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Thread: Crowdfunding Act (HR 3606): Will JOBS Act Jumpstart Startups Or Open Fraud Floodgate?

  1. Default Crowdfunding Act (HR 3606): Will JOBS Act Jumpstart Startups Or Open Fraud Floodgate?



    Former SEC Chief Accountant warns that the JOBS Act - sponsored by one of the most corrupt Congressmen in Washington - won't increase employment but will simplify swindling.

    JOBS ACT OF 2012: WILL H.R. 3606 JUMPSTART OUR BUSINESS STARTUPS OR OPEN THE CROWDFUNDING FRAUD FLOODGATES?

    U.S. Representative Stephen Fincher (R-TN-8) is a Big Ag businessman whose company has received over $8.9 million in government subsidies (corporate welfare) over the past ten years, a politician flagged but never penalized for federal election law violations by the Federal Election Commission last July, and a legislator the political watchdog group Citizens for Responsibility and Ethics in Washington (CREW) cites as one of the Most Corrupt Members of Congress:

    http://www.crewsmostcorrupt.org/most...tephen-fincher

    His latest contribution to the corporate greed pervading our government is sponsorship of the Jumpstart Our Business Startups Act, HR 3606, which has been passed with massive bipartisan support by both the House and Senate, but was sent back to the House to approve some Senate changes on Thursday (22 March 2012):

    http://www.govtrack.us/congress/bills/112/hr3606

    http://en.wikipedia.org/wiki/Jumpsta...s_Startups_Act

    As is so often the case in Washington DC, the label on this Pandora's box says nothing about its true contents. Euphemistically referred to as the "Jobs Act of 2012", former Chief Accountant of the Securities and Exchange Commission Lynn E. Turner warns this bill would destroy small investor protections dating back as far as the creation of the SEC itself. "It WON'T create jobs, but it WILL simplify fraud," Turner said in an interview last week. "This would be better known as the Bucket-Shop and Penny-Stock Fraud Reauthorization Act of 2012."

    http://www.bloomberg.com/news/2012-0...s-in-u-s-.html

    Mr. Turner is not alone in his assessment of HR3606. Crooked Congressman Fincher's summary claims the goal is to "increase American job creation and economic growth by improving access to the public capital markets for emerging growth companies [e.g. crowdfunding]", but President of the North American Securities Adminstrators Association (NASAA) Jack Herstein warns otherwise:

    "Expanded access to capital markets for startups and small businesses can be beneficial, but only insofar as investors can be confident that they are protected, that transparency in the marketplace is preserved, and that investment opportunities are legitimate... Small businesses are important to job growth, and to improving the economy. However, by weakening investor protections and placing unnecessary restrictions on the ability of state securities regulators to protect retail investors from the risks associated with smaller, speculative investments, Congress is on the verge of enacting policies that, although intended to strengthen the economy, will in fact only make it more difficult for small businesses to access investment capital."

    http://www.nasaa.org/wp-content/uplo...-3-12-2012.pdf

    Personally, I'd wager that the only jobs created by the JOBS Act of 2012 will be for Wall Street brokers who didn't meet quota and other con artists pitching worthless penny stocks from telemarketing boiler rooms and Internet scam sites.

    ###

    NO MORE LEFT. NO MORE RIGHT. TIME TO UNITE. STAND AND FIGHT!

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    Related Image: http://veritasvirtualvengeance.files...ding_fraud.jpg

    Related Video: [ame="http://www.youtube.com/watch?v=Hxizh0NTiVQ"]Stephen Fincher on "Accountability" - YouTube[/ame]

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    Tag: #crowdfunding, #hr3606, #jobsact, #fraud, #boilerroom, #boilerrooms, #jobs, #employment, #startups, #smallbusiness, #kleptocracy, #occupy, #ows, #vvvpr

    Key: crowdfunding, crowdfund investing, penny stock fraud, boiler room, boiler rooms, h.r. 3606, h.r.3606, hr 3606, hr3606, jobs act, jobs act of 2012, jumpstart our business startups, jobs, employment, startups, small business, crony capitalism, corporate greed, political corruption, fascism, kleptocracy, occupy wall street, ows, vvv pr

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    Last edited by ironboltbruce; Mar 25 2012 at 04:22 AM.

  2. Default

    I am not surprised. I have said in the past that the Congress would support a Martial law bill if they called it "Icecream for everyone"

    You dont expect Congress to actually read the bills and understand them do you? You realize how much they have to steal and corrupt others to get re-elected? Come on thats a full time job they dont have time to actually read anything.

  3. Icon15

    Obama jobs programs not workin' out...

    195,000 Fewer Americans Had Jobs in July; 150,000 Dropped Out of Labor Force
    August 3, 2012 - There were 195,000 fewer people employed in the United States in July than in June, according to the Bureau of Labor Statistics, as the national unemployment rate ticked up from 8.2 percent to 8.3 percent.
    Meanwhile, 150,000 people simply dropped out of the labor force during the month and did not seek to find a job. In June, according to BLS, there had been 142,415,000 people employed in the United States. In July, that dropped to 142,220,000--a decline of 195,000.

    Similarly, in June, there were 155,163,000 people in the civilian labor force in the United States. To be counted in the civilian labor force, person must be 16 years old or older, not be in the military, prison or a mental institution, and either have a job or have actively looked for a job in the past four weeks. In July, the number of people in the civilian labor force was 155,013,000--a decline of 150,000 from June.

    The number of people who were unemployed--meaning they were 16 or older, not in the military, a prison or a mental institution, and had actively looked for a job in the last four weeks-jumped by 45,000 during the month, climbing from 12,749,000 in June to 12,794,000 in July. During July, the number of people who simply left the labor force (150,000) exceeded the number of newly unemployed (45,000) by more than two to one (105,000).

    Source
    See also:

    175,000 Fewer Women Held Jobs in July; 94,000 Dropped Out of Labor Force
    August 3, 2012 - 175,000 fewer American women held jobs in July than in June, according to employment data released today by the Bureau of Labor Statistics.
    By contrast, the number of men who held jobs declined by only 20,000 from June to July, according to BLS. From June to July, the number of women in the labor force--meaning they either had a job or had actively looked for one in the last four weeks--dropped by 94,000.

    Meanwhile, the national unemployment rate ticked up for women for the third straight month. In May, it was 7.9 percent. In June, it was 8.0 percent. And in July, it was 8.1 percent. (The unemployment rate for men held steady in May, June and July at 8.4 percent.) In June, there had been 66,929,000 American women employed. In July, that dropped 66,754,000--a month-to-month decline of 175,000.

    Similarly, in June, there had been 72,713,000 women in the labor force. In July, that dropped to 72,619,000--a decline of 94,000. In June, there had been 75,486,000 American men employed. In July, that dropped to 75,466,000, a decline of 20,000. In total, there were 195,000 fewer Americans employed in July than in June--with 175,000 of those people being women.

    When President Barack Obama took office in January 2009, there were 66,969,000 women employed in the United States. Since then, the number of women employed in this country has dropped to 66,754,000--a decline of 215,000 in the number of women employed. In January 2009, the unemployment rate among women was 7.0 percent compared to the 8.1 percent unemployment rate among American women in July.

    Source
    Last edited by waltky; Aug 03 2012 at 10:45 AM.
    So here is my suggestion: Forget bombs -- we should drop Obama administration policy makers on Iraq and Syria. That would ensure the ruin of the Islamic State in no time!

  4. Icon17

    Granny says dat's Uncle Ferd's dream world...

    Will smart machines create a world without work?
    Jan 25,`13 WASHINGTON (AP) -- They seem right out of a Hollywood fantasy, and they are: Cars that drive themselves have appeared in movies like "I, Robot" and the television show "Knight Rider."
    Now, three years after Google invented one, automated cars could be on their way to a freeway near you. In the U.S., California and other states are rewriting the rules of the road to make way for driverless cars. Just one problem: What happens to the millions of people who make a living driving cars and trucks - jobs that always have seemed sheltered from the onslaught of technology? "All those jobs are going to disappear in the next 25 years," predicts Moshe Vardi, a computer scientist at Rice University in Houston. "Driving by people will look quaint; it will look like a horse and buggy." If automation can unseat bus drivers, urban deliverymen, long-haul truckers, even cabbies, is any job safe? Vardi poses an equally scary question: "Are we prepared for an economy in which 50 percent of people aren't working?"

    An Associated Press analysis of employment data from 20 countries found that millions of midskill, midpay jobs already have disappeared over the past five years, and they are the jobs that form the backbone of the middle class in developed countries. That experience has left a growing number of technologists and economists wondering what lies ahead. Will middle-class jobs return when the global economy recovers, or are they lost forever because of the advance of technology? The answer may not be known for years, perhaps decades. Experts argue among themselves whether the job market will recover, muddle along or get much worse. To understand their arguments, it helps to understand the past.

    Every time a transformative invention took hold over the past two centuries - whether the steamboat in the 1820s or the locomotive in the 1850s or the telegraph or the telephone - businesses would disappear and workers would lose jobs. But new businesses would emerge that employed even more. The combustion engine decimated makers of horse-drawn carriages, saddles, buggy whips and other occupations that depended on the horse trade. But it also resulted in huge auto plants that employed hundreds of thousands of workers, who were paid enough to help create a prosperous middle class. "What has always been true is that technology has destroyed jobs but also always created jobs," says Nobel Prize-winning economist Joseph Stiglitz of Columbia University. "You know the old story we tell about (how) the car destroyed blacksmiths and created the auto industry."

    The astounding capabilities of computer technology are forcing some mainstream economists to rethink the conventional wisdom about the economic benefits of technology, however. For the first time, we are seeing machines that can think - or something close to it. In the early 1980s, at the beginning of the personal computer age, economists thought computers would do what machines had done for two centuries - eliminate jobs that required brawn, not brains. Low-level workers would be forced to seek training to qualify for jobs that required more skills. They'd become more productive and earn more money. The process would be the same as when mechanization replaced manual labor on the farm a century ago; workers moved to the city and got factory jobs that required higher skills but paid more.

    But it hasn't quite worked out that way. It turns out that computers most easily target jobs that involve routines, whatever skill level they require. And the most vulnerable of these jobs, economists have found, tend to employ midskill workers, even those held by people with college degrees - the very jobs that support a middle-class, consumer economy. So the rise of computer technology poses a threat that previous generations of machines didn't: The old machines replaced human brawn but created jobs that required human brains. The new machines threaten both. "Technological change is more encompassing and moving faster and making it harder and harder to find things that people have a comparative advantage in" versus machines, says David Autor, an economist at the Massachusetts Institute of Technology who has studied the loss of midpay jobs to technology. Here are the three scenarios that economists and technologists offer about jobs in the future:

    -THE ECONOMY RETURNS TO HEALTH AFTER A WRENCHING TRANSITION
    So here is my suggestion: Forget bombs -- we should drop Obama administration policy makers on Iraq and Syria. That would ensure the ruin of the Islamic State in no time!

  5. Icon15

    Unemployment stuck in Washington's gridlock...

    Record 89,304,000 Americans 'Not in Labor Force' -- 296,000 Fewer Employed Since January
    March 8, 2013 - The number of Americans designated as "not in the labor force" in February was 89,304,000, a record high, up from 89,008,000 in January, according to the Department of Labor. This means that the number of Americans not in the labor force increased 296,000 between January and February.
    The Bureau of Labor Statistics (BLS) labels people who are unemployed and no longer looking for work as “not in the labor force,” including people who have retired on schedule, taken early retirement, or simply given up looking for work.

    The increase marks the second month in a row, after rising in January from 88.8 million in December. Those not in the labor force had declined in December from 88.9 million in November. The nation's unemployment rate decreased to 7.7 percent in February, down from 7.9 percent in January.

    Overall unemployment “has shown little movement, on net, since September 2012,” the Labor Department said. Total nonfarm payroll employment increased by 236,000 in February, according to the report.

    Source
    See also:

    Long-Term Unemployed Rises, Real Unemployment Basically Unchanged
    March 8, 2013 - Despite adding an estimated 236,000 jobs in February, the number of long-term unemployed rose and the broader, real unemployment rate remained virtually unchanged, according to the Bureau of Labor Statistics.
    The number of Americans out of work for more than 27 weeks rose in February by 89,000, going from 4.7 million to 4.8 million, BLS reported Friday. The broader U6 unemployment rate, called the real unemployment rate by some because it provides a fuller measure of the jobless picture, remained largely unchanged in February, falling slightly from 14.4 percent to 14.3.

    The U6 rate measures those BLS counts as unemployed, those marginally attached to the workforce, and those employed part-time for economic reasons – giving a much broader picture of the jobless situation in America by capturing both the underemployed and those who are unemployed but who haven’t looked for a job in some time but still want to be employed – the marginally attached.

    BLS said that the overall economy added an estimated 236,000 jobs in February and that the national unemployment rate fell from 7.9 percent to 7.7 percent.

    Source
    Related:

    Unemployment for Women, Minorities Largely Unchanged
    March 8, 2013 - Unemployment among women and minority groups remained largely unchanged in February despite an economy that added an estimated 236,000 jobs during the month, according to the Bureau of Labor Statistics.
    The unemployment rates for women (7.0 percent), African-Americans (13.8 percent), and Hispanics, (9.6 percent) all showed what BLS described as “little or no change” in February. Overall, the economy added 236,000 jobs and the national unemployment rate declined from 7.9 percent to 7.7 percent.

    The unemployment rate for African-Americans was literally unchanged from January to February, remaining at 13.8 percent. The rate for women declined slightly from 7.3 percent to 7.0 percent. The rate for Hispanics also declined slightly from 9.7 percent to 9.6 percent.

    BLS reported that most categories of people saw little change in unemployment in February despite a jobs-growth figure that is the largest seen in several months.

    Source
    So here is my suggestion: Forget bombs -- we should drop Obama administration policy makers on Iraq and Syria. That would ensure the ruin of the Islamic State in no time!

  6. Icon15

    Lowest level since record kept...

    Labor Force Participation Rate for 25-29 Year Olds Hits Record Low
    May 6, 2014 --- The labor force participation rate in April 2014 for Americans ages 25 to 29 hit the lowest level recorded since 1982, when the Bureau of Labor Statistics (BLS) started tracking such data.
    The labor force participation rate, which is the percentage of the civilian non-institutional population who participated in the labor force by either having a job during the month or actively seeking one, hit a record low in April 2014 of 79.8%. In January 1982, when the data were first collected, the labor force participation rate for this group was 80.7%.



    The actual number of Americans, ages 25 to 29, not participating in the labor force hit a record high in April 2014 as well, with 4,280,000 not working. Those classified as not in the labor force means that they are included in the civilian non-institutional population but did not have a job, and they did not actively seek one in the last four weeks. When the BLS started tracking these data in January 1982, there were 3,851,000 Americans, ages 25 to 29, who were not in the labor force.



    By April 2014, another 429,000 were not participating in the labor force, an increase of 11%. When Barack Obama took office as president in January 2009, the number of Americans 25 to 29 not in the labor force was 3,769,000. Since then, that number has gone up by 511,000, an increase of 13.6%.

    http://www.cnsnews.com/news/article/...its-record-low
    So here is my suggestion: Forget bombs -- we should drop Obama administration policy makers on Iraq and Syria. That would ensure the ruin of the Islamic State in no time!

  7. Default

    Quote Originally Posted by waltky View Post
    Lowest level since record kept...

    Labor Force Participation Rate for 25-29 Year Olds Hits Record Low
    May 6, 2014 --- The labor force participation rate in April 2014 for Americans ages 25 to 29 hit the lowest level recorded since 1982, when the Bureau of Labor Statistics (BLS) started tracking such data.
    They must have come out with a new game for X-Box I am unaware of. Perhaps a new Call of Duty

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