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Read the rules in the OP before posting, please.In order to ensure that this thread continues to meet TL standards and follows the proper guidelines, we will be enforcing the rules in the OP more strictly. Be sure to give them a re-read to refresh your memory! The vast majority of you are contributing in a healthy way, keep it up! NOTE: When providing a source, explain why you feel it is relevant and what purpose it adds to the discussion if it's not obvious. Also take note that unsubstantiated tweets/posts meant only to rekindle old arguments can result in a mod action. |
On July 12 2013 07:32 JonnyBNoHo wrote:Show nested quote +On July 12 2013 07:06 TotalBalanceSC2 wrote:On July 12 2013 06:57 JonnyBNoHo wrote:On July 12 2013 06:15 TotalBalanceSC2 wrote:On July 12 2013 06:05 JonnyBNoHo wrote:On July 12 2013 06:00 WolfintheSheep wrote:On July 12 2013 05:50 JonnyBNoHo wrote:On July 12 2013 05:34 WolfintheSheep wrote:On July 12 2013 05:23 JonnyBNoHo wrote:On July 12 2013 05:14 WolfintheSheep wrote: [quote] I'm not sure why the assumption is that big banks are an issue. The most stable banks during the recession were in countries that had regulated national banks...much "larger" than any banks in the US.
I know capitalism > socialism is the popular phrase to throw around, but if you want a system where banks are competing with each other, than the banks that control the most money are going to be the ones with the best rates and returns...which usually means they're the ones taking the most risk with your money
Honestly, you're going to have to pick one: competition or stability. You can't have both when it comes to your financial sectors. What banks are you talking about? Sweden and Canada are the ones that come immediately to mind. Canada specifically has like...5 banks (?) across the entire country, and they're practically identical in terms of all relevant numbers and rates, but we also have the safest banking system in the world that recovered incredibly fast after the global financial collapses. Right now Canadian banks are riskier than US banks. Canada's housing and credit bubbles are now larger than America's and their banks hold less capital. Their recent out-performance was more due to macro factors affecting Canada's overall economy. Not sure about Sweden, I'd have to look into that. "Riskier" by what metric? And you're wrong about holding less capital. Canadian banks hold less percentage of their total capital, but the size and scope of the banks means they hold a solid percentage of the national capital. What does "a solid percentage of the national capital" mean? Canadian banks are more leveraged than US banks, that's a pretty standard risk measurement. What metric are we using here, Tier 1 capital ratios or what? Capital RatiosFrom looking at the rates of Tier 1 capital ratios of various Canadian banks, BMO, TD et cetera, it doesn't seem we are far off from where you are? RBC Financials Sitting at about 9.1% ScotiaBank Financials Sitting at about 8.6% TD Bank Financials Sitting at about 10.8% I will give you that our ratios are slightly lower than the big banks in America but we are not terribly far off. S&P made a nice chart but they unfortunately didn't use exactly the same metric so I'll include some supporting text. + Show Spoiler +U.S. banks' strong recapitalization efforts in recent years have led to declines in leverage. Canadian banks have maintained higher leverage than their U.S. counterparts throughout the decade (see chart 4). We note that regulators in both banking systems have used leverage ratios in their supervisory approach for several years, though in slightly different ways. We are also aware that our definition may vary to that of regulators'. LinkI'm fine with the idea that leverage ratios are pretty similar. I'm also raising the issue of how risky the lending is (high household leverage and high house prices). On July 12 2013 06:17 WolfintheSheep wrote:On July 12 2013 06:05 JonnyBNoHo wrote:On July 12 2013 06:00 WolfintheSheep wrote:On July 12 2013 05:50 JonnyBNoHo wrote:On July 12 2013 05:34 WolfintheSheep wrote:On July 12 2013 05:23 JonnyBNoHo wrote:On July 12 2013 05:14 WolfintheSheep wrote: [quote] I'm not sure why the assumption is that big banks are an issue. The most stable banks during the recession were in countries that had regulated national banks...much "larger" than any banks in the US.
I know capitalism > socialism is the popular phrase to throw around, but if you want a system where banks are competing with each other, than the banks that control the most money are going to be the ones with the best rates and returns...which usually means they're the ones taking the most risk with your money
Honestly, you're going to have to pick one: competition or stability. You can't have both when it comes to your financial sectors. What banks are you talking about? Sweden and Canada are the ones that come immediately to mind. Canada specifically has like...5 banks (?) across the entire country, and they're practically identical in terms of all relevant numbers and rates, but we also have the safest banking system in the world that recovered incredibly fast after the global financial collapses. Right now Canadian banks are riskier than US banks. Canada's housing and credit bubbles are now larger than America's and their banks hold less capital. Their recent out-performance was more due to macro factors affecting Canada's overall economy. Not sure about Sweden, I'd have to look into that. "Riskier" by what metric? And you're wrong about holding less capital. Canadian banks hold less percentage of their total capital, but the size and scope of the banks means they hold a solid percentage of the national capital. What does "a solid percentage of the national capital" mean? Canadian banks are more leveraged than US banks, that's a pretty standard risk measurement. The United States has dozens of banks per State, all with varying degrees of coverage and size, along with whatever Federal banks you might have. Canada has five or six covering the entire country. That means Canadian banks can withstand a much higher percentage of the population withdrawing cash before collapsing. Also: http://www.gfmag.com/tools/best-banks/12326-worlds-50-safest-banks-april-2013.html#axzz2Ym0eAkDRhttp://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2010-11.pdfEvery single individual Canadian bank ranks higher than any in the US. And Canada has been ranked the safest banking system in the world for several years now, ever since the recession. There's more than 5 or 6 banks in Canada... Regardless I don't see why larger = safer (if so then what's wrong with TBTF?). Inter-bank lending and central banks, for the most part, handle that issue. Just because Canadian banks have been relatively safe in the recent past doesn't mean that they'll be safe in the future! Canadian households used to have less debt than American households. Canadian homes used to be valued reasonably when US homes were in a bubble. That's since reversed. That chart is total bollocks, they go and use Tier 1 capital for U.S. banks but use Tangible Common Equity for Canadian banks? Anyone with half a brain knows TCE will always be a lot lower than Tier 1 since you can't include preferred shares in TCE calculations, not to mention there is a whole lot of fancy financial instruments banks use to make Tier 1 appear higher that I don't believe would be included in TCE. TCE Info"A less commonly used measure is Tangible Common Equity (TCE), which includes only common shares. Obviously, TCE will yield a lower percentage than Tier 1." I know, that's why I included the text and pointed out that it wasn't the same.
That is true, but it doesn't change the fact that graph portrays Canadian banks as being far weaker than they really are.
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Majority Leader Harry Reid (D-NV) launched a barn-burner of a speech Thursday on the Senate floor, excoriating Minority Leader Mitch McConnell (R-KY) for continued obstruction when it comes to presidential nominees. He escalated the battle by setting up test votes next week on a series of potentially controversial nominees.
“Senator McConnell broke his word,” Reid said. “The Republican leader has failed to live up to his commitments. He’s failed to do what he said he would do — move nominations by regular order except in extraordinary circumstances. I refuse to unilaterally surrender my right to respond to this breach of faith.”
The remarks were Reid’s first in weeks on the issue of nominations and Senate gridlock, a brewing fight that he sidelined last month in order to pass immigration reform through the Senate. McConnell has been regularly arguing for weeks that Reid is breaking his word by threatening to change the rules with the nuclear option after he agreed not to upon passage of the modest rules changes in January which preserved the filibuster.
In Thursday’s speech, Reid cited GOP filibusters to slow down the confirmations of Chuck Hagel for secretary of defense and John Brennan for CIA director. He also cited the GOP’s promise to filibuster Richard Cordray or any other nominee for the Consumer Financial Protection Bureau unless Democrats agree to weaken the agency.
Source
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Fantastic infographic from NPR on the recession / recovery's job creation:
The size of the circle represents the number of jobs in each industry today. The circle's position on the vertical axis shows the number of jobs lost or gained since the start of the recession. The circle's position on the horizontal axis shows average hourly earnings for workers as of this spring. ![[image loading]](http://npr.org/news/graphics/2013/07/wagesjobs.jpg) Link
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On July 12 2013 08:04 DeltaX wrote:Show nested quote +On July 12 2013 05:47 Klondikebar wrote:On July 12 2013 05:38 {CC}StealthBlue wrote:Pennsylvania Attorney General Kathleen Kane (D) announced Thursday that she would not defend the state's gay marriage ban against a lawsuit filed by the American Civil Liberties Union.
"I cannot ethically defend the constitutionality of Pennsylvania's version of DOMA as I believe it to be wholly unconstitutional," she said at a press conference at the National Constitution Center in Philadelphia.
The ACLU had named Kane, Gov. Tom Corbett (R) and three other state officials in a lawsuit. The case is being brought by 23 plaintiffs, including 10 LGBT couples, two children of another such couple, and a woman who lost her same-sex partner after 29 years together.
The suit follows the Supreme Court decision declaring the federal Defense of Marriage Act unconstitutional. The ACLU is also challenging same-sex marriage bans in North Carolina and Virginia.
Corbett's office recently said that the governor supports the state's gay marriage ban, which passed the legislature in 1996. Source Is this where the Prop 8 decision becomes relevant? They basically ruled that if you have no legal stake in a law, you can't defend it. So a private group can't come forward to defend this law in the AG's stead? So this challenge will sail through without a hitch? Well, the house republicans were allowed to defend DOMA, so I assume that if any part of the government could have standing to defend it. Longer term, I would say that governments should be legally required to at least defend laws in district court. Not defending them at all would cause huge issues with people just not defending any law they don't like as a way to get rid of them.
Well that's one of the privileges afforded to the executive branch. It only has to enforce a law when the judicial branch compels it to. That's why DOMA hasn't been enforced for all of Obama's presidency. Our federal executive branch didn't want to enforce it so...states were still allowed to legalize gay marriage. When it went to the Supreme Court, the judges there could have compelled Obama to enforce it if it turns out the law was constitutional and necessary to the betterment of the people.
I'm pretty sure state constitutions aren't exactly like that, but I'm pretty sure the checks and balances system akin to our federal one holds for all state constitutions.
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On July 12 2013 22:20 Klondikebar wrote:Show nested quote +On July 12 2013 08:04 DeltaX wrote:On July 12 2013 05:47 Klondikebar wrote:On July 12 2013 05:38 {CC}StealthBlue wrote:Pennsylvania Attorney General Kathleen Kane (D) announced Thursday that she would not defend the state's gay marriage ban against a lawsuit filed by the American Civil Liberties Union.
"I cannot ethically defend the constitutionality of Pennsylvania's version of DOMA as I believe it to be wholly unconstitutional," she said at a press conference at the National Constitution Center in Philadelphia.
The ACLU had named Kane, Gov. Tom Corbett (R) and three other state officials in a lawsuit. The case is being brought by 23 plaintiffs, including 10 LGBT couples, two children of another such couple, and a woman who lost her same-sex partner after 29 years together.
The suit follows the Supreme Court decision declaring the federal Defense of Marriage Act unconstitutional. The ACLU is also challenging same-sex marriage bans in North Carolina and Virginia.
Corbett's office recently said that the governor supports the state's gay marriage ban, which passed the legislature in 1996. Source Is this where the Prop 8 decision becomes relevant? They basically ruled that if you have no legal stake in a law, you can't defend it. So a private group can't come forward to defend this law in the AG's stead? So this challenge will sail through without a hitch? Well, the house republicans were allowed to defend DOMA, so I assume that if any part of the government could have standing to defend it. Longer term, I would say that governments should be legally required to at least defend laws in district court. Not defending them at all would cause huge issues with people just not defending any law they don't like as a way to get rid of them. Well that's one of the privileges afforded to the executive branch. It only has to enforce a law when the judicial branch compels it to. That's why DOMA hasn't been enforced for all of Obama's presidency. Our federal executive branch didn't want to enforce it so...states were still allowed to legalize gay marriage. When it went to the Supreme Court, the judges there could have compelled Obama to enforce it if it turns out the law was constitutional and necessary to the betterment of the people. I'm pretty sure state constitutions aren't exactly like that, but I'm pretty sure the checks and balances system akin to our federal one holds for all state constitutions.
DOMA has been enforced by Obama. DOMA just stops federal recognition of same sex marriages. It doesn't stop states from recognizing them. If Obama didn't enforce it, then gay marriages would have been recognized by the military etc.
Obama just didn't defend it in court.
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On July 12 2013 22:45 DoubleReed wrote:Show nested quote +On July 12 2013 22:20 Klondikebar wrote:On July 12 2013 08:04 DeltaX wrote:On July 12 2013 05:47 Klondikebar wrote:On July 12 2013 05:38 {CC}StealthBlue wrote:Pennsylvania Attorney General Kathleen Kane (D) announced Thursday that she would not defend the state's gay marriage ban against a lawsuit filed by the American Civil Liberties Union.
"I cannot ethically defend the constitutionality of Pennsylvania's version of DOMA as I believe it to be wholly unconstitutional," she said at a press conference at the National Constitution Center in Philadelphia.
The ACLU had named Kane, Gov. Tom Corbett (R) and three other state officials in a lawsuit. The case is being brought by 23 plaintiffs, including 10 LGBT couples, two children of another such couple, and a woman who lost her same-sex partner after 29 years together.
The suit follows the Supreme Court decision declaring the federal Defense of Marriage Act unconstitutional. The ACLU is also challenging same-sex marriage bans in North Carolina and Virginia.
Corbett's office recently said that the governor supports the state's gay marriage ban, which passed the legislature in 1996. Source Is this where the Prop 8 decision becomes relevant? They basically ruled that if you have no legal stake in a law, you can't defend it. So a private group can't come forward to defend this law in the AG's stead? So this challenge will sail through without a hitch? Well, the house republicans were allowed to defend DOMA, so I assume that if any part of the government could have standing to defend it. Longer term, I would say that governments should be legally required to at least defend laws in district court. Not defending them at all would cause huge issues with people just not defending any law they don't like as a way to get rid of them. Well that's one of the privileges afforded to the executive branch. It only has to enforce a law when the judicial branch compels it to. That's why DOMA hasn't been enforced for all of Obama's presidency. Our federal executive branch didn't want to enforce it so...states were still allowed to legalize gay marriage. When it went to the Supreme Court, the judges there could have compelled Obama to enforce it if it turns out the law was constitutional and necessary to the betterment of the people. I'm pretty sure state constitutions aren't exactly like that, but I'm pretty sure the checks and balances system akin to our federal one holds for all state constitutions. DOMA has been enforced by Obama. DOMA just stops federal recognition of same sex marriages. It doesn't stop states from recognizing them. If Obama didn't enforce it, then gay marriages would have been recognized by the military etc. Obama just didn't defend it in court.
I was under the impression the scope of DOMA allowed Obama to stop even states from recognizing same sex marriages and he simply chose to not enforce that.
But if what you're saying about defending the ban is true and house Republicans are allowed to defend it in the GA's stead...ugh this is gonna be such a waste of time. NO higher court is going to uphold these bans. It's just gonna be people dragging their heels and wasting tax dollars.
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On July 12 2013 23:04 Klondikebar wrote:Show nested quote +On July 12 2013 22:45 DoubleReed wrote:On July 12 2013 22:20 Klondikebar wrote:On July 12 2013 08:04 DeltaX wrote:On July 12 2013 05:47 Klondikebar wrote:On July 12 2013 05:38 {CC}StealthBlue wrote:Pennsylvania Attorney General Kathleen Kane (D) announced Thursday that she would not defend the state's gay marriage ban against a lawsuit filed by the American Civil Liberties Union.
"I cannot ethically defend the constitutionality of Pennsylvania's version of DOMA as I believe it to be wholly unconstitutional," she said at a press conference at the National Constitution Center in Philadelphia.
The ACLU had named Kane, Gov. Tom Corbett (R) and three other state officials in a lawsuit. The case is being brought by 23 plaintiffs, including 10 LGBT couples, two children of another such couple, and a woman who lost her same-sex partner after 29 years together.
The suit follows the Supreme Court decision declaring the federal Defense of Marriage Act unconstitutional. The ACLU is also challenging same-sex marriage bans in North Carolina and Virginia.
Corbett's office recently said that the governor supports the state's gay marriage ban, which passed the legislature in 1996. Source Is this where the Prop 8 decision becomes relevant? They basically ruled that if you have no legal stake in a law, you can't defend it. So a private group can't come forward to defend this law in the AG's stead? So this challenge will sail through without a hitch? Well, the house republicans were allowed to defend DOMA, so I assume that if any part of the government could have standing to defend it. Longer term, I would say that governments should be legally required to at least defend laws in district court. Not defending them at all would cause huge issues with people just not defending any law they don't like as a way to get rid of them. Well that's one of the privileges afforded to the executive branch. It only has to enforce a law when the judicial branch compels it to. That's why DOMA hasn't been enforced for all of Obama's presidency. Our federal executive branch didn't want to enforce it so...states were still allowed to legalize gay marriage. When it went to the Supreme Court, the judges there could have compelled Obama to enforce it if it turns out the law was constitutional and necessary to the betterment of the people. I'm pretty sure state constitutions aren't exactly like that, but I'm pretty sure the checks and balances system akin to our federal one holds for all state constitutions. DOMA has been enforced by Obama. DOMA just stops federal recognition of same sex marriages. It doesn't stop states from recognizing them. If Obama didn't enforce it, then gay marriages would have been recognized by the military etc. Obama just didn't defend it in court. I was under the impression the scope of DOMA allowed Obama to stop even states from recognizing same sex marriages and he simply chose to not enforce that. But if what you're saying about defending the ban is true and house Republicans are allowed to defend it in the GA's stead...ugh this is gonna be such a waste of time. NO higher court is going to uphold these bans. It's just gonna be people dragging their heels and wasting tax dollars.
My understanding is that something like that would require a Constitutional Amendment, which is why that was something republicans pushed for.
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On July 12 2013 23:04 Klondikebar wrote:Show nested quote +On July 12 2013 22:45 DoubleReed wrote:On July 12 2013 22:20 Klondikebar wrote:On July 12 2013 08:04 DeltaX wrote:On July 12 2013 05:47 Klondikebar wrote:On July 12 2013 05:38 {CC}StealthBlue wrote:Pennsylvania Attorney General Kathleen Kane (D) announced Thursday that she would not defend the state's gay marriage ban against a lawsuit filed by the American Civil Liberties Union.
"I cannot ethically defend the constitutionality of Pennsylvania's version of DOMA as I believe it to be wholly unconstitutional," she said at a press conference at the National Constitution Center in Philadelphia.
The ACLU had named Kane, Gov. Tom Corbett (R) and three other state officials in a lawsuit. The case is being brought by 23 plaintiffs, including 10 LGBT couples, two children of another such couple, and a woman who lost her same-sex partner after 29 years together.
The suit follows the Supreme Court decision declaring the federal Defense of Marriage Act unconstitutional. The ACLU is also challenging same-sex marriage bans in North Carolina and Virginia.
Corbett's office recently said that the governor supports the state's gay marriage ban, which passed the legislature in 1996. Source Is this where the Prop 8 decision becomes relevant? They basically ruled that if you have no legal stake in a law, you can't defend it. So a private group can't come forward to defend this law in the AG's stead? So this challenge will sail through without a hitch? Well, the house republicans were allowed to defend DOMA, so I assume that if any part of the government could have standing to defend it. Longer term, I would say that governments should be legally required to at least defend laws in district court. Not defending them at all would cause huge issues with people just not defending any law they don't like as a way to get rid of them. Well that's one of the privileges afforded to the executive branch. It only has to enforce a law when the judicial branch compels it to. That's why DOMA hasn't been enforced for all of Obama's presidency. Our federal executive branch didn't want to enforce it so...states were still allowed to legalize gay marriage. When it went to the Supreme Court, the judges there could have compelled Obama to enforce it if it turns out the law was constitutional and necessary to the betterment of the people. I'm pretty sure state constitutions aren't exactly like that, but I'm pretty sure the checks and balances system akin to our federal one holds for all state constitutions. DOMA has been enforced by Obama. DOMA just stops federal recognition of same sex marriages. It doesn't stop states from recognizing them. If Obama didn't enforce it, then gay marriages would have been recognized by the military etc. Obama just didn't defend it in court. I was under the impression the scope of DOMA allowed Obama to stop even states from recognizing same sex marriages and he simply chose to not enforce that. But if what you're saying about defending the ban is true and house Republicans are allowed to defend it in the GA's stead...ugh this is gonna be such a waste of time. NO higher court is going to uphold these bans. It's just gonna be people dragging their heels and wasting tax dollars.
Wtf DOMA just Identified what tax benifits that married couples would get and excluded same sex couples from those same benifits. It has never had anything to do with the states.
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On July 13 2013 01:08 Sermokala wrote:Show nested quote +On July 12 2013 23:04 Klondikebar wrote:On July 12 2013 22:45 DoubleReed wrote:On July 12 2013 22:20 Klondikebar wrote:On July 12 2013 08:04 DeltaX wrote:On July 12 2013 05:47 Klondikebar wrote:On July 12 2013 05:38 {CC}StealthBlue wrote:Pennsylvania Attorney General Kathleen Kane (D) announced Thursday that she would not defend the state's gay marriage ban against a lawsuit filed by the American Civil Liberties Union.
"I cannot ethically defend the constitutionality of Pennsylvania's version of DOMA as I believe it to be wholly unconstitutional," she said at a press conference at the National Constitution Center in Philadelphia.
The ACLU had named Kane, Gov. Tom Corbett (R) and three other state officials in a lawsuit. The case is being brought by 23 plaintiffs, including 10 LGBT couples, two children of another such couple, and a woman who lost her same-sex partner after 29 years together.
The suit follows the Supreme Court decision declaring the federal Defense of Marriage Act unconstitutional. The ACLU is also challenging same-sex marriage bans in North Carolina and Virginia.
Corbett's office recently said that the governor supports the state's gay marriage ban, which passed the legislature in 1996. Source Is this where the Prop 8 decision becomes relevant? They basically ruled that if you have no legal stake in a law, you can't defend it. So a private group can't come forward to defend this law in the AG's stead? So this challenge will sail through without a hitch? Well, the house republicans were allowed to defend DOMA, so I assume that if any part of the government could have standing to defend it. Longer term, I would say that governments should be legally required to at least defend laws in district court. Not defending them at all would cause huge issues with people just not defending any law they don't like as a way to get rid of them. Well that's one of the privileges afforded to the executive branch. It only has to enforce a law when the judicial branch compels it to. That's why DOMA hasn't been enforced for all of Obama's presidency. Our federal executive branch didn't want to enforce it so...states were still allowed to legalize gay marriage. When it went to the Supreme Court, the judges there could have compelled Obama to enforce it if it turns out the law was constitutional and necessary to the betterment of the people. I'm pretty sure state constitutions aren't exactly like that, but I'm pretty sure the checks and balances system akin to our federal one holds for all state constitutions. DOMA has been enforced by Obama. DOMA just stops federal recognition of same sex marriages. It doesn't stop states from recognizing them. If Obama didn't enforce it, then gay marriages would have been recognized by the military etc. Obama just didn't defend it in court. I was under the impression the scope of DOMA allowed Obama to stop even states from recognizing same sex marriages and he simply chose to not enforce that. But if what you're saying about defending the ban is true and house Republicans are allowed to defend it in the GA's stead...ugh this is gonna be such a waste of time. NO higher court is going to uphold these bans. It's just gonna be people dragging their heels and wasting tax dollars. Wtf DOMA just Identified what tax benifits that married couples would get and excluded same sex couples from those same benifits. It has never had anything to do with the states.
Nope. It did more than that. Section 3 was the part that related to federal benefits and that was the part that was struck down by SCOTUS.
After careful consideration, including a review of my recommendation, the President has concluded that given a number of factors, including a documented history of discrimination, classifications based on sexual orientation should be subject to a more heightened standard of scrutiny. The President has also concluded that Section 3 of DOMA, as applied to legally married same-sex couples, fails to meet that standard and is therefore unconstitutional. Given that conclusion, the President has instructed the Department not to defend the statute in such cases.
And yeah, Obama did instruct the DOJ to not defend DOMA if it was ever challenged. Although he did say they would enforce it until it was challenged.
http://en.wikipedia.org/wiki/Defense_of_Marriage_Act#Obama_administration
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DOMA gave states the option, if they wanted it, to not recognize same sex marriages that were preformed in other states. I think this is what you are talking about. In this situation there is no way for the president to force states recognize those marriages even if he wanted to.
Also, DOMA was about much more than tax benefits. One example is that same sex spouses would not have the same notification of death rights if one of them died in the military.
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WASHINGTON -- House approval of a scaled-back farm bill is setting up what could be an even bigger fight over food stamps and the role of domestic food aid in the United States.
Food stamps have been a part of farm bills since the 1970s to gain urban Democratic votes for the rural measure. But that union has soured this year as the food aid has exploded in cost and House Republicans have taken aim at the program. Normally bipartisan, farm bills have become much less so.
Republican leaders in the House won passage of the smaller farm bill on a party-line vote Thursday by dropping a section of the bill that dealt with food stamps, saying they would deal with that issue in a separate bill. After rallying most of his caucus to vote for the farm portion of the bill, House Majority Leader Eric Cantor, R-Va., said Republicans would "act with dispatch" to get a food stamp bill to the floor.
It remained unclear what a food stamp bill would look like, how it would move through the House or how quickly lawmakers could craft a bill. While Democrats have opposed any cuts to the $80 billion-a-year program, designed to give people temporary food assistance when their income falls beneath a certain level, Republicans have proposed many different approaches to trimming it. The program has more than doubled in cost in the last five years as the economy faltered and now serves around 1 in 7 Americans.
Rep. Marlin Stutzman, R-Ind., has pushed the idea of a split bill for more than a year. A farmer, he has maintained that Congress should consider food stamps by themselves.
Source
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On July 13 2013 06:19 {CC}StealthBlue wrote:Show nested quote +WASHINGTON -- House approval of a scaled-back farm bill is setting up what could be an even bigger fight over food stamps and the role of domestic food aid in the United States.
Food stamps have been a part of farm bills since the 1970s to gain urban Democratic votes for the rural measure. But that union has soured this year as the food aid has exploded in cost and House Republicans have taken aim at the program. Normally bipartisan, farm bills have become much less so.
Republican leaders in the House won passage of the smaller farm bill on a party-line vote Thursday by dropping a section of the bill that dealt with food stamps, saying they would deal with that issue in a separate bill. After rallying most of his caucus to vote for the farm portion of the bill, House Majority Leader Eric Cantor, R-Va., said Republicans would "act with dispatch" to get a food stamp bill to the floor.
It remained unclear what a food stamp bill would look like, how it would move through the House or how quickly lawmakers could craft a bill. While Democrats have opposed any cuts to the $80 billion-a-year program, designed to give people temporary food assistance when their income falls beneath a certain level, Republicans have proposed many different approaches to trimming it. The program has more than doubled in cost in the last five years as the economy faltered and now serves around 1 in 7 Americans.
Rep. Marlin Stutzman, R-Ind., has pushed the idea of a split bill for more than a year. A farmer, he has maintained that Congress should consider food stamps by themselves. Source Am I the only one finding the republican idea good? I mean, the reasons for it is a tragic political hostage-taking of a program to gut it to oblivion with no interest in making it work, but in the end two so completely different issues do not belong in the same bill. It might have been a fitting pair 60 years ago, but not today, when food is so highly processed.
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The farm bill should read as follows:
I. All farm subsidies are henceforth eliminated.
II. The department of Agriculture is henceforth eliminated.
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I like the idea in theory that each program should be split up, with the implicit assumption that it would allow more scrutiny for the programs. Unfortunately, the house bill only changed the direct payments into overly generous crop insurance without doing much for all the other programs that should have been looked at. It also does not expire in 5 years so it is unlikely that anyone will ever look at those programs again.
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On July 13 2013 12:10 radiatoren wrote:Show nested quote +On July 13 2013 06:19 {CC}StealthBlue wrote:WASHINGTON -- House approval of a scaled-back farm bill is setting up what could be an even bigger fight over food stamps and the role of domestic food aid in the United States.
Food stamps have been a part of farm bills since the 1970s to gain urban Democratic votes for the rural measure. But that union has soured this year as the food aid has exploded in cost and House Republicans have taken aim at the program. Normally bipartisan, farm bills have become much less so.
Republican leaders in the House won passage of the smaller farm bill on a party-line vote Thursday by dropping a section of the bill that dealt with food stamps, saying they would deal with that issue in a separate bill. After rallying most of his caucus to vote for the farm portion of the bill, House Majority Leader Eric Cantor, R-Va., said Republicans would "act with dispatch" to get a food stamp bill to the floor.
It remained unclear what a food stamp bill would look like, how it would move through the House or how quickly lawmakers could craft a bill. While Democrats have opposed any cuts to the $80 billion-a-year program, designed to give people temporary food assistance when their income falls beneath a certain level, Republicans have proposed many different approaches to trimming it. The program has more than doubled in cost in the last five years as the economy faltered and now serves around 1 in 7 Americans.
Rep. Marlin Stutzman, R-Ind., has pushed the idea of a split bill for more than a year. A farmer, he has maintained that Congress should consider food stamps by themselves. Source Am I the only one finding the republican idea good? I mean, the reasons for it is a tragic political hostage-taking of a program to gut it to oblivion with no interest in making it work, but in the end two so completely different issues do not belong in the same bill. It might have been a fitting pair 60 years ago, but not today, when food is so highly processed. If we existed in a vacuum, yes, it would be good. However, legislation almost always requires some sort of compromise and bargaining to limit radicalism dominating the legislative branch. You have to be willing to give the other guy what he wants so that you can have what you want. By decoupling, they're trying to get ONLY what they want so they can piss all over what the other guys want.
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On July 13 2013 12:15 cLutZ wrote: The farm bill should read as follows:
I. All farm subsidies are henceforth eliminated.
II. The department of Agriculture is henceforth eliminated. Amen.
Artificial pricing (subsidization) never ends well. It just manages to manufacture bubbles as it adds unnecessary costs to an already immutably inefficient system. Essentially it doubles down on natural market fluctuations.
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On July 14 2013 01:36 aksfjh wrote:Show nested quote +On July 13 2013 12:10 radiatoren wrote:On July 13 2013 06:19 {CC}StealthBlue wrote:WASHINGTON -- House approval of a scaled-back farm bill is setting up what could be an even bigger fight over food stamps and the role of domestic food aid in the United States.
Food stamps have been a part of farm bills since the 1970s to gain urban Democratic votes for the rural measure. But that union has soured this year as the food aid has exploded in cost and House Republicans have taken aim at the program. Normally bipartisan, farm bills have become much less so.
Republican leaders in the House won passage of the smaller farm bill on a party-line vote Thursday by dropping a section of the bill that dealt with food stamps, saying they would deal with that issue in a separate bill. After rallying most of his caucus to vote for the farm portion of the bill, House Majority Leader Eric Cantor, R-Va., said Republicans would "act with dispatch" to get a food stamp bill to the floor.
It remained unclear what a food stamp bill would look like, how it would move through the House or how quickly lawmakers could craft a bill. While Democrats have opposed any cuts to the $80 billion-a-year program, designed to give people temporary food assistance when their income falls beneath a certain level, Republicans have proposed many different approaches to trimming it. The program has more than doubled in cost in the last five years as the economy faltered and now serves around 1 in 7 Americans.
Rep. Marlin Stutzman, R-Ind., has pushed the idea of a split bill for more than a year. A farmer, he has maintained that Congress should consider food stamps by themselves. Source Am I the only one finding the republican idea good? I mean, the reasons for it is a tragic political hostage-taking of a program to gut it to oblivion with no interest in making it work, but in the end two so completely different issues do not belong in the same bill. It might have been a fitting pair 60 years ago, but not today, when food is so highly processed. If we existed in a vacuum, yes, it would be good. However, legislation almost always requires some sort of compromise and bargaining to limit radicalism dominating the legislative branch. You have to be willing to give the other guy what he wants so that you can have what you want. By decoupling, they're trying to get ONLY what they want so they can piss all over what the other guys want. Just saying that I think there are better combinations and tradition is not necessarlly the best measure for what should be counterweights. If they really want to serve the bills as balanced compromises, they need to mix it up so they get a more fluid dynamics. Coupling military spending bills with minimum wage bills one year and military spending and social security the next might be just what the doctor ordered in terms of making it clear who is trying to stall who on what.
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On July 14 2013 05:07 radiatoren wrote:Show nested quote +On July 14 2013 01:36 aksfjh wrote:On July 13 2013 12:10 radiatoren wrote:On July 13 2013 06:19 {CC}StealthBlue wrote:WASHINGTON -- House approval of a scaled-back farm bill is setting up what could be an even bigger fight over food stamps and the role of domestic food aid in the United States.
Food stamps have been a part of farm bills since the 1970s to gain urban Democratic votes for the rural measure. But that union has soured this year as the food aid has exploded in cost and House Republicans have taken aim at the program. Normally bipartisan, farm bills have become much less so.
Republican leaders in the House won passage of the smaller farm bill on a party-line vote Thursday by dropping a section of the bill that dealt with food stamps, saying they would deal with that issue in a separate bill. After rallying most of his caucus to vote for the farm portion of the bill, House Majority Leader Eric Cantor, R-Va., said Republicans would "act with dispatch" to get a food stamp bill to the floor.
It remained unclear what a food stamp bill would look like, how it would move through the House or how quickly lawmakers could craft a bill. While Democrats have opposed any cuts to the $80 billion-a-year program, designed to give people temporary food assistance when their income falls beneath a certain level, Republicans have proposed many different approaches to trimming it. The program has more than doubled in cost in the last five years as the economy faltered and now serves around 1 in 7 Americans.
Rep. Marlin Stutzman, R-Ind., has pushed the idea of a split bill for more than a year. A farmer, he has maintained that Congress should consider food stamps by themselves. Source Am I the only one finding the republican idea good? I mean, the reasons for it is a tragic political hostage-taking of a program to gut it to oblivion with no interest in making it work, but in the end two so completely different issues do not belong in the same bill. It might have been a fitting pair 60 years ago, but not today, when food is so highly processed. If we existed in a vacuum, yes, it would be good. However, legislation almost always requires some sort of compromise and bargaining to limit radicalism dominating the legislative branch. You have to be willing to give the other guy what he wants so that you can have what you want. By decoupling, they're trying to get ONLY what they want so they can piss all over what the other guys want. Just saying that I think there are better combinations and tradition is not necessarlly the best measure for what should be counterweights. If they really want to serve the bills as balanced compromises, they need to mix it up so they get a more fluid dynamics. Coupling military spending bills with minimum wage bills one year and military spending and social security the next might be just what the doctor ordered in terms of making it clear who is trying to stall who on what. I agree. That would require a change in House rules though, especially in the cases you mentioned. At least with the setup now, the bill comes out of the same committee, so it's not THAT big of a stretch.
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How the mortgage interest deduction could change
Congressional action on the U.S. tax code could dramatically alter one of its sacred cows: the mortgage interest deduction. And the change could come in 2013.
House Ways and Means Committee Chairman Dave Camp (R.-Mich.) held tax reform hearings in April to eliminate loopholes. He said he's "carefully looking into revising" the popular provision that many in the real estate business consider crucial to the industry. ...
"It costs at least $70 billion a year in lost tax revenues," said Will Fischer, a senior policy analyst at the Center on Budget and Policy Priorities, and co-author of a study released last month that called for changing the mortgage interest deduction into a tax credit. ...
In his paper, Fisher states that in 2012, 77 percent of the benefits from the mortgage interest deduction went to homeowners with incomes above $100,000. Close to half of homeowners with mortgages—mostly lower and middle-income families—received no benefit from the deduction, according to Fisher. ...
The various proposals would have a tax credit from a low of 12 percent to a high of 15 percent, without the need for taxpayers to itemize their returns. The proposals would limit the mortgage interest covered in the credit up to $500,000, or half of what it is now. All but one of the major proposals would eliminate the tax credit for a second home.
"A tax credit is a much fairer way to help homeowners, especially those that need it, like lower income families," argued Fisher. Link
Sounds like a step in the right direction. Not holding my breath on it happening
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Are they counting benefits in terms of actual costs decreased (i.e. the richer get to deduct more because their mortgages are generally on higher cost homes) or just in comparative numbers of those applying for the deduction?
I've been waiting for repeal of the alternative minimum tax, but have no short-term hopes that it will happen. Heck, the day politicians get serious about reforming the federal tax code is the day hell freezes over. A free people burdened with this many hours just calculating how much they owe the government is ludicrous.
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