Showing posts with label Bloomberg. Show all posts
Showing posts with label Bloomberg. Show all posts

Friday, August 06, 2021

Protecting Animals While Evicting Humans

Protecting Animals But Not Humans

Nicholas Johnson
The Gazette, August 6, 2021, p. A5

Why does the law permit evicting the mammalian species Homo sapiens from shelter, but not mammalians like dogs and cats?

Of course, I support laws protecting animals’ rights. I love and attempt communication with all creatures. (Fish and ants are the most obstinate.) Increasing penalties and enforcement for animal mistreatment are encouraging.

But an Aspen Institute analysis reveals 30 to 40 million American Homo sapiens are at risk of eviction.

This is made worse by COVID. We knew since January 2020 COVID elimination is possible (test, trace, quarantine, isolate). Some elected officials preferred the path that produced 600,000 deaths.

Vaccine creation was appropriately celebrated. But vaccine in bottles is much less effective than vaccine in arms.

Rather than vaccination, some of our “leaders” prefer our “freedom” to choose risk of death to ourselves and others. So, more die.

Meanwhile, 7000 miles away in Wuhan, China, all 11 million residents are being tested. Since May 2020 Wuhan eliminated positive cases. Recently, when three symptomatic and five asymptomatic cases popped up, they resumed test, trace, isolate and quarantine.

Evictions in China? Yes, housing is a challenge for migrants. But during the 2020 lockdown Wuhan built shelters for about 5000 persons.

Like Americans, the Chinese have even more concern for animals. Bloomberg reports they are building 13-story condominiums for hogs to protect them from disease – with on-premises vets and individually prepared and served meals.

It’s unlikely that capitalist America will ever provide the housing for humans that China provides for hogs.

But can’t our Democrats and Republicans, the religious and agnostics alike, at least agree to provide every member of our species with shelter? It’s what we insist on for our fellow mammalians. It’s what the Universal Declaration of Human Rights says is a basic human right.

So how do we do that?


Start by skipping the 38 percent of Americans who own their homes free and clear. Concentrate on the 30 to 40 million who are housing insecure – starting with the homeless. [Photo credit: Wikimedia.org Creative Commons]

Iowa City’s Shelter House is building a second “housing first” facility for Homo sapiens. Housing first is a movement demonstrating why it’s more effective and cheaper to assist the homeless and unemployed with housing before addressing their other challenges. Duplicate it across America.

It’s how Finland is eliminating homelessness.

Let’s start saving life on Earth while searching for life on Mars. We spend more on military than the next 11 nations combined. It used to be 10. Cut it to five.

Explain to those devoid of compassion how much we’ll save by housing the homeless. Cost? We can’t afford not to.

Then address the housing insecure. Forbes has headlined, “Housing Shortage Worse Than Ever.”

We need the government to start creating homes, not Section 8 vouchers. Learn from the early public housing “projects” problems. Build homes tenants and communities welcome. Charge no more than 30 percent of tenants’ income.

Let’s treat our own species at least as well as we rightfully require for other animals, starting now.
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Nicholas Johnson of Iowa City is former co-director of the Institute for Health, Behavior and Environmental Policy. He is the author of "Columns of Democracy." Comments: mailbox@nicholasjohnson.org

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SOURCES

Tougher animal protection laws. Kat Russell, “Tougher law ‘step in the right direction’ for animal abuse cases,” The Gazette, Aug. 2, 2021, p. A1, https://www.thegazette.com/crime-courts/tougher-law-step-in-the-right-direction-for-animal-abuse-cases/ (‘the animal abuse and neglect cases reported to Cedar Rapids police so far this year — a year that to date has seen more arrests for the offenses than in the entire four previous years.” “recent changes to the state code strengthened penalties for some of the state’s animal cruelty laws … Under House File 737, if an animal was seriously injured or killed as a result of abuse or neglect, the crime would be an aggravated misdemeanor and punishable by up to two years in prison.”) And see, Rod Boshart, “Iowa Senate adopts tougher animal cruelty law,” The Gazette, March 4, 2020, https://www.thegazette.com/article/iowa-senate-adopts-tougher-animal-cruelty-law/

Evicting Americans. Emily Benfer, et al, “The COVID-19 Eviction Crisis: an Estimated 30-40 Million People in America Are at Risk,” Aspen Institute, August 7, 2021 (“The United States may be facing the most severe housing crisis in its history. … in the absence of robust and swift intervention, an estimated 30–40 million people in America could be at risk of eviction ….”[101 M Americans in renter households] [“eviction risk disproportionately impacts black and Latinx renters, and renters with children”] [People at risk of eviction by state: Iowa 118,000-239,000] “Foreclosure can lead to a lack of maintenance, urban blight, reduced property values for neighboring properties, and erosion of neighborhood safety and stability. Without rental income to pay property tax, communities lose resources for public services, city and state governments, schools, and infrastructure ….” See text under heading “Proposed policy interventions avoid suffering, save lives, and prevent severe harm”

Wuhan testing 11 M. Vivian Wang, “Wuhan, where the virus emerged, will test all residents after its first outbreak in over a year,” New York Times, Aug. 3, 2021, https://www.nytimes.com/2021/08/03/world/wuhan-china-covid-new-cases.html (Wuhan in Hubei Province) “Wuhan … is planning to test all of its 11 million residents for the coronavirus …. The city … had not recorded any local cases since May of last year, after a harsh two-and-a-half month lockdown helped eradicate the virus there. But city officials said they had detected three symptomatic local cases in the previous 24 hours, as well as five asymptomatic ones.”

Homelessness in China. “Homelessness in China,” Wikipedia, https://en.wikipedia.org/wiki/Homelessness_in_China (during the 2020 lockdown “The Wuhan Civil Affairs Bureau set up 69 shelters in the city to house 4,843 people.” “In 2017, the government responded to a deadly fire in a crowded building in Beijing by cracking down on dense illegal shared accommodations and evicting the residents, leaving many migrant laborers homeless.”)

Hog Hotels. “China’s Putting Pigs in 13-Story ‘Hog Hotels’ to Keep Germs Out,” Bloomberg News, August 1, 2021, https://www.bloomberg.com/news/articles/2021-08-01/china-s-putting-pigs-in-13-story-hog-hotels-to-keep-germs-out (“more than 10,000 pigs are kept in a condominium-style complex, complete with restricted access, security cameras, in-house veterinary services and carefully prepared meals.” Another is “equipped with robots that monitor animals for fever, air filtration, and automatic feeding and disinfection systems.”)

Owned homes. Jonathan Jones, “Cities Whose Residents Have Paid Off Their Homes [2020 Edition],” Construction Coverage, Nov. 4, 2020, https://constructioncoverage.com/research/where-residents-have-paid-off-homes (“According to Census Bureau data, over 38 percent of owner-occupied housing units are owned free and clear. For homeowners under age 65, the share of paid-off homes is 26.4 percent.”)

Housing First. “Housing First,” National Alliance to End Homelessness,” April 20, 2016, https://endhomelessness.org/resource/housing-first/ (“belief that people need basic necessities like food and a place to live before attending to anything less critical, such as getting a job, budgeting properly, or attending to substance use issues.”)

Caleb McCullough, “Shelter House breaks ground on second ‘Housing First’ project,” The Gazette, June 18, 2021, https://www.thegazette.com/news/shelter-house-breaks-ground-on-second-housing-first-project/

Finland eliminating homelessness. Tahiat Mahboob, “Housing is a human right: How Finland is eradicating homelessness,” CBC Radio, Jan 24, 2020, https://www.cbc.ca/radio/sunday/the-sunday-edition-for-january-26-2020-1.5429251/housing-is-a-human-right-how-finland-is-eradicating-homelessness-1.5437402

US military spending. “THE UNITED STATES SPENDS MORE ON DEFENSE THAN THE NEXT 11 COUNTRIES COMBINED, Peter G. Peterson Foundation, July 19, 2021, https://www.pgpf.org/blog/2021/07/the-united-states-spends-more-on-defense-than-the-next-11-countries-combined

Housing shortage. Graison Dangor, “The Housing Shortage Is Worse Than Ever—And Will Take A Decade Of Record Construction To Fix, New Reports Say,” Forbes, June 16, 2021, https://www.forbes.com/sites/graisondangor/2021/06/16/the-housing-shortage-is-worse-than-ever-and-will-take-a-decade-of-record-construction-to-fix-new-reports-say/

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Wednesday, December 17, 2008

Forget Madoff, Focus on Bernanke

December 17, 2008, 11:00 a.m.

Madoff and Bernanke:
Bad Apples or Poster Ponzis?

(Brought to you by FromDC2Iowa.blogspot.com)

The Securities and Exchange Commission said Tuesday night that it had missed repeated opportunities to discover what may be the largest financial fraud in history, a Ponzi scheme whose losses could run as high as $50 billion. . . . Mr. [Bernard L.] Madoff was arrested at his Upper East Side apartment in Manhattan last Thursday by F.B.I. agents, after his two sons — both of whom work for the company — reported that he had confessed to them that his money-management business was “basically, a giant Ponzi scheme” and “a big lie.”
Alex Berenson and Diana B. Henriques, "S.E.C. Says It Missed Signals on Madoff Fraud Case," New York Times, December 17, 2008.

There are not a lot of people coming to Madoff's defense this week. There seems to be relatively widespread agreement that defrauding one's friends of $50 billion is not nice.

But how much difference is there between what Madoff did and what the investment and commercial banking industries have been doing to 305 million Americans over the last decade?

Not much, says Tom Friedman:
I have no sympathy for Madoff. But the fact is, his alleged Ponzi scheme was only slightly more outrageous than the “legal” scheme that Wall Street was running, fueled by cheap credit, low standards and high greed. What do you call giving a worker who makes only $14,000 a year a nothing-down and nothing-to-pay-for-two-years mortgage to buy a $750,000 home, and then bundling that mortgage with 100 others into bonds — which Moody’s or Standard & Poors rate AAA — and then selling them to banks and pension funds the world over? That is what our financial industry was doing. If that isn’t a pyramid scheme, what is?
Thomas L. Friedman, "The Great Unraveling," New York Times, December 17, 2008.

Two days later the comparison was being spelled out in even greater detail: Paul Krugman, "The Madoff Economy," New York Times, December 19, 2008.

So, meanwhile, what has Federal Reserve Chair Ben Bernanke been up to?

We all know about the $25, or $34, or $15, or $5 billion the auto industry says it needs. We're all appalled at the $700 billion Congress authorized for Wall Street with little more attention to detail than it gave to authorizing our "preemptive war" in Iraq.

But do you have any idea what the total is at this point?

It's not $700 billion, it's 11 times that: $7.7 trillion. That's right, $7.7 trillion.

Here's an excerpt from Bloomberg's report:
The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system . . ..

The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, . . . [dwarfing] the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis. . . .

The worst financial crisis in two generations has erased $23 trillion, or 38 percent, of the value of the world’s companies and brought down three of the biggest Wall Street firms. . . .

The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages.
Read the whole story; there's lots more. Mark Pittman and Bob Ivry, "U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit," Bloomberg, November 24, 2008.

But wait; it gets worse.

Having grabbed 10 times what we thought he'd taken from the taxpayers, Bernanke now refuses to tell Congress or the media or us who he gave our money to, or what he got for it on our behalf, or how much what he got is worth on the present market.

Don't believe it? Read on. Bloomberg's suing him.
The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression. . . .

The Fed stepped into a rescue role that was the original purpose of the Treasury’s $700 billion Troubled Asset Relief Program. The central bank loans don’t have the oversight safeguards that Congress imposed upon the TARP. . . .

Congress is demanding more transparency from the Fed and Treasury on bailout, most recently during Dec. 10 hearings by the House Financial Services committee when Representative David Scott, a Georgia Democrat, said Americans had “been bamboozled.”

Bloomberg News, a unit of New York-based Bloomberg LP, on May 21 asked the Fed to provide data on collateral posted from April 4 to May 20. The central bank said on June 19 that it needed until July 3 to search documents and determine whether it would make them public. Bloomberg didn’t receive a formal response that would let it file an appeal within the legal time limit. . . .

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would meet congressional demands for transparency in a $700 billion bailout of the banking system.

The Freedom of Information Act obliges federal agencies to make government documents available to the press and public. . . .

“There has to be something they can tell the public because we have a right to know what they are doing,” said Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press.

“It would really be a shame if we have to find this out 10 years from now after some really nasty class-action suit and our financial system has completely collapsed,” she said. . . .

The Fed lent cash and government bonds to banks that handed over collateral including stocks and subprime and structured securities such as collateralized debt obligations, according to the Fed Web site.

Borrowers include the now-bankrupt Lehman Brothers Holdings Inc., Citigroup and New York-based JPMorgan Chase & Co., the country’s biggest bank by assets. . . .

“Americans don’t want to get blindsided anymore,” Mendez said in an interview. “They don’t want it sugarcoated or whitewashed. They want the complete truth. The truth is we can’t take all the pain right now.”

The Bloomberg lawsuit said the collateral lists “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression.” . . .

“I understand where they are coming from bureaucratically, but that means it’s all the more necessary for taxpayers to know what exactly is going on because of all the money that is being hurled at the banking system,” [Bruce Johnson, a lawyer at Davis Wright Tremaine LLP in Seattle] said.

The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).
Mark Pittman, "Fed Refuses to Disclose Recipients of $2 Trillion," December 12, 2008.

$7.7 trillion. It kind of puts Madoff's little $50 billion fraud into perspective, doesn't it?

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