Large businesses present wish list for consumer finance legislation

Big business has July 21, 2011, circled in the calendar. That’s the day the Consumer Financial Protection Bureau (CFPB) will officially be the United States consumer finance regulatory board of the land. According to CNN Money, expectations have led big business to appeal to the Obama administration with a "wish list" letter of hopes for how ongoing consumer finance regulation will unfold. While focusing on bank regulation is considered a top priority, the notion of the CFPB proposing new financial reform before confirming a director is unpopular.

Chances CFPB director can be Warren

Elizabeth Warren is a candidate to direct the Consumer Financial Protection Bureau as she, as an Obama administration advisor and Harvard University professor, came up with the idea. Warren is extremely for the consumer and against Wall Street though. This makes Sen. Christopher Dodd (D-Conn.), Dodd-Frank Wall Street Reform Act co-founder, think that she wouldn't be a good choice. Warren has had to meet bank executives, lobbyists, chambers of commerce, consumer groups and investors while getting the agency staffed even though this is the case.

“They were wary, but polite, and quite surprised,” Warren said Monday of the meetings. “Some were sure I’d walk in with blood dripping from my fangs.”

Request of big businesses

In order to keep away from burdensome or regulatory duplication, business groups are clamoring for the CFPB to approach banking and finance legislation with laser-like precision. Already Dodd-Frank is too ambiguous, Jess Sharp told CNN as the director of the United States Chamber of commerce Center for Capital Markets Competitiveness. The Consumer Financial Protection Bureau must do more.

“Targeted regulation to weed out bad actors is good for consumers, but there’s huge and ambiguous authority granted under Dodd-Frank,” Sharp said. “That can lead to huge regulatory burdens for Main Street businesses.”

The CFPB would be able to supervise all of the corporations besides financial institution with Dodd-Frank such as payday cash advance companies. The Obama administration got a letter from business groups though. Obviously they do not like this idea.

“Deferring an expansion of supervision and examination requirements would allow businesses to devote resources to job creation rather than save them to cover what might well be unnecessary regulatory compliance costs,” the letter reads.

Charge card business praise

Warren was happy with the credit card industry, reports Charge card Studio, because of their own measures taken to improve customer/credit card business relationships even though there’s a lot the mortgage industry still needs to do. Regulations from CFPB are probably not needed. This was another thing mentioned.

“The data we have assembled indicates that much of the industry has gone further than the law requires in curbing repricing and over-limit fees,” Warren said. “Leaders in the industry deserve credit for moving in the right direction.”

Articles cited

Advisor One

advisorone.com/article/deputy-secretary-wolin-outlines-treasurys-steps-implementing-dodd-frank?page=0,1

CNN

money.cnn.com/2011/03/01/news/economy/chamber_consumer_bureau/

Credit Card Studio

creditcardsstudio.com/news-article/the-card-act-one-year-later/

The CFPB: Arresting the development of a new financial meltdown

youtube.com/watch?v=1V0Ax9OIc84

Libya to receive sanctions as United States shuts down embassy

The U.S. Embassy in Libya has closed, because of increasing physical violence and instability in the North African nation. The regime of Gadhafi is fast losing its grip of the country. Deadly reprisals in opposition to Libyans have done little to quell demonstrations against his rule of more than four decades. Economic sanctions will increase in opposition to Libya until the situation is resolved. Article resource – US embassy in Tripoli shuttered with Libya sanctions pending by MoneyBlogNewz.

Chaos in Tripoli during Gadhafi's rule

It has been really hard to handle Libya for dictator Moammar Gadhafi that everybody wants to leave. In fact, the battleground for control of the country is occurring in Tripoli. Gadhafi loyal army members are firing upon protesters and keeping the place dangerous. Still, protesters refuse to leave when their lives are in danger. A chartered ferry was used to get embassy personnel out of Tripoli as the U.S. State Department has stopped all American Embassy operations, says Reuters. This is due to the protests going on in the country. Most workers have been evacuated already even though the embassy is still open.

Considering sanctions in opposition to Libya right now

The White House has affirmed that economic sanctions could be levied against Libya, in response to the brutal tactics used by Moammar Gadhafi in addressing the unrest in the country he has ruled for more than four decades. These sanctions will be considered in a meeting with Obama and United Nations Secretary-General Ban Ki-moon, CNN states. All U.S. cooperation with military has been cut off from Libya already. Obama has previously been criticized for taking too soft a stance on the situation in Libya.

Gadhafi should leave, international leaders recommend

The New York Times states that International leaders have been asking that Colonel Gadhafi quit. President of France Sarkozy said that Gadhafi needs to resign while "the world will hold you to account" was what British Prime Minister David Cameron had to say. Gadhafi is going to "die a martyr" before leaving. This is what he has said, that he will not be alive when he leaves if it takes place.

Articles cited

Reuters

reuters.com/article/2011/02/25/us-libya-usa-idUSTRE71K6D520110225?pageNumber=1

CNN

cnn.com/2011/WORLD/africa/02/25/libya.us.reaction/

NY Times

nytimes.com/2011/02/26/world/middleeast/26diplomacy.html

Canadian government examining use of Agent Orange on trees

The Canadian government used Agent Orange in its forestry program as late as the 1980s, in accordance with a Toronto Star study. The herbicide Agent Orange is infamous as a chemical warfare agent that was utilized by the U.S. military during the Vietnam War. Numerous scientific studies have shown Agent Orange to be a reason for genetic defects upon people situated in the areas dispersed.

The Agent Orange story

According to the United States Department of Veterans Affairs, the U.S. military did use Agent Orange on Vietcong enemy forces hidden in trees and vegetation in Operation Ranch Hand, which was the operation code-name. Agent Orange is a mixture of two phenoxyl herbicides in iso-octyl ester form.

Anyone uncovered could have had various forms of cancer, nerve, digestive, skin and respiratory disorders. Some of the U.S. veterans ended up getting dispersed with this at the time. At least 3 million in Vietnam, including 150,000 kids, were affected in birth defects and genetic disorders, states the Vietnam Red Cross. Several other children were stillborn as a result of parental exposure to Agent Orange.

Worker gets it too, claims Star

Archived documents referenced in the Toronto Star Agent Orange investigation expose that Canada began to dump the herbicide from World War II-era planes onto birch and maple timber and shrubs that needed to be cleared. There was a rise in cancer, birth defects and troubles with food and water according to the Star study, since Forest workers got exposed. In the 1950s, there was not enough research on Agent Orange done yet to know the chemical was dangerous. Canada started to use Agent Orange to remove plants.

Canadian Provincial Transportation Minister Kathleen Wynne has promised that there could be an official government inquiry to the nation’s usage of Agent Orange, states BBC News.

"I don’t have the specific information on how much of it was used by the ministry of transportation, but the independent panel will look at that and we’ll work closely with them," Wynne told Canadian media.

Details from

BBC

bbc.co.uk/news/world-us-canada-12573599

The Star

thestar.com/news/canada/article/940243–star-exclusive-agent-orange-soaked-ontario-teens

U.S. Department of Veterans' Affairs

publichealth.va.gov/exposures/agentorange/

Agent Orange: Death to Weeds

youtube.com/watch?v=2EaqwRtjVEM

Congressmen possibly target of Psyops procedures

The Pentagon has launched a study into a possible misuse of “psyops” by military personnel. Psyops, or psychological operations, were possibly used on members of the United States Congress that visited Afghanistan. Psychological procedures are techniques of psychological and emotional manipulation used by the United States army. They consist of disinformation and propaganda. These techniques were allegedly used to persuade members of Congress to be able to get more military financing.

Rolling Stone states military official ordered psyops on Americans

A scathing article in a recent issue of Rolling Stone says members of the military were ordered to use “psyops,” or psychological operations, techniques to persuade members of Congress visiting military outposts in Afghanistan to give the army more financing and additional personnel, according to MSNBC. There are accusations that Lieutenant General William Caldwell ordered a study of Congressmen visiting in 2009 by a psyops team. This was done so as to find a way to get more army troops and financing there based on how best to convince them. The order was refused by Lieutenant Colonel Michael Holmes who is the head of the psyops unit. This got him in a lot of trouble.

Study started by Petraeus

A study was started. This was done by Afghan procedures commander, General David Petraeus. The Washington Post reports that the accusations are "categorically denied" by Lt. Gen. Caldwell. Citizens of the United States aren't legally allowed to have "psyops" or propaganda used on them. It’s something all Intelligence Operations personnel know very well. There were specific Congressmen targeted for this. It involved Senators Al Franken, Carl Levin, Joe Lieberman, Jack Reed and John McCain. Representative Steve Israel, a member of the Armed Forces Committee, and Admiral Mike Mullen of the Joint Chiefs of Staff were also possible targets.

Exact same reporter profiled General McChrystal

Michael Hastings wrote the Rolling Stone article. He said that the job was to “get the enemy to behave the way we want,” and Holmes said “when you ask me to use these skills on senators and congressmen you are crossing a line," for Lt. Col. Holmes. The enemy is the only one that propaganda and psychological manipulation is allowed on, he explained, which everyone in the Information Procedures field learn about. McChrystal left the Army last year because of another article written on General Stanley McChrystal by Hastings.

Information from

MSNBC

msnbc.msn.com/id/41753749/ns/world_news-south_and_central_asia

Washington Post

voices.washingtonpost.com/blog-post/2011/02/psychological_operations_manip.html

Rolling Stone

rollingstone.com/politics/news/another-runaway-general-army-deploys-psy-ops-on-u-s-senators-20110223?page=1

Secured credit cards are one road to credit repair

If you’re looking to apply for a mortgage or automotive loan, it helps to have a clean credit score. If you do not, you will find credit repair steps you can take. Although it can be expensive, using a secured credit card with an original deposit requirement can help rebuild a credit rating so that large-scale loans are no longer out of reach. Here are some things to consider before applying for a secured credit card.

How to work a secured charge card

Getting a secured credit card is not too difficult. Get an active savings account as collateral before this though. The secured credit will have a limit typically of the amount that is in the savings account. It could be smaller though. The issuer of the card will take money out if you are delinquent. You have to be 30 to 60 days delinquent though. Once bills on the secured credit card are paid on time for six months to a year, the credit rating may have recovered enough to where unsecured charge card choices that require no upfront collateral become accessible.

Requirements for issuer to report

If the issuer of your secured credit card does not file with the major credit reporting agencies, the card can’t help you. Making payments on time is essential to credit. It will rebuild your credit quickly. Keep in mind that a secured charge card will have an rate of interest and grace period, so it pays to shop around for the best terms. You can go to bankrate.com for help. This can help compare your choices. You might have a savings account that earns lots of interest. In this case, you will be well on your way to fixing credit.

The fees that are there

Two major but often unavoidable drawbacks to secured charge cards are upfront and annual charges. An annual fee will not be too terrible since a secured credit card won't be something you'll need forever although the upfront charges of $100 or more could be hard. It is possible to get a card without upfront fees. This can be something only many people with specific credit ratings will qualify for though.

Every month, keep away from using the secured credit card more than necessary. You’ll want to spend less than 30 percent of the credit limit each month while paying the balance each month in full can help.

Articles cited

Bank Rate

bankrate.com/funnel/credit-cards/credit-card-results.aspx?classificationuid=13&childcategoryid=837&childcategory=Secured%20Cards

Fox Business

foxbusiness.com/personal-finance/2011/02/22/secured-credit-cards-6-tips-applying-using/

Rebuilding credit can be an expensive path

youtube.com/watch?v=kSHKw3-5Ne0

LinkedIn Initial Public Offering endangered by Chinese censorship

After LinkedIn users brought up the subject of revolt in the Arab world, the Chinese government censored the website. Discussions about Arab world protests on LinkedIn attracted the attention of Chinese censors, who abruptly shut the website down. China’s censorship of LinkedIn comes as the network prepares for an Initial Public Offering that could possibly be endangered by a denial of presence in China.

LinkedIn not approved in China which means a fight against the Good Firewall

China’s notorious “Great Firewall” has censored LinkedIn as part of a broader effort by the Beijing government to suppress dissent provoked by protests in the Middle East. Facebook and Twitter are other sites that have been obstructed in China. These have been blocked since 2009. Any self-censored social networking sites are allowed by China. Chinese individuals have already known what Chinese officials have just figured out. LinkedIn is totally integrated with Twitter which isn't good. Subversive communications might be easily distributed through Twitter using the LinkedIn portal.

Why China censored LinkedIn

China censored LinkedIn after a user launched a discussion group last week asking for input on how the wave of unrest that ousted dictators in Tunisia and Egypt could reach China. The LinkedIn user, “Jazmine Z” first wrote of “dying for democracy, freedom and justice in my homeland." A post that followed said the Beijing government fails to "realize the crisis of the autocratic one-party system." The Chinese communist party was attacked in a last post before being censored where it was called “a Power and elite club.” Before LinkedIn was obstructed, there was lots of other stuff censored by the Chinese government. It is clear the government is worried about the Middle Eastern Jasmine Revolution making its way into China.

LinkedIn Initial Public Offering threatened

If Chinese censorship of LinkedIn becomes more than a symbolic gesture, the company’s planned Initial Public Offering could be threatened. LinkedIn hopes to raise $175 million in an IPO either on the Nasdaq or the New York Stock Exchange. Exclusion from the Chinese Internet industry — the world’s largest with about 450 million users and counting — would lead investors to question LinkedIn’s future growth and profits. The price that investors would be willing to pay for shares of a LinkedIn censored in China would have to be taken into account.

Articles cited

CNN

cnn.com/2011/TECH/social.media/02/25/china.blocks.linkedin.fastco/index.html?npt=NP1

Business Week

businessweek.com/news/2011-02-25/linkedin-blocked-in-china-after-jasmine-protest-postings.html

Reuters

reuters.com/article/2011/02/24/china-linkedin-idUSTOE71N06P20110224

Reuters

reuters.com/article/2011/02/24/china-linkedin-idUSTOE71N06P20110224

Scientists discover link between cell phones and brain cells

Can cell phones fry your brain? A brand new study suggests they might. The research found an increase in brain cell metabolism in regions of the brain closest to the cellular phone antenna. Scientists confirmed that electromagnetic radiation from mobile phones has an impact on brain cells, however not if the effects are harmful.

Mobile phone brain cell study first done

On Tuesday, the first study on how electromagnetic radiation from cell phones impacts the cells in the brain was published in the Journal of the American Medical Association. The research focused on how cell phone use impacts normal brain cell function, known as glucose metabolism. Researchers found that exposure to cell phones increases the rate of glucose metabolism in brain cells more than they expected. Brain activity is a result of cells using glucose to create energy. Glucose is produced as needed in the brain. The study suggests that cell phone use stimulates glucose metabolism artificially, but further investigation is required to determine whether elevated amounts of glucose metabolism damage brain cells.

Brain cancer due to cellular phone usage?

Cellular phone radiation from frequent calling has concerned medical experts for years. Previous test results have been inconclusive. Nothing has been found before. A link with brain cancer was found in famous cellular phone radiation studies. There wasn't any proof though. There was no way to link the brain cancer with the mobile phone use. DNA mutations or other mutations that end up causing cancer and dementia are things that scientists have tried to link mobile phone radiation to though. Another huge concern is the amount of use a child has with a cellular phone. The problem is the radiation penetrates deeper into the brain of a child with the thinner skull making brain cells metabolize glucose even faster.

Using speakerphone is a good idea

In a statement responding to the mobile phone brain cell study, the Wireless Association said scientific evidence proves that cellular phones, used within limits established by the FCC, don’t pose a public health risk. Study authors suggest that speaker phone and Bluetooth earpieces should be used until more is known on how mobile phone radiation affects the brain.

Citations

CNN

cnn.com/2011/HEALTH/02/22/cell.phone.brain.activity/

Web MD

webmd.com/brain/news/20110222/cell-phones-affect-brain-but-does-it-matter?page=2

Wall Street Journal

online.wsj.com/article/SB10001424052748704071304576160652541652440.html