Wednesday, September 17, 2014

FED PILOT PROJECT for Jobs in Southern California

FEDERAL RESERVE PILOT PROJECT
Keynes Economic Engine Experiment

Janet Yellen is new CHAIR of the FEDERAL RESERVE, and an avid scholar of John Maynard Keynes.  Keynes’ economic cure for deep recessions is clear. When Corporations are afraid to hire, Government must be the employer of last resort.  In California, there are over 1.37 million Unemployed.

We propose employing a FED PILOT sample of 200K jobs. This small a sample should not raise reasonable inflation fears. Yet, California could provide a vibrant model for many Cities in America.

100,000 Jobs to rebuild our Infrastructure.  We need also to hire more Women and Youth, who are often forgotten. They are the guarantors of our next generation.    

25,000 ASST. TEACHERS.   Our schools have faced traumatic cuts.
25,000 NURSE ASSTS. Low hospital Ratios are a danger to patients.
25,000 YOUTH HIRES. Job training: computers, beach and inner city.
25,000 SENIORS helping other Seniors, and Children at risk

To achieve these goals a BLUE RIBBON PANEL should meet with FED Chairwoman Janet Yellen. This Panel could consist of our uniquely, very popular Mayor, Eric Garcetti, Council Member Mike Bonin, and Congress Members from the Congressional "Progressive Caucus."

The injection of the these Jobs and salaries into the Southern California Economy will spark a consumption revival.  It should lead our entire sputtering Nation into a real recovery.

William Floyd, Council Member Mike Bonin
These are the strongly held convictions of 2500 + Democrats on the Westside (WLA, Brentwood, Pac Pal, Palms, Mar Vista, Venice, 
Marina del Rey, and Playa del Rey)
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CA.gov
EDD.ca.gov
e California
Overview - California Labor Market Information
The EDD promotes California's economic health by providing information to help people understand California's economy and make informed labor market choices.

Top Statistics - July 2014


  • Cal Labor Force: 18,579,800 - 39,500
  • Employment: 17,208,600  - 31,400 
  • We're losing jobs
Keynes said Gov’t must CREATE JOBS
  • Unemployment Rate: 7.4% 
  • (REAL Unemployment rate 16%)

    • Unemployment: 1,371,200
    • Workers and Teens hurting since 2008. 
    Desperately need:

    • Federal Pilot Project of 200,000 Jobs 
    for Los Angeles and Southern California


    Barack Obama cannot bring Jobs because of the GOP and their leader John Boehner .

    Chair Janet Yellen can and will show the good side of the Federal Reserve.



    Fuller Employment. 
    Only the FED can create 200,000 Jobs.

    Public Will Never See CIA Torture Report

    New Sparks Fly Between CIA, 

    and Senate Intelligence Committee

    Wednesday, 17 September 2014 10:21By Ali WatkinsMcClatchy DC | Report
    Washington — Tensions between the CIA and its Congressional overseers erupted anew this week when CIA Director John Brennan refused to tell lawmakers who authorized intrusions into computers used by the Senate Intelligence Committee to compile a damning report on the spy agency’s interrogation program.

    The confrontation, which took place during a closed-door meeting on Tuesday, came as the sides continue to spar over the Report’s public release, providing further proof of the unprecedented deterioration in relations between the CIA and Capitol Hill.  After the meeting, several Senators were so incensed at Brennan that they confirmed the row and all but accused the Nation’s top Spy of defying Congress.

    “I’m concerned there’s disrespect towards the Congress,” Sen. Carl Levin, D-Mich., who also serves as chairman of the Senate Armed Services Committee, told McClatchy. “I think it’s arrogant, I think it’s unacceptable.

    “I continue to be incredibly frustrated with this director,” said Sen. Martin Heinrich, D-N.M. “He does not respect the role of the committee in providing oversight, and he continues to stonewall us on basic information, and it’s very frustrating. And it certainly doesn’t serve the (CIA) Agency well.”

    Sen. Mark Udall, D-Colo., said he was “renewing my call” for Brennan’s resignation.  CIA spokesman Dean Boyd said that Brennan declined to answer the Committee’s questions because doing so could have compromised an Investigation into the Computer intrusions by an Accountability board headed by former Sen. Evan Bayh, D-Ind.   Moreover, the (CIA) Agency’s leadership has asked the CIA Inspector General’s Office to respond to the questions, Boyd said.

    “Commencing a new, parallel investigation to compile answers to these questions could negatively impact the integrity of the ongoing Accountability Board process,” Boyd wrote in an email.

    Hours before Tuesday’s meeting in the Committee’s secure offices, the panel received a letter in which Brennan said he wouldn’t respond to written questions he’d received in January from the chairwoman, Sen. Dianne Feinstein, D-Calif.

    Director of National Intelligence James Clapper joined Brennan for the meeting, which had been expected to focus on the threat posed by the Islamic State.    But tempers flared as some lawmakers challenged Brennan on his decision not to answer Feinstein’s questions, witnesses said.

    At one point, said a person familiar with the meeting, Brennan raised his voice at Feinstein.  

    Feinstein sent the questions after Brennan told her that agency personnel investigating a security breach had searched computers her staff used in a secret CIA facility. The questions included a demand to know who ordered the intrusions and under what legal authority they were conducted.

    Brennan “shouldn’t get away with not answering questions,” said Levin. 

    “Nobody in the Executive branch should get away with not answering questions to a legitimate Legislative Inquiry.”

    Feinstein described the questions in a scathing March speech on the Senate floor. In her address, she confirmed an earlier McClatchy report about the Computer intrusions and suggested that the CIA might have violated the Law and the Separation of Powers provisions of the Constitution.

    The Committee Staff used the Computers to compile a report on the Agency’s use of Torture on suspected Terrorists under the George W. Bush administration.   Bush ended the program, in which detainees were abducted and held in secret overseas prisons, in 2006.    The CIA and former Bush administration officials deny that the interrogation Techniques, which included simulated drowning known as Waterboarding, constituted Torture.

    For its part, the CIA accused Feinstein’s staffers of removing without permission Classified documents from the Secret facility in which the Agency required them to review millions of pages of Operational cables and other Highly Classified 
    materials on the (Torture) program.

    Both sets of charges were referred to the Justice Department for criminal investigations.

    At the time, Brennan adamantly denied Feinstein’s allegations that the CIA had spied on her committee.    But in July, he was compelled to apologize to her after a review by the CIA Inspector General’s Office confirmed that CIA Personnel gained Unauthorized access to her Staff’s computers and combed through their Emails.

    The Inspector General's report also revealed that the Agency’s contention that the Staff had removed Classified documents without permission from the top-secret facility was Unfounded and based on inaccurate information.

    Levin dismissed Brennan’s defense that CIA Inspector General David Buckley was the appropriate person to answer Feinstein’s questions.

    “It may or may not be appropriate for the (CIA) IG to answer, but it’s not appropriate for Brennan to refuse to answer.     If he doesn’t know the answers, he can say so,” said Levin.

    Levin continued, “He either knows the information or he doesn’t. If he doesn’t know the answers, OK, tell us. It’d be kind of stunning if he didn’t know the answers to those questions, but if that’s what he wants to say, he should tell us.”

    In June, the Justice Department cited Insufficient Evidence and declined to launch Criminal investigations into the CIA computer intrusions or the allegation that the Staff had removed top-secret documents without authorization.

    But Levin said that the answers to Feinstein’s questions could yield new information that could prompt the Justice Department to reopen an inquiry into the CIA’s Computer Monitoring.

    The committee spent $40 million and five years compiling its more than 6,000-page report on the CIA’s Rendition, Detention and Interrogation (torture) Program.      It submitted the 500-page Executive summary to the CIA and the White House for a Declassification Review in April, but the sides have been locked in a contentious debate over how much to black out prior to its public release.

    © 2014 McClatchy-Tribune Information Services. Truthout has licensed this content. 

    Regulators Flunk 11 Big Banks - Slim Down


    Dear William,
    Wall Street banks have immense power in Washington, so it's worth noting when Federal Regulators start to push back.   That's why we were pleased to see the FDIC and the Federal Reserve send the big Banks a message: they are still too big, still too complicated, and still have a long way to go in reassuring the public that the failure of one of these institutions would not cause disastrous economic damage.

    First some back story:  Under the Dodd-Frank Act each of the nation's largest Financial Institutions is required to submit a "living will" - a plan for the company to wind down its operations in the event of failure.   Advance planning for an orderly “resolution” is a crucial backstop against pressure for more government bailouts like those we saw during the 2008 financial crisis. 

    The idea here is simple:  the onus is on the big Banks to show that they are truly not ”too big to fail” – that their failure would not drag down the broader U.S. economy.

    Earlier this month, the FDIC and the Federal Reserve completed their review of 11 living wills submitted thus far. Their verdict: not good enough.  These Banks, they concluded, are still too Big and complex to fail without severe Negative impacts on the Economy.

    What happens now?  The Banks must go back to the drawing board.  Eventually, if the Regulators remain unsatisfied, they have the Authority to Break up the biggest Banks or take other steps to reduce the risk they pose to the Economy.

    This warning is just a first step. We still don’t know what will happen in the next round, or whether the Regulators will have the backbone to tell Banks that they must genuinely downsize and simplify their operations.   In fact, we don’t know nearly enough about this entire process, because so much of what the living wills say is kept secret. The public needs to be able to see more so we can hold the banks and regulators accountable.

    That’s why we need to keep paying attention, and keep calling for change. In the meantime, it's worth pausing to appreciate moves in the right direction: the FDIC and the Fed gave a failing grade for failing work. Sometimes Wall Street doesn’t get its way. We're going to keep fighting to make sure this won't be the last time.

    Lisa Donner
    Executive Director
    Americans for Financial Reform

    Foreclosure Activists Disrupt CA Bureaucrats

    Protesters say California

    too Slow in Spending

    $2 Billion to Aid Homeowners

    hsangree@sacbee.comSeptember 16, 2014 Updated 1 hour ago




    www.keepyourhomecalifornia.org 
    Two dozen protesters wearing yellow T-shirts marched through a downtown Sacramento conference room and chanted slogans Tuesday during ameeting of the California Housing Finance Agency’s board of directors.
    The members of the Alliance of Californians for Community Empowermentdemanded that the agency’s Keep Your Home California program move faster in distributing $2 billion in federal aid for struggling Homeowners.
    Keep Your Home California still has about $1 billion of the money it received from the U.S. Treasury Department’s Hardest Hit Fund several years ago. It must spend that remaining amount by 2017.
    Critics say the program has been dragging its feet as more homes are lost to foreclosure.
    “What do we want? Principal reduction! When do we want it? Now!” the protesters chanted as they marched in circles around the room at the Holiday Inn on J Street, disrupting the meeting.
    Group member Jose Vega and others addressed the Board during its Public comment period. Vega, who had his own loan Payments greatly reduced, said there were Thousands of other Homeowners who are unable to qualify for aid because they owe so much more than their homes are worth.
    “The money is there. It needs to be used,” he said.
    At the meeting, CalHFA executives assured the Protesters they’d been heard, but later took issue with the group’s message.
    “We’re absolutely on track,” said Diane Richardson, head of Keep Your Home California and the housing agency’s director of legislation.
    So far the program has helped more than 43,500 homeowners and distributed $790 million in aid, with an additional $75 million in payments scheduled to be distributed, Richardson said.
    On Tuesday, Richardson gave The Sacramento Bee a copy of a letter that Tia Boatman Patterson, the agency’s new director, sent to ACCE organizers in response to their demands that Keep Your Home California do more to help struggling homeowners.
    The letter contends the program has continually adjusted its criteria since it started in 2011, in order to include more homeowners.
    Last year, for instance, Keep Your Home California loosened the rules of itsPrincipal Reduction Program, which can slash the amount borrowers owe by up to $100,000. Previous rules required applicants to prove a hardship such as adeath in the family or unemployment. After the changes, homeowners need to show only that they owe 40 percent more than their home is worth.
    “In September 2013, California was able to implement a change to PRP that made severe negative equity (on its own) a hardship indicative of imminent default,” Boatman Patterson wrote.
    Requirements that lenders modify loans – matching state principal reductions dollar for dollar – were removed.
    The letter also noted that anyone who receives unemployment benefits in California is given information about the agency’s Unemployment Mortgage Assistance program, which covers loan payments up to $3,000 a month for 12 months.
    Those changes and others have made the program more inclusive over time, officials said.
    More information about the state’s homeowner assistance programs is available www.keepyourhomecalifornia.org 
    or by calling (888) 954-5337.
    Read more here: http://www.mercedsunstar.com/2014/09/16/3851925/protesters-say-california-too.html#storylink=cpy