Public Transportation Should Be Free by Jonathan A. Weiss

Public Transportation Should Be Free

by Jonathan A. Weiss

Food, shelter, and clothing are clear human necessities.

Many, notably Communists and Socialists, propose that the State should provide them in adequate measure as a crucial role.

Transportation to should be so considered as essential for the provision of goods to others, formation and cohesive flourishing of communities, global connections in the modern world, trade, and production both industrial and nutritional (fishing, hunting, raising edible animals, fishing, and, obviously the mixed blessing of agribusiness with subsidiary often dangerous chemicals.)

Walking, riding beasts of burden, and biking (recent in human history) are both healthy exercise, enjoyable, informative of the environment, and of utility. They are not enough, however, for the modern urban, food production and provision (domestically and even internality), industrial, crafts, and other possibilities (entertainment, group enjoyment, recreation, etc.) as well markets requirement and conditions.

Most cities are badly polluted with toxic air (compare London in the 1800s with smog from coal burning heaters) and toxins. Noise pollution from construction, deliveries, road repairs also damages the quality of life (with demonstrable effects on health – particularly for those living with exposure to the street.) Photographs are common of pollution produced hanging darkness over cities (e.g. Beijing, Mexico City.) Much of this pollution could be diminished if public transportation were free, extensive, and efficient (as well as accessible to as many as possible, e.g. those in wheelchairs, or using strollers). Before banning fossil fuel vehicles (or those using batteries or electricity derived from polluting sources or ecologically damaging dams or river diversions – even if quieter, with danger noted of not being able to hear electric power vehicles approach, particularly prevalent with reckless bikers) the extent of diminution of pollution might very well be effective. (In an experiment, Atlanta low bus fare reduced other vehicular traffic markedly.) In New York City, to the contrary, the creation of bike lanes (not obeyed or enforced by police in direction or confinement or speed – even illegal electric) has created great peril for pedestrians. Combined with parking in traffic lanes (for revenue purposes apparently) the restricted traffic space available had produced not less traffic but instead increased traffic jams with motors running in vehicles with frustrated drivers and passengers. Here particularly many pollutants would be reduced as a result of free available public transit. In general, there are social benefits as people from different backgrounds, races, cultures, religions, and attitudes are found in groups together. (Although there are bad verbal interchanges in buses and subways, sometimes leading to violence therefore requiring some police presence, there are many enjoyable and even enriching ones, and acts of generosity with seats offered to pregnant woman, the elderly, the handicapped, and assistance to those with infants. Some,some places, argue that mixed mass transportation harmonizes integration.)

When the Soviet Union built its system, with beautiful Stations in Moscow they were well placed so that people often define their neighborhood by the nearest stop, the charge for use was 5 kopeks, virtually nothing with no enforcement at the turnstile exits. (Cf. Philadelphia with advertisements even on the front of trains to be seen before ticket purchase). Clocks displayed the time since the last train left and passengers would often pass on the way into and from the station. Kiev and Leningrad’s (deep) featured similar systems. Rome, which also preserved a large part of its street cars, Madrid and other cities have also expanded substantially. Travel on them decreases surface traffic. Subways, in many locales, reflecting wise government allocation of resources, can be constructed quickly. Shanghai built a system with more mileage than New York in six years. Many cities, most recently in Qatar, have made their provision a growth industry.

The poor and working people (particularly low income) have to use public transportation. The rich need not. Some fly first class and use helicopters. (On the Upper East Side, highly paid workers in Wall Street area queue up to share cabs.) Others use limousines. (Query, why are these not banned?)

Charging for public transportation is therefore a regressive tax, an important cost for those who have little money, a cost not worth reckoning for those who have a lot or not even relevant. (In New York currently the subway system has badly degenerated with funds badly, perhaps corruptly, spent, with big expenditures of new fancy stations for rich developers new architectural monstrosities to be rented by the wealthy who may not live there, even using the property obtained for money laundering – while also building stations which would be better off just cleaned with employment for many possible.

Meanwhile trains come less often than previously (more crowded as a result), sometimes not at night or weekends or with great delays then. (Yet, for those who work at night or go to entertainment, New York does set an example of 24 hour service, perhaps unique in the world.) In London, Margaret Thatched wrecked a comfortable subway system, with carpets on the car floors, so that it is dirty and unattractive. How many other systems are so mismanaged with money improperly allocated or diverted?)

Brazil and China have worked on increasing bus transportation speed of loading and moving with efficiency. Even with carbon emissions, this provision still offers desirable mobility for most locales. Without fossil fuels, electric buses. moreover, will cut pollution substantially. No matter what, they also provide the best means of transportation for some rural and remote areas (including sections of some sprawling cities). These areas lack more and more essential services as well as local railroad stations (e.g. with the general closure of hospitals – increased administration and technological gadgets – absence of rural conveniently accessible adequate health facilities creates a major public health problem.)

What is the source of required payment? In the short run, it is a matter of taxation. Most of the rich are obscenely wealthy. Raising taxes considerably for the rich, their property, their companies, abolishing tax shelters and loopholes, would create a large source for public transportation and other public projects. Not only are education, health, arts, parks, preserving nature and even enhancing its beauty. worthy of sufficient government support so is free public transportation. In the long run, the savings in health from illness and accidents will more than likely make up for the cost. The United States spends $1.25 trillion a year on “national security”- a large portion “privatized” (raising costs for profits with no visibility or transparency or accountability. The Veteran’s administration spends half of what medicare does for drugs because they negotiate prices. Why drugs, often developed with public money, should be sold at such high prices sharply raises another allocation of money issue. ). Money could also be allocated from this great military expenditure (much larger than any other nation) for public transportation.

Even Eisenhower warned against the “military industrial” complex; reforms would free up money for the public good, including free public transportation.

After World War II both European Continental nations and the United States selected transportation paths. In Europe, they built trains. Eisenhower, with Engine Charlie Wilson from General Motors, selected highways and cars (in Europe they are now increasing super highways). The justification was that it would make moving military heavy equipment to the Coasts for shipping abroad in wartime. Now, that “infrastructure” with so many miles and structures has degenerated greatly. Extensive repair in not only necessary and costly but will bring jobs.

Traffic jams create nightmares for many involved or near with increase wear. (In New York City, as noted, the situation is exacerbated by removing lanes). Reagan hastened the destruction of highways, etc. by raising the limit on truck loads considerably. But, as the weight ascends arithmetically, the damage multiplies geometrically. Clinton approved the selling of SUVs without fuel restrictions of cars because of their truck chassis. (Noteworthy, these behemoth are often difficult to impossible to enter for those who are short and/or with weak legs. Some New York cabs suffer the same bad condition.) Both of these Presidential permissions should be immediately repealed. For the SUVs, there would have to be a “grandfather” clause and then a buy back for used ones to be replaced. A policy of banning those with only the driver would offer a start Again, these changes offer long term advantages which would bear fruit.

On the other hand, tolls were originally assessed on bridges, tunnels, and superhighways (query: a burden on interstate commerce raising Constitutional considerations?) were organelle justified as paying off the cost of construction (also funded by bonds). Now, with the costs usually long gone paid for, they are used as a source of revenue increasing the costs for commuters considerably (while often contributing to congestion.) It is often very hard on the budgets of commuters, and is, again, a regressive tax. They should all be free.

American particularly value the independence of automobile use. It has become part of the “American dream” of owning a house, preferably in the suburbs (“white flight” contributed.) The hope is that the highway system (roads, bridges, tunnels, surrounding area, and medians) is repaired while the cars and buses run with energy produced and used in a non polluting fashion in the future with a base in solar, wind, or tide power and materials for conversion, supply and preservation used whose activity and materials used do not cause environmental harm.

Trucks, equipped the same way, not too overloaded, could continue to serve a use (like cars in the future, they may be self driving leaving displayed drivers with a need to be helped with money and job training.) A proper rail system would divert some of that traffic.

Long distance travel by rail is now quite feasible. In China they have many high speed rails including from Beijing to Hong Kong and Tibet. Japan has had “bullet trains”. Europe used to feature beautiful overnight trips (eg. Paris-Madre; Paris-Florence or Rome). (Before World War II, there were many in the United States. The Broadway Limited, for example, even featured two cars for eating – one kitchen and grill for cooking excellent meals, the other for elegant dining and fine utensils and dishes.) In Western Europe, the high speed trains now abound (Rome-Florence in an hour and a half; a four hour trip at least by car and predecessor trains.) It is high time for the United States to follow suit.

Railroads mean not only powerful efficient engines but rails and roads. Their construction is labor intensive as is the infrastructure. Programs for building both would increase jobs with a Keynesian multiplier working to help the economy from hopefully adequate wages. The establishing a high speed rail system would greatly ease the roads and airport congestion. The US government could eliminate its current subsidies, indirect and direct, for private planes and helicopters, moving towards their elimination as an unnecessary class “privilege.” (How accurate was Thorsten Veblen in his Theory of the Leisure Class; Theory of Business Enterprise.)

This exposition leaves us with the question of long distance travel, particularly to and from the undeveloped countries. At the moment, airplanes seem the answer. But, we may gently suggest a subsidy program for poor people with distant relative. Certainly the space and amenities should be greatly improved below business and first class. Subsidies and support for competition between airplane builders deserves careful examination with real planning for the future (while high speed rail diminishes their need, reducing overcrowded expensive airports with their congestion producing cars and buses backed up in long lines). With all the lines of people waiting and the accommodations, most airplane travel is a real burden – particularly for the handicapped and those with children. (The inclusion of pets and “comfort” animals merits critical consideration.)

Free public transportation could greatly enhance civilization. The time to start implementing it is now.

Wall Street on Parade Pam Martens and Russ Martens

These Two Charts Show the Shocking Truth Behind the Sanders/AOC Plan to Cap Credit Card Interest Rates

By Pam Martens and Russ Martens: May 10, 2019 ~

Calling 20 and 30 percent credit card interest rates “extortion and loan sharking,” Senator Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez yesterday introduced the ‘‘Loan Shark Prevention Act’’ which would set a Federal cap of 15 percent on interest rates that can be charged to consumers.

In introducing […]

http://wallstreetonparade.com/2019/05/these-two-charts-show-the-shocking-truth-behind-the-sandersaoc-plan-to-cap-credit-card-interest-rates/

The Untold Story of the Paul Weiss Internal Investigation that Didn’t Catch a Massive Stock Fraud

By Pam Martens and Russ Martens: May 13, 2019 ~

Scales of Justice The legal press has been having a field day with how the U.S. Department of Justice, funded by U.S. taxpayers to conduct its own serious and unbiased investigations, has been outsourcing its investigations to the criminal target and its outside counsel – specifically, the law firm Paul, Weiss, Rifkind, Wharton & Garrison.

The case making the headlines involves Deutsche Bank. But another Paul Weiss internal investigation that has escaped meaningful scrutiny by mainstream media involves China Medical Technologies. The U.S. Department of Justice now describes this company as a massive securities fraud that dates back to the time that Paul Weiss conducted one of its internal investigations and came up empty-handed – or, at least, that’s what China Medical Technologies told the Securities and Exchange Commission in an official filing document.

China Medical Technologies went public in the U.S. in 2005. The sole underwriter was the large global bank, UBS. A secondary share offering was underwritten by Credit Suisse and Morgan Stanley in 2008. The company was organized as a holding company under the laws of the Cayman Islands and depicted itself as “a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostic products.”

READ MORE http://wallstreetonparade.com/2019/05/the-untold-story-of-the-paul-weiss-internal-investigation-that-didnt-catch-a-massive-stock-fraud/

#Financial Literacy

WEALTH – What does it Take to make it and hang on to it.

WEALTH – What does it Take to make it and hang on to it.

Reuters Drops a Bombshell: The Big Short Doomsday Machine Is Back

By Pam Martens and Russ Martens: April 29, 2019 ~

READ THE WHOLE ARTICLE HERE

In what can only be described as a new low in defining deviancy down on Wall Street, Thomson Reuters’ International Financing Review (IFR) reported this past weekend that some of the biggest names on Wall Street have returned to creating and/or trading synthetic collateralized debt obligations (Synthetic CDOs).

The products were a major factor in bringing the U.S. financial system to the brink of failure in 2008. Synthetic CDOs also resulted in hundreds of millions of dollars in fines and reputational damage to these same Wall Street behemoths as investigators found that the firms were allowing hedge funds to pick “crap” subprime mortgage bonds to stuff in the CDOs in order to make windfall profits for the hedge fund, which shorted (bet against) the CDOs. The Wall Street firms had full knowledge of what the hedge funds were doing but, nonetheless, peddled the investments as sound to unsuspecting investors. In some instances, the same Wall Street firm that was selling the product as a good investment to public pension funds, school districts, churches and insurance companies, was also making short bets itself against the CDO. In at least one case involving Goldman Sachs, it placed a 10 to 1 short bet on failure of its own product.

Writing for IFR, Christopher Whittall reports that “Trading volumes in synthetic collateralised debt obligations linked to credit indexes are up 40% this year, according to JP Morgan, after topping US$200bn in 2018 on the back of three years of double-digit growth. Meanwhile, analysts predict more than US$100bn in sales of bespoke synthetic CDOs in 2019 following an estimated US$80bn of issuance last year.”

Who are the major players in this market? According to Whittall, Citigroup is a major player while Deutsche Bank has “an eye on expanding in this market.” Our own sources tell us that Morgan Stanley has also structured deals in the past two years.

The bombshell here is not about the trading of synthetic CDOs. Firms can do that all day long without exposing their balance sheets and the U.S. economy to collapse. The bombshell is that the bespoke (custom-made) synthetic CDO market has returned to Wall Street and if analysts are predicting $100 billion this year after an estimated $80 billion last year, that means the real secret number is dramatically higher. Those figures also reveal nothing about how much shorting is going on. That could be 10 to 1 or even 20 to 1.

Instead of subprime mortgages being targeted this time around, what’s being stuffed into these bespoke products is corporate debt – which has exploded over the past decade, in no small part because publicly-traded corporations and Wall Street banks are being allowed to prop up their share prices through stock buybacks financed with debt.

The second bombshell in Whittall’s article is that one of the most suspect banks on the planet, Citigroup, is re-engaging in this market. Citigroup’s off-balance sheet CDOs and the secret puts it had written on them played a major role in blowing up the global bank in 2008 after Sandy Weill had walked away as a billionaire in 2006 and Robert Rubin, the former Treasury Secretary, had raked in over $120 million in compensation.

Citigroup received the largest taxpayer bailout in U.S. history from 2007 to 2010 to prevent it from bringing down the rest of the street. The bank was interconnected, through derivatives and loans, to almost every major player on Wall Street as well as global foreign banks. If it went bust, it was going to take down a lot of other key players with it.

What the public was allowed to know at the time of Citigroup’s bailout was that it received $45 billion in equity infusions from TARP – the Troubled Asset Relief Program approved by Congress; a guarantee of over $300 billion from the Federal government for its dodgy assets; a guarantee of $5.75 billion on its senior unsecured debt and $26 billion on its commercial paper and interbank deposits from the Federal Deposit Insurance Corporation. What the public was not allowed to hear about at the time was $2.5 trillion in revolving, low-interest-rate loans pumped into the insolvent behemoth by the Federal Reserve, in violation of the Fed’s mandate to only lend to solvent institutions. These details did not fully emerge until the Government Accountability Office released its audit of the Fed’s secret lending programs in July of 2011.

That Citigroup has now returned to these products is nothing short of breathtaking in its brazen contempt for the sensibilities of the American people. It is also an indictment against every Federal regulator of Wall Street. As recently as May of 2015, Citigroup became a felon by admitting to charges brought by the U.S. Department of Justice over its role in rigging foreign exchange trading. Other banks were charged as well. (See A Private Citizen Would Be in Prison If He Had Citigroup’s Rap Sheet.)

To help movie audiences understand CDOs, The Big Short movie of 2015 put the blond, sexy Australian actress Margot Robbie in a bubble bath with a glass of champagne to explain the subprime “sh*t” that was stuffed into CDOs. To unravel the intentionally convoluted synthetic CDO, the movie offered up pop star Selena Gomez in a low-cut dress at a blackjack table along with the behavioral economics expert, Dr. Richard Thayer.

Millionaires flee their homelands as tensions rise and taxes bite

About 108,000 millionaires migrated across borders last year, a 14 percent increase from the prior year, and more than double the level in 2013, according to Johannesburg-based New World Wealth. Australia, U.S. and Canada are the top destinations, according to the research firm, while China and Russia are the biggest losers. The U.K. saw around 3,000 millionaires depart last year with Brexit and taxation cited as possible reasons.

Citizenship by Investment

Quality of Nationality Index
https://www.nationalityindex.com/citizenship-by-investment

The Knight Report 49 pages

https://content.knightfrank.com/resources/knightfrank.com/wealthreport/2019/the-wealth-report-2019.pdf

The kings of capitalism are finally worried about the growing gap between rich and poor

https://www.theguardian.com/commentisfree/2019/apr/24/ray-dalio-jamie-dimon-kings-of-capitalism-concerned

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http://digg.com/2018/income-percentiles-visualized

‘Death by a thousand cuts’: vast expanse of rainforest lost in 2018

https://www.theguardian.com/environment/2019/apr/25/death-by-a-thousand-cuts-vast-expanse-rainforest-lost-in-2018

Banks Can’t Snub Crypto Startups Thanks to France’s New Blockchain Law

https://www.coindesk.com/banks-cant-snub-crypto-startups-thanks-to-frances-new-blockchain-law

How does America use its land? These maps show a whole new way to look at the U.S.

There are many statistical measures that show how productive the U.S. is. Its economy is the largest in the world and grew at a rate of 4.1 percent last quarter, its fastest pace since 2014. The unemployment rate is near the lowest mark in a half century. What can be harder to decipher is how Americans use their land to create wealth. The 48 contiguous states alone are a 1.9 billion-acre jigsaw puzzle of cities, farms, forests and pastures that Americans use to feed themselves, power their
https://www.bloomberg.com/graphics/2018-us-land-use/

‘It’s a groundswell’: the farmers fighting to save the Earth’s soil

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Move aside, San Andreas. A new fault is shaking up the tech industry’s latest frontier in the West—and only a small group of scientists is paying attention. On a recent trip to Nevada’s Pyramid Lake, geologist James Faulds explores what he believes may become the future continental edge of North America. U.S. ROUTE 395 is a geologic master class disguised as a road. It runs north from the arid outskirts of Los Angeles, carrying travelers up to Reno along the eastern flank of the Sierra Nevada.
https://www.wired.com/story/walker-lane-move-over-san-andreas-fault/

https://slate.com/business/2019/04/recycling-dead-planet-profit-americans-commodities-china.html

‘It’s not play if you’re making money’: how Instagram and YouTube disrupted child labor laws

https://www.theguardian.com/media/2019/apr/24/its-not-play-if-youre-making-money-how-instagram-and-youtube-disrupted-child-labor-laws

The Psychology Behind Unethical Behavior

https://hbr.org/2019/04/the-psychology-behind-unethical-behavior

15 Months of Fresh Hell Inside Facebook

Scandals. Backstabbing. Resignations. Record profits. Time Bombs. In early 2018, Mark Zuckerberg set out to fix Facebook. Here’s how that turned out.
https://www.wired.com/story/facebook-mark-zuckerberg-15-months-of-fresh-hell/

Opaque at Both Ends How the internet blew up information warfare

https://medium.com/@thegrugq/opaque-at-both-ends-bb3e2d6e0d58

Full professors benefit from the exploitation of non-tenure-track instructors.” Adjuncts often do the work that other professors don’t want.

https://www.theatlantic.com/education/archive/2019/04/adjunct-professors-higher-education-thea-hunter/586168/

‘Slabs’ And ‘Swangas’ — The Cars Built On Houston Hip-Hop

Slow, Loud, and Bangin!

Wall Street on Parade: Gallup Polls Show America Is Dangerously Moving in the Wrong Direction

Gallup Polls Show America Is Dangerously Moving in the Wrong Direction

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Research Study on Ongoing Crime Spree by Wall Street Mega Banks Gets News Blackout: Here’s Why