legal system also has obligations to ensure the maintenance of the respect of the rule of law. These duties are not solely operational duty of the workings of the judicial/law enforcement system, but also deeper work to ensure that the decisions reached by that system are objectively fair in all aspects of their work–operations and the treatment of those suffering injury.

The failure of the judicial system to take its equity portion of its decision mandate will be the cause of the collapse of the so-called rule of law. Since police officers are given permission to use deadly force and kill at the mere perception of fear, no matter the source, there must be accountability for every decision made with the use of lethal force. This type of leeway expanded to infinity can itself collapse the rule of law and civil society.

 

In the Philando Castile case in Minnesota, the Ramsey County Attorney, John Choi, was focused only on operational fairness as the representation of the rule of law. However, a human being died as a result of another’s (a police officer) panic and mistakes and the judicial system operational duty did not relieve any of the Castile family’s permanent pain caused by a Minnesota city’s police officer.

The judicial system in Minnesota, thus, sent the Castile family away with their loss and pain while praising itself for its operational fairness (while ignoring the fact that the operational fairness in this case (that is, the show investigation and trial (because of the U.S. Supreme Court cases of Graham v. Connor and Tennessee v. Garner ensured a finding of not guilty) compounded the injustice suffered by the Castile family)–and, on top of that, demanding respect for the “rule of law” and the decision of the jury.

(Author’s Note: For the safety of the public, the use of police officers as traffic ticket revenue sources must stop, given the limitless leeway for police officers to kill or injure at the slightest sense of fear.)

[See statement of Valerie Castile, mother of the late Philando Castile:  http://cbsloc.al/2twBJEO.]

 

Federal Reserve Board: H.2 Release for Week Ending June 10, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 15, 2017; Four Of Note Items


Of Note–

(1) The plight of the long-term unemployed (out of work longer than a mere six months) continues. A Bloomberg article implies that the issue is focused on the formerly incarcerated, the disabled, and those who have been, or are, addicted to drugs.

[No description of programs to assist people to return to work was included in the article.]

The disconcerting title of a Money magazine article speaks volumes (although it implies the unemployed are to blame for their plight): “Unemployment is Really Low. So Why Can’t These People Find Jobs?

(2) Kansas and the failure of the so-called Laffer Curve (aka Voodoo Economics).

(3) Institute for New Economic Thinking, “The Hidden Cost of Privatization.”

(4) The New York Times. “The Decline of the Baronial CEO.” Cutthroat forced distribution (or “rank and yank”) encouraged by CEO’s on powerless employees have ultimately reached the C-Level. (Although CEOs are well compensated, unlike employees, in their “exit” packages.)

rank_yank
Artist: michael sloan

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 June 3, 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 Canadian Imperial Bank of Commerce, Toronto, Canada, and CIBC Holdco Inc., New York, New York — to acquire PrivateBancorp, Inc., Chicago, Illinois, and thereby indirectly acquire The PrivateBank and Trust Company.

-Approved, June 6, 2017

Forms Forms — initial Board review to extend with revision the Capital Assessments and Stress Testing information collection (FR Y-14A/Q/M).

-Proposed, June 6, 2017

Personnel Division of Supervision and Regulation — appointment of Mary Aiken as senior associate director.

-Announced, June 5, 2017

Savings and Loan Holding Companies TIAA Board of Overseers, New York, New York; Teachers Insurance and Annuity Association of America; and TCT Holdings, Inc. — to acquire EverBank Financial Corp, Jacksonville, Florida, and thereby indirectly acquire EverBank, a federal savings association.

-Approved, June 6, 2017

Enforcement EverBank Financial Corp, Jacksonville, Florida — issuance of a consent order of assessment of a civil money penalty against EverBank Financial Corp for mortgage servicing deficiencies, and termination of a related enforcement action issued in April 2011.

-Approved, June 8, 2017

 

Regions Bank, Birmingham, Alabama — issuance of consent orders of prohibition against Richard Alan Henderson and Philip Henry Cooper, both former employees and institution-affiliated parties.

-Announced, June 7, 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 June 15, 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 June 14, 2017):  $4,522,637 (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 June 3, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 8, 2017; Three Of Note Items


Of Note

(1) Senator Mark Warner’s (D-Virginia) bill (S.1251, “Portable Benefits for Independent Workers Pilot Program Act”) to provide portable benefits is only a start. Senator Warner does not understand the precariousness of having contingent work–no work is guaranteed. So just simply allowing people with precarious jobs to have portable benefits is insufficient.

What is needed is a comprehensive action (all of which are portable with the person with precarious employment)–

  • Universal health care (Medicaid for all)
  • Basic Income Guarantee (without dissolution of other social programs)
  • Stronger labor protections (management cannot be trusted to take labor interests seriously on its own accord)–workers’ compensation, disability insurance, overtime and other wage protections.

Note: Senator Warner has an estimated net worth (2014) of $242,889,631. Senator Warner will need the support of Senator Bernie Sanders (I-Vermont) to have any credibility in this area of addressing precarious work.

(2) The economist consensus, as spoken by Professor Daron Acemoglu on Bloomberg Radio’s “Masters in Business” program with host Barry Ritholtz. Acemoglu described the harm of high minimum wages, but out-of-control CEO pay is okay. Acemoglu described high unemployment due to work being done by robots or computers. It seems to be fine to discard human beings in pursuit of high “productivity.”

I respond simply: Let the *&$#!!^& robots and computers buy the products they make. It is shameful that economists like Acemoglu do not recognize the limitations of their (inhuman, immoral) “positions.”

(3) An interesting interview by New Economic Thinking:  George DeMartino, professor, University of Denver. “Do Economists Have Social Responsibilities?”


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 June 3, 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 FirstSun Capital Bancorp (formerly Sunflower Reincorporation Sub, Inc.), Salina, Kansas — (1) to become a bank holding company by merging with Sunflower Financial, Inc., Salina, and thereby indirectly acquiring Sunflower Bank, National Association; (2) to acquire Strategic Growth Bank Incorporated, El Paso, Texas, and Strategic Growth Bancorp Incorporated, and thereby indirectly acquire Capital Bank, SSB, and First National Bank of Santa Fe, Albuquerque, New Mexico; and (3) election to become a financial holding company.

-Approved, June 2, 2017

Forms Forms — initial Board review to extend without revision the Government- Administered, General-Use Prepaid Card Surveys (FR 3063a and FR 3063b).

-Proposed, May 30, 2017

Personnel Division of Financial Stability — appointment of William Bassett as associate director and Luca Guerrieri as deputy associate director, and transfer of Andrew Cohen from the Division of Research and Statistics to Financial Stability as assistant director.

-Announced, May 31, 2017

Regulations and Policies Appraiser Availability — issuance of interagency advisory to help insured depository institutions and bank holding companies address a shortage of state-certified and -licensed appraisers, particularly in rural areas.

-Announced, May 31, 2017

Volcker Rule Conformance Period — requests by Deutsche Bank AG, UBS Group AG, and SVB Financial Group for an extended transition period of up to five years to conform investments in certain “illiquid” funds under the Volcker Rule.

-Approved, May 31, 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 June 8, 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  June 7, 2017):  $4,508,948 (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 May 27, 2017; H.4.1 Release (Balance Sheet) for Week Ending June 1, 2017

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 May 27, 2017, is below.

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

Category Action Taken
Forms Forms — initial Board review to extend without revision the Notification of Nonfinancial Data Processing Activities (FR 4021).

-Proposed, May 23, 2017

 

Personnel Division of Supervision and Regulation — appointment of Steven Merriett as senior associate director; Jeffrey Gunther as associate director; and Constance Horsley, Laurie Priest, Thomas Odegard, and John Beebe as deputy associate directors.

-Announced, May 25, 2017

Regulations and Policies Regulation CC (Availability of Funds and Collection of Checks) — (1) final rule amending current check requirements to reflect electronic check collection and return, and (2) request for public comment on a proposed rule amending Regulation CC’s liability provisions.

-Approved, May 16, 2017

(A/C)

Enforcement Deutsche Bank AG, Frankfurt, Germany; Deutsche Bank AG New York Branch, New York, New York; DB USA Corporation; and Deutsche Bank Trust Company Americas — issuance of a consent cease-and-desist order and assessment of a civil money penalty based on deficiencies in the U.S. operations’ compliance with Bank Secrecy Act and anti-money-laundering requirements.

-Approved, May 25, 2017

 

North Georgia Community Financial Partners, Inc., Calhoun, Georgia — written agreement dated October 3, 2013, terminated May 11, 2017.

-Announced, May 25, 2017

 

SunTrust Bank, Atlanta, Georgia — issuance of a consent order of assessment of a civil money penalty.

-Approved, May 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 June 1, 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  May 31, 2017):  $4,505,852 (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 Bill Maher: The Attempt to Use the First Amendment as a Cover for Racial Abuse; the Never-Ending Pain (and Seeming Persistence) of the N-Word

In a few seconds on HBO’s Real Time with Bill Maher show, the sad reality of U.S. culture was laid bare for all to see. First, a white man, Bill Maher, felt comfortable enough to casually use the N-word. Then, on top of that, a United States Senator, Benjamin Sasse (R-Nebraska), with black constituents, tacitly agreed with Bill Maher’s use of the N-word, saying absolutely nothing.

Senator Sasse wrote later he was surprised by the statement and that was the reason for his silence. But surely no one in who lives in the United States is unfamiliar with the N-word and its meaning. So, I do not accept Senator Sasse’s explanation. (Would he be that passive if someone he knows was insulted? Only he knows, but I suspect the answer is no.)


Note:  Moreover, Senator Sasse stated he is a “First Amendment absolutist,” which apparently means that racial abusive language is supposed to be protected. In contrast, in the United Kingdom, racial abuse is a criminal offense. This situation shows that the United States still has a long way to go in resolving its moral failings and inhumanity due to chattel slavery. Attempting to force targets of racial abuse to accept racial abuse as licit will ultimately lead to disaster.


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Virginia Slave Law, 1705

I have to say I was surprised by the anger towards use of the N-word by Maher, as hip-hop music sung by black music artists is often filled with extreme and excessive use of the N-word (and, at times, vulgar language). This music is popular and is sold internationally. So, people learning English will pick up language from U.S. chattel slavery. This situation should be held as absolutely disgusting, but it is not. The United States will have to reckon with its practice of chattel slavery and Jim Crow before liberally throwing this inhuman word around–by people like Maher and, indeed, anyone else.

As the blog stated in 2014–

With this word and the bloody context surrounding and involving it

  • no young person,
  • no singer,
  • no newspaper,
  • no journalist,
  • no agent provocateur,
  • no athlete,
  • no actor

nobody–can sanitize (or dare sanction the use of) this ugly word! There must be a full accounting of the blood spilled and denied humanity of Black people first (current time included). Once that is done, then the society will be able to take on the word, which if the corrective action would have been placed into effect, the word would disappear from the lexicon.

A few seconds in a TV show in 2017 captured the failure of the United States to reckon with its living legacy of chattel slavery. It has distorted the culture of the United States in harmful ways.

Note: After this post was published, the blog became aware of Ice Cube’s comment to Maher about the ownership of the n-word. The blog’s response is the same–the word is vile and must be removed from music lyrics sold for general consumption.

 

 

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