The Pronk Pops Show 1293, July 22, 2019, Story 1: Big Spending Democrat and Republican Parties Fail To Make Real Spending Cuts To Balance The Budget — — Massive Budget Deficits For Fiscal Year 2019 — Deficit To Exceed $1,000,000,000,000 For Fiscal Year 2019 — Totally Fiscally Irresponsible Big Government Spending Parties — Videos — Story 2: Islamic Republic of Iran Desperate To Start War With United States and U. S. Allies — Careful What You Wish For — Joint United States and Israel Strike Targeting Iran’s Nuclear Weapons and Missile Systems Programs Deep in Mountains — Nuclear Weapons Required For Total Destruction — Videos — Story 3: Iran Says It Captured 17 Central Intelligence Agency Spies — Plans To Execute Some of Them — Videos — Story 4: Where is The New Border Wall? — Where is Congressional Funding for New Border Barrier? — Congress Is Responsible for Crisis At The Border — New Improved Bipartisan Political Correct Chant — “Send Them All Home” Including Open Border/Citizenship For Illegal Aliens Democrats and Republicans and  Deport All 30-60 Million Illegal Aliens in United States — It Is The Law — Enforce The Law — Videos

Posted on July 23, 2019. Filed under: 2020 President Candidates, 2020 Republican Candidates, Addiction, American History, Banking System, Blogroll, Bombs, Breaking News, Bribery, Bribes, Budgetary Policy, Business, Cartoons, Central Intelligence Agency, Communications, Congress, Constitutional Law, Corruption, Countries, Crime, Culture, Deep State, Defense Spending, Disasters, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Drones, Drones, Eating, Economics, Education, Elections, Empires, Employment, Energy, European History, Fiscal Policy, Foreign Policy, Free Trade, Freedom of Speech, Government, Government Spending, Great Britain, Health, Health Care Insurance, High Crimes, History, House of Representatives, Human Behavior, Illegal Immigration, Illegal Immigration, Immigration, Impeachment, Independence, Insurance, Investments, Iran Nuclear Weapons Deal, Islam, Islamic Republic of Iran, Killing, Labor Economics, Language, Law, Legal Immigration, Life, Lying, Media, Medicare, Middle East, Mike Pompeo, Military Spending, MIssiles, Monetary Policy, National Interest, National Security Agency, Natural Gas, Natural Gas, News, Nuclear, Oil, Oil, People, Philosophy, Photos, Politics, Polls, President Trump, Prime Minister, Progressives, Public Corruption, Public Relations, Qatar, Radio, Raymond Thomas Pronk, Religion, Resources, Rule of Law, Russia, Saudi Arabia, Scandals, Senate, Social Security, Spying, Subversion, Success, Surveillance/Spying, Tax Policy, Taxation, Taxes, Technology, Terror, Trade Policy, U.S. Negotiations with Islamic Republic of Iran, Unemployment, United States of America, Vessels, Videos, War, Wealth, Weapons, Welfare Spending, Wisdom, Yemen | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 1293 July 22, 2019

Pronk Pops Show 1292 July 18, 2019

Pronk Pops Show 1291 July 17, 2019

Pronk Pops Show 1290 July 16, 2019

Pronk Pops Show 1289 July 15, 2019

Pronk Pops Show 1288 July 11, 2019

Pronk Pops Show 1287 July 10, 2019

Pronk Pops Show 1286 July 9, 2019

Pronk Pops Show 1285 July 8, 2019

Pronk Pops Show 1284 July 2, 2019

Pronk Pops Show 1283 July 1, 2019

Pronk Pops Show 1282 June 27, 2019

Pronk Pops Show 1281 June 26, 2019

Pronk Pops Show 1280 June 25, 2019

Pronk Pops Show 1279 June 24, 2019

Pronk Pops Show 1278 June 20, 2019 

Pronk Pops Show 1277 June 19, 2019

Pronk Pops Show 1276 June 18, 2019

Pronk Pops Show 1275 June 17, 2019

Pronk Pops Show 1274 June 13, 2019

Pronk Pops Show 1273 June 12, 2019

Pronk Pops Show 1272 June 11, 2019

Pronk Pops Show 1271 June 10, 2019

Pronk Pops Show 1270 June 6, 2019

Pronk Pops Show 1269 June 5, 2019

Pronk Pops Show 1268 June 3, 2019

Pronk Pops Show 1267 May 30, 2019

Pronk Pops Show 1266 May 29, 2019

Pronk Pops Show 1265 May 28, 2019

Pronk Pops Show 1264 May 24, 2019

Pronk Pops Show 1263 May 23, 2019

Pronk Pops Show 1262 May 22, 2019

Pronk Pops Show 1261 May 21, 2019

Pronk Pops Show 1260 May 20, 2019

Pronk Pops Show 1259 May 16, 2019

Pronk Pops Show 1258 May 15, 2019

Pronk Pops Show 1257 May 14, 2019

Pronk Pops Show 1256 May 13, 2019

Pronk Pops Show 1255 May 10, 2019

Pronk Pops Show 1254 May 9, 2019

Pronk Pops Show 1253 May 8, 2019

Pronk Pops Show 1252 May 7, 2019

Pronk Pops Show 1251 May 6, 2019

Pronk Pops Show 1250 May 3, 2019

Pronk Pops Show 1249 May 2, 2019

Pronk Pops Show 1248 May 1, 2019

Pronk Pops Show 1247 April 30, 2019

Pronk Pops Show 1246 April 29, 2019

Pronk Pops Show 1245 April 26, 2019

Pronk Pops Show 1244 April 25, 2019

Pronk Pops Show 1243 April 24, 2019

Pronk Pops Show 1242 April 23, 2019

Pronk Pops Show 1241 April 18, 2019

Pronk Pops Show 1240 April 16, 2019

Pronk Pops Show 1239 April 15, 2019

Pronk Pops Show 1238 April 11, 2019

Pronk Pops Show 1237 April 10, 2019

Pronk Pops Show 1236 April 9, 2019

Pronk Pops Show 1235 April 8, 2019

Pronk Pops Show 1234 April 5, 2019

Pronk Pops Show 1233 April 4, 2019

Pronk Pops Show 1232 April 1, 2019 Part 2

See the source imageThe Stena Impero was sailing through the Strait of Hormuz on Friday around 4pm when it was stopped by IRGC boats, diverted into Iranian waters, and is now being held at the port of Bandar Abbas. Royal Navy frigate HMS Montrose was an hour away at the time, leading to claims the Royal Navy is no longer fit for purposeSee the source imageSee the source image

See the source image

Story 1: Big Spending Democrat and Republican Parties Fail To Make Real Spending Cuts To Balance The Budget — Massive Budget Deficits For Fiscal Year 2019 — Deficit To Exceed $1,000,000,000,000 For Fiscal Year 2019 — Totally Fiscally Irresponsible Big Government Spending Parties — Videos —

See the source image

See the source image

Congress, White House Nearing Two-Year Debt Limit Deal

A budget agreement is ‘near final’, source says

White House projects the federal deficit will surpass $1 trillion

Trump reportedly plans to make massive cuts to federal spending in second term Daily Mail Online

Trump Running $1 TRILLION DEFICITS FOR YEARS TO COME, After Promising to Pay U.S. Debt in 8 years!

Funding the Government: The Budget Process and Omnibus Spending Bills [Article I Initiative]

Why the federal deficit is rising, despite economic growth

 

House Speaker Nancy Pelosi on Monday. Mrs. Pelosi and Treasury Secretary Steven Mnuchin negotiated the agreement for weeks. PHOTO:REBECCA COOK/REUTERS

WASHINGTON—Congressional and White House negotiators reached a deal to increase federal spending and raise the government’s borrowing limit, securing a bipartisan compromise to avoid a looming fiscal crisis and pushing the next budget debate after the 2020 election.

The deal for more than $2.7 trillion in spending over two years, which must still pass both chambers of Congress and needs President Trump’s signature, would suspend the debt ceiling until the end of July 2021. It also raises spending by nearly $50 billion next fiscal year above current levels.

The agreement forgoes the steep spending cuts initially sought by the administration, providing for about $320 billion in spending over two years above limits set in a 2011 budget law that established automatic spending cuts, known as the sequester.

Mr. Trump, a Republican, announced the deal on Twitter late Monday, citing all four congressional leaders. He added: “This was a real compromise in order to give another big victory to our Great Military and Vets!”

House Speaker Nancy Pelosi (D., Calif.) and Treasury Secretary Steven Mnuchin negotiated the agreement for weeks, hoping to complete a deal before the House leaves Washington at the end of the week for August recess. Mr. Mnuchin had warned that the government could exceed its borrowing limit as soon as early September, before lawmakers return from recess. Talks continued throughout Monday.

In a joint statement Mrs. Pelosi and Sen. Chuck Schumer of New York, the chamber’s Democratic leader, pledged that the House would bring the deal quickly to the floor. They stressed that the agreement increases both defense and domestic spending and said they had agreed to spending offsets that were part of an earlier bipartisan agreement.

Senate Majority Leader Mitch McConnell (R., Ky.) said he was encouraged by the deal, adding that it “secures the resources we need to keep rebuilding our armed forces.” He said he intended to have the Senate vote on it before the chamber departs for recess.

The deal marked a victory for congressional leaders and Mr. Mnuchin, who had stressed that without action, the government could exhaust its ability to keep paying its bills in early September.

A key sticking point in the negotiations was how to pay for the cost of the spending increases. The deal extends small cuts to Medicare beyond fiscal year 2027 and extends fees collected by Customs and Border Protection, amounting to $77 billion worth of savings to offset the cost. Those routine budget accounting moves fall short of the $150 billion in spending cuts originally sought by the administration.

In spring of 2018, Mr. Trump threatened to veto an omnibus spending bill and late last year he rejected a bipartisan spending agreement negotiated in the Senate because it didn’t include billions of dollars in funding to construct a border wall, setting off the longest government shutdown in modern history.

Fiscal hawks panned reports of the proposed deal Monday before many of the details had been released, warning it could add trillions of dollars more to projected government debt levels over the next decade. The White House estimated this month that annual deficits are on track to exceed $1 trillion this fiscal year because of weaker federal revenue following the 2017 tax cut and higher government spending under the current budget agreement.

“This deal would amount to nothing short of fiscal sabotage,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said Monday following reports of a two-year $320 billion deal. Ms. MacGuineas urged lawmakers to cancel recess and negotiate for a better deal.

Mrs. Pelosi has been clear that she wanted to reach an agreement before Congress leaves for summer break. She has said she wants the House to vote on the agreement on Thursday, before the chamber goes on recess on July 26. The Senate doesn’t take its break until Aug. 2.

Mr. Mnuchin took the lead negotiating on behalf of the administration, working closely with Mrs. Pelosi. That appeared to limit the roles of White House acting chief of staff Mick Mulvaney and acting Office of Management and Budget Director Russ Vought.

Leaders of both parties sought to pair the debt limit vote with a broader spending agreement—a move that creates an impetus for Democrats to push for domestic spending increases and lets Republicans avoid a difficult, stand-alone vote on raising the borrowing limit.

An aide to the speaker said Mrs. Pelosi and Mr. Mnuchin spoke three times on Sunday and Mr. Schumer joined one of the calls. On Monday, they spoke in the morning and again in the late afternoon before Mr. Mnuchin held a conference call with the four congressional leaders to discuss any issues. During the call, Mr. Mnuchin told the leaders that the president would tweet on the deal within the hour.

Treasury Secretary Steven Mnuchin left a meeting with top congressional leaders on a potential deal to raise the budget caps in May. PHOTO: J. SCOTT APPLEWHITE/ASSOCIATED PRESS

 

https://www.wsj.com/articles/white-house-and-congress-near-agreement-on-spending-debt-ceiling-11563799484

 

What to Know in Washington: Crunch Week for Debt, Spending Deal

Congress and the White House are closing in on a debt ceiling and budget deal but with time running short could resort to a short term extension of U.S. borrowing authority before the House recesses this week.

Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin continued talks over the weekend by telephone. A key point under negotiation is the Trump administration’s initial demand for as much as $150 billion in long-term spending cuts to attach to the deal.

Mnuchin warned the U.S. risks missing debt payments in early September — before lawmakers are scheduled to return to Washington after a recess that begins for the House on Friday and the Senate a week later.

Both sides have offered assurances that Congress won’t let the U.S. run up against the debt limit and trigger a default, but lawmakers are still trying to include a budget agreement in the negotiation.

If the budget negotiations can’t be concluded in time, lawmakers may decide to pass a debt ceiling extension into October. That would avoid the risk of a default in the short-term but would extend uncertainty for markets.

Pelosi and Mnuchin have tentatively agreed on one part of the deal: to suspend the debt ceiling for about two and a half years, along with an increase in discretionary spending that’s estimated to cost $350 billion. Trump officials want to partially offset that spending increase for the military and domestic agency budgets with savings in entitlement programs like Medicare and Medicaid that are not subject to annual budget caps.

The White House late Thursday floated a menu of savings options worth $574 billion from which Pelosi could choose what to include in the deal. Pelosi resisted offsetting any of the spending increases, and any hope of a deal hinges on finding a compromise with the $150 billion that Trump officials want to save.

The White House offer also proposed extending caps on defense and non-defense discretionary spending for 2021 and 2022 to save another $516 billion.

After administration officials sent the offer to Pelosi, President Donald Trump on Friday said he thought the talks were in “good shape.” However he’d still have to sign off on the final terms of a deal and he hasn’t publicly set out what he wants on spending or on cuts.

While the budget deal doesn’t have to be included with a measure to raise the debt limit, lawmakers want it to be addressed soon so Congress can pass appropriations bills before the new fiscal year begins Oct. 1. Otherwise they’ll have to pass a stopgap spending measure to prevent a government shutdown.

If Congress doesn’t lift the budget caps that limit government outlays, current law would trigger automatic cuts at the end of the calendar year. Read more from Erik Wasson.

https://about.bgov.com/news/what-to-know-crunch-week-for-debt-spending-deal/

Story 2: Islamic Republic of Iran Desperate To Start War With United States and U. S. Allies — Careful What You Wish For — Videos

Stena Impero: Crew seen in first pictures from inside UK-flagged oil tanker seized by Iran

Iran on ‘dangerous path’ after British-flagged tanker seizure

Iran Ambassador says UK raising tensions would be ‘dangerous and unwise’

 

British-operated oil tanker seized by Iran

First pictures INSIDE the British tanker captured by Iran: Tehran taunts the UK by releasing photo of terrified crew huddled on board vessel after it was seized by Revolutionary Guard gunmen

  • British-flagged oil tanker Stena Impero was seized by Iran on Friday as it sailed through the Strait of Hormuz
  • First image taken inside vessel shows part of its 23-strong crew being held by Iranian Revolutionary Guards
  • Video also shows Iranians talking to the crew around a table, and thanking them for their cooperation 
  • Tehran seized the tanker after Iranian-flagged vessel was stopped by marines off Gibraltar earlier this month
  • Downing Street today said UK ‘does not seek confrontation with Iran’ but described the move as ‘escalatory’ 
  • Russia threw its backing behind ally Iran on Monday, saying its position ‘is much more convincing’ than UK 
  • Tehran also said it had arrested 17 suspected CIA spies and will put some to death, further increasing tensions

Iran today paraded the crew of a British-flagged tanker that it captured in the Strait of Hormuz on Friday.

Tehran released video of some of the 23-strong crew of the Stena Impero sitting around a table speaking with one of their captors, alongside fresh images showing Revolutionary Guardsmen on board the Swedish-owned vessel.

The video shows seven of the crew wearing red jumpsuits and sitting around a table, as one Iranian guard can be heard thanking them for their cooperation. The cameraman can also be heard telling them not to look at him. Another video shows the crew laughing while standing around a coffee machine, and the ship’s cooks preparing food in an apparent attempt to show they are being treated well.

Pictures released by the semi-official Fars news agency earlier in the day show some of the crew – which includes 18 Indians, three Russians a Latvian and a Filipino – huddled cross-legged on the floor.

Standing over them in a Revolutionary Guardsman, while items of bedding and towels are scattered around the room. Their shoes have been taken off and piled in a corner.  Two others photos show an armed guardsman on the deck of the tanker, and the tanker being watched over by armed boats at the port of Bandar Abbas, where it is being held.

The photos and videos are Iran’s latest taunt to Britain, after it also released video of its flag being raised over the vessel and the Islamic call to prayer being played through its speakers.

Iran seized the vessel as it passed through the Strait of Hormuz on Friday, weeks after Britain detained an Iranian vessel off the coast of Gibraltar. Iran says the US ordered the operation amid a standoff between the two countries, but the UK claims the tanker was violating EU sanctions.

Iran has today paraded the crew of the Stena Impero oil tanker, which sails under a British flag, after its Revolutionary Guards captured the vessel on Friday. Footage released on state TV channels showed part of the crew sitting around a table

Other images showed the crew - which included 18 Indians, three Russian, and Latvian and a Filipino - laughing and smiling. Tehran has previously said that the crew are well and are being looked after

Other images showed the crew – which included 18 Indians, three Russian, and Latvian and a Filipino – laughing and smiling. Tehran has previously said that the crew are well and are being looked after

Chefs are also shown preparing food in the tanker's kitchen in an attempt by Iranian authorities to prove that the crew are not being badly treated

Chefs are also shown preparing food in the tanker’s kitchen in an attempt by Iranian authorities to prove that the crew are not being badly treated

Iran's state-affiliated Fars news agency released the first image inside the British-flagged Stena Impero oil tanker on Monday, showing part of the 23-strong crew sitting cross-legged on the floor under the watch of a Revolutionary Guardsman while their shoes sit piled up nearby

Iran’s state-affiliated Fars news agency released the first image inside the British-flagged Stena Impero oil tanker on Monday, showing part of the 23-strong crew sitting cross-legged on the floor under the watch of a Revolutionary Guardsman while their shoes sit piled up nearby

In a second image, an armed guardsman is seen patrolling along the deck of the Imepero in the latest taunt to Britain. Iran is trying to secure the release of its tanker - the Grace 1 - which was seized by Royal Marines near Gibraltar earlier this month

In a second image, an armed guardsman is seen patrolling along the deck of the Imepero in the latest taunt to Britain. Iran is trying to secure the release of its tanker – the Grace 1 – which was seized by Royal Marines near Gibraltar earlier this month

A third image shows the Imepero being watched over by an armed Iranian vessel at the port of Bandar Abbas, where it is being held after it was seized in the Strait of Hormuz on Friday last week

 

A third image shows the Imepero being watched over by an armed Iranian vessel at the port of Bandar Abbas, where it is being held after it was seized in the Strait of Hormuz on Friday last week

Speaking in the House of Commons this evening, UK Foreign Secretary Jeremy Hunt urged Iran to release the Stena and proposed a ‘European-led maritime protection mission’ to protect Middle East shipping.

Condemning an ‘act of state piracy’, Mr Hunt called the capture a ‘flagrant breach of the principle of free navigation on which the global trading system and world economy ultimately depends’.

Outgoing Prime Minister Theresa May chaired a meeting of the emergency Cobra committee on Monday to discuss the crisis, even though her leadership is expected to pass to Boris Johnson in the coming days, who now faces a baptism of fire to diffuse the situation.

The government was also criticised for cutting the size of the navy so that it is not capable of meeting the threat from Iran, as US Secretary of State Mike Pompeo warned that the responsibility for protecting British ships ‘falls to the United Kingdom.’

In other developments on Monday:

  • Russia waded in to take the side of its ally – Iran – accusing Britain of ‘piracy’ for seizing the Grace 1 tanker 
  • Theresa May chaired a meeting of the Cobra emergency committee. Her spokesman said seizing the tanker was illegal and that officials had written to the UN to complain
  • Boris Johnson was urged to break his silence on the crisis, as he prepares to become Tory leader
  • Tony Blair said the future of Iran’s nuclear deal could be a way to exert diplomatic pressure on Tehran
  • Relatives of one of the crewmen were pictured weeping as they watched news of the tanker’s capture on TV
  • Former First Sea Lord Admiral Lord West led criticism that the Royal Navy is no longer fit for purpose and cannot protect British interests
  • Iran said it had captured 17 CIA spies and planned to put some of them to death

As Mrs May chaired a meeting of the Cobra emergency committee, her spokesman said: ‘We are clear that the seizure of the British-flagged, Swedish owned Stena Impero on Friday was illegal under international law.

‘The ship was seized under false and illegal pretences and the Iranians should release it and its crew immediately.

‘The Foreign Secretary spoke to the Iranian Foreign Minister Zarif to make this demand.

‘We do not seek confrontation with Iran but it is unacceptable and highly escalatory to seize a ship going about legitimate business through internationally recognised shipping lanes.’

Hunt plans European mission to protect ships

Speaking in Parliament today, Britain’s Foreign Secretary Jeremy Hunt urged Iran to release the Stena and proposed a ‘European-led maritime protection mission’ to protect Middle East shipping.

British-flagged ships are advised to avoid Iranian waters and the Straits of Hormuz, and could receive convoys, although Mr Hunt said it would be impossible to protect every ship.

The European-led force would not be part of America’s ‘maximum pressure’ campaign as Britain still wants to preserve the 2015 nuclear deal with Iran, Mr Hunt said.

He said he would discuss how the new proposal would complement the American presence in the area.

Jeremy Hunt speaks to the House of Commons today

Jeremy Hunt speaks to the House of Commons today

Condemning an ‘act of state piracy’, Mr Hunt called the capture a ‘flagrant breach of the principle of free navigation on which the global trading system and world economy ultimately depends’.

Under international law, Iran had ‘no right to obstruct the ship’s passage, let alone board her’, Mr Hunt said, adding that Britain ‘does not seek confrontation with Iran’.

He also rejected Iran’s attempt to draw a parallel between the capture of the Stena and Britain’s seizure of Iranian supertanker Grace 1 off Gibraltar on July 4.

‘There is simply no comparison between Iran’s illegal seizure of a vessel inside a recognised shipping lane, where the Stena Impero had every right to be, and the enforcement of EU sanctions against a tanker that had freely navigated into the waters of a British overseas territory,’ he said.

‘If Iran continues on this dangerous path, they must accept the price will be a larger Western military presence in the waters along their coastline.’

The Foreign Secretary will discover tomorrow whether he or Boris Johnson will be Britain’s new PM.

But Tehran hit back, saying the seizure was ‘a legal measure by Iran. Iran confronted the ship (to ensure) the region’s security.’

Government spokesman Ali Rabiei told a news conference in Tehran: ‘To all the countries that are calling on Iran to release the tanker, we ask them to tell Britain the same thing.

‘Comparing the two seizures is an unfair reading’ of the situation, said the Iranian government spokesman.

‘When you illegally seize the ship in Gibraltar, we too are not bound to tolerate any more.’

While Mrs May is handling the crisis for now, Boris Johnson is expected to take over as Prime Minister on Wednesday, and diffusing the crisis will be his first challenge.

He was urged to speak out about the crisis Monday, even as critics attacked his record on negotiating with Iran – after he managed to have the jail term of Briton Nazanin Zaghari-Ratcliffe extended while he was Foreign Secretary.

In a sign that Mr Johnson could opt to make his Tory leadership rival Mr Hunt the fall guy for the situation, Jacob Rees-Mogg today said it would be ‘vanity’ if the current Foreign Secretary refused to accept a demotion.

Meanwhile Moscow’s deputy foreign minister Sergey Ryabkov insisted Iran was merely ‘taking care of ecology’ in the Gulf and said ‘Iran’s arguments are much more right than those of Gibraltar and London who are indulging in piracy’.

The tanker row – the latest in a series of threats to Middle East shipping – has sent tensions spiralling further amid furious exchanges of rhetoric over the crumbling nuclear deal with Iran.

Maritime industry publication Lloyd’s List said there are currently no U.K.-flagged ships heading to the Persian Gulf and eight U.K.-flagged vessels anchored there after a government advisory to such vessels to avoid the Strait of Hormuz.

Restoring the free flow of traffic through the Strait of Hormuz is of critical importance to the world’s energy supplies because one-fifth of all global crude exports pass through the narrow waterway between Iran and Oman.

Yesterday the Iranian flag was hoisted over the Stena with Iranian armed forces patrolling the decks in the heavily-guarded port of Bandar Abbas.

The family of one of the crewmen - Deena and husband Pappachan - were pictured weeping at their home in Kochi, India, while watching news about the tanker on TV

Footage broadcast on Iranian state TV shows the seized British-registered oil tanker having an Iranian flag hoisted above it. The Royal Navy's nickname for the strait is 'Chokepoint Charlie'. It links the Persian Gulf to the Gulf of Oman, a tight hairpin bend with Iran to the north and the headland of Oman and the United Arab Emirates to the south

Footage broadcast on Iranian state TV shows the seized British-registered oil tanker having an Iranian flag hoisted above it. The Royal Navy’s nickname for the strait is ‘Chokepoint Charlie’. It links the Persian Gulf to the Gulf of Oman, a tight hairpin bend with Iran to the north and the headland of Oman and the United Arab Emirates to the south

Keeping watch: An Iranian Revolutionary Guard patrol boat sails in front of the Stena Impero, the UK-flagged vessel which was seized by Iranian authorities on Friday

Keeping watch: An Iranian Revolutionary Guard patrol boat sails in front of the Stena Impero, the UK-flagged vessel which was seized by Iranian authorities on Friday

Flashpoint: The Stena Impero, the UK-flagged tanker at the centre of the latest Middle East tensions, is seen at a heavily guarded Iranian port

On deck: The Stena is seen with an Iranian Revolutionary Guard boat beside it after it was captured on Friday

Video footage released by Iran showed the  tanker being surrounded by speedboats before troops in balaclavas descend a rope from a helicopter onto the vessel.

In a radio exchange, an Iranian officer can be heard telling the tanker to change course.

‘You are ordered: change your course… immediately. If you obey, you will be safe,’ he said.

The British frigate HMS Montrose intervenes to inform the Stena its ‘passage must not be impaired, impeded, obstructed or hampered’ under international law.

The Iranians then tell the British warship: ‘No challenge is intended… I want to inspect the ship for security reason.’

The Montrose diverted to the Stena’s position but was around an hour away by the time it entered Iranian waters.

Iran ‘arrests 17 CIA spies, several face execution’

Seventeen alleged CIA spies have been arrested in Iran and some of them will face the death penalty, Tehran claimed today.

Iranian intelligence chiefs say they have broken up an American spy ring which had planted U.S. agents in nuclear, military and cyber facilities and allegedly tried to recruit spies in the UAE.

The suspects were all Iranians, some of them recruited by a ‘visa trap’ in which the CIA would target Iranians as they applied to travel to America, Iran claims.

Accusation: An Iranian official tells a documentary how authorities in Tehran had struck a blow against American intelligence

In a statement read on state television, the Ministry of Intelligence said 17 spies were arrested during the Iranian calendar year that ended in March 2019.

‘Those who deliberately betrayed the country were handed to the judiciary… some were sentenced to death and some to long-term imprisonment,’ an intelligence spokesman told Iranian media.

‘The identified spies were employed in sensitive and vital private sector centres in the economic, nuclear, infrastructural, military and cyber areas… where they collected classified information.’

Iranian officials said the suspects had been gathering classified information using ‘advanced equipment’.

Meanwhile an Iranian television documentary aired on Monday purported to show a CIA officer recruiting an Iranian man in the United Arab Emirates.

The Press TV documentary claimed that Iran had ‘dealt a blow to the U.S. foreign intelligence service’, though it was unclear if it was describing the same arrests.

‘Because there are so many intelligence officers in Dubai. It is very dangerous… Iranian intelligence,’ a woman was shown telling an Iranian in the documentary.

Iran impounded the Stena on allegations it failed to respond to distress calls and turned off its transponder after hitting a fishing boat.

A top British representative to the UN rejected Iran’s version of events, accusing Tehran of ‘illegal interference’ and saying there was no evidence of a collision.

In a letter to the UN Security Council, British charge d’affaires Jonathan Allen wrote that the vessel had been in Omani waters with its transponder switched on when it was approached.

Meanwhile T. V. Pappachan, the father of 26-year-old crew member Dijo Pappachan, said he is waiting anxiously for his son to be returned and called on Britain to guarantee his safety.

‘I am not speaking only for my son. All the 23 crew members set sail to foreign countries for work. They are onboard to make a living. It is the government’s responsibility to make sure they come back safe,’ he told the Kahleej Times.

I have complete trust in the government of India and our diplomatic strength. I understand that the issue is between countries and individuals cannot do much. We are all praying for the entire crew’s safe return.’

Theresa May chaired a meeting of the Government’s emergency committee Cobra on Monday amid concern over how Iran was able to capture the ship.

A second oil tanker, the Liberian-flagged Mesdar, which is managed by Norbulk Shipping UK, veered off course towards the Iranian coast after it was boarded by armed guards at around 5.30pm on Friday.

The Mesdar’s Glasgow-based operator said communication had since been re-established with the ship and the crew were unharmed.

Britain has warned its ships to avoid the Straits of Hormuz, a chokepoint for about a third of the world’s sea-borne oil.

UK authorities intercepted the Grace 1 on July 4, saying it was violating EU sanctions by carrying a shipment of Iranian crude oil to Syria.

A detachment of Royal Marines from 42 Commando boarded the vessel off Gibraltar in a joint operation with the Royal Gibraltar Police.

Gibraltar’s government said tests showed the supertanker was fully loaded with crude oil.

But Iran has insisted that the tanker was not headed for Syria.

Defence Minister Tobias Ellwood attempted to dispel criticism that the UK had ‘taken its eye off the ball’ by allowing the tanker to be captured.

He said the UK had vessels going through 100 nautical miles of waterway every day in the region, adding: ‘It is impossible simply to escort each individual vessel.’

He also called for more money to be invested in the Royal Navy if Britain wants to continue to play a role on the international stage.

Sir Iain Duncan Smith, former Tory party leader, added his voice to the critics – saying that Britain was offered help in guarding the vessels by the United States and refused it.

The Stena Impero was surrounded by Iranian Revolutionary Guard forces at 4pm and ordered to head north on Friday. A second British-managed vessel, Mesdar, abruptly changed course towards Iran

Russian deputy foreign ministery Sergei Ryabkov (pictured) took Iran's side over the tanker

Russian deputy foreign ministery Sergei Ryabkov (pictured) took Iran’s side over the tanker

Footage showed troops wearing ski masks and carrying machine guns (pictured) rappelling to its deck from a helicopter before capturing the British-registered oil tanker on Friday night

Footage showed troops wearing ski masks and carrying machine guns (pictured) rappelling to its deck from a helicopter before capturing the British-registered oil tanker on Friday night

Royal Navy ‘disgracefully short of ships’

Former heads of the navy and politicians are joining a chorus of criticism of the state of the Royal Navy – warning Britain’s fleet no longer has the power to protect British interests, following the seizure by Iran of a British-flagged oil tanker.

Former First Sea Lord, Admiral Lord West said the Navy is ‘disgracefully short of ships’ while retired commander of UK maritime forces Rear Admiral Alex Burton said the Navy’s decline since 2005 ‘has had an impact on our ability to protect our interests around the globe’.

On Friday the Royal Navy frigate HMS Montrose arrived an hour too late to prevent Iranian Revolutionary guard commandos from seizing the British-flagged Stena Impero oil tanker.

The Royal Navy fleet is a fraction of its size three decades ago and many ships are currently out of commission undergoing maintenance or repair

They diverted the tanker and its mainly Indian crew to Iran, despite it sailing in Omani waters, in retaliation for the capture by British forces of an Iranian vessel earlier this month.

Politicians and military experts have asked why it was not accompanied by a Royal Navy convoy after the Iranian Grace One tanker, allegedly taking Iranian oil to Syria in breach of EU sanctions, was captured by UK forces off the coast of Gibraltar on July 4.

Conservative MP Huw Merriman said yesterday: ‘I take the view that we have dropped the ball here … we did not put in place a chain where we asked all of our vessels to leave at a certain time under convoy.

‘So it was hardly a surprise when one of ours got taken.’

What does it mean for a ship to sail under a country’s flag?

While the Stena Impero is a British-flagged vessel, it is owned by Swedish shipping firm Stena AB – which is headquartered in Glasgow.

Being ‘British-flagged’ means the vessel is registered in the UK and is covered by the maritime laws of that country.

A vessel does not have to have any physical connection to the country in which it is registered and merely has to have an application accepted by that country’s shipping authorities.

A ship can only fly one flag at a time, but can change flags at any point.

As a result, some owners seek a so-called ‘flag of convenience’ which they believe will offer benefits.

Panama and the Marshall Islands are well-known for offering easy registrations and other benefits for those registering there, in the hopes of attracting business.

As a result, Panama has the largest ship register in the world, with the Marshall Islands second in the 2018 list.

Describing the grab by Tehran as a ‘major failure’ by the UK, he demanded to know why the offer of help was refused and said answers need to be offered ‘very quickly’.

Jacob Rees-Mogg, chairman of the Tory European Research Group and a prominent supporter of Boris Johnson, suggested that leadership rival Jeremy Hunt’s Foreign Office should accept some of the blame for the current crisis in the Gulf.

Downing Street has denied that the US offered support to escort every single British ship through the Strait, with Theresa May’s official spokesman saying that the area is simply too large to provide that kind of assistance.

Meanwhile senior intelligence sources claimed that terrorists supported by Iran could strike Britain if tensions deepen between the two countries.

Agencies believe that the Islamic Republic has funded sleeper cells across Europe, including in the UK.

They rank the country behind only Russia and China as in terms of the threat it poses to national security.

Lebanese militant group Hezbollah is linked to radicals that are operating the terror cells, a source told the Daily Telegraph.

Counter-terror officers broke apart a cell in 2015 when they found it stockpiling explosives in London.

Britain only has the Type 23 frigate HMS Montrose in the region plus four mine hunters, while the US as its Fifth Fleet based in Bahrain - which includes one aircraft carrier, one missile cruiser, five destroyers, two amphibious vessels and two or three submarines

Jeremy Hunt

Liam Fox

Senior Tory ministers including Foreign Secretary Jeremy Hunt (left) International Trade Secretary Liam Fox (right) arrived at an emergency meeting of the Cobra committee on Monday chaired by Theresa May
Chief of the Defence Staff General Sir Nick Carter

Secretary of State for Health and Social Care Matthew Hancock

Chief of the Defence Staff General Sir Nick Carter (left) and Secretary of State for Health and Social Care Matthew Hancock (right) both attended the Cobra meeting

The source told the paper: ‘Iran has Hezbollah operatives in position to carry out a terrorist attack in the event of a conflict. That is the nature of the domestic threat Iran poses to the UK.’

The current situation in the Gulf can be traced back to last year when President Trump’s administration tore up a nuclear deal signed under Obama.

Johnson’s first crisis?

Boris Johnson is expected to be crowned new Tory party leader Tuesday before taking the reins Wednesday, meaning he will take charge of managing the Iran crisis.

The former Foreign Secretary previously faced criticism after he managed to extend the jail term of Briton Nazanin Zaghari-Ratcliffe in Iran during his tenure, by suggesting that she was not on holiday, as had been previously claimed.

In just 48 hours, Mr Johnson could find himself negotiating the release of the 23-strong crew of the Stena Impero – which includes 18 Indians, three Russians, a Latvian and a Filipino.

He could also find himself doing so without the help of a Foreign Secretary, since his leadership rival is the man currently occupying the post -Jeremy Hunt.

While Mr Johnson has insisted the pair will ‘kiss and make up’ after the election is over, Mr Hunt may decide to follow one of his senior ministers – Sir Alan Duncan – and quit rather than serve under the new leader.

Mr Johnson has so far not spoken out over the crisis, despite mounting pressure to take a stand.

The deal guaranteed Iran economic benefits in return for curtailing its nuclear programme in a way which would not allow it to obtain nuclear weapons.

Trump reapplied stringent economic sanctions on Tehran, robbing the kingdom of much of its income, prompting the regime to walk back on its commitments.

As Iran tried to pressure European leaders to find a way to salvage the deal, tankers in the Gulf can under repeated attack, in explosions which Britain and America have blamed on Tehran.

A UAE investigation found four mysterious sabotage attacks on May 12 were linked to a ‘state actor’ but did not name Iran.

The attacks were carried out with limpet mines and were ‘part of a sophisticated and coordinated operation’, the report found.

The tanker attacks inflamed an already tense Middle East stand-off and prompted the U.S. to bolster its military presence in the region.

Matters worsened just four weeks later when another two ships were hit by explosions in the Gulf of Oman.

Forty-four sailors were forced to abandon their ships amid a huge fireball on the MT Front Altair and another blast on the Kokuka Courageous.

America again blamed Iran, releasing a video which purported to show Iranian revolutionary guard forces removing an unexploded limpet mine from one of the ships.

The Ministry of Defence released this photo of HMS Montrose warding off Iranian Revolutionary Guard speedboats (circled) which harassed the UK-flagged tanker British Heritage on July 10

 

The Ministry of Defence released this photo of HMS Montrose warding off Iranian Revolutionary Guard speedboats (circled) which harassed the UK-flagged tanker British Heritage on July 10

The Iranian Revolutionary Guard uses a large number of high-speed small vessels to harass shipping in the Strait of Hormuz. The regime launched these 'ultra-fast' boats in 2010

The Iranian Revolutionary Guard uses a large number of high-speed small vessels to harass shipping in the Strait of Hormuz. The regime launched these ‘ultra-fast’ boats in 2010

A tape has emerged of HMS Montrose (pictured in 2007) ordering the crew of the Stena Impero not to follow Iranian demands to change its course

 

A tape has emerged of HMS Montrose (pictured in 2007) ordering the crew of the Stena Impero not to follow Iranian demands to change its course

Meanwhile tensions over Iran’s nuclear ambitions have also been heightening as Tehran moves ever further away from its 2015 nuclear deal. 

Iran has said that it could restart deactivated centrifuges and ramp up enrichment of uranium to 20 per cent.

But Major General Hossein Salami, the head of the Revolutionary Guards, denied Iran was pursuing a nuclear weapon.

Trump called off air strikes against Iran at the last minute in June after the Islamic republic downed a U.S. drone.

Today former UK Prime Minister Tony Blair said the future of Iran’s nuclear deal could be a way to exert diplomatic pressure on Tehran.

‘We have one substantial card in our hands, which is that the Iranians have been trying to get the British and the Europeans to keep to the Iran nuclear deal,’ he told BBC Radio 4’s Today programme.

‘Therefore actually their attempt to interfere with a British-flagged ship is obviously wrong, not just in principle, but it’s obviously a political gamble for them.’

He added that the UK would have to make special arrangements to escort shipping through the Strait of Hormuz.

‘Chokepoint Charlie’: Patrolled by 2,000 Iranian speedboats, why the Strait of Hormuz is one of the world’s most chaotic and volatile shipping channels 

By Phil Diacon, for the Daily Mail

To grasp fully the crisis in the Strait of Hormuz, you need a clear picture of the chaotic and volatile scene in what is one of the world’s busiest shipping channels.

Up to 100 oil tankers pass through this narrow waterway every day, transporting close to 20 million barrels of oil – and that is only the activity we can most easily detect in these waters.

Hundreds of other boats and ships ply the same seas, which are not much wider than the English Channel between Dover and Boulogne, about 21 nautical miles.

Stena Impero, a British-flagged vessel owned by Stena Bulk, is seen at Bandar Abbas port today after being seized by Iran. Larger vessels in the strait are obliged to transmit their position, but those rules do not apply to the numerous smaller craft. It is, therefore, simply impossible for one British warship to have a full and detailed picture of all the activity in the Strait of Hormuz. You might as well ask a single police car to track every vehicle on a motorway

Stena Impero, a British-flagged vessel owned by Stena Bulk, is seen at Bandar Abbas port today after being seized by Iran. Larger vessels in the strait are obliged to transmit their position, but those rules do not apply to the numerous smaller craft. It is, therefore, simply impossible for one British warship to have a full and detailed picture of all the activity in the Strait of Hormuz. You might as well ask a single police car to track every vehicle on a motorway

The Royal Navy’s nickname for the strait is ‘Chokepoint Charlie’. It links the Persian Gulf to the Gulf of Oman, a tight hairpin bend with Iran to the north and the headland of Oman and the United Arab Emirates to the south.

Larger vessels are obliged to transmit their position, but those rules do not apply to the numerous smaller craft.

I spent my formative years in the RAF before founding a maritime intelligence service. The high seas, I have come to learn, are not like the skies, where all aircraft must keep to a flight plan and comply with air traffic control.

Instead, ships such as fishing vessels and pleasure boats do not have to signal their identity or their plans – which makes the Navy’s job of spotting Iran’s military patrol boats extremely difficult.

It is, therefore, simply impossible for one British warship to have a full and detailed picture of all the activity in the Strait of Hormuz. You might as well ask a single police car to track every vehicle on a motorway.

Iran knows this. It has been building up its military strength in the strait for decades, aimed at countering the West’s navies. The crisis in the Strait of Hormuz is extremely volatile. Tehran has become a hungry tiger, backed into a corner with few options for escape.

Already it has stockpiled mines and missiles. And most worryingly of all, the naval branch of the Iranian Revolutionary Guard has about 2,000 fast attack craft (FAC) to be used in swarm formations. These speedboats can appear anywhere in the strait within minutes. Armed with heavy machine-guns and rocket launchers, they can carry radar-guided anti-ship missiles capable of sinking a 1,500-ton target.

Though their forces are no match for conventional Western navies, they have developed their strength in ‘asymmetric techniques’. It would be difficult for any warship – let alone a tanker – to defend itself against an assault by a swarm of FACs, especially if they were assisted by mini-submarines with torpedoes.

The Stena Impero was sailing through the Strait of Hormuz on Friday around 4pm when it was stopped by IRGC boats, diverted into Iranian waters, and is now being held at the port of Bandar Abbas. Royal Navy frigate HMS Montrose was an hour away at the time, leading to claims the Royal Navy is no longer fit for purpose

The Stena Impero was sailing through the Strait of Hormuz on Friday around 4pm when it was stopped by IRGC boats, diverted into Iranian waters, and is now being held at the port of Bandar Abbas. Royal Navy frigate HMS Montrose was an hour away at the time, leading to claims the Royal Navy is no longer fit for purpose

Analysts also believe that Iran has developed unmanned, remote-controlled sea-going drones called Ya Mahdi boats. These can be loaded with explosives and launched on high-speed attacks that are difficult to detect on radar.

Clearly, it would be extremely foolish of the UK to underestimate Iran’s military capabilities – or the country’s pride.

The Royal Navy sailors trying to protect British shipping in the Gulf face another headache. Such is the chaotic situation on the ground that it is by no means easy to say what is and isn’t a British ship.

When Iranian commandos stormed the Stena Impero on Friday evening, referred to by some as a ‘British tanker’ none of the 23 crew members taken hostage was, in fact, British. The vessel was sailing under the British flag or ‘red ensign’, but that was really a diplomatic nicety. The ship is owned in Sweden, not the UK – and companies from any number of nations might lay claim to portions of its cargo.

The Tory MP Iain Duncan Smith asked yesterday why Britain had not accepted US offers of naval assistance, but the problem is not a lack of warships: it is knowing what to do with them.

So how should the next Prime Minister navigate this treacherous strait? Let us hope that mediation and cool responses prevail. Putting more warships into the area would increase the likelihood of conflict. I do not believe, therefore, that sending US aircraft carriers and our own nuclear submarines to the region is the answer.

Neither is greater use of convoys. Convoys can move only as fast as their slowest member, and many of the ships in the strait have no reason to join any convoy because they do not perceive any threat.

As long as this stand-off continues, the situation will remain tense. No one should be craving further military action. But after a weekend of dire warnings and threatening rhetoric, Britain has very few viable next steps.

  • Phil Diacon is managing director of the maritime security experts Dryad Global

 

https://www.dailymail.co.uk/news/article-7271815/Russia-says-Irans-tanker-position-right-Britains.html

Story 3: Iran Says It Captured 17 Central Intelligence Agency Spies — Plans To Execute Some of Them — Videos

Pompeo dismisses Iran’s claim it arrested 17 CIA spies

Iran says it has captured 17 alleged US spies

Iran claims to have captured spies working for CIA

Iran crisis: ‘CIA spies’ sentenced to death

Iran releases the names and photos of some of the 17 ‘CIA spies’ it claims to have captured as Trump insists they have NOT been arrested and accuses Tehran of lying because it has ‘no idea what to do’ amid rising tensions with the West

  • The Iranian intelligence and security forces released photographs and the names of some of people they are are among the 17 on Monday 
  • Their identities have not been verified by any other government  
  • It  came as President Trump denied that any CIA agents had been arrested 
  • He accused Iran of lying because the country had become desperate
  • Iran claims to have arrested the spies sometime before March this year
  • It says it is only now publicizing their arrests as tensions with the West escalate 
  • All of the ‘suspects’ are Iranian nationals who were ‘lured’ by ‘US visa traps’, the Iranians claim  
  • U.S. Secretary of State Mike Pompeo retorted that Iran had a ‘history of lying’
  • Middle East tensions have been rising for weeks amid a series of tanker attacks
  • They have spiraled again in recent days after Iran seized a UK-flagged vessel 

An Iranian media outlet has released photographs of some of the 17 ‘CIA spies’ its government claims to have captured.

Photographs of some of the men were shared on Twitter on Monday by the Tasnim News Agency along with ‘details’ of their apparent work for the US.

The images and information were released by the Iranian intelligence and security forces, the agency reported.  They have not been verified by the US or any other government.

All of the ‘spies’ are Iranian nationals who the Iranian government claims were lured by the US with the promise of getting visas, according to Iran, which claims they were arrested in the Iranian calendar year which ended in March.

ADVERTISING

Only now are their arrests being made public as the standoff between the West and Tehran intensifies.

As the photos emerged on Monday, President Trump denied that anyone had been arrested and Secretary of State Mike Pompeo pointed to Iran’s history of lying.

‘The Report of Iran capturing CIA spies is totally false,’ Trump wrote in a tweet.

Scroll down for video 

Iran released unmuzzed versions of these photographs along with some of the 'spies' names on Monday morning after claiming to have captured them in the Iranian calendar year which ended in March

Iran released unmuzzed versions of these photographs along with some of the 'spies' names on Monday morning after claiming to have captured them in the Iranian calendar which ended in March

Iran released unmuzzed versions of these photographs along with some of the ‘spies’ names on Monday morning after claiming to have captured them in the Iranian calendar year which ended March

Some of the photographs included the alleged spies' families. Iran says all are Iranian nationals but that they were lured into working for the US government+27

Some of the photographs included the alleged spies' families. Iran says all are Iranian nationals but that they were lured into working for the US government

Some of the photographs included the alleged spies’ families. Iran says all are Iranian nationals but that they were lured into working for the US government

Another of the 'spies' Tehran claims to have captured in retaliation against the US+27

Another of the ‘spies’ Tehran claims to have captured in retaliation against the US

Trump called the reports 'lies and propaganda' and claimed Tehran is flailing amid a sinking economy and 'has no idea what to do'

 

Trump called the reports ‘lies and propaganda’ and claimed Tehran is flailing amid a sinking economy and ‘has no idea what to do’

‘Zero truth. Just more lies and propaganda (like their shot down drone) put out by a Religious Regime that is Badly Failing and has no idea what to do.’

‘Their Economy is dead, and will get much worse. Iran is a total mess!’ Trump wrote.

Iran’s security chiefs said they smashed an American spy ring that had planted U.S. agents at ‘sensitive sites’ in the country’s nuclear, military and cyber facilities.

The 17 suspects are all Iranians, some of them recruited by a ‘visa trap’ in which the CIA would target Iranian nationals as they applied to visit America, Iran claims.

The news agency also shared photos of business cards, email addresses and LinkedIn profiles they say belong to some of the 'spies'
The news agency also shared photos of business cards, email addresses and LinkedIn profiles they say belong to some of the 'spies'

The news agency also shared photos of business cards, email addresses and LinkedIn profiles they say belong to some of the ‘spies’

A documentary that aired Monday on Iranian TV purports to show U.S. agents trying to recruit Iranian spies in the Middle East, although the footage has not been verified.

U.S. Secretary of State Mike Pompeo said in a Fox news Channel interview that Iran’s mullahs can’t be taken at their word.

‘It’s part of their nature to lie to the world,’ Pompeo said. ‘I would take with a significant grain of salt any Iranian assertion about actions they’ve taken.’

Iran says the suspects were arrested in the 12 months ending March 2019, but the regime is now publicizing the case now, just as tensions spiral in the Persian Gulf.

Tehran has been feuding with the West for weeks over the crumbling nuclear deal and a series of threats to Middle East shipping, which heightened again last week when Iran’s revolutionary guards seized a British tanker in the Straits of Hormuz.

Secretary of State Mike Pompeo has not commented on the claims specifically, but said Iran ‘has a long history of lying’.

An Iranian documentary which aired on Monday alluded to some form of strike on the US, particularly the CIA

This man was highlighted in an Iranian documentary about alleged U.S. intelligence work in Iran, as officials announced they had arrested 17 suspects. The footage has not been verified

The TV documentary also shows one woman telling an Iranian that 'there are so many intelligence officers in Dubai'

The TV documentary also shows one woman telling an Iranian that ‘there are so many intelligence officers in Dubai’

Secretary of State Mike Pompeo (left) said or Iran in a 'Fox & Friends' interview on Monday that 'it's part of their nature to lie to the world'

Secretary of State Mike Pompeo (left) said or Iran in a ‘Fox & Friends’ interview on Monday that ‘it’s part of their nature to lie to the world’

Centre of attention: Stena Impero, a British-flagged vessel owned by Stena Bulk, is seen at Bandar Abbas port on Friday after being seized by Iran

‘I would take with a significant grain of salt any Iranian assertion about actions that they’ve taken,’ he said in response to Iran’s claims.

Jason Rezaian, an Iranian journalist and formerly the Washington Post's bureau chief in Tehran who was convicted of espionage in 2015 but has always maintained he was falsely accused by his country's government, chimed in on Monday to say Iran had learned little

Speaking in Florida, he added: ‘There’s a long list of Americans that we are working to get home from the Islamic Republic of Iran.’

On Monday, a documentary which aired in Iran claimed the country had ‘dealt a blow to the U.S. foreign intelligence service’.

Jason Rezaian, an Iranian journalist and formerly the Washington Post’s bureau chief in Tehran who was convicted of espionage in 2015 but has always maintained he was falsely accused by his country’s government, chimed in: ‘5 years ago today, my wife and I were abducted from our home in Tehran, beginning a long, terrible & unjust ordeal.

‘Officials in Iran have obviously learned little from that episode, as they continue their 40 year practice of hostage taking, glorifying it at every opportunity.’

In a statement read on state television, the Ministry of Intelligence said: ‘Those who deliberately betrayed the country were handed to the judiciary… some were sentenced to death and some to long-term imprisonment,’ an intelligence spokesman told Iranian media.

‘The identified spies were employed in sensitive and vital private sector centres in the economic, nuclear, infrastructural, military and cyber areas… where they collected classified information.’

First picture inside captured tanker

Iran today paraded the crew of a British-flagged tanker captured in the Straits of Hormuz on Friday.

A picture taken inside the Stena Impero shows part of the 23-strong crew huddled on the floor under the watchful eye of a Revolutionary Guardsman.

The men are seen sitting cross-legged on the bridge of the vessel having had their shoes removed and piled up nearby.

Iran has today paraded the crew of the Stena Impero oil tanker, which sails under a British flag, after its Revolutionary Guards captured the vessel on Friday. Footage released on state TV channels showed part of the crew sitting around a table+27

Iran has today paraded the crew of the Stena Impero oil tanker, which sails under a British flag, after its Revolutionary Guards captured the vessel on Friday. Footage released on state TV channels showed part of the crew sitting around a table

The photo is the latest taunt by Iran to Britain after the regime also aired footage of their flag being raised over the vessel.

On Monday Iran also broadcast footage of the Muslim call to prayer being played from the tanker’s speakers.

Iran seized the ship in retaliation for its own vessel, the Grace 1, being stopped by Royal Marine off the coast of Gibraltar last month in which it says was an operation carried out on behalf of the US. Britain says the ship was violating EU sanctions.

Chefs are also shown preparing food in the tanker's kitchen in an attempt by Iranian authorities to prove that the crew are not being badly treated+27

Chefs are also shown preparing food in the tanker’s kitchen in an attempt by Iranian authorities to prove that the crew are not being badly treated

Iranian officials said the suspects had been gathering classified information using ‘advanced equipment’.

‘Some were approached when they were applying for a visa, while others had visas from before and were pressured by the CIA in order to renew them,’ said the intelligence chief.

‘All of the network’s members, all the 17 people, were trained by CIA officers on how to set up safe communications.’

Iran said last month that it had dismantled a spy network linked to the CIA, but it was not clear if the latest announcement was part of the same operation.

Either way, the timing of the latest announcement has raised concerns that Tehran is hardening its position in its stand-off with Western powers.

A top security official alleged the CIA used special stone-like containers to send communications tools and identity documents to its network.

‘The forgery was clumsy, showing that it was done by the CIA itself,’ he said, adding that this ‘proves’ it was government-sanctioned.

‘After they were discovered, CIA officers ordered the spies to destroy all the documents,’ he added.

The intelligence official also handed out a CD with a video recording of an alleged foreign female spy working for the CIA.

The disc also included names of several U.S. Embassy staff in Turkey, India, Zimbabwe and Austria who Iran claims were in touch with the recruited Iranian spies.

In April the regime said it had uncovered 290 U.S. spies in recent years.

The Ministry of Defence released this photo of HMS Montrose warding off Iranian Revolutionary Guard speedboats (circled) which harassed the UK-flagged tanker British Heritage on July 10

The Ministry of Defence released this photo of HMS Montrose warding off Iranian Revolutionary Guard speedboats (circled) which harassed the UK-flagged tanker British Heritage on July 10

Middle East tensions mounted again at the weekend after Iran captured the UK-flagged Stena Impero, in retaliation for a British Royal Marine operation two weeks ago in which an Iranian vessel was seized off Gibraltar.

Video footage released by Iran showed the tanker being surrounded by speedboats before troops in balaclavas descend a rope from a helicopter onto the vessel.

Authorities said they impounded the ship on allegations it failed to respond to distress calls and turned off its transponder after hitting a fishing boat.

But Iran made the link between the two separate seizures this month explicit on Saturday.

‘The rule of reciprocal action is well-known in international law,’ said Abbas Ali Kadkhodaei, a spokesman for Iran’s Guardian Council.

The Stena’s crew is made up of 18 Indians, including the captain, three Russians, a Latvian and a Filipino.

A top British representative to the UN rejected Iran’s version of events, accusing Tehran of ‘illegal interference’ and saying there was no evidence of a collision.

https://www.dailymail.co.uk/news/article-7271681/Iran-claims-arrested-17-CIA-spies.html

 

 

Iran Hands Down Death Sentences to Group of Alleged CIA Spies

Story 4: Where is The New Border Wall? — Where is Congressional Funding for New Border Barrier? — Congress Is Responsible for Crisis At The Border — New Improved Bipartisan Political Correct Chant — “Send Them All Home” Including Open Border/Citizenship For Illegal Aliens Democrats and Republicans and  Deport All 30-60 Million Illegal Aliens in United States — It Is The Law — Enforce The Law — Videos Videos

See the source image

See the source image

Trump wall President addresses nation on border ‘crisis’ BBC News

Tucker Carlson Tonight 7/22/19 | Tucker Carlson Tonight Fox News July 22, 2019

President Trump signs border aid bill

Border Wall Presentation

Major Decision Coming From The Supreme Court Over The Fate Of Trump’s Wall

Trump says Mexico has been helping the US a lot with the border crisis

Trump’s border wall still not built as US faces immigrant crisis | 60 Minutes Australia

Trump has not built a single mile of new border fence after 30 months in office

The Trump administration has not installed a single mile of new wall in a previously fenceless part of the U.S.-Mexico border in the 30 months since President Trump assumed office, despite his campaign promise to construct a “big beautiful wall.”

In a statement last week, U.S. Customs and Border Protection, the federal agency overseeing border barrier construction, confirmed that all the fencing completed since Trump took office is “in place of dilapidated designs” because the existing fence was in need of replacement.

The agency said that it had built 51 miles of steel bollard fence with funding that was set aside during fiscal 2017 and 2018. But while the funding was meant both to replace outdated walls and to place barriers where there previously had been none, the government has only completed the replacement projects. The projects to secure areas with no fence are still in the works.

The 50 miles of completed replacement barrier is a 10-mile gain since early April. In Trump’s two and a half years in office, his administration has installed an average 1.7 miles of barrier per month, and none of it in areas that did not previously have some sort of barrier. A total 205 miles of new and replacement barrier has been funded in the two and a half years since Trump took office.

A senior administration official told the Washington Examiner that Border Patrol and the Army Corps of Engineers moved faster on replacement projects than the new ones because the approval process for environmental and zoning permits was far less extensive than areas of the border with no barrier.

A second senior official defended the administration’s progress and blamed Democrats in Congress for blocking funding for additional projects the White House has tried to move on.

Despite the lack of new barriers, Trump has applauded his administration for building more border wall. His 2020 campaign has made the border wall its primary messaging.

Trump’s 2020 campaign debuted the slogan “Finish the Wall” at his first rally of 2019 in El Paso, Texas. At one point during his speech, the crowd began cheering “build that wall.” Trump responded, “Now, you really mean ‘finish that wall,’ because we’ve built a lot of it,” though he did not share numbers with the thousands of people in attendance.

The White House initially persuaded Congress to fund replacement projects in 2017, then moved in 2018 to get more money for both replacement fencing and projects in parts of the border that have no barrier.

Congress in 2017 approved $341 million for 40 miles of replacement wall in San Diego, California; Santa Teresa, North Mexico; Calexico, California; and El Paso, Texas.

“To this date, CBP has completed the construction of approximately 99 percent of the 40 miles funded in fiscal year 2017. Additionally, construction of 35 gates to close gaps in current border infrastructure in the Rio Grande Valley sector continues,” the Department of Homeland Security agency said in a statement.

In the 2018 omnibus government funding bill, lawmakers approved $1.375 billion for 80 miles of new and replacement wall in the Rio Grande Valley of Texas, various regions of California, and Yuma, Arizona. CBP said it has finished roughly 10 miles of that portion, of which none has been new fencing.

Meanwhile, the administration maintains that significant portions of new wall will be finished in the time remaining in Trump’s term. Army Corps Commanding Gen. Todd T. Semonite said earlier this spring the Corps will put up 450 miles of wall by November 2020.

However, CBP reiterated this month it is only moving on the approximately 205 miles that have been funded as of 2019, including with Treasury Forfeiture Fund dollars Trump redirected through executive action in February. The remaining 85 miles that has already been funded was proposed this year and is intended for the Rio Grande Valley of Texas — some of which is meant to be new wall.

The Trump administration was sued earlier this spring after seizing $6.6 billion in military and other department funding to use for border wall construction. The Justice Department has asked the Supreme Court to weigh in after the 9th Circuit Court of Appeals blocked the White House plan from going forward. The court is expected to rule in the next few weeks.

Roughly 700 miles of the 2,000-mile border has some sort of barrier as a result of the Secure Fence Act, which was passed by Congress during the George W. Bush administration. It was the first major piece of legislation that funded the construction of barriers along the southern border.

 

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 1291-1293

Listen To Pronk Pops Podcast or Download Shows 1282-1290

Listen To Pronk Pops Podcast or Download Shows 1276-1281

Listen To Pronk Pops Podcast or Download Shows 1267-1275

Listen To Pronk Pops Podcast or Download Shows 1266

Listen To Pronk Pops Podcast or Download Shows 1256-1265

Listen To Pronk Pops Podcast or Download Shows 1246-1255

Listen To Pronk Pops Podcast or Download Shows 1236-1245

Listen To Pronk Pops Podcast or Download Shows 1229-1235

Listen To Pronk Pops Podcast or Download Shows 1218-1128

Listen To Pronk Pops Podcast or Download Shows 1210-1217

Listen To Pronk Pops Podcast or Download Shows 1202-1209

Listen To Pronk Pops Podcast or Download Shows 1197-1201

Listen To Pronk Pops Podcast or Download Shows 1190-1196

Listen To Pronk Pops Podcast or Download Shows 1182-1189

Listen To Pronk Pops Podcast or Download Shows 1174-1181

Listen To Pronk Pops Podcast or Download Shows 1168-1173

Listen To Pronk Pops Podcast or Download Shows 1159-1167

Listen To Pronk Pops Podcast or Download Shows 1151-1158

Listen To Pronk Pops Podcast or Download Shows 1145-1150

Listen To Pronk Pops Podcast or Download Shows 1139-1144

Listen To Pronk Pops Podcast or Download Shows 1131-1138

Listen To Pronk Pops Podcast or Download Shows 1122-1130

Listen To Pronk Pops Podcast or Download Shows 1112-1121

Listen To Pronk Pops Podcast or Download Shows 1101-1111

Listen To Pronk Pops Podcast or Download Shows 1091-1100

Listen To Pronk Pops Podcast or Download Shows 1082-1090

Listen To Pronk Pops Podcast or Download Shows 1073-1081

Listen To Pronk Pops Podcast or Download Shows 1066-1073

Listen To Pronk Pops Podcast or Download Shows 1058-1065

Listen To Pronk Pops Podcast or Download Shows 1048-1057

Listen To Pronk Pops Podcast or Download Shows 1041-1047

Listen To Pronk Pops Podcast or Download Shows 1033-1040

Listen To Pronk Pops Podcast or Download Shows 1023-1032

Listen To Pronk Pops Podcast or Download Shows 1017-1022

Listen To Pronk Pops Podcast or Download Shows 1010-1016

Listen To Pronk Pops Podcast or Download Shows 1001-1009

Listen To Pronk Pops Podcast or Download Shows 993-1000

Listen To Pronk Pops Podcast or Download Shows 984-992

Listen To Pronk Pops Podcast or Download Shows 977-983

Listen To Pronk Pops Podcast or Download Shows 970-976

Listen To Pronk Pops Podcast or Download Shows 963-969

Listen To Pronk Pops Podcast or Download Shows 955-962

Listen To Pronk Pops Podcast or Download Shows 946-954

Listen To Pronk Pops Podcast or Download Shows 938-945

Listen To Pronk Pops Podcast or Download Shows 926-937

Listen To Pronk Pops Podcast or Download Shows 916-925

Listen To Pronk Pops Podcast or Download Shows 906-915

Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or Download Shows 713-719

Listen To Pronk Pops Podcast or Download Shows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

Listen To Pronk Pops Podcast or Download Shows 236-249

Listen To Pronk Pops Podcast or Download Shows 222-235

Listen To Pronk Pops Podcast or Download Shows 211-221

Listen To Pronk Pops Podcast or Download Shows 202-210

Listen To Pronk Pops Podcast or Download Shows 194-201

Listen To Pronk Pops Podcast or Download Shows 184-193

Listen To Pronk Pops Podcast or Download Shows 174-183

Listen To Pronk Pops Podcast or Download Shows 165-173

Listen To Pronk Pops Podcast or Download Shows 158-164

Listen To Pronk Pops Podcast or Download Shows 151-157

Listen To Pronk Pops Podcast or Download Shows 143-150

Listen To Pronk Pops Podcast or Download Shows 135-142

Listen To Pronk Pops Podcast or Download Shows 131-134

Listen To Pronk Pops Podcast or Download Shows 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Read Full Post | Make a Comment ( None so far )

The Pronk Pops Show 994, Story 1: President Trump Nominates Fed Governor Jerome Powell To Chair Federal Reserve Board of Governors — Expect Continuation of Interventionist Easy Monetary Policy — More Money Creation or Quantitative Easing When Economy Enters Next Recession in 2018-2019 — Videos — Part 1 of 2 — Story 2: No Tax Reform By Changing From Income Tax System to Broad Based Consumption Tax — The FairTax or Fair Tax Less — No Middle Class Tax Relief From Payroll Taxes — No Real Cuts in Federal Spending As Budget Deficits Rise with Rising National Debt and Unfunded Liabilities — Spending Addiction Disorder — Government Obesity — Crash Diet of Balanced Budgets Required — Videos

Posted on November 2, 2017. Filed under: American History, Banking System, Barack H. Obama, Blogroll, Breaking News, British Pound, Budgetary Policy, Cartoons, College, Congress, Constitutional Law, Countries, Culture, Currencies, Defense Spending, Donald J. Trump, Donald J. Trump, Donald Trump, Donald Trump, Economics, Education, Elections, Empires, Employment, Euro, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care Insurance, History, House of Representatives, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Labor Economics, Language, Law, Legal Immigration, Life, Lying, Media, Medicare, Middle East, Monetary Policy, National Interest, Natural Gas, News, Oil, People, Philosophy, Photos, Politics, President Trump, Presidential Appointments, Progressives, Raymond Thomas Pronk, Regulation, Resources, Rule of Law, Scandals, Security, Senate, Social Science, Social Security, Success, Surveillance/Spying, Tax Policy, Taxation, Taxes, Technology, Terror, Terrorism, Trade Policy, Transportation, U.S. Dollar, Unemployment, United States of America, Videos, Violence, Wall Street Journal, War, Wealth, Weapons, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 994, November 2, 2017

Pronk Pops Show 993, November 1, 2017

Pronk Pops Show 992, October 31, 2017

Pronk Pops Show 991, October 30, 2017

Pronk Pops Show 990, October 26, 2017

Pronk Pops Show 989, October 25, 2017

Pronk Pops Show 988, October 20, 2017

Pronk Pops Show 987, October 19, 2017

Pronk Pops Show 986, October 18, 2017

Pronk Pops Show 985, October 17, 2017

Pronk Pops Show 984, October 16, 2017 

Pronk Pops Show 983, October 13, 2017

Pronk Pops Show 982, October 12, 2017

Pronk Pops Show 981, October 11, 2017

Pronk Pops Show 980, October 10, 2017

Pronk Pops Show 979, October 9, 2017

Pronk Pops Show 978, October 5, 2017

Pronk Pops Show 977, October 4, 2017

Pronk Pops Show 976, October 2, 2017

Pronk Pops Show 975, September 29, 2017

Pronk Pops Show 974, September 28, 2017

Pronk Pops Show 973, September 27, 2017

Pronk Pops Show 972, September 26, 2017

Pronk Pops Show 971, September 25, 2017

Pronk Pops Show 970, September 22, 2017

Pronk Pops Show 969, September 21, 2017

Pronk Pops Show 968, September 20, 2017

Pronk Pops Show 967, September 19, 2017

Pronk Pops Show 966, September 18, 2017

Pronk Pops Show 965, September 15, 2017

Pronk Pops Show 964, September 14, 2017

Pronk Pops Show 963, September 13, 2017

Pronk Pops Show 962, September 12, 2017

Pronk Pops Show 961, September 11, 2017

Pronk Pops Show 960, September 8, 2017

Pronk Pops Show 959, September 7, 2017

Pronk Pops Show 958, September 6, 2017

Pronk Pops Show 957, September 5, 2017

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939, August 2, 2017

Pronk Pops Show 938, August 1, 2017

Image result for President trump nominates Powell for fed chairImage result for u.S. dollar purchasing power 1913 - 2016

Image result for top us marginal tax rate 1913-2016

Image result for top us marginal tax rate 1913-2016

Story 1: President Trump Nominates Fed Governor Jerome Powell To Chair Federal Reserve Board of Governors — Expect Continuation of Interventionist Easy Monetary Policy — More Money Creation or Quantitative Easing When Economy Enters Next Recession in 2018-2019 — Videos

Trump makes his pitch for new Fed chair, tax reform

Trump Announces Fed Chair Pick: Jerome Powell – Full Event

Trump nominates Powell as new Fed chair

PETER SCHIFF – THE NEXT FINANCIAL CRISIS, US ECONOMIC COLLAPSE

End The Fed? … Libertarian Republicans? … #AskRonPaul

Ron Paul’s Texas Straight Talk 10/23/17: Trump’s Fed Picks? More of the Same!

Bill Gross on Fed Chair Candidates, Bonds, U.S. Deficit

Bill Gross on the Future of Asset Management and the Fed

Who is Jerome Powell?

Trump leaning toward Jerome Powell for Fed Chair: sources

The Economic Club of New York Event – Jerome Powell

Published on Jun 28, 2017
Thursday June 1, 2017 Jerome Powell Governor, Federal Reserve System

Powell Is a Force at the Federal Reserve, Says Wallace

KEYNOTE ADDRESS – Jerome H. Powell

Trump Said to Be Leaning Toward Powell for Fed Chair

Powell, Taylor Said to Be Leading Fed Chair Choices

Trump: Fed’s a very important position

Published on Oct 23, 2017
President Donald Trump on tech regulations, the Federal Reserve, NAFTA, the outlook for U.S. economic growth and defense spending.

Alan Greenspan Is ‘Nervous’ Bond Prices Are Too High

Published on Aug 1, 2016
July 28 — Alan Greenspan, former Federal Reserve chairman and founder of Greenspan Associates, discusses nervousness over bond prices and moving into currencies to counter negative interest rates, as well as dealing with uncertainties in the global economy. He speaks with Bloomberg’s Alix Steel on “Bloomberg ‹GO›.”

Greenspan: You Can’t Fix U.S. Economy Until You Fix Entitlements

Published on Dec 14, 2016
Dec.13 — Former Federal Reserve Chairman Alan Greenspan discusses his outlook for productivity and U.S. economic growth. He speaks with Bloomberg’s David Westin.

Who will be next Fed chair?

BVTV: The race to be next Fed chair

The Men Who Will Soon Run The Federal Reserve – What You Need To Know

A Powell, Taylor Fed Hawkish to Markets, Says Zentner

What John Taylor Would Bring to the Federal Reserve

Published on Oct 17, 2017
Oct.17 — David Riley, head of credit strategy at Bluebay Asset Management, and Ed Perks, chief investment officer at Franklin Templeton Multi-Asset Solutions, examine what John Taylor would offer as Federal Reserve Chairman. They speak on “Bloomberg Daybreak: Americas.”

Interview with Professor John Taylor

The Fed Should Raise Rates to Help the Economy – John Taylor

Published on Nov 13, 2015

 The Federal Reserve should return to conventional monetary policy as soon as possible as higher interest rates would be beneficial to the U.S. economy, said noted economist John Taylor of Stanford University. Taylor spoke with TheStreet during a conference called ‘Rethinking Monetary Policy,’ which was held at the Cato Institute in Washington D.C. Thursday. ‘To me the rethinking in some sense is going back and seeing why things worked well when they did in the ‘80s and ’90s until this period,’ said Taylor. ‘Rethinking means adapting some of the things that we forgot.’ Taylor argues that unconventional Fed policy, which was enacted in response to the financial crisis, has in some ways been detrimental. ‘The world has suffered in a way from being off track, from these very unusual policies. And so fixing that, getting back to where I think the Fed wants to go, would be an improvement,’ explained Taylor. ‘Just globally speaking, it’s not been a very successful decade,’ he added. Taylor argues for a rules-based policy system for Central Banks, saying it would lead to less volatility in policy making. TheStreet’s Rhonda Schaffler reports.

John B. Taylor’s Keynote Address: Monetary Rules for a Post-Crisis World

Monetary Policy Based on the Taylor Rule

Debate on the “Neutral” Interest Rate: Opening Presentations

Debate on the “Neutral” Interest Rate: John Taylor’s Take

Debate on the “Neutral” Interest Rate: Audience Q&A

A Powell, Taylor Fed Hawkish to Markets, Says Zentner

5 Keys to Restoring America’s Prosperity: John B. Taylor

n his new book, First Principles: Five Keys to Restoring America’s Prosperity, Stanford University professor of economics John B. Taylor, details the not-so-secret ingredients to rebuilding American’s economic future: predictable policy, rule of law, strong incentives, reliance on markets, and a clearly limited role for government. “America can be great again, economically speaking,” Taylor explains, “it’s just more recently where we’ve gone off track.” Taylor sat down with Reason Magazine Managing Editor Katherine Mangu-Ward to discuss his book, the principles that underlie America’s economic supremacy and what’s gone wrong over the past decade. Taylor is the Raymond Professor of Economics at Stanford University and the George Shultz Senior Fellow at Stanford’s Hoover Institution. He was Treasury Under Secretary for International Affairs from 2001 to 2005. His previous books include Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis.

John B. Taylor “How Government Interventions Caused the Financial Crisis.”

Author John B. Taylor discusses his book “Getting Off Track — How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis,” with Reason.tv’s Michael C. Moynihan.

Is the Fed Making the Crisis Worse? – John B. Taylor

Uncommon Knowledge with John B. Taylor

Economist Lee Says Taylor Can Be One of Best Fed Chairs

The Fed Should Raise Rates to Help the Economy – John Taylor

How to Think About the Federal Reserve – Peter Schiff

Exposing the Federal Reserve!

The Story of Your Enslavement

A War on Homelessness

The Owners of the Country

YOU HAVE NO RIGHTS – George Carlin

America is one big lie and you are a fool for believing in it.

Trump to Tap Jerome Powell as Next Fed Chairman

The president is expected to announce his decision Thursday

Federal Reserve governor Jerome Powell spoke in Washington on Oct. 3. He has been on the board of governors since 2012.
Federal Reserve governor Jerome Powell spoke in Washington on Oct. 3. He has been on the board of governors since 2012. PHOTO:JOSHUA ROBERTS/REUTERS

If confirmed by the Senate, Mr. Powell would succeed Fed Chairwoman Janet Yellen, the central bank’s first female leader, whose four-year term as Fed chief expires in early February.

In his five years at the Fed, Mr. Powell has been a reliable ally of Ms. Yellen and would likely continue the Fed’s current cautious approach to reversing the central bank’s crisis-era stimulus policies as the economy expands.

That would mean gradually raising short-term interest rates in quarter-percentage-point steps through 2020 while slowly shrinking the Fed’s $4.2 trillion portfolio of Treasury and mortgage-backed securities it purchased to lower long-term rates.

Mr. Powell’s nomination would mark the first time in nearly four decades that a new president hasn’t asked the serving Fed leader to stay on for another term, even though that person was nominated by a president of a different party. The last time a first-term president didn’t do that was in 1978, when President Jimmy Carter chose G. William Miller to succeed Arthur Burns.

The president spoke with Mr. Powell on Tuesday, according to people familiar with the matter who couldn’t describe what they discussed.

Mr. Trump had settled on Mr. Powell by Saturday, but people familiar with the process had cautioned that he could change his mind. The president plans to formally announce the decision Thursday before he leaves for a trip to Asia on Friday.

Reached by phone Wednesday, both Mr. Powell and Ms. Yellen declined to comment. A Fed spokeswoman also declined to comment.

Ms. Yellen was one of five finalists for the position, along with Stanford University economics professor John Taylor, former Fed governor Kevin Warsh and National Economic Council Director Gary Cohn.

Mr. Taylor and Mr. Warsh didn’t respond to requests seeking comment Wednesday. Mr. Cohn’s spokeswoman didn’t immediately respond to a request for comment.

Mr. Trump said in a video last week that he had “somebody very specific in mind” for the job. “It will be a person who hopefully will do a fantastic job,” Mr. Trump said in a video posted to Instagram, adding, “I think everybody will be very impressed.”

Fed officials began raising their benchmark federal-funds rate in December 2015 after holding it near zero for seven years following the financial crisis. They voted in June to lift rates to a range between 1% and 1.25% and in October started the process of slowly shrinking the Fed’s bond portfolio.

FED SPEECH ANALYZER

“The economy is as close to our assigned goals as it has been for many years,” Mr. Powell said in June. If it continues growing as expected, “I would view it as appropriate to continue to gradually raise rates.”

Officials have penciled in one more rate increase this year. But they indicated in September such increases are likely to end at a lower point than they had previously projected—at a longer-run level of around 2.75%—considerably lower than where officials have stopped raising rates in the past.

Mr. Trump told The Wall Street Journal in July, “I’d like to see rates stay low.”

The Fed on Wednesday left short-term interest rates unchanged, but signaled it would consider lifting them before year’s end amid signs the economy is gaining momentum.

Mr. Powell has never dissented on a Fed monetary or regulatory policy vote and in speeches hasn’t deviated far from the board’s consensus.

Where he could lead a shift is on regulatory policy. He has advocated loosening some of the financial rules adopted by the Fed and other agencies since the crisis, a position that meshes with Mr. Trump’s deregulatory agenda. Mr. Powell has suggested softening the Volcker rule barring banks from using their own money to make risky bets and easing some bank stress tests.

He also has endorsed reviewing some of the supervisory duties imposed on banks’ boards of directors to prevent them from being burdened with “an ever-increasing checklist.”

“More regulation is not the best answer to every problem,” Mr. Powell said in a speech in early October.

How Fed Chairs Have Fared

A look at various Fed regimes, and how they used interest rates to manage inflation, growth and the economy

*Seasonally adjusted †Change from a year earlier in the price index for personal-consumption expenditures

Source: Federal Reserve Bank of St. Louis

“To some extent he offers Trump the best of both worlds. You get broadly speaking continuity of Yellen’s careful and relatively dovish approach to monetary policy but with somebody who is a card-carrying Republican and who is significantly more inclined to revisit some of the postcrisis regulations,” said Krishna Guha, vice chairman at Evercore ISI and a former New York Fed official.

Karen Petrou, managing partner of the financial-services consulting firm Federal Financial Analytics, said Mr. Powell’s recent remarks on regulation “were certainly much more flexible than [Ms. Yellen] has been.”

Mr. Powell, a lawyer, would be the first Fed leader in three decades without a Ph.D. in economics. Before joining the Fed board, Mr. Powell worked as an investment banker in New York City, as Treasury undersecretary for financial institutions in the George H.W. Bush administration, as a partner at the Carlyle Group and as a scholar at the Bipartisan Policy Center.

That background could serve him well, said Aaron Klein, an economic studies fellow at the Brookings Institution and director of the Center on Regulation and Markets.

“The Federal Reserve’s mandate has grown significantly since the financial crisis,” he said. “With a broader mandate, one should expect broader and more diverse backgrounds of potential good fits for a chair.”

“He would represent continuity of the Fed system and culture but a break from the predominance of monetary policy as the core background of the chair,” Mr. Klein said.

The decision marks the culmination of an unusually public and drawn-out search for one of the top economic policy-making jobs in the world.

Mr. Trump upended the usually staid selection process by openly weighing the pros and cons of various candidates and asking lawmakers, businesspeople and media personalities for their input.

Mr. Trump polled GOP senators last month on their preferred choice at a lunch on Capitol Hill, and said he was still considering “two, and maybe three” people for the job.

Mr. Trump has other opportunities to reshape the central bank. Randal Quarles, his first nominee to the Fed’s powerful seven-member board of governors, took office in October. Three other seats remain open.

Nominations for all board positions, including chairman and vice chairman, are subject to Senate confirmation.

Mr. Powell should have little trouble winning Senate approval, but his views could clash with those of some Republican senators who have criticized him for supporting the Fed’s easy-money and postcrisis regulatory policies.

He won confirmation to the Fed with bipartisan support in the Senate twice before: to fill an unfinished governor’s term in 2012 and for a full term in 2014. Some Republicans have suggested he could face difficult questions from his own side of the aisle. “I think we should move in a different direction,” from current Fed policies, Sen. Pat Toomey (R., Pa.) said last month about the possibility of a Powell nomination.

Write to Kate Davidson at kate.davidson@wsj.com, Peter Nicholas at

https://www.wsj.com/articles/trump-to-tap-feds-jerome-powell-for-fed-chairman-1509568166

Taylor rule

From Wikipedia, the free encyclopedia

In economics, a Taylor rule is a reduced form approximation of the responsiveness of the nominal interest rate, as set by the central bank, to changes in inflationoutput, or other economic conditions. In particular, the rule describes how, for each one-percent increase in inflation, the central bank tends to raise the nominal interest rate by more than one percentage point. This aspect of the rule is often called the Taylor principle. Although such rules may serve as concise, descriptive proxies for central bank policy, and are not explicitly proscriptively considered by central banks when setting nominal rates.

The rule was first proposed by John B. Taylor,[1] and simultaneously by Dale W. Henderson and Warwick McKibbin in 1993.[2] It is intended to foster price stability by systematically reducing uncertainty and increasing the credibility of future actions by the central bank. It may also avoid the inefficiencies of time inconsistency from the exercise of discretionary policy.[3] The Taylor rule synthesized, and provided a compromise between, competing schools of economics thought in a language devoid of rhetorical passion.[4] Although many issues remain unresolved and views still differ about how the Taylor rule can best be applied in practice, research shows that the rule has advanced the practice of central banking.[5]

As an equation

According to Taylor’s original version of the rule, the nominal interest rate should respond to divergences of actual inflation rates from target inflation rates and of actual Gross Domestic Product (GDP) from potential GDP:

{\displaystyle i_{t}=\pi _{t}+r_{t}^{*}+a_{\pi }(\pi _{t}-\pi _{t}^{*})+a_{y}(y_{t}-{\bar {y}}_{t}).}i_{t}=\pi _{t}+r_{t}^{*}+a_{\pi }(\pi _{t}-\pi _{t}^{*})+a_{y}(y_{t}-{\bar y}_{t}).

In this equation, {\displaystyle \,i_{t}\,}\,i_{t}\, is the target short-term nominal interest rate (e.g. the federal funds rate in the US, the Bank of England base rate in the UK), {\displaystyle \,\pi _{t}\,}\,\pi _{t}\, is the rate of inflation as measured by the GDP deflator{\displaystyle \pi _{t}^{*}}\pi _{t}^{*} is the desired rate of inflation, {\displaystyle r_{t}^{*}}r_{t}^{*} is the assumed equilibrium real interest rate, {\displaystyle \,y_{t}\,}\,y_{t}\, is the logarithm of real GDP, and {\displaystyle {\bar {y}}_{t}}{\bar y}_{t} is the logarithm of potential output, as determined by a linear trend.

In this equation, both {\displaystyle a_{\pi }}a_{{\pi }} and {\displaystyle a_{y}}a_{y} should be positive (as a rough rule of thumb, Taylor’s 1993 paper proposed setting {\displaystyle a_{\pi }=a_{y}=0.5}a_{{\pi }}=a_{y}=0.5).[6] That is, the rule “recommends” a relatively high interest rate (a “tight” monetary policy) when inflation is above its target or when output is above its full-employment level, in order to reduce inflationary pressure. It recommends a relatively low interest rate (“easy” monetary policy) in the opposite situation, to stimulate output. Sometimes monetary policy goals may conflict, as in the case of stagflation, when inflation is above its target while output is below full employment. In such a situation, a Taylor rule specifies the relative weights given to reducing inflation versus increasing output.

The Taylor principle

By specifying {\displaystyle a_{\pi }>0}a_{{\pi }}>0, the Taylor rule says that an increase in inflation by one percentage point should prompt the central bank to raise the nominal interest rate by more than one percentage point (specifically, by {\displaystyle 1+a_{\pi }}1+a_{{\pi }}, the sum of the two coefficients on {\displaystyle \pi _{t}}\pi _{t} in the equation above). Since the real interest rate is (approximately) the nominal interest rate minus inflation, stipulating {\displaystyle a_{\pi }>0}a_{{\pi }}>0 implies that when inflation rises, the real interest rate should be increased. The idea that the real interest rate should be raised to cool the economy when inflation increases (requiring the nominal interest rate to increase more than inflation does) has sometimes been called the Taylor principle.[7]

Alternative versions of the rule

Effective federal funds rate and prescriptions from alternate versions of the Taylor Rule

While the Taylor principle has proved very influential, there is more debate about the other terms that should enter into the rule. According to some simple New Keynesian macroeconomic models, insofar as the central bank keeps inflation stable, the degree of fluctuation in output will be optimized (Blanchard and Gali call this property the ‘divine coincidence‘). In this case, the central bank does not need to take fluctuations in the output gap into account when setting interest rates (that is, it may optimally set {\displaystyle a_{y}=0}a_{y}=0.) On the other hand, other economists have proposed including additional terms in the Taylor rule to take into account financial conditions: for example, the interest rate might be raised when stock prices, housing prices, or interest rate spreads increase.

• Taylor Rule 1993 – the original definition by John Taylor with {\displaystyle a_{\pi }=a_{y}=0.5}{\displaystyle a_{\pi }=a_{y}=0.5}

• Taylor Rule 1999 – adapted and updated by John Taylor in a new research paper: {\displaystyle a_{\pi }=0.5,a_{y}\geq 0}{\displaystyle a_{\pi }=0.5,a_{y}\geq 0}

Empirical relevance

Although the Federal Reserve does not explicitly follow the Taylor rule, many analysts have argued that the rule provides a fairly accurate summary of US monetary policy under Paul Volcker and Alan Greenspan.[8][9] Similar observations have been made about central banks in other developed economies, both in countries like Canada and New Zealand that have officially adopted inflation targeting rules, and in others like Germany where the Bundesbank‘s policy did not officially target the inflation rate.[10][11] This observation has been cited by ClaridaGalí, and Gertler as a reason why inflation had remained under control and the economy had been relatively stable (the so-called ‘Great Moderation‘) in most developed countries from the 1980s through the 2000s.[8] However, according to Taylor, the rule was not followed in part of the 2000s, possibly leading to the housing bubble.[12][13] Certain research has determined that some households form their expectations about the future path of interest rates, inflation, and unemployment in a way that is consistent with Taylor-type rules.[14]

Criticisms

Athanasios Orphanides (2003) claims that the Taylor rule can misguide policy makers since they face real-time data. He shows that the Taylor rule matches the US funds rate less perfectly when accounting for these informational limitations and that an activist policy following the Taylor rule would have resulted in an inferior macroeconomic performance during the Great Inflation of the seventies.[15]

In 2015, financial manager Bill Gross said the Taylor rule “must now be discarded into the trash bin of history”, in light of tepid GDP growth in the years after 2009.[16] Gross believed low interest rates were not the cure for decreased growth, but the source of the problem.

See also

References

  1. Jump up^ Taylor, John B. (1993). “Discretion versus Policy Rules in Practice” (PDF). Carnegie-Rochester Conference Series on Public Policy39: 195–214. (The rule is introduced on page 202.)
  2. Jump up^ Henderson, D. W.; McKibbin, W. (1993). “A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence”. Carnegie-Rochester Conference Series on Public Policy39: 221–318. doi:10.1016/0167-2231(93)90011-K.
  3. Jump up^ Taylor, John (2012). First Principles: Five Keys to Restoring America’s Economic Prosperity. New York: W.W. Norton & Company, Inc. p. 126
  4. Jump up^ Kahn, George A.; Asso, Pier Francesco; Leeson, Robert (2007). “The Taylor Rule and the Transformation of Monetary Policy”. Federal Reserve Bank of Kansas City Working Paper 07-11SSRN 1088466Freely accessible.
  5. Jump up^ Asso, Pier Francesco; Kahn, George A.; Leeson, Robert (2010). “The Taylor Rule and the Practice of Central Banking”. Federal Reserve Bank of Kansas City Working Paper 10-05SSRN 1553978Freely accessible.
  6. Jump up^ Athanasios Orphanides (2008). “Taylor rules,” The New Palgrave Dictionary of Economics, 2nd Edition. v. 8, pp. 2000-2004, equation (7).Abstract.
  7. Jump up^ Davig, Troy; Leeper, Eric M. (2007). “Generalizing the Taylor Principle”. American Economic Review97 (3): 607–635. JSTOR 30035014doi:10.1257/aer.97.3.607.
  8. Jump up to:a b Clarida, Richard; Galí, Jordi; Gertler, Mark (2000). “Monetary Policy Rules and Macroeconomic Stability: Theory and Some Evidence”. Quarterly Journal of Economics115 (1): 147–180. JSTOR 2586937doi:10.1162/003355300554692.
  9. Jump up^ Lowenstein, Roger (2008-01-20). “The Education of Ben Bernanke”The New York Times.
  10. Jump up^ Bernanke, Ben; Mihov, Ilian (1997). “What Does the Bundesbank Target?”. European Economic Review41 (6): 1025–1053. doi:10.1016/S0014-2921(96)00056-6.
  11. Jump up^ Clarida, Richard; Gertler, Mark; Galí, Jordi (1998). “Monetary Policy Rules in Practice: Some International Evidence”. European Economic Review42 (6): 1033–1067. doi:10.1016/S0014-2921(98)00016-6.
  12. Jump up^ Taylor, John B. (2008). “The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong” (PDF).
  13. Jump up^ Taylor, John B. (2009). Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. Hoover Institution Press. ISBN 0-8179-4971-2.
  14. Jump up^ Carvalho, Carlos; Nechio, Fernanda (2013). “Do People Understand Monetary Policy?”. Federal Reserve Bank of San Francisco Working Paper 2012-01SSRN 1984321Freely accessible.
  15. Jump up^ Orphanides, A. (2003). “The Quest for Prosperity without Inflation”. Journal of Monetary Economics50 (3): 633–663. doi:10.1016/S0304-3932(03)00028-X.
  16. Jump up^ Bill Gross (July 30, 2015). “Gross: Low rates are the problem, not the solution”CNBC. Retrieved July 30, 2015.

External links

https://en.wikipedia.org/wiki/Taylor_rule

Real interest rate

From Wikipedia, the free encyclopedia

Yields on inflation-indexed government bonds of selected countries and maturities.

The real interest rate is the rate of interest an investor, saver or lender receives (or expects to receive) after allowing for inflation. It can be described more formally by the Fisher equation, which states that the real interest rate is approximately the nominal interest rate minus the inflation rate.

If, for example, an investor were able to lock in a 5% interest rate for the coming year and anticipated a 2% rise in prices, they would expect to earn a real interest rate of 3%.[1] The expected real interest rate is not a single number, as different investors have different expectations of future inflation. Since the inflation rate over the course of a loan is not known initially, volatility in inflation represents a risk to both the lender and the borrower.

In the case of contracts stated in terms of the nominal interest rate, the real interest rate is known only at the end of the period of the loan, based on the realized inflation rate; this is called the ex-post real interest rate. Since the introduction of inflation-indexed bondsex-ante real interest rates have become observable.[2]

Risks

In economics and finance, an individual who lends money for repayment at a later point in time expects to be compensated for the time value of money, or not having the use of that money while it is lent. In addition, they will want to be compensated for the risks of having less purchasing power when the loan is repaid. These risks are systematic risks, regulatory risks and inflation risks. The first includes the possibility that the borrower will default or be unable to pay on the originally agreed upon terms, or that collateral backing the loan will prove to be less valuable than estimated. The second includes taxation and changes in the law which would prevent the lender from collecting on a loan or having to pay more in taxes on the amount repaid than originally estimated. The third takes into account that the money repaid may not have as much buying power from the perspective of the lender as the money originally lent, that is inflation, and may include fluctuations in the value of the currencies involved.

Nominal interest rates include all three risk factors, plus the time value of the money itself.
Real interest rates include only the systematic and regulatory risks and are meant to measure the time value of money.

The “real interest rate” in an economy is often considered to be the rate of return on a risk free investment, such as US Treasury notes, minus an index of inflation, such as the rate of change of the CPI or GDP deflator.

Fisher equation

The relation between real and nominal interest rates and the expected inflation rate is given by the Fisher equation

{\displaystyle 1+i=(1+r)(1+\pi _{e})}1+i=(1+r)(1+\pi _{e})

where

i = nominal interest rate;
r = real interest rate;
{\displaystyle \pi _{e}}\pi _{e} = expected inflation rate.

For example, if somebody lends $1000 for a year at 10%, and receives $1100 back at the end of the year, this represents a 10% increase in her purchasing power if prices for the average goods and services that she buys are unchanged from what they were at the beginning of the year. However, if the prices of the food, clothing, housing, and other things that she wishes to purchase have increased 25% over this period, she has in fact suffered a real loss of about 15% in her purchasing power. (Notice that the approximation here is a bit rough; since 1.1/1.25 = 0.88 = 1 – 0.12, the actual loss of purchasing power is exactly 12%.

Variations in inflation

The inflation rate will not be known in advance. People often base their expectation of future inflation on an average of inflation rates in the past, but this gives rise to errors. The real interest rate ex-post may turn out to be quite different from the real interest rate (ex-ante real interest rate) that was expected in advance. Borrowers hope to repay in cheaper money in the future, while lenders hope to collect on more expensive money. When inflation and currency risks are underestimated by lenders, then they will suffer a net reduction in buying power.

The complexity increases for bonds issued for a long term, where the average inflation rate over the term of the loan may be subject to a great deal of uncertainty. In response to this, many governments have issued real return bonds, also known as inflation-indexed bonds, in which the principal value and coupon rises each year with the rate of inflation, with the result that the interest rate on the bond approximates a real interest rate. (E.g., the three-month indexation lag of TIPS can result in a divergence of as much as 0.042% from the real interest rate, according to research by Grishchenko and Huang.[3]) In the US, Treasury Inflation Protected Securities (TIPS) are issued by the US Treasury.

The expected real interest rate can vary considerably from year to year. The real interest rate on short term loans is strongly influenced by the monetary policy of central banks. The real interest rate on longer term bonds tends to be more market driven, and in recent decades, with globalized financial markets, the real interest rates in the industrialized countries have become increasingly correlated. Real interest rates have been low by historical standards since 2000, due to a combination of factors, including relatively weak demand for loans by corporations, plus strong savings in newly industrializing countries in Asia. The latter has offset the large borrowing demands by the US Federal Government, which might otherwise have put more upward pressure on real interest rates.

Related is the concept of “risk return”, which is the rate of return minus the risks as measured against the safest (least-risky) investment available. Thus if a loan is made at 15% with an inflation rate of 5% and 10% in risks associated with default or problems repaying, then the “risk adjusted” rate of return on the investment is 0%.

Importance in economic theory

Effective federal funds rate and prescriptions from alternate versions of the Taylor Rule

The amount of physical investment—in particular the purchasing of new machines and other productive capacity—that firms engage in depends on the level of real interest rates, because such purchases typically must be financed by issuing new bonds. If real interest rates are high, the cost of borrowing may exceed the real physical return of some potentially purchased machines (in the form of output produced); in that case those machines will not be purchased. Lower real interest rates would make it profitable to borrow to finance the purchasing of a greater number of machines.

The real interest rate is used in various economic theories to explain such phenomena as the capital flightbusiness cycle and economic bubbles. When the real rate of interest is high, that is, demand for credit is high, then money will, all other things being equal, move from consumption to savings. Conversely, when the real rate of interest is low, demand will move from savings to investment and consumption. Different economic theories, beginning with the work of Knut Wicksell have had different explanations of the effect of rising and falling real interest rates. Thus, international capital moves to markets that offer higher real rates of interest from markets that offer low or negative real rates of interest triggering speculation in equities, estates and exchange rates.

Real federal funds rate

In setting monetary policy, the U.S. Federal Reserve (and other central banks) establish an interest rate at which they lend to banks. This is the federal funds rate. By setting this rate low, they can encourage borrowing and thus economic activity; or the reverse by raising the rate. Like any interest rate, there are a nominal and a real value defined as described above. Further, there is a concept called the “equilibrium real federal funds rate” (r*), alternatively called the “natural rate of interest” or the “neutral real rate”, which is the “level of the real federal funds rate, if allowed to prevail for several years, [that] would place economic activity at its potential and keep inflation low and stable.” There are various methods used to estimate this amount, using tools such as the Taylor Rule. It is possible for this rate to be negative.[4]

Negative real interest rates

The real interest rate solved from the Fisher equation is

{\displaystyle {\frac {1+i}{1+\pi }}-1=r}{\frac {1+i}{1+\pi }}-1=r

If there is a negative real interest rate, it means that the inflation rate is greater than the nominal interest rate. If the Federal funds rate is 2% and the inflation rate is 10%, then the borrower would gain 7.27% of every dollar borrowed per year.

{\displaystyle {\frac {1+0.02}{1+0.1}}-1=-0.0727}{\frac {1+0.02}{1+0.1}}-1=-0.0727

Negative real interest rates are an important factor in government fiscal policy. Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt, meaning the inflation rate is greater than the interest rate paid on the debt.[5] Such low rates, outpaced by the inflation rate, occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, pensions, or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk.[6][7]Lawrence Summers stated that at such low rates, government debt borrowing saves taxpayer money, and improves creditworthiness.[8][9] In the late 1940s through the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay so low.[6][10] Between 1946 and 1974, the US debt-to-GDP ratio fell from 121% to 32% even though there were surpluses in only eight of those years which were much smaller than the deficits.[11]

See also

References

  1. Jump up^ https://docs.google.com/fileview?id=0B_Qxj5U7eaJTZTJkODYzN2ItZjE3Yy00Y2M0LTk2ZmUtZGU0NzA3NGI4Y2Y5&hl=en&pli=1 page 24
  2. Jump up^ “FRB: Speech with Slideshow–Bernanke, Long-Term Interest Rates–March 1, 2013”http://www.federalreserve.gov. Retrieved 2017-03-07.
  3. Jump up^ Grishchenko, Olesya V.; Jing-zhi Huang (June 2012). “Inflation Risk Premium: Evidence from the TIPS Market” (PDF). Finance and Economics Discussion Series. Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Retrieved 26 May 2013.
  4. Jump up^ U.S. Federal Reserve-Remarks by Vice Chairman Roger W. Ferguson Jr. October 29, 2004
  5. Jump up^ Saint Louis Federal Reserve (2012) “5-Year Treasury Inflation-Indexed Security, Constant Maturity” FRED Economic Data chart from government debt auctions (the x-axis at y=0 represents the inflation rate over the life of the security)
  6. Jump up to:a b Carmen M. Reinhart and M. Belen Sbrancia (March 2011) “The Liquidation of Government Debt” National Bureau of Economic Research working paper No. 16893
  7. Jump up^ David Wessel (August 8, 2012) “When Interest Rates Turn Upside Down” Wall Street Journal (full text)
  8. Jump up^ Lawrence Summers (June 3, 2012) “Breaking the negative feedback loop” Reuters
  9. Jump up^ Matthew Yglesias (May 30, 2012) “Why Are We Collecting Taxes?” Slate
  10. Jump up^ William H. Gross (May 2, 2011) “The Caine Mutiny (Part 2)”PIMCO Investment Outlook
  11. Jump up^ “Why the U.S. Government Never, Ever Has to Pay Back All Its Debt” The Atlantic, February 1, 2013

External links

https://en.wikipedia.org/wiki/Real_interest_rate

John B. Taylor

From Wikipedia, the free encyclopedia
John Taylor
JohnBTaylor.jpg
Personal details
Born John Brian Taylor
December 8, 1946 (age 70)
Yonkers, New YorkU.S.
Political party Republican
Education Princeton University(BA)
Stanford University(PhD)
Academic career
Field Monetary economics
School or
tradition
New Keynesian economics
Doctoral
advisor
Theodore Wilbur Anderson[1]
Doctoral
students
Lawrence J. Christiano
Influences Milton Friedman
Paul Volcker
E. Philip Howrey
Alan Greenspan
Contributions Taylor rule
Information at IDEAS / RePEc

John Brian Taylor (born December 8, 1946) is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University’s Hoover Institution.[2]

Born in Yonkers, New York, he graduated from Shady Side Academy[3] and earned his A.B. from Princeton University in 1968 and Ph.D. from Stanford in 1973, both in economics. He taught at Columbia University from 1973–1980 and the Woodrow Wilson School and Economics Department of Princeton University from 1980–1984 before returning to Stanford. He has received several teaching prizes and teaches Stanford’s introductory economics course as well as Ph.D. courses in monetary economics.[4]

In research published in 1979 and 1980 he developed a model of price and wage setting—called the staggered contract model—which served as an underpinning of a new class of empirical models with rational expectations and sticky prices—sometimes called new Keynesian models.[5][6] In a 1993 paper he proposed the Taylor rule,[7] intended as a recommendation about how nominal interest rates should be determined, which then became a rough summary of how central banks actually do set them. He has been active in public policy, serving as the Under Secretary of the Treasury for International Affairs during the first term of the George W. Bush Administration. His book Global Financial Warriors chronicles this period.[8] He was a member of the President’s Council of Economic Advisors during the George H. W. Bush Administration and Senior Economist at the Council of Economic Advisors during the Ford and Carter Administrations.

In 2012 he was included in the 50 Most Influential list of Bloomberg Markets Magazine. Thomson Reuters lists Taylor among the ‘citation laureates‘ who are likely future winners of the Nobel Prize in Economics.[9]

Academic contributions

Taylor’s research—including the staggered contract model, the Taylor rule, and the construction of a policy tradeoff (Taylor) curve[10] employing empirical rational expectations models[11]—has had a major impact on economic theory and policy.[12] Former Federal Reserve Chairman Ben Bernanke has said that Taylor’s “influence on monetary theory and policy has been profound,”[13] and Federal Reserve Chair Janet Yellen has noted that Taylor’s work “has affected the way policymakers and economists analyze the economy and approach monetary policy.”[14]

Taylor contributed to the development of mathematical methods for solving macroeconomic models under the assumption of rational expectations, including in a 1975 Journal of Political Economy paper, in which he showed how gradual learning could be incorporated in models with rational expectations;[15] a 1979 Econometrica paper in which he presented one of the first econometric models with overlapping price setting and rational expectations,[16] which he later expanded into a large multicountry model in a 1993 book Macroeconomic Policy in a World Economy,[11] and a 1983 Econometrica paper,[17] in which he developed with Ray Fair the first algorithm to solve large-scale dynamic stochastic general equilibrium models which became part of popular solution programs such as Dynare and EViews.[18]

In 1977, Taylor and Edmund Phelps, simultaneously with Stanley Fischer, showed that monetary policy is useful for stabilizing the economy if prices or wages are sticky, even when all workers and firms have rational expectations.[19] This demonstrated that some of the earlier insights of Keynesian economics remained true under rational expectations. This was important because Thomas Sargent and Neil Wallace had argued that rational expectations would make macroeconomic policy useless for stabilization;[20] the results of Taylor, Phelps, and Fischer showed that Sargent and Wallace’s crucial assumption was not rational expectations, but perfectly flexible prices.[21] These research projects together could considerably deepen our understanding of the limits of the policy-ineffectiveness proposition.[22]

Taylor then developed the staggered contract model of overlapping wage and price setting, which became one of the building blocks of the New Keynesian macroeconomics that rebuilt much of the traditional macromodel on rational expectations microfoundations.[23][24]

Taylor’s research on monetary policy rules traces back to his undergraduate studies at Princeton.[25][26] He went on in the 1970s and 1980s to explore what types of monetary policy rules would most effectively reduce the social costs of inflation and business cycle fluctuations: should central banks try to control the money supply, the price level, or the interest rate; and should these instruments react to changes in output, unemployment, asset prices, or inflation rates? He showed[27] that there was a tradeoff—later called the Taylor curve[28]—between the volatility of inflation and that of output. Taylor’s 1993 paper in the Carnegie-Rochester Conference Series on Public Policy proposed that a simple and effective central bank policy would manipulate short-term interest rates, raising rates to cool the economy whenever inflation or output growth becomes excessive, and lowering rates when either one falls too low.[7] Taylor’s interest rate equation has come to be known as the Taylor rule, and it is now widely accepted as an effective formula for monetary decision making.[29]

A key stipulation of the Taylor rule, sometimes called the Taylor principle,[30] is that the nominal interest rate should increase by more than one percentage point for each one-percent rise in inflation. Some empirical estimates indicate that many central banks today act approximately as the Taylor rule prescribes, but violated the Taylor principle during the inflationary spiral of the 1970s.[31]

Recent research

Taylor’s recent research has been on the financial crisis that began in 2007 and the world economic recession. He finds that the crisis was primarily caused by flawed macroeconomic policies from the U.S. government and other governments. Particularly, he focuses on the Federal Reserve which, under Alan Greenspan, a personal friend of Taylor, created “monetary excesses” in which interest rates were kept too low for too long, which then directly led to the housing boom in his opinion.[32] He also believes that Freddie Mac and Fannie Mae spurred on the boom and that the crisis was misdiagnosed as a liquidity rather than a credit risk problem.[33] He wrote that, “government actions and interventions, not any inherent failure or instability of the private economy, caused, prolonged, and worsen the crisis.”[34]

Taylor’s research has also examined the impact of fiscal policy in the recent recession. In November 2008, writing for The Wall Street Journal opinion section, he recommended four measures to fight the economic downturn: (a) permanently keeping all income tax ratesthe same, (b) permanently creating a worker’s tax credit equal to 6.2 percent of wages up to $8,000, (c) incorporating “automatic stabilizers” as part of overall fiscal plans, and (d) enacting a short-term stimulus plan that also meets long term objectives against waste and inefficiency. He stated that merely temporary tax cuts would not serve as a good policy tool.[35] His research[36] with John Cogan, Tobias Cwik, and Volcker Wieland showed that the multiplier is much smaller in new Keynesian than in old Keynesian models, a result that was confirmed by researchers at central banks.[37] He evaluated the 2008 and 2009 stimulus packages and argued that they were not effective in stimulating the economy.[38]

In a June 2011 interview on Bloomberg Television, Taylor stressed the importance of long term fiscal reform that sets the U.S. federal budget on a path towards being balanced. He cautioned that the Fed should move away from quantitative easing measures and keep to a more static, stable monetary policy. He also criticized fellow economist Paul Krugman‘s advocacy of additional stimulus programs from Congress, which Taylor said will not help in the long run.[39] In his 2012 book First Principles: Five Keys to Restoring America’s Prosperity, he endeavors to explain why these reforms are part of a broader set of principles of economic freedom.

Selected publications

Reprinted in Taylor, John B. (1991), “Staggered wage setting in a macro model”, in Mankiw, N. Gregory; Romer, David, New Keynesian economics, volume 1, Cambridge, Massachusetts: MIT Press, pp. 233–42, ISBN 9780262631334.
  • Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”. EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962.
  • Taylor, John B. (December 1980). “Scale economies, product differentiation, and the pattern of trade”. The American Economic ReviewAmerican Economic Association70 (5): 950–59. JSTOR 1805774.Pdf.
  • Taylor, John B. (1986), ‘New econometric approaches to stabilization policy in stochastic models of macroeconomic fluctuations’. Ch. 34 of Handbook of Econometrics, vol. 3, Z. Griliches and M.D. Intriligator, eds. Elsevier Science Publishers.
  • Taylor, John B. (December 1993). “Discretion versus policy rules in practice”Carnegie-Rochester Conference Series on Public PolicyElsevier39: 195–214. doi:10.1016/0167-2231(93)90009-L.Pdf.
  • Taylor, John B. (1999), “An historical analysis of monetary policy rules”, in Taylor, John B., Monetary policy rules, Chicago: University of Chicago Press, ISBN 9780226791265.
  • Taylor, John B. (2007). Global financial warriors: the untold story of international finance in the post-9/11 world. New York: W.W. Norton. ISBN 9780393064483.
  • Taylor, John B. (2008), “Housing and monetary policy”, in Reserve Bank of Kansas City, Housing, housing finance, and monetary policy: a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 30-September 1, 2007, Kansas City, Missouri: Reserve Bank of Kansas City, pp. 463–76, OCLC 170267547
  • Taylor, John B. (2009), “The financial crisis and the policy response: an empirical analysis of what went wrong”, in Bank of Canada Staff, Festschrift in honour of David Dodge’s contributions to Canadian public policy: proceedings of a conference held by the Bank of Canada, November, 2008, Ottawa: Bank of Canada, pp. 1–18, ISBN 9780660199276.
  • Taylor, John B. (2009). Getting off track: how government actions and interventions caused, prolonged, and worsened the financial crisis. Stanford, California: Hoover Institution Press. ISBN 9780817949716.
  • Taylor, John B.; Shultz, George P.; Scott, Kenneth, eds. (2009). Ending government bailouts as we know them. Stanford, California: Hoover Institution Press. ISBN 9780817911287.
  • Taylor, John B.; Ryan, Paul D. (30 November 2010). “Refocus the Fed on price stability instead of bailing out fiscal policy”Investor’s Business Daily. Archived from the original on 13 April 2011.
  • Taylor, John B. (2012). First principles: five keys to restoring America’s prosperity. New York: W.W. Norton. ISBN 9780393345452.

See also

Further reading

References

  1. Jump up^ Taylor, John B. (September 24, 2016). “The Statistical Analysis of Policy Rules”economicsone.com. Economics One (A blog by John B. Taylor). Retrieved October 2, 2016.
  2. Jump up^ “Hoover Institution Senior Fellow: Biography”Hoover Institution. Retrieved 27 October 2011.
  3. Jump up^ “Notable alumni”shadysideacademy.orgShady Side Academy.
  4. Jump up^ Taylor, John B. “Curriculum vitae” (pdf). Stanford University.
  5. Jump up^ Taylor, John B. (May 1979). “Staggered wage setting in a macro model”. The American Economic ReviewAmerican Economic Association69 (2): 108–113. JSTOR 1801626.
    Reprinted in Taylor, John B. (1991), “Staggered wage setting in a macro model”, in Mankiw, N. Gregory; Romer, David, New Keynesian economics, volume 1, Cambridge, Massachusetts: MIT Press, pp. 233–242, ISBN 9780262631334.
  6. Jump up^ Taylor, John B. (February 1980). “Aggregate dynamics and staggered contracts”Journal of Political EconomyChicago Journals88 (1): 1–23. JSTOR 1830957doi:10.1086/260845.
  7. Jump up to:a b Taylor, John B. (December 1993). “Discretion versus policy rules in practice”Carnegie-Rochester Conference Series on Public PolicyElsevier39: 195–214. doi:10.1016/0167-2231(93)90009-L. Pdf.
  8. Jump up^ Taylor, John B. (2007). Global financial warriors: the untold story of international finance in the post-9/11 world. New York: W.W. Norton. ISBN 9780393064483.
  9. Jump up^ “Hall of ‘citation laureates’ (in economics)”science.thomsonreuters.com. Thomson-Reuters.
  10. Jump up^ Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962. Pdf.
    Reprinted in Taylor, John B. (1981), “Estimation and control of a macroeconomic model with rational expectations”, in Lucas, Jr., Robert E.; Sargent, Thomas J., Rational expectations and econometric practice, Minneapolis: University of Minnesota Press, ISBN 9780816610983.
  11. Jump up to:a b Taylor, John B. (1993). Macroeconomic policy in a world economy: from econometric design to practical operation. New York: W.W. Norton. ISBN 9780393963168.
  12. Jump up^ Ben Bernanke refers to the “three concepts named after John that are central to understanding our macroeconomic experience of the past three decades—the Taylor curve, the Taylor rule, and the Taylor principle.” in “Opening Remarks,” Conference on John Taylor’s Contributions to Monetary Theory and Policy
  13. Jump up^ Bernanke, Ben (2007). Opening Remarks. Remarks at the Conference on John Taylor’s Contributions to Monetary Theory and Policy.
  14. Jump up^ Yellen, Janet (2007). Policymaker Roundtable (PDF).Remarks at the Conference on John Taylor’s Contributions to Monetary Theory and Policy.
  15. Jump up^ Taylor, John B. (October 1975). “Monetary policy during a transition to rational expectations”Journal of Political EconomyChicago Journals83 (5): 1009–22. JSTOR 1830083doi:10.1086/260374.
  16. Jump up^ Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”. EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962.
  17. Jump up^ Taylor, John B.; Fair, Ray C. (July 1983). “Solution and maximum likelihood estimation of dynamic nonlinear rational expectations models”EconometricaWiley51 (4): 1169–85. JSTOR 1912057doi:10.2307/1912057.
  18. Jump up^ Judd, Kenneth; Kubler, Felix; Schmedders, Karl (2003), “Computational methods for dynamic equilibria with heterogeneous agents”, in Dewatripont, Mathias; Hansen, Lars Peter; Turnovsky, Stephen J., Advances in economics and econometrics theory and applications (volume 3), Cambridge, U.K. New York: Cambridge University Press, p. 247, ISBN 9781280163388 and “Eviews Users Guide II.”
  19. Jump up^ Taylor, John B.; Phelps, Edmund S. (February 1977). “Stabilizing powers of monetary policy under rational expectations”Journal of Political EconomyChicago Journals85 (1): 163–90. JSTOR 1828334doi:10.1086/260550.
  20. Jump up^ Sargent, Thomas; Wallace, Neil (April 1975). “‘Rational’ expectations, the optimal monetary instrument, and the optimal money supply rule”Journal of Political EconomyChicago Journals83 (2): 241–54. JSTOR 1830921doi:10.1086/260321.
  21. Jump up^ Blanchard, Olivier (2000), “Epliogue”, in Blanchard, Olivier, Macroeconomics (2nd ed.), Upper Saddle River, New Jersey: Prentice-Hall, p. 543, ISBN 9780130557872.
  22. Jump up^ Galbács, Peter (2015). The theory of new classical macroeconomics: a positive critique. Heidelberg / New York / Dordrecht / London: Springer. ISBN 9783319175782doi:10.1007/978-3-319-17578-2.
  23. Jump up^ King, Robert G.; Wolman, Alexander (1999), “What should the monetary authority do when prices are sticky?”, in Taylor, John B., Monetary policy rules, Chicago: University of Chicago Press, ISBN 9780226791265.
  24. Jump up^ Taylor, John B. (1999), “Staggered price and wage setting in macroeconomics”, in Taylor, John B.; Woodford, Michael, Handbook of macroeconomics, Amsterdam New York: North-Holland Elsevier, pp. 1009–50, ISBN 9780444501585.
  25. Jump up^ Taylor, John B. (April 1968). Fiscal and monetary stabilization policies in a model of endogenous cyclical growth (BA thesis). Princeton University.
  26. Jump up^ Taylor, John B. (October 1968). “Fiscal and monetary stabilization policies in a model of endogenous cyclical growth”(pdf). Research Memorandum No. 104. Econometric Research Program, Princeton University. OCLC 22687344.
  27. Jump up^ Taylor, John B. (September 1979). “Estimation and control of a macroeconomic model with rational expectations”EconometricaWiley47 (5): 1267–86. JSTOR 1911962doi:10.2307/1911962.
  28. Jump up^ Bernanke, Ben (2004). The Great Moderation. Remarks at the meeting of the Eastern Economic Association.
  29. Jump up^ Orphanides, Athanasios (2007). Taylor rules (pdf). Finance and Economics Discussion Series 2007–18. Federal Reserve Board.
  30. Jump up^ Davig, Troy; Leeper, Eric M. (June 2007). “Generalizing the Taylor Principle”. The American Economic ReviewAmerican Economic Association97 (3): 607–35. JSTOR 30035014.NBER Working Paper 11874, December 2005.
  31. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (February 2000). “Monetary policy rules and macroeconomic stability: evidence and some theory”Quarterly Journal of EconomicsOxford Journals115 (1): 147–80. doi:10.1162/003355300554692. Pdf.
  32. Jump up^ Taylor, John B. (2008), “Housing and monetary policy”, in Reserve Bank of Kansas City, Housing, housing finance, and monetary policy: a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 30-September 1, 2007, Kansas City, Missouri: Reserve Bank of Kansas City, pp. 463–76, OCLC 170267547
  33. Jump up^ Taylor, John B. (2009), “The financial crisis and the policy response: an empirical analysis of what went wrong (housing and monetary policy)”, in Bank of Canada Staff, Festschrift in honour of David Dodge’s contributions to Canadian public policy: proceedings of a conference held by the Bank of Canada, November, 2008, Ottawa: Bank of Canada, pp. 1–18, ISBN 9780660199276.
  34. Jump up^ Taylor, John B. (February 9, 2009). “How government created the financial crisis”The Wall Street Journal. p. A19. Pdf.
  35. Jump up^ Taylor, John B. (November 25, 2008). “Why permanent tax cuts are the best stimulus”The Wall Street Journal. Retrieved June 30, 2011.
  36. Jump up^ Taylor, John B.; Cogan, John F.; Cwik, Tobias; Wieland, Volker (March 2010). “New Keynesian versus old Keynesian government spending multipliers”Journal of Economic Dynamics and ControlElsevier34 (3): 281–95. doi:10.1016/j.jedc.2010.01.010.
  37. Jump up^ Coenen, Guenter; et al. (September 2011). “Effects of fiscal stimulus in structural models”American Economic Journal: MicroeconomicsAmerican Economic Association4 (1): 22–68. doi:10.1257/mac.4.1.22. Pdf.
  38. Jump up^ Taylor, John B. (September 2011). “An empirical analysis of the revival of fiscal activism in the 2000s”Journal of Economic LiteratureAmerican Economic Association49 (3): 686–702. JSTOR 23071727doi:10.1257/jel.49.3.686. Pdf.
  39. Jump up^ “Taylor Says U.S. Needs `Sound’ Monetary, Fiscal Policies”Bloomberg Television thru Washington Post. June 27, 2011. Retrieved June 30, 2011.

External links

Story 2: No Tax Reform By Changing From Income Tax System to Broad Based Consumption Tax — The FairTax or Fair Tax Less — No Middle Class Tax Relief From Payroll Taxes — No Real Cuts in Federal Spending As Budget Deficits Rise with Rising National Debt and Unfunded Liabilities — Spending Addiction Disorder — Government Obesity — Crash Diet of Balanced Budgets Required — Videos

Paul Ryan’s full interview on GOP tax plan

GOP unveils tax plan (full event)

The House GOP Announces Their Tax Cut Plan

How the tax reform rollout will play out for Republicans

BREAKING: President Trump making jobs and tax proposal announcement

The House Republican tax bill, explained

It radically cuts taxes on corporations and wealthy heirs.

House Ways and Means Chair Kevin Brady (center) with House and Senate leaders Paul Ryan and Mitch McConnell.
 Alex Wong/Getty Images

After months, even years, of outlines and blueprints and “frameworks,” Republicans in the House of Representatives finally released their first attempt at an actual tax reform billon Thursday.

While the broad strokes of the Tax Cuts and Jobs Act were telegraphed weeks, if not months, in advance, this is the first time Republicans in any branch of the federal government have described their tax plan in enough detail that it can actually be debated, scored by the Congressional Budget Office so its cost and effects on the rich and poor are known, and voted upon by the House and Senate.

The legislation seeks to dramatically cut taxes on corporations and consolidate benefits like personal exemptions, the standard deduction, and the child credit for individuals. It would eliminate the alternative minimum tax and estate tax, and pare back certain individual deductions. It would also offer a new low tax rate for owners of “pass-through” businesses like LLCs and partnerships, whose income from their businesses is taxed as personal income.

The bill in its current form would almost certainly give disproportionate benefits to wealthy Americans, who tend to benefit from corporate tax cuts more than non-wealthy Americans and who could likely exploit the pass-through rate by setting up dummy corporations. People earning between $400,000 and $1 million would face a significantly lower top income tax rate.

But the bill will almost certainly not remain in its current form. As written, it is almost guaranteed to increase the budget deficit by trillions over 10 years, and quite possibly keep increasing the deficit after 10 years are up.

That’s a big problem: Under Senate rules, some legislation can pass with only 51 votes only if it doesn’t increase the long-run deficit. So the current draft of the legislation would probably need 60 votes instead, meaning significant Democratic support, which Republican leaders haven’t been even trying to court. They need legislation that can pass with 51 votes, and for that, they need the bill to not raise the long-run deficit.

That means the bill needs to change — either the cuts need to get smaller or Republican leaders need to find new ways to raise money, or both. But the bill in its current form at least suggests what GOP leaders want to do.

The bill would good for corporations and the wealthy

Before delving into the bill’s details, it’s worth taking a moment to consider who, all told, comes out ahead and behind. Here’s who would be better off:

  • Corporations, broadly, are the focus of most of the tax cuts. According to the Joint Committee on Taxation, cutting the corporate tax rate from 35 percent to 20 percent, as the bill does, costs nearly $1.5 trillion over 10 years. They also gain new, more favorable treatment of income earned abroad, which is either not taxed or taxed at an even lower rate than 20 percent.
  • Wealthy, particularly ultrawealthy people, who tend to earn a disproportionate share of their income from capital (like stock sales and dividends) and thus benefit from cuts to the corporate tax, which is largely a tax on capital. If the corporate tax also reduces wages, as some conservative economists allege, then corporate cuts still disproportionately help the wealthy, as a huge share of wages go to high earners, not low- or median-wage workers. Additionally, the pass-through cut could enable some wealthy people who either own pass-throughs or create new ones to shelter some of their income from high rates.
  • People making mid to high sixfigure incomes, who arguably should count as wealthy or rich too. By raising the threshold for the 39.6 percent rate on individual income to $1 million for couples, up from $470,700 today, people with incomes in the $600,000 to $700,000 range will get a sizable reduction, in addition to the low-end tax cut they get because the new 12 percent bracket will apply to income now taxed at 15 or 25 percent.
  • Pass-through companies, like the Trump Organization, which get a new very low rate. There are some provisions included meant to prevent rich individuals from using this tax break as a way to shelter income, but they only limit the benefit in many cases. The overwhelmingly rich owners of these companies will still come out way ahead.
  • Heirs and heiresses, as the estate tax is first reduced (by increasing the exemption and applying it to an even smaller sliver of the hyperrich) and then eliminated entirely.

But the bill would hurt the poor and increase the deficit

The GOP’s tax reform proposal would leave other groups worse off:

  • Blue state residents would pay higher taxes, as the state and local income/sales tax deduction is eliminated and the one for property taxes is somewhat curtailed. That said, wealthy people benefiting from these deductions will likely see this tax hike offset by the other tax cuts in the package.
  • The housing sector faces a new limit on the mortgage interest deduction. For individual taxpayers, the rate cuts largely make up for this, but it reduces the incentive to buy and build homes, which could affect lenders, construction companies, real estate firms, etc.
  • Poor families were rumored to be getting a tax cut due to a change in the refundability formula for the child tax credit — but that didn’t make it into the bill. The credit only goes to families with $3,000 in earnings or more, and phases in slowly; some in Congress were pushing to lower the threshold to $0, but they didn’t succeed. Instead, a provision denying the child tax credit to American citizen children whose parents are undocumented immigrants is included.
  • And it would increase the deficit; the Joint Committee on Taxation has reportedly scored the bill as costing $1.51 trillion over 10 years, about what the House/Senate budget allocated for the bill but still a sizable increase in the public debt.

Here’s the Joint Committee on Taxation’s estimates of what each provision raises and costs in tax revenue:

Committee for a Responsible Federal Budget’s summary of the bill’s costCommittee for a Responsible Federal Budget

Individual income tax rates are consolidated and cut

The new tax reform bill (which, again, draws on plans Trump and congressional Republicans have released going back over a year now) would significantly change individual income tax brackets:

  • The seven current individual income tax brackets would be consolidated to four: 12 percent (up from the current bottom rate of 10 percent), 25 percent, 35 percent, and 39.6 percent.
  • Keeping the 39.6 percent top rate is a huge change from past Republican plans, which have focused heavily on cutting the maximum rate the richest households pay. However, the plan significantly reduces how many people pay the top rate: The threshold for the last bracket would increase from $470,700 for married couples today to $1 million.
  • The 35 percent rate would cover some affluent households currently paying a marginal rate of 33 percent, potentially raising their taxes; and the 12 percent bracket would extend into the income range currently covered by the 25 percent bracket, lowering taxes for many middle- and upper-middle-class households.
  • The thresholds for brackets will be adjusted according to chained CPI, a slower-growing measure of inflation than normal CPI, which is used currently; this change raises revenue over time by gradually pushing more and more people into higher tax brackets.
  • De facto taxes on some corporate executives would go up: Performance pay and commissions above $1 million would no longer be deductible for the purposes of corporate taxes.

The standard deduction is increased, personal exemptions are eliminated, and the child tax credit is mildly boosted

Standard benefits for families are changed significantly, with an eye toward simplifying the vast array of benefits (standard deductions, personal exemptions, child credits, etc.) currently available:

  • The standard deduction will be raised to $24,000 for couples and $12,000 for individuals, a near doubling from current levels.
  • The child tax credit, currently $1,000, will grow to $1,600, and a new $300 credit for parents and other non-child dependents in the house (the $300 credit expires after five years, presumably to save money).
  • Sens. Marco Rubio (R-FL) and Mike Lee (R-UT) have spent months working with Ivanka Trump, and persuaded her to abandon her plan to add a tax deduction for child care in favor of an increased child tax credit. It appears House Speaker Paul Ryan and Ways and Means Chair Kevin Brady (R-TX) have adopted this approach — but have fallen short of the $2,000, more refundable credit Rubio and Lee want.
  • The child credit would be available for more wealthy households: It would start to phase out at $230,000 in earnings for married couples, as opposed to $110,000 under current law. It would not be expanded for poor families without a tax liability, as Rubio and Lee had proposed.
  • The personal exemption (currently offering households $4,050 per person in deductions) is eliminated, replaced in theory by the higher child credit and standard deduction.

Some deductions are limited, but most remain intact

  • The mortgage interest deduction is unchanged for current homeowners, but for all future mortgages, the benefit would be capped at a home value of $500,000, down from $1 million under current law.
  • The deduction for state and local income/sales taxes would be eliminated.
  • The deduction for state and local property taxes would be capped at $10,000, somewhat curtailing the current tax break.
  • A variety of other, much smaller deductions, like the medical expense deduction and the property casualty loss deductions, are repealed.
  • Most major tax breaks for individuals — the charitable deduction, retirement incentives like 401(k) and IRA provisions, the tax exclusion for employer-provided health care, the earned income tax credit, and the child and dependent care tax credit — would remain unchanged.

Corporate taxes are slashed dramatically

  • The corporate income tax rate will be lowered from 35 percent to 20 percent.
  • The corporate tax will be “territorial”: Foreign income by US companies will be tax-free.
  • All untaxed income currently held overseas will immediately be taxed at a fixed rate: 12 percent for money held in liquid assets like stocks and bonds, 5 percent for intangibles like buildings and factories.
  • Despite the tax being “territorial” in principle, there will be a 10 percent “minimum tax” imposed on profits above a certain threshold from foreign subsidiaries of US companies in the future, to prevent companies from moving income abroad to avoid taxes.
  • Additionally, any money that multinational corporations move from the US abroad will be subject to a new 20 percent tax.
  • Instead of having companies “depreciate” investments by deducting them over several years, companies could immediately expense all their investments. This benefit expires after five years, presumably to save money, which dampens any positive effect it has on economic growth.
  • Companies paying the corporate income tax would face a limit on how much debt they can deduct from their taxable income, a significant change for highly leveraged companies like banks. They could only deduct interest worth up to 30 percent of earnings before interest/taxes/depreciation/amortization. But real estate firms would be exempt from that limit.
  • Two big existing credits for corporations — the research and development tax credit and the low-income housing credit — won’t be repealed. But a deduction for domestic manufacturing is gone.

Pass-throughs like the Trump Organization win big

“Pass-through” companies like LLCs, partnerships, sole proprietorships, and S corporations, which are overwhelmingly owned by rich individuals like Donald Trump and currently pay normal income tax rates after their earnings are returned to the companies’ owners, would get a huge number of tax cuts too:

  • Taxes on pass-through income would be capped at the 25 percent bracket rather than the top individual rate.
  • Pass-through companies would still be able to deduct interest on loans in full, unlike C-corporations.
  • The 25 percent bracket creates a huge loophole for rich people, who could incorporate as sole proprietorships and “contract” with their employers so their income is pass-through income rather than wages.
  • To partially control that, the law would assume that 100 percent of earnings from professional services firms, like law firms and accounting firms, is wages, not pass-through income. For other businesses, people actively involved in the business as more than passive investors would see 70 percent of their income classified as wages and taxed normally, and 30 percent taxed at the pass-through rate.

Two other significant tax provisions are abolished:

  • The alternative minimum tax, which increases taxes for certain affluent or upper-middle-class households, is repealed.
  • The exemption for the estate and gift tax, the most progressive component of the federal tax code, only paid by extremely rich estates, is doubled, further limiting who pays it, and the whole tax is then gradually abolished.

And a brand new 1.4 percent tax on university endowment income is added.

The case for the bill

For the public at large, the case for a massive corporate tax cut is sort of hard to grasp. Seventy-three percent of Americans, and 53 percent of Republicans, say they want corporate taxes either kept the same or raised, according to Pew Research Center polling. That the cuts are pared with some tax increases on individuals, like the elimination of the deduction for state and local income taxes and the Social Security Number requirement which kicks some 3 million kids off the child tax credit, makes the choice even more confounding.

But the GOP has a specific economic theory that it claims supports the bill and makes the changes it envisions worthwhile.

The basic idea is that while most economists believe corporate taxes are primarily paid by owners of capital (that is, people who own stock in corporations) in the form of lower profits, a sizable minority, including White House chief economist Kevin Hassett, think that a large share of the tax is paid by workers in the form of lower wages.

In an influential 2006 paper analyzing data in 72 countries across 22 years, he and his American Enterprise Institute colleague Aparna Mathur estimated that a “1 percent increasein corporate tax rates is associated with nearly a 1 percent drop in wage rates.” A second paper in 2010 found a slightly smaller effect (a 0.5 to 0.6 percent decrease in wage rates per 1 percent increase in corporate tax rates) but still concluded that labor was ultimately paying the tax. More than paying it, in fact — they estimate that labor pays 2,200 percent of the tax’s burden, a really extraordinary estimate.

That suggests that cutting corporate taxes would be a very easy way to raise wages for ordinary workers. Hassett has also gone a step further and, with his AEI colleague Alex Brill, argued that cutting the corporate income tax could raise economic growth enough to actually increase revenue: a Laffer effect. They conclude, based on a data set covering rich developed countries from 1980 to 2005, that the revenue-maximizing corporate tax rate is about 26 percent, significantly below the US rate.

Plenty of economists and tax researchers have argued that Hassett’s results in particular are implausible, and reach some absurd conclusions. Jane Gravelle and Thomas Hungerford at the Congressional Research Service noted that the initial Hassett-Mathur study predicted a $1 increase in the corporate tax would reduce wages by between $22 and $26. Their 2010 follow-up predicted a wage loss of $13 per for every additional dollar paid in corporate taxes. But it’s very strange to imagine a corporation responding to an increase in costs like that. The implication is that corporations could have cut wages significantly before the tax hike without negative consequences and simply didn’t.

A more recent survey of the empirical research by Reed College’s Kimberly Clausing found “very little robust evidence linking corporate tax rates and wages.” The consensus in the field remains that most of the tax is paid by capital (as Treasury and the CBO both assume).

But if you believe that corporate tax cuts lead to raises, then corporate taxes should help workers. The biggest beneficiaries will, again, be rich people earning the most wages, but the benefits will trickle down more broadly too.

Other, smaller provisions of the reform package also have reasonable cases for them. The mortgage interest deduction is a huge distortion that leads to fewer people renting than should and hoards benefits among rich homeowners; the bill would reduce that advantage. Opponents of the state and local tax deduction, which the bill would largely eliminate, argue it’s regressive and concentrates benefits on rich states rather than poor ones that actually need the money. The current mix of standard deductions, personal exemptions, and child credit is needlessly duplicative, and the bill simplifies it a bit.

Others are a bit harder to defend. Many economists oppose wealth taxes like the estate tax on the grounds that they penalize savings, but intergenerational transmission of wealth also has huge negative externalities (heirs less willing to work, less equal politics, etc.) that eliminating the estate tax entirely would worsen.

Cutting taxes on pass-through income is particularly hard to defend. Pass-throughs already get a sizable tax advantage relative to other companies. While corporate profits are taxed in two stages — first by the corporate income tax, and then through dividend or capital gains taxes — pass-through income is only taxed once, at the individual level. This change would worsen that advantage.

Pass-throughs will counter that in many cases, people who own stock through 401(k)s and IRAs don’t have to pay capital gains or dividend taxes, and so their profits are only taxed at the corporate rate, which is lower than the top individual rate (and would be much lower under this plan), putting pass-throughs at a potential disadvantage. But analysts who’ve looked at this comparison generally conclude that pass-throughs are taxed less overall, and certainly don’t need another break.

Where the bill goes from here

As of this writing, the bill has not been officially scored for its cost and distribution, though the Joint Committee on Taxation has reportedly scored it as costing $1.51 trillion, just outside the $1.5 trillion the GOP budget set aside for tax reform.

Given that price tag, it’s hard to imagine the bill not raising the deficit after 10 years. Some provisions phase out, presumably to lower the long-run deficit effects for scoring purposes, but that’s unlikely to be enough. And so long as the legislation still increases the long-run deficit, it’s a nonstarter in the Senate.

What’s likely, then, is that this is an opening entry designed to pass the House and then be worked over, and shrunk in scale, in the Senate.

The legislation will face a lot of pressure to expand or protect certain cuts, and to abandon certain pay-fors. Mortgage lenders and housing builders will push against limiting the mortgage interest deduction, blue-state Republicans will fight the limit on property tax deductions, and just about every business will fight for as much as they can get in corporate tax cuts and pass-through cuts (the fact that lobbying firms are organized as pass-throughs might mean trouble for the rule eliminating pass-through privileges for law firms). Social conservatives and anti-poverty campaigners will fight for a bigger child tax credit, available to more poor families.

All of that makes the bill more expensive, and harder to pass in the Senate. So far, Republican leaders have mostly punted on designing the kinds of pay-fors that would make the plan viable under Senate rules. They can’t keep punting for much longer.

https://www.vox.com/2017/11/2/16596896/house-republican-tax-reform-cuts-trump-ryan-explained

House GOP tax plan filled with tough tradeoffs

The tax overhaul is Republicans’ top priority ahead of next year’s elections, and lawmakers are desperate for a victory after the Obamacare repeal failed.

Updated 

House Republicans unveiled plans Thursday for a sweeping overhaul of the tax system calling for fundamental changes in business and individual taxes, including big cuts in rates and new breaks for families.

It also includes provisions sure to stoke controversy and fierce lobbying, including new limits on the popular mortgage interest deduction. People could only deduct interest on the first $500,000 of loans for newly purchased homes, down from the current $1 million, and lawmakers would eliminate the break for second homes. The bill would also make it harder for people to sell their homes without paying taxes on any capital gains.

And there would be sharply lower limits on a long-standing break for state and local taxes.

While big companies would get a significantly lower 20 percent corporate rate, down from 35 percent, they would face new limits on their ability to deduct interest on their loans, a new global minimum tax on their overseas earnings, and new taxes on U.S. companies heading abroad.

Republicans dropped a contentious plan to curb tax benefits for 401(k) retirement plans, which had GOP lawmakers cheering House Ways and Means Chairman Kevin Brady at a closed door briefing on the plan.

The unveiling of the 429-page bill — and a summary that runs 82 pages — kicks off what is sure to be a grueling slog to get legislation to President Donald Trump by the end of the year.

Exactly who would lose in the proposal — dubbed the “Tax Cuts and Jobs Act” — has been a closely guarded secret, and many lawmakers will surely be surprised at the scope of changes needed to make the numbers behind the plan work.

Several influential business groups slammed the proposal.

The National Federation of Independent Business announced its opposition, citing restrictions lawmakers included on which small businesses can claim their lower tax rate on unincorporated “pass-through” firms. The issue has been one of the most difficult for lawmakers to work out, and could prove to be one of the most contentious going forward.

Though lawmakers would reduce the rate on those businesses to 25 percent, there would be limits on which firms could take advantage, provisions designed to avoid gaming by wealthy individuals.

Under the proposal, pass-throughs would get the lower rate on 30 percent of their profits, with the remainder taxed at ordinary income tax rates, though there would be circumstances in which businesses could qualify for a bigger share being subject to the special rate. That means, though, that some pass- throughs would actually pay more than 25 percent under the plan.

“This bill leaves too many small businesses behind,” said Juanita Duggan, the group’s president. “We believe that tax reform should provide substantial relief to all small businesses.”

The National Association of Home Builders said the legislation “eviscerates” housing tax benefits, and “abandons middle class taxpayers.”

The National Association of Realtors meanwhile has already begun lobbying against the proposal, running online ads in tax writers’ districts. “Don’t let tax reform become a tax increase for middle-class homeowners,” the ad says.

Other business groups embraced the plan, including the U.S. Chamber of Commerce and the Business Roundtable.

“This bold tax reform bill is exactly what our nation needs to get our economy growing faster,” said Neil Bradley, a senior vice president at the Chamber of Commerce. Said Jamie Dimon, head of JP Morgan Chase & Co. and the Business Roundtable: “We support this tax reform effort because it is good for all Americans.”

The plan is Republicans’ top priority ahead of next year’s elections, and lawmakers are desperate for a victory to take to voters after the failed campaign to repeal the Affordable Care Act.

Republicans are hoping to move it quickly through the House, with committee action penciled in for next week. Lawmakers aim to forward it on to the Senate later this month. Senate Republicans are working on their own competing plan they aim to unveil next week. Lawmakers hope to land a compromise on Trump’s desk by the end of the year.

House leaders, who have written the plan in secret, have avoided identifying most of the breaks that would be quashed under the proposal in order to keep lobbyists at bay. But many Republicans had little inkling of what’s in the bill, and the strategy means leaders have not had much opportunity to build support among rank-and-file members for controversial proposals.

The bill is loaded with sure-to-be contentious ideas affecting broad swathes of the economy. It would delete a long-standing deduction for people with high medical bills — including those with chronic conditions. People would have to live longer in their homes, under the bill, to qualify for tax-free treatment of capital gains when they sell their houses.

It would also kill a long-standing breaks for adoptions, and for student loan interest costs. Private universities would face a new 1.4 percent tax on their investment earnings from their endowments. The Work Opportunity Credit, which encourages businesses to hire veterans, would be eliminated. So too would the New Markets Tax credit, which encourages investment in poor areas.

Tax benefits related to fringe benefits would be curtailed. It would also dump a long-standing break for casualty losses that allow people to deduct things lost in fires and storms, although it would continue to allow the provision for people hit by hurricanes — no doubt reflecting the influence of Brady, whose Houston-area district was hit by Hurricane Harvey.

Foreign companies operating in the United States would face higher taxes under the proposal, as would companies such as pharmaceutical firms that move overseas and want to sell goods back to the United States.

An official cost estimate of the legislation was not immediately available, though Brady said that would be released Thursday. He said the legislation met his party’s budget stipulating that they could not cut taxes by more than $1.5 trillion.

For individuals, the plan would reduce the number of tax brackets to four from the current seven, with the top rate remaining at 39.6 percent. Republicans would more than double the income threshold at which the top rate would kick in to $1 million for married couples. They would simultaneously raise taxes on the rich, though, by limiting their ability to take advantage of their lowest income tax bracket. The 35 percent bracket would begin at $260,000 for married couples, and the threshold for a 25 percent bracket would be $90,000 under the plan.

Republicans would also get rid of personal exemptions, which are designed to adjust tax burdens for family size. The plan would instead double the standard deduction while increasing both the size of the child tax credit to $1,600, from the current $1000, while increasing the income threshold at which it could be claimed. They would also create a new $300 credit for adult dependents as well as another $300 “family flexibility” credit.

The bill would ease the estate tax by doubling the threshold at which it would kick in before eventually repealing it.

But they would face new limits on their ability to deduct interest payments on the money they borrow. They would also face a new 10 percent foreign minimum tax targeting companies that squirrel away money in offshore tax havens. Life insurance companies would lose a number of tax benefits, private activity bonds would be eliminated and tax-exempt bonds could no longer be used to help build professional sports stadiums.

Rachael Bade and Sarah Ferris contributed to this report.

https://www.politico.com/story/2017/11/02/tax-reform-house-gop-plan-244453

House GOP Tax Plan Sticks With Big Corporate Cuts

The Tax Cuts and Jobs Act seeks the biggest transformation of tax code in more than 30 years; leaves top individual tax rate at 39.6%

WASHINGTON—House Republicans, seeking the biggest transformation of the U.S. tax code in more than 30 years, aim to permanently chop the corporate tax rate from 35% to 20%, compress the number of individual income tax brackets, and over time repeal the taxes paid by large estates.

https://www.wsj.com/articles/republicans-stick-with-big-corporate-tax-cuts-in-house-bill-1509629510

 

 

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 993-994

Listen To Pronk Pops Podcast or Download Shows 984-992

Listen To Pronk Pops Podcast or Download Shows 977-983

Listen To Pronk Pops Podcast or Download Shows 970-976

Listen To Pronk Pops Podcast or Download Shows 963-969

Listen To Pronk Pops Podcast or Download Shows 955-962

Listen To Pronk Pops Podcast or Download Shows 946-954

Listen To Pronk Pops Podcast or Download Shows 938-945

Listen To Pronk Pops Podcast or Download Shows 926-937

Listen To Pronk Pops Podcast or Download Shows 916-925

Listen To Pronk Pops Podcast or Download Shows 906-915

Listen To Pronk Pops Podcast or Download Shows 889-896

Listen To Pronk Pops Podcast or Download Shows 884-888

Listen To Pronk Pops Podcast or Download Shows 878-883

Listen To Pronk Pops Podcast or Download Shows 870-877

Listen To Pronk Pops Podcast or Download Shows 864-869

Listen To Pronk Pops Podcast or Download Shows 857-863

Listen To Pronk Pops Podcast or Download Shows 850-856

Listen To Pronk Pops Podcast or Download Shows 845-849

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or DownloadShows 713-719

Listen To Pronk Pops Podcast or DownloadShows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

Listen To Pronk Pops Podcast or Download Shows 236-249

Listen To Pronk Pops Podcast or Download Shows 222-235

Listen To Pronk Pops Podcast or Download Shows 211-221

Listen To Pronk Pops Podcast or Download Shows 202-210

Listen To Pronk Pops Podcast or Download Shows 194-201

Listen To Pronk Pops Podcast or Download Shows 184-193

Listen To Pronk Pops Podcast or Download Shows 174-183

Listen To Pronk Pops Podcast or Download Shows 165-173

Listen To Pronk Pops Podcast or Download Shows 158-164

Listen To Pronk Pops Podcast or Download Shows 151-157

Listen To Pronk Pops Podcast or Download Shows 143-150

Listen To Pronk Pops Podcast or Download Shows 135-142

Listen To Pronk Pops Podcast or Download Shows 131-134

Listen To Pronk Pops Podcast or Download Shows 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

 

 

Trump picks Jerome Powell to succeed Yellen as Fed chair

  • President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires in February.
  • Powell led a diverse field of potential nominees that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn, and Yellen herself.
  • Yellen’s term has been marked by a mostly uninterrupted bull market that began in March 2009 and low interest rates even as the Fed has sought to unwind the stimulus initiated during the crisis.

President Donald Trump announces his nominee for Chairman of the Federal Reserve, Jerome Powell (L), in the Rose Garden of the White House in Washington, DC, November 2, 2017.

President Trump announces Jerome Powell as next Fed chair nominee  

President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires, in a move widely expected and one unlikely to disturb the roaring stock market.

Trump made the announcement during a Thursday afternoon ceremony in the Rose Garden.

The move follows an extended period of speculation over who would be named to head the central bank, whose aggressive policies have been considered central to a climate of low interest rates, surging job creation and booming asset prices.

“Today is an important milestone on the path to restoring economic opportunity to the American people,” Trump said with Powell standing to his right and the prospective chairman’s family nearby. The president said the Fed requires “strong, sound and steady leadership” and Powell “will provide exactly that type of leadership.”

“He’s strong, he’s committed and he’s smart, and if he is confirmed by the Senate, Jay will put his considerable talents and experience to work leading our nation’s independent central bank,” Trump added.

President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017.

Alex Brandon | Reuters
President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017.

Powell led a diverse field of potential nominees that included former Governor Kevin Warsh, Stanford economist John Taylor, chief Trump economic advisor Gary Cohn, and Yellen herself.

Trump’s relationship with Yellen has evolved; during the 2016 presidential campaign he said the Fed chief should be “ashamed” of the way she has run the Fed, arguing that Yellen kept policy loose for political reasons to boost the fortunes of former President Barack Obama.

Since taking office, though, his views have changed and he offered warm words for her Thursday despite deciding to replace Yellen and make her the briefest-serving Fed chair since G. William Miller from 1978-79.

Yellen’s term has been marked by a mostly uninterrupted bull market run in stocks that began in March 2009 and low interest rates even as the Fed has sought to unwind the stimulus initiated during the crisis. The central bank has hiked its benchmark interest rate four times under Yellen and has taken the first steps in unwinding the $4.5 trillion balance sheet built up during the efforts to spur growth through bond purchases.

Yellen is “a wonderful woman who’s done a terrific job,” Trump said. “We have been working together for 10 months and she is absolutely a spectacular person. Janet, thank you very much. We appreciate it.”

Though the Powell nomination was widely reported and anticipated for weeks, markets reacted positively to the announcement, with the Dow industrials tacking on about 60 points in the half-hour or so after Trump took the podium.

“Jerome Powell is a smart choice for Fed chair,” said Richard Clarida, global strategic advisor at bond giant Pimco. “He is likely to provide monetary policy continuity by adopting Yellen’s framework of gradually normalizing rates and predictably reducing the Fed’s balance sheet. He is also likely to be more receptive to calls for adjusting financial regulation prudently, especially for smaller banks.”

Powell had been named to fill an unexpired term in 2012 that won’t end until 2028. He is viewed as a convenient choice, someone who likely will continue the programs of the Yellen Fed but allow Trump a chance to put his own stamp on the central bank.

“I’m both honored and humbled by this opportunity to serve our great country,” Powell said. “If I am confirmed by the Senate, I will do everything within my power to achieve our congressional assigned goals of stable prices and maximum employment.”

The Fed is in the midst of normalizing the historically accommodative monetary policy it had begun to help pull the U.S. from the throes of the financial crisis and the Great Recession.

Under Yellen, the Fed has hiked interest rates four times and is expected to approve another increase in December. In addition, it is unwinding its $4.5 trillion balance sheet, which primarily consists of bonds the Fed purchased in an effort to drive down mortgage rates and push investors to risk assets like stocks and corporate bonds.

Powell has been part of the Fed’s voting consensus since taking his seat, not once veering from the majority’s position.

“I think the president has made a spectacular choice, and I’m really supportive of what the president is doing,” Cohn told the Economic Club of Washington, D.C. earlier in the day.

But the move had some critics, primarily from those worried about Powell’s academic background. Most Fed chairs have been PhDs and have more background in economics than Powell, who has spent much of his career as a lawyer, in investment banking and at the Treasury under former President George H.W. Bush.

” Powell’s resume is not up to the standards we would expect of a nominee for Fed Chair,” Paul Ashworth, chief U.S. economist at forecasting firm Capital Economics said in a note. “The risk of a serious policy mistake — in either direction — will arguably be higher under Powell’s leadership than under Yellen’s.”

https://www.cnbc.com/2017/11/02/trump-picks-jerome-powell-to-succeed-yellen-as-fed-chair.html

 

 

Jerome H. Powell

From Wikipedia, the free encyclopedia
Jerome H. Powell
Jerome H. Powell.jpg
16th Chairman of the Federal Reserve
Nominee
Assumed office
February 4, 2018*
President Donald Trump
Preceded by Janet Yellen
Member of the Federal Reserve Board of Governors
Assumed office
May 25, 2012
President Barack Obama
Preceded by Frederic Mishkin
Under Secretary of the Treasury for Domestic Finance
In office
1992–1993
President George H. W. Bush
Preceded by Robert R. Glauber
Succeeded by Frank N. Newman
Personal details
Born Jerome Hayden Powell
February 4, 1953 (age 64)
Washington, D.C.
Political party Republican[1]
Spouse(s) Elissa Leonard (m. 1985)
Children 3
Residence Chevy Chase, Maryland
Education Princeton University (BA)
Georgetown University (JD)
Net worth $19.7 – 55 million[2][3]
*Pending Senate confirmation

Jerome Hayden Powell (born February 4, 1953) is a member of the Federal Reserve Board of Governors and has served since 2012. On November 2, 2017, President Donald Trump nominated Powell to serve as the Chair of the Federal Reserve.[4]

Early life and education

Jerome H. Powell was born on February 4, 1953 in Washington, D.C., the son of Patricia (Hayden) and Jerome Powell, a lawyer in private practice.[5] His maternal grandfather, James J. Hayden, was Dean of the Columbus School of Law.[6]

In 1971, Powell graduated from Georgetown Preparatory School, a Jesuit university-preparatory school. He received a Bachelor of Arts in politics from Princeton University in 1975. In 1975-1976, he spent a year as a legislative assistant to Senator Richard Schweiker of Pennsylvania,[7][8] who ran an unsuccessful campaign for Vice President of the United States on a ticket with Ronald Reagan during the primary election in 1976.

Powell earned a Juris Doctor degree from Georgetown University in 1979, where he was editor-in-chief of the Georgetown Law Journal.[9]

Career

In 1979, Powell moved to New York City and became a clerk to Judge Ellsworth Van Graafeiland of the United States Court of Appeals for the Second Circuit. From 1981 to 1983, he was a lawyer with Davis Polk & Wardwell, and from 1983 to 1984, he worked at the firm of Werbel & McMillen.[8]

From 1984 to 1990, Powell worked at Dillon, Read & Co., an investment bank, where he concentrated on financing, merchant banking, and mergers and acquisitions, rising to the position of vice president.[8][10]

Between 1990 and 1993, Powell worked in the United States Department of the Treasury, at which time Nicholas F. Brady, the former chairman of Dillon, Read & Co., was the United States Secretary of the Treasury. In 1992, Powell became the Under Secretary of the Treasury for Domestic Finance after being nominated by George H. W. Bush.[8][10][7] During his stint at the Treasury, Powell oversaw the investigation and sanctioning of Salomon Brothers after one of its traders submitted false bids for a United States Treasury security.[11] Powell was also involved in the negotiations that made Warren Buffett the chairman of Salomon.[12]

In 1993, Powell began working as a managing director for Bankers Trust, but he quit in 1995 after the bank got into trouble after several customers suffered large losses due to derivatives. He then went back to work for Dillon, Read & Co.[10]

From 1997 to 2005, Powell was a partner at The Carlyle Group, where he founded and led the Industrial Group within the Carlyle U.S. Buyout Fund.[9][13]

After leaving Carlyle, Powell founded Severn Capital Partners, a private investment firm focused on specialty finance and opportunistic investments in the industrial sector.[14]

In 2008, Powell became a managing partner of the Global Environment Fund, a private equity and venture capital firm that invests in sustainable energy.[14]

Between 2010 and 2012, Powell was a visiting scholar at the Bipartisan Policy Center, a think tank in Washington, D.C., where he worked on getting Congress to raise the United States debt ceiling during the United States debt-ceiling crisis of 2011. Powell presented the implications to the economy and interest rates of a default or a delay in raising the debt ceiling.[13] He worked for a salary of $1 per year.[3]

Federal Reserve Board of Governors

In December 2011, along with Jeremy C. Stein, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama. The nomination included two people to help garner bipartisan support for both nominees since Stein’s nomination had previously been filibustered. Powell’s nomination was the first time that a president nominated a member of the opposition party for such a position since 1988.[1] He took office on May 25, 2012, to fill the unexpired term of Frederic Mishkin, who resigned. In January 2014, he was nominated for another term, and, in June 2014, he was confirmed by the United States Senate in a 67-24 vote for a 14-year term ending January 31, 2028.[15]

In 2013, Powell made a speech regarding financial regulation and ending “too big to fail“.[16] In April 2017, he took over oversight of the “too big to fail” banks.[17]

Nomination as Chair of the Federal Reserve

On November 2, 2017, President Donald Trump nominated Powell to serve as the Chair of the Federal Reserve.[4]

Economic philosophy

Monetary policy

A survey of 30 economists in March 2017 noted that Powell was slightly more of a monetary dove than the average member of the Board of Governors. However, The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral (i.e. neither a hawk or a dove). Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation.

Financial regulation

Powell “appears to largely support” the Dodd–Frank Wall Street Reform and Consumer Protection Act, although he has stated that ““we can do it more efficiently”.[18]

In an October 2017 speech, Powell stated that higher capital and liquidity requirements and stress tests have made the financial system safer and must be preserved. However, he also stated that the Volcker Rule should be re-written to exclude smaller banks and asked “Can we achieve this safety and soundness objective, this stability objective, at a lower cost to consumers and financial institutions?”[19]

Housing finance reform[edit]

In a July 2017 speech, Powell said that, in regards to Fannie Mae and Freddie Mac, the status quo is “unacceptable” and that the current situation “may feel comfortable, but it is also unsustainable”. He warned that “the next few years may present our last best chance” to “address the ultimate status of Fannie Mae and Freddie Mac” and avoid “repeating the mistakes of the past”. Powell expressed concerns that, in the current situation, the government is responsible for mortgage defaults and that lending standards were too rigid, noting that these can be solved by encouraging “ample amounts of private capital to support housing finance activities”.[20]

Personal life

In 1985, Powell married Ellissa Leonard.[5] They have 3 children[9] and reside in Chevy Chase Village, Maryland, where Ellissa is vice chair of the board of managers.[21] In 2006, they purchased a house for $3 million.[22]

In 2017, Powell reported that he had a net worth of between $19.7 million and $55 million, making him the richest member of the Federal Reserve Board of Governors.[2][3]

Powell has served on the boards of charitable and educational institutions including DC Prep, a public charter school, the Bendheim Center for Finance at Princeton University, and The Nature Conservancy. He was also a founder of the Center City Consortium, a group of 16 parochial schools in the poorest areas of Washington, D.C.[13]

Powell is a registered Republican.[1] In 2008, he contributed $30,800 to the 2008 election campaign of John McCain.[23]

References

  1. Jump up to:a b c APPELBAUM, BINYAMIN (December 27, 2011). “Obama to Nominate Two for Vacancies on Fed Board”The New York Times.
  2. Jump up to:a b “Executive Branch Personnel Public Financial Disclosure Report (OGE Form 278e)” (PDF). United States Office of Government Ethics. June 28, 2017.
  3. Jump up to:a b c Long, Heather (October 31, 2017). “Jerome Powell, Trump’s pick to lead Fed, would be the richest chair since the 1940s”The Washington Post.
  4. Jump up to:a b Gensler, Lauren (November 2, 2017). “Trump Taps Jerome Powell As Next Fed Chair In Call For Continuity”Forbes.
  5. Jump up to:a b “ELISSA LEONARD WED TO JEROME H. POWELL”The New York Times. September 15, 1985.
  6. Jump up^ “Patricia H. Powell’s Obituary on The Washington Post”The Washington Post.
  7. Jump up to:a b “Nomination of Jerome H. Powell To Be an Under Secretary of the Treasury” (Press release). University of California, Santa Barbara. April 9, 1992.
  8. Jump up to:a b c d GREENHOUSE, STEVEN (April 14, 1992). “New Duties Familiar To Treasury Nominee”The New York Times.
  9. Jump up to:a b c “Board Members: Jerome H. Powell”Federal Reserve Board of Governors.
  10. Jump up to:a b c “Banker Joins Dillon, Read”The New York Times. February 17, 1995.
  11. Jump up^ Powell, Jerome (October 5, 2017). “Treasury Markets and the TMPG”Federal Reserve Board of Governors.
  12. Jump up^ Loomis, Carol J. (October 27, 1997). “Warren Buffett’s Wild Ride at Salomon”Fortune.
  13. Jump up to:a b c “Bipartisan Policy Center: Jerome Powell”Bipartisan Policy Center.
  14. Jump up to:a b “GEF Adds to Investment Team” (Press release). Business Wire. July 8, 2008.
  15. Jump up^ “PN1350 — Jerome H. Powell — Federal Reserve System”United States Senate.
  16. Jump up^ Robb, Greg (March 4, 2013). “Fed’s Powell: Ending too big to fail to take years”MarketWatch.
  17. Jump up^ Borak, Donna (April 7, 2017). “Fed taps Jerome Powell to head oversight of ‘too big to fail’ banks”CNNMoney.
  18. Jump up^ Matthews, Steve (October 5, 2017). “Trump’s Short List for Fed Chair Features These Hawks and Doves”Bloomberg L.P.
  19. Jump up^ Price, Michelle; Schroeder, Pete (October 31, 2017). “Good news for overburdened small banks if Powell picked for Fed chair”Reuters.
  20. Jump up^ Klein, Matthew C. (July 7, 2017). “Jerome Powell has some curious ideas about housing finance”Financial Times.
  21. Jump up^ “Chevy Chase Village: Staff Directory”Chevy Chase Village, Maryland.
  22. Jump up^ “Home Sales”The Washington Post. October 12, 2006.
  23. Jump up^ “SCHEDULE A (FEC) ITEMIZED RECEIPTS”Federal Election Commission. May 27, 2008.

External links

Government offices
Preceded by
Robert R. Glauber
Under Secretary of the Treasury for Domestic Finance
1992–1993
Succeeded by
Frank N. Newman
Preceded by
Frederic Mishkin
Member of the Federal Reserve Board of Governors
2012–present
Incumbent

https://en.wikipedia.org/wiki/Jerome_H._Powell

Read Full Post | Make a Comment ( None so far )

The Pronk Pops Show 848, February 28, 2017, Story 1: Fake News Flying That President Trump Deserting Supporters For Compromise Immigration Bill — Citizenship For 30-60 Million Illegal Aliens in United States? — Republicans and Trump Supporters Would Abandon Republican Party and Organize A Viable American Independence Party! — Enforce Immigration Law Period — No Comprehensive Compromise Bill — Deport and Remove All Illegal Aliens — It Is The Law! — No Citizenship, No Amnesty, No Pathway To Citizenship, No Legal Status, No Green Card or Permanent Legal Resident — No Work Permit or Employment Authorization Document — No Touch Back Amnesty — Deport All Illegal Aliens — Any Questions? — AC/DC – Highway to Hell — AC/DC – Dirty Deeds Done Dirt Cheap — AC/DC – You Shook Me All Night Long Videos — Story 2: Legs Decorum In Oval Office — Smile — ZZ Top – Legs — Videos

Posted on February 28, 2017. Filed under: American History, Blogroll, Breaking News, Business, College, Communications, Congress, Corruption, Countries, Crime, Culture, Donald J. Trump, Donald Trump, Education, Elections, Empires, Employment, Energy, Foreign Policy, Freedom of Speech, Government, Government Spending, High Crimes, Hillary Clinton, History, House of Representatives, Housing, Human, Illegal Immigration, Immigration, Language, Law, Legal Immigration, Life, Media, Philosophy, Photos, Politics, Progressives, Raymond Thomas Pronk, Rule of Law, Scandals, Senate, Success, Taxation, Taxes, United States Constitution, United States of America, Videos, Violence, Wall Street Journal, War, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 848: February 28, 2017

Pronk Pops Show 847: February 27, 2017

Pronk Pops Show 846: February 24, 2017

Pronk Pops Show 845: February 23, 2017

Pronk Pops Show 844: February 22, 2017

Pronk Pops Show 843: February 21, 2017

Pronk Pops Show 842: February 20, 2017

Pronk Pops Show 841: February 17, 2017

Pronk Pops Show 840: February 16, 2017

Pronk Pops Show 839: February 15, 2017

Pronk Pops Show 838: February 14, 2017

Pronk Pops Show 837: February 13, 2017

Pronk Pops Show 836: February 10, 2017

Pronk Pops Show 835: February 9, 2017

Pronk Pops Show 834: February 8, 2017

Pronk Pops Show 833: February 7, 2017

Pronk Pops Show 832: February 6, 2017

Pronk Pops Show 831: February 3, 2017

Pronk Pops Show 830: February 2, 2017

Pronk Pops Show 829: February 1, 2017

Pronk Pops Show 828: January 31, 2017

Pronk Pops Show 827: January 30, 2017

Pronk Pops Show 826: January 27, 2017

Pronk Pops Show 825: January 26, 2017

Pronk Pops Show 824: January 25, 2017

Pronk Pops Show 823: January 24, 2017

Pronk Pops Show 822: January 23, 2017

Pronk Pops Show 821: January 20, 2017

Pronk Pops Show 820: January 19, 2017

Pronk Pops Show 819: January 18, 2017

Pronk Pops Show 818: January 17, 2017

Pronk Pops Show 817: January 13, 2017

Pronk Pops Show 816: January 12, 2017

Pronk Pops Show 815: January 11, 2017

Pronk Pops Show 814: January 10, 2017

Pronk Pops Show 813: January 9, 2017

Pronk Pops Show 812: December 12, 2016

Pronk Pops Show 811: December 9, 2016

Pronk Pops Show 810: December 8, 2016

Pronk Pops Show 809: December 7, 2016

Pronk Pops Show 808: December 6, 2016

Pronk Pops Show 807: December 5, 2016

Pronk Pops Show 806: December 2, 2016

Pronk Pops Show 805: December 1, 2016

Pronk Pops Show 804: November 30, 2016

Pronk Pops Show 803: November 29, 2016

Pronk Pops Show 802: November 28, 2016

Pronk Pops Show 801: November 22, 2016

Pronk Pops Show 800: November 21, 2016

Pronk Pops Show 799: November 18, 2016

Pronk Pops Show 798: November 17, 2016

Pronk Pops Show 797: November 16, 2016

Pronk Pops Show 796: November 15, 2016

Pronk Pops Show 795: November 14, 2016

Pronk Pops Show 794: November 10, 2016

Pronk Pops Show 793: November 9, 2016

Pronk Pops Show 792: November 8, 2016

Pronk Pops Show 791: November 7, 2016

Pronk Pops Show 790: November 4, 2016

Pronk Pops Show 789: November 3, 2016

Pronk Pops Show 788: November 2, 2016

Story 1: Fake News Flying That President Trump Deserting Supporters For Compromise Immigration Bill — Citizenship For 30-60 Million Illegal Aliens in United States? — Republicans and Trump Supporters Would Abandon Republican Party and Organize A Viable American Independence Party! — Enforce Immigration Law Period — No Comprehensive Compromise Bill — Deport and Remove All Illegal Aliens — It Is The Law! — No Citizenship, No Amnesty, No Pathway To Citizenship, No Legal Status, No Green Card or Permanent Legal Resident — No Work Permit or Employment Authorization Document — No Touch Back Amnesty — Deport All Illegal Aliens — Any Questions? — AC/DC – Highway to Hell — AC/DC – Dirty Deeds Done Dirt Cheap — AC/DC – You Shook Me All Night Long Videos — 

Image result for cartoon kelly ann conway Image result for legs oval office kelly ann conway Image result for cartoon zz top legs song video

8 U.S. Code § 1227 – Deportable aliens

Current through Pub. L. 114-38. (See Public Laws for the current Congress.)

(a)Classes of deportable aliens Any alien (including an alien crewman) in and admitted to the United States shall, upon the order of the Attorney General, be removed if the alien is within one or more of the following classes of deportable aliens:

(1)Inadmissible at time of entry or of adjustment of status or violates status

(A)Inadmissible aliens

Any alien who at the time of entry or adjustment of status was within one or more of the classes of aliens inadmissible by the law existing at such time is deportable.

(B)Present in violation of law

Any alien who is present in the United States in violation of this chapter or any other law of the United States, or whose nonimmigrant visa (or other documentation authorizing admission into the United States as a nonimmigrant) has been revoked under section 1201(i) of this title, is deportable.

(C)Violated nonimmigrant status or condition of entry

(i)Nonimmigrant status violators

Any alien who was admitted as a nonimmigrant and who has failed to maintain the nonimmigrant status in which the alien was admitted or to which it was changed under section 1258 of this title, or to comply with the conditions of any such status, is deportable.

(ii)Violators of conditions of entry

Any alien whom the Secretary of Health and Human Services certifies has failed to comply with terms, conditions, and controls that were imposed under section 1182(g) of this title is deportable.

(D)Termination of conditional permanent residence

(i)In general

Any alien with permanent resident status on a conditional basis under section 1186a of this title (relating to conditional permanent resident status for certain alien spouses and sons and daughters) or under section 1186b of this title (relating to conditional permanent resident status for certain alien entrepreneurs, spouses, and children) who has had such status terminated under such respective section is deportable.

(ii)Exception

Clause (i) shall not apply in the cases described in section 1186a(c)(4) of this title (relating to certain hardship waivers).

(E)Smuggling

(i)In general

Any alien who (prior to the date of entry, at the time of any entry, or within 5 years of the date of any entry) knowingly has encouraged, induced, assisted, abetted, or aided any other alien to enter or to try to enter the United States in violation of law is deportable.

(ii)Special rule in the case of family reunification

Clause (i) shall not apply in the case of alien who is an eligible immigrant (as defined in section 301(b)(1) of the Immigration Act of 1990), was physically present in the United States on May 5, 1988, and is seeking admission as an immediate relative or under section 1153(a)(2) of this title (including under section 112 of the Immigration Act of 1990) or benefits under section 301(a) of the Immigration Act of 1990 if the alien, before May 5, 1988, has encouraged, induced, assisted, abetted, or aided only the alien’s spouse, parent, son, or daughter (and no other individual) to enter the United States in violation of law.

(iii)Waiver authorized

The Attorney General may, in his discretion for humanitarian purposes, to assure family unity, or when it is otherwise in the public interest, waive application of clause (i) in the case of any alien lawfully admitted for permanent residence if the alien has encouraged, induced, assisted, abetted, or aided only an individual who at the time of the offense was the alien’s spouse, parent, son, or daughter (and no other individual) to enter the United States in violation of law.

(F)Repealed. Pub. L. 104–208, div. C, title VI, § 671(d)(1)(C), Sept. 30, 1996, 110 Stat. 3009–723

(G)Marriage fraudAn alien shall be considered to be deportable as having procured a visa or other documentation by fraud (within the meaning of section 1182(a)(6)(C)(i) of this title) and to be in the United States in violation of this chapter (within the meaning of subparagraph (B)) if—

(i)

the alien obtains any admission into the United States with an immigrant visa or other documentation procured on the basis of a marriage entered into less than 2 years prior to such admission of the alien and which, within 2 years subsequent to any admission of the alien in the United States, shall be judicially annulled or terminated, unless the alien establishes to the satisfaction of the Attorney General that such marriage was not contracted for the purpose of evading any provisions of the immigration laws, or

(ii)

it appears to the satisfaction of the Attorney General that the alien has failed or refused to fulfill the alien’s marital agreement which in the opinion of the Attorney General was made for the purpose of procuring the alien’s admission as an immigrant.

(H)Waiver authorized for certain misrepresentationsThe provisions of this paragraph relating to the removal of aliens within the United States on the ground that they were inadmissible at the time of admission as aliens described in section 1182(a)(6)(C)(i) of this title, whether willful or innocent, may, in the discretion of the Attorney General, be waived for any alien (other than an alien described in paragraph (4)(D)) who—

(i)

(I)

is the spouse, parent, son, or daughter of a citizen of the United States or of an alien lawfully admitted to the United States for permanent residence; and

(II)

was in possession of an immigrant visa or equivalent document and was otherwise admissible to the United States at the time of such admission except for those grounds of inadmissibility specified under paragraphs (5)(A) and (7)(A) of section 1182(a) of this title which were a direct result of that fraud or misrepresentation.

(ii)

is a VAWA self-petitioner.
A waiver of removal for fraud or misrepresentation granted under this subparagraph shall also operate to waive removal based on the grounds of inadmissibility directly resulting from such fraud or misrepresentation.

(2)Criminal offenses

(A)General crimes

(i)Crimes of moral turpitudeAny alien who—

(I)

is convicted of a crime involving moral turpitude committed within five years (or 10 years in the case of an alien provided lawful permanent resident status under section 1255(j) of this title) after the date of admission, and

(II)

is convicted of a crime for which a sentence of one year or longer may be imposed,
 is deportable.

(ii)Multiple criminal convictions

Any alien who at any time after admission is convicted of two or more crimes involving moral turpitude, not arising out of a single scheme of criminal misconduct, regardless of whether confined therefor and regardless of whether the convictions were in a single trial, is deportable.

(iii)Aggravated felony

Any alien who is convicted of an aggravated felony at any time after admission is deportable.

(iv)High speed flight

Any alien who is convicted of a violation of section 758 of title 18 (relating to high speed flight from an immigration checkpoint) is deportable.

(v)Failure to register as a sex offender

Any alien who is convicted under section 2250 of title 18 is deportable.

(vi)Waiver authorized

Clauses (i), (ii), (iii), and (iv) shall not apply in the case of an alien with respect to a criminal conviction if the alien subsequent to the criminal conviction has been granted a full and unconditional pardon by the President of the United States or by the Governor of any of the several States.

(B)Controlled substances

(i)Conviction

Any alien who at any time after admission has been convicted of a violation of (or a conspiracy or attempt to violate) any law or regulation of a State, the United States, or a foreign country relating to a controlled substance (as defined in section 802 of title 21), other than a single offense involving possession for one’s own use of 30 grams or less of marijuana, is deportable.

(ii)Drug abusers and addicts

Any alien who is, or at any time after admission has been, a drug abuser or addict is deportable.

(C)Certain firearm offenses

Any alien who at any time after admission is convicted under any law of purchasing, selling, offering for sale, exchanging, using, owning, possessing, or carrying, or of attempting or conspiring to purchase, sell, offer for sale, exchange, use, own, possess, or carry, any weapon, part, or accessory which is a firearm or destructive device (as defined in section 921(a) of title 18) in violation of any law is deportable.

(D)Miscellaneous crimesAny alien who at any time has been convicted (the judgment on such conviction becoming final) of, or has been so convicted of a conspiracy or attempt to violate—

(i)

any offense under chapter 37 (relating to espionage), chapter 105 (relating to sabotage), or chapter 115 (relating to treason and sedition) of title 18 for which a term of imprisonment of five or more years may be imposed;

(ii)

any offense under section 871 or 960 of title 18;

(iii)

a violation of any provision of the Military Selective Service Act (50 U.S.C. App. 451 et seq.) [now 50 U.S.C. 3801 et seq.] or the Trading With the Enemy Act (50 U.S.C. App. 1 et seq.) [now 50 U.S.C. 4301 et seq.]; or

(iv)

a violation of section 1185 or 1328 of this title,
is deportable.

(E)Crimes of domestic violence, stalking, or violation of protection order, crimes against children and

(i)Domestic violence, stalking, and child abuse

Any alien who at any time after admission is convicted of a crime of domestic violence, a crime of stalking, or a crime of child abuse, child neglect, or child abandonment is deportable. For purposes of this clause, the term “crime of domestic violence” means any crime of violence (as defined in section 16 of title 18) against a person committed by a current or former spouse of the person, by an individual with whom the person shares a child in common, by an individual who is cohabiting with or has cohabited with the person as a spouse, by an individual similarly situated to a spouse of the person under the domestic or family violence laws of the jurisdiction where the offense occurs, or by any other individual against a person who is protected from that individual’s acts under the domestic or family violence laws of the United States or any State, Indian tribal government, or unit of local government.

(ii)Violators of protection orders

Any alien who at any time after admission is enjoined under a protection order issued by a court and whom the court determines has engaged in conduct that violates the portion of a protection order that involves protection against credible threats of violence, repeated harassment, or bodily injury to the person or persons for whom the protection order was issued is deportable. For purposes of this clause, the term “protection order” means any injunction issued for the purpose of preventing violent or threatening acts of domestic violence, including temporary or final orders issued by civil or criminal courts (other than support or child custody orders or provisions) whether obtained by filing an independent action or as a pendente lite order in another proceeding.

(F)Trafficking

Any alien described in section 1182(a)(2)(H) of this title is deportable.

(3)Failure to register and falsification of documents

(A)Change of address

An alien who has failed to comply with the provisions of section 1305 of this title is deportable, unless the alien establishes to the satisfaction of the Attorney General that such failure was reasonably excusable or was not willful.

(B)Failure to register or falsification of documentsAny alien who at any time has been convicted—

(i)

under section 1306(c) of this title or under section 36(c) of the Alien Registration Act, 1940,

(ii)

of a violation of, or an attempt or a conspiracy to violate, any provision of the Foreign Agents Registration Act of 1938 (22 U.S.C. 611 et seq.), or

(iii)

of a violation of, or an attempt or a conspiracy to violate, section 1546 of title 18 (relating to fraud and misuse of visas, permits, and other entry documents),
is deportable.

(C)Document fraud

(i)In general

An alien who is the subject of a final order for violation of section 1324c of this title is deportable.

(ii)Waiver authorized

The Attorney General may waive clause (i) in the case of an alien lawfully admitted for permanent residence if no previous civil money penalty was imposed against the alien under section 1324c of this title and the offense was incurred solely to assist, aid, or support the alien’s spouse or child (and no other individual). No court shall have jurisdiction to review a decision of the Attorney General to grant or deny a waiver under this clause.

(D)Falsely claiming citizenship

(i)In general

Any alien who falsely represents, or has falsely represented, himself to be a citizen of the United States for any purpose or benefit under this chapter (including section 1324a of this title) or any Federal or State law is deportable.

(ii)Exception

In the case of an alien making a representation described in clause (i), if each natural parent of the alien (or, in the case of an adopted alien, each adoptive parent of the alien) is or was a citizen (whether by birth or naturalization), the alien permanently resided in the United States prior to attaining the age of 16, and the alien reasonably believed at the time of making such representation that he or she was a citizen, the alien shall not be considered to be deportable under any provision of this subsection based on such representation.

(4)Security and related grounds

(A)In generalAny alien who has engaged, is engaged, or at any time after admission engages in—

(i)

any activity to violate any law of the United States relating to espionage or sabotage or to violate or evade any law prohibiting the export from the United States of goods, technology, or sensitive information,

(ii)

any other criminal activity which endangers public safety or national security, or

(iii)

any activity a purpose of which is the opposition to, or the control or overthrow of, the Government of the United States by force, violence, or other unlawful means,
is deportable.

(B)Terrorist activities

Any alien who is described in subparagraph (B) or (F) of section 1182(a)(3) of this title is deportable.

(C)Foreign policy

(i)In general

An alien whose presence or activities in the United States the Secretary of State has reasonable ground to believe would have potentially serious adverse foreign policy consequences for the United States is deportable.

(ii)Exceptions

The exceptions described in clauses (ii) and (iii) of section 1182(a)(3)(C) of this title shall apply to deportability under clause (i) in the same manner as they apply to inadmissibility under section 1182(a)(3)(C)(i) of this title.

(D)Participated in Nazi persecution, genocide, or the commission of any act of torture or extrajudicial killing

Any alien described in clause (i), (ii), or (iii) of section 1182(a)(3)(E) of this title is deportable.

(E)Participated in the commission of severe violations of religious freedom

Any alien described in section 1182(a)(2)(G) of this title is deportable.

(F)Recruitment or use of child soldiers

Any alien who has engaged in the recruitment or use of child soldiers in violation of section 2442 of title 18 is deportable.

(5)Public charge

Any alien who, within five years after the date of entry, has become a public charge from causes not affirmatively shown to have arisen since entry is deportable.

(6)Unlawful voters

(A)In general

Any alien who has voted in violation of any Federal, State, or local constitutional provision, statute, ordinance, or regulation is deportable.

(B)Exception

In the case of an alien who voted in a Federal, State, or local election (including an initiative, recall, or referendum) in violation of a lawful restriction of voting to citizens, if each natural parent of the alien (or, in the case of an adopted alien, each adoptive parent of the alien) is or was a citizen (whether by birth or naturalization), the alien permanently resided in the United States prior to attaining the age of 16, and the alien reasonably believed at the time of such violation that he or she was a citizen, the alien shall not be considered to be deportable under any provision of this subsection based on such violation.

(7)Waiver for victims of domestic violence

(A)In generalThe Attorney General is not limited by the criminal court record and may waive the application of paragraph (2)(E)(i) (with respect to crimes of domestic violence and crimes of stalking) and (ii) in the case of an alien who has been battered or subjected to extreme cruelty and who is not and was not the primary perpetrator of violence in the relationship—

(i)[1] upon a determination that—

(I)

the alien was acting is [2] self-defense;

(II)

the alien was found to have violated a protection order intended to protect the alien; or

(III)the alien committed, was arrested for, was convicted of, or pled guilty to committing a crime—

(aa)

that did not result in serious bodily injury; and

(bb)

where there was a connection between the crime and the alien’s having been battered or subjected to extreme cruelty.

(B)Credible evidence considered

In acting on applications under this paragraph, the Attorney General shall consider any credible evidence relevant to the application. The determination of what evidence is credible and the weight to be given that evidence shall be within the sole discretion of the Attorney General.

(b)Deportation of certain nonimmigrants

An alien, admitted as a nonimmigrant under the provisions of either section 1101(a)(15)(A)(i) or 1101(a)(15)(G)(i) of this title, and who fails to maintain a status under either of those provisions, shall not be required to depart from the United States without the approval of the Secretary of State, unless such alien is subject to deportation under paragraph (4) of subsection (a).

(c)Waiver of grounds for deportation

Paragraphs (1)(A), (1)(B), (1)(C), (1)(D), and (3)(A) of subsection (a) (other than so much of paragraph (1) as relates to a ground of inadmissibility described in paragraph (2) or (3) of section 1182(a) of this title) shall not apply to a special immigrant described in section 1101(a)(27)(J) of this title based upon circumstances that existed before the date the alien was provided such special immigrant status.

(d)Administrative stay

(1)If the Secretary of Homeland Security determines that an application for nonimmigrant status under subparagraph (T) or (U) of section 1101(a)(15) of this title filed for an alien in the United States sets forth a prima facie case for approval, the Secretary may grant the alien an administrative stay of a final order of removal under section 1231(c)(2) of this title until—

(A)

the application for nonimmigrant status under such subparagraph (T) or (U) is approved; or

(B)

there is a final administrative denial of the application for such nonimmigrant status after the exhaustion of administrative appeals.

(2)

The denial of a request for an administrative stay of removal under this subsection shall not preclude the alien from applying for a stay of removal, deferred action, or a continuance or abeyance of removal proceedings under any other provision of the immigration laws of the United States.

(3)

During any period in which the administrative stay of removal is in effect, the alien shall not be removed.

(4)

Nothing in this subsection may be construed to limit the authority of the Secretary of Homeland Security or the Attorney General to grant a stay of removal or deportation in any case not described in this subsection.
(June 27, 1952, ch. 477, title II, ch. 4, § 237, formerly ch. 5, § 241, 66 Stat. 204; July 18, 1956, ch. 629, title III, § 301(b), (c), 70 Stat. 575; Pub. L. 86–648, § 9, July 14, 1960, 74 Stat. 505; Pub. L. 87–301, § 16, Sept. 26, 1961, 75 Stat. 655; Pub. L. 89–236, § 11(e), Oct. 3, 1965, 79 Stat. 918; Pub. L. 94–571, § 7(e), Oct. 20, 1976, 90 Stat. 2706; Pub. L. 95–549, title I, § 103, Oct. 30, 1978, 92 Stat. 2065; Pub. L. 97–116, § 8, Dec. 29, 1981, 95 Stat. 1616; Pub. L. 99–570, title I, § 1751(b), Oct. 27, 1986, 100 Stat. 3207–47; Pub. L. 99–603, title III, § 303(b), Nov. 6, 1986, 100 Stat. 3431; Pub. L. 99–639, § 2(b), Nov. 10, 1986, 100 Stat. 3541; Pub. L. 99–653, § 7(c), Nov. 14, 1986, 100 Stat. 3657; Pub. L. 100–525, §§ 2(n)(2), 9(m), Oct. 24, 1988, 102 Stat. 2613, 2620; Pub. L. 100–690, title VII, §§ 7344(a), 7348(a), Nov. 18, 1988, 102 Stat. 4470, 4473; Pub. L. 101–649, title I, § 153(b), title V, §§ 505(a), 508(a), 544(b), title VI, § 602(a), (b), Nov. 29, 1990, 104 Stat. 5006, 5050, 5051, 5061, 5077, 5081; Pub. L. 102–232, title III, §§ 302(d)(3), 307(h), (k), Dec. 12, 1991, 105 Stat. 1745, 1755, 1756; Pub. L. 103–322, title XIII, § 130003(d), Sept. 13, 1994, 108 Stat. 2026; Pub. L. 103–416, title II, §§ 203(b), 219(g), Oct. 25, 1994, 108 Stat. 4311, 4317; Pub. L. 104–132, title IV, §§ 414(a), 435(a), Apr. 24, 1996, 110 Stat. 1270, 1274; renumbered ch. 4, § 237, and amended Pub. L. 104–208, div. C, title I, § 108(c), title III, §§ 301(d), 305(a)(2), 308(d)(2), (3)(A), (e)(1)(E), (2)(C), (f)(1)(L)–(N), (5), 344(b), 345(b), 347(b), 350(a), 351(b), title VI, § 671(a)(4)(B), (d)(1)(C), Sept. 30, 1996, 110 Stat. 3009–558, 3009–579, 3009–598, 3009–617, 3009–619 to 3009–622, 3009–637 to 3009–640, 3009–721, 3009–723; Pub. L. 106–386, div. B, title V, § 1505(b)(1), (c)(2), Oct. 28, 2000, 114 Stat. 1525, 1526; Pub. L. 106–395, title II, § 201(c)(1), (2), Oct. 30, 2000, 114 Stat. 1634, 1635; Pub. L. 107–56, title IV, § 411(b)(1), Oct. 26, 2001, 115 Stat. 348; Pub. L. 108–458, title V, §§ 5304(b), 5402, 5501(b), 5502(b), Dec. 17, 2004, 118 Stat. 3736, 3737, 3740, 3741; Pub. L. 109–13, div. B, title I, § 105(a)(1), (b), May 11, 2005, 119 Stat. 309, 310; Pub. L. 109–248, title IV, § 401, July 27, 2006, 120 Stat. 622; Pub. L. 109–271, § 6(c), Aug. 12, 2006, 120 Stat. 763; Pub. L. 110–340, § 2(c), Oct. 3, 2008, 122 Stat. 3736; Pub. L. 110–457, title II, §§ 204, 222(f)(2), Dec. 23, 2008, 122 Stat. 5060, 5071.)

[1]  So in original. No cl. (ii) has been enacted.

[2]  So in original. Probably should be “in”.

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.

https://www.law.cornell.edu/uscode/text/8/1227

Trump Seeking Compromise on Immigration…A Start?

Source: Trump would like to see compromise immigration bill

Laura Ingraham Show – February 28, 2017 Podcast

One Month Ago

FULL SPEECH: President Donald Trump NEW Immigration Policy AND Border Wall Details

Six Months Ago

Does Trump have a clear policy on immigration?

Donald Trump EPIC FLIP FLOP on Immigration, Now Pro-Amnesty

Trump’s Campaign Staff Can’t Keep Up With His Flip-Flops

AC/DC – Highway to Hell

AC/DC – Dirty Deeds Done Dirt Cheap (from Live at River Plate)

AC/DC – T.N.T. (from Live at River Plate)

AC/DC – Rock N Roll Train (from Live at River Plate)

AC/DC – Let There Be Rock (from Live at River Plate)

AC/DC – You Shook Me All Night Long (from Live at River Plate)

I’ll make this short and sweet, with the two tweets I’m basing this on:

Trump shift: official says WH open to legal status for undoc immigrants who haven’t committed serious crimes, per @wolfblitzer @jaketapper

Sr admin official: President Trump is eager for a compromise immigration bill, is thinking about adding a call for one in tonight’s speech.

What this really means is anyone’s guess.

Tuesday, Feb 28, 2017 · 2:53:09 PM CST · Hesiod

As some has suspected, it’s a “path to legal status,” not citizenship. Which is a complete set-up to blame Democrats when it fails.

President Trump would like a compromise immigration bill, with possible path to legal status http://www.cnn.com/2017/02/28/politics/trump-immigration-bill/index.html 

Photo published for Source: Trump envisions bill allowing many immigrants to stay in US

Source: Trump envisions bill allowing many immigrants to stay in US

President Donald Trump envisions compromise immigration legislation where those who aren’t serious or violent criminals could stay in the US legally, hold a job and pay taxes, without having to worry…

cnn.com

Story 2:  Legs Decorum In Oval Office — Videos

Image result for cartoon legs oval office kelly ann conway Image result for cartoon legs oval office kelly ann conway Image result for legs oval office kelly ann conway Image result for legs oval office kelly ann conway Image result for cartoons kelllyana conway feet legs on couch

Image result for cartoon legs oval office kelly ann conway

Image result for cartoons kelllyana conway feet legs on couch

Image result for cartoons kelllyana conway feet legs on couchImage result for cartoons kelllyana conway feet legs on couchImage result for president obama feetand legs on table and chairs

ZZ Top – Legs (OFFICIAL MUSIC VIDEO)

Kellyanne Conway back in hot water for kneeling on a sofa, in heels, while snapping photos

Kellyanne Conway Kneeling on a Couch Broke the Internet

Kellyanne Conway Spreads Her Legs On The Oval Couch During President’s Meeting With Black Leaders

Laura Ingraham – Mild Upskirt at 0:30 and Leg Cross

ZZ Top – Gimme All Your Lovin’ (OFFICIAL MUSIC VIDEO)

ZZ Top – I Gotsta Get Paid

Steppenwolf – Born To Be Wild (Easy Rider) (1969)

Steppenwolf – Born To Be Wild

Washington (AFP) – US President Donald Trump’s senior adviser Kellyanne Conway has come under fire after a picture of her casually kneeling on a couch in the Oval Office was widely shared on social media.

In an image captured by an AFP photographer, Conway appears on the couch with her shoes on as Trump poses for a photo with leaders of historically black colleges and universities.

Wall Street Journal columnist Bret Stephens was among those taking aim at Conway, suggesting that aides under previous administrations would have elicited even greater outcry.

“If Rice or Jarrett had sat like this in Oval Office, conservatives would have screamed themselves hoarse for weeks. Now we own trashy,” he wrote, referring to previous presidential aides.

Trump’s predecessor Barack Obama repeatedly took flak for photos in which he appeared to be relaxing.

Critics also chastised Obama for unbuttoning the previous Oval Office dress code that called for a suit jacket and a tie.

The image of Conway trended widely on social media, with several Twitter users berating her for what they described as a lack of respect in the Oval Office.

This is not the first time Conway has found herself at the centre of a storm.

She recently came under fire for plugging the fashion brand of the president’s daughter. The head of the US Office of Government Ethics urged the White House to investigate Conway after the incident, saying she should face disciplinary action.

She also famously coined the term “alternative facts” and referred to a “Bowling Green massacre” — which never happened — during an interview.

Conway later tweeted that she meant to say “Bowling Green terrorists” — referring to two Iraqi men who were indicted in 2011 for trying to send money and weapons to Al-Qaeda, and using improvised explosive devices against US soldiers in Iraq.

Related Video:

For more news videos visit Yahoo View, available now on iOS and Android.

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 845-848

Listen To Pronk Pops Podcast or Download Shows 840-844

Listen To Pronk Pops Podcast or Download Shows 833-839

Listen To Pronk Pops Podcast or Download Shows 827-832

Listen To Pronk Pops Podcast or Download Shows 821-826

Listen To Pronk Pops Podcast or Download Shows 815-820

Listen To Pronk Pops Podcast or Download Shows 806-814

Listen To Pronk Pops Podcast or Download Shows 800-805

Listen To Pronk Pops Podcast or Download Shows 793-799

Listen To Pronk Pops Podcast or Download Shows 785-792

Listen To Pronk Pops Podcast or Download Shows 777-784

Listen To Pronk Pops Podcast or Download Shows 769-776

Listen To Pronk Pops Podcast or Download Shows 759-768

Listen To Pronk Pops Podcast or Download Shows 751-758

Listen To Pronk Pops Podcast or Download Shows 745-750

Listen To Pronk Pops Podcast or Download Shows 738-744

Listen To Pronk Pops Podcast or Download Shows 732-737

Listen To Pronk Pops Podcast or Download Shows 727-731

Listen To Pronk Pops Podcast or Download Shows 720-726

Listen To Pronk Pops Podcast or DownloadShows 713-719

Listen To Pronk Pops Podcast or DownloadShows 705-712

Listen To Pronk Pops Podcast or Download Shows 695-704

Listen To Pronk Pops Podcast or Download Shows 685-694

Listen To Pronk Pops Podcast or Download Shows 675-684

Listen To Pronk Pops Podcast or Download Shows 668-674

Listen To Pronk Pops Podcast or Download Shows 660-667

Listen To Pronk Pops Podcast or Download Shows 651-659

Listen To Pronk Pops Podcast or Download Shows 644-650

Listen To Pronk Pops Podcast or Download Shows 637-643

Listen To Pronk Pops Podcast or Download Shows 629-636

Listen To Pronk Pops Podcast or Download Shows 617-628

Listen To Pronk Pops Podcast or Download Shows 608-616

Listen To Pronk Pops Podcast or Download Shows 599-607

Listen To Pronk Pops Podcast or Download Shows 590-598

Listen To Pronk Pops Podcast or Download Shows 585- 589

Listen To Pronk Pops Podcast or Download Shows 575-584

Listen To Pronk Pops Podcast or Download Shows 565-574

Listen To Pronk Pops Podcast or Download Shows 556-564

Listen To Pronk Pops Podcast or Download Shows 546-555

Listen To Pronk Pops Podcast or Download Shows 538-545

Listen To Pronk Pops Podcast or Download Shows 532-537

Listen To Pronk Pops Podcast or Download Shows 526-531

Listen To Pronk Pops Podcast or Download Shows 519-525

Listen To Pronk Pops Podcast or Download Shows 510-518

Listen To Pronk Pops Podcast or Download Shows 500-509

Listen To Pronk Pops Podcast or Download Shows 490-499

Listen To Pronk Pops Podcast or Download Shows 480-489

Listen To Pronk Pops Podcast or Download Shows 473-479

Listen To Pronk Pops Podcast or Download Shows 464-472

Listen To Pronk Pops Podcast or Download Shows 455-463

Listen To Pronk Pops Podcast or Download Shows 447-454

Listen To Pronk Pops Podcast or Download Shows 439-446

Listen To Pronk Pops Podcast or Download Shows 431-438

Listen To Pronk Pops Podcast or Download Shows 422-430

Listen To Pronk Pops Podcast or Download Shows 414-421

Listen To Pronk Pops Podcast or Download Shows 408-413

Listen To Pronk Pops Podcast or Download Shows 400-407

Listen To Pronk Pops Podcast or Download Shows 391-399

Listen To Pronk Pops Podcast or Download Shows 383-390

Listen To Pronk Pops Podcast or Download Shows 376-382

Listen To Pronk Pops Podcast or Download Shows 369-375

Listen To Pronk Pops Podcast or Download Shows 360-368

Listen To Pronk Pops Podcast or Download Shows 354-359

Listen To Pronk Pops Podcast or Download Shows 346-353

Listen To Pronk Pops Podcast or Download Shows 338-345

Listen To Pronk Pops Podcast or Download Shows 328-337

Listen To Pronk Pops Podcast or Download Shows 319-327

Listen To Pronk Pops Podcast or Download Shows 307-318

Listen To Pronk Pops Podcast or Download Shows 296-306

Listen To Pronk Pops Podcast or Download Shows 287-295

Listen To Pronk Pops Podcast or Download Shows 277-286

Listen To Pronk Pops Podcast or Download Shows 264-276

Listen To Pronk Pops Podcast or Download Shows 250-263

Listen To Pronk Pops Podcast or Download Shows 236-249

Listen To Pronk Pops Podcast or Download Shows 222-235

Listen To Pronk Pops Podcast or Download Shows 211-221

Listen To Pronk Pops Podcast or Download Shows 202-210

Listen To Pronk Pops Podcast or Download Shows 194-201

Listen To Pronk Pops Podcast or Download Shows 184-193

Listen To Pronk Pops Podcast or Download Shows 174-183

Listen To Pronk Pops Podcast or Download Shows 165-173

Listen To Pronk Pops Podcast or Download Shows 158-164

Listen To Pronk Pops Podcast or Download Shows151-157

Listen To Pronk Pops Podcast or Download Shows 143-150

Listen To Pronk Pops Podcast or Download Shows 135-142

Listen To Pronk Pops Podcast or Download Shows 131-134

Listen To Pronk Pops Podcast or Download Shows 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Show 93

Listen To Pronk Pops Podcast or Download Show 92

Listen To Pronk Pops Podcast or Download Show 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Read Full Post | Make a Comment ( None so far )

Liked it here?
Why not try sites on the blogroll...