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Price Fixing is Now Legal – Brighten Purses Won

Posted by reed > i24m on Friday, December 5, 2008

Brighten Purses Won – Let’s Show Brighten & Others They Lost!

Brighten (http://www.brighton.com/), the maker of purses and many other consumer products ‘won’ a Federal Supreme Court case today. They established their privilege to set prices at which an independent retailer can sell their products. This ruling expands to all manufacturers and all retailers.

So now, you can expect to pay higher prices for many things. Retailers are now forbidden to discount the price a manufacturer decides the price should be. To whit, a manufacturer controls the price. From now on, it will be impossible to find a good deal on many things. Manufacturers can now legally engage in price fixing.

I encourage everyone to show Brighten they actually lost. I encourage everyone to show our Federal Legislature this ruling is not liked and they need to change the laws so a retailer can sell at any price the retailer wants:

Do not buy any Brighten product!

If you just bought a Brighten product and you can return it – return it!

Don’t buy a Brighten product again until the law is changed.

I can not imagine any price fixed product without a substitute that is not price fixed.
Do you personally know of other manufacturers that follow this practice and should be added to this list?
(Please only suggest manufacturers and their products you definitely know price fixing is true.)

The Do Not Buy – Do Not Buy Product Again… – Manufacturer Fixed Price List:

Posted in Action, Law, Supreme Court | Tagged: , , | Leave a Comment »

Financial Markets are Acting Rationally

Posted by reed > i24m on Tuesday, November 11, 2008

Let’s see here:
I once heard, “An irrational response is often a rational response to an irrational situation.”
Let’s call all financial institutions banks because it is short and easy to type – okay?
There was and remains a liquidity crisis due to banks making few loans to each other or businesses or individuals.
Banks know they each have a bunch of these toxic financial instruments.
Each bank knows how much they have.
Each bank does not know how much other banks have.
Each bank knows toxicity of instruments they hold.
Each bank does not know toxicity of instruments other banks hold.
Banks are afraid if they lend money they won’t get their principle back because they do not have any way to estimate who will fail next.
Banks really like to get their principle back.
Financial reporting by banks is apparently inaccurate and possibly outright false.
Financial reporting by businesses is no longer trusted.
Think Enron, Worldcom-Sprint, …. there are so many I can’t easily remember them all.
So the banks come to conclusion and announce they do not have confidence to lend.
Banks are just groups of people working together.
Now, when someone asks to borrow $10 from you, then you only lend it if you have confidence you will get it back.
So, if you don’t have confidence in the other person, what did other the person do?
The other person did something deceitful, deceptive, untruthful or similar.
Banks have done same thing!
Banks are acting rationally: They do not trust others and thus have no confidence in others!

So, now banks and businesses want taxpayers to “bail them out” because they were deceitful and deceptive while a few of highest level employees took over-sized compensation packages (think Lehman; or AIG $400K for a spa retreat…).
Problem is it is not all banks and businesses who are deceitful and untruthful.
Rather, it is just enough of them to muck up entire world financial system.
So, why is United States of America and many other countries around the world bailing out the miscreants?
Seems it would be much more gentle, kind and loving to help individuals weather this storm.
Seems we should be helping those who are at income levels where they are choosing between food, clothing and shelter and not the multimillionaire miscreants.

(11/12/2008 Correction from …Lehman and $400…)

Posted in credit crunch, Economics, Economy, liquidity | Leave a Comment »

President Bush Successful

Posted by reed > i24m on Tuesday, October 7, 2008

President Bush has been successful in:

  • doubling the national debt;
  • leaving our country with a projected 1/2 Trillion dollar annual debt for next fiscal year;
  • giving top 1% of taxpayers a $1000 per week tax break;
  • permitting credit market businesses unrestrained risk taking that resulted a $700 Billion bailout;
  • creating a bailout situation so large there is no money remaining: to repair our health insurance crisis; to initiate energy infrastructure improvements via science and technology; to upgrade and repair our physical infrastructures (highways and bridges and dams; air traffic control…); or to improve and maintain our education infrastructure;
  • leaving us at precipice of severe recession (maybe depression) so awful economists and financial analysts are reluctant to discuss it because they do not want to create fear.

Yes, President Bush has successfully emasculated the financial health of United States for years to come. What President has done more to do a worse job at leadership and executive oversight while not keeping fundamental economy strong – while not keeping the middle-class strong?  No one. Bush is in a league of his own.

Yes, President Bush, we will remember your poor leadership and management.

Posted in Economics, Economy, Politics | Tagged: , , , , , , , , , , , | Leave a Comment »

Senate Vote Misguided, maybe Foolish

Posted by reed > i24m on Thursday, October 2, 2008

This is draft of email I sent to each of my Ohio Senators. Yesterday they both voted in favor of rescue plan. Yes, I’ve added rhetoric for effect (we can’t not vote forever!). It seems our Senators want to keep helping the cheating culture. It appears more and more, every day, majority of Senators are part of the cheating and dishonesty. I pray, despite Obama’s affirmative vote he is an honest man.

Stupid and Foolish: That’s how you voted.
HELP MAIN STREET – DOLLAR FOR DOLLAR.
I WILL NEVER VOTE FOR YOU
    or your hand picked replacement, ever. (see below).
You are cheating Main Street!!!!!!
You are aiding and abetting Wall Street crimes and cheating culture.
I am sufficiently well educated to understand your vote is misguided at best. I say foolish. You are trying to instill confidence by pushing a rope! I agree with Robert Reish (http://robertreich.blogspot.com/2008/09/bailout-of-all-bailouts-is-bad-idea.html).
You are throwing Main Street bones (increase of FDIC insurance, tax cuts) because they do essentially nothing to help current crisis.

HELP MAIN STREET – DOLLAR FOR DOLLAR – with law passed by the time rescue package is passed (Friday?) is only way for you to redeem yourself.

Posted in credit crunch, Economics, Economy, liquidity, Politics | Tagged: , , , , , , , , | Leave a Comment »

Bailout Healthy Main St – No Money for Garbage Wall St!

Posted by reed > i24m on Wednesday, October 1, 2008

If you like this, copy and paste to your representative. You can find your representative at http://www.visi.com/juan/congress/ or http://www.congressmerge.com/ . Remember to keep your emails short and concise if you want any chance of them being read. Remember to put your headline, your main point, in first short sentence.

Bailout Healthy Main St – No Money for Garbage Wall St!
  Main St is: Individuals, small and medium businesses.
Dollar for dollar!
  At least bailout Main St in same amount as Wall St.
GOODIES (throwing a bone) IS NOT REAL HELP to Main St.
No more George Bush crap economics.
I believe situation is severe.
Making Main St PAY TWICE for their businesses, homes, automobiles, and student loans IS WRONG.
Let the businesses that made bad decisions fail or be bought.
Let well managed businesses take place of poorly lead ones even if replacement businesses are currently smaller than big garbage.

Posted in credit crunch, Economics, Economy, liquidity, Politics | Tagged: , , , , , , , , , , | Leave a Comment »

No Double Payment; No Bailout

Posted by reed > i24m on Tuesday, September 30, 2008

The citizens of the world, including those of USA and England, are being asked to pay for their houses, automobile and education loans twice. Meanwhile, the bail out lets financial institutions take the money for themselves. Let these financial businesses “eat their own dog food.” Say no to any bailout. Only a bridge of loans, to facilitate liquidity, under strict retail interest rate controls until these loans are paid back from business profits and not from retail customer who is paying their bills/loans. Businesses took the profits and accepted risk associated with those profits. Now they need to accept, acknowledge and pay for loan risks that have gone bad. (Majority of loans made in world are current and good.)

There are many possible variations of loaning cash until central banks are repaid, the citizens, the taxpayers are repaid. Exact model is not important. It is important that entire cost be borne by businesses who accepted risk and accepted profits.

No to double payment by Main Street. Yes, to businesses accepting risk they agreed to.

Posted in credit crunch, Economics, Economy, liquidity, Politics | Tagged: , , , , , , , | Leave a Comment »

Financial Market Worry Continues

Posted by reed > i24m on Wednesday, September 24, 2008

Around the world financial markets are worried USA financial system is overextended. AIG bailout was a good move. Now international investment banks are doubting the accuracy of accounting and reporting of financial conditions by any USA based financial institution.

European Union, England, USA, and some Far East central banks are each injecting a total of 180(?) billion dollars to try to mitigate financial markets worries. It is apparent, due to this injection, international liquidity trap and credit crunch crises are simultaneously occurring. This is confirmed by announcement that reason for injection of huge amounts of cash into financial systems around world: To convince banks to lend money! Unfortunately for USA, both for credit crunch and liquidity crisis this is pushing a rope. FTC, SEC, FBI nor Justice Department have not warned of any of these difficulties in any business in any financial sector. This debacle has been ongoing for over a year and no clear explanatory information has been offered.

Silence here is an indicator of a deep, broad problem of serious nature and and an unwillingness to do anything to correct it. Situations like this are an opportunity to consolidate wealth into a smaller number of people. Only most wealthy will have opportunity to buy all or large portion of these bankrupt companies. Oh, how this fits the Bush persona!

Freddie and Fannie regulator gave each a clean bill of health two weeks before taking them over! This is prima facie information that public is being told falsehoods and vital information is being kept from general public. In eight years the regulators under Bush administration control did not figure out managers of Freddie and Fannie were lying about financial condition of our GSE. Are we to believe regulators are stupid and foolish, or just lazy? Or are they emasculated by President Bush’s executive orders and bullying?

Executive leadership of our Federal government (President Bush) is completely responsible for managerial action of our government. Bush directly controls FTC and Justice Department and FBI and he can certainly apply political leverage to motivate SEC to investigate. Instead he does nothing and expects taxpayer to bailout the businesses. In the end what Bush wants is for a few businesses and their managers to make big bucks and taxpayers to pay for it for next 30 years.

Posted in Economics, Politics | Tagged: , , , , , , , , , , , , , | Leave a Comment »

Current Economic Situation

Posted by reed > i24m on Wednesday, September 24, 2008

Is USA headed to same situation as Japan’s lost decade (1989-1999) or England’s decades of malaise? To whit:

credit crunch – banks not lending due to risk aversion, to repair damaged balance sheets or both,

liquidity trap – businesses and consumers don’t spend, they sit on cash often in expectation of things being cheaper tomorrow (deflation), actual deflation, a lack of trust, or best investment available is cash or short-term notes

True depth and breadth of situation is either not being told by our government (or if known, not reported to it full depth and breadth) or they don’t know because they failed to regulate. I’ve read understand financial situation well enough to think otherwise. Actually, I think we are not being accurately informed because our federal government is being lead by egotists Bush and Chaney (and their party wants to put another pair of egotists in control; McCain and Palin).

What I do know. There is:

lack of trust – by consumers, and between banks and financial institutions

excessive risk taking occurred – to satisfy ego and greed

dishonesty – rampant, wide and deep, the list of companies is broad and deep and covers most of Bush presidency (Enron, Worldcom Sprint, Adelphi, Comcast, Bear Stearns, Lehman, Freddie Mac, Fannie Mae, AIG; lack of regulation by Bush administration)

Posted in Economics, Politics | Tagged: , , , , , , , | Leave a Comment »

Stupidity Plus Lemmings

Posted by reed > i24m on Wednesday, September 24, 2008

…arguably the greatest casualty of yesterday’s debacle is the notion that bankers actually know what they are doing. For all the advanced degrees, flickering Bloomberg screens and chest-pounding that went on, it is apparent that many of those on Wall Street fatally misunderstood the risks inherent in the products they sold to investors.

They were not just unlucky to be caught in an external hurricane of events–they were not as smart as they thought.

For what, after all, is a credit crunch but the sudden realization by investors that many of the valuations they have been applying to assets are wrong? The risks were miscalculated, the rewards exaggerated, the probabilities of default hopelessly out. Valuation lies at the heart of finance, and, for many years, Wall Street forgot how to do it.

Ref: http://www.forbes.com/opinions/2008/09/16/bankers-schumpeter-capitalism-oped-cx_pb_0916.html

Federal finances have been deteriorating ever since George W. Bush became president. Bill Clinton bequeathed him a budget surplus equal to 2.4% of the gross domestic product (GDP). This fell to 1.3% in 2001, turned into a deficit of 1.5% in 2002, 3.5% in 2003, and 3.6% in 2004.

Since 2004, deficits have declined as a percentage of GDP, falling to 2.6% in 2005, 1.9% in 2006 and 1.2% in 2007. However, the latest projections from the Congressional Budget Office (CBO) show the deficit rising to 2.9% of GDP in fiscal year 2008, which ends on Sept. 30. The deficit will remain in this range through at least 2010.

Ref: http://www.forbes.com/opinions/2008/09/16/debt-taxes-bush-oped-cx_bb_0916bartlett.html

Posted in Economics, Politics | Tagged: , , , | Leave a Comment »

 
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