1 : to cloy with overabundance : glut
2 : to appease (as a thirst) by indulging to the full
The history of the controversy over the benefits of liberal arts education versus training for the job market, touching upon educational elitism, accountability, and the value of a college education, logic begs the argument that neither vocational nor liberal education should be seen as an isolated end, but only as a part of the process of lifelong education.
1 : to cloy with overabundance : glut
2 : to appease (as a thirst) by indulging to the full
As students in California protest against fee increases, tens of thousands of students also took to the streets in Europe this week. Thousands of others have been occupying the main lecture theatres at their universities.
In Germany students are protesting against what’s called the "Bologna Process" which aims to standardize the higher education system across Europe, so that students can move between institutions in different countries. But students say the changes are making it difficult to earn a degree. FSRN'S Cinnamon Nippard has more from Berlin.
(11-20) 21:44 PST BERKELEY, CALIF. -- Forty protesters who barricaded themselves inside Wheeler Hall for 11 hours Friday didn't win back the 38 custodial jobs they demanded, nor did they persuade the UC regents to rescind their decision to increase tuition by 32 percent next fall.
It almost feels like 1968 again. Students are occupying buildings at the University of California. The police have strapped on riot gear. Officials are recalcitrant. Even some of the old slogans: "Fight back!" and "We can't take it no more!" have made a comeback.
BERKELEY, Calif., Nov. 21 (UPI) -- University of California-Berkeley protesters who occupied a campus building to protest skyrocketing tuitions have been arrested and removed, observers said.
Police on Friday escorted 40 protesters out of UC-Berkeley's Wheeler Hall, 11 hours after they had barricaded themselves into the facility to draw attention to a 32 percent jump in tuition instituted by the school's Board of Regents to help plug a $535 million budget gap, the San Francisco Chronicle reported.
As more than 2,000 supporters chanted outside Wheeler Hall, Alameda County, Calif., sheriffs deputies removed the protesters and indicated they would be charged with misdemeanor trespassing offenses, the newspaper said.
The occupation, capping three days of campus protests, began at 6 a.m. Friday when the demonstrators entered the second floor of the building. The Chronicle said two were arrested immediately for burglary. They protesters reportedly issued demands that the tuition hikes be rescinded and 38 custodians whose jobs were cut be restored to the staff.
UC-Berkeley spokeswoman Janet Gilmore told the newspaper that school officials "share the frustration" of the occupiers, but "at the same time we're disappointed that they had taken this action."
(AP) – 15 hours ago
BERKELEY, Calif. — Officials say dozens of people occupying a campus building at the University of California, Berkeley, in a protest over fee hikes and budget cuts have been arrested.
UC Berkeley spokesman Dan Mogulof told KGO-TV late Friday afternoon more than 40 people, at least some of them students, had been arrested and the protest appeared to be coming to a "safe end."
Demonstrators had occupied Wheeler Hall on Friday morning to protest a 32 percent increase in student fees and job and program cuts. Campus police had said earlier in the day the demonstrators were barricaded behind fire doors on the second floor.
A group of students also rallied outside the building.
The occupiers were demanding laid-off custodial workers be rehired and amnesty for anyone arrested in the protest.
Information from: KGO-TV
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
BERKELEY, Calif. (AP) — Students barricaded themselves inside buildings on University of California campuses to protest a 32 percent increase in student fees and budget cuts that have led to slashed programs and lost jobs.
Demonstrators at UC Berkeley occupied Wheeler Hall on Friday and hung a sign from a window that read "32 Percent Hike, 900 layoffs," with the word "Class" crossed out in red. A group of students also rallied outside the building.
Campus police said they had arrested three of the demonstrators inside.
Police would not say how many protesters remained in the building. University police Lt. Alex Yao said demonstrators were barricaded behind fire doors on the second floor, but police had control of the rest of the building.
The Daily Californian student newspaper said it received a text message from a protester in the building who put the number still inside at 60 undergraduates and graduate students.
The occupiers were demanding the university rehire laid-off custodial workers and give amnesty to anyone arrested in the protest.
At UC Santa Cruz, Provost David Kliger said a group of students was blocking exits at Kerr Hall, which houses science departments and administrative offices.
Kliger said he would not consider the students' demands until they cleared the obstructions.
About 30 to 50 protesters staged a takeover of Campbell Hall at UCLA on Thursday, as regents met across campus to approve the fee hike. More than 50 students were arrested during protests at UC Davis.
Regents say they had to raise fees because the cash-strapped state government can't meet the university's funding needs.
November 21, 2009
Copyright © 2009, The Los Angeles Times
BERKELEY, Calif. -- Students occupied a building Friday on the campus of the University of California, Berkeley, in an escalation of protests over large fee increases at UC campuses statewide that echoed the unrest here during the 1960s. The occupation ended peacefully late Friday evening.
The takeover by as many as 50 students and their sympathizers took place before dawn Friday, a day after the UC Board of Regents approved a 32% increase in student fees to cope with California's long-running fiscal crisis.
Campus police made three arrests in the occupied Wheeler Hall classroom building after discovering furniture and other items propped up against doors at about 5:30 a.m. Friday, a school spokeswoman said. There were unofficial reports of at least one person arrested outside for allegedly crossing a police line marked by yellow tape.
Friday afternoon, an estimated 500 other students and supporters assembled around the building, despite a driving rain. They banged drums, chanted and cheered as some of the occupants of the building used megaphones from a second-floor window to shout encouragement.
"Ask your faculty members to come out. Ask your friends to come out. Show them whose university this is," an unidentified man wearing a scarf over his face shouted from the window of the occupied building. A large banner hung from the window that denounced the fee increase and layoffs that have taken place across the UC system.
The increases in fees, which the UC charges instead of tuition, aim to make up for lost funding at the UC system. For an undergraduate student from California, a year's fees will rise from $7,788 to $8,373 this academic year, and to $10,302 for next year.
The action at Berkeley follows unrest at a number of UC campuses following the fee increases. At UC Los Angeles, protesters tried to block regents from leaving after they made their fee decision in a meeting there Thursday, while at UC Davis dozens of students were arrested following demonstrations Thursday.
UC Berkeley officials condemned the action at their campus. "We certainly understand the students' frustrations and concerns, but it's disappointing they expressed their frustrations in this way," said Janet Gilmore, a UC Berkeley spokeswoman.
In the crowd, sentiment seemed mostly in favor of the building occupation. Protesters locked arms to block entrances to the building in an effort to impede police.
But some students said the tactics were counterproductive, and that the demands, in some cases, were unreasonable. For example, some protesters demanded the UC regents eliminate the fees. "I agree the tuition hike was not good for me, but I know the state is in a crisis," said Jeffrey Joh, a 19-year-old sophomore. "Their message here is unclear."—Stu Woo and the Associated Press contributed to this article.
Write to Jim Carlton at email@example.com
Okay the $787bln fiscal stimulus plan now in place is only 40% spent and TARP has been significantly replenished as banks pay back the government (so more funds in place to support banks ahead – probably will end up supporting regional banks when commercial real estate loans put many on the ropes). Meanwhile Congress is in the process of passing a bill to extend unemployment insurance another 14 weeks (through the holidays) and extend the first-time homebuyer $8000 tax credit (key prop for lower priced home sales which is skewing overall sales and prices higher). But in a $14trln a year economy, the fiscal stimulus and related subsidies for consumers is a drop in the bucket and outside these programs and a base effect from housing investment (q/q off depressed level annualized) there is little evidence of a recovery in household demand and business investment. Moreover, today’s employment data for October showed job losses continue if at a reduced rate while the unemployment rate trends higher. The worst case scenario for bank stress tests used by US Treasury and Fed earlier this year was 8%. We are now at 10.2% and unemployment is still rising even as long-term unemployed exit the workforce (not actively seeking) in light of the poor chances of finding a job (post secondary school enrollment, especially at junior colleges is soaring…and in cash poor California where state cutbacks are shrinking funding for junior and four-year state colleges).
I find it stunning that anyone thinks there is enough stimuli in place to assure a recovery in the private sector ahead. Barrons recently, so confident of the recovery accelerating that inflation is imminent, urged the Fed to hike the funds rate to 2% in short order. Yes the Fed has rates at an exceptionally low level and is pumping all sorts of cash into the banking system for little or questionable collateral. However, banks are not lending this cash to private sector agents outside of real and leveraged money managers who are accumulating risk assets rapidly on a cheap funding basis which is driving asset prices (including commodities) with little else. Bank lending to commercial customers is depressed, though so too is demand (with so much idol capacity why would a firm borrow to expand capacity?). With CIT in bankruptcy, loans for small- and medium-sized firms, where there is demand, are scarce (were scare before CIT filed). The only bright note ahead for limited regions of the country is that Wall Street is planning on paying record bonuses to executives for record or near record earnings, another outcome of a near zero funding cost for banks, even banks that aren’t really banks assuming Congress does not stop this in its tracks. But what banker who gets paid this year (most bonuses are paid in Q1) will spend like it is 2006? Claw back risk, retroactive taxes and potential relapse in the banking crisis from elevated unemployment and souring loans suggest these monies will be saved not spent. In Connecticut, the state legislature (Democrats) and Governor (Republican) have increased the state income tax for those earning over $500,000 a year to 6.5% from 5.0% effective January 01, 2005 which means many in this range are way under what withholding should be for the year now that it is November, and to catch up on withholding employees are paying little to highest paid workers for the rest of the year. If wealthy CT residents are suddenly getting no take home pay, I suspect there will be some change in consumption behavior for the upper end of the income earners, especially in Fairfield County where the bulk of these earners live.
Simply both ends of the income spectrum are feeling it. Fairfield County’s wealthy won’t be to NY metro area economy what China is now to Australia’s economy.
Unless exports soar ahead behind a weak dollar and an unforeseen shift in savings behavior in Asia, I can’t see where private sector demand starts to recover in any real and sustained way.
So what is the conundrum? Well the economy needs a much larger stimulus to turn confidence in the face of record (in my lifetime) unemployment and underemployment before we see a second wave of asset deflation. Yet politically the winds are blowing in a very different direction making a far more serious fiscal stimulus ahead unlikely. At most, I see the White House and Democratic leadership in Congress finding support from centrists and even conservatives of both parties for a tax credit-based stimulus ahead which might well end up including tax cuts (delay in Bush tax cut expiration in 2010). But any progress on a “second” (really fourth) stimulus ahead will only come later than it is needed and only ups the chance of the economy falling off a cliff again in 2010…in Q2. Oh l almost forgot…2010 is a Congressional election year with all the seats in the House and a third of the seats in the Senate up for a vote.
If you think the drumbeat now for fiscal restraint is loud, one can only imagine the deafening roar as the 2010 Congressional campaigning gets going in full glory. I think the Fed has insured large banks against failure and put a major subsidy in the hands of bankers (profits). But it has had little impact in generating private demand. The only game in town (main game outside of exports) is fiscal stimulus and this has lifted private demand via programs like cash for clunkers and fist-time homebuyer tax credits. Beyond this there has been some success in stemming layoffs at state and local government levels as federal money has moved relatively quickly down the food chain of governments. The much heralded infrastructure spending train has yet to leave the station for the most part sadly. This channel for jobs may kick in later in 2010…too late to prevent the cliff dive.
And lastly, the success to counter cyclical monetary and fiscal policy depends on winning the hearts and minds of individuals. People need to feel better about their job prospects, income growth and credit availability (banks are taking care of the latter with usurious interest rates and cuts in credit lines from HELOCS to credit card limits…even for best customers). I give the Fed and Washington as much chance of winning the hearts and minds of US consumers and businesses as I do NATO in winning the hearts and minds of Afghanistan’s rural poor. It is possible yes, but not probable.
Lastly, this is a time in our history when gridlock is bad, very bad and yet almost assured.
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What happens when fiscal irresponsibility gets rewarded with bailouts? You get more fiscal irresponsibility. Let's stop rescuing greedy financiers and investors.
As regular readers know, I have been a longtime critic of the Federal Reserve. Not too far back, that view was a decidedly minority one.
But as our credit bubble undergoes an ugly unwinding, it's dawning on folks that central banks lie at the epicenter of the problem. Andy Xie nailed it in Tuesday's Financial Times, which is why I've chosen to begin my column with quotes from his article "It's time for central banks to stop bailing out markets."
"The central banks should focus on price stability, not financial market stability, and should provide liquidity only to contain the multiplier effect of the bubble bursting on the economy. Nor should central banks stimulate to avoid recession at any cost. Business cycles are not bad. Excesses must be followed with cleansing. . . .
"Markets have been taking more risk than they should because they believe that central banks will come to their aid during times of crisis, like now. The penchant of Alan Greenspan, former U.S. Federal Reserve chairman, to flood the market with liquidity during financial instability is the genesis of this 'central bank put.' As long as this expectation remains, financial bubbles will occur again and again. Now is the time to act. Let the crooks go bankrupt. Central banks should bury the Greenspan 'put' for good."
All I can say is amen to that -- and hope this is how events turn out. Of course, given how central banks have behaved in the past decade, I'm not holding my breath. But perhaps this article in the Financial Times will help crystallize for them what it is they need to do. It's always possible that this time around, the central banks will let capitalism work. That could help hasten the cleansing process -- aka creative destruction -- which would be a positive development, for sure.
Rather than being a liquidity crisis like the 1998 failure of Long-Term Capital Management -- which was more like a run on the bank and was stemmed by the powers that be -- Roubini describes the current situation as a "liquidity crisis that signals a more fundamental debt, credit and insolvency crisis among many economic agents in the U.S. and global economy."
For folks in a hurry, the last paragraph of Roubini's piece captures the essence of the problem. In the meantime, the last few lines nicely sum it up:
"We are indeed at a 'Minsky Moment' and this recent financial turmoil is the beginning of a much more serious and protracted U.S. and global credit crunch. The risks of a systemic crisis are rising: Liquidity injections and lender-of-last-resort bailout of insolvent borrowers -- however necessary and unavoidable during a liquidity panic -- will not work; they will only postpone and exacerbate the eventual and unavoidable insolvencies."
Turning to the intersection of big-bank and little-guy bailouts, a contact in the housing ATM notes that more folks than ever are electing not to pay their mortgages. Apparently, the thinking goes something like: "Gee, if some folks are not paying their mortgages and are going to get bailed out, why shouldn't I? Particularly if I have a little equity in my house."
That is the danger that's been created by the government talking about bailing out the housing market: A multitude of people decide to join the party and not pay. This is a slippery slope we've been going down for a long time, and it looks at long last like the problem will be too big to bail out. Bottom line: The dislocation and pain are starting to be felt throughout the financial system. We are headed to a lot of financial turmoil, and there's no getting around that.
Unfortunately, it seems to me that he is dead right.
Kleptocracy, alternatively cleptocracy or kleptarchy, from Greek klepto (theft) and kratos (rule), is a term applied to a government that extends the personal wealth and political power of government officials and the ruling class (collectively, kleptocrats), via the embezzlement of state funds at the expense of the wider population, sometimes without even the pretense of honest service. Political corruption is closely tied to the internal workings of a Kleptocracy. Not an "official" form of government (cf democracy, republic, monarchy, theocracy) the term is a pejorative used to describe governments perceived to be highly corrupt.
Kleptocracies are often dictatorships or some other form of autocratic and nepotist government, or lapsed democracies that have transformed into oligarchies. A kleptocratic ruler typically treats his country's treasury as though it were his own personal bank account.
The effects of a kleptocratic regime or government on a nation are typically adverse in regards to the faring of the state's economy, political affairs and civil rights. Kleptocracy in government often vitiates prospects of foreign investment and drastically weakens the domestic market and cross-border trade. As the kleptocracy normally embezzles money from its citizens by misusing funds derived from tax payments, or money laundering schemes, a kleptocratically structured political system tends to degrade nearly everyone's quality of life.
In addition, the money that kleptocrats steal is often taken from funds that were earmarked for public amenities, such as the building of hospitals, schools, roads, parks and the like - which has further adverse effects on the quality of life of the citizens living under a kleptocracy. The quasi-oligarchy that results from a kleptocratic elite also subverts democracy (or any other political format the state is ostensibly under).
According to one source, an old case of a kleptocratic governed state was Kievan Rus' where the alliance between Varangians and Slavic élites set up this type of government which resisted all attacks until 1240 when the Tatars conquered Kiev.
In order of amount allegedly stolen (in USD), they are:
A narcokleptocracy is a society ruled by "thieves" involved in the trade of narcotics.
The term has its origin in a report prepared by a subcommittee of the United States Senate Foreign Relations Committee, chaired by Massachusetts Senator John Kerry. The term was used specifically to describe the regime of Manuel Noriega in Panama. The term's construction builds on the already existing pejorative term "kleptocracy"- which is a government run by thieves. That is more precisely, a government run expressly for the financial benefit of those who govern  / .
In 2006, the Bush Administration, consistent with promises made at the prior G8 Summit, enunciated a policy specifically intended to internationalize an effort to resist, pursue, and prosecute kleptocracies.. The White House stated intended commitments to: denying safe haven, bringing together major financial centers vulnerable to exploitation in order to develop preventive anti-corruption practices, enhance international information sharing on corrupt officials, uncover, seize, and return stolen funds and prosecute those criminals involved, and ensure greater multilateral action in helping to develop and repair those areas of the world stricken by high-level corruption.