Terrifying: Biden Is Nominating An Actual Communist, A Soviet-Trained Self-Proclaimed Radical In Charge Of The U.S. Banking System

[Slade3200]

So you support this nomination? Care to explain why?

Haha, no I never said that. I don’t know a thing about this person. I just saw the OP proclaim that he was terrified and I wanted to offer him some support.

 

[Meister]

First, you owe me an explanation of a comment you made yesterday. I won't leave that hanging.

I don't owe you anything, but, I did respond to you.
Try and stay on this topic when in this thread

 

[easyt65]

Here ya go, Otis, knock yourself out with this commie.

ABA Raises Concerns about OCC Nominee’s Views on Bank Policy

President Biden yesterday announced that he will nominate Saule Omarova to serve as comptroller of the currency. Currently a professor

bankingjournal.aba.com

Biden Expected to Nominate Wall Street Critic as Top Banking Regulator

Cornell law professor Saule Omarova will be named Comptroller of the Currency, say people familiar with the matter.

www.wsj.com

Biden plans to nominate a major critic of cryptocurrencies as a top Wall Street regulator | Fortune

Saule Omarova sees crypto's rise as helping a "dysfunctional financial system.”

fortune.com

Biden taps extreme reformist for nation's top bank regulator, stoking fear in Washington

WASHINGTON (TND) - President Joe Biden’s selection for the nation’s top bank regulator is setting off alarm bells around Washington due to her radical beliefs about overhauling the nation’s banking system and her desire to dramatically increase the federal government’s role in banking.

abcnews4.com

Power grab? The Federal Reserve soon may be our only bank

Saule Omarova, Biden’s nominee for Comptroller of the Currency, desires private sector banking to be the purview of the Federal Reserve.

thehill.com

Biden to tap Wall Street critic Omarova as top bank cop

Omarova has long called for the government to play a more expansive role in providing financial services.

www.politico.com

Biden’s pick to regulate national banks received ‘Lenin’ award, praised USSR for gender equality

President Biden’s pick to oversee the regulation of national banks once praised the Soviet Union for gender equality and received a “Lenin” award while in college.

www.foxnews.com

Biden’s Soviet-raised pick for Treasury post sought end to banking ‘as we know it’

Saule Omarova, a Cornell University law professor, was tapped by President Biden on Sept. 23 to be the Treasury Department’s comptroller of the currency.

nypost.com

Bwuhahahahaha.......

It was so much easier to attempt to slander the media than try to debunk all of that......

 

[badger2]

If anything, it would be a reciprocation for the already established menage-a-trois, Dragon-Bear-Donkey.

 

[g5000]

Replacing private banks with federal digital dollars is crazy and will never happen. Biden knows that.

The reason he wants to hire Omarova, I suspect, is because she wants to establish a National Investment Authority (NIA).

The principle behind the NIA is that instead of funding infrastructure projects with government money (tax dollars), it would be funded with money from the private sector.

The NIA would be a public-private investment agency. The idea is to create a body that will sell bonds to private investors and use that money to build critical infrastructure. Some infrastructure projects are too big and too expensive for individual municipalities to pull off.

This would be a GSE, like Fannie and Freddie.

You can read Omarova's and her co-author's white paper about the NIA here: White Paper: A National Investment Authority

Now I will explain the kookier parts.

The NIA's primary focus would be investing in green infrastructure projects. The bonds issued by the NIA would be rated by a standalone ratings agency. That ratings agency would rate each bond by how green the infrastructure project is. The more green a project is, the higher the rating it will receive. The more carbonized a project, the lower the rating it will receive.

Never mind the actual risk of default determining the rating a bond receives. All that matters is how green the damned thing is.

See here: Investment and Decarbonization | Anusar Farooqui & Tim Sahay

 

[g5000]

Something occurs to me as I re-read my last post.

For lack of a better term, "carbonized public works" projects have a long established history. Their outcomes are therefore more reliable.

Green projects do not have an established history, so they are more risky investments.

But since the NIA's ratings agency would be prejudiced against carbon public works, they will assign a higher interest (riskier) rating to them. Therefore, if I was a smart investor, I would buy the carbon bonds.

This could have the opposite intended effect Omarova is shooting for.

 

[Toddsterpatriot]

But since the NIA's ratings agency would be prejudiced against carbon public works, they will assign a higher interest (riskier) rating to them. Therefore, if I was a smart investor, I would buy the carbon bonds.

There will be plenty of government employee pension plans and "green" ETFs which will gladly
buy bonds that are poor investments but will sound good.

 

[g5000]

There will be plenty of government employee pension plans and "green" ETFs which will gladly
buy bonds that are poor investments but will sound good.

Pension plans have to make as much money as possible for their constituents, just like any other organization. They will go where the biggest returns are.

However, most government pension plans are required to buy only investment grade bonds. If the carbonized public works bonds are not rated investment grade, then yeah, the government pensioners won't be able to buy them.

Carbonized public works bonds is too wieldy. I'm going to call them "dirty bonds".

 

[Toddsterpatriot]

Pension plans have to make as much money as possible for their constituents, just like any other organization. They will go where the biggest returns are.

However, most government pension plans are required to buy only investment grade bonds. If the carbonized public works bonds are not rated investment grade, then yeah, the government pensioners won't be able to buy them.

Carbonized public works bonds is too wieldy. I'm going to call them "dirty bonds".

If the carbonized public works bonds are not rated investment grade, then yeah, the government pensioners won't be able to buy them.

The NIA's primary focus would be investing in green infrastructure projects. The bonds issued by the NIA would be rated by a standalone ratings agency

I wonder how many of the following investments have defaulted?????

CalSTRS Green Bond Program Enters Its Seventh Year - CalSTRS.com

CalSTRS Fixed Income is a leader in the green bond market, more than tripling its holdings over the past two years

www.calstrs.com

 

[g5000]

If the carbonized public works bonds are not rated investment grade, then yeah, the government pensioners won't be able to buy them.

The NIA's primary focus would be investing in green infrastructure projects. The bonds issued by the NIA would be rated by a standalone ratings agency

I wonder how many of the following investments have defaulted?????

CalSTRS Green Bond Program Enters Its Seventh Year - CalSTRS.com

CalSTRS Fixed Income is a leader in the green bond market, more than tripling its holdings over the past two years

www.calstrs.com

I'd like a peek inside those bonds. The potential for fraud is obvious.

Green Bonds Series: Part 4 - When ‘green’ bonds go brown

In this article, part 4 of our series on green bonds, we take a look at the consequences for green bonds which fail to deliver on their promised…

www.lexology.com

 

[Toddsterpatriot]

I'd like a peek inside those bonds. The potential for fraud is obvious.

Green Bonds Series: Part 4 - When ‘green’ bonds go brown

In this article, part 4 of our series on green bonds, we take a look at the consequences for green bonds which fail to deliver on their promised…

www.lexology.com

I wonder if anyone got stuck with Solyndra or BrightSource bonds...........

 

[g5000]

I wonder if anyone got stuck with Solyndra or BrightSource bonds...........

The potential for fraud is investing in projects that aren't actually green. Ones that actually add carbon to the atmosphere either directly or indirectly. You still have to charge an electric car's battery with electricity from a coal-fired plant.

Another theoritical example of green fraud I wrote many years ago on another forum had to do with securitization. Anything can be securitized. You could securitize a hooker's income for the next 10 years if you wanted, and if it was legal.

In India, many fields are irrigated manually with some poor sucker pedaling his ass off to pump water. That method is being replaced by gasoline powered pumps.

So let's say you are a greenie and want to sell carbon offsets to a smoke-bellowing factory. You can do this by paying the poor sap who pedals water to not replace himself with a gasoline pump. You then calculate how much carbon emissions that would save for the next 20 years, and sell that offset to the factory. You have securitized the carbon offset out to 20 years.

The problem is that the Indian is going to get tired of pedaling the older he gets, and he is going to buy a motor way before that 20 years passes. Even sooner since you just gave him a wad of cash.

So the 20 year carbon offset sale is fraudulent.

 

[basquebromance]

Yes. She actually said, with a straight face, "Say what you will about old USSR, there was no gender pay gap there. Market doesn’t always ‘know best.'"

 

[g5000]

Zero carbon emissions. Except methane...

 

[Toddsterpatriot]

The potential for fraud is investing in projects that aren't actually green. Ones that actually add carbon to the atmosphere either directly or indirectly. You still have to charge an electric car's battery with electricity from a coal-fired plant.

Another theoritical example of green fraud I wrote many years ago on another forum had to do with securitization. Anything can be securitized. You could securitize a hooker's income for the next 10 years if you wanted, and if it was legal.

In India, many fields are irrigated manually with some poor sucker pedaling his ass off to pump water. That method is being replaced by gasoline powered pumps.

So let's say you are a greenie and want to sell carbon offsets to a smoke-bellowing factory. You can do this by paying the poor sap who pedals water to not replace himself with a gasoline pump. You then calculate how much carbon emissions that would save for the next 20 years, and sell that offset to the factory. You have securitized the carbon offset out to 20 years.

The problem is that the Indian is going to get tired of pedaling the older he gets, and he is going to buy a motor way before that 20 years passes. Even sooner since you just gave him a wad of cash.

So the 20 year carbon offset sale is fraudulent.

The potential for fraud is investing in projects that aren't actually green.

The potential for loss is investing in projects that are green but aren't actually profitable.
Who cares today if Solyndra and Ivanpah were green?

 

[Toddsterpatriot]

Zero carbon emissions. Except methane...

Plus you get green fuel for cooking.

 

[OldFlame]

Haha, no I never said that. I don’t know a thing about this person. I just saw the OP proclaim that he was terrified and I wanted to offer him some support.

So you’re just a fool? Thanks for clarifying.

 

[Slade3200]

So you’re just a fool? Thanks for clarifying.

Huh? Where are you getting that from? What a foolish thing to say about somebody you don’t know.

 

[whitehall]

Where is the outrage in the media? It's proof that the Biden administration can get away with anything as long as the media remains the propaganda arm of the democrat party.

 

[Slade3200]

Where is the outrage in the media? It's proof that the Biden administration can get away with anything as long as the media remains the propaganda arm of the democrat party.

Media was all over his ass when he lied about Afghanistan. Why do you care so much about media outrage anyways?!