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Saturday, September 11, 2010

Death At The Orlando International Airport, Robert Paisola Reports LIVE for JetBlue AYCJ

Death At The Orlando International Airport, Robert Paisola Reports LIVE for JetBlue AYCJ

Death at the Orlando Airport. 


Watch the videos to Come. We walked out of the terminal and this man fell off of a bus. EVERYONE simply stood there and did NOTHING... FOR 22 Minutes. I could not just watch this. I had To do SOMETHING! Watch the 3 videos and then lets see what YOU would do ... HE LAID THERE FOR 22 MINUTES. NOBODY DID A THING, BUT WATCHED. I turned it into a teaching moment to show my daughter how valuable Firefighters are.. Discretion is Advised in Watching these 3 Videos.
Robert Paisola
Western Capital Multimedia USA
Copyright Robert Paisola 2010
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Friday, September 10, 2010

The Meltdown of Mickeys House, Robert Paisola Reports from Orlando Florida For The Wall Street Journal, Via Jet Blue AYCJ

The Meltdown of Mickeys House, Robert Paisola Reports from Orlando Florida, for The Wall Street Journal 


For Immediate Release
Orlando, Florida
September 10, 2010
By: Robert Paisola 



"I have no idea how in the world we can stay in business" he said with a tear in his eye. We have been here for 20 years and it is as if everything just ground to a halt"

This is the story of the South Florida Economy.  Dismal, In Despair, In Financial Ruin.

As part of my cross country for Jet Blue and their All You Can Jet Program, I ended up in the "Most Magical Place on Earth", however after only a short 3 hour walk, I quickly began to see a pattern that was not being reported in the national newspapers.

Florida was in a Financial Tornado. What Happened, The Details

As I walked down the main highway that connects Kissimmee and Orlando Florida.  Hotels that once thrived, were boarded up. Tourist attractions that once stood tall, had for sale signs everywhere.

It was very obvious that the financial crisis in America isn't over. It's ongoing, it remains unresolved, and it stands in the way of full economic recovery. The cause, at the deepest level, is a breakdown in the rule of law. And it follows that the first step toward prosperity is to restore the rule of law in the financial sector.

First, there was a stand-down of the financial police. The legal framework for this was laid with the repeal of Glass-Steagall in 1999 and the Commodities Futures Modernization Act of 2000. Meanwhile the Basel II process relaxed international bank supervision, especially permitting the use of proprietary models to value complex assets—an open invitation to biased valuations and accounting frauds.

Key acts of de-supervision came under Bush. After 9/11 500 FBI agents assigned to financial fraud were reassigned to counter–terrorism and (what is not understandable) they were never replaced. The Director of the Office of Thrift Supervision appeared at a press conference with a stack of copies of the Code of Federal Regulations and a chainsaw—the message was not subtle. The SEC relaxed limits on leverage for investment banks and abolished the uptick rule limiting short sales to moments following a rise in price. The new order was clear: anything goes.

Second, the response to desupervision was a criminal takeover of the home mortgage industry. Millions of subprime mortgages were made to borrowers with undocumented incomes and bad or non-existent credit records. Appraisers were selected who were willing to inflate the value of the home being sold. This last element was not incidental: surveys showed that practically all appraisers came under pressure to inflate valuations in order to make deals happen. There is no honest reason why a lender would deliberately seek to make an inflated loan.

Mortgages were made with a two-or three-year grace period, with a low, fixed interest rate called a "teaser." These were not real mortgages; they were counterfeits, whose value would collapse when exposed. As with any counterfeit, the profits came early, when the bad paper was first sold. After the grace period, rates would reset, and the lenders knew that the borrowers, who were already stretched by their initial payments, would either refinance or default. If they refinanced, that would mean another mortgage origination fee. And if they defaulted, well ... on to step three.

Third, the counterfeit mortgages were laundered so they would look to investors like the real thing. This was the role of the ratings agencies. The core competence of the raters lay in corporate debt, where they evaluate the record and prospects of large business firms. The value of mortgage bonds depended on the behavior of tens of thousands of individual borrowers, whose individual quality the ratings agencies could never check. So the agencies substituted statistical models for actual inquiry, and turned a blind eye to the fact that the loans were destined to go bad.

Fourth, the laundered goods were taken to market. The investment and commercial banks transformed the bad mortgages into bonds, obtained the AAA ratings, and sold the stinking mess to American pension funds, European banks and anyone else who took the phrase "investment grade" at face value. (Later chumps would include the Federal Reserve.) The European crisis now underway is a direct result, as their banks and investors, stung by losses on American mortgage bonds, are dumping their risky Greek public debt and seeking the safety of U.S. Treasury bills.

When the crisis went public in August 2007, Henry Paulson's Treasury took every step to prevent the final collapse from happening before the 2008 elections, extracting billions from the Federal Housing Authority and from Fannie Mae and Freddie Mac to relieve the pressure on bank balance sheets. It worked until it didn't. In September 2008 the collapse of Lehman triggered the collapse of American International Group (AIG) and the steps that led to the Troubled Assets Relief Program (TARP) and to the effective nationalization of the commercial paper market, meaning that the Federal Reserve has become the primary short-term funder of major American corporations.

Upon taking office, President Obama had a chance to change course and didn't take it. By seizing the largest problem banks, the government could have achieved clean audits, replaced top management, cured destructive compensation practices, shrunk a bloated industry, and cut the banks' lobbying power and therefore their capacity to obstruct financial reform. The way to write-downs of bad mortgage debt and therefore to financial recovery would have been opened.

None of this happened. Instead the Treasury administered fake "stress tests" and relaxed mark-to-market accounting rules for toxic assets which permitted the banks to defer losses and to continue to carry trash on their books at inflated values. This reassured the banks that they would not be permitted to fail—and so back to bonuses-as-usual they went. The banks survived, and the administration today claims this “proves” they didn’t need to be taken over. But to what end did they survive?

The banks are bigger, more powerful, and moer obstructionist than ever—and largely uninterested in making new commercial, industrial, or residential loans.

Today the former middle class is largely ruined: upside down on its mortgages and unable to add to its debts. With housing prices low and falling, banks are delaying foreclosures because they don't wish to recognize their losses; it is a sick fact that the cash homeowners conserve by non-payment is one source of the anemic recovery so far. But construction remains depressed, state and local budgets, like that in Florida continue in a death-spiral of spending cuts and tax increases, the stimulus will soon end, and exports may soon fall victim to international austerity and the rapidly declining euro.

Meanwhile the deficit hysterics seem determined to block unemployment insurance and aid to states today, and to cut Social Security and Medicare tomorrow.

In this way, the financial sector remains a fatal drag on the capacity for strong growth. And the financial reform bills about to clear Congress will not cure this. The bill in conference has some useful elements but it is neither sufficient nor necessary to clean up frauds, which have always been illegal. Nor will it clean up private balance sheets and permit lending to restart. Still less will it set a new direction for the financial economy going forward.

How Can The Problem Be Fixed?

To restore the rule of law means first a rigorous audit of the banks and of the Federal Reserve. This means investigations—Representative Marcy Kaptur has proposed adding a thousand FBI agents to this task. It means criminal referrals from the Financial Crisis Inquiry Commission, from the regulators, from Congress, and from the new management of troubled banks as they clean house. It means indictments, prosecutions, convictions, and imprisonments. The model must be the clean-up of the Savings and Loans, less than 20 years ago, when a thousand industry insiders went to prison. Bankers must be made to feel the power of the law in their bones.

How will this help the economy? The first step toward health is realism. We must first stop pretending that bad assets can be made good, that bad loans will someday be repaid, and that bad people can run good banks. Debt crises are resolved when debts are written down and gotten rid of, when the institutions that peddled bad debts are restructured and reformed, and when the people who ran the great scams have been removed. Only then will private credit start to come back, but even then the result of bank reform is more prudent banks, by definition more conservative than what we've had.

So yesterday's borrow-like-there's-no-tomorrow America is done for in any event; there will not be another bank-sponsored private credit boom. The housing crisis (and therefore the middle-class insolvency) won't go away soon. There is no cure for falling housing prices except time and patience; debt relief will at best stabilize the middle class. It follows that the private banks and dealers and borrowing by households are not going to be at the center of the next expansion.

We need to do what the U.S. did during the New Deal, and what France, Japan, Korea, and almost every other successful case of post-crash (or postwar) reconstruction did when necessary. That is, we need to create new, policy-focused financial institutions like the Reconstruction Finance Corporation to take over the role that the banks and capital markets have abandoned. Thus, as part of the reconstruction of the system, we need a national infrastructure bank, an energy-and-environment bank, a new Home Owners Loan Corporation, and a Gulf Coast Reconstruction Authority modeled on the Tennessee Valley Authority. To begin with.

A reconstructed financial system should finance the reconstruction of the country. Public infrastructure. Energy security. Prevention and mitigation of climate change, including the retrofitting of millions of buildings. The refinancing of mortgages or conversion to rentals with “right-to-rent” provisions so that people can stay in their homes at reasonable rates. The cleanup and economic renovation of the Gulf Coast. All of this by loans made at low interest rates and for long terms, and supervised appropriately by real bankers prepared to stay on the job for decades.

The entire host of neglected priorities that we have seen during this short trip around the country, clearly shows that now is the time to deal with the problems we are facing.  To hold off and pretend that the problem simply does not exist, as the crowds chant "Yes We Can" is taking America down a path never before seen in the history of mankind.

Robert Paisola is a National Reporter based in Las Vegas Nevada and can be reached at robert@westerncapitalmultimedia.com
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Wednesday, September 8, 2010

The Jet Blue 2010 All You Can Jet Experience Live Coverage

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Tuesday, September 7, 2010

Welcome to the JetBlue.com Live AYCJ Worldwide Feed, Robert Paisola Repo...

Welcome to New York City!

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The History of 12 Hours In a City and Our Great Friend Clark Dever, Robert Paisola Reports!

How It All Began! The History of 12HoursInACity !



On August 12, 2009 JetBlue Airways announced their All You Can Jet promotion. For $599 you could book unlimited flights between any JetBlue destination. On August 13th, 2009: Two guys hatched a plan. Joe Dinardo and Clark Dever decided to quit their day jobs and travel to as many destinations as possible during that time period. The catch, they wouldn’t allow ourselves to spend more than 12 hours at a time on the ground!

This was the beginning of 12 Hours in A City!  We are honored to follow in such magical footsteps as we bring you Season Two of this Magnificent Journey around the Globe.  This project is being underwritten by the Belagio Hotel and Casino in Las Vegas, The Mandalay Bay Hotel and Casino, The Robert Paisola Organization, and The Team at Jet Blue Airlines and VegasNightsLive.com And will be Broadcast Worldwide on 12HoursInACity.Net !

Thank you so much for the inspiration my friends

Robert Paisola
President and CEO
The Western Capital Multimedia Group
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Vegas Nights Live USA

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Welcome to the JetBlue.com Live AYCJ Worldwide Feed, Robert Paisola Repo...

WELCOME TO LAS VEGAS NEVADA!

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Wednesday, August 18, 2010

Follow TwelveHoursInACity on Twitter!


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Twelve Hours in a City, Season Two Starts on September 7, 2010, Robert Paisola Reports

Twelve Hours in a City Season 1 Recap from nathan m peracciny on Vimeo.

 

Every day for the past two weeks Clark Dever and his associate have been on a plane traveling to a new city. Once there, they spend 12 hours sightseeing, eating and drinking before they get on another plane and head to a new city.  

ABC NEWS - NEW YORK

In just the first few days of their trip they have seen Chicago, Seattle, Charlotte, N.C., Fort Lauderdale, Fla. and Washington D.C.

"Truth be told, we don't sleep that much," Dever said in a phone interview the other day from Boston's Logan International Airport. The duo woke up in Tampa, took a flight to New York, then one to Boston and finally headed out to San Diego late in the day where they planned to check out the nightlife.
Each night, they get about two to four hours of sleep.
"Usually between the time the bars close and the time we have to get up to catch a flight," Dever said.
They are part of a group of people who are taking advantage of JetBlue's "All-You-Can-Jet" pass which gives them a month of unlimited travel for $699. Most have some type of gimmick and are blogging about the experience and posting updates on Facebook and Twitter.
  There is Blake Benthall, an aspiring musician and freelance web developer. His goal is to "record a simple song idea every time I fly." All are, of course, posted on his Web site.

Then there is Brendan Ross, better known as Terminal Man. His shtick: is to spend the month flying around and not leave the airport. Ross is a 28-year-old Texan who couldn't afford the $599 pass. So Wired.com bought him one in exchange for being at the site's mercy. Readers help decided where he should go and what he should do. He's not allowed to leave the airport grounds and can't spend the night in a hotel. (Ross does have a job as an air traffic controller, he's just waiting for the government to grant him a security clearance.)

"It's been great. It's obviously very tiring and taxing at moments. I haven't had a good night's sleep. I mean, it's not going to happen," Ross said just after landing at yet another airport. "Even though I don't get to leave the airports, it's so cool to see all these different places and meet these different people"

While on the ground, he has done research for Wired readers about where they can find free wireless Internet access or on the best places to plug in a laptop.

The goal of his trip has been "to get that piece of airport culture."

"We didn't want it to be as much of a vacation but to find out what it would be like to be stranded in an airport for 30 days," Ross said.

So what about showers? Ross said a few friends have given him passes to the premier lounges of other airlines. In the big international airports, they have showers for their members. When he's not near a lounge, Ross said he finds a bathroom and uses "a few tricks I learned from camping."

Season Two Begins on September 7, 2010 and this year Clark Dever and The CEO and President of The Western Capital Family of Companies, Robert Paisola will hit the road bringing you LIVE STREAMING VIDEO in partnership with the Western Capital Multimedia Network and Direct TV.
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