Anonymous ID: a25909 July 21, 2019, 7:12 p.m. No.7127019   🗄️.is 🔗kun

Abe wins upper house poll but suffers constitutional reform setback

 

TOKYO (Kyodo) – Prime Minister Shinzo Abe's ruling coalition scored a solid win in Sunday's upper house election but his long-held hope of constitutional reform moved further out of reach after pro-amendment forces lost the seats essential to initiate it.

The coalition of the Liberal Democratic Party and Komeito, along with like-minded opposition and independent lawmakers, fell short of the 164 seats needed in the chamber to propose amending the pacifist Constitution after Sunday's election.

Abe has set his sights on having a revised Constitution in 2020 but the pro-amendment camp's failure to hold onto their two-thirds majority means the LDP leader faces the daunting task of convincing opposition parties if he wants to achieve his goal as planned.

Still, the ruling parties secured at least 63 of the 124 seats up for grabs in the House of Councillors, crossing the line set by senior party executives for determining victory.

This maintains their majority in the 245-member upper house, combined with the uncontested seats they already hold.

Speaking during a TV program as results started coming in, Abe said they showed voters choosing political stability, as he had called for during the election campaign.

"We've secured a mandate to steadily carry out our politics," Abe, who heads the LDP, said.

But the premier did not discuss the failure to retain the two-thirds majority needed to propose constitutional reform. He only expressed his hope that parliamentary debate will deepen to build a consensus with the opposition camp.

"I hope that opposition parties will fulfill their responsibility" and engage in such debate, Abe said.

 

The supreme law has never been amended since it took effect in 1947.

Recent media surveys showed many voters did not regard it as a top priority issue during the campaign, as they focused more on pension and tax issues as well as economic policies.

The ruling and opposition parties remain divided over revising the war-renouncing Article 9, a symbol of Japan's postwar pacifism, as has been the case among the public. Even within the ruling coalition, many lawmakers from Komeito are cautious about the idea.

When asked about expectations within the LDP that Abe as party leader will seek another term beyond his current one ending in 2021, he said he is not considering such an option "at all."

With 79 uncontested seats, the pro-amendment camp needed to win at least 85 seats in Sunday's election to maintain its two-thirds majority in the upper house, necessary for proposing a constitutional amendment and calling a national referendum on the issue.

The ruling bloc has a two-thirds majority in the powerful House of Representatives.

With 370 candidates vying for the 124 seats, 74 were chosen in specific districts and 50 through proportional representation.

 

The election was held as the six-year term for half of the upper house members expires on July 28.

The main opposition Constitutional Democratic Party of Japan is expected to increase its seats to at least 17 from nine before the election but the number of seats secured by the Democratic Party for the People will likely fall from eight,

according to Kyodo News projections and early returns.

 

The Japan Innovation Party, which backs Abe's constitutional reform plan, likely maintained its pre-election strength by winning seven.

Reiwa Shinsengumi, a political group established by the actor-turned-upper house member Taro Yamamoto, got two seats.

"We will create an environment in which we can offer voters the choice of a change in government in the next lower house election," CDPJ leader Yukio Edano said.

Opposition parties, in a bid to counterbalance the LDP, fielded unified candidates in all of the 32 single-seat constituencies.

The LDP won in 22, while the opposition camp won in 10.

 

Turnout in the specific districts is expected to fall below the 54.70 percent in the previous upper house election in 2016 to the lowest since 1995 when it stood at 44.52 percent, according to a Kyodo News projection.

After twice postponing a plan to raise the consumption tax from 8 percent to 10 percent, Abe now plans to go ahead with the tax hike in October, even as a U.S.-China trade war casts a shadow over the economic outlook.

More than six and a half years of "Abenomics" have brought the economy back on a recovery path but growth remains slow with tepid consumer spending.

The LDP and Komeito said the tax hike is necessary to generate revenues for expanding child-care support as promised.

Opposition parties such as the CDPJ are against the tax increase, saying their focus is on protecting households.

https://mainichi.jp/english/articles/20190722/p2g/00m/0na/002000c

Anonymous ID: a25909 July 21, 2019, 7:18 p.m. No.7127087   🗄️.is 🔗kun   >>7181

>>7127054

>Why is he a CIA target?

C_A asset. Think about how easily who has been able to move around. If he was really a roque operator he would have been gone long ago. he pops up with a bunch of promises and has yet to deliver anything bit rhetoric and bullshit.

Anonymous ID: a25909 July 21, 2019, 7:36 p.m. No.7127326   🗄️.is 🔗kun   >>7539

This being shorted as look at the red circle to the top right on the chart-the current printed price or 'last' transaction. It is under the current bid of $16.31. This is usually a sign that some paper is about to hit it. That has been a 'tell' in the past. It is moving around on the bid +/- .05

 

Add in cap#2 which is the Silver mining ETF sector and those got hammered on friday. Another 'tell' as in the past most mining stocks get hit prior to a coming paper dump. Been doing this for decades, just not with ETF's as those only in existence for about 13 years. Always hit the mining equity's priot to 'unleashing' a flow of paper contracts.

https://www.kitco.com/charts/livesilver.html

https://etfdb.com/etfs/industry/silver-miners/

Anonymous ID: a25909 July 21, 2019, 8:04 p.m. No.7127652   🗄️.is 🔗kun

>>7127522

adding that Bear Stearns assets were carved up and the bad shit was put into the FRB via the Maiden lane transactions.

see this:

 

Bear Stearns, JPMorgan Chase, and Maiden Lane LLC

 

Background

In March 2008, The Bear Stearns Companies, Inc. (Bear Stearns) was one of the largest securities firms in the country, with reported total consolidated assets of nearly $400 billion. Bear Stearns engaged in a broad range of activities, including investment banking, securities and derivatives trading and clearing, brokerage services, and originating and securitizing commercial and residential mortgage loans. Financial conditions for the firm deteriorated markedly between mid-January and mid-March 2008. On March 13, 2008, Bear Stearns notified the Federal Reserve that it expected that it would not have enough funding or liquid assets to meet its financial obligations the following day and would not be able to find a private-sector source of alternative financing.

 

The imminent insolvency of Bear Stearns, the large presence of Bear Stearns in several important financial markets (including, in particular, the markets for repo-style transactions, over-the-counter derivative and foreign exchange transactions, mortgage-backed securities, and securities clearing services), and the potential for contagion to similarly situated firms raised significant concern that the stability of financial markets would be seriously disrupted if Bear Stearns were suddenly unable to meet its obligations to counterparties, and the extension of credit allowed for an orderly resolution of the firm.

 

Bridge Loan

To address the immediate liquidity needs of Bear Stearns and forestall the potential systemic disruptions that a default or bankruptcy of the company would have caused in the already stressed credit markets, on Friday, March 14, 2008, the Federal Reserve Board authorized the Federal Reserve Bank of New York (FRBNY) to extend credit to Bear Stearns through JPMorgan Chase Bank, N.A. (JPMC Bank). The purpose of this bridge loan was to ensure that Bear Stearns would meet its obligations as they came due that day, allowing for time during the weekend for Bear Stearns to explore options with other financial institutions that might enable it to avoid bankruptcy and for policymakers to continue to seek ways to contain the risk to financial markets in the event no private-sector solution proved possible. The loan to Bear Stearns was in the amount of $12.9 billion and was secured by assets of Bear Stearns with a value of $13.8 billion. The rate of interest on this loan was the rate for primary credit. The FRBNY received no warrantsor any other potential equity of either JPMC Bank or Bear Stearns in exchange for the loan, and the loan was made without recourse to JPMC Bank. On the morning of Monday, March 17, the $12.9 billion was repaid in full to the FRBNY with interest of nearly $4 million.

 

The bridge loan was extended under the authority of Section 13(3) of the Federal Reserve Act, which permitted the Board, in unusual and exigent circumstances, to authorize Reserve Banks to extend credit to individuals, partnerships, and corporations.

 

Maiden Lane LLC

Despite the receipt by Bear Stearns of Federal Reserve funding through a bridge loan on March 14, 2008, market pressures on Bear Stearns worsened that day and during the weekend. Bear Stearns likely would have been unable to avoid bankruptcy on Monday, March 17, without either very large injections of liquidity from the Federal Reserve or an acquisition by a stronger firm. JPMorgan Chase and Co. (JPMC) emerged as the only viable bidder for Bear Stearns, and on Sunday, March 16, Bear Stearns accepted an offer to merge with JPMC.

 

However, JPMC was concerned about its ability to absorb a portion of Bear Stearn's mortgage trading portfolio, given the uncertainty about the scale of potential losses facing the financial system at the time and strained credit markets.

rest at link

 

https://www.federalreserve.gov/regreform/reform-bearstearns.htm