Should monetary policy respond to asset prices and asset bubbles? This is a highly controversial issue, both from an academic research point of view and, more importantly, from a policy perspective. There is broad evidence that asset bubbles do occur from time to time, and that such bubbles may lead to economic distortions as well as financial and real economy instability. Thus, many authors argue that optimal monetary policy requires monetary policy authorities to react to such bubbles over and above the effects that such
bubbles have on current output growth, aggregate spending and expected inflation. Others are of the view that monetary policy should not react to asset prices or bubbles beyond the effect that such asset price movements directly have on inflation, aggregate spending and economic growth. In this paper, I will present the arguments in favor of the view that monetary policy should react to asset prices and asset bubbles; In the process, I will also discuss and refute the arguments against the use of monetary policy to address bubbles.
Tonight at 6pm from the Civic Center to the SDPD HQ.
SAN DIEGO — The San Diego County Sheriff’s Department will conduct an internal review into the treatment of Occupy San Diego protesters who were arrested during the early morning hours of Oct. 28 and held in custody by the agency, spokeswoman Jan Caldwell said Thursday.
After 34 men and 17 women were detained, they were loaded onto a bus and two vans to be transported to Vista jail and the Las Colinas Detention Facility. The trip took so long that some were forced to “relieve themselves as they sat on the bus or van,” according to a Sheriff’s Department statement.
In the statement, sheriff’s officials conceded that there were no restroom facilities available for the arrestees and said the matter is being “treated seriously.”
One protester, 18-year-old City College student Kevin Rambo, has said that demonstrators were held on a bus for between nine and 12 hours.
“When this was brought to our attention, we acted on it immediately,” Caldwell said. “We decided this Critical Incident Review would be the best way to go over what might not have worked out well. We do appreciate feedback. This is how we can do a better job the next time.”
Eugene Davidovich, an activist who said he was at Civic Center Plaza the night of the arrests but was not arrested, welcomed news of the review. However, he said he would like it to be expanded to include the actions of authorities as the arrests were taking place.
“I think it’s absolutely necessary that a review of the actions of the Sheriff’s (Department) is conducted from that night,” he said. “It’s a good sign, (but) I don’t think it’s enough.”
Thursday November 10
* * 2:00 PM to 2:30 PM: Teach in by Lt. Col. Dave Gapp: “Cost of War”* Lt. Col. Gapp, a USAF fighter pilot and combat veteran with 31 years of military service, will give a short 30 minute talk. After this talk, he will take those interested to the Central Library for a showing of Heather Courtney’s Where Soldiers Come From. More information about the film: http://www.sandiego.gov/public-library/pdf/111007soldierspr.pdf
Friday November 11, 2011
* * 3:00 PM to 4:00 PM: Teach in by Maurice Martin, Veterans For Peace: “Veteran’s Homelessness, Challenges and Solutions”* Maurice is an Army combat veteran and is on the board of Amikas, a local organization that works to transition homeless men and women to permament housing.
* * 4:00 PM to 5:30 PM: Teach in by E Raymond (E Ray) Brown, Ghetto Physics: “Ghetto Physics and the Occupy Movement”* We the people realize it’s time to Stand Up, and events are spring up across the country in solidarity with Occupy Wall Street. Ghetto Physics was written and directed to discuss these very topics that are changing our world today. To engage in this vital movement — Ghetto Physics would like to assist. For more information on Ghetto Physics see our website at http://www.ghettophysics.com [time extended from 5:00 PM to 5:30 PM]
Saturday November 12, 2011
* * 11:30 AM to 12:45 PM Workshop by Michael Mufson, Palomar College Performing Arts Department: ”Street Theatre on the March”* Using the consensus based theatre technique of ‘The Theatre of The Oppressed’ we will create a theatrical image to be presented during the1:00 march when it arrives at the Wells Fargo Bank at the corner of Market and 1st Ave. The image will portray the relationship of banks and corporations to the actual suffering of our people and the political structures that have enable them. No theatrical experience is necessary. Participants should feel free to bring any costumes or props that might be useful for demonstrating such an image. For more information see Pedagogy and Theatre of the Oppressed http://www.ptoweb.org
* * 4:00 PM: Workshop: “Brainstorming and Documentation: San Diego Municipal Code 54.0110”*
* * 11:00 AM to 12:00 PM: Teach in by Mark Smith: “Why Occupy Wall Street Doesn’t Make Demands”* A discussion of Prof. Robert Jensen’s article, Occupy Demands: Let’s Radicalize Our Analysis of Empire, Economics, Ecology. See http://fubarandgrill.org/node/1218 for the article.
* * 12:00 PM to 1:00 PM: Workshop by Aimee, James, and Jeff: “OWS List of Grievences called ‘Declaration of the Occupation of New York City”*
* * 1:00 PM to 2:00 PM: Teach in by Prof. Jonathan Graubart, SDSU: “Anarchism: It’s Philosophy, It’s Historical Evolution, and Its Continued Relevance for Social Justice”*
* * 2:00 PM to 3:00 PM: Workshop by the San Diego Solidarity Network.* Come learn how to fight back against daily abuses by employers and landlords using direct action and self organization
* * 3:00 PM to 4:00 PM: Teach in by Jeoffry B. Gordon, MD, MPH Physicians for a National Health Care Program: “Health Care in America: Sucking Blood Money from the Ill for Profit”*
* *4:30 PM to 5:30 PM Felicity Bradley, Cecile Veillard, Michael Anderson, San Diego Alliance for Marriage Equality (SAME): “LGBT & Labor History”* SAME members will be discussing lessons from and LGBT’s key roles in the historic 70s Coors boycott, the local Manchester Hyatt boycott (2008 to 2010) (http://www.boycottmanchesterhotels.com/), & Channel 10 boycott (ongoing) (10NewsUnfair.com) [Tentative Time]
Many major corporations have managed to pay taxes at just over half of the corporate income tax rate, according to a new report.
Nearly 300 of the nation’s most profitable companies paid an average tax rate of 18.5 percent from 2008 to 2010, less than half of the 35 percent corporate tax rate, according to a study by the Citizens for Tax Justice released Thursday. Of the 280 companies, 78 studied paid a tax rate of zero or less during at least one year of the three year period.
And thirty companies, the report says, had a negative income tax rate from 2008 to 2010, even though they took home a combined $160 billion in pre-tax profits.
The financial services industry netted the largest share — at 16.8 percent — of the $222.7 billion in total tax subsidies that the companies received, the study found. Wells Fargo took home the most tax subsidies of them all, raking in nearly $18 billion in tax breaks over the last three years.
Officials at some major corporations lashed out at the study’s findings following its release. In a statement, GE called the report “inaccurate and and distorted,” according to the Washington Post. Verizon spokesman Robert Varettoni, told WaPo that “findings in this and other recent reports have been more politically motivated than truthful.”
Even without lowering the corporate tax rate, large companies are still able to take advantage of a variety of loopholes available to them to avoid paying taxes. One, called the “active financing exception” allows corporations to sidestep paying taxes on overseas profits if the company derived those profits by “actively financing” a deal, according to the NYT.
Corporations also commonly take advantage of a rule called “accelerated depreciation,” which allows them to write off investments faster than they wear out, according to WaPo. The companies then subtract the falling value of the investments from their taxable income.
The findings come as politicians wrangle over the best way to cut the nation’s budget deficit. Republicans recently proposed lowering the corporate tax rate to 25 percent and paying for it by eliminating business tax breaks. A study by the Joint Committee on Taxation, requested by congressional Democrats, found that eliminating the business tax breaks alone wouldn’t bring in enough revenue to make up for the lowered rate.
Republican presidential candidate Rick Perry said last month that if elected president he would cut the corporate tax rate to 20 percent. Perry told The New York Times that he didn’t care that his tax plan could possibly increase income inequality. Another Republican presidential candidate, Herman Cain, vowed to slash the corporate tax rate as part of his 9-9-9 plan, which if enacted would cap sales tax, corporate income tax and personal income tax at 9 percent each.
Companies such as Apple and Google are lobbying Congress to pass an additional tax loophole known as a repatriation tax holiday that would allow corporations to avoid taxes on more than $1 trillion in offshore profits, Bloomberg reports. In exchange, the companies argue, companies would invest those dollars in the U.S.
U.S. corporations with foreign profits that amounted to 10 percent or more of their worldwide profits paid tax rates to foreign countries that were nearly one-third higher than the tax rates they paid to the U.S., the tax justice study found.
The Heritage Foundation, a conservative think tank, reversed its position on the repatriation tax holiday last month, saying that it wouldn’t help to spur U.S. job growth or investment. The Treasury Department found that a similar tax holiday passed in 2004, did little to boost employment growth.
In fact, several companies that benefited from the 2004 law cut jobs in its wake. Dow Chemical, Verizon and Bank of America are just some of the 10 companies that slashed jobs after benefiting from a repatriation tax holiday, according to the Institute for Policy Studies.
August 27, 2009
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Long omitted from the history books, the Seattle General Strike of 1919 offers an inspiring view of what it would look like if workers took power in the U.S. In Revolution in Seattle , newly republished by Haymarket Books, radical journalist and labor historian Harvey O’Connor chronicles the general strike, along with the history of radicalism in the Pacific Northwest that came before it.
O’Connor based this memoir on the accounts of workers and revolutionaries he organized with throughout his life—in addition to radical and union newspapers of the day. As O’Connor, a lifelong radical who was sentenced for contempt for defying the McCarthyite witch-hunt of the 1950s, writes in the foreword, “For many years, I have been increasingly concerned lest one of the most dramatic chapters in the labor history of the United States go unrecorded.”
Here, we reprint an excerpt from this classic book.
- 3:00 PM: Teach-In by Mark E. Smith: “Electoral Systems: Voices and Votes” This presentation is okay to film.
- 5:30 pm: Media Committee meeting.
- 3:30 PM: Teach in by IBEW 569 ; “Connecting democracy at work and democracy in society” Food will be provided This teach-in is okay to record
- National “Bank Withdrawal Day” — If you still have an account with any for-profit bank (Bank of America, Wells Fargo, Union Bank, Chase Bank, etc.) withdraw all your funds and move them to a credit union.
- 10:30 rally, march at 11 am — March to Bank of America — Memorial / Protest for foreclosure
- Protest Vigil: Death of the American Dream — San Diego Gaslamp District
- Start: March from Civic Center Plaza to 455 Island Avenue
- Facebook event: http://www.facebook.com/event.php?eid=171898516233164 PLEASE RSVP!
- 11 am — Occupy Gardens Teach-In — Suzie’s Farm encourages all mobile gardeners to “March with their gardens” If you don’t have a mobile garden they’ll show how to build one at the Civic Center! Gardeners Unite! Visit Occupy SD Gardens at http://occupysdgardens.blogspot.com/ (I recommend that this be held after people return from the march!)
- 2 pm — Legislative Committee Meeting — Will read over proposed legislation for publicly financed elections. (This one is from memory, I need some better contact about this).
- 1 PM (changed from 11:00 AM) : Teach in by Eva David, “The FDA’s role in brain damage, obesity, and pacification of the masses”
ALL EVENTS AT CIVIC CENTER PLAZA UNLESS NOTED
Leia Petty reviews a republished classic that helps us reclaim the history of working-class radicalism in the U.S.
July 16, 2009 | Issue 702 
THE REVOLUTIONARY atmosphere and activities that took hold in the U.S. in the early 20th century have been systematically written out of popular history textbooks, leaving generations of workers, students and activists without the stories and lessons of a rich history of working-class radicalism.
One of these stories is the Seattle general strike in 1919.
Revolution in Seattle, newly republished by Haymarket Books, is a firsthand account of the general strike and history of radicalism in the Pacific Northwest in the decades prior, written by Harvey O’Connor.
A group of labor leaders, including the head of the city police and fire unions, sent a letter to Baltimore Mayor Stephanie Rawlings-Blake today asking her not to remove Occupy Baltimore protesters but instead continue dialogue.
“Rather than create a confrontation, we believe it would be wise for the city of Baltimore to act with restraint and responsibility,” the letter says. “Rather than remove the protesters, we call upon the city to work with representatives of Occupy Baltimore to find a solution that can maintain the protest location and respect the rights of our citizens.”
The letter is signed by the heads of the city’s major unions - including various AFSCME chapters, the Baltimore Teachers Local 340, Fraternal Order of Police, Fire Fighters Local 734 and Fire Officers Local 964, and the City Union of Baltimore Local 800 - who say they support the purpose of the protest.
Here’s the full letter:
“Dear Mayor Rawlings-Blake:
We have been made aware of the city of Baltimore’s intention to close down the Occupy Baltimore site sometime in the next 24 hours. We write to express our firm opinion that nothing be done to close down the site and that instead, an agreement be arrived at which allows for the continuation of a peaceful, non-violent demonstration.
The Occupy Baltimore protests have given expression to a widely shared belief that our economy and our politics are controlled by corporate interests to the detriment of the overwhelming majority of working people, including our members, their families and communities. We share this opinion and applaud the courage and sacrifice of the Occupy protestors. We believe these protestors should be commended for standing up for the 99% of us, not threatened with removal.
Cities across the country - from San Diego to Little Rock, Philadelphia and Washington DC - have worked with their local Occupy movements to find reasonable accommodations that everyone can live with. Surely, the city of Baltimore can find a solution that meets the concerns of city officials and departments while allowing the protestors to continue their democratic right to peaceful, non-violent protest.
The Occupy Baltimore activists have made a broad call for followers to converge on McKeldin Square in order to defend the occupation tonight. Rather than create a confrontation, we believe it would be wise for the city of Baltimore to act with restraint and responsibility. Rather than remove the protestors, we call upon the city to work with representatives of Occupy Baltimore to find a solution that can maintain the protest location and respect the rights of our citizens.
We look forward to your quick response.
Ernie Grecco, President, Metro Baltimore Council AFL-CIO
Glen Middleton, Executive Director, AFSCME 67
Anthony Coates, AFSCME Local 647-67
Peggy Peacock, AFSCME Local 2202-67
Ms. Johnnie Phipps, AFSCME Local 558-67
Lorretta Johnson, Secretary-Treasurer, AFT
Mariette English, President, Baltimore Teachers Local 340
Brenda Clayburn, President, City Union of Balto Local 800
Steve Fugate, President, Fire Officers Local 964
Rick Hoffman, President, Fire Fighters Local 734
Jimmy Gittings, President, Public School Administrations and Supervisors Association Local 25
Rod Easter, President, Balto Building Trades Council
Bob Cherry, President, Fraternal Order of Police Lodge #3
A Baltimore police union and two firefighters unions have written to Baltimore Mayor Stephanie Rawlings-Blake (who wants to shut down Occupy Baltimore) asking that the protests be allowed to continue.
And city employees from Irvine, California to Providence, Rhode Island have correctly said that – whether or not they agree with the protesters’ views – the protesters’ have the right of free speech and free assembly under the Constitution.