The Cardinal Crisis
By Theodore White; mundane Astrolog.S
The world is now entering into the peak season of the powerful Cardinal Crisis transits I have been highlighted on Global Astrology for several months.
We have seen how world events correlate to these powerful cardinal transits.
On the very day Saturn entered Libra, we have witnessed new legislation just signed into American law that is expected to have far-reaching impacts in the years ahead.
This past week has seen events tilt in favor of President Barack Obama and the Democratic Party with two major wins: historic Wall Street financial reform and the return of extended unemployment benefits for millions of Americans.
Meanwhile, the Federal Reserve Chair says a slower economic growth is just ahead as the bank crisis continues into the third quarter of 2010.
Saturn will perform a waning square aspect to Pluto which is the final strong aspect from their cycle begun in 1982. We look at the current Saturn/Pluto cycle, and what we can expect over the next 10 years as their phase winds down.
The Moon's motion kicks off the Cardinal T-Square transits in the month of July, August and September.
In my forecasts I have warned about travel this year being dangerous in light of the powerful world transits. We update events into mid-July.
All this and more, in this edition of Global Astrology:
The Cardinal Crisis
The Waning Saturn/Pluto Cycle: 2010-2020
Saturn's entry into tropical Libra signals the start of the waning square, sextile, and semi-sextile to transiting Pluto in Capricorn as part of our current Saturn/Pluto cycle that began in 1982.
It is going to be back to basics for many, for at least 10 years, in my mundane view.
Let's see how Ireland, the vaunted "Celtic Tiger" of the European Union, is dealing with the power of the global Saturn/Pluto cycle and Cardinal Crisis:
Ireland: In Recession
Irish Economy Goes Bust
Ireland, by the numbers
The Irish Face Up to Austerity
The 1982 Saturn/Pluto cycle, now waning worldwide, will continue through the 2010s, until a new Saturn/Pluto conjunction, and a new business cycle, occurs in January of the year 2020.
From this mundane outlook, we can take the time period we have just entered to reflect the waning Saturn/Pluto square, sextile, and semi-sextile of the period of 1973-1982, which, according to my calculations, shows a similar financial period will ensue between 2010 to 2020.
The Saturn/Pluto Square is exact on August 21, 2010, and, for the most part, will dominate the remaining part of this year until Saturn moves out of orb as it transits deeper into tropical Libra.
The effects and inclinations of the exact Saturn/Pluto square have been highlighted here before on Global Astrology.
For instance, see the report just below that says at least 80% of the billions of dollars in bonuses paid out to bankers was unmerited.
It is a pure example of the kind of greed and corruption I have been saying has been going for years in the financial community.
This story is typical of a waning Saturn/Pluto cycle:
Sensitive Federal Report Faults Banks On Huge Bonuses
By Eric Dash
The New York Times
July 22, 2010 -- With the financial system on the verge of collapse in late 2008, a group of troubled banks doled out more than $2 billion in bonuses and other payments to their highest earners.
Now, the federal authority on banker pay says that nearly 80 percent of that sum was unmerited.
In a report to be released on Friday, Kenneth R. Feinberg, the Obama administration’s special master for executive compensation, is expected to name 17 financial companies that made questionable payouts totaling $1.58 billion immediately after accepting billions of dollars of taxpayer aid, according to two government officials with knowledge of his findings who requested anonymity because of the sensitivity of the report.
Kenneth R. Feinberg, the Obama administration’s Special Master for Executive Compensation says 8 out of 10 of the more than two billion dollars in executive bonuses paid out in 2008 was "unmerited."
Credit: Brendan Hoffman/Bloomberg
The group includes Wall Street giants like Goldman Sachs, JPMorgan Chase and the American International Group as well as small lenders like Boston Private Financial Holdings.
Mr. Feinberg’s report points to companies that he says paid eye-popping amounts or used haphazard criteria for awarding bonuses, the people with knowledge of his findings said, and he has singled out Citigroup as the biggest offender.
Even so, Mr. Feinberg has very limited power to reclaim any money. He can use his status as President Obama’s point man on pay to jawbone the companies into reimbursing the government, but he has no legal authority to claw back excessive payouts.
Mr. Feinberg’s political leverage has been weakened by the banks’ speedy repayment of their bailout funds.
Eleven of the 17 companies that received criticism in the report have repaid the government with interest, so they have no outstanding obligations to reimburse.
As a result, Mr. Feinberg will merely propose that the banks voluntarily adopt a “brake provision” that would allow their boards to nullify or alter any bonus payouts or employment contracts in the event of a future financial crisis.
All 17 companies have told Mr. Feinberg that they will consider adopting the provision, though none has committed to do so.
Mr. Feinberg is expected to call the payouts ill advised but not unlawful or contrary to the public interest, the people with knowledge of his report said.
On Wall Street, meanwhile, profits and pay have already rebounded.
Goldman Sachs is on pace to hand out an average of $544,000 per worker in salary and bonuses, though many could earn several times that amount.
JPMorgan Chase’s investment bank is on track to pay its workers, on average, about $425,000, while the average Morgan Stanley employee could collect about $260,000.
If the second half of 2010 plays out like the first half, Wall Street bonuses will be paid out at about the same level as last year and similar to 2007 levels, when the crisis had just started to unfold.
click on graphic to enlarge
“It’s healthier than I would have ever expected a year ago,” said Alan Johnson, a longtime compensation consultant who specializes in financial services.
Mr. Feinberg was named last month as the independent administrator for claims tied to the BP oil spill, making it likely that the release of his findings on the financial firms will be his final act as the overseer of banker pay.
The review, mandated by the 2009 economic stimulus bill, broadened the scope of Mr. Feinberg’s duties to include examining the pay packages of top earners at 419 companies that accepted bailout funds.
However, it did not give him the power to demand changes to the compensation arrangements, as he did in each of the last two years at seven companies that received multiple bailouts.
Mr. Feinberg spent five months reviewing compensation paid to each company’s 25 highest earners between October 2008, when the first bailouts were dispensed, and February 2009, when the stimulus bill took effect.
He narrowed his scrutiny to about 600 executives at 17 banks, with payouts totaling $2.03 billion.
Mr. Feinberg’s criteria for identifying the worst offenders were large payouts, in aggregate or to specific individuals; overly generous exit packages; or a failure to provide clear performance criteria or other rationale for extra pay.
Mr. Feinberg then approached each of the 17 companies with his proposed remedy during conference calls over the last two weeks.
The 11 companies that have fully repaid their bailout money are American Express, Bank of America, Bank of New York Mellon, Boston Private, Capital One Financial, Goldman Sachs, JPMorgan, Morgan Stanley, PNC Financial, US Bancorp and Wells Fargo.
The six companies that have not fully repaid their bailout funds are A.I.G, Citigroup, the CIT Group, M&T Bank, Regions Financial and SunTrust Banks.
Among the banks that have not fully repaid the government, Citigroup was identified by Mr. Feinberg as having the most egregious compensation packages during the bailout period, according to officials with knowledge of his report.
The bank handed out several hundred million dollars in pay in 2008 as it struggled to stay afloat.
Roughly two-thirds of the outsize payouts were from bonuses awarded to Andrew Hall and another trader who were part of the bank’s Phibro energy trading unit.
Citigroup sold that business to Occidental Petroleum last fall, under pressure from Mr. Feinberg, after the disclosure that Mr. Hall had received a $100 million payout.
Mr. Feinberg is not expected to name individual executives who received the highest awards.
His review is among several compensation initiatives scrutinizing banker pay.
In June, the Federal Reserve ordered about two dozen of the biggest banks to address several pay practices that, even after the crisis, it said encouraged excessive risk-taking.
European banking regulators introduced tough new standards for bonus payments earlier this month.
And the Federal Deposit Insurance Corporation is developing a plan that would partly tie bank insurance premiums to the perceived risk of their executive pay packages. That proposal could be reviewed by the agency’s board as early as next month.
So, we can see here how one form of the Saturn/Pluto waning square is playing out in the financial community.
It appears that the continued fleecing from within - also through billions of dollars in bonuses - seems to be the chosen way to enrich oneself while working for banks and Wall Street firms - while the economy continues in severe recession.
Generally, the Saturn/Pluto waning square is an attack on hard, cold, and unsympathetic people and organizations who, over the last 28 years, have corrupted their organizations through abuse of finances and regulatory laws designed to protect investors and the general public.
Power struggles are also endemic to Saturn/Pluto squares, and this one will be no different.
Because of the breakdown of "business-as-usual," individuals and groups who've had to wonder why billions and millions of dollars have gone wasted will also witness attempts at coercion and blackmail from those who feel that things are changing too fast, that there is too much light, and who want out - but not before making a "killing on the markets" as they see their political and economic clout also waning.
This explains the unusual 1,000-point drop on the New York Stock Exchange on May 6, 2010, and, it also shows why there has been a flurry of previous activity to prevent the new Wall Street Reform Bill that was recently signed into law by President Barack Obama.
The sources of conflicts associated with Saturn square Pluto can relate to a wide spectrum of issues, including inheritances, tax reform, insurance, joint finances, alimony, political matters, corporations, and business in general.
Others, who have long complained things have been very dishonest and corrupt: on Wall Street, at mortgage firms, banks, insurance companies, accounting firms and regulatory agencies, have had to face dismissals & threats against them for being honest and calling a rat a rat.
They've struggled against the cynical corruption of their own institutions and companies, from among their own colleagues, and their bosses.
I will remind people that there is an ancient mundane saying:
"What goes around, comes around."
This is astrologically karmic of course. And not once, in the history of the world, has this saying, in all its meanings, failed to come true.
So, those who have been deeply involved in all the corruption to gain advantage and wealth at the expense of others under Saturn/Pluto are about to receive a very rude awakening as the waning cycle begins in earnest with a cardinal square.
From this outlook, we can also observe that the next 10 years will feature a time of challenges to recover from the deepest economic recession since the 1930s.
This graphic below shows the current state of unemployment in the United States. It is not a pretty picture out there.
Source: U.S. Dept. Of Labor
click on graphic to enlarge
This coming decade will feature a wide spectrum of much-needed adjustments, recovery, and fresh change from the economic corruption and greed which has defined the last 28 years.
The fixed, waxing Saturn/Pluto Square of 1993 -> featured the ongoing recession of 1991-1994. The new, cardinal and waning Saturn/Pluto square is exact on August 21, 2010.
|Waning cardinal Saturn/Pluto Square-> Exact August 21, 2010 at 2-3 degrees Libra/Capricorn|
The idea behind handling the waning Saturn/Pluto square, sextile, and semi-sextile over the next 10 years is to come to terms with radical changes taking place in the world of commerce, and trade, and to effectively discover ways to deal with the business contraction that arose out of massive levels of greed and stupidity since 1982.
This will not be easy, but the general transition now underway along with the world transits will tend to speed up the de-fragmentation taking place among the economies of nations.
Each waxing and waning square of Saturn to Pluto always inclines toward business contractions and attempts to expand amid credit crisis, along with high rates of unemployment - a signature of Saturn/Pluto hard aspect cycles.
The financial pressures on people, and nations depend on the ability of economists and policy-makers to weather the disruptions which occur during Saturn to Pluto contacts - especially the squares and oppositions.
Until economists and policy-makers pay close attention to mundane astrology, and the forecasts based on the cycles of time, we will continue to see more severe recessions in the future until people wake up, and become more efficient by planning in advance, and working along with the transits of time rather than against them.
The expectations that things will run more or less smoothly, the bull market run since 1982, with "bumps" or "recessions" along the way, will be thrown for a loop during 2010-2020.
This is because the configurations of the other outer planetary bodies are stronger than they were in 1982.
And is particularly the case with the cardinal Uranus/Pluto squares of the early-to-mid 2010s.
The Uranus/Pluto square aspect of the 2010s calls into question the severe austerity programs now being planned by governments throughout Europe.
Moreover, the 2010s is a decade of major change and transitions from the economies of the late 20th century into a 21st century mode.
The global transits of the year 2010 clearly shows us the world is in the midst of historic changes, as forecasted.
Businesses, corporations, organizations, city, state and federal governments, and individuals who have not been prepared to shift into this new era now opening will have a very difficult time attempting to make a go of it in the 2010s - unless they adapt their outlooks to the new demands of the changing times.
And believe me, times are changing.
Surviving the waning Saturn/Pluto cycle means to be creative, honest, and to utilize your will power to achieve aspirations while knowing that opportunities will arise between 2010-2020 to make a fresh start in the lead-up to the new Saturn/Pluto conjunction in January 2020.
The next 10 years of the waning Saturn/Pluto cycle does bring with it a wealth of opportunities available to those willing to forge ahead without being weighed down by past outworn methods proving useless in dealing effectively with the global transition underway.
The coming opportunities will be open to anyone willing to come to terms with the past quickly, while shaping a new way forward into the next decade.
It will require a sense of purpose, determination, and creativity that allows for expansive growth for those willing to take the risks and who know their transits.
As the world now enters into the Cardinal Crisis transits, the theme of change, and transition will continue through 2010 and into 2011.
Meanwhile, we come to the cycles of late July through early September 2010, when the transiting Moon will spark a series of powerful inclinations from the positions of the outer planets relative to the Earth as part of the Cardinal T-Square and Cardinal Cross transits.
This gives way to additional months of further transitions during the autumn and winter months in the northern hemisphere, before a new series of astrological cycles begins in March 2011.
Lunar Transits Through Cardinal Signs A Rough Go
By Theodore White; mundane Astrolog.S
As July begins to give way to the month of August 2010, the world will be in the midst of the peak of the Cardinal Crisis transits.
As I have for over a year, I continue to warn against travel in 2010 because of the unfavorable world transits.
Violence, crime, and accidents associated with vacation travel via the air, on the road, in and on the water through July and August will increase, according to my forecasts.
It is also important to remember our climate and weather. Also regulated by transits.
I have forecasted prior that 2010 is the year of the flood. We continue to witness heavy rains, flash floods, and environmental disasters associated with the double conjunction in tropical Pisces/Aries.
See the most recent accidents listed to highlight why I warned about the danger of this year and summer in the northern hemisphere:
American Midwest Is Hammered By Storms, Heavy Rains
51 Bodies Found At Northern Mexico Dumping Ground
Eight suspects killed in clash with Mexican Soldiers
Police suspect Murder-Suicide in New York City
Canadian Jet Crashes During Air Show Practice
Toddler Killed By Car in Driveway
Long Island Man Severs Arm In Fireworks Accident
California Greyhound Bus Crash Leaves Six Dead, 9 Injured
NYC Police Office Leaves Scene After Striking Cyclist
Mayor of LA Breaks Arm in Bike Accident
Train in India that Crashed Going Three Times Too Fast
14 People Die When Bus Goes Off Cliff
Bus With 27 Children At Summer Camp Turns Over On Kansas Highway
Police Officer Vacationing With Family Killed By Drunk Driver
Partiers Crushed To Death At 'Love Parade' In Germany
It is advised for people reading my forecasts to remain put, and not allow themselves, or loved ones to take part in hasty, and impulsive behaviors that could lead to serious accidents, and even worse, deaths under the unfavorable cardinal world transits.
Moreover, Jupiter & Uranus will rejoin in tropical Pisces in September. Both planets are also conjoined to the fixed star Scheat - a star associated in mundane astrology with mass events and accidents involving water.
I continue to warn that trends are highly unfavorable over, in, and on bodies of water in general.
Drownings Cap Deadly Week In Water
Medical Examiner Rules Man Died From Accidental Drowning
Drowning Draws Attention To Danger of Low-Water Dams
Drowning Claims Life of 17-Year Old in North Carolina
Drowning Victims Names & Details Of Accident Released
Dramatic River Rescue Saves 9-Year Old From Drowning
Horror on the High Seas: Young Women Sexually Assaulted on Cruise Ships
List of Other Events on The High Seas in 2010
Although many people would like to believe that each summer season is the same, I say that they are not - and the summer of 2010 is not a safe summer according to the global transits
Most of the action surrounds the current global transition underway, and concerns over money, jobs, real estate and the overall economy.
In desperately searching for a return to "bubble recovery" that resembles the "bubble-mentality" that built up over the last 28 years, they will find nothing but the ashes of an outworn, abused, and corrupted bull market and financial system that has led to the new austerity of the 2010s.
This begins a four-month Jupiter retrograde cycle lasting to November 18, 2010, when Jupiter will station direct at 23-Pisces, and begin its official transit back into tropical Aries by January 2011.
The world is in the midst of historic generational transition that, until complete, will continue to reveal an unraveling of society, business interests, and government until the generational transition has been consummated.
- Friday, July 23 - Moon in Capricorn, conjoins Pluto. Jupiter stations retrograde.
- Friday, July 30 - Moon enters Aries at 4:40 p.m., EDT, conjoins Uranus, then Jupiter.
- Friday, August 6 - Moon enters Cancer, 5:50 p.m., EDT
- Thursday, August 12 - Moon enters Libra, 6:42 p.m., EDT
- Thursday, August 19, Moon enters Capricorn, 10:17 a.m., EDT
- Thursday, August 26, Moon enters Aries, 10:49 p.m., EDT
- Friday, September 3, Moon enters Cancer, 2:50 a.m., EDT
- Thursday, September 9, Moon enters Libra, 5:00 a.m., EDT
Expect roads to be unusually busy, and packed, with high traffic rates amid the busiest vacation month of August.
The stress days of Thursdays, and Fridays, as inclined by the Moon's transits in the late degrees of mutable signs, and the early degrees of the cardinal signs, are bound to be high.
Often people will superimpose those things that they want, or desire to accomplish without regard to the "weather" which does not shift or change for one's schedule.
During the month of August, and into September, expect the end of the work week, that is Thursdays & Fridays, to be mainly unfavorable because of the Moon's aspects.
This would be the conjunction of the transiting Moon to Pluto in Capricorn. Another powerful conjunction that squares both Jupiter/Uranus and Saturn. This transit of the Moon in Capricorn plays off the cardinal t-square by inclining Pluto's energies into lunar force.
Emotions under the Moon's phase in Capricorn are cold, and distant. The impulse, haste, and impatience, most related to financial issues, does not lead to resolution, but to a heightening of stress in an already stressed atmosphere.
Transit of the Moon in Aries
It is in Cancer that the transiting Moon forms what is a "cardinal cross."
The energies of the Moon in Cancer against the planets that form the Cardinal T-Square are very strong, and require careful handling.
Use this time when the Moon transits Cancer to relax, rest, and not take part in hasty, or impulsive actions, or travel. Stay put to avoid the stresses others have allowed themselves to be inclined towards.
Possibly the strongest transit of the Cardinal Crisis years due to the influence of Saturn on the transiting Moon coming out of Virgo, and into the early degrees of Libra.
The reaction, due to the Moon's transits in August and September can sometimes be angry, and/or violent, depending on how long situations have been boiling just under the surface within individuals and groups.
The Bank Crisis, and the resulting near-collapse of economies, the lay-offs of millions of people, along with the fast declining real estate bubble market, has placed incredible stress and pressure on families, businesses, and individuals under the powerful Cardinal T-Square transits.
It appears that some politicians in the United States Senate chamber believed Americans were not hurting enough, so just before the July 4th holiday, unemployment benefits were stopped, leaving some 2.5 million unemployed Americans without income.
The cut-off of unemployment benefits has only served to further anger people who have been under economic assault for years.
While politics is being played ahead of the American mid-term elections in November, it appears that some just do not understand the historic times they are now living.
Business-as-usual politics that use American families as pawns in strong-arm power plays in Washington D.C. is about to experience a backlash in the months and years ahead against those seen responsible for playing games with the lives of Americans.
I continue to remind the aging generation of policymakers, bankers, and those responsible for the Bank Crisis and the resultant severe economic recession and business contraction, that there is a reckoning on the way - from younger Americans - who continue to seethe with anger after several years of economic stress and the lack of jobs in an economy poised for a double-dip recession.
The Cardinal Crisis
By Andrew Taylor
July 22, 2010-- WASHINGTON D.C. – Federal checks could begin flowing again as early as next week to millions of jobless people who lost up to seven weeks of unemployment benefits in a congressional standoff.
The White House said President Barack Obama would quickly sign the legislation Congress approved Thursday to restore benefits to people who have been out of work for six months or more.
This ends an interruption that cut off payments averaging about $300 a week to 2 1/2 million people who have been unable to find work in the aftermath of the nation's long and deep recession.
At stake are up to 73 weeks of federally financed benefits for people who have exhausted their 26 weeks of state jobless benefits.
About half of the approximately 5 million people in the program have had their benefits cut off since its authorization expired June 2.
They are eligible for lump-sum retroactive payments that are typically delivered directly to their bank accounts or credited to state-issued debit cards.
Many states have encouraged beneficiaries to keep updating their paperwork in hopes of speeding payments once the program was restored.
In states like Pennsylvania and New York, the back payments should go out next week, officials said.
In others, like Nevada and North Carolina, it may take a few weeks for all of those eligible to receive benefits.
The 272-152 House vote Thursday will send the measure to the White House, where Press Secretary Robert Gibbs said Obama would sign it as soon as it arrived.
The House vote came less than 24 hours after a mostly party-line Senate vote Wednesday on the measure, which is just one piece of a larger Democratic jobs agenda that has otherwise mostly collapsed after months of battles with Republicans.
Millions of Jobless Americans Search For Jobs
"Americans who are working day and night to get back on their feet and support their families in these tough economic times deserve more than obstruction and partisan game-playing," Obama said Wednesday night.
The measure is what remains of a Democratic effort launched in February to renew elements of last year's economic stimulus bill.
But GOP opposition forced Democrats to drop $24 billion to help state governments avoid layoffs and higher taxes, as well as a package of expired tax cuts, and a health insurance subsidy for the unemployed.
Wrangling over the larger measure consumed about four months. The jobless benefits portion picked up enough GOP support in the Senate — Maine moderates Susan Collins and Olympia Snowe — only after it was broken off as a stand-alone bill.
It would have passed last month were it not for the death of Robert Byrd, D-W.Va.; Byrd's replacement, Democrat Carte Goodwin, cast the key 60th vote Tuesday to defeat a GOP filibuster.
Most Republicans opposed the measure because it would add $34 billion to a national debt that has hit $13 trillion, arguing that it should have been paid for with cuts to other programs, such as unspent money from last year's economic stimulus bill, which is earning mixed grades at best from voters as unemployment stands at 9.5 percent nationwide.
Thirty-one House Republicans, about one in six, voted for the measure Thursday, while 10 Democrats opposed it.
"The other side says that these unemployment benefits stretching to almost two years are needed and must be added to the $13 trillion debt, even as they claim their trillion-dollar stimulus plan has been a success at creating millions of jobs," said Rep. Charles Boustany, R-La.
"It makes you wonder if they're looking at the same jobs data as the rest of us."
Opposition marked a change of heart for many Republicans who had voted for deficit-financed unemployment benefits in the past, including twice during George W. Bush's administration.
Earlier this year, Republicans twice allowed temporary unemployment measures to pass without asking for a roll call vote.
Opinion polls show that deficits and debt are of increasing concern to voters, especially Republicans' core conservative supporters and the tea party activists whose support the GOP is courting in hopes of retaking control of Congress.
Republicans winced in February when Sen. Jim Bunning, R-Ky., blocked a temporary benefits measure for several days, only to relent amid a wave of bad publicity.
But just a few weeks later, all but a handful of Republicans were opposed to renewing benefits unless they were paid for with cuts elsewhere in the $3.7 trillion federal budget.
Democrats countered that many economists say unemployment benefits boost the economy since most beneficiaries spend them immediately.
But any such effects are likely to be modest when measured against a $14.6 trillion economy.
"Unemployment benefits protect those who have lost their jobs through no fault of their own but would lead to more jobs, higher wages and a stronger economy for all Americans," said Speaker Nancy Pelosi, D-Calif.
"The money will be spent immediately on necessity, injecting demand into the economy, creating jobs."
The program is being renewed through the end of November.
The White House signaled earlier this week that another extension may be sought if the jobless rate remains high, as many expect.
Meanwhile, a sweeping financial overall bill was also signed into law July 22, 2010 by President Obama. This new bill is said to bring to an end the era egregious abuses by Wall Street, banks, and financial institutions which has brought the United States to the brink of economic disaster.
By Jim Kuhnhenn
July 21, 2010 - WASHINGTON D.C. – Reveling over a new milestone in his presidency, a triumphant Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression, adding safeguards for millions of consumers and aiming to restrain Wall Street excesses that could set off a new recession.
The president's signing ceremony capped nearly two years of intense and partisan debate over how to avoid a recurrence of the 2008 financial meltdown that buckled the U.S. economy and left sharp, lasting imprints on the nation's politics and in Americans' homes.
"Because of this law, the American people will never be asked again to foot the bill for Wall Street's mistakes," Obama said.
In a heated midterm election season that has dented his public support, Obama sought to put the complex law in pocketbook terms. Emphasizing provisions that guard borrowers from abusive lenders, he claimed "the strongest financial protections for consumers in the nation's history."
Not everyone agreed. Republicans portrayed the bill as a burden on small banks and the businesses that rely on them and argued that it will cost consumers and impede job growth.
Rep. Mike Pence of Indiana, a member of the House GOP leadership, on Wednesday joined House Minority Leader John Boehner of Ohio in calling for the law's repeal.
The law, passed despite nearly unanimous Republican opposition, attempts to catch up to a financial system that has sped ahead of outdated regulation and slackened rules that allowed banks, traders and others to take increased risks.
Wall Street's near collapse, Obama said, "was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington."
The new rules, however, are only at a midpoint.
Banking and market regulators will have up to two years to write many of the new regulations required by the law, extending uncertainty and ushering in a new phase of lobbying by financial firms.
"Regulators will have to be vigilant," Obama said.
The president sought to quell public anger over the $700 billion bank rescue fund the government created at the height of the crisis to reassure the markets.
While the infusion is credited with providing stability, the public recoiled at the idea of taxpayer money being used to help prop up huge banks.
The law gives regulators new authority to liquidate large, interconnected financial firms that are failing.
"There will be no more tax-funded bailouts, period."
The law, however, does permit the Federal Deposit Insurance Corp. to borrow taxpayer money from the Treasury temporarily to help cover the costs of winding down a large firm.
Other large banks would have to pay the Treasury back over time.
Firms have been poring over the massive bill, anxious to assess its most immediate impact.
Credit rating firms, for instance, say they will no longer allow the issuers of debt-backed securities to put their ratings for them in public sale documents, wary of a provision in the law that makes it easier to sue ratings agencies.
The law assembles an influential council of regulators to be on the lookout for risks across the finance system.
It also creates a powerful independent consumer financial protection bureau within the Federal Reserve to write and enforce new regulations covering lending and credit.
It places shadow financial markets that previously escaped the oversight of regulators under new scrutiny and gives the government new powers to break up companies that threaten the economy.
Major Wall Street banks have welcomed some provisions in the bill, but have fiercely opposed others that would limit their banking business and cut into their profitability.
Republicans have argued that the law will hurt rather than help people still reeling from the recession.
"Millions of Americans are struggling to find jobs, and yet all they see in Washington are Democrats passing massive bills that, at their core, seem to have one thing in common: more job loss," Minority Leader Mitch McConnell, R-Ky., said on the Senate floor Wednesday.
Thomas Donohue, the president and CEO of the U.S. Chamber of Commerce, called the law "a financial regulatory boondoggle."
The new law comes at a politically delicate time for the president. A growing number of business leaders describe his administration as antagonistic to their interests, and polls show the American public increasingly wary of his policy initiatives.
Eager to portray the law as one with broad appeal, the White House included some top bankers among those at the bill signing ceremony.
They included Vikram Pandit, CEO of the financial giant Citigroup, and top executives from Bank of New York Mellon and Barclay's PLC.
Noticeably absent, however, were JPMorgan Chase & Co.
CEO Jamie Dimon, a past Obama backer, and Goldman Sachs Group Inc. CEO Lloyd Blankfein were not there. Dimon has been vocal in his criticism of some provisions in the bill.
"The CEOs who opposed reform never expected to be invited to the bill signing, and not a single one has complained to the administration," Deputy Communications Director Jen Psaki wrote in a White House web log Wednesday.
Also in the audience were Maryland Vietnam veteran, Andrew Giordano, who was hit with bank overdraft fees, and Robin Fox, a Georgia teacher stung by retroactive interest rate increases on her credit card balance — two issues the legislation aims to remedy.
Elizabeth Warren (C) smiles. Warren is expected to head her brain-child, the newly-created Consumer Financial Protection Bureau, which was signed into law July 21, 2010 by President Obama.
Credit: Jim Young/Reuters
Former Federal Reserve Chairman Paul Volcker and Elizabeth Warren, head of the panel assigned to oversee the bank bailout fund, also attended.
Both have been instrumental in shaping parts of the bill.
By RTT News
Bernanke, testifying before the House Financial Services Committee, said that the Fed believes the economy will likely grow by 3 to 3.5 percent for the rest of the year, with the pace likely increasing to between 3.5 and 4.5 percent in 2011 and 2012.
Efforts to reduce unemployment, Bernanke said, are also likely to be slower than expected, projecting an unemployment rate between 7 and 7.5 percent by the end of 2012.
Federal Reserve Board Chairman Ben Bernanke
"One factor underlying the Committee's somewhat weaker outlook is that financial conditions--though much improved since the depth of the financial crisis--have become less supportive of economic growth in recent months," he said.
He added, "After two years of job
In all likelihood, a significant amount of time will be required to restore the nearly 8-1/2 million jobs that were lost over 2008 and 2009."
On the brighter side, Bernanke said, businesses have been increasing their investments in equipment and software over the first half of the year as companies make upgrades and improvements that were deferred during the depths of the recession.
He also credited U.S. export growth with providing a boost to the manufacturing sector.
Bernanke also noted that the Fed is winding down several of the steps it took to ease the financial crisis last year, particularly its programs to inject liquidity into the sector.
"As financial markets stabilized, the Federal Reserve shut down most of these programs during the first half of this year and took steps to normalize the terms on which it lends to depository institutions," he said.
"The only such programs currently open to provide new liquidity are the recently reestablished dollar liquidity swap lines with major central banks."
He added, "Importantly, our broad-based programs achieved their intended purposes with no loss to taxpayers.
All of the loans extended through the multi-borrower facilities that have come due have been repaid in full, with interest."
But Bernanke also left the door open for the Fed to take additional action should the economic climate worsen.
"Even as the Federal Reserve continues prudent planning for the ultimate withdrawal of extraordinary monetary policy accommodation, we also recognize that the economic outlook remains unusually uncertain," he said.
He added, "We will continue to carefully assess ongoing financial and
- April 6-7 - Pluto stations retrograde at 5-Capricorn
- April 7, 2010 - Saturn re-enters tropical Virgo
- April 26, 2010 - Saturn opposes Uranus (4th opposition)
- May 23, 2010 - Jupiter opposes Saturn (first time since 1990-91)
- May 27-28, 2010 - Uranus enters tropical Aries
- May 30th, 2010 - Saturn stations direct motion at 27-Virgo
- June 5-6, 2010 - Jupiter enters tropical Aries
- June 6-7, 2010 - Mars enters tropical Virgo
- June 8, 2010 - Jupiter conjoins Uranus at 0-Aries
- July 5, 2010 - Uranus stations retrograde at 0-Aries
- July 8, 2010 - Jupiter turns North in declination
- July 11, 2010 - New Moon total eclipse at 19-Cancer (not seen in N. America)
- July 21, 2010 - Saturn re-enters tropical Libra for good
- July 23, 2010 - Jupiter stations retrograde
- July 25, 2010 - Jupiter Squares Pluto
- July 26, 2010 - Fifth Saturn/Uranus opposition
- July 31, 2010 - Mars & Jupiter turn S in Declination
- July 31 - Mars conjoins Saturn at 0-Libra
- August 3, 2010 - Jupiter, retrograde, Squares Pluto again
- August 6, 2010 - Venus turns South in Declination
- August 13-14, 2010 - Uranus re-enters tropical Pisces
- August 16, 2010 - Jupiter Opposes Saturn
- August 20, 2010 - Mercury retrogrades in Virgo
- August 21, 2010 - Saturn Squares Pluto
- September 8, 2010 - Saturn turns South in declination
- September 8, 2010 - New Moon at 15-Virgo
- September 8, 2010 - Venus enters Scorpio
- September 8-9, 2010 - Jupiter re-enters tropical Pisces
- September 12, 2010 - Mercury stations direct
- September 14, 2010 - Pluto stations direct
- September 14, 2010 - Mars enters Scorpio
- September 19, 2010 - Jupiter conjoins Uranus for first time in Pisces
- October 8, 2010 - Venus retrograde in Scorpio
- October 29-30 - Venus turns to "morning star" phase for ten months
- November 6, 7, 2010 - Neptune direct in motion
- November 18 - Venus stations direct
- November 18 - Jupiter stations direct
- December 5, 6- Uranus stations direct motion
- December 10-30 - Mercury retrograde
- January 4, 2011 - Jupiter conjoins Uranus a third time
- January 22, 2011 - Jupiter enters Aries
- Jan. 25, 26 - Saturn stations retrograde 17-Libra
- February 25, 2011 - Jupiter Squares Pluto
- March 3, 2011 - Transiting Lunar Nodes shift to Mutable Quality of Sagittarius & Gemini
- March 11-12, 2011 - Uranus enters Aries (first time in 84 years)
- March 28, 2011 - Jupiter opposes Saturn
The internal battles in Greece because of heavy sovereign debt and deep austerity will re-ignite over the summer months of 2010.
Nature Erupts: Volcanic activity as Uranus enters Aries.
That 1,000 point drop: May 6, 2010 proved to be one of the strangest days in the history of the Dow Jones. A mysterious "1,000-point" plunge in the afternoon hours, blamed on a "fat finger," lost money for tens of thousands of traders and nearly collapsed the stock market. Federal authorities investigate, but the "glitch" still has not been explained nearly a month later.
The year 2011 is the start of a new cycle, mainly brought on by the official entry of Uranus into Aries, the first time in 84 years.
There are six (6) major transits of the Cardinal Crisis Years - signified by the planets involved & their inclinations:
- Saturn oppose Uranus -
Much cooperation is needed to avoid falling into the unfavorable inclinations of Saturn's opposition to Uranus.
Extreme viewpoints expressed by the ignorant and mentally ill fall under this influence. Loud public pronouncements shouted with wild mannerisms expressing inconsistent attitudes can be observed.
Common sights are: bugged-eye pundits uttering unsubstantiated personal opinions as facts; personal attacks, insults, and acerbic comments designed to bring attention to oneself.
Impulse, haste, snap judgments, immaturity, poor communication skills lacking any sign of social grace and basic manners can be observed.
There is widespread conflict between the old order and the new emerging order. This is generational.
Concepts and ideas in economic, business and political affairs tend to be impractical, unreliable, and eccentric. Economic life continues to run at a low ebb.
Saturn's opposition to Uranus is unfavorable when dealing with joint accounts, finances, corporate business affairs, inheritances, insurance, and all economic matters important to organizations, groups, and individuals.
Selfish motives within organizations, and groups tend to be those where others try to take credit for the work of others in order to advance their own careers leading to estrangements between associates, colleagues and friends.
The will power of those involved in personal and professional intrigues is heightened to the point of very negative inclinations with some people using coercive methods to achieve what they perceive as success.
Under Saturn/Pluto this can feature acts of blackmail, threats, and plots at the highest levels of government, within political groups, and corporations.
Paranoid individuals with extreme opinions, and viewpoints is also common under A Saturn/Pluto square.
Some individuals will find themselves battling against corruption and rampant dishonesty within organizations, or within associations, be they professional or personal with attacks on their reputation coming as a result of fighting dishonest persons and groups.
The coming revelations of widespread corruption in global financial markets, on Wall Street, and other stock markets will be under the Saturn/Pluto square.
Corporate power plays take center stage under the cardinal crisis transits with increasing political pressure and regulatory scrutiny on major banks, insurance companies, and those implicated in widespread financial malfeasance over the last decade.
The focus on these areas: unemployment, insurance, housing, stock markets, hedge funds, secret bank accounts, general economics, political and government affairs, alimony, and inheritances - is all common under the influences of Saturn's square from Libra to Pluto in Capricorn.
It is also common under these inclinations for opposing groups and individuals to use negative, dishonest, and evil means to obtain personal/profession advantages over others; or attempts to hide past acts of malfeasance to avoid implicating others involved in acts of corruption.
This often backfires under the Saturn/Pluto square and results in public scandal along with damage to the reputation and the careers of those who used negative means to gain what they "perceive" to be an advantage.
Nowhere does "do unto others as you would have them do unto you' applies more than under a Saturn/Pluto world square.
The effect on personal and professional connections can be long-lasting with people completely breaking off any further association with friends, family and colleagues.
Power struggles - both internal and external - is a main theme of a Saturn/Pluto Square.
Often, decisions are based on perceived "associations" with others who are not one's friends, nor who share one's common interests, except to advance their own personal interests while using others as a means to and end. Very common under Saturn's square to Pluto.
After the square aspect passes, the events which have taken place under its influences are fully revealed, leading to permanent estrangements from those once trusted and valued as friends, associates, or lovers.
Saturn's continued transit through Libra (2010-2012) then features a full distrust and estrangement from those who used dishonest means during the Saturn/Pluto inclinations.
The Jupiter/Pluto Square acts much like that of Saturn's square to Pluto. Jupiter's motion into Aries in mid-2010, and then again in February 2011, will square Pluto in tropical Capricorn.
The same kinds of conflicts under Saturn's influence by square to Pluto comes into action with hasty, impulsive and headstrong promotion of one's opinions as facts to gain a perceived advantage over others.
Rampant litigation under Jupiter's inclinations lead to a rush toward legal wars without first seeing the bigger picture. With the Jupiter square to Pluto: it is the forest first, the trees second, but do make sure you count each tree.
The contradictions of this is simple:
Often, this comes about because of ego, and headstrong acts featuring arrogance and pride; but wholly failing to take into account the small, but very important details.
The only way to neutralize this transit, as with all the others of the Cardinal Crisis transits is to slow down, and to be strictly honest at all times in all personal and business affairs.
Also, the need to remain detached and practical while plodding step-by-step without ego, impulse, and haste. This is the antidote to the impulsive inclinations of cardinal transits.
Power-plays, and forced acts of coercion, with promotions of extreme expressions of personal, political and religious viewpoints is quite common under this global square.
Often, one's aspirations to remake others comes with neglecting one's own house while confused attitudes about ethics and morality are cast aside in favor of haste and impulse - rushing to judgment.
Struggles with corrupted individuals and groups is also common under a Jupiter/Pluto Square.
Pisces/Aries - Virgo/Libra
Jupiter at 0-10 degrees Taurus
Such will be the case with the 2010-2012 opposition of Jupiter/Saturn. During these oppositions expect business to suffer as the generational transition continues over the course of Jupiter's opposition to Saturn.
Because of the poor economic climate some people may resort towards using questionable tactics to get ahead and make money.
The desired expansion of business is fraught with frustration after frustration, red-tape, barriers, blocks, delays, and legal problems. Rising defaults & bankruptcies increase as a result of past mismanagement of resources and corruption with credit conditions tighter than normal.
The crush of competition, fighting for a limited amount of customers, with resources lacking can further cause disruptions in professional and personal lives to the point of some leaving entire industries for good.
It is a poor time to seek favors from others, as the business climate of 2010-2012 will continue to suffer from immense commercial & residential real estate losses, double-digit unemployment, and a general sense of malaise from an aging generational establishment.
Those seeing support from official institutions, such as federal, state, and local agencies, may find themselves frustrated with the lack of help usually expected from these offices.
While this takes place, many people will see their own personal and professional responsibilities increase; while wages continue to stagnate from the lack of resources, which will be limited because of prior economic corruption and waste.
The opposition of Jupiter to Saturn can test what the true balance really is between being optimistic, and being pessimistic. Much will depend on the ability of the individual to be creative, and patient, while the opposition is underway.
Many of these people will be older, and due to the transit of Saturn, will exhibit rigid views without realizing that in a short period of time after the opposition has waned and passed; that they themselves will receive similar treatment from the very people whom they denied opportunities and relief.
The conflicts which come about during 2010-2012 under the Jupiter/Saturn opposition will tend towards ethics; morals; joint finances, family responsibilities, friendships, associations, romantic relationships, partnerships and corporate struggles that will test the reliability and strength of relationships in general.
The Jupiter/Saturn opposition will begin to weaken in February 2012, and by the end of March 2012, will move out of orb.
- 25º Libra - "The sign of an autumn leaf brings to a pilgrim the sudden revelation of the mystery of life and death."
- 26º Libra - "An Eagle and a large White Dove Turning into each other."
An unprecedented Seven (7) exact squares occur in just three (3) years: 2012 to 2015
(*) = significant dates
1. June 24, 2012 – first global square at 8-degrees Aries/Capricorn
2. *September 18-19, 2012 – second square at 6-degrees Aries/Capricorn
3. May 20, 2013 – third square at 11-degrees Aries/Capricorn
4. November 1, 2013 – fourth square at 9-degrees Aries/Capricorn
5. *April 21, 2014 – fifth square at 13-degrees Aries/Capricorn
6. December 14-15, 2014 – sixth square at 12-degrees Aries/Capricorn
7. *March 16-17, 2015 – seventh global square at 15-degrees Aries/Capricorn
The last time Uranus and Pluto met in global square aspect was during the 1930s. This was a decade of reactionary, extreme right-wing politics, revolutionary socialism, rising crime, rebellions, revolts, and restrictive laws gradually reducing freedoms throughout Europe and the then-Soviet Union.
The Bank Crisis and Stock Market Crash of 1929-33 fueled the early years of the Great Depression with rising waves of petty crime and bank robberies. The resulting foreclosures of homes, businesses and family farms amid a depressed global economic system cast a dark shadow over the world.
The NYSE reaching its lowest trading point in history. Weather anomalies under the influence of Uranus in Aries led to the hottest year in U.S. history in 1933-34 with drought and dust storms raging across the American Midwest.
Meanwhile, political extremism ensued with the rise of tyrants, as Adolf Hitler rose to power in Germany while in Japan, radical forms of militarism spread so much that it was being openly taught in elementary and high schools.
The revolts, rebellions and revolutionary sentiments under the Uranus/Pluto squares thus paved the way for the Second World War that followed by the end of the 1930s.
Uranus in Aries and Pluto in Capricorn revolve their squares worldwide for much of the 2010s, but the most powerful periods are between 2012 through 2015.
This is a time of great upsets within nations which have now experienced at least four to seven years in the wake of the global economic crisis.
Uranus' penchant for sudden change against Pluto's desire structure in Capricorn for a kind of transformational war that butt heads over the "kinds" of new changes to be realized and those not to be supported.
While this is happening, populations around the world seem to have had it to their chins with the constant disruptions of their lives; the losses of lifestyles over the years.
Groups, organizations and individuals have become radicalized by the events since 2008. So much so, that by the time (June 2012) of the first of seven exact Uranus/Pluto square social unrest is a certainty in regions around the world.
There are increasing signs of rebellions, revolts and foreboding examples of revolutionary sentiments expressed in various nations upset with the status quo, represented by Pluto in Capricorn.
The headstrong inclinations of Aries, with Uranus in it's 7-year transit in this sign, squaring Pluto can indicate sudden deaths coming about unexpectedly; usually through acts of violence, and from common accidents, and unexpected large-scale disasters related to weather extremes.
Past associations, friendships and relationships can become radically changed under Uranus and Pluto's cardinal squares. It is at this time, between 2012-2015 that companies that were hanging on by a thread financially - can suddenly break and fall into bankruptcy.
The entry of Neptune into tropical Pisces in February 2012 will impress dissolution on failing companies afterward, with a slow, but gradual death into the mid-to-late 2010s.
The sudden losses associated with Uranus' transit in Aries can bring about greater financial losses than expected while corporations continue to witness power struggles as the generational transition picks up speed in the early to mid-2010s.
The revolutionary sentiments inclined by Uranus/Pluto come about as a result of the frustrations of the decade of the 2000s.
The global economic crisis, and the resulting societal effects have angered many populations who feel that their governments and representatives were not representing them, but corporate monied-interests that pilfered society's resources.
The resulting backlash featured under the Uranus/Pluto squares of the 2010s will be widespread, and quite unsettling for those involved in the mismanagement of trillions of dollars and euros over the previous decade.
Rising crime can be a problem; also fueled by the lack of resources because of the Banking Crisis of 2008-2012.
State officials, under pressure financially, are forced to release thousands of prisoners in the early 2010s to relieve the system from overcrowding.
If there has been little reform of the system during the time of incarcerations, then obviously the lingering effects of the economic crisis that awaits convicts on the street can be a threat to public safety under the Uranus/Pluto squares.
By the spring of 2014, things become quite tense again globally with another Cardinal Cross - this time a Grand Cross configuration featuring Mars, Jupiter, Uranus, and Pluto in the Signs of Libra, Cancer, Aries and Capricorn.
Grand Cross configurations in cardinal signs seek immediate release of strong, emotional pent-up energies.