...about financial reform:
Beck: Yeah, Barack Obama did inherit a bad situation. Now, what has he done with that situation? He has made it 1,000 times worse and created a situation to where the state can grab power like crazy. What is in this new financial bill, they can grab companies. They think that it is a danger to the nation? They can just grab it and shut you down. That's a little frightening with that power.Gray: And that's not companies who've taken stimulus, that's any company --Beck: Any company.Gray: -- that they deem big enough to harm the economy --Beck: Any company.
Our economy is "1,000 times worse" than it was a year and a half ago? According to Media Matters, "...contrary to Beck's claim that media conglomerates Fox News and Clear Channel Communications, or even "talk radio," would be targets of the financial reform bill, according to the conference report of the Dodd-Frank Wall Street Reform and Consumer Protection Act, companies affected by the legislation include banks and "nonbank financial" institutions, which are defined as companies "predominantly engaged in financial activities," meaning that 85 percent of their revenues or assets are derived from financial activities."
Section 102 of the bill states:
Media Matters added that the "bill also applies to 'insurance companies' and 'insurance company subsidiaries' if they are a 'covered financial company or a subsidiary or affiliate of a covered financial company.'"(4) NONBANK FINANCIAL COMPANY DEFINITIONS. --(A) FOREIGN NONBANK FINANCIAL COMPANY. -- The term ''foreign nonbank financial company'' means a company (other than a company that is, or is treated in the United States as, a bank holding company or a subsidiary thereof) that is --(i) incorporated or organized in a country other than the United States; and(ii) predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6).(B) U.S. NONBANK FINANCIAL COMPANY. -- The term ''U.S. nonbank financial company'' means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.), or a national securities exchange (or parent thereof), clearing agency (or parent thereof, unless the parent is a bank holding company), security-based swap execution facility, or security-based swap data repository registered with the Commission, or a board of trade designated as a contract market (or parent thereof), or a derivatives clearing organization (or parent thereof, unless the parent is a bank holding company), swap execution facility or a swap data repository registered with the Commodity Futures Trading Commission), that is --(i) incorporated or organized under the laws of the United States or any State; and(ii) predominantly engaged in financial activities, as defined in paragraph (6).(C) NONBANK FINANCIAL COMPANY. -- The term ''nonbank financial company'' means a U.S. nonbank financial company and a foreign nonbank financial company.(D) NONBANK FINANCIAL COMPANY SUPERVISED BY THE BOARD OF GOVERNORS. -- The term ''nonbank financial company supervised by the Board of Governors'' means a nonbank financial company that the Council has determined under section 113 shall be supervised by the Board of Governors.[...](6) PREDOMINANTLY ENGAGED. -- A company is ''predominantly engaged in financial activities'' if --(A) the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, from the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated annual gross revenues of the company; or(B) the consolidated assets of the company and all of its subsidiaries related to activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956) and, if applicable, related to the ownership or control of one or more insured depository institutions, represents 85 percent or more of the consolidated assets of the company.
About Kagan's record as dean of Harvard Law School
Again, on his radio show the same day, Beck stated:
BECK: Now, Kagan is going to be our next Supreme Court. They say that she's just too boring for any kind of scandal and so that's why the media's not -- she's just so boring. Really? Is that why the media's not saying anything about her? She's boring? I have a feeling how -- we're going to find out how exciting she really is after she gets the nomination. I have a feeling she's going to be really super not boring soon.Elena Kagan was the one who decided to take the Harvard Law program and move it now from case study to global law. So now our attorneys are going to be studying about what the precedent is in the globe and international community.PAT GRAY (co-host): That was really cool 'cause first it started with constitutional, you know, interpretation, then it went to case law, then case law wasn't good enough in America. We had to check out what's the globe doing. What are they doing in --BECK: And that's her. That's her at Harvard University.
According to Media Matters, "Kagan did not eliminate traditional courses. In an October 6, 2008, speech about 'the attributes -- and goals -- of a great law school in the 21st century,' Kagan explained that changes to Harvard Law's first-year classes supplemented but did not eliminate "'traditional first-year curriculum.'" An excerpt from her speech:
Kagan: Like most law schools, with minor variations, Harvard Law School's traditional first-year curriculum included civil procedure, criminal law and procedure, torts, property, and contracts -- all worthy and important subjects but insufficient in themselves for all we need to accomplish. Ultimately, what we decided to do was to supplement this standard curriculum with three new required classes -- one focusing on the statutory and regulatory aspects of law, one looking at law in a comparative or international framework, and one where students work in teams to resolve the sort of complex problems that lawyers so often confront. And to the traditionalists among you -- please don't despair! We didn't eliminate Civil Procedure or Contracts -- or any other basic 1L class. We made way for our new offerings by slightly paring the rest. Our students -- and our professors -- seem to have survived.
MM: "The curriculum changes were unanimously approved by Harvard Law faculty. The curriculum changes Kagan instituted as dean, which were unanimously approved by the Harvard Law School faculty, added 'new first-year courses in international and comparative law, legislation and regulation, and complex problem solving' and condensed the 'traditional first-year curriculum (contracts, torts, civil procedure, criminal law, and property).'"
There is nothing exceptional about Beck making false claims. These are only two of the latest. Is Beck ignorant about the subjects he addresses, or is he purposely trying to scare his listeners with buzz words about "global" anything? Either way, he keeps his loyal following convinced of his sincerity and basic honesty. In that regard, Glenn Beck is amazing.
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