Get used to it, otherwise we will have to put up with Greenspan's revisionist history and fallout shelters to stop the populists with their pitchforks!
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘National Emergency Centers Establishment Act’.
SEC. 2. ESTABLISHMENT OF NATIONAL EMERGENCY CENTERS.
(a) In General- In accordance with the requirements of this Act, the Secretary of Homeland Security shall establish not fewer than 6 national emergency centers on military installations.
(b) Purpose of National Emergency Centers- The purpose of a national emergency center shall be to use existing infrastructure--
1) to provide temporary housing, medical, and humanitarian assistance to individuals and families dislocated due to an emergency or major disaster;
(2) to provide centralized locations for the purposes of training and ensuring the coordination of Federal, State, and local first responders;
(3) to provide centralized locations to improve the coordination of preparedness, response, and recovery efforts of government, private, and not-for-profit entities and faith-based organizations; and
(4) to meet other appropriate needs, as determined by the Secretary of Homeland Security.
This Act may be cited as the ‘National Emergency Centers Establishment Act’.
SEC. 2. ESTABLISHMENT OF NATIONAL EMERGENCY CENTERS.
(a) In General- In accordance with the requirements of this Act, the Secretary of Homeland Security shall establish not fewer than 6 national emergency centers on military installations.
(b) Purpose of National Emergency Centers- The purpose of a national emergency center shall be to use existing infrastructure--
1) to provide temporary housing, medical, and humanitarian assistance to individuals and families dislocated due to an emergency or major disaster;
(2) to provide centralized locations for the purposes of training and ensuring the coordination of Federal, State, and local first responders;
(3) to provide centralized locations to improve the coordination of preparedness, response, and recovery efforts of government, private, and not-for-profit entities and faith-based organizations; and
(4) to meet other appropriate needs, as determined by the Secretary of Homeland Security.
How are we going to have civil unrest when everyone is prepared for it?
AIG protestors had two buses for the protest tour. Twenty vans for reporters to cover the story, and one bus for people. That's all they got. The "AIG rage" story is already yesterday's news.
The bankers want their bonuses, so we get a gigantic bank rescue plan, to prevent "systemtic failure."
Last week, Geenspan was telling the WSJ and any that would listen, that none of this was his fault, even though he was the champion of derugulation, securitization and the non regulation of derivatives. Remember Greenspan saying this?
"Risks in financial markets, including derivative markets, are being regulated by private parties. There is nothing involved in federal regulation per se which makes it superior to market regulation."
Can you imagine the revisionist spin we would hear if all these bankers that caused this crisis with their phony swaps and derivatives were hauled in front of judges?
The only Central Banker that told the truth about what these guys were doing was Mervyn King, in his speech last week, and since he told the truth, no one covered it! Here's the speech, Finance: A Return from Risk with a few choice lines.
Banks are dangerous institutions. They borrow short and lend long. They create liabilities which promise to be liquid and hold few liquid assets themselves...
Forty years ago, the clearing banks in London held around 30% of their assets in short-term liquid instruments. Today that liquid assets ratio is about 1%...
In response, the financial services industry rediscovered the time-honoured way of raising rates of return – increasing leverage and taking more risk while finding ways of making the degree of risk less transparent.
A system in which it is easier for a large bank to expand and then destroy its balance sheet than for an individual to open a bank account has lost focus.
But if you don't like the bank bailout as an excuse to buy, then consider China. Today, People's Bank of China Vice Governor Hu Xiaolian said US T-Bills "are an important component part of China's foreign currency reserve investments." So much for their belly-aching last week.
China's property market is seeing signs of life
China's property market is seeing signs of life
and a secretive Chinese state organisation in China is stockpiling copper.
China is stockpiling raw materials, and our Government is stockpiling bad loans.
And coming down the road is Pollyanna, who wants to spoil the short's party!
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