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The Strange Pandemic Of 'White' Disparagement

2023.06.06 07:18 A_horse_a_piece77 The Strange Pandemic Of 'White' Disparagement

The Strange Pandemic Of 'White' Disparagement
All of a sudden, the obsession with whites as a Satanic collective has become a national fad...
One of the tenets of the early civil rights movement some 65 years ago was ending racial stereotyping.
When Martin Luther King, Jr. called for emphasizing the “content of our character” over “the color of our skin,” the subtext was “stop judging people as a faceless collective on the basis of their superficial appearance and instead look to them as individuals with unique characters.”
It is tragic that King’s plea for an integrated, assimilated society, in which race became incidental, not essential to our personas, has mostly been abandoned by the Left in favor of racial stereotyping, collective guilting, and scapegoating by race and gender.
Indeed, many of the old Confederate pathologies—fixation on racial essence, obsession with genealogy, nullification of federal laws, states’ rights, and segregated spaces and ceremonies—are now rehabilitated by woke activists.
In that larger landscape, the collective adjective and noun “white” now has also been redefined and mainstreamed as a pejorative to the point of banality.
“White” followed by a string of subsequent oppressive nouns—“rage,” “supremacy,” “privilege”—has become a twitch on campus. Diversity, equity, and inclusion deans and provosts cannot write a memo, issue a communique, or sign a directive without a reference to “white” something or other.
Like the mysterious omnipresence of transgenderism in popular culture, all of a sudden, the obsession with whites as a Satanic collective has become a national fad—a pet-rock or hula-hoop-like collective madness.
Yet such an addiction remains bizarre in a variety of ways. Millions in the present are now to be libeled as oppressors by the contemporary self-described oppressed—supposedly for what some whites who are mostly now dead once did to now mostly dead others.
Yet what does “white” really mean anymore? Is it an adjective or noun indicating color? Culture? Race? Ethnicity? Is white defined as three-quarters, one-half, or one-quarter paleness? Is it an overarching state of mind that encompasses both “Duck Dynasty” and “The West Wing”?
Certainly, in a multiracial, intermarried nation, with 50 million residents not even born in America, the term is a construct that can mean almost anything and thus nothing much at all.
Hispanics are often lumped in with other “marginalized” peoples as part of the vast diversity coalition. Yet most Latinos are indistinguishable from Italian-, Arab-, Greek- or Portuguese-Americans, who, in turn, are all usually considered part of the “white” majority. Does a mere accent mark or trilled “R” transmogrify a blue-eyed Argentinian-American into the preferred nonwhite, diversity collective?
In our crazy racially categorized society, had George Zimmerman just adopted his maternal surname Mesa and Hispanicized George to Jorge, then a “Jorge Mesa” might not have been so easily demonized as what the New York Times slurred as a “white” Hispanic following his deadly confrontation with Trayvon Martin in 2012.
The controversial City University of New York firebrand and graduation speaker Fatima Mousa Mohammed recently railed against capitalism, Zionism, Israel—and, of course, “white supremacy.” Yet she herself is whiter than white. She is now an elite with a law degree. Is she then a beneficiary of “white privilege”? Or do her radical politics trump skin color and earn her exemption?
Is a snarly, divisive Joe Biden, barking at the moon about “ultra-MAGA” and “semi-fascist” white monsters, then, not a purveyor and beneficiary of white supremacy by virtue of his woke politics?
I know a lot of white mechanics, forklift drivers, and assembly workers. I have never heard one employ one of Biden’s racial putdowns like “boy” or “junkie.” Do they enjoy white privilege in some way the Biden family consortium does not—despite Joe’s past fulsome praise of iconic segregationists or his Corn-Pop fables of black youth petting his golden hairs on his sun-tanned white legs, or Hunter’s taboos about dating Asian women?
“The View’s” Sonny Hostin has created a mini-career in imaging all the ways in which she can smear “white” women as demonic (“White women, in particular, want to protect this patriarchy”) as she thinks up new Hitlerian gas metaphors of dehumanization, such as white women resembling “roaches voting for Raid.”
When the media wishes to attack black conservatives like Larry Elder, it now can call them “white supremacists.” When it wishes to warp the news for its woke agendas, it assures us that a Latino mass-murderer was a “white supremacist” and then, in Pavlovian fashion, academics follow with essays assuring us that their “research” proves Hispanics too can be white supremacists.
The creation of false racial identities is an accurate touchstone of perceived collective racialized privilege. “Passing” for white in the racist days of Jim Crow reflected a means of escaping racist segregation and discrimination for blacks.
Now the increasing trend of whites seeking to pass for nonwhites—Elizabeth Warren, Ward Churchill, Rachel Dolezal—reflects a self-interested and careerist assessment that nonwhite status is advantageous.
In college admissions, are applicants more likely to massage a non-white or white identity for perceived advantage? Is the racist ossified “one-drop rule” or “one-sixteenth” genealogy now rebooted as helpful proof of proving white or nonwhite heritage?
Then we come to the absurdity of lumping together 330 million diverse Americans, with ancestries that are often quite antithetical—Serbians and Albanians, Turks and Armenians, Israelis and Syrians, Germans and French. Are all these ancient antagonists reduced now to white automatons of a sinister collective borg?
Arrive as an immigrant from Hungary or Estonia, and—presto!—you are culpable for creating supposed monsters of the past like Thomas Jefferson and Abraham Lincoln, whose statues must be toppled or defaced? Arrive the same day from Oaxaca and you are somehow exempt from such reparatory burdens?
Immigration, at least, is immune from the academic perversion of research, and simply reflects realities on the ground. Millions of immigrants instinctively vote with their feet. We are told the U.S. current population is 67 percent to 70 percent “white” while yearly immigrants, legal and illegal, may total upwards of 90 percent nonwhite.
But how is this paradox possible? Given the loud global warnings about “white rage” and “white supremacy,” why would millions of nonwhites risk their lives to reach a country where they would be assured of being subservient to “white privilege”?
Can it instead be true that they simply do not believe what media and political elites tell them, given they have learned from prior immigrants that far from being at risk, they will have opportunities impossible in their native countries?
Do not new arrivals risk their lives to enter the United States because they rightly assume that a so-called white majority country strangely, unlike their own tribal homelands in China or Mexico, does not fixate on race but instead encourages those who do not look like the majority to join their commonwealth—in a way the Mexican Constitution, for example, traditionally did not?
Class apparently now means nothing. Does the white mechanic in Provo supposedly think like the Pelosi family—as a fellow “white” person?
Are Barack Obama’s “clingers,” Hillary Clinton’s “deplorables” and “irredeemables,” and Joe Biden’s “semi-fascists,” “Ultra-MAGAs,” “dregs,” and “chumps” all of the same mentality? Do they share the same values as those embraced by Hunter Biden, Jane Fonda, and Adam Schiff, by virtue of some mystical bonds of whiteness?
Where are the data to support the charge of imperious whiteness? Do so-called raging whites commit hate crimes in numbers greater than their demographics?
In fact, they are underrepresented.
Do purported whites hunt down people of color as if we are all living in 1920s rural Mississippi?
In fact, in relatively rare interracial violent crime, whites are up to 10 times more likely to be victims of black- or Hispanic-perpetrated violence than agents themselves of interracial assault.
Do white supremacists send poor people of color abroad, as often argued, to die in rich white men’s wars?
In fact, white males died in Iraq and Afghanistan at twice their numbers in the general population. Is that asymmetry proof of what Mark Milley and Lloyd Austin pontificated about in fixating on white privilege?
How do we adjudicate or define “proportionate representation”? What is disproportionate?
Would it be the more than 70 percent of African Americans in many professional sports at six times their percentages of the population? Or perhaps the current admission statistics of the incoming class at Stanford University, where the university boasts that just 22 percent of its 2026 class is so-called white?
Is it white privilege, rage, or supremacy that explains why seven of the current 25 cabinet and cabinet-level secretaries of the U.S. government are heterosexual white males? Does white privilege reveal why Asian Americans, on average, enjoy an annual median household income some $25,000 higher than their white counterparts?
Are whites, by virtue of their supposed privileged caste, immune from suicide? In fact, the so-called white suicide rate is more than double the rate of blacks and Hispanics.
Do supremacy and privilege explain why two-thirds of the annual opioid overdose deaths are among whites?
Perhaps to substantiate the boilerplate of “white supremacy” and “white rage,” we might look to efforts at retro-segregation?
Are privileged whites insisting on white-only college graduations? Perhaps they are demanding set-aside spaces on campuses, where they feel “safer” and can enjoy racial affinities and solidarity by excluding others? In fact, there are racially segregated spaces on campuses, but they tend to exclude whites.
Perhaps the Left means white supremacy is a euphemism for a return to segregated housing and redlined neighborhoods. In fact, there are racially segregated dorms on campuses, the so-called “theme houses,” but again these were demanded by nonwhites.
We are told that it is not safe for the diverse to be around white people, given their supposed violent proclivities. But that certainly seems not to be the case for our elites. The Obamas often lecture the country on housing discrimination and the historic efforts of whites to self-congregate and exclude. But the ex-president owns four expensive homes, in Kalorama D.C., , Martha’s Vineyard, Hawaii, and Chicago. Yet he is least likely to reside in his richly diverse Chicago neighborhood and apparently feels more at home with the mostly white neighbors of his other three estates.
Indeed, some of the most severe critics of “white privilege” and “white rage” are themselves ensconced in white neighborhoods, such as the Duchess of Sussex or LeBron James. When Oprah Winfrey damns white supremacy in graduation speeches, is her subtext a snarl at her fellow billionaire neighbors in Montecito?
So what is going on with the contemporary fixation on white, white, white?
Why are there so many Duke Lacrosse, Covington kids, Tawana Brawley, and Jussie Smollett cases, as if the dearth of white oppressors and the multitude of would-be oppressed requires the fabrication of so-called white hate crimes?
Why does Joe Biden lecture the country on its supposedly greatest terrorist threat of “white supremacy”—this from the most racialist president of the modern era, who sets himself up as the judge of who is and who "ain't black"?
This rebooted white collective stereotype seems to be the obsession of two general groups. One cadre is the elite professional, left-wing whites. By any definition of income and status, its members are quite blessed and privileged. For them, voicing the new white pejorative is a sort of psychological mechanism that excuses their own guilt-ridden privilege, by fobbing purported toxic “whiteness” onto an amorphous “semi-fascist” other, while virtue signaling they are not like “them.”
“Them,” of course, are those who live and work in places like East Palestine, Ohio, and who have zero privilege but, by the Obama-Clinton-Biden standards, are culturally and socially deplorable.
Such “white rage” and “white supremacist” mantras are also careerist cues that signal, as with party membership of the old Soviet nomenklatura, that they are correct and now audited for raises, promotions, and rewards.
The second group is composed of the wealthy, left-wing minority elites in politics, media, entertainment, sports, and government service. For the Al Sharptons and “squad” members of the world, damning “white, white, white” bogeymen alleviates them of any painful analysis of inequality, such as the role of endemic illegitimacy and absent fathers in nearly ensuring a lack of parity. It is hard work to buck the teachers’ unions and set up K-12 charter schools in the inner city that focus on math, science, and languages to ensure parity. But it is easy and cheap—and far more lucrative—to blast the SAT test as “racist” and demand reparative admissions to Yale or Harvard.
For the racialist careerist, the less racism there is to find, all the more essential it is to root it out somehow, somewhere. So, here arrives a new genre of manufactured hate crimes, whose logic is “even if it did not happen, it reminds us that it could have happened.”
The dearth of actual racism also demands a new set of adjectives that serve as something like sophisticated detectors to discover otherwise invisible natural gas fumes. The adjective “systemic” means only the select can now spot racism. Like air, it is everywhere but invisible and thus requires battalions of diversity, equity, and inclusion inspectors to use their training to expose it in the common atmosphere.
“Microaggressions” exist as a tacit admission there are no aggressions as we commonly define them. No matter—there are still hints that there might be some racial aggression, once experts redefine words and gestures to ferret out micro-racists in our midst.
Where does this all lead?
We are wasting trillions of dollars in capital, labor, and time in tribal cannibalism as our friends abroad watch in horror, and our enemies savor our decline into collective suicide—while we sink into debt, our cities turn medieval, our border disappears, our criminal justice system collapses, and our military chases its tail.
We know from history the ultimate destination of tribal chauvinism, and it is not pretty. Once a society retribalizes, it descends into a Hobbesian war of all against all. Everyone eventually seeks out or manufactures a tribal identity for self-protection. Tribalism operates on the principles of proliferation: if a neighboring nation goes nuclear, then everyone in the neighborhood must too.
Unless some passengers on our runaway train force our engineers to hit the brakes, we are headed over the cliff into Yugoslavia.
Authored by Victor Davis Hanson via American Greatness
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2023.06.06 06:44 WaveDD Thoughts on if This Program is Right for Me?

I have a degree in molecular biology but I really disliked working in a lab during my undergrad. My original plan was to get a bioinformatics masters. Unfortunately, I found out kind of too late that a masters in computer science is attainable. I think going with a CS masters is far better due to flexibility and future career prospects. Ideally, I would like to get into MLE or leverage my bio/chem knowledge and use machine learning in those kinds of applications. I've always had an interest in machine learning and its application in biology. However, those are long term goals and I'd like to at least start a career by just doing software engineering.
I have some experience with programming as I've taken a bioinformatics class in my undergrad where I learned Python. I've also self-learnt R during the pandemic. However, I used these for more data science use cases so I am lacking in knowledge on things like algorithms or software engineering principles, which I'm trying to learn now. As it stands, I am not qualified to enter this program but I think I could hopefully build up my knowledge and complete some of the masters level courses in subjects like algorithms offered by the University of Colorado Boulder by the end of the summer and transfer these courses to OMSCS.
I have a few reservations about this program though. First, from what I've seen, it's recommended to only take one course per semester especially if the course is hard or if your background is not in CS. This makes me nervous because it will take longer than 2 years to finish the masters. Since, I don't have a career yet I'm scared of waiting that long before entering the workforce. Is it normal for people to get internships or hired for a job while they are still in the middle of this program? Another concern I have is that say I do get accepted into this program I will be learning advanced CS concepts but I'd miss out on some of the basic skills that I'm already assumed to have in a CS job like knowing proper software design principles. I'm hoping I will be able to learn these things relatively quickly though through something like a MOOC. The thing is, I don't really know about the things that I don't know and which are important for me to learn before applying for a job.
The next thing I'm concerned about is that after taking a quick look through this sub, this program is a major time commitment. My concern is that I will spend too much time studying and not have enough time to build a portfolio or learn about leetcode, both of which are important to get software engineering jobs. It seems like a lot of people on here already have a job as well as a family. So, the people that say it's a time sink may not have too much free time to begin with however.
I'm not really sure how to succinctly articulate this last concern. I've had a bad relationship with math starting all the way in elementary school. I've only recently started getting a proper appreciation and interest for the subject. I think a large part of that is that I can learn about it at my own pace and I'm not stressed out about things like my grade or it hurting my GPA. I'm ready and even excited about getting better and learning more math but I'm scared that the fast paced rigorous academic setting of this program will make me start hating math again. I don't know if it's "worth" it for me to experience the mathematical rigour that it seems like this program will demand when from what I've heard most software engineering jobs do not require that much knowledge in math. Even in my long term goal of going into MLE, my understanding is that this is an applied machine learning role where knowledge of the math and statistics is definitely required but most people in this role are not creating their own novel models where the mathematical rigour is more required. I think striving to rigorously learn about all the math is admirable and it's a goal that I would like to achieve.
Some of the alternative masters I have been considering are the University of Colorado Boulder masters that I mentioned above. There are also 1 year conversion masters offered by many UK universities, unfortunately many of the higher ranked universities ended their applications for these programs. The University of Liverpool still has its application open though and it's a Russel's group university, which apparently holds some weight for the CS space in England. These programs are nowhere near close to a proper CS masters and I'd say it's more like you're getting most of the important parts of a CS undergrad condensed into one year. I don't mind that though because I'm trying to start a degree and build my career quickly. I don't mind that I'm only learning undergrad levels of CS. I was even considering getting a post-bacc from OSU in CS but almost everyone talked me out of it and highly advised me to get a masters if I can. Next, there is UT Austin's Online CS Masters, I would have to start this program in the winter if I get in. I've sent an email asking what the prerequisite courses I need to take are and if it would be possible for me to take them in the fall semester but I have yet to hear back. The University of Illinois also has an online masters in CS that I could start in winter but the applications for that are closed right now. I've come across this online masters in CS by The University of Louisville, which looks really appealing to me. I emailed them and they said that I could complete all the prerequisite courses in one semester. In addition, they said it would be possible for me to finish the degree in around 2 years. The nice thing about this option is that I would get some higher level CS knowledge than the UK conversion masters. However, I'm having a lot of trouble really finding much information on this program, so it could be a gamble if the courses suck. Right now, I'm leaning more towards one of the UK conversion masters or this Louisville program but I'd love to hear your advice. I know these programs are nowhere near as well ranked or as cheap as OMSCS but they are all still cheaper than my bioinformatics masters. In addition, while university rankings and prestige are important, I have heard that in software engineering your portfolio can still get you great jobs.
This is a really long post and I wanted to thank you for taking the time to read it and for giving me your advice. This is an important decision that is really stressing me out so I really appreciate it.
P.S. I'm not sure what to flair this so my apologies if I flaired it incorrectly.
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2023.06.06 06:26 altoids567 Does this mark mean anything?

Does this mark mean anything?
The fifty dollar bill above has three numbers(“circled” in red)to the right of Grants faces. Does this mean anything and/or bring the value of the bill up at all?
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2023.06.06 06:01 CosmicSailingMuffin A Reminder of SOFI's Management 2023 Guidance Outlook from the Q4 2022 Earnings Call

Link to transcript on SOFI's investor relations website for SOFI's Q2 2022 Earnings Call:

From the 2022 Q4 earnings call transcript:
"Let me finish up with guidance. Before going through the specific numbers, I want to hit on some of the larger macro assumptions that underpin our financial guide. From an interest rate perspective, we are assuming an outlook consistent with the consensus forward curve with a peak Fed funds rate reaching approximately 5% in Q2 2023, with 2 rate cuts in the back half of the year to get us to a 4.5% exit rate in 2023. We are assuming a 2.5% contraction in GDP and a normalization of unemployment to around 5%. And from a credit perspective, we are expecting a continuation of elevated credit spreads across capital markets and a continued normalization of consumer credit.
For Q1, we expect to deliver adjusted net revenue of $430 million to $440 million and adjusted EBITDA of $40 million to $45 million. For the full year of 2023, we expect to deliver adjusted net revenue of $1.925 billion to $2.0 billion, representing 25% to 30% growth and adjusted EBITDA of $260 million to $280 million. Our outlook represents 30% incremental EBITDA margins for full year 2023 versus full year of 2022, and we expect to reach quarterly GAAP net income profitability by Q4 2023, with GAAP net income incremental margins for the full year of 20%.
Finally, quickly hitting on a few key points for each segment. In our Lending segment, we expect the Department of Education's moratorium on federal student loan payments to extend through June 30, 2023, at which point there are 60 days before repayments actually begin. Accordingly, our outlook assumes that we will be operating in our current run rate levels until September. After September, we do believe there will be a recovery to higher levels of student loan refinancing revenue than the current trend, but we do not expect to return to pre-COVID levels in 2023.
In our personal loans business, we expect to see modest growth as we balance taking advantage of ample headroom in this business given our current market share and differentiated product with a thoughtful and prudent approach to ensuring our credit remains very high quality. We remain committed to underwriting to an industry-leading life of loan loss profile."

As a reminder, it should be remembered that SOFI management's 2023 guidance given in the Q4 2022 earnings call already factors in the end of the federal student loan moratorium with repayments and a recovery in student loan refinancing beginning in September this year.
Unless there is greater than expected student loan refinancing versus what management expected, it's questionable if SOFI's 2023 business outlook will materially change from what has already been guided for just solely from the federal student loan moratorium ending.
Also, it's interesting to see SOFI's management's Fed funds rate, GDP and unemployment rate expectations earlier in the year. It remains to be seen if the US Federal Reserve is done rate hiking at our current 5.00% to 5.25% range and if we'll really get 2 rate cuts in the back half of the year to a 4.5% exit rate in 2023. It also remains to be seen what the GDP and unemployment rate will be by the end of the year.
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2023.06.06 05:12 Appropriate_Wing4242 Lying flat?

Is there anyone else who shares a sense of discontentment towards their work? I am currently 33 years old and have spent a significant portion of my life working in the corporate sector. I began my career in a developing country and later immigrated to the United States. I managed to advance up the corporate hierarchy and reach an annual income of approximately half a million dollars before ultimately deciding to leave my job out of frustration. I experienced feelings of humiliation and perceived unfairness within the corporate environment. It seemed that the more effort I put into my work, the more I was taken advantage of. Throughout my professional journey, I encountered numerous managers who displayed narcissistic tendencies. As a result, I find myself harboring intense anger and resentment, to the extent that I am willing to forgo employment and potentially face homelessness. I am currently experiencing burnout and barely managing to cover my rent by working as an Uber Eats driver.
I have developed an interest in monitoring the economy, and I strongly believe that the Federal Reserve has contributed to its deterioration through unfair practices and by catering to the egos of those in the Bay Area who have amassed substantial wealth, while treating individuals from outside the area poorly. I feel lost and consumed by anger, unsure of how to proceed with my life. I now perceive dedicating so much of my time and energy to work, working six days a week for twelve hours a day, as a mistake that resulted in the theft of my own life. Has anyone else experienced similar emotions? I would greatly appreciate any advice or guidance on how to navigate this situation and move forward in life.
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2023.06.06 05:11 rwndrcrds MQM not calculated correctly?

Looking to book travel in October and noticed that for some itineraries, the MQM amount looks really really low. My home airport is SAN and I'm going to make a few stops in the Midwest (Cincinnati, Chicago and maybe another stop). But the MQM estimate is only about 900 miles? Looking at regular economy and Delta Comfort fares.
Does the amount displayed at time of reservation matter or is it based on what is actually flown?
PS I do not have status of any kind but thought I might make Silver this year
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2023.06.06 05:08 Iirxemaii Long short divergence increased, short-term gold prices or trapped in the range oscillation

June 5 International gold market comprehensive research and judgment reference
Trend analysis: Monday gold market sentiment is strong, gold prices fell first and then rose, recovering sharply from Friday's losses, the daily k-line closed a long lower shadow in the positive, showing the short-term low buying active in the field. As this week is the Fed rate meeting before the Fed officials remain silent week, in the fundamental lack of dominant factors, is expected to short-term long and short is bound to start a fierce game. Yesterday's second dip in gold prices to the low of the previous wave was supported by short-term buying, effectively curbing the blow to long confidence from Friday's concentrated sell-off. In the short-term long confidence has been restored, is expected to more than short will be around in the 1930-1985 U.S. dollar area repeatedly fighting, until next week's Federal Reserve rate meeting boots on the ground, will come out of the direction of the market. Considering that the May k-line closed a long upper shadow of the negative inverted hammer body, the medium-term market has a large pullback pressure.
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2023.06.06 03:09 sullycantwell Augie Maniaci cooperating notes

August Maniaci Link:
History of the Milwaukee Outfit
-Al Capone was a camorrista and an associate of Masseria and Capone had a large scale gambling and bootlegging operation
-Joe Aiello would gamble at Capone's places, but when he would lose, he would have the gambling operation raided and Aiello's men would take much more money than was lost
-Capone was paying protection to Masseria
-A dispute arose between Masseria and Aiello and Masseria than brought Capone in and made him a capodecina and told Capone to kill Aiello
-In 1926 or 1927, there was a "Appalachian type meeting" (Generale assemblea?) in Pewaukee, Wisconsin. The meetings purpose was to make peace in Chicago, but other families attended
-Tough Tony Capesio was one of the shooters in the St. Valentine's day massacre
-Jack Zutta, a Jewish Aiello associate, was murdered by Capone's gang
-The Milwaukee mafia banned people from helping Aiello.
-Sam Aiello, Joe Caminiti, and Migele Mineo were former Aiello members who fled Chicago to join the Milwaukee family
-Sam Aiello wasn't sympathetic about his brother. Sam returned to Chicago later and was in Jim DiGeorge's crew
-Carl Caputa left Chicago and went to Madison where he became boss. Joe "Joe Pizza Pie" Aiello (unspecified relation to the Joe Capone wared with) went with Caputa to Madison
-Milwaukee didn't try to extort any gamblers until Sam Ferrara
-Al Capone was Neopolitan, the next boss was Tony Accardo who was "Thelast Sicilian to be an important boss," Accardo was succeeded by a Neopolotan Sam Giancana (Pretty sure this info is wrong)
-Chicago outfit was a "Money grabbing operation" where only a few leaders profit "at the expense of the general membership" this had an effect on Milwaukee
-Chicago took over Milwaukee in 1952
-Sam Ferrara wanted to have a piece of the Ogden social club which was a gambling place that Frank Balistrieri had a piece on and Balistieri was Son-In-Law to John Alioto. Balistrieri said no to Ferrara and then Ferrara shelved Balistrieri. Milwaukee then asked Chicago to help them with all the trouble.
-A general meeting was held in 1952; Tony Accardo, Rocco Fischetti, and Sam Giancana attended. Sam Ferrara was taken down as boss and replaced by John Alioto
-Alioto reinstated Balistrieri and made him a capodecina
-While Alioto was boss, no gamblers or businessmen were extorted
-John DiTrapani was a capodecina who didn't like Alioto, so he said he would spend $90,000 and even was willing to finance some murders
-One of DiTrapani's friends "Pasternak" lost a lot of money gambling with the outfit and DiTrapani made it known he was very upset
-Furthermore, Alioto heard about Ditrapani's plans to become boss and this sealed DiTrapani's fate
-Chicago were the ones who ordered DiTrapani's murder, not Alioto
-DiTrapani and Frank LaGalbo (a member and DiTrapani associate) were called to a meeting by the Chicago outfit. The meeting was going to be in Milwaukee though.
-LaGalbo warned DiTrapani not to go. LaGabo himself wasn't going to go.
-DiTrapani went anyway and on March 16, 1954 he was murdered. the following day he was found shot in his car
-LaGalbo was very well connected to Chicago and he set up a transfer where he would be in the Chicago family in the decina of Frank LaPorte
-LaPorte was centered in Chicago Heights
-Jack Enea was also apart of the faction that wanted Alioto taken down as boss. he wasn't killed until November, 1954 (Chicago authorized it)
-In January of 1962, Joe Alioto retired and Frank P. Balistrieri took over, Alioto was upset about this. Alioto apparently felt it should've gone to an older man
-furthermore, Alioto was upset that Balistrieri had an affair with his wife's cousin
-Balistrieri began shaking down gamblers and businessmen
-Balistrieri was collecting $500-$600 from Bruno Ramazini and John Volpe who ran the Holiday House
-Despite not collecting from Frank and Jimmy Fazio who ran restaurants, there was an incident where a bomb went off. After this, Balistrieri went to Florida and when he came back he said that they had a piece of Jimmy Fazio's place in Fort Lauderdale
-Balistrieri was not liked by older members because he never consulted with anyone before making decisions and Maniaci even said it would not surprise him if Balistrieri was murdered. Maniaci said if anyone were to kill Balistrieri, it would be the outfit
II. Organization and Leadership -The 1957 Apalachin meeting was due to Albert Anastasia taking forcible action which affected other bosses without telling them.
-Anastasia was killed due to the disappearance of two unnamed men
-John Alioto and Frank Balistrieri were going to go to Apalachin but didnt at the last moment. Also, attendance was not mandatory at Apalachin
-Maniaci didn't know too much about the commission or its structure, but he said it had around 7 members and though he doesn't know if there is a "boss of bosses," if anyone was it would be Giancana (clearly shows his midwest bias)
-Giancana had control over Madison, Rockford, and Springfield
-Balistrieri went to Chicago periodically for meetings with Giancana, Battaglia, or capodecina Felix "Milwaukee Phil" Alderisio. These meeting were at the underboss Sam Battaglia's farm
-occassionally, Balistrieri would meet with Alderisio, Battaglia, and Marshal Caifano in a Milwaukee hotel
-Ralph Capone of Mercer, Wisconsin isn't connected with Milwaukee or Chicago
-At one point, the Pfister hotel manager Marvin Billet made a deal and Kansas City member Sebastian "Buster" Balestrere (who was "imported" to Milwaukee along with Joseph Gurera for the purpose of shaking bookmakers and businessmen down) found out and this led to Balestrere having leverage over Billet. Eventually, the Fox Head Brewery bought a hotel in Jamiaca and Buster made Billet manager. Balistrieri asked Giancana if he wanted to "take over a large gambling casino in the hotel." Billet lost the managorial position and their plan didn't work.
-Balistrieri is involved in the Continental Music Company.
-The chicago outfit may have 500 members (this is wrong as they may not have had 100 at their peak, though it shows how the smaller families saw them)
-Sam Giancana is the boss, Sam "Teets" Battaglia is the underboss, and the following are capodecina: Felix Alderisio, Marshal Caifano, Frank LaPorte, Tony Maccalucci (ph), and Ross Prio
-Ross Prio is a north side leader who was originally in Jim DiGeorge's crew
-Maniaci heard complaints that people are upset in Chicago that only a few are making money. Also, they are upset that Sam Giancana "is too much of a playboy." CI also advised that John Cerone may be Giancana's successor. Cerone is very close to Tony Accardo
-Frank Balistrieri is related to former Kansas City boss James "Big Jim" Balistrieri (It appears his real last name was Balestrere, though his fathers last name was Balistrieri)
-Joseph Cusimano and Joe Jellosa (or Jealouso) are two Kansas City members who have visited Milwaukee in the past
-The Kansas City import Joseph Gurera was said to have killed two politicians (clearly referring to the infamous hit that left Charles Binaggio and Charles Gargotta dead)
-Balistrieri made Gurera a capodecina and Buster Balestrere worked under him. Both members went back to Kansas City in 1963 after pressure was put on Milwaukee for Anthony Biernat's murder
-On April 18, 1964 Peter Balistrieri's (Frank's brother) daughter married Leonard Drewek, a non-Italian. John Molle, Buster Balestrere, and Jim Balestrere (Not made) all went to the wedding
-Peter Balistrieri is a capodecina
-Rockford's boss is Joseph Zummutto, the underboss is Frank Bucemi, and the consigliere is Joseph Zitto. (FNU) Caltegerone is a member who's old and used to be close to Milwaukee capodecina Pasquale Migliaccio. Caltergerone may be a reference to Carl "Charlie Vince" Caltegerone
-Madison, Wisconsin has 10-15 members. The boss is Carl Caputo and Joseph "Joe Pizza Pie" Aiello is a member. Both are wealthy with real estate investments.
-Benny DeSalvo was a capodecina in Madison, but died in February of 1964 at 84 years old. He was buried in Chicago
-The following is the boss succession of Milwaukee: Vito Guardalabene (Nicola Gentile reported Joseph Vallone was the underboss in 1915) Peter Guardalabene (Son of Vito) Joseph "Big Joe" Amato Joseph Vallone (Boss from mid 1920's-mid 1930's) Joseph Gumina was the underboss to Vallone (also says Gumina was capodecina, maybe he controlled a crew along with being consigliere) Charles Zarcone was the consigliere Pasquale Migliaccio was a capodecina Migele Mineo was a capodecina Tom Lucua (ph) was a capodecina Sam Ferrara (Mid 1930's-1952) Joe Gumina was the underboss (again lists him as capo too) Charles Zarcone is listed as consigliere Pasquale Migliaccio was a capodecina Migele Mineo was a capodecina Joseph Caminiti is also a captain (may have been captain under Vallone as well) John Alioto (1952-1962) Joe Gumina was the underboss (again lists him as capo too) Migele Mineo was a capodecina John DiTrapani was a capodecina until his murder in 1954 Pasquale Migliaccio was a capodecina Frank Balistrieri was a capodecina as well Frank Balistrieri (1962-time document was typed) appears he had no underboss Charles Zarcone would be consigliere if Balistrieri had one, Maniaci doesn't know if he actually was though John Alioto was a capodecina and had the older members in his crew Peter Balistrieri was a capodecina "who has active members under his direction" -Older members are displeased with Balistrieri for not consulting any members and making Joseph Gurera (Kansas City) a capodecina instead of a local member
-Older members blame Balistrieri for the publicity LCN is getting due to Anthony Biernat's murder also there's resentment because no one is making money
-Maniaci said he wouldn't be surprised if they killed Balistrieri one day
-On January 4th, 14th, and the 31st Balistrieri held parties at Gallagher's restaurant in an attempt to get the opposite faction to like him. He planned to have another similar meeting a month later. He also assured the members that jobs would soon open up and he gave Vito Aiello, John Aiello, and Maniaci himself jobs at gambling places.
-Balistrieri is very cautious in regards to his personal movements
-Another CI reported the meeting at Gallagher's was to fix the bad feelings between Myron Jennaro and Paul Bogosian who are both associates of the Milwaukee family
-the following is the structure according to Maniaci: capo: boss sottocapo: Italian not Sicilian term for underboss "consuleri": (see previous comment about spelling) the consigliere is the counselor who is usually an older member capodecina: heads a crew, means "head of ten", but members sometimes have 50 members in their crew (or in some cases zero members) No mention of soldiers
-the following are popular terms used by members: Amico Nostro: friend of ours; used by fellow members to indicate someones a member avugad: means lawyer, Maniaci said there's no significance as a term in Milwaukee, but it probably was just not for low level members. Normally the avugad is a representative on the commission. for example, Milwaukee's avugad would've been Chicago's boss cumpare: means godfather; used to show closeness to someone don: Italian term of respect, not a mafia term onorata: means honor, Maniaci said he's never heard the mafia called onorata society which many sources have reported omerta: Maniaci said it's to express any qualities in the word "manly" sagia: "chair, committee of boss, underboss, consuleri [sic], and capodecina [sic] Tourna: general meeting where all members attend; for an important reason
-the following are members of Milwaukee identified by Maniaci: John Aiello: made under Ferrara Vito Aiello: Made under Ferrara John Alioto: Made under Guardalabene, was boss then capodecina Albert Albana: Suspect in Biernat's murder and was made a month after in January 1963 Mike Albano: Runs Angelo's Pizzaria, long time member
III. Membership -John Alioto did not make any members, but Vallone, Ferrara, and Balistrieri did. (which must've happened when the books were closed either suggesting the midwest didn't follow this or he did it on the sly)
-To be made originally, you had to be Sicilian, but they switched it to just be full Italian
-Members don't have to kill, but this has been a rule in the past, to be made
-Associates are proposed by a made member who knows the associates potential. In the past, the name would go around to all members and if they objected, he couldn't be made
-the associate could cooperate with law enforcement to be made
-in the past, all members had to be present at the initiation ceremonies (Maniaci calls them "tourna" meaning a general membership meeting). They no longer do that though
-The Biernat murderers were alleged to be Steve DeSalvo, Dominic Principe, and Albert Albana. DeSalvo contacted Biernat before the killing
-during the making ceremony, both the proposed member and his sponser's fingers are pricked and their blood is mixed. Then everyone present joins hands and a picture of a saint is burned (presumably in the proposed members hand) and the proposed member takes an oath in Italian to put the organization over everything including family and religion
-Members must obey all orders under threat of death
-No members can deal drugs or they will be killed
-Members need permission before engaging in something that may affect another member
-In the past disputes between members were taken before the "Sagia" (This is also called the Seggia, consiglio, or the Sicilian term consignu)
-The "Sagia'' was composed of a boss, underboss, "consuleri", and the capodecina (the term "consuleri" suggests multiple consigliere, but the document has used the singular and plural terms interchangeably. traditionally, the consiglio had multiple consigliere though. Also "capodecina" suggests one captain, which wouldn't really make sense in the context so it can be assumed they mean all capidecina in the family)
-Balistrieri no longer consults anyone except Chicago and only for big issues
-Maniaci named the following as members of the LCN family in Milwaukee (these are just from memory): John Aiello: Made under Ferrara Vito Aiello: Made under Ferrara; John Aiello's brother John Alioto: Made under Vito Guardalabene; capodecina Albert Albana: Made in early 1964, after the murder of Anthony Biernat Mike Albano: Runs Angelo's Pizzaria; long time member Tony Albano: Mike's uncle; retired Frank Balistrieri: boss; made with John DiTrapani; in Joe Ferrara's crew?; Made capodecina under John Alioto Joseph Balistrieri: Frank's dad; longtime member Peter Balistrieri: Frank's brother; capodecina Joseph Caminiti: Secretary treasurer of Local 257; made in Chicago under Joe Aiello; came to Milwaukee during Aiello-Capone war; bootlegger during prohibition; capodeinca under Vallone and Ferrara; Balistrieri's closest confidant even closer to Frank than Peter; Married to John Alioto's daughter Harry DeAngelo: Ferrara didn't like him; made in 1963; works sanitation or garbage department; 55 years old Carl Di Maggio: long time soldier Salvatore DiMaggio: Carlo's son; burglar eith extesnive record; made under Ferrara Benny DeSalvo: Made in 1963; nephew of old Madison boss Benny DeSalvo who died in 1964; lived in New York for a while but moved back to Milwaukee and went into construction Steve DeSalvo: Close to Balistrieri; primary suspect in Biernat murder; made one month after the murder Sam Ferrara: former boss; operates liquor store; inactive Joseph Gumina; underboss and capodecina under Vallone, Ferrara, and Alioto; he was a boxer after coming to America; bootlegger and then worked at A.O. Smith corp.; capable of murder; his son married Ferrara's daughter August Maniaci: Long time soldier Santo Marino: Brother-in-law to Ferrara; not active; operates tevern Migele "Mike" Mineo: Made in chicago; came to Milwaukee during Aiello-Capone war; capodecina under Vallone, Ferrara, and Alioto; employed by Schlitz Brewery John Pernice: former bootlegger; unemployed; not known to hold leadership position Dominic Principe: Another Biernat murder suspect; made following murder; lives in Illinois Joe Rizzo: inactive; worked as bartender in multiple places Vito Seidita: inactive; 55 years old; works for city of Milwaukee, maybe in street department Joseph Spero: inactive; works for city of Milwaukee, maybe in garbage department Charles Zarcone: consigliere during Vallone, Ferrara, and Alioto; may be consigliere under Balistrieri, but Maniaci doesnt know
Maniaci also listed the following as members affiliated with other families that live in Milwaukee: Frank LaGalbo: runs Chico's restaurant; was supposed to be killed along with DiTrapani; transfered to Chicago under Frank LaPorte John DiBella: member from Italy; close to Joe Bonanno; head of Grande Cheese Company Ralph "bottles" Capone: Chicago member; no importance in the underworld James DiGeorge: operates stock farm; owns land in Adams county, Wisconsin; former capodecina of North Chicago; years ago he was supposed to be killed, but got a pass; lives in exile in Wisconsin (likely shelved)
-Maniaci said that even your immidiate family may not know your made and it's typical for people to keep their sons out of the mafia
Maniaci named the following as people not members of Milwaukee, but closely associated with Milwaukee: Walter "Walter Blackie" Brocca: worked forvarious businesses on behalf of Frank Balistrieri Tony Bruno: No member of Bruno's family has ever been a member Sam Cefalu: gambler; lives at 1606 North Jackson; employed by Balistrieri Sam Cefalu: lives at 3461 North Cramer; not related to the other Sam Cefalu; worked for Balistrieri in a gambling office Anthony "Sheriff Cefalu" Cefalu: Brother of Sam (doesnt say which one); employed as gambler Gus Chiaverotti: Working for Frank Balistrieri in Continental Music Co.; closely associates with Balistrieri Sam DaQuista: No other DaQuista family member has been connected Joe Dentice: No Dentice has been a member Dominic Frinzi: Lawyer for Milwaukee mafia Nick Fugarino: closely associates with LCN Ted Gagliano: Gambler Nick Gentile (Doesnt specify if its Nicola Gentile, the one who wrote a book): not a member, but associates with LCN Joseph Guarniere: not a member Dr. Vito Guardalabene: Son of former boss Pete; no living Guardalabene is a member of mafia Danny Lampone: No Lampones are made Tony LaRosa: associated with LCN, not member Sam Librizzi: Gambling LCN associate Tony and Tom Machi: gamblers John Mandella: not a member Vincent Mercurio: not a member John Percurio: creditor to Frank Balistrieri who he's related to Tom Piscitello: not a member John and Joe Piscuine: Gamblers; no Piscuine's have been members Bruno Ramazini: former operator of Holiday House Frank "Big foot Hogan" Sansone: gambler; runs a restaurant Joe Sardino: no other Sardino's are connected with LCN Tom Sorce: Gambler Frank Stelloh: Close to Frank Balistrieri and Steve DeSalvo; non Italian, so couldn't be made Nick Tarantino: "very close" and trusted by Frank Balistrieri; couldn't be made because he helped police in a burglary investigation, this was well known to LCN John Triliegi: LCN associate Sam Vermiglio: former head of a counterfeit cigarette stamp ring; deals drugs; murdered John Volpe: runs the Holiday house
-An informant, possibly Maniaci, advised in 1964 tht Frank Balistrieri has a share in William Covelli's gambling operation (CI doesnt say, but Covelli may have been made)
-Aforementioned informant said Balistrieri also has a share in John Rizzo's bookmaking operation. Al Albana is the one who brings the money from Rizzo and Covelli to Balistrieri
-Both Maniaci and another CI reported that Balistrieri, Rizzo, and Covelli thought about buting a Key Club in Park City, Illinois. Maniaci said that if Balistrieri was serious, he would have to talk to Chicago first since its their terretory
-On April 5, 1964 CI (aforementioned informant, probably not Maniaci) advised that he expected Buster Balestrere and Joe Gurera were expected to come back to Milwaukee before June of 1964. They are coming back to act as hosts in a big crap game. Nick Tarantino would be a treasurer in the game. Frank Balistrieri will own the game and Buster Balestrere will be pit boss and host. The reasoning for starting the game was it would make a lot of money and wouldn't violate a federal law.
-Sam Cefalu and Sam Librizzi run a gambling office recieving a line from out of state, this is the only out of state line. Sam Dentice is a runner for the operation. Anthony "Sheriff Cefalu" Cefalu used to be involved, but is inactive
-a CI advised that 70% of gamblers are represented by Dominic Frinzi. Frinzi has represented Anthony Cefalu, Charles Piscuine, Robert Pick, William Cole, Steve Halmo, and Harvey Wach
-A CI advised on March 7, 1964 members of "Chicago and Miami outfits" (maybe meaning Tampa) were trying to build a motel in the bahamas. Balistrieri was going to have a 5% interest in it
-A different CI advised that Giancana was interested in a casino at Cat Cay in the Bahamas.
-Ben Novac owned the Fountainbleu Hotel in Miami and was a close associate of Chicago and New York LCN. He applied for a license to operate a casino in the Bahamas in April of 1964 and was denied due to his financial ties to gangsters
-a CI (probably Maniaci) reported on April 3, 1964 that Balistrieri and former capodecina, but current soldier Joe Caminiti had a meeting where they discussed the Milwaukee Police Department (MPD). Balistrieri said he helped get cheif of police Harold Breter into office. Blaistrieri said he felt the MPD was trying to put heat on him by arresting young people who frequented Gallagher's restaurant and they surveilled LCN members. Balistrieri met with inspector Kremsreiter who was the number 3 man in the MPD. Kremsreiter and Balistrieri met at Fazio's and had lunch. At lunch, Balistrieri suggested that the MPD should stay away from his kind and that there are not enough police to be just focusing on him. Balistrieri told Caminiti that he was happy with how it went.
-Frank Ranney is a secretary-treasurer of Teamsters local 200 and is very close to Balistrieri even working together at Atomic Industries, a bubble gum company
-An informant advised on March 24, 1964 that Balistrieri, Frank Ranney, and Joe Caminiti met at Fazio's. The informant said Balistrieri had "some form of domination over Ranney"
-One CI stated that Balistrieri is connected to Jimmy Hoffa and could get a multi-million dollar loan to build a motel in Milwaukee.
-Tony Volpe is connected with Chicago and has access to the money from the welfare and pension fund of the teamster union in Chicago and that many Las Vegas casinos have been financed with the money.
-On April 3, 1964, a CI (or wiretap) reported that Joe Caminiti and Frank Balistrieri had a meeting where they discussed "the disposition of money supplied by the Teamsters to Frank Balistrieri for distribution to some of the candidates for Alderman in the City of Milwaukee." Caminiti told Balistrieri he'll advise the candidates that they are backed by the teamsters.
-During the same meeting Caminiti insuled Robert Kennedy saying he operated a gestapo. They also talked about a speech Congressman Alvin O'Konski gave talking good about Jimmy Hoffa. The Teamsters gave money to O'Konski and Senator Morse (ph) for political purposes
-Caminiti said Robert Kennedy infringes on civil liberties, this was after O'Konski told him about an investigation coming by the DOJ
-Caminiti also said that the Teamsters had trouble getting the poney to pay for Jimmy Hoffa's legal expenses. Out of 35 locals in Wisconsin, 20 wouldn't pass anything in support of paying. Because of this, they decided they would take the money out of the joint counsil, meaning every member will pay .05-.10 cents
-Joe Caminiti told Frank Balistrieri that Frank Ranney said to be careful giving money to Alderman Allen L. Calhoun. This was due to when Calhoun once moved districts, he came into conflict with Al Hass who was close to the Milwaukee LCN. Balistrieri already knew and met with Calhoun and told him that Hass is who they're most loyal too, but they will support whoever won. Balistrieri gave cash to Calhoun as an unreported donation
-Balistrieri gave a donation to Art Else, who's opponent was Henry Maier. Balistrieri gave Else the donation at Gallagher's restaurant.
-Angelo Provinzano was a member of the city service commission who was mobbed up. Balistrieri gave money to Provinzano who then donated money to mob backed candidates. Provinzano donated $995 to mayor Henry Maier. Provinzano also was used in the past to get Italians in positions in the city government and police department. Informant said Provinzano wasn't made
-On April 17, 1964, Dominic Frinzi (mob attorney) was going to run for governor and the mafia backed him. Frinzi himself wasn't confident he could win, but it would give him publicity which he could later use to become a judge
-Anthony Biernat was found buried in a cellar of an abandoned farm sprinkled with lime, but it wasn't the right kind which would disintegrate a body
-Frank Balistrieri partly owns The Pitch Specialty Co. Balistrieri's relative Peter Picciuro operated the business. His father John Picciuro also has a piece or co-owns it.
-Carl Dentice has a jukebox operation in his name for Frank Balistrieri
-Sam Dentice got a jukebox license under his name for Balistrieri
-Peter Sciotino's bakery was targeted in a bombing because of Balistrieri's shakedown campaign. Sciortino was personally connected to Joe Bonanno in some way and ended up not having to pay. Sciortino himself wasn't a LCN member
-Balistrieri's shakedown campaign began in the summer of 1962 with Joseph Gurera and Buster Balestrere shaking businessmen and gamblers down. Some people did resist so Balistrieri wanted to send a message. They were going to kill either Bill Cole or Bobby Pick, but when LE found out they stopped trying.
-An informant though Tony LaRosa might be killed because it was said the Milwaukee family heard he gave information to LE
-In may of 1964, an informant said that Steve DeSalvo and Frank Stelloh now operated as musclemen for Balistrieri. They even planned to murder someone who the informant didn't know.
-The informant thought the murder target may have been Izzy Tocco who was a booker for Sam Cefalu and got in trouble, but the informant thought that this would be too little a reason to murder someone
-A different informant supplied information suggesting the murder target may be Joe Beck. Beck was making complaints against the Continental Sales Co. Balistrieri made comments to the acting manager Gus Chiaverotti where he expressed his anger against Beck.
-An informant advised on April 10, 1964 that he heard a story about a Milwaukee gangster being offered $5,000 by the Chicago LCN "to make a hit" on a prominent businessman who was made. The reasoning was because the man owed the Chicago family between $18,000-$20,000. The man either stole the money or bet and lost the outfit's money
submitted by sullycantwell to Mafia [link] [comments]

2023.06.06 03:01 redditPOTUS2024 Platform Iteration #4

Income Taxes
-no changes for individuals making equal to or less than the standard deduction
-a 2% tax cut for income earned within the 10%, 12%, 22%, 24%, 32%, and 35% tax brackets above the standard deduction: adjusted brackets with 8%, 10%, 20%, 22%, 30%, and 33% and respectively
-a 2% increase for income earned above the 37% tax bracket threshold ($539,901 for a single filer status for the 2023 tax year) : adjusted bracket with 39% tax rate
-creation of an 8th tax bracket 45% for regular income above $3,000,000
Capital Gains Taxes
-no changes in short term and long term capital gains taxation for individuals with total income including regular income and capital gains below $3,000,000
-an increase to 45% tax rate for long term capitals gains for individuals earning above $3,000,000 per year
Federal Debt
-stabilization and reduction of the federal debt
-discontinuation of future federal student loans for students attending all private institutions, public institutions with greater than $1billion in endowment, or public institutions with any institutional employee making greater than $1 million per year
-an increase in department of education funding including grants to state school systems meeting certain criteria, such as no employees including superintendents making over $200,000 per year while working for the public school system
Military and Defense
-a reduction in military and defense spending
-a cap on military contracts with organizations in which executives receive equal to or greater than $3,000,000 in regular and/or stock based compensation per year while the business does at least 50% of its revenue in government related contracts
Minimum Wage
-pegged to inflation, including retroactively for inflation since the last increase of the federal minimum wage in 2009
Worker's Rights
-federal legislation supporting at least 4 weeks paid vacation for employees of companies with profit margins greater than 10% and/or executives with salaries greater than $3,000,000 in regular and stock based compensation
Congressional Term Limits
-senate limit of 2 consecutive 6-year terms (12 years). no total term limit. after 1 term (6 year) absence senators may rerun for another term (s) not to exceed to 2 consecutive terms
-house of representatives limit of 6 consecutive 2-year terms (12 years). no total term limit. after 3 term (6 year) absence former representatives may rerun for another term (s) not to exceed 6 consecutive term limits
Government Accountability
-increased government accountability and financial reporting requirements
-a ban on stock based trading for members of the executive branch, Senate, House of Representatives, Supreme Court, and Federal Reserve and their immediate families while in office
-speaking fees and book royalties due to members of the executive branch, Senate, House of Representatives, Supreme Court, and Federal Reserve for services performed while holding public office will be forfeited 100% to the United States Government
Campaign Funding
-federal legislation banning individuals or organizations from contributing greater than 1% of a candidate's overall funding if funding exceeds $1,000,000 total at any point during the candidate's campaign for office
-strengthened border control
-expedited naturalization for immigrants without criminal histories
Criminal Justice
-continued legality of the death penalty at the federal level with individualization deferred to the states
-closure and elimination of for profit penitentiaries
Gun Control
-universal background checks at both private and public sales
-no assault rifle ban
-increased liability at the federal level for the seller of arms if the arms sold are identified as the weapon used in a future crime involving murder or bodily harm to another individual
-energy independence derived from the United States' own energy production and its energy trade with North American partners Canada and Mexico
-continued push toward renewable energy
Foreign Aid and Policy
-a reduction in foreign financial aid
-peace brokering between Ukraine and Russia
Nuclear Arms
-continued advocacy of nuclear arms nonproliferation
-executive salary caps at nonprofit health institutions receiving special tax status
-federal legislation to decrease health insurance costs and healthcare costs
-an increased excise tax administered on tobacco products
-legality and legislation delegated to the individual states
-federal legislation prohibiting discrimination or criminal punishment of women in states where abortion is illegal who seek and have abortions performed in states where abortion is legal
-legalization of recreational marijuana at the federal level with establishment of legal blood level limits while using public property such as roads and buildings
-a federal excised tax administered on marijuana products sold
submitted by redditPOTUS2024 to redditPOTUS2024 [link] [comments]

2023.06.06 01:51 TexGator91 Student loan to pay off high interest debt.

I know this is probably crazy, but I am a later aged (28) college student who pivoted careers late which required going back to school. I have one more year left and currently sit at 28k of student loan debt. I secured an internship this summer that has high retention rates and if you are retained you start between 68k and 72k total compensation a year. Obviously nothing is certain, but I feel like I have a good shot of getting returned an offer from what I have heard.
I’ve managed to secure pell grants for the first time since switching careers because I finally had a low enough income, so a lot of this coming year is paid for. I carry 10k in credit card/private loan debt that is very high interest from when I was young and dumb and went through a divorce. As of right now I pay 438 dollars a month on them to just stay above water. If I take out a student loan, I’ll have 38k of debt, but I will also pay off those monstrosities that are really killing me. I know that I’ll have to really pay a lot to get the 10 year loan repayment accomplished (400-450 a month) in the student loans, but other than that I’ll really only have my car payment (which will reach maturity in mid 2025) and that student loan as debt. Am I crazy for thinking about doing that?
*I would ensure that I get a return offer before accepting the loan, and all of the loans are federal.
submitted by TexGator91 to personalfinance [link] [comments]

2023.06.06 01:06 Happy_Command_8574 How to make most of IBM accelerate?

Hi everyone! I am a rising Junior at a state school majoring in Technology and Operations Management. I am interested in working in Chicago. I have been accepted into the IBM Accelerate program to the consulting track. If anyone participated in the past I'd love to connect.
How do I make the most of the accelerate program and get the internship next year?
submitted by Happy_Command_8574 to IBM [link] [comments]

2023.06.06 00:51 Outrageous-Day3975 87 year old Philanthropist/Doctor Owes me 17k and gives me an IBOE saying its trapped in foreign banks

Howdy Folks,
In October 2021 I began doing videography and editing work for a local retired Doctor. She is a president of a special interest group for a local philanthropy club, and I was putting together an educational series for a subscription website she is the CEO of. It consisted of health lessons of her talking to a camera for 10-20 minutes about health, and readings from popular library books which were filmed in a local theater featuring many community members such as the former mayor, teachers, real estate agents, etc. She is a highly charismatic 87-year-old woman who talks about how she got millions of pounds of food and glasses donated worldwide and was responsible for putting up various covid clinics. She told me she worked with Steven Spielberg and that she'll introduce me to him one day. She paid me roughly 2000 dollars or so to edit this series of videos. I completed it, and she paid me, it was a little late, but she paid me and I believed she was a wonderful woman and told all my friends about her. She was like the grandmother I never had.
In early 2022, she told me that there was a big opportunity ahead of us, there were millions in funding, they had contracts with the School district and with other countries, and she would like to have me on board, so in June I began filming another series of videos, there were close to 100 videos that needed to be edited in both English and Spanish, and my co-editor and I polished the hell out of these videos. The website looked like garbage, but I liked that since this was a small team, I would have a great influence on how this company turned out. And she was paying so I did the work. Some of that included:
During this time, she said there were 2000 missing videos from her previous vendor. Which did not make sense to me, because all the videos we found on her hard drives only added up to around 300. I made documents with this information. She emailed the previous Vendor, and they didn't want to release the files because they didn't believe she would write a check for them. Also, this is when things started to look a little fishy. She said if there wasn't 2000 videos, she would lose a million-dollar contract. So I searched everywhere for the missing videos and came up with alternative plans to get 2000 videos by the deadline. But it didn't add up. There was no way she could have put out 2000 videos in the time she was working on this. So I kept working on the current series, enlisting another editor to help me get these videos done by January 10th.
Things I noticed: she split ties with her previous videographers, different learning management system vendors (imagine a Netflix for education videos with built-in quizzes) as well as her former COO, and she requested that the quizzes be directly in the video because she thought it would prevent theft. Personally, it didn't make sense to me and I thought, who would want to steal this? But she was paying. And I later realized it was because she has screwed over a lot of people over money.
The plan was to launch these videos by January 10, 2023. From the months of July to September, she paid me $70/hr for roughly 20-30 hours per week. On average it was around 5K each month. She paid me for 3 months and stopped paying me for the months of October, November, December, and the first week of January. I assumed she was behind because she usually was a little behind on payments. The total added up to roughly 17k.
But when January 10th came, I was told by her COO she took a fall. I don't know if that actually happened, but he told me to let her rest, but I demanded to know why the COO wouldn't tell me what was going on with the money. I took back access to the files, to which she called me immediately and sounded terrible, pausing every other second between words, saying the funding was tied up and they haven't gotten paid yet, and she left a check for me for 1k at her door which I picked up. Then I gave them access back to the files, a big mistake.
She has told me since then on 3 occasions, as well as in a phone conversation with my co-editor, that 40 million dollars are tied up in foreign banks and they can't transfer it because it could be drug and gun money.
I was advised by a mutual friend of a friend to write her husband as he just became treasurer of their club, and so I did. And I also sent a stern document saying I will sue on the 25th of May. She agreed to meet with me at Starbucks on May 24.
Now I'm speculating here, but I have no proof she was ever injured in the first place. She spoke fine, and she wasn't wearing a cast from where she fractured her arm. I could be wrong, but something worth noting.
She asked me how I was doing, and because I had been behind on money, she asked me if I was eating, and I told her my situation. She teared up saying she was crying on the inside, and outside too. She handed me a document, "International Bill of Exchange" telling me that they were buying coffee to pay me and that the money will be delivered to my house by check by Friday or Monday at the latest. Nothing came, and I further investigated this document. The lawyer's name on the document is a real lawyer, but apparently, he was reprimanded for something. When I called his office, his secretary said he would call me back, and they texted me from an iPhone instead, telling me to contact an email not listed on the document, but the same domain name was listed on the document. The website contains a ton of legal jargon meant to confuse you, but I realized it's all a clever scam to not pay me. I removed the names but this is what the sketchy email said.
"Dear Sir:
Please review [link ommited] ... in short... the [name omitted] COFFEE IBOE you received is "money"... but you probably want to receive "money" in a form you are used to using... and that is the same request as if you had a $100 FEDERAL RESERVE NOTE and you want to exchange it for that same value in quarter coins... that goes through a process... which NAME OMITTED is to provide and complete... as stipulated in the [name omitted] COFFEE IBOE.
At this time, several major banking transactions are being executed, any one of which will allow NAME OMITTED to satisfy your request... but the timing is subject to international banking... and is not under her control... or ours... so... please have NAME OMITTED keep you posted.
When I reply to the email asking who I'm speaking to it says: "This is the administrative service for [name omitted] SERVICES, INC." and leaves it at that.
My plan is to take her to small claims for 10K and forfeit the 7K, but can I also press charges for attempted fraud? I've also been in talks with the previous vendors, who said she owes something like 200k to them for years of work But they don't want to challenge her for various reasons, i.e. she is a charismatic powerful person who is an eloquent speaker and has the ability to get people to buy into her bullshit, they think lawyers will be expensive and they don't know if she can actually pay it back. She owns a waterfront house and a car and I know people in her club.
She is a clever con artist, and if I didn't owe my co-editor 6k, I would have probably let it go. What are your thoughts? Any help would be greatly appreciated.
Summary: A "DoctoPhilanthropist" I worked for paid me consistently for months and then stopped and has been telling me that the money is trapped in foreign banks. I did not have a contract because she was paying me consistently and I trusted her. I have months of email correspondence and proof of the work. She gave me a fake IBOE document that sends me to a crooked lawyer that in turn sent me to reach out to someone via email and that person replied like a Nigerian prince scheme. They might be the same person.
submitted by Outrageous-Day3975 to legal [link] [comments]

2023.06.06 00:41 whatwasimeanttodo reverse chance me?

asian female
urban northeast
upper middle class (aid would be nice, but not vital)
selective public school (think similar to nyc’s shsat schools)
i’m intending to major in history of science/science technology and society with a premed focus, might also want to study journalism or education/child development
gpa: my school doesn’t send a gpa to colleges, but i have all a’s/a+’s
no class rank
we’re not allowed to take ap’s until junior year, and can only take up to two classes. i took ap biology and ap french this year, and self-studied ap english lit. next year, i’m planning on taking ap bc calc and ap gov, and self studying apush, ap psych, and ap english language. all classes offered are honors level, and i am in “advanced honors” math.
next year, i’m going to be a teaching intern for a ninth grade biology class.
taken precollege programs at smith and columbia, harvard’s online bioethics program, competitive test-based science program
sat: 1560 (790 ebrw/770 math), august 2022
grand concours (national french exam) platinum in 2021, gold (2nd in nation, first in region, $400 cash prize) in 2023
most likely national merit/ap scholar
a magazine i edit for won first place at scholastic two years ago
i’ve placed second and third regionally at science bowl if that counts?
i also was nominated for and won the ncte “promising young writers award” in 8th grade if that counts for anything? they said i could put it on college apps but i’m not sure
currently have one biology article where i’m credited for translation under review
hoping to publish a review article related to my research over the summer
editor-in-chief of school newspaper (12), managing editor (11), opinions section editor (10), staff writer (9), started initiative to mentor students at our affiliated elementary school’s newspaper
lab research internship (summer after 10-12), planning to submit to regeneron, established relationship between that lab and my school so now we send someone there every year
president and treasurer of science tutoring club geared toward providing underprivileged elementary school kids with hands on science lessons (10-12), founding member (8)
journalism team leader and english tutor for a nonprofit geared toward connecting chinese diaspora and teaching kids in rural china english (8-12)
assistant principal (likely co-principal next year) cellist in school string ensemble, been a member since 9th grade. also part of selective chamber orchestra group
science bowl student coach (9-12)
write and edit for three science publications at my school (climate science, general science, science news)
admin work for local hospice (11-12)
volunteer in patient comfort and transport for local hospital (11-12)
nominated and selected as a student mentor for younger incoming students (11-12)
nominated and selected to be a writing mentor for younger students (12)
selected to participate in school’s research seminar program (basically teaching lab skills and research presentation), helped select future participants (10-12)
tutored in french and math (10-12)
work reception and billing for my mother’s pediatric private practice (10-12)
worked and volunteered at my local public library (7-10)
all added up, i should have around 400 volunteer hours (library, hospice, hospital, lab) by the time i apply
i think i’m a pretty good writer! not comfortable sharing what my essays about here but my english teacher complimented it
counselor - 8-9/10
ap bio teachetutoring club advisoteaching intern supervisor next year - 9-10/10 (knows me very well and is familiar with my work outside the classroom, did really well in her class)
history teacher - 9-10/10 (he’s the one who encouraged me to study history of science in the first place)
lab mentor - 7/10 (doesn’t know me super well, but very respected in his field)
would like somewhere with a liberal arts focus since i’m interested in interdisciplinary studies/preparing for med school while still getting a well rounded humanities education.
would like to not have every single class be enormous.
i’d like to stay in the north—nowhere south of the carolinas. northern california/chicago is cool with me!
(i would like to try for harvard since their history of science/medicine and society program is amazing, but that’s a huge reach)
submitted by whatwasimeanttodo to chanceme [link] [comments]

2023.06.06 00:37 Any_Wear_4543 The American Economy Would Not Survive, Like It Is Doing Today, Without The Dollar Being The World Reserve Currency. The Fall Of The Dollar Will Be An Opportunity For Other Countries To Prosper As The US Will Not Be Able To Devalue Their Savings Anymore. (Agreed and nationalization is the first step

The American Economy Would Not Survive, Like It Is Doing Today, Without The Dollar Being The World Reserve Currency. The Fall Of The Dollar Will Be An Opportunity For Other Countries To Prosper As The US Will Not Be Able To Devalue Their Savings Anymore. (Agreed and nationalization is the first step submitted by Any_Wear_4543 to the_everything_bubble [link] [comments]

2023.06.06 00:27 juggett WWF Raw Video Guide and Collector Stamps from 1994

WWF Raw Video Guide and Collector Stamps from 1994
Almost didn’t post since 1994 is only like 9 years ago or something.
submitted by juggett to OldSchoolCool [link] [comments]

2023.06.05 23:48 shockbolt44 Best way to get an auto loan for an older car?

I need a car as I'm starting grad school and the program is not remote. I have the opportunity to purchase an incredibly well priced car and clean car with sub 100k on it from an acquaintance. PPI I had done also gave me the green flag. Unfortunately I'm pretty tapped out after paying for college and really would like to not let this deal slip. I have roughly 3000 I could put towards it but do not have the additional 6000. 9k for a car that's regularly selling for 15k is not something I want to pass up especially in this market. My credit union is unwilling to extend any auto loan for a car older than 2010 and this is a 2007. Would it be feasible for me to take out a personal loan for the difference and who should I try for. My credit union said I'd probably need a co-signer. I don't have anyone who could do that.
I currently work part time and bring in roughly 3-400 weekly after taxes plus cash tips totaling a not insignificant amount and that will likely increase going into the summer. I have 30k in federal student loans from undergrad that I do not have to pay until after I stop attending school. I have no significant expenses aside from my pets, food, and my phone. My expenses will not increase when I start school and I do not anticipate needing to take out additional student loans.
I have a fico 8 of 685, I have one credit card with a 1k limit with a current balance of 20$ that I've had for three years. I have nothing in collections, I have a three month string of missed payments from last year where I had changed bank accounts and just forgot to change the autopay source. I was working a 40hr internship, plus classes and an additional part time job. Two 30s and one 60, thankfully no 90 day. No excuses, it was my fault but it wasn't just that I had no money.
What's my best option?
submitted by shockbolt44 to CRedit [link] [comments]

2023.06.05 23:36 SnooRecipes9563 Laugh in Canadian when people in the US complain about the housing price.

Laugh in Canadian when people in the US complain about the housing price. submitted by SnooRecipes9563 to canadahousing [link] [comments]

2023.06.05 23:26 ebean17 is this bill worth money?

is this bill worth money?
i work at a bank and just this bill in, seems like the “design” is more towards the top than it should be. i took one picture of the bills side by side and then it by it’s self. the bill is not in good condition, and is very flimsy.
submitted by ebean17 to Money [link] [comments]

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2023.06.05 21:53 jerf Who's Hiring? - June 2023

This post will be stickied at the top of golang until the last week of June (more or less).
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2023.06.05 21:52 Dismal-Jellyfish Federal Reserve Alert! Today a CLOSED meeting of the Board of Governors of the Federal Reserve held as it was determined that the public interest did not require opening the meeting. Matter Considered: Review & determination of the advance and discount rates to be charged by the liquidity fairy.

Federal Reserve Alert! Today a CLOSED meeting of the Board of Governors of the Federal Reserve held as it was determined that the public interest did not require opening the meeting. Matter Considered: Review & determination of the advance and discount rates to be charged by the liquidity fairy.

Background on discount rates and what they could be talking about:

Deposits at commercial banks has stabilized slightly, maybe?
A little over a year ago (4/13/2022) the high was hit at $18,158.3536 billion
Date Deposits, All Commercial Banks (billions) Down from all time high (billions)
4/13/2022 $18,158 0
2/22/2023 (Run picks up speed) $17,690 -$468 billion
3/1/2023 $17,662 -$496 billion
3/8/2023 $17,599 -$559 billion
3/15/2023 $17,428 -$730 billion
3/22/2023 $17,256 -$902 billion
3/29/2023 $17,192 -$966 billion
4/5/2023 $17,253 -$905 billion
4/12/2023 $17,168 -$990 billion
4/19/2023 $17,180 -$978 billion
4/26/2023 $17,164 -$994 billion
5/3/2023 $17,149 -$1,009 billion
5/10/2023 $17,123 -$1,035 billion
5/17/2023 $17,152 -$1006 billion
5/24/2023 $17,238 -$920 billion

All this money pulled from commercial banks as M2 (U.S. money stock--currency and coins held by the non-bank public, checkable deposits, and travelers' checks, plus savings deposits, small time deposits under 100k, and shares in retail money market funds) is decreasing:
A little less than a year ago (July 2022) the M2 high was hit at $21,703 billion
Date M2 (billions) Down from all time high (billions)
July 2022 $21,703 0
August 2022 $21,660 -$43 billion
September 2022 $21,524 -$179 billion
October 2022 $21,432 -$271 billion
November 2022 $21,398 -$305 billion
December 2022 $21,358 -$345 billion
January 2023 $21,212 -$491 billion
February 2023* $21,076 -$627 billion
March 2023 $20,840 -$863 billion
April 2023 $20,673 -$1030 billion
\Bank run in commercial banks picked up in February 2023.)
  1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other liquid deposits, consisting of other checkable deposits (or OCDs, which comprise negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions) and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and other liquid deposits, each seasonally adjusted separately.
  2. M2 consists of M1 plus (1) small-denomination time deposits (time deposits in amounts of less than $100,000) less individual retirement account (IRA) and Keogh balances at depository institutions; and (2) balances in retail money market funds (MMFs) less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is constructed by summing small-denomination time deposits and retail MMFs, each seasonally adjusted separately, and adding the result to seasonally adjusted M1.
  3. Currency in circulation consists of Federal Reserve notes and coin outside the U.S. Treasury and Federal Reserve Banks.
  4. Reserve balances are balances held by depository institutions in master accounts and excess balance accounts at Federal Reserve Banks.
  5. Monetary base equals currency in circulation plus reserve balances.
  6. Total reserves equal reserve balances plus, before April 2020, vault cash used to satisfy reserve requirements.
  7. Total borrowings in millions of dollars from the Federal Reserve are borrowings from the discount window's primary, secondary, and seasonal credit programs and other borrowings from emergency lending facilities. For borrowings included, see "Loans" in table 1 of the H.4.1 statistical release.
  8. Nonborrowed reserves equal total reserves less total borrowings from the Federal Reserve.

However, borrowing from the liquidity fairy is spiraling to make up for it shrinking M2 and dwindling deposits:

  1. Bank Term Funding Program (BTFP)
  2. Discount Window/Primary Credit
  3. "Other Credit Extensions"

Bank Term Funding Program (BTFP):
Tool Bank Term Funding Program (BTFP) Up from 3/15, 1st week of program ($ billion)
3/15 $11.943 billion $0 billion
3/22 $53.669 billion $41.723 billion
3/29 $64.403 billion $52.460 billion
3/31 $64.595 billion $52.652 billion
4/5 $79.021 billion $67.258 billion
4/12 $71.837 billion $59.894 billion
4/19 $73.982 billion $62.039 billion
4/26 $81.327 billion $69.384 billion
5/3 $75.778 billion $63.935 billion
5/10 $83.101 billion $71.158 billion
5/17 $87.006 billion $75.063 billion
5/24 $91.907 billion $79.964 billion
5/31 $93.615 billion $81.672 billion
  • Association, or credit union) or U.S. branch or agency of a foreign bank that is eligible for primary credit (see 12 CFR 201.4(a)) is eligible to borrow under the Program.
  • Banks can borrow for up to one year, at a fixed rate for the term, pegged to the one-year overnight index swap rate plus 10 basis points.
  • Banks have to post collateral (valued at par!).
  • Any collateral has to be “owned by the borrower as of March 12, 2023."
  • Eligible collateral includes any collateral eligible for purchase by the Federal Reserve Banks in open market operations.

Discount Window/Primary Credit:
Tool Discount Window Down from 3/15 high
3/15 $152.853 billion $0 billion
3/22 $110.248 billion -$42.605 billion
3/29 $88.157 billion -$64.696 billion
4/5 $69.705 billion -$83.148 billion
4/12 $67.633 billion -$85.22 billion
4/19 $69.925 billion -$82.928 billion
4/26 $73.855 billion -$78.998 billion
5/3 $.5345 billion -$152.3185 billion
5/10 $.9323 billion -$151.9207 billion
5/17 $.9048 billion -$151.9482 billion
5/24 $.4211 billion -$152.4319 billion
5/31 $.3971 billion -$152.4559 billion

Primary Credit allows banks to borrow against collateral at the current federal funds rate What they talked about today!):
Federal Reserve lending to depository institutions (the “discount window”) plays an important role in supporting the liquidity and stability of the banking system and the effective implementation of monetary policy.
By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers, such as withdrawing credit during times of market stress. Thus, the discount window supports the smooth flow of credit to households and businesses. Providing liquidity in this way is one of the original purposes of the Federal Reserve System and other central banks around the world.

The "Primary Credit" program is the principal safety valve for ensuring adequate liquidity in the banking system. Primary credit is priced relative to the FOMC’s target range for the federal funds rate and is normally granted on a “no-questions-asked,” minimally administered basis. There are no restrictions on borrowers’ use of primary credit.
Examples of common borrowing situations:
  • Tight money markets or undue market volatility
  • Preventing an overnight overdraft
  • Meeting a need for funding, including a short-term liquidity demand that may arise from unexpected deposit withdrawals or a spike in loan demand
The introduction of the primary credit program in 2003 marked a fundamental shift - from administration to pricing - in the Federal Reserve's approach to discount window lending. Notably, eligible depository institutions may obtain primary credit without exhausting or even seeking funds from alternative sources. Minimal administration of and restrictions on the use of primary credit makes it a reliable funding source. Being prepared to borrow primary credit enhances an institution's liquidity.
Notice how use of the Discount Window has PLUMMETED as BTFP has come in to play? BTFP offers slightly lower interest and longer terms. I wonder how many folks paid back their Discount Window loans with BTFP money?

“Other credit extensions”:
Tool Other Credit Extension Up from 3/15, 1st week of program ($ billion)
3/15 $142.8 billion $0 billion
3/22 $179.8 billion $37 billion
3/29 $180.1 billion $37.3 billion
4/5 $174.6 billion $31.8 billion
4/12 $172.6 billion $29.8 billion
4/19 $172.6 billion $29.8 billion
4/26 $170.3 billion $27.5 billion
5/3 $228.2 billion $85.4 billion
5/10 $212.5 billion $69.7billion
5/17 $208.5 billion $65.7 billion
5/24 $192.6 billion $49.8 billion
5/31 $188.092 billion $45.292 billion
"Other credit extensions" includes loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by collateral and the FDIC provides repayment guarantees.
For example, $114 billion in face value Agency Mortgage Backed Securities, Collateralized Mortgage Obligations, and Commercial Mortgage Backed Securities about to be liquidated 'gradual and orderly' with the 'aim to minimize the potential for any adverse impact on market functioning' by BlackRock.
How I understand this works:
  • The FDIC created temporary banks to support the operations of the ones they have taken over.
  • The FDIC did not have the money to operate these banks.
  • The Fed is providing that in the form of a loan via "Other credit extensions".
  • The FDIC is going to sell the taken over banks assets.
  • Whatever the difference between the sale of the assets and the ultimate loan number is, will be the amount split up amongst all the remaining banks and applied as a special fee to make the Fed 'whole'.
  • It can be argued the consumer will ultimately end up paying for this as banks look to pass this cost on in some way.
There has been an update on this piece recently:
Whatever the difference between the sale of the assets and the ultimate loan number is, will be the amount split up amongst all the remaining banks and applied as a special fee to make the Fed 'whole'.
FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination of approximately $15.8 billion. It is estimated that a total of 113 banking organizations would be subject to the special assessment.

What does all this borrowing look like for the banks? They sure as heck aren't getting funding from deposits...:
Over the few weeks prior to the FDIC receivership announcements on March 10 and 12, the banking sector lost another approximately $450 billion. Throughout, the banking sector has offset the reduction in deposit funding with an increase in other forms of borrowing which has increased by $800 billion since the start of the tightening.
The right panel of the chart below summarizes the cumulative change in deposit funding by bank size category since the start of the tightening cycle through early March 2023 and then through the end of March. Until early March 2023, the decline in deposit funding lined up with bank size, consistent with the concentration of deposits in larger banks. Small banks lost no deposit funding prior to the events of late March. In terms of percentage decline, the outflows were roughly equal for regional, super-regional, and large banks at around 4 percent of total deposit funding:
The blue bar in the left panel above shows that the pattern changes following the run on SVB. The additional outflow is entirely concentrated in the segment of super-regional banks. In fact, most other size categories experience deposit inflows.
The right panel illustrates that outflows at super-regionals begin immediately after the failure of SVB and are mirrored by deposit inflows at large banks in the second week of March 2022.
Further, while deposit funding remains at a lower level throughout March for super-regional banks, the initially large inflows mostly reverse by the end of March. Notably, banks with less than $100 billion in assets were relatively unaffected.
However, during the most acute phase of banking stress in mid-March, other borrowings exceeded reductions in deposit balances, suggesting significant and widespread demand for precautionary liquidity. A substantial amount of liquidity was provided by the private markets, likely via the FHLB system, but primary credit and the Bank Term Funding Program (both summarized as Federal Reserve credit) were equally important.
  • Large banks increased borrowing the most, which is in line with deposit outflows being strongest for larger banks before March 2023.
  • During March 2023, both super-regional and large banks increase their borrowings, with most increases being centered in the super-regional banks that faced the largest deposit outflows.
  • Note, however, that not all size categories face deposit outflows but that all except the small banks increase their other borrowings.
  • This pattern suggests demand for precautionary liquidity buffers across the banking system, not just among the most affected institutions:
Banks have been replacing deposit outflows with the borrowing we have covered above.

Report: U.S. regulators will potentially raise capital requirements for large banks by about 20%.

U.S. regulators will potentially raise capital requirements for large banks by about 20%.Regulators are preparing to increase a banks capital requirements, with the exact amount determined by each specific financial institution’s business activities, according to people familiar with the matter, according to the report.The changes are expected to be proposed as soon as this month, with the largest banks expected to face the biggest increases in capital requirements.The FDIC told Barron’s it was unable to offer comment on the report. Barron’s also reached out to the Board of Governors of the Federal Reserve System for confirmation and comment on the report.Bank stocks were little changed in early trading Monday. JPMorgan Chase (ticker: JPM) and Wells Fargo (WFC) shares were up 0.2%, while Goldman Sachs (GS) and Bank of America (BAC) gained less than 0.1%. Citigroup (C) shares declined 0.3% while Morgan Stanley (MS) stock was down less than 0.1%.These rules would be part of regulators’ efforts to place stronger regulations on the banking sector following the collapse of several smaller banks over the last few months.Michael Barr, vice chair for supervision of the Board of Governors of the Federal Reserve System, has been pushing for tighter banking regulations since before the collapse of Silicon Valley Bank, and has continued to do so since.“My review of Silicon Valley Bank’s (SVB) failure demonstrates that there are weaknesses in regulation and supervision that must be addressed, and I am committed to doing so,” Barr said in remarks to the Senate Committee on Banking, Housing, and Urban Affairs in May.“We need to evaluate whether our capital requirements appropriately measure the ability of banks to absorb losses,” he added.

What could this mean?

  • Reduced Lending: Banks with higher capital requirements may reduce their lending to maintain compliance, as they need to hold a greater amount of capital relative to their loans.
    • This could potentially restrict credit for businesses and individuals, possibly slowing economic growth.
  • Higher Borrowing Costs: To compensate for holding more capital, banks might raise their lending rates, making borrowing more expensive for consumers and businesses.
  • Quick Implementation Challenges: A sudden increase in capital requirements could be disruptive, forcing banks to quickly adjust their business models, strategies, and balance sheets to comply.
  • Capital Availability: As we have seen with withdrawals from commercial banks, in this financial environment, banks may struggle to raise the necessary capital quickly.
  • Small and Medium Bank Impact: While larger banks might have the resources to meet higher capital requirements, smaller banks could struggle, potentially leading to MORE consolidation in the banking industry...


  • Today a CLOSED meeting of the Board of Governors of the Federal Reserve held as it was determined that the public interest did not require opening the meeting.
    • Matter Considered: Review & determination of the advance and discount rates to be charged by the liquidity fairy.
  • Folks have pulled $920 billion in deposits since 4/13/2022
  • Folks have pulled $452 billion in deposits since 2/22/2023
  • Folks have added $86 billion in deposits 5/17-5/24
  • Report: U.S. regulators will potentially raise capital requirements for large banks by about 20%.
    • Deposit rates have been artificially suppressed for so long, can banks survive this?
  • Did they discuss behind closed doors tweaks to the terms of what the liquidity fairy offers coming soon to bail banks out further?
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2023.06.05 21:39 day_dreamer1313 Bamboo room at Three Dots and A Dash

Hello. I am visiting Chicago for the first time in July and want to go to Three Dots and A Dash, but I can’t tell if I should make my reservation in the main room or in the bamboo room. What are the main differences? Thanks so much!
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