Today's Teamster News 11.17.13

<a href="http://www.nytimes.com/2013/11/16/world/europe/youth-unemployement-in-europe.html?pagewanted=all&_r=0" rel="nofollow">Young and Educated in Europe, but Desperate for Jobs</a>  New York Times   ...Five years after the economic crisis struck the Continent, youth unemployment has climbed to staggering levels in many countries: in September, 56 percent in Spain for those 24 and younger, 57 percent in Greece, 40 percent in Italy, 37 percent in Portugal and 28 percent in Ireland. For people 25 to 30, the rates are half to two-thirds as high and rising...<br /><a href="http://www.buzzfeed.com/matthewzeitlin/americas-student-debt-balance-is-growing-and-less-of-it-is-g" rel="nofollow">America’s Student Debt Balance Is Growing And Less Of It Is Getting Paid Back</a>  Buzzfeed   ...Now it’s over $1 trillion, bigger than credit card debt...<br /><a href="http://www.zerohedge.com/contributed/2013-11-15/mass-surveillance-destroying-american-economy" rel="nofollow">Security Expert: “Buy American Doesn’t Sell Well Anymore Because It Means Give A Copy To The NSA”</a>  zero hedge   ...We’ve previously noted that mass surveillance is killing American tech companies. And Cisco just blamed its earnings slump on China’s disdain for NSA spying...<br /><a href="http://www.msnbc.com/all/harsher-cuts-are-their-way" rel="nofollow">Harsher cuts are on their way</a>  MSNBC   ...Unless Congress reverses the cuts, defense discretionary spending will be cut by an estimated $19 billion in 2014 and non-defense spending will be cut $12 billion more...<br /><a href="http://www.rollingstone.com/politics/blogs/taibblog/chases-twitter-gambit-devolves-into-all-time-pr-fiasco-20131115" rel="nofollow">Chase's Twitter Gambit Devolves into All-Time PR Fiasco</a>  Rolling Stone   ...I almost couldn't believe it when I heard that JP Morgan Chase was going to do a live Twitter Q&A with the public – you know, all those people around the world they've been bending over and robbing for, oh, the last decade or so...<br /><a href="http://www.cnbc.com/id/101193946" rel="nofollow">Feds expand hunt for offshore tax evaders</a>  CNBC   ...Federal judges approved special summonses aimed at getting account data and identifying information of American banking clients of Switzerland's Zurcher Kantonalbank and Bermuda-based N.T. Butterfield & Son, prosecutors said Tuesday...<br /><a href="http://www.reuters.com/article/2013/11/12/us-usa-bank-fatca-idUSBRE9AB18K20131112" rel="nofollow">Bankers' lawsuit jeopardizes U.S. tax dodger crackdown: lawyers</a>  Reuters   ...A court challenge by Texas and Florida bankers threatens to undermine a broad U.S. government crackdown on offshore tax avoidance and jeopardize a web of carefully crafted international agreements, tax lawyers said...<br /><a href="http://www.theguardian.com/world/2013/nov/16/elizabeth-warren-2016-race-white-house" rel="nofollow">Elizabeth Warren: quiet revolutionary who could challenge Hillary Clinton in Democrats' 2016 race</a>  The Guardian   ...Senator's tough stance against Wall Street is attracting voters on the left who are disenchanted with the party establishment...<br /><a href="http://inthesetimes.com/working/entry/15876/anti_union_forces_mobilizing_at_chattanoogas_volkswagen_plant/" rel="nofollow">Volkswagen Isn’t Fighting Unionization—But Leaked Docs Show Right-Wing Groups Are</a>  In These Times   ...Mike Elk reports that while the company promised not to oppose the United Auto Workers attempts to organize their Chattanooga, TN plant, outside groups disagree with that decision. They're pumping hundreds of thousands of dollars into anti-union campaigns...<br /><a href="http://ctj.org/ctjreports/2013/11/boeing_recipient_of_the_largest_state_tax_subsidy_in_history_paid_nothing_in_state_corporate_income.php#.UoiulmTF36l" rel="nofollow">Boeing, Recipient of the Largest State Tax Subsidy in History, Paid Nothing in State Corporate Income Taxes Over the Past Decade</a>  Citizens for Tax Justice   ...Over the past decade, Boeing has managed to avoid paying even a dime of state income taxes nationwide on $35 billion in pretax U.S. profits...<br /><a href="http://www.buzzfeed.com/matthewzeitlin/the-sports-business-cant-take-any-more-money-from-its-fans" rel="nofollow">The Sports Business Can’t Take Any More Money From Its Fans</a>  Buzzfeed   ...The industry’s growth now mostly involves extracting billions from television networks and advertising. Ticket sales and merchandising growth are slowing...<br /><a href="http://online.wsj.com/news/articles/SB10001424052702304799404579155953286552832?tesla=y" rel="nofollow">Wisconsin Political Speech Raid</a>  Wall Street Journal   ...In recent weeks, special prosecutor Francis Schmitz has hit dozens of conservative groups with subpoenas demanding documents related to the 2011 and 2012 campaigns to recall Governor Walker and state legislative leaders...<br /><a href="http://stinktanks.org/ohio/" rel="nofollow">Something stinks in Ohio</a>  Center for Media and Democracy   ...The Buckeye Institute is largely funded by right-wing out-of-state foundations, and does not disclose its donors to the public despite its influence in shaping public policy in Ohio...<br /><a href="http://bigstory.ap.org/article/seattle-elects-socialist-city-council" rel="nofollow">Seattle elects Socialist candidate to city council </a> Associated Press   ...She backed efforts to raise the minimum wage to $15; called for rent control in the city where rental prices keep climbing; and supports a tax on millionaires to help fund a public transit system and other services...<br /><div><br /></div>

corporate tax evasion Elizabeth Warren european austerity Jobs JPMorgan scott walker Seattle Sequestration spying stink tanks Today's Teamster News 11.17.13

Young and Educated in Europe, but Desperate for Jobs  New York Times   ...Five years after the economic crisis struck the Continent, youth ...

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'Let's keep the gamblers out of banks'

<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgw4Om_c568L7zvC4_m0xHaY3r4K3pkzhwuhgODDVF7xFRV0UEAurV6T1u-jjnJ4fs1RHeCs3RHP9rumD1Nyx_RBRahSC9ji4lufO_MljA_rW9Y1Jgh1jVaLT2a_PfzJ3ZxBABVH2YaNriV/s1600/elizabeth+warren.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgw4Om_c568L7zvC4_m0xHaY3r4K3pkzhwuhgODDVF7xFRV0UEAurV6T1u-jjnJ4fs1RHeCs3RHP9rumD1Nyx_RBRahSC9ji4lufO_MljA_rW9Y1Jgh1jVaLT2a_PfzJ3ZxBABVH2YaNriV/s320/elizabeth+warren.JPG" width="320" /></a></div>Massachusetts Sen. Elizabeth Warren dropped a bombshell -- actually two -- on federal bank regulators yesterday.<br /><br /><a href="http://wallstreetonparade.com/2013/07/senator-warren-drops-a-bombshell-in-senate-hearing-bipartisan-bill-to-restore-glass-steagall-being-introduced/">Wall Street on Parade</a> reports they were probably expecting a pat on the back because they're requiring banks to keep more money on hand in case they get into trouble (as they did in 2008 when they crashed the economy). Instead, Warren scolded them for failing to put bankers in prison.<br /><br /><a href="http://thehill.com/blogs/regwatch/finance/310479-warren-hammers-regulators-on-trials-for-firms-who-skirt-financial-rules">The Hill</a> reports Warren asked why they chose to fine banks accused of wrongdoing instead of prosecuting them for crimes. She asked for more information about bank violations and the agreements reached with the banks.:<br /><blockquote class="tr_bq">Then the public could evaluate for themselves if you’re really out there fighting on their behalf.</blockquote>(We have an idea...)<br /><br />Warren also announced she and three other senators, including Arizona's John McCain, were introducing a bill to restore <a href="https://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act">Glass-Steagall</a>. That's a Depression-era law that separated risky gambling on Wall Street with traditional banking. It worked to keep the financial system stable for decades, until the banks managed to get it repealed.<br /><br /><a href="http://wallstreetonparade.com/2013/07/senator-warren-drops-a-bombshell-in-senate-hearing-bipartisan-bill-to-restore-glass-steagall-being-introduced/">Wall Street on Parade</a> reported the regulators stared in silence as Warren described why she was sponsoring the legislation. (They represented Treasury, FDIC, Federal Reserve and Office of the Comptroller of the Currency.) She told them:<br /><blockquote class="tr_bq">“…the four largest banks are now 30 percent larger than they were just five years ago and they have continued to engage in dangerous, high-risk practices. So, later today Mr. Chairman, Senators McCain, Cantwell, King and I will introduce a 21st Century Glass-Steagall Act. For half a century after the Great Depression, Glass-Steagall kept this country safe by separating the risky activities of investment banks from the basic checking and savings accounts that consumers rely on every day.  </blockquote><blockquote class="tr_bq">“The banks lobbied for weaker regulations and eventually the regulators started unraveling Glass-Steagall and finally in 1999 Congress repealed what was left of it. So now we propose a 21st Century Glass-Steagall so that we can return to the basics and try to keep the gamblers out of our banks.  </blockquote><blockquote class="tr_bq">“Now, based on what the regulators did to Glass-Steagall over the past 30 years, I don’t expect that anyone on this panel will jump up and endorse the new Glass-Steagall bill; even so, we’re going to keep pushing for it.”    </blockquote>Stay tuned...<br /><br />

bank criminality Elizabeth Warren Glass-Steagall 'Let's keep the gamblers out of banks'

Massachusetts Sen. Elizabeth Warren dropped a bombshell -- actually two -- on federal bank regulators yesterday. Wall Street on Parade repo...

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