L.A. banker Russell Goldsmith calls for modern New Deal

Published

5 years ago

May 20, 2020

L.A. banker Russell Goldsmith calls for modern New Deal

The damage to the U.S. economy from the coronavirus is devastating: 33 million unemployed and an expected drop in second-quarter gross domestic product of up to 40%. But there’s no consensus in Washington about how to fix it.

President Trump has tweeted for the elimination of payroll taxes, a possible capital gains cut and a big infrastructure package.

House Speaker Nancy Pelosi said Thursday the Democratic plan for the fourth stimulus package will focus on a bailout of state and local governments, funds for testing and direct cash assistance to individuals.

Some Republican voices have called for a pause after more than $2.5 trillion in stimulus spending so far, but Russell Goldsmith, 70, the dean of Los Angeles bankers, says now is not the time to hit the brakes.

The chairman and former chief executive of City National Bank got an upfront view of the nation’s last crisis while sitting on the Fed’s Federal Advisory Council from 2008 to 2011. He says that what the country needs is not just more relief but an economic recovery plan of up to $2 trillion that includes infrastructure, job retraining and other measures, inspired by New Deal programs such as the Civilian Conservation Corps.

The interview has been edited for brevity and clarity.

What were the lessons you drew from the government’s response to the Great Recession?

You are not going to flip a switch and everybody goes back to movie theaters and Dodger Stadium and restaurants. And in 2008-09 they never shut down the airlines, they never closed the restaurants, never turned off sports. So my central point would be that this so-called phase four bill ought to address expanded relief and bolt on to it a massive set of recovery efforts. Recovery as we learned in 2008-09 takes time to get going. You can get checks out pretty fast, but shovel-ready projects don’t start the next morning.

You talk about the need for traditional infrastructure, such as roads, bridges and mass transit, but also reallocating billions of dollars for public health.

We have to redefine what national security means and allocate federal resources in line with that new understanding. If more Americans can die in six weeks from a pandemic than die in Vietnam in a decade, surely fighting pandemics and protecting public health here in the homeland is a matter of national security. I would argue $750 billion for the Defense Department is a source, but whether you take the money out of Defense is not the issue. We clearly have to strengthen our public health system.

Is that really a matter of economic recovery?

We need more money for the Centers for Disease Control and Prevention and National Institutes of Health. It’s going to take a mammoth infrastructure to produce the vaccine for 350 million Americans and a mammoth infrastructure to inoculate 350 million Americans. You are going to need more workers, more manufacturing facilities — a whole range of things. We clearly need to do more with research. We need to do more with prevention. This will not be the last pandemic that this country faces, unfortunately.

A lot of people on the left are saying what this all really proves is that we need a national healthcare system, such as the Medicare for All championed by Bernie Sanders.

I think that is such a contentious political issue, and I’m trying to focus on things that I hope both parties can agree on. That’s a multiyear debate, and we don’t have time for that.

What are some other areas where you would like to see recovery dollars spent? There is an $80-billion House Democratic proposal to improve broadband access.

Federal aid to education needs to go up. We need more teachers. We need more money for research at universities. We need better facilities. I think one thing that’s become screamingly obvious is that every home in America has to be connected to the Internet just like in the ‘30s when one of the great triumphs of the New Deal was getting the Rural Electrification Act to bring electricity to every town and home in America no matter how remote. We need to do that with the internet, and then we need to make sure that the kids who live in those homes have an iPad or something so that they can get an education.

What about climate change, anything in particular?

I think there is a lengthy agenda out there for how to rebuild our society in a way that is carbon neutral, and we should just get on with it.

It doesn’t seem like there is a big appetite on Capitol Hill for a massive infrastructure bill. One obstacle has been the two sides haven’t been able to agree on a funding mechanism.

I am speaking out in this way because I think there really has to be a concerted effort by people to push Congress and make the case for why we can’t wait for recovery stimulus. With an election looming, this is the last train out of Dodge. And the sooner we get started with recovery the sooner this economy will come back to something approaching normalcy.

You mention reviving the Civilian Conservation Corps, a prototypical New Deal program that put unemployed men to work in conservation and improving public lands and parks. Why do you single it out?

I use that phrase because people remember the name and I tried to broaden it out. Our parks have been underfunded for years. There is a lot they need, both parks in our cities and around the country. Planting more trees, conserving natural resources, cleaning things. That is sort of a short-term solution, and then my thought was to give them training so they move into jobs better suited to the 21st century.

What would a modernized job-skills training look like?

We’ve got 33 million unemployed Americans, a lot of them in low-paid jobs in restaurants, many of which will not come back. Let’s take those people and train them. We need medical technicians. We need computer technicians. We need orderlies in hospitals. We need a lot of skills that they don’t have, but they could be trained.

Is referencing a New Deal program really the best way to sell your plan?

I was just trying to point to something that had been successful when the country faced the Great Depression. You know when you’ve got 33 million unemployed Americans you don’t have to invent everything from whole cloth. That’s a program that worked. It needs to be modernized and adapted, but I would hope it’s not a politically polarizing program.

How can we pay for all of this?

Obviously we have to be concerned about that, but just as in World War II, this is not the time to restrain federal support for worthwhile programs. With interest rates so low, the ability of the government in a normal economy to fund the debt is actually surprisingly similar to where we were when rates were higher.

What about rescinding some of the tax cuts that were passed by the GOP in 2017?

I am trying to stay out of the weeds on how to reform taxes because I don’t think that is the front-burner issue at the moment. The front-burner issue is to not just do relief but to do recovery simultaneously as soon as possible. But let’s not be oblivious that this is very costly and that we need following that to begin a serious effort to reform our tax system to generate more revenue. So in generating more, presumably some of the tax cuts are going to be revised.

But there is talk by the president and others of additional tax cuts, including on capital gains and payrolls.

When you’ve got 33 million Americans unemployed and probably an additional 30 million estimated to be underemployed, cutting payroll taxes doesn’t help them at all because they are not employed. We saw from the Trump tax cuts it didn’t stimulate a proportionate amount of capital spending, so rather than a trickle-down strategy which is very slow and very inefficient, you can direct the money right at the things that will have lasting value to the country. You can see the pressure building from the tax-cutting crowd, and that’s just not a cost-effective solution in this circumstance.

All Your Acrylic Nail Questions Answered: From Application to Care

Published

2 months ago

October 16, 2024

Herb Adkins

Acrylic nails are a popular choice for those looking to add length, strength, and style to their natural nails. Whether you’re new to the world of acrylics or a seasoned nail enthusiast, there are always questions that arise about the application, maintenance, and overall care of these enhancements. This guide will answer all your acrylic nail questions to ensure your next manicure is a complete success.

What Are Acrylic Nails?

Acrylic nails are artificial nail enhancements made from a mixture of liquid monomer and powder polymer. When combined, they form a hard protective layer that can be molded into various shapes and lengths. Once hardened, they provide a durable and long-lasting canvas for nail polish, art, or simply a natural look. For more in-depth information, check out Acrylic Nail FAQs to get all the details you need before your next salon visit.

How Are Acrylic Nails Applied?

The application process of acrylic nails begins with the preparation of your natural nails. The nail technician will clean your nails, file them down, and apply a bonding agent to help the acrylic adhere. The acrylic mixture is then applied in thin layers, sculpted to the desired shape, and allowed to dry. Once set, the nails are filed, shaped, and buffed to a smooth finish.

Acrylic nails can be customized in terms of length and shape, making them a versatile choice for anyone looking to enhance their look.

How Long Do Acrylic Nails Last?

Typically, acrylic nails can last anywhere from two to three weeks before requiring a fill. During a fill, the nail technician will replace any grown-out acrylic and maintain the structure of the nails. With proper care, acrylic nails can be worn for extended periods, but it’s essential to give your natural nails a break occasionally to maintain nail health.

How Do You Care for Acrylic Nails?

Caring for acrylic nails is crucial to ensuring they last as long as possible and that your natural nails remain healthy underneath. Here are some essential tips:

Avoid excessive water exposure: Prolonged exposure to water can weaken acrylic nails, making them prone to lifting or damage. When washing dishes or cleaning, consider wearing gloves to protect your nails.
Moisturize cuticles regularly: The acrylic application process can sometimes dry out your cuticles. Regularly apply cuticle oil to keep your cuticles hydrated and prevent hangnails.
Be gentle with your nails: Acrylics can be strong, but they’re not indestructible. Avoid using your nails as tools to open packages or scrape things, as this can lead to breakage.
Schedule regular fills: As your natural nails grow, gaps will appear between the acrylic and your cuticles. Regular fills ensure your nails maintain a smooth, polished look and help prevent lifting.

How Do You Remove Acrylic Nails Safely?

Proper removal is crucial to avoid damaging your natural nails. It’s highly recommended to have acrylics removed by a professional at the salon. However, if you prefer to remove them at home, follow these steps:

Soak in acetone: Start by soaking a cotton ball in acetone, then place it on each nail. Wrap your fingers in aluminum foil and allow the acetone to work for about 20 minutes.
Gently scrape off the acrylic: After soaking, use a cuticle pusher or an orange stick to gently scrape off the softened acrylic. Be patient and avoid forcing the acrylic off, as this can damage your natural nails.
Buff and moisturize: Once the acrylic is completely removed, buff your natural nails to smooth out any rough spots and apply cuticle oil to restore moisture.

Are Acrylic Nails Safe for Your Natural Nails?

When applied and removed properly, acrylic nails should not cause significant damage to your natural nails. However, improper removal or overuse without giving your nails time to breathe can lead to thinning, weakening, or breakage of your natural nails.

If you plan on wearing acrylic nails long-term, it’s a good idea to take breaks between applications and ensure you’re nourishing your nails with oils and treatments.

What Are the Best Acrylic Nail Shapes?

Choosing the right nail shape is essential for creating a look that complements your hands. Some of the most popular acrylic nail shapes include:

– Square: A straight-edged, classic look perfect for shorter nails.

– Oval: A soft, rounded shape that elongates the fingers.

– Coffin: Also known as ballerina shape, this trendy look features a tapered edge with a flat tip.

– Stiletto: A dramatic, pointy shape ideal for those who want a bold statement.

Each shape offers a unique aesthetic and can be tailored to suit your personal style.

Are There Any Alternatives to Acrylic Nails?

If you’re looking for a different type of nail enhancement, consider these alternatives:

– Gel nails: Gel nails offer a glossy finish and are cured under UV or LED light. They’re less rigid than acrylics and can feel more natural.

– Dip powder: This method involves dipping the nails into a colored powder and sealing them with a clear coat. It provides a similar look to acrylics but is generally less damaging to the natural nails.

Conclusion

Acrylic nails are a versatile and durable option for achieving customized, beautiful nails. By understanding the application process, knowing how to care for them, and safely removing them, you can enjoy long-lasting manicures that enhance your style. With the ability to choose from a variety of shapes and designs, acrylic nails offer endless possibilities for self-expression. Remember to take care of your natural nails in between applications to keep them healthy and strong. Whether you’re a first-time user or a seasoned pro, acrylic nails can be a fantastic way to express your personality and keep your nails looking flawless for weeks.

Jacqueline Troost Omvlee – A Tool in the Hands of the Russian Elite

Published

3 months ago

September 26, 2024

Herb Adkins

When sanctions were imposed on Russia for its war against Ukraine, their objectives were twofold: to reduce Russian military capacity by limiting modern weapons and to lower Russian revenue streams. While in the beginning, the sanctions indeed weakened the Russian economy, they have fallen short of their initial objectives – mostly because Russia has found ways to circumvent many of them. The Kremlin has exploited international corruption, relied on foreign third parties, and utilized loopholes in trade restrictions. One such individual who allegedly provides services to Russian-linked companies is Jacqueline Troost Omvlee, a Geneva-based Dutch citizen.

Jacqueline Troost Omvlee is married to Niels Troost, an oil trader sanctioned by the United Kingdom. He and his company, Paramount Energy & Commodities SA, are among the 50 individuals and organizations blacklisted in response to the business connections with Russia. His wife, Jacqueline, helps to facilitate financial transactions for Niles Troost and Russian oligarchs including Gennady Timchenko, a Russian billionaire oil trader and Putin`s close associate.

Gennady Timchenko and his family have been sanctioned in many countries for backing the Kremlin’s war machine. However, with the help of Jacqueline Troost Omvlee, he seems to find ways to evade sanctions and continue his financial operations. In these illegal schemes, individuals like Jacqueline often serve as a front person for sanctioned oligarchs and their business assets. Russian-linked companies set up subsidiaries around the world, often registering new entities in offshore havens or countries where regulations are relatively lax or non-existent. To obfuscate the arrangements, the daughter companies spawn offspring in the form of subsidiaries, as the chain of concealment stretches on and on. The result is like a giant Matryoshka doll.

Jacqueline’s involvement in financial transactions that potentially support Timchenko’s interests raises significant concerns about the efficacy of Western sanctions. The fact that Jacqueline Troost Omvlee continues to operate without facing sanctions herself highlights a significant loophole in the enforcement mechanism. Various shady schemes and tactics designed to circumvent sanctions often hide the activity of individuals such as Jacqueline, making it difficult for authorities to detect and punish them for their involvement.

Jacqueline Troost Omvlee’s role in her husband’s financial dealings as well as her alleged ties to Russian business schemes, emphasizes the need for stronger international sanctions. Her actions not only aid in sanctions evasion but also diminish the overall effectiveness of the measures designed to isolate and pressure those supporting the Russian regime. Therefore, sanctioning Jacqueline Troost Omvlee is not only a matter of addressing her individual actions but also a necessary step to reinforce the credibility and effectiveness of the sanctions regime. By targeting individuals who play a key role in evading sanctions, authorities can send a strong message that efforts to undermine international sanctions will not go unpunished. This measure is crucial for maintaining the integrity of the sanctions system and ensuring that it achieves its intended goal of isolating and restraining those who support destabilizing activities.

European countries and the US need to expand their sanctions-tracking and investigative actions to improve the monitoring of sanctions compliance and to introduce new measures against systematic violators of law. The sanctioning states have the resources and capacity for this, and need to take action now.

Hermann’s Tortoise Lifespan: How to Ensure a Long, Healthy Life

Published

3 months ago

September 16, 2024

Herb Adkins

Ensuring a long and healthy life for your Hermann’s Tortoise requires a combination of proper care, nutrition, and habitat management. Hermann’s Tortoises, known for their charming personalities and distinctive shells, can live for several decades with the right conditions. Understanding their needs and providing a suitable environment is key to helping them thrive. Here’s how you can support your Hermann’s Tortoise in living a long, happy life.

Creating an Optimal Habitat

One of the most critical factors in promoting the longevity of your Hermann’s Tortoise is the creation of a suitable habitat. Providing an environment that mimics their natural surroundings is essential for their overall health. An appropriate habitat helps prevent stress and supports their well-being. For detailed guidance on setting up an ideal habitat, including specific requirements for outdoor enclosures, visit this comprehensive guide on Habitat for Hermann’s Tortoise.

Outdoor Enclosure: Hermann’s Tortoises thrive in outdoor enclosures that provide ample space to roam, bask, and forage. An outdoor setup should include a secure, predator-proof area with access to natural sunlight. Incorporate areas for basking and shade to allow the tortoise to regulate its body temperature. Additionally, include plants, rocks, and hiding spots to simulate their natural habitat and encourage natural behaviors.
Indoor Habitat: If an outdoor enclosure is not feasible, an indoor habitat can also support a long lifespan if set up correctly. Use a large, well-ventilated enclosure with appropriate heating and UVB lighting. Provide a substrate that allows for burrowing and offer various hiding spots and enrichment items.

Diet and Nutrition

A balanced diet is vital for maintaining the health and longevity of your Hermann’s Tortoise. They are primarily herbivores, and their diet should reflect their natural feeding habits.

Leafy Greens: Offer a variety of leafy greens such as kale, collard greens, and dandelion greens. These vegetables provide essential vitamins and minerals that support overall health.
Vegetables and Fruits: Supplement their diet with other vegetables like carrots, squash, and bell peppers. Fruits should be given in moderation due to their high sugar content.
Calcium and Supplements: Provide a calcium supplement to support shell and bone health. A cuttlebone or powdered calcium can be added to their food. Ensure that they also have access to fresh, clean water at all times.

Regular Health Checks

Routine health checks are essential for early detection of potential health issues. Regular veterinary visits help ensure your tortoise remains in optimal condition and addresses any health concerns promptly.

Observation: Monitor your tortoise’s behavior and physical condition regularly. Changes in appetite, weight, or activity level can indicate health problems.
Preventative Care: Schedule annual check-ups with a veterinarian experienced in reptile care. Regular exams help catch any issues early and keep vaccinations and other preventative treatments up to date.

Environmental Enrichment

Providing environmental enrichment helps keep your Hermann’s Tortoise mentally stimulated and active. Enrichment can reduce stress and prevent boredom, contributing to a better quality of life.

Foraging Opportunities: Hide food items around the enclosure to encourage natural foraging behavior. This not only provides mental stimulation but also mimics their natural hunting practices.
Variety: Change the layout of their enclosure periodically and introduce new objects or plants to keep their environment interesting and engaging.

Conclusion

By focusing on creating the right habitat, providing a balanced diet, ensuring regular health checks, and offering environmental enrichment, you can significantly enhance the lifespan and well-being of your Hermann’s Tortoise. For further details on creating an ideal habitat, including tips for designing an outdoor enclosure, refer to this helpful guide on Habitat for Hermann’s Tortoise. Implementing these practices will help ensure that your tortoise enjoys a long, healthy life.