The Role Of Government Being Something Other Than The Welfare Of Its Citizens

Writing for the Huffington Post in a piece entitled “House Votes To Audit The Fed… And Deregulate Wall Street” (9-18-14) Zach Carter reports:

“”Today, the House passed the Federal Reserve Transparency Act,” Speaker John Boehner (R-Ohio) celebrated in a Vine video. “Finally, we’re gonna audit the Fed.””

That same day America’s three major stock indicators (Dow, S&P, Nasdaq) hit all time high. Various news sources attributed this to the Fed’s action/inaction, not Boehner’s posturing. Carter reports that the Transparency Act received bi partisan support. The house also passed two other pieces of legislation, H.R. 5405 and 5461. According to Carter “H.R. 5405, would exempt a significant swath of the market for derivatives — the complex financial products at the heart of the 2008 meltdown — from Dodd-Frank’s new trading rules.” H.R. 5461 “would give banks a way around the Volcker Rule, a ban on their speculating in the securities markets with taxpayer backing. It would weaken rules on bank ownership of collateralized loan obligations, a type of derivative that is dominated by big banks and that pools together many loans into one security.” “H.R. 5461 would also allow banks to charge more in upfront fees when they issue a mortgage while still qualifying for special treatment under the government’s “qualified mortgage” rules.” The two bills both received bi partisan support.

A little closer to home, this past summer saw the Ohio State legislature hurriedly passing legislation redefining Joint Economic Development Districts/Zones, mandating that business sign off on their implementation thereby over riding the electoral process of resident voters. Analysis wondered at the time what would replace this citizens’ initiative on regulation of development. Rick Reitzel, for WCMH, NBC4 gives us a look into the future of such things with his report on the proposed development of 355 acres in Delaware County’s Berkshire Township, adjoining US 36/37 and I71 (Outlet Mall Gets A New Community Authority Proposal For Funding, 9-16-14). “The area could soon have new financial backing, a plan called “The Berkshire Landing Community Authority.” The plan is a way to fund the district through revenue generated within the area.” (Kinda sounds like what the old JEDD/Z did, doesn’t it?) Reitzel repeatedly references the proposal as coming from the developers themselves, Simon/Tanger — “Looking at the numbers outlined in Simon/Tanger’s request to create the “Berkshire Landing New Community District””, “Simon/Tanger’s proposal states it plans to build homes”, and finally “The proposal is a first draft sent to county commissioners and the township on September 11.” Analysis senses a rhetorical shift from “Joint Economic Development” to one of “Authority”.

All this precipitates a ghoulish possibility for just after Halloween. What happens if the proposed Newark income tax increase to fund the repair of everyday people’s streets and bridges fails, and the only improvements to streets (scapes) is that which will be done around the downtown Newark business district, which has already been funded?

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