Source: Huffington Post
Despite soaring unemployment and the 19 million Americans currently living in "deep poverty," federal funds for the Temporary Assistance For Needy Families (TANF) program have entirely dried up for the first time since 1996, leaving states with an average of 15 percent less federal funding for the coming year to help an ever-increasing number of needy families.
TANF, the federal program that replaced welfare under the Clinton Administration, provides a lifeline for families and workers who have exhausted all of their unemployment benefits. According to a new report by the Center for Budget and Policy Priorities, "more homeless families will go without shelter, fewer low-wage workers will receive help with child care expenses, and fewer families involved with the child welfare system will receive preventive services" now that Congress has passed legislation that will end funding for the TANF Contingency Fund in 2011.
Congress also failed to reauthorize an emergency fund for a subsidized job program on September 30 that would have allowed states to provide emergency help to needy families and place low-income people in subsidized jobs.
In fiscal year 2011, every state except Wyoming will experience up to a 20 percent reduction in recession relief funds. The CBPP reports that many states have already drastically reduced their subsidized job programs after being cut off from federal funding, costing tens of thousands of people their jobs. Some states are also considering substantial cuts to programs for low-income families with children, including child care subsidies for working parents and programs that address substance abuse, caring for a disabled child, and other challenges.
"This is not what Congress intended when it reformed the welfare system in 1996," said Liz Schott, Senior Fellow at CBPP. "Helping welfare recipients find work in this economy requires more help from the federal government, not less."
December 17, 2010
April 9, 2010
NEW SITE LOCATION
I've moved to another service provider, so there will be no new post on this site. Please update your bookmarks and visit the new site: http:bmoresound.wordpress.com
April 8, 2010
Eric King Interviews Whistleblower Andrew Maguire And Adrian Douglas Of GATA
Source: Zero Hedge
Recently, whistleblower Andrew Maguire gained substantial notoriety among LBMA circles after disclosing what could be an epic cabal of commodity price manipulation, and was subsequently involved in what could be classified as an attempted hit-and-run. In a first media appearance, Andrew is interviewed in this exclusive with Eric King of King World News, where he is joined by GATA director Adrian Douglas, who also made ripples at the recent CFTC hearing in which he used the words of former Goldman analyst Jeffrey Christian against him in proving that the gold market is nothing but one big Ponzi, in which a run to deliverables would result in 99% unsecured claims (a 1 in 100 dilution).
As Eric King summarizes:
Andrew Maguire, independent metals trader turned whistleblower is in the center of a storm for exposing what could be the largest fraud in history involving countries, banks and government leaders. Adrian Douglas Board of Director from GATA, the man who Andrew reached out to also joins in this interview where they discuss a fraud so extraordinary and so unimaginable that it is the kind of thing that hollywood thrillers are made of. In this interview they also discuss the CFTC sponsored meeting on metals which was an unmitigated disaster because it additionally exposed the fraud on a grander scale. Thanks to GATA, Adrian and everyone else involved in helping to make this exclusive King World News interview possible.Click here for full interview
Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit
Source: Washington Post
Federal Reserve Chairman Ben S. Bernanke warned Wednesday that Americans may have to accept higher taxes or changes in cherished entitlements such as Medicare and Social Security if the nation is to avoid staggering budget deficits that threaten to choke off economic growth.
"These choices are difficult, and it always seems easier to put them off -- until the day they cannot be put off anymore," Bernanke said in a speech. "But unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth."
His stern lecture came as the economy is emerging from the worst recession in years, sending the stock market up considerably over the past year and raising public hopes for a return to prosperity. But the economic downturn -- with tumbling tax revenue, aggressive stimulus spending and rising safety-net payments such as unemployment insurance -- has driven already large budget deficits to their highest level relative to the economy since the end of World War II. This has fueled public concern over how long the United States can sustain its fiscal policies.
The health-care bill signed by President Obama last month has further stoked the national debate over government entitlement programs, though the non-partisan Congressional Budget Office has projected that the legislation would actually reduce future deficits.Read Full Story:
Reuters families demand US troops be tried over shooting
BAGHDAD (AFP) – The families of two Reuters news agency employees killed in a 2007 US helicopter attack in Baghdad on Thursday demanded justice, telling AFP the Americans responsible should stand trial.
Graphic video footage of the shooting, which left several other people dead and wounded two children, was published on the Internet by WikiLeaks, a website that discloses information obtained from whistleblowers.
"The truth came out and the whole world saw. The American pilot should be judged by international justice and we want compensation because the act left orphans," said Safa Chmagh, whose brother Saeed Chmagh, a Reuters driver, died.
"He (the pilot) killed unarmed innocent people, among them a photographer whose camera was very visible. On top of that when they evacuated the wounded they opened fire again," said Safa, whose brother was 44 when killed.
Nameer Nooraddin Hussein, a 22-year-old photographer with Reuters, was also shot to death. The families said they have until now received no compensation for the incident which took place on July 12, 2007.
Homes with Chinese drywall should be gutted, feds say
Source: USA Today
NEW ORLEANS — Thousands of U.S. homes tainted by Chinese drywall should be completely gutted, according to guidelines released Friday by the Consumer Product Safety Commission.
The guidelines recommend that electrical wiring, outlets, circuit breakers, fire alarm systems, carbon monoxide alarms, fire sprinklers, gas pipes and drywall need to be removed.
FROM THE CPSC: Drywall Information Center
"We want families to tear it all out and rebuild the interior of their homes, and they need to start this to get their lives started all over again," said Inez Tenenbaum, chairwoman of the commission, the federal agency charged with making sure consumer products are safe.
About 3,000 homeowners, mostly in Florida, Virginia, Mississippi, Alabama and Louisiana, have reported problems with the Chinese-made drywall, which was imported in large quantities during the housing boom and after a string of Gulf Coast hurricanes.
The drywall has been linked to corrosion of wiring, air conditioning units, computers, doorknobs and jewelry, along with possible health effects. Tenenbaum said some samples of the Chinese-made product emit 100 times as much hydrogen sulfide as drywall made elsewhere.
The agency continues to investigate possible health effects, but preliminary studies have found a possible link between throat, nose and lung irritation and high levels of hydrogen sulfide gas emitted from the wallboard, coupled with formaldehyde, which is commonly found in new houses.
U.S. Sen. Bill Nelson, D-Fla., said the question is who pays to gut the homes.
"The way I see it, homeowners didn't cause this. The manufacturers in China did," Nelson said. "That's why we've got to go after the Chinese government now."
April 7, 2010
The Latest Gold Fraud Bombshell: Canada's Only Bullion Bank Gold Vault Is Practically Empty
Source: Zero Hedge
Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty. This is a relevant segue to a class action lawsuit filed against Morgan Stanley, which was settled out of court, in which it was alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store, yet even despite charging storage fees was not in actual possession of the bullion. It appears that this kind of lack of physical holdings by all who claim to have gold in storage, is pervasive as the actual gold globally is held primarily in paper or electronic form. Lenny Organ who was the person to enter the vault of ScotiaMocatta, says "What shocked me was how little gold and silver they actually had." Lenny describes exactly how much (or little as the case may be) silver was available - roughly 60,000 ounces. As for gold - 210 400 oz bars, 4,000 maples, 500 eagles, 10 kilo bars, 10 one kilogram pieces of gold nugget form, which Adrian Douglas calculates as being $100 million worth, which is just one tenth of what the Royal Mint of Canada sold in 2008, or over $1 billion worth of gold. As Orgen concludes: "The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."
Also note the interesting detour into what Stephan Spicer of the Central Fund Of Canada, said regarding his friend at a major bank, who wanted access to his 15,000 oz of silver, and had to wait 6-8 weeks for its to be flown in from Hong Kong.
It is funny that central bankers thought they could take the ponzi mentality of infinite dilution of all assets coupled with infinite debt issuance, as they have done to fiat money, and apply it to gold, in essence piling leverage upon leverage. They underestimated gold holders' willingness to be diluted into perpetuity - when the realization that gold owned is just 1% of what is physically deliverable, you will see the biggest bank run in history. 3rd Member of Congress Receives Death Threat Over Health Care Law
Source: USA Today
The Associated Press reports that a California man was arrested for allegedly making threatening phone calls to House Speaker Nancy Pelosi.
The AP based its report on sources. USA TODAY's Matt Kelley is checking into it.
The AP said:
More information to come as we get it.
Updated at 5:30 p.m. ET. USA TODAY's Kevin Johnson confirms that an arrest was made in the Pelosi case. He writes:
The Associated Press reports that a California man was arrested for allegedly making threatening phone calls to House Speaker Nancy Pelosi.
The AP based its report on sources. USA TODAY's Matt Kelley is checking into it.
The AP said:
Several federal officials say the man made dozens of calls to Pelosi's homes in California and Washington, as well as to her husband's business office, reciting her home address and saying if she wanted to see it again, she would not support the health care overhaul bill that was recently enacted.If confirmed, it would be the third time since the health care bill passed that someone has been arrested for threatening a member of Congress. As USA TODAY's Kathy Kiely wrote in today's paper, a 63-year-old man was arrested for allegedly calling and leaving numerous death threats at the office of Sen. Patty Murray, D-Wash. Last week, the FBI arrested a man who allegedly threatened the life of Virginia Rep. Eric Cantor, the No. 2 House Republican.
More information to come as we get it.
Updated at 5:30 p.m. ET. USA TODAY's Kevin Johnson confirms that an arrest was made in the Pelosi case. He writes:
U.S. Capitol Police spokeswoman Kimberly Schneider confirmed the arrest, saying the investigation and arrest was a "coordinated effort'' between the FBI and Capitol Police.Updated at 5:43 p.m. ET. From Matt Kelley:
Pelosi has been the subject of threats before. In 2006, authorities arrested a Los Angeles man after he mailed envelopes filled with white powder and threatening messages to Pelosi and other political and entertainment figures. The powder turned out to be harmless. Chad Conrad Castagana was convicted in 2008 and sentenced to five years' probation.Updated at 6:42 p.m. ET. San Francisco FBI spokeswoman Patti Hansen identified the suspect as Gregory Guisti, 48. He was arrested without incident in San Francisco at 12:15 p.m., and he is scheduled to make his initial court appearance at 9:30 a.m. Thursday, Hansen said. She declined to elaborate on the allegations against Guisti.
Unemployment benefits expire for thousands
Even as unemployment benefits expired Monday for thousands of Americans, Democrats and Republicans renewed their haggling over whether to approve an extension when Congress returns from its spring break next week.
In the latest round of skirmishing, Senate Democrats rejected Republican claims that they had backed away from a GOP proposal to give quick approval to a one-week extension that would be paid for with budget offsets.
"There were a lot of conversations going on and things were moving very quickly, but no deals were made," said Jim Manley, a spokesman for Senate Majority Leader Harry Reid, D-Nev.
At the heart of the dispute over extending jobless benefits is the question of how to pay for them.
Two weeks ago, when the Senate took up the question, Sen. Tom Coburn, R-Okla., objected that the $9 billion measure that had been approved by the House would add to the federal deficit.
Coburn's objection was similar to the one Sen. Jim Bunning, R-Ky., raised earlier in the year over another extension that was not offset. But unlike before, failure to extend the benefits that expired Monday meant 212,000 unemployed people will lose benefits this week, according to data provided by the National Employment Law Project.
The GOP objection raised the specter of a filibuster, and Democrats do not have a filibuster-proof majority in the Senate.
Democrats in both the House and Senate want the extension to be classified as "emergency spending," which can be added to the deficit and does not have to be paid for with specific cuts or new revenue.
Republicans have objected.
Court: FCC has no power to regulate Net neutrality
Source: CNET.com
The Federal Communications Commission does not have the legal authority to slap Net neutrality regulations on Internet providers, a federal appeals court ruled Tuesday.
A three-judge panel in Washington, D.C. unanimously tossed out the FCC's August 2008 cease and desist order against Comcast, which had taken measures to slow BitTorrent transfers before voluntarily ending them earlier that year.
Because the FCC "has failed to tie its assertion" of regulatory authority to an actual law enacted by Congress, the agency does not have the power to regulate an Internet provider's network management practices, wrote Judge David Tatel of the U.S. Court of Appeals for the D.C. Circuit.
Tuesday's decision could doom one of the signature initiatives of FCC Chairman Julius Genachowski, a Democrat. Last October, Genachowski announced plans to begin drafting a formal set of Net neutrality rules--even though Congress has not given the agency permission to do so. That push is opposed by Verizon and other broadband providers.
Comcast welcomed the ruling in a statement that said: "Our primary goal was always to clear our name and reputation." The National Cable and Telecommunications Association, the cable industry's lobby group, elaborated by saying that Comcast and its other members will "continue to embrace a free and open Internet as the right policy."
Supporters of Net neutrality claim that new Internet regulations or laws are necessary to prevent broadband providers from restricting content or prioritizing one type of traffic over another. Broadband providers and many conservative and free-market groups, on the other hand, say that some of the proposed regulations would choke off new innovations and could even require awarding e-mail spam and telemedicine the identical priorities.
Net neutrality proponents responded to Tuesday's ruling by saying the FCC should slap landline-style regulations on Internet providers, which could involve price regulation, service quality controls, and technological mandates. The agency "should immediately start a proceeding bringing Internet access service back under some common carrier regulation," Public Knowledge's Gigi Sohn said. The Media Access Project said, without mentioning common carrier regulations directly, that the FCC must have the "ability to protect the rights of Internet users to access lawful content and services of their choice."
In a statement on Tuesday, the FCC indicated that it was thinking along the same lines. The DC Circuit did not "close the door to other methods for achieving this important end," the agency said. A spokeswoman declined to elaborate.
Read Full Article:
The Federal Communications Commission does not have the legal authority to slap Net neutrality regulations on Internet providers, a federal appeals court ruled Tuesday.
A three-judge panel in Washington, D.C. unanimously tossed out the FCC's August 2008 cease and desist order against Comcast, which had taken measures to slow BitTorrent transfers before voluntarily ending them earlier that year.
Because the FCC "has failed to tie its assertion" of regulatory authority to an actual law enacted by Congress, the agency does not have the power to regulate an Internet provider's network management practices, wrote Judge David Tatel of the U.S. Court of Appeals for the D.C. Circuit.
Tuesday's decision could doom one of the signature initiatives of FCC Chairman Julius Genachowski, a Democrat. Last October, Genachowski announced plans to begin drafting a formal set of Net neutrality rules--even though Congress has not given the agency permission to do so. That push is opposed by Verizon and other broadband providers.
Comcast welcomed the ruling in a statement that said: "Our primary goal was always to clear our name and reputation." The National Cable and Telecommunications Association, the cable industry's lobby group, elaborated by saying that Comcast and its other members will "continue to embrace a free and open Internet as the right policy."
Supporters of Net neutrality claim that new Internet regulations or laws are necessary to prevent broadband providers from restricting content or prioritizing one type of traffic over another. Broadband providers and many conservative and free-market groups, on the other hand, say that some of the proposed regulations would choke off new innovations and could even require awarding e-mail spam and telemedicine the identical priorities.
Net neutrality proponents responded to Tuesday's ruling by saying the FCC should slap landline-style regulations on Internet providers, which could involve price regulation, service quality controls, and technological mandates. The agency "should immediately start a proceeding bringing Internet access service back under some common carrier regulation," Public Knowledge's Gigi Sohn said. The Media Access Project said, without mentioning common carrier regulations directly, that the FCC must have the "ability to protect the rights of Internet users to access lawful content and services of their choice."
In a statement on Tuesday, the FCC indicated that it was thinking along the same lines. The DC Circuit did not "close the door to other methods for achieving this important end," the agency said. A spokeswoman declined to elaborate.
Read Full Article:
April 6, 2010
Pay of Hedge Fund Managers Roared Back Last Year
Source: NY Times
The Lazarus-like recovery of the nation’s big banks did not benefit just the bankers — it also created huge paydays for hedge fund managers, including a record $4 billion gain in 2009 for one bold investor who bet big on the financial sector.
The manager, David Tepper, wagered that the government would not let the big banks fail, even as other investors fled financial shares amid fears that banks would collapse or be nationalized.
“We bet on the country’s revival,” Mr. Tepper, who describes his trading technique as a mix of deep analysis and common sense, said Wednesday in an interview. “Those who keep their heads while others are panicking usually do well.”
That strategy handed Mr. Tepper, a plain-spoken Pittsburgh native who first made his name at Goldman Sachs, the top spot on the annual ranking of top earners in the hedge fund industry by AR: Absolute Return+Alpha magazine (subscription required), which comes out Thursday.
His investors did not do badly, either — Mr. Tepper’s flagship fund gained more than 130 percent last year.
The runner-up in the ranking was George Soros, the Hungarian émigré who has become better known in recent years for supporting Democratic candidates and making political headlines than for picking stocks. His fund, Quantum Endowment, grew 29 percent in 2009, earning Mr. Soros $3.3 billion in fees and investment gains.
Hedge funds — the elite, lightly regulated investment vehicles open to a restricted range of investors — enjoyed a winning streak during the buyout boom that preceded the financial crisis in 2008. Then the bottom fell out of the industry, handing even top hedge funds double-digit percentage losses. In turn, the earnings of the top 25 fund managers in the 2008 survey tumbled 50 percent.
Read Full Article:
April 5, 2010
Utah governor signs bills to seize federal land
Source: LA Times
Salt Lake City - Utah Gov. Gary R. Herbert has signed two bills authorizing the state to use eminent domain to seize some of the federal government's most valuable land.
Supporters hope the bills, which the Republican governor signed Saturday, will trigger a flood of similar legislation throughout the West and, eventually, a Supreme Court battle that they hope to win -- against long odds.
More than 60% of Utah is owned by the U.S. government, and policymakers complain that federal ownership hinders their ability to generate tax revenue and adequately fund public schools. Governments use eminent domain to take private property for public use.
Initially, the state would target three areas, including the Kaiparowits plateau in Grand Staircase-Escalante National Monument, which is home to large coal reserves. Eminent domain would also be used on parcels where Interior Secretary Ken Salazar scrapped 77 oil and gas leases last year.
Salt Lake City - Utah Gov. Gary R. Herbert has signed two bills authorizing the state to use eminent domain to seize some of the federal government's most valuable land.
Supporters hope the bills, which the Republican governor signed Saturday, will trigger a flood of similar legislation throughout the West and, eventually, a Supreme Court battle that they hope to win -- against long odds.
More than 60% of Utah is owned by the U.S. government, and policymakers complain that federal ownership hinders their ability to generate tax revenue and adequately fund public schools. Governments use eminent domain to take private property for public use.
Initially, the state would target three areas, including the Kaiparowits plateau in Grand Staircase-Escalante National Monument, which is home to large coal reserves. Eminent domain would also be used on parcels where Interior Secretary Ken Salazar scrapped 77 oil and gas leases last year.
April 3, 2010
Are We Being Prepared For An EMP Attack?
Mainstream news outlets from Fox News to Time Magazine are reporting on the new threat of an EMP based on the hyped up report from the "hawkish" Heritage Foundation.
While there is a certain amount of possibility in an EMP attack, what's the probability? Is this another "Osama Bin Laden is the boogie man" type threat to squeeze more money out of congress by the military industrial complex? Or is there a real and highly probable threat looming on the horizon? I don't know, but either way it's getting more and more air time at the moment. Even Examiner.com is running a story about how the Navy confirms EMP threat. I guess we'll just have to keep our eyes peeled to see what's what. In the mean time here's a short video about it:
While there is a certain amount of possibility in an EMP attack, what's the probability? Is this another "Osama Bin Laden is the boogie man" type threat to squeeze more money out of congress by the military industrial complex? Or is there a real and highly probable threat looming on the horizon? I don't know, but either way it's getting more and more air time at the moment. Even Examiner.com is running a story about how the Navy confirms EMP threat. I guess we'll just have to keep our eyes peeled to see what's what. In the mean time here's a short video about it:
Pfizer ordered to pay up over ‘AIDS-like’ virus infections
In what is being hailed as a major victory for workers in the biotech and nanotech fields, a former scientist with pharmaceutical firm Pfizer has been awarded $1.37 million for being fired after raising the alarm over researchers being infected with a genetically engineered "AIDS-like" virus.
Becky McClain, a molecular biologist from Deep River, Connecticut, filed a lawsuit against Pfizer in 2007, claiming she had been wrongly terminated for complaining about faulty safety equipment that allowed a "dangerous lentivirus" to infect her and some of her colleagues.
The Hartford Courant describes the virus as "similar to the one that can lead to acquired immune deficiency syndrome, or AIDS." Health experts testified that the virus has affected the way McClain's body processes potassium, which they say causes McClain to suffer complete paralysis as often as a dozen times per month, the Courant reports.
McClain's lawsuit (PDF) asserted that Pfizer had interfered with her right to free speech, and that she should have been protected from retaliation by whistleblower legislation.
Pfizer challenged her assertion, claiming McClain only started complaining about safety problems once her employment was terminated, the Associated Press reports. Pfizer also claimed to have investigated McClain's claims about safety violations and found them to be untrue, according to the New London Day.
Read Full Story:
Anti-Government "Guardians" Target Governors
The FBI is warning police across the country that an anti-government group's call to remove governors from office could provoke violence.
The group called the Guardians of the free Republics wants to "restore America" by peacefully dismantling parts of the government, according to its Web site.
For now, the letters stand as merely a citizens' uprising movement trying to put pressure on the administration, reports CBS News correspondent Bob Orr.
Investigators do not see threats of violence in the group's message, but fear the broad call for removing top state officials could lead others to act out violently.
As of Wednesday, more than 30 governors had received letters saying if they don't leave office within three days they will be removed, according to an internal intelligence note by the FBI and the Department of Homeland Security. The note was obtained by The Associated Press.
Orr reports the FBI-DHS advisory uses language including this passage: "...they (the group) advocate for their views through the use, support, or facilitation of violence or illegal conduct..."
One U.S. security official says the advisory was distributed "...out of an abundance of caution to ensure that state and local partners have tools they need to recognize behaviors," Orr reports.
The FBI expects all 50 governors will eventually receive such letters.
Governors whose offices reported receiving the letters included Jennifer Granholm of Michigan, Bobby Jindal of Louisiana, Chet Culver of Iowa, Dave Heineman of Nebraska, Jim Gibbons of Nevada, and Gary Herbert of Utah, where officials stepped up security in response to the letter.
In Nevada, screening machines for visitors and packages were added to the main entrance to the state Capitol as a precaution after Gibbons received one of the letters.
"We're not really overly concerned, but at the same time we don't want to sit back and do nothing and regret it," Deputy Chief of Staff Lynn Hettrick said.
Granholm spokeswoman Liz Boyd said federal authorities had alerted the governor that such a letter might be coming, and it arrived Monday or Tuesday. Boyd, who described the letter as "non-threatening," said it was opened by a staffer and immediately turned over to the Michigan State Police.
Jindal's office confirmed the governor had received one of the letters and directed questions to the Louisiana State Police.
"They called us as they do for any letter that's out of the norm," said Lt. Doug Cain, a state police spokesman.
He declined to provide specifics about the letter, but said, "not knowing the group and the information contained in the letter warranted state police to review it."
Read Full Story:
The group called the Guardians of the free Republics wants to "restore America" by peacefully dismantling parts of the government, according to its Web site.
For now, the letters stand as merely a citizens' uprising movement trying to put pressure on the administration, reports CBS News correspondent Bob Orr.
Investigators do not see threats of violence in the group's message, but fear the broad call for removing top state officials could lead others to act out violently.
As of Wednesday, more than 30 governors had received letters saying if they don't leave office within three days they will be removed, according to an internal intelligence note by the FBI and the Department of Homeland Security. The note was obtained by The Associated Press.
Orr reports the FBI-DHS advisory uses language including this passage: "...they (the group) advocate for their views through the use, support, or facilitation of violence or illegal conduct..."
One U.S. security official says the advisory was distributed "...out of an abundance of caution to ensure that state and local partners have tools they need to recognize behaviors," Orr reports.
The FBI expects all 50 governors will eventually receive such letters.
Governors whose offices reported receiving the letters included Jennifer Granholm of Michigan, Bobby Jindal of Louisiana, Chet Culver of Iowa, Dave Heineman of Nebraska, Jim Gibbons of Nevada, and Gary Herbert of Utah, where officials stepped up security in response to the letter.
In Nevada, screening machines for visitors and packages were added to the main entrance to the state Capitol as a precaution after Gibbons received one of the letters.
"We're not really overly concerned, but at the same time we don't want to sit back and do nothing and regret it," Deputy Chief of Staff Lynn Hettrick said.
Granholm spokeswoman Liz Boyd said federal authorities had alerted the governor that such a letter might be coming, and it arrived Monday or Tuesday. Boyd, who described the letter as "non-threatening," said it was opened by a staffer and immediately turned over to the Michigan State Police.
Jindal's office confirmed the governor had received one of the letters and directed questions to the Louisiana State Police.
"They called us as they do for any letter that's out of the norm," said Lt. Doug Cain, a state police spokesman.
He declined to provide specifics about the letter, but said, "not knowing the group and the information contained in the letter warranted state police to review it."
Read Full Story:
April 2, 2010
Mexican Drug Gangs Attack Army Bases Near the Border
Drug gangs in Mexico have attacked two army bases in a serious escalation in the country's drug war.
Eighteen gang members died in the ensuing gun battles, in which gunmen attacked in force in bulletproof vehicles, using hand grenades and assault rifles.
The attempts to blockade soldiers inside their bases were part of seven attacks across two northern border states of Tamaulipas and Nuevo Leon - areas that have seen escalating violence in recent months.
Army General Edgar Luis Villegas called the attacks "desperate reactions by criminal gangs to the progress being made by federal authorities" on
He said gunmen parked trucks and SUVs outside a military base in the border city of Reynosa trying to block troops from leaving. At the same time, other armed men blocked several streets leading to a garrison in the nearby border city of Matamoros.
And yet another gang opened fire from several vehicles on soldiers guarding a road in General Bravo, in Nuevo Leon.
Troops fought back, killing 18 gunmen and wounding two.
The violence mainly involves a fight between the Gulf cartel and its former allies, the Zetas - a gang of hit men.
The cartel, which has apparently formed an alliance with other cartels seeking to exterminate the Zetas, has been warning people in the region that the conflict would get worse over the coming months.
Source: Foxnews.com
April 1, 2010
More Crack Downs on Militia
A federal grand jury in New Haven, Connecticut returned a seven-count indictment charging five individuals with conspiracy and firearms offenses stemming from an alleged attempt to sell firearms and explosive grenades to a white supremacist group located outside of Connecticut.
Charged in the indictment are Kenneth Zrallack, 29, of Ansonia, the leader of the Connecticut White Wolves, a self-described white supremacist group now known as Battalion 14; Alexander DeFelice, 32, of Milford, and William Bolton,31, of Stratford, both members of the Connecticut White Wolves/Battalion 14; Edwin Westmoreland, 27 of Stratford, who is alleged to have participated in some of the activities of the Connecticut White Wolves/Battalion 14; and David Sutton, 46, of Milford, an associate of DeFelice.
The indictment was returned under seal on March 18. Zrallack, Westmoreland and Sutton were arrested by members of the FBI’s Joint Terrorism Task Force on Saturday morning, March 20. They appeared before United States Magistrate Judge Holly B. Fitzsimmons in Bridgeport, CT, entered pleas of not guilty to the charges, and are detained pending a detention hearing that is scheduled for Thursday.
The indictment identifies an individual — “WITNESS A” — who participated in meetings and activities of the Connecticut White Wolves/Battalion 14, and who identified himself as a convicted felon and as a member of an out-of-state white supremacist group that had an interest in obtaining firearms.
Read Full Story:
Charged in the indictment are Kenneth Zrallack, 29, of Ansonia, the leader of the Connecticut White Wolves, a self-described white supremacist group now known as Battalion 14; Alexander DeFelice, 32, of Milford, and William Bolton,31, of Stratford, both members of the Connecticut White Wolves/Battalion 14; Edwin Westmoreland, 27 of Stratford, who is alleged to have participated in some of the activities of the Connecticut White Wolves/Battalion 14; and David Sutton, 46, of Milford, an associate of DeFelice.
The indictment was returned under seal on March 18. Zrallack, Westmoreland and Sutton were arrested by members of the FBI’s Joint Terrorism Task Force on Saturday morning, March 20. They appeared before United States Magistrate Judge Holly B. Fitzsimmons in Bridgeport, CT, entered pleas of not guilty to the charges, and are detained pending a detention hearing that is scheduled for Thursday.
The indictment identifies an individual — “WITNESS A” — who participated in meetings and activities of the Connecticut White Wolves/Battalion 14, and who identified himself as a convicted felon and as a member of an out-of-state white supremacist group that had an interest in obtaining firearms.
Read Full Story:
March 31, 2010
60 Minutes Exposes United States Financial Collapse
In this 60 Minutes report, you’ll learn about a handful of Wall Street outsiders who realized the subprime mortgage business was a house of cards and found a way to bet against it. Michael Lewis talks about the current situation on Wall Street, the large bonuses still being paid and his predictions for the future of the industry.
Watch CBS News Videos Online
Watch CBS News Videos Online
The second video details the tactics employed by Lehman Brothers to effectively hide their crumbling financial status.
Watch CBS News Videos Online
Watch CBS News Videos Online
The second video details the tactics employed by Lehman Brothers to effectively hide their crumbling financial status.
March 30, 2010
Microchipping To Begin In 36 Months Under New Health Bill
The new Health Care Bill, H.R. 3200, just passed by Congress has within it the requirement that all people thereunder shall be microchiped. The plans for this microchipping has been in the hooper going back to December of 2004.
Witness the actual FDA (Food and Drug Administration) document dated December 10, 2004 entitled “Class II Special Guidance Document: Implantable Radiofrequency Transponder System for Patient Identification and Health Information. This ten page document may be read on the FDA website at
http://www.fda.gov/downloads/MedicalDevices/DeviceRegulationandGuidance/GuidanceDocuments/ucm072191.pdf
Now witness the wording within H.R. 3200, “America’s Affordable Health Choices Act of 2009” found on Congresses’ House Ways and Means website,
http://waysandmeans.house.gov/media/pdf/111/AAHCA09001xml.pdf
On page 1001 is “Subtitle C – National Medical Device Registry” which states,
“The Secretary shall establish a national medical device registry (in this subsection referred to as the ‘registry’) to facilitate analysis of postmarket safety and outcomes data on each device that … is or has been used in or on a patient…”
In other words, everyone microchipped pursuant to the new Health Care Bill must be registered with the Secretary. The “Secretary” is defined as the Secretary of Health and Human Services.
The date by which this registry is to begin is mandated on page 1006, which is 36 months after the Health Bill becomes law.
(2) EFFECTIVE DATE. – The Secretary of Health and Human Services shall establish and begin implementation of the registry under section 519(g) of the Federal Food, Drug, and Cosmetic Act, as added by paragraph (1) by not later than the date that is 36 months after the date of the enactment of this Act, without regard to whether of not final regulations to establish and operate the registry have been promulgated by such date.
Therefore, under the law of H.R. 3200 recently passed by Congress, microchipping of Americans must begin by the year 2013.
I cite to my often quoted Biblical Scripture in Revelation 13:16 and 17, “And he [the AntiChrist] causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.”
Numerous times I have stated that our current Income Tax system shall be replaced with a tax upon all trade, and that everyone will have automatically deducted from every transaction of buying and selling a tax. But this tax is not the significant part. Along with this government-granted “privilege” of buying and selling, will be the required worship of the Man of Sin, that every knee shall bow and that every tongue shall confess that he is god to the glory of himself. Those refusing shall be certainly executed post haste!
Now you know what is behind the new Health Bill, H.R. 3200.
http://www.youtube.com/watch?v=Hq3vtjXEGy8&NR=1
Ron Branson
JAIL4Judges
Judicial Accountability Initiative Law
The only answer!
Massage4u@dock.net
Witness the actual FDA (Food and Drug Administration) document dated December 10, 2004 entitled “Class II Special Guidance Document: Implantable Radiofrequency Transponder System for Patient Identification and Health Information. This ten page document may be read on the FDA website at
http://www.fda.gov/downloads/MedicalDevices/DeviceRegulationandGuidance/GuidanceDocuments/ucm072191.pdf
Now witness the wording within H.R. 3200, “America’s Affordable Health Choices Act of 2009” found on Congresses’ House Ways and Means website,
http://waysandmeans.house.gov/media/pdf/111/AAHCA09001xml.pdf
On page 1001 is “Subtitle C – National Medical Device Registry” which states,
“The Secretary shall establish a national medical device registry (in this subsection referred to as the ‘registry’) to facilitate analysis of postmarket safety and outcomes data on each device that … is or has been used in or on a patient…”
In other words, everyone microchipped pursuant to the new Health Care Bill must be registered with the Secretary. The “Secretary” is defined as the Secretary of Health and Human Services.
The date by which this registry is to begin is mandated on page 1006, which is 36 months after the Health Bill becomes law.
(2) EFFECTIVE DATE. – The Secretary of Health and Human Services shall establish and begin implementation of the registry under section 519(g) of the Federal Food, Drug, and Cosmetic Act, as added by paragraph (1) by not later than the date that is 36 months after the date of the enactment of this Act, without regard to whether of not final regulations to establish and operate the registry have been promulgated by such date.
Therefore, under the law of H.R. 3200 recently passed by Congress, microchipping of Americans must begin by the year 2013.
I cite to my often quoted Biblical Scripture in Revelation 13:16 and 17, “And he [the AntiChrist] causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.”
Numerous times I have stated that our current Income Tax system shall be replaced with a tax upon all trade, and that everyone will have automatically deducted from every transaction of buying and selling a tax. But this tax is not the significant part. Along with this government-granted “privilege” of buying and selling, will be the required worship of the Man of Sin, that every knee shall bow and that every tongue shall confess that he is god to the glory of himself. Those refusing shall be certainly executed post haste!
Now you know what is behind the new Health Bill, H.R. 3200.
http://www.youtube.com/watch?v=Hq3vtjXEGy8&NR=1
Ron Branson
JAIL4Judges
Judicial Accountability Initiative Law
The only answer!
Massage4u@dock.net
March 29, 2010
Update: Official: Gun charges after FBI raids in Midwest
ADRIAN, Mich. – The FBI said Sunday that agents conducted weekend raids in Michigan, Indiana and Ohio and arrested at least three people, and a militia leader in Michigan said the target of at least one of the raids was a Christian militia group.
Federal warrants were sealed, but a federal law enforcement official speaking on condition of anonymity said some of those arrested face gun charges and officials are pursuing other suspects.
FBI spokeswoman Sandra Berchtold said there had been activity in two southeast Michigan counties near the Ohio state line. She wouldn't say whether they were tied to the raids in the other states.
FBI spokesman Scott Wilson in Cleveland said agents arrested two people Saturday after raids in two towns in Ohio. A third arrest was made in northeast Illinois on Sunday, a day after a raid took place just over the border in northwest Indiana.
George Ponce, 18, who works at a pizzeria next door to a home raided in Hammond, Ind., said he and a few co-workers stepped outside for a break Saturday night and saw a swarm of law enforcement.
"I heard a yell, 'Get back inside!' and saw a squad member pointing a rifle at us," Ponce said. "They told us the bomb squad was going in, sweeping the house looking for bombs."
He said another agent was in the bushes near the house, and law enforcement vehicles were "all over." He estimated that agents took more than two dozen guns from the house.
Michael Lackomar, a spokesman for the Southeast Michigan Volunteer Militia, said one of his team leaders got a frantic phone call Saturday evening from members of Hutaree, a Christian militia group, who said their property in southwest Michigan was being raided by the Bureau of Alcohol, Tobacco, Firearms and Explosives.
Read Full Story:
Federal warrants were sealed, but a federal law enforcement official speaking on condition of anonymity said some of those arrested face gun charges and officials are pursuing other suspects.
FBI spokeswoman Sandra Berchtold said there had been activity in two southeast Michigan counties near the Ohio state line. She wouldn't say whether they were tied to the raids in the other states.
FBI spokesman Scott Wilson in Cleveland said agents arrested two people Saturday after raids in two towns in Ohio. A third arrest was made in northeast Illinois on Sunday, a day after a raid took place just over the border in northwest Indiana.
George Ponce, 18, who works at a pizzeria next door to a home raided in Hammond, Ind., said he and a few co-workers stepped outside for a break Saturday night and saw a swarm of law enforcement.
"I heard a yell, 'Get back inside!' and saw a squad member pointing a rifle at us," Ponce said. "They told us the bomb squad was going in, sweeping the house looking for bombs."
He said another agent was in the bushes near the house, and law enforcement vehicles were "all over." He estimated that agents took more than two dozen guns from the house.
Michael Lackomar, a spokesman for the Southeast Michigan Volunteer Militia, said one of his team leaders got a frantic phone call Saturday evening from members of Hutaree, a Christian militia group, who said their property in southwest Michigan was being raided by the Bureau of Alcohol, Tobacco, Firearms and Explosives.
Read Full Story:
March 28, 2010
FBI Raids Michigan Militia Men
The FBI conducted raids Saturday night in Washtenaw County and Lenawee County in an investigation involving members of Hutaree, a Christian-oriented militia group based in Lenawee County, AnnArbor.com has learned.
The nature of those raids has not been made public. FBI Special Agent Jason Pack, who is based in Washington, D.C., said he did not know how many people were taken into custody. Gina Balaya, a spokeswoman for the U.S. Attorney's Office in Detroit, could not be reached for comment today.
Michigan militia members assist in the recent search for a missing Bridgewater Township man in this recent AnnArbor.com file photo.
"I can confirm that there is ongoing law enforcement activity in the Ann Arbor general area," Pack said in a written statement. "Since the federal warrants are under court ordered seal, legally we cannot provide further comment at this time."
Local Michigan militia member Jimmy Schiel said he was told five people were arrested - including one known member of Hutaree. Schiel said the five were reportedly arrested during a raid at a service in the Ann Arbor area for a Hutaree member who died recently. Schiel was told about eight Hutaree members were present. Schiel, who said he was invited but did not attend, spoke to a Hutaree member who was at the service, he said.
Read Full Article:
The nature of those raids has not been made public. FBI Special Agent Jason Pack, who is based in Washington, D.C., said he did not know how many people were taken into custody. Gina Balaya, a spokeswoman for the U.S. Attorney's Office in Detroit, could not be reached for comment today.
Michigan militia members assist in the recent search for a missing Bridgewater Township man in this recent AnnArbor.com file photo.
"I can confirm that there is ongoing law enforcement activity in the Ann Arbor general area," Pack said in a written statement. "Since the federal warrants are under court ordered seal, legally we cannot provide further comment at this time."
Local Michigan militia member Jimmy Schiel said he was told five people were arrested - including one known member of Hutaree. Schiel said the five were reportedly arrested during a raid at a service in the Ann Arbor area for a Hutaree member who died recently. Schiel was told about eight Hutaree members were present. Schiel, who said he was invited but did not attend, spoke to a Hutaree member who was at the service, he said.
Read Full Article:
March 27, 2010
American Terror Suspect Worked for D.E.A.
An American charged with helping plan the 2008 terrorist attacks in Mumbai, India, moved effortlessly between the United States, Pakistan and India for nearly seven years, training at a militant camp in Pakistan on five occasions, according to a plea agreement released by the Justice Department last week.
The odyssey of David C. Headley, 49, included scouting targets in several cities in India and meeting with a senior operative of Al Qaeda in Pakistan’s tribal areas. These and other new details of Mr. Headley’s activities, contained in the plea agreement, raise troubling questions about how an American citizen could travel for so long undetected from his home base in Chicago to well-established terrorist training camps in Pakistan.
The document shows that Mr. Headley made two trips to North Waziristan, the heart of Qaeda operations in the tribal area where the United States is still pushing Pakistan for a military offensive to clear out militants. His handlers, the document reveals, included a former Pakistani military commander with ties to a Pakistani extremist group and even Al Qaeda.
Read Full Story:
The odyssey of David C. Headley, 49, included scouting targets in several cities in India and meeting with a senior operative of Al Qaeda in Pakistan’s tribal areas. These and other new details of Mr. Headley’s activities, contained in the plea agreement, raise troubling questions about how an American citizen could travel for so long undetected from his home base in Chicago to well-established terrorist training camps in Pakistan.
The document shows that Mr. Headley made two trips to North Waziristan, the heart of Qaeda operations in the tribal area where the United States is still pushing Pakistan for a military offensive to clear out militants. His handlers, the document reveals, included a former Pakistani military commander with ties to a Pakistani extremist group and even Al Qaeda.
Read Full Story:
March 26, 2010
South Korean Ship Sinks; Gold Rises
NEW YORK (TheStreet) -- New York spot gold prices have risen early afternoon, driven by a combination of partially Greece-driven debt worries in the European Union, earthquake news out of Chile, and reports that North Korea may have hit and sunk a South Korean naval ship with a torpedo Friday.
The ship sank early Saturday morning near a disputed border with North Korea.
According to a South Korean naval commodore, 58 of the ship's 104 crew members had been rescued by early Saturday morning; rescue operations are ongoing.
It has also been reported that a South Korean battleship had earlier fired at an unidentified vessel nearby. South Korean cabinet members have promptly convened an emergency meeting.
Read Full Article:
CITY PREPPERS
I've launched an alternative site dedicated to preppers or people who want to be preppers that live in inner cities or just don't have a lot of space. So come on by and check it out. http://citypreppers.blogspot.com
March 25, 2010
Castro Praises Obama Care
It perhaps was not the endorsement President Barack Obama and the Democrats in Congress were looking for.
Cuban revolutionary leader Fidel Castro on Thursday declared passage of American health care reform "a miracle" and a major victory for Obama's presidency, but couldn't help chide the United States for taking so long to enact what communist Cuba achieved decades ago.
"We consider health reform to have been an important battle and a success of his (Obama's) government," Castro wrote in an essay published in state media, adding that it would strengthen the president's hand against lobbyists and "mercenaries."
But the Cuban leader also used the lengthy piece to criticize the American president for his lack of leadership on climate change and immigration reform, and for his decision to send more troops to Afghanistan, among many other things.
And he said it was remarkable that the most powerful country on earth took more than two centuries from its founding to approve something as basic as health benefits for all.
Read Full Article:
Cuban revolutionary leader Fidel Castro on Thursday declared passage of American health care reform "a miracle" and a major victory for Obama's presidency, but couldn't help chide the United States for taking so long to enact what communist Cuba achieved decades ago.
"We consider health reform to have been an important battle and a success of his (Obama's) government," Castro wrote in an essay published in state media, adding that it would strengthen the president's hand against lobbyists and "mercenaries."
But the Cuban leader also used the lengthy piece to criticize the American president for his lack of leadership on climate change and immigration reform, and for his decision to send more troops to Afghanistan, among many other things.
And he said it was remarkable that the most powerful country on earth took more than two centuries from its founding to approve something as basic as health benefits for all.
Read Full Article:
ARE YOU READY FOR NEXT EARTHQUAKE?
Did You Know?
Doorways are no stronger than any other part of the structure. During and earthquake, get under a sturdy piece of furniture and hold on. This will provide some protection from falling objects that can injure you during an earthquake.
BeRedCrossReady and check out their Earthquake Safety Checklist.
Doorways are no stronger than any other part of the structure. During and earthquake, get under a sturdy piece of furniture and hold on. This will provide some protection from falling objects that can injure you during an earthquake.
BeRedCrossReady and check out their Earthquake Safety Checklist.
55% Favor Repeal of Health Care Bill
Just before the House of Representatives passed sweeping health care legislation last Sunday, 41% of voters nationwide favored the legislation while 54% were opposed. Now that President Obama has signed the legislation into law, most voters want to see it repealed.
The latest Rasmussen Reports national telephone survey, conducted on the first two nights after the president signed the bill, shows that 55% favor repealing the legislation. Forty-two percent (42%) oppose repeal. Those figures include 46% who Strongly Favor repeal and 35% who Strongly Oppose it.
In terms of Election 2010, 52% say they’d vote for a candidate who favors repeal over one who does not. Forty-one percent (41%) would cast their vote for someone who opposes repeal.
Not surprisingly, Republicans overwhelmingly favor repeal while most Democrats are opposed. Among those not affiliated with either major party, 59% favor repeal, and 35% are against it.
Read Full Story:
The latest Rasmussen Reports national telephone survey, conducted on the first two nights after the president signed the bill, shows that 55% favor repealing the legislation. Forty-two percent (42%) oppose repeal. Those figures include 46% who Strongly Favor repeal and 35% who Strongly Oppose it.
In terms of Election 2010, 52% say they’d vote for a candidate who favors repeal over one who does not. Forty-one percent (41%) would cast their vote for someone who opposes repeal.
Not surprisingly, Republicans overwhelmingly favor repeal while most Democrats are opposed. Among those not affiliated with either major party, 59% favor repeal, and 35% are against it.
Read Full Story:
March 24, 2010
March 23, 2010
Majority of Americans Disaprrove of Health Care Bill
According to a recent Rasmussen Poll 53% of Americans disapproved the Health Care Bill and yet here we have it.
CNN's Research Opinion Poll has the number as high as 59%.
If the majority of Americans disapproved of this bill and the Democratic majority still passed the it, who's interest are they really serving?
As Obama stands in front of the camera's smiling championing his victory his approval rating is falling out of orbit, down to 43%.
Now maybe I fell asleep in government class but I was under the impression that in a Democracy the elected officials served the will of the people.
As I watch the all the commentators on MSM go back and forth with politicians on both sides I see two issues getting fused together in order to support this bill:
1. This bill provides Health Care to 32 million Americans.
2. It provides legal boundaries that the insurance companies can't go outside of.
Ok, to me both of these are reasonable and they do help people, no doubt about it. However, the thing I think most supporters don't look at is the mandate. Why not let individual people opt? If you need it or want it good, go get it. But for those who don't want it shouldn't they be allowed to opt out? Isn't this apart of the freedom that makes America, well...America? Isn't this apart of that freedom we go all over the globe to protect and establish, topple governments to enforce, over throw dictators to establish?
How can we go anywhere in the world and tell people we're fighting for freedom and democracy when we the majority at home yell a big collective, "NO" and the government still says "yes".
CNN's Research Opinion Poll has the number as high as 59%.
If the majority of Americans disapproved of this bill and the Democratic majority still passed the it, who's interest are they really serving?
As Obama stands in front of the camera's smiling championing his victory his approval rating is falling out of orbit, down to 43%.
Now maybe I fell asleep in government class but I was under the impression that in a Democracy the elected officials served the will of the people.
As I watch the all the commentators on MSM go back and forth with politicians on both sides I see two issues getting fused together in order to support this bill:
1. This bill provides Health Care to 32 million Americans.
2. It provides legal boundaries that the insurance companies can't go outside of.
Ok, to me both of these are reasonable and they do help people, no doubt about it. However, the thing I think most supporters don't look at is the mandate. Why not let individual people opt? If you need it or want it good, go get it. But for those who don't want it shouldn't they be allowed to opt out? Isn't this apart of the freedom that makes America, well...America? Isn't this apart of that freedom we go all over the globe to protect and establish, topple governments to enforce, over throw dictators to establish?
How can we go anywhere in the world and tell people we're fighting for freedom and democracy when we the majority at home yell a big collective, "NO" and the government still says "yes".
Wachovia Pays $160 Million to Settle Drug Money Probe
Wachovia Bank has agreed to pay $160 million to settle U.S. charges that it failed to stop more than $100 million of Colombian and Mexican drug traffickers' money being laundered through accounts at the bank, U.S. authorities said Wednesday.
March 17, 2010 MIAMI, - Wachovia Bank has agreed to pay $160 million to settle U.S. charges that it failed to stop more than $100 million of Colombian and Mexican drug traffickers' money being laundered through accounts at the bank, U.S. authorities said Wednesday.
The deferred prosecution agreement announced in Miami, which included a $50 million fine to be paid to the U.S. Treasury, was the largest penalty ever imposed for a violation of the U.S. Bank Secrecy Act, U.S. Attorney for the Southern District of Florida Jeffrey H. Sloman told reporters.
Sloman said a "systematic" failure by Wachovia, now a unit of Wells Fargo & Co , to maintain effective anti-money laundering (AML) controls had led to more than $400 billion in unmonitored funds being channelled to accounts at the bank between 2004 and 2007 by currency exchange houses in Mexico, mostly through wire transfers
He added this money included millions of dollars that were used by Mexican and Colombian cartels to purchase airplanes in the United States for cross-border drug trafficking operations, according to a U.S. investigation lasting more than four years, which also involved the Drug Enforcement Administration (DEA).
Read More:
March 22, 2010
Greek economy 'to worsen' in 2010
Greece's economy is in a "vicious circle" and will contract more severely than the government says, according to the country's central bank.The Bank of Greece (BoG) said economic output in 2010 will fall by 2%, worse than the government's prediction of between 1.2% and 1.7%.
BoG says the recession will be worse due to planned public spending cuts.
The report comes ahead of a European Union summit which may discuss Greece's economic crisis.
BoG said that it approves of Athens' strategy to bring down the country's budget deficit, but that the impact will be worse than first thought.
"The Greek economy has fallen into a vicious circle with only one way out: the drastic reduction of the deficit and debt," the Bank's annual monetary policy report says.
The report warned that the eurozone's economic recovery remains fragile, having relied to a large extent on fiscal stimulus, which must gradually be reversed as it is leading to large budget deficits.
The report said: "The economic policy that has been announced is the start of this effort.
"Its efficient implementation will lead to a virtuous circle that will bring the Greek economy back on a sustainable growth orbit."
European aid
Greece's budget deficit last year was 12.9% of GDP, more than four times the limit under eurozone rules.
There have been conflicting reports about whether eurozone countries will discuss Greece's plight at a summit on Thursday.
Germany has irritated some of its European partners with its opposition to a financial aid to help Greece overcome its debt crisis, believing that Athens itself can solve the problem.
German Chancellor Angela Merkel told Greek Prime Minister George Papandreou on Sunday that the European Union was ready to "do what is necessary to preserve the stability of the eurozone".
Yet, in a radio interview, she said she opposed any move by EU leaders to take a firm decision on the Greek question at Thursday's summit, as Greece does not need money at the moment.
Financial markets have intensified pressure on Greece, which must refinance more than 50bn euros (£44.8bn) in debt this year, including more than 20bn euros by the end of May.
Athens must now pay roughly twice the interest that Germany does to borrow money, and has asked the EU to either guarantee loans or lend money outright if Greece cannot raise the funds it needs at reasonable rates.
Google Side-Steps China Censorship
Google Inc., following through on a promise to stop censoring search results in China, began redirecting traffic from its Chinese home page to the company’s unfiltered Hong Kong site, outside of mainland China.Google is "totally wrong" to stop censoring its searches, the official Xinhua news agency said after the announcement.
Google will offer uncensored results in simplified Chinese, designed for users on the mainland, according to a blog post today. The move follows a two-month dispute between the company and the Chinese government over censorship.
“The Chinese government has been crystal clear throughout our discussions that self-censorship is a non-negotiable legal requirement,” Google said on the blog. “We believe this new approach of providing uncensored search in simplified Chinese from Google.com.hk is a sensible solution to the challenges we’ve faced -- it’s entirely legal and will meaningfully increase access to information for people in China.”
The question now is whether China will block access to the site from the mainland, said Aaron Kessler, an analyst at Kaufman Brothers LP in San Francisco. The Hong Kong site isn’t subject to the same censorship requirements as mainland sites. For example, it was displaying several results on the search term “Tiananmen Square massacre” today.
While part of China, Hong Kong has a separate government and economy -- a legacy of its role as a British territory until 1997. At the time of the handover, China promised to preserve Hong Kong’s capitalist system and free press for another 50 years.
Read More:
Commentary on Health Care Reform
Let me start of by saying that I am not opposed to making health care available to more people or people who could not afford it otherwise.
However, I am against a mandate that says you will purchase a product. If the Dems want to make health care more available, more accessible, more cheaper, great! I'm all for it. I agree and applaud with not allowing insurance companies to drop people when they need coverage the most or denying people because they have preexisting conditions. I agree with allowing college students to stay on their parent insurance until they are 26.
What I don't agree with is a mandate to buy, the sleazy way Congress slid the bill through, or the way the bill will operate.
Instead of placing extra burdens on tax payers (who may or may not be employed)and businesses at a time when the economy is struggling to get out of a depression, they could have opted to regulate the insurance industry in the same way they regulate other public utilities.
Then there is the IRS aspect of the bill. So now, you'll have to include your health care coverage with your tax forms ever January. According to the Washington Examiner:
The Democrats' plan would require all Americans to have "acceptable" insurance coverage (the legislation includes long and complex definitions of "acceptable") and would designate the IRS as the agency charged with enforcing that requirement. On your yearly 1040 tax return, you would be required to attest that you have "acceptable" coverage. Of course, you might be lying, or simply confused about whether or not you are covered, so the IRS would need a way to check your claim for accuracy. Under current plans, insurers would be required to submit to the IRS something like the 1099 form in which taxpayers report outside income. The IRS would then check the information it receives from the insurers against what you have submitted on your tax form.
If it all matches up, you're fine. If it doesn't, you will hear from the IRS. And if you don't have "acceptable" coverage, you will be subject to substantial fines — fines that will be administered by the IRS.
Looking at this article something else comes to mind. Who's to say that the fines for not having "acceptable" insurance won't be $1000, $2000, or $5000 in the next 5 to 10 years?
On top of that you have companies like Walgreens who are refusing to accept any new Medicaid prescriptions because they're losing money. Doctors are Medicare patients or raising patient fees because of the cuts to Medicare to fund this new health care bill.
If the states Attorney Generals fail at their constitutionality challenge to this bill and the GOP can't get it repealed in November, then boys and girls we have officially crossed that plane into European style Socialism.
However, I am against a mandate that says you will purchase a product. If the Dems want to make health care more available, more accessible, more cheaper, great! I'm all for it. I agree and applaud with not allowing insurance companies to drop people when they need coverage the most or denying people because they have preexisting conditions. I agree with allowing college students to stay on their parent insurance until they are 26.
What I don't agree with is a mandate to buy, the sleazy way Congress slid the bill through, or the way the bill will operate.
Instead of placing extra burdens on tax payers (who may or may not be employed)and businesses at a time when the economy is struggling to get out of a depression, they could have opted to regulate the insurance industry in the same way they regulate other public utilities.
Then there is the IRS aspect of the bill. So now, you'll have to include your health care coverage with your tax forms ever January. According to the Washington Examiner:
The Democrats' plan would require all Americans to have "acceptable" insurance coverage (the legislation includes long and complex definitions of "acceptable") and would designate the IRS as the agency charged with enforcing that requirement. On your yearly 1040 tax return, you would be required to attest that you have "acceptable" coverage. Of course, you might be lying, or simply confused about whether or not you are covered, so the IRS would need a way to check your claim for accuracy. Under current plans, insurers would be required to submit to the IRS something like the 1099 form in which taxpayers report outside income. The IRS would then check the information it receives from the insurers against what you have submitted on your tax form.
If it all matches up, you're fine. If it doesn't, you will hear from the IRS. And if you don't have "acceptable" coverage, you will be subject to substantial fines — fines that will be administered by the IRS.
Looking at this article something else comes to mind. Who's to say that the fines for not having "acceptable" insurance won't be $1000, $2000, or $5000 in the next 5 to 10 years?
On top of that you have companies like Walgreens who are refusing to accept any new Medicaid prescriptions because they're losing money. Doctors are Medicare patients or raising patient fees because of the cuts to Medicare to fund this new health care bill.
If the states Attorney Generals fail at their constitutionality challenge to this bill and the GOP can't get it repealed in November, then boys and girls we have officially crossed that plane into European style Socialism.
Attoneys General Sue To Stop Health Care Bill
David Goodhue - AHN News Reporter
Washington, DC, United States (AHN) - Attorneys general in several states have announced they will file a lawsuit to challenge the health care system overhaul that passed the U.S. House of Representatives Sunday night.
Florida Attorney General Bill McCollum joined at least nine other attorneys general who announced plans to challenge the constitutionality of the bill, which passed along party lines 219 to 212. No Republican voted for the bill.
McCollum is also a candidate for governor of Florida. He is expected to hold a press conference Monday to discuss the lawsuit.
McCollum said Sunday night that the bill is unconstitutional because it forces people to have health insurance. He said the bill also violates states’ sovereignty.
Attorneys general from South Carolina, Nebraska, Texas, Utah, Pennsylvania, Washington, North Dakota and South Dakota also said they would sue to repeal the bill.
Washington, DC, United States (AHN) - Attorneys general in several states have announced they will file a lawsuit to challenge the health care system overhaul that passed the U.S. House of Representatives Sunday night.
Florida Attorney General Bill McCollum joined at least nine other attorneys general who announced plans to challenge the constitutionality of the bill, which passed along party lines 219 to 212. No Republican voted for the bill.
McCollum is also a candidate for governor of Florida. He is expected to hold a press conference Monday to discuss the lawsuit.
McCollum said Sunday night that the bill is unconstitutional because it forces people to have health insurance. He said the bill also violates states’ sovereignty.
Attorneys general from South Carolina, Nebraska, Texas, Utah, Pennsylvania, Washington, North Dakota and South Dakota also said they would sue to repeal the bill.
March 21, 2010
Preppers in the news
Peoria mom is doing her best to prepare for the worst.
Lisa Bedford appears to be your average stay-at-home mom of two, driving her kids to archery practice in an SUV and selling Pampered Chef kitchen tools on the side. She hollers for 10-year-old Olivia and Andrew, 8, to come to the table and do math problems while she mills wheat to make her own bread. Dad is at work, and the family's four dogs, one cat and the turtle in a glass aquarium are napping.
It's Bedford's T-shirt that gives her away: "Survival is a mom's job," it says. The T's are for sale on her Web site, thesurvivalmom.com, where she gives practical advice on preparing families for the worst.
Bedford began stockpiling canned food, laundry detergent and toilet paper almost two years ago, converting a spare bedroom into a giant pantry. The silver shelves are stocked better than a convenience store, with pyramids of canned food, sacks of rice and wheat, and boxes of cereal, oatmeal and pasta.
All four family members know how to shoot guns, and they practice regularly at the shooting range. And in the back of her SUV is a 72-hour emergency kit - a plastic container filled with power bars and beef jerky, blankets, medicine, tools, water-purification kit and flashlights. She knows how to get out of the city in a hurry, using old country roads instead of what would likely be crowded freeways.
"If we ever have to bug out, we're ready," Bedford says. She even has the kids' textbooks downloaded on her Kindle.
'General uneasiness'
The 49-year-old woman isn't one of those wacky people with a bunker in the backyard who thinks the world is coming to an end. The only camouflage in sight is Olivia's headband. Bedford worries more about the fallout of a shaky economy than about a terrorist attack, civil unrest or a natural disaster.
"I just feel a general uneasiness about what is happening in the world today," she says.
And no, she says, she's not a Mormon; she attends a non-denominational church. (Some religious groups, including the Church of Jesus Christ of Latter-day Saints, have long recommended that members store a year's worth of food and supplies, not only in the event of an emergency but also for hard times.)
Her husband, Stephen, works as an electrical contractor. These days, jobs are fewer and farther between. Lisa, a former teacher, homeschools her children and, before the economy turned sour, booked as many as eight home parties a month to sell kitchen gear. Bookings now, however, have dropped to two or three a month.
Lisa has friends who have lost their jobs and homes. And seeing how the government handled Hurricane Katrina in 2005, she didn't think she could depend on anyone but herself to help her family in the event of a disaster.
She's not anti-government: "Just because I have a lot of soup stored up is not an indictment of President Obama." An American flag flies outside her home.
If she lived back East, she'd be preparing for snowstorms. In Florida, she'd get ready for hurricanes. In Arizona, she worries most about a prolonged power outage in the summer. The more she talks, the more sense she makes. Would you have flashlights and enough batteries on hand? Propane gas for cooking?
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Lisa Bedford appears to be your average stay-at-home mom of two, driving her kids to archery practice in an SUV and selling Pampered Chef kitchen tools on the side. She hollers for 10-year-old Olivia and Andrew, 8, to come to the table and do math problems while she mills wheat to make her own bread. Dad is at work, and the family's four dogs, one cat and the turtle in a glass aquarium are napping.
It's Bedford's T-shirt that gives her away: "Survival is a mom's job," it says. The T's are for sale on her Web site, thesurvivalmom.com, where she gives practical advice on preparing families for the worst.
Bedford began stockpiling canned food, laundry detergent and toilet paper almost two years ago, converting a spare bedroom into a giant pantry. The silver shelves are stocked better than a convenience store, with pyramids of canned food, sacks of rice and wheat, and boxes of cereal, oatmeal and pasta.
All four family members know how to shoot guns, and they practice regularly at the shooting range. And in the back of her SUV is a 72-hour emergency kit - a plastic container filled with power bars and beef jerky, blankets, medicine, tools, water-purification kit and flashlights. She knows how to get out of the city in a hurry, using old country roads instead of what would likely be crowded freeways.
"If we ever have to bug out, we're ready," Bedford says. She even has the kids' textbooks downloaded on her Kindle.
'General uneasiness'
The 49-year-old woman isn't one of those wacky people with a bunker in the backyard who thinks the world is coming to an end. The only camouflage in sight is Olivia's headband. Bedford worries more about the fallout of a shaky economy than about a terrorist attack, civil unrest or a natural disaster.
"I just feel a general uneasiness about what is happening in the world today," she says.
And no, she says, she's not a Mormon; she attends a non-denominational church. (Some religious groups, including the Church of Jesus Christ of Latter-day Saints, have long recommended that members store a year's worth of food and supplies, not only in the event of an emergency but also for hard times.)
Her husband, Stephen, works as an electrical contractor. These days, jobs are fewer and farther between. Lisa, a former teacher, homeschools her children and, before the economy turned sour, booked as many as eight home parties a month to sell kitchen gear. Bookings now, however, have dropped to two or three a month.
Lisa has friends who have lost their jobs and homes. And seeing how the government handled Hurricane Katrina in 2005, she didn't think she could depend on anyone but herself to help her family in the event of a disaster.
She's not anti-government: "Just because I have a lot of soup stored up is not an indictment of President Obama." An American flag flies outside her home.
If she lived back East, she'd be preparing for snowstorms. In Florida, she'd get ready for hurricanes. In Arizona, she worries most about a prolonged power outage in the summer. The more she talks, the more sense she makes. Would you have flashlights and enough batteries on hand? Propane gas for cooking?
Read More:
March 19, 2010
Idaho's plan to downgrade the dollar
With only one state representative dissenting, the Idaho House State Affairs committee voted on Monday to endorse HB 633, a bill that would allow Idaho citizens to pay their state taxes with an official state silver medallion.
The news comes just a month after a South Carolina legislator introduced a bill seeking to ban Federal currency altogether, and replace the upstart greenback with gold or silver coins. A half-dozen other states have considered similar legislation, reports the Tenth Amendment Center. But there's a key difference between the Idaho plan and the bills proposed in other states, most of which fall somewhere on a spectrum ranging from Tea Party rage to Ron Paul goldbug-ism. (The South Carolina bill, for example, claims that "the State is experiencing an economic crisis of severe magnitude caused in large part by the unconstitutional substitution of Federal Reserve Notes for silver and gold coin as legal tender in this State.")
In contrast, the sponsor of the Idaho bill, Republican Phil Hart, seems to be marshalling wide support by crafting legislation that is straight out industrial policy aimed at boosting Idaho's silver industry. The text of the bill is quite clear.
The intent of this act is to use the abundant silver resources of the state of Idaho to create a means whereby the people of Idaho can pay their taxes to the state using silver mined from the ground of Idaho, processed in Idaho and finally minted into a medallion in Idaho. It is the intent of the Legislature to create mining jobs in Idaho while giving the people of Idaho a means to store their wealth in a precious metal that is immune from the effects of inflation while complying with the mandates of our federal Constitution.
The Idaho bill therefore incorporates tax incentives for silver processors located in Idaho.
From The Idaho Reporter:
That, Hart believes, could bring hundreds, if not thousands of jobs to the state. In conjunction with the creation of the medallion, Hart's bill would also try to lure silver processing companies to Idaho, and in particular, north Idaho, which, according to Hart, was once called "the silver capital of the world." The bill would give companies that come to Idaho to process silver for the medallion a 10-year exemption from income taxes, as well as property taxes. The exemption would be open for 20 years and would sunset after that period of time.
Hart believes one of the advantages of silver is that it would resist inflationary pressure better than paper money. But since states aren't allowed to mint their own money, the value of the silver medallion will have to fluctuate according to market forces. In just the last ten years, the value of an ounce of silver has zig-zagged between four and twenty dollars.
Source: Salon.com
The news comes just a month after a South Carolina legislator introduced a bill seeking to ban Federal currency altogether, and replace the upstart greenback with gold or silver coins. A half-dozen other states have considered similar legislation, reports the Tenth Amendment Center. But there's a key difference between the Idaho plan and the bills proposed in other states, most of which fall somewhere on a spectrum ranging from Tea Party rage to Ron Paul goldbug-ism. (The South Carolina bill, for example, claims that "the State is experiencing an economic crisis of severe magnitude caused in large part by the unconstitutional substitution of Federal Reserve Notes for silver and gold coin as legal tender in this State.")
In contrast, the sponsor of the Idaho bill, Republican Phil Hart, seems to be marshalling wide support by crafting legislation that is straight out industrial policy aimed at boosting Idaho's silver industry. The text of the bill is quite clear.
The intent of this act is to use the abundant silver resources of the state of Idaho to create a means whereby the people of Idaho can pay their taxes to the state using silver mined from the ground of Idaho, processed in Idaho and finally minted into a medallion in Idaho. It is the intent of the Legislature to create mining jobs in Idaho while giving the people of Idaho a means to store their wealth in a precious metal that is immune from the effects of inflation while complying with the mandates of our federal Constitution.
The Idaho bill therefore incorporates tax incentives for silver processors located in Idaho.
From The Idaho Reporter:
That, Hart believes, could bring hundreds, if not thousands of jobs to the state. In conjunction with the creation of the medallion, Hart's bill would also try to lure silver processing companies to Idaho, and in particular, north Idaho, which, according to Hart, was once called "the silver capital of the world." The bill would give companies that come to Idaho to process silver for the medallion a 10-year exemption from income taxes, as well as property taxes. The exemption would be open for 20 years and would sunset after that period of time.
Hart believes one of the advantages of silver is that it would resist inflationary pressure better than paper money. But since states aren't allowed to mint their own money, the value of the silver medallion will have to fluctuate according to market forces. In just the last ten years, the value of an ounce of silver has zig-zagged between four and twenty dollars.
Source: Salon.com
March 18, 2010
Republicans assail IRS provision in health care bill
"The bill would allow the IRS to confiscate refunds if there are penalties for not buying health care".
House Ways and Means Republicans on Thursday assailed a provision in the proposed health care reform bill under consideration this week.
Subcommittee on Oversight ranking member Charles Boustany (R-La.) said the IRS provision in the bill "dangerously expands, in an ominous way the tentacles of the IRS and it's reach into every American family," he said today during a press conference.
"This is a vast expanse of power," he said.
Boustany said the bill would allow the IRS to confiscate refunds if there are penalties for not buying health care.
Lawmakers have questioned whether the IRS can handle the increased workload to oversee, administer and collect penalties for people who don't buy health insurance.
"This is increasing tax liability and tax scrutiny," said Rep. Peter Roskam (R-Ill.).
Ranking member Dave Camp (R-Mich.) said many Americans have already rejected the call for health care reform for other reasons and an expansion of the IRS should only add to call to "kill the bill."
Read More:
House Ways and Means Republicans on Thursday assailed a provision in the proposed health care reform bill under consideration this week.
Subcommittee on Oversight ranking member Charles Boustany (R-La.) said the IRS provision in the bill "dangerously expands, in an ominous way the tentacles of the IRS and it's reach into every American family," he said today during a press conference.
"This is a vast expanse of power," he said.
Boustany said the bill would allow the IRS to confiscate refunds if there are penalties for not buying health care.
Lawmakers have questioned whether the IRS can handle the increased workload to oversee, administer and collect penalties for people who don't buy health insurance.
"This is increasing tax liability and tax scrutiny," said Rep. Peter Roskam (R-Ill.).
Ranking member Dave Camp (R-Mich.) said many Americans have already rejected the call for health care reform for other reasons and an expansion of the IRS should only add to call to "kill the bill."
Read More:
Deutsche Bank, JPMorgan, UBS Are Charged With Fraud
March 17 (Bloomberg) -- Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan.
Judge Simone Luerti scheduled the trial of the four firms, 11 bankers and two former city officials for May 6, Prosecutor Alfredo Robledo said after a hearing in Milan today. The banks allegedly misled the city over swaps that adjusted interest payments on 1.7 billion euros ($2.3 billion) of bonds sold in 2005.
Prosecutors across Italy are investigating banks as local and national government agencies face potential losses of 2.5 billion euros on derivatives, lawyers say. The Milan probe may also affect cases as far away as the U.S., where securities firms have faced charges for price-fixing and bid-rigging in the sale of derivatives to municipalities, though not for fraud, according to former regulator Christopher “Kit” Taylor.
“This case could have repercussions over here if the trial showed deliberate intent,” said Taylor, a former executive director of the Municipal Securities Rulemaking Board, the national regulator of the municipal-bond market. “What happened in Europe was the continuation of a pattern in the U.S.”
JPMorgan is “vigorously” defending its position against the charges, the New York-based firm said in a statement. “The employees involved in the transactions acted with the highest degree of professionalism and entirely appropriately.”
‘No Criminal Plot’
UBS and “its exponents are confident that they will be able to demonstrate, in the course of the trial, that no criminal plot was conceived,” the Zurich-based bank said in a separate statement.
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Judge Simone Luerti scheduled the trial of the four firms, 11 bankers and two former city officials for May 6, Prosecutor Alfredo Robledo said after a hearing in Milan today. The banks allegedly misled the city over swaps that adjusted interest payments on 1.7 billion euros ($2.3 billion) of bonds sold in 2005.
Prosecutors across Italy are investigating banks as local and national government agencies face potential losses of 2.5 billion euros on derivatives, lawyers say. The Milan probe may also affect cases as far away as the U.S., where securities firms have faced charges for price-fixing and bid-rigging in the sale of derivatives to municipalities, though not for fraud, according to former regulator Christopher “Kit” Taylor.
“This case could have repercussions over here if the trial showed deliberate intent,” said Taylor, a former executive director of the Municipal Securities Rulemaking Board, the national regulator of the municipal-bond market. “What happened in Europe was the continuation of a pattern in the U.S.”
JPMorgan is “vigorously” defending its position against the charges, the New York-based firm said in a statement. “The employees involved in the transactions acted with the highest degree of professionalism and entirely appropriately.”
‘No Criminal Plot’
UBS and “its exponents are confident that they will be able to demonstrate, in the course of the trial, that no criminal plot was conceived,” the Zurich-based bank said in a separate statement.
Read More:
'Wall Street' sequel is an omen of U.S. collapse
He says he can't predict the future. Don't believe him: Even if he's unaware of his "source," it's stirring again, rising from deep in what Carl Jung would call the "collective unconscious" of the "American Soul," warning us again of a collapse, using Stone as a stock trader's "alert."
Wake up Wall Street: You're getting the biggest market timing signal of 2010!
Seriously, why now? Why after 23 years, did Stone decide to update the message of his famous 1987 movie. Great question: The interviewer was Michael Lewis, former Salomon trader, author of "Liar's Poker," a guy who understands Wall Street's soul.
Stone's answer is in "Greed Never Left," Lewis' Vanity Fair review of Stone's new movie, "Wall Street: Money Never Sleeps." Stone had to think about it: "Why did I go back?" Why? "Because it's important. It's the collapse of capitalism and the collapse of our society. It is. Our way of life is going to change."
The collapse of capitalism? Not just a stock market crash. He's predicting the "collapse of our society." Worse, Stone's predicting: "Our way of life is going to change." Is this really a market-timing signal? Hey, it was in 1987. Will history repeat? The odds say yes.
Remember Stone's predictions when you see the sequel, "Wall Street: Money Never Sleeps." Lewis says Stone's goal is not just to entertain you for a couple hours then send you back home to continue denying everything Wall Street's fat-cat bankers, the real Gordon Gekkos, are doing every day to destroy capitalism, destroy democracy, destroy your retirement portfolio.
No, Oliver Stone, the All-American filmmaker of "Born on the Fourth of July," "Platoon," "JFK," "Nixon," "W" and "World Trade Center" has a message ... wake up America, you're sleepwalking.
America is unprepared for the coming disaster
Stone's message is clear and powerful: You're ignoring the coming collapse of capitalism ... of our society ... collapse of America. We are ignoring the end of our experiment in democracy. We are unprepared ... "our way of life is going to change." Wake up.
Unfortunately, Stone's voice will likely be as ineffective in 2010 as in 1987. Few listen. Since the first film we've had bigger bubbles, bigger busts. Remember the Asian-Russian crises of 1997-98? Dot-coms in 2000? Subprime meltdown of 2007-08?
"Oliver Stone's 1987 Wall Street succeeded brilliantly in capturing a culture," says Lewis, "and failed miserably as a call for change. To the director's dismay, thousands of financial hotshots dreamed of becoming Gordon Gekko." It was like a recruiting poster for financial terrorists.
Why? Wall Street insiders and Main Street day traders are by nature optimists and opportunists. It's in their DNA. The love crises and volatility. Like the bomb-squad experts in "Hurt Locker," they race into the kill zone. This is a game to traders. They love the hunt, the thrill, the adrenaline rush ... they have to minimize the risks, deny the danger and ignore the consequences as they rush in to capture the moment.
Seriously: Lewis says "Michael Douglas often expresses his astonishment at the many Wall Street males who have sought him out in public places just to say, 'Man, I want to tell you, you are the single biggest reason I got into the business. I watched Wall Street, and I wanted to be Gordon Gekko.' The film's equally perplexed screenwriter, Stanley Weiser, has made the same point, in a different way. 'We wanted to capture the hyper-materialism of the culture,' he said. 'That was always the intent of the movie. Not to make Gordon Gekko a hero.'" Remember, greed never left ... greed never will leave.
Read More:
Wake up Wall Street: You're getting the biggest market timing signal of 2010!
Seriously, why now? Why after 23 years, did Stone decide to update the message of his famous 1987 movie. Great question: The interviewer was Michael Lewis, former Salomon trader, author of "Liar's Poker," a guy who understands Wall Street's soul.
Stone's answer is in "Greed Never Left," Lewis' Vanity Fair review of Stone's new movie, "Wall Street: Money Never Sleeps." Stone had to think about it: "Why did I go back?" Why? "Because it's important. It's the collapse of capitalism and the collapse of our society. It is. Our way of life is going to change."
The collapse of capitalism? Not just a stock market crash. He's predicting the "collapse of our society." Worse, Stone's predicting: "Our way of life is going to change." Is this really a market-timing signal? Hey, it was in 1987. Will history repeat? The odds say yes.
Remember Stone's predictions when you see the sequel, "Wall Street: Money Never Sleeps." Lewis says Stone's goal is not just to entertain you for a couple hours then send you back home to continue denying everything Wall Street's fat-cat bankers, the real Gordon Gekkos, are doing every day to destroy capitalism, destroy democracy, destroy your retirement portfolio.
No, Oliver Stone, the All-American filmmaker of "Born on the Fourth of July," "Platoon," "JFK," "Nixon," "W" and "World Trade Center" has a message ... wake up America, you're sleepwalking.
America is unprepared for the coming disaster
Stone's message is clear and powerful: You're ignoring the coming collapse of capitalism ... of our society ... collapse of America. We are ignoring the end of our experiment in democracy. We are unprepared ... "our way of life is going to change." Wake up.
Unfortunately, Stone's voice will likely be as ineffective in 2010 as in 1987. Few listen. Since the first film we've had bigger bubbles, bigger busts. Remember the Asian-Russian crises of 1997-98? Dot-coms in 2000? Subprime meltdown of 2007-08?
"Oliver Stone's 1987 Wall Street succeeded brilliantly in capturing a culture," says Lewis, "and failed miserably as a call for change. To the director's dismay, thousands of financial hotshots dreamed of becoming Gordon Gekko." It was like a recruiting poster for financial terrorists.
Why? Wall Street insiders and Main Street day traders are by nature optimists and opportunists. It's in their DNA. The love crises and volatility. Like the bomb-squad experts in "Hurt Locker," they race into the kill zone. This is a game to traders. They love the hunt, the thrill, the adrenaline rush ... they have to minimize the risks, deny the danger and ignore the consequences as they rush in to capture the moment.
Seriously: Lewis says "Michael Douglas often expresses his astonishment at the many Wall Street males who have sought him out in public places just to say, 'Man, I want to tell you, you are the single biggest reason I got into the business. I watched Wall Street, and I wanted to be Gordon Gekko.' The film's equally perplexed screenwriter, Stanley Weiser, has made the same point, in a different way. 'We wanted to capture the hyper-materialism of the culture,' he said. 'That was always the intent of the movie. Not to make Gordon Gekko a hero.'" Remember, greed never left ... greed never will leave.
Read More:
March 17, 2010
Bank of England warns families to expect fall in living standards
In a blunt warning issued in a key report, the Bank also said that it is too early to conclude that unemployment has peaked.
It said that although thus far many workers had been willing to accept pay reductions, or reluctantly to work part-time, employees may have failed to realise that the costs of goods and services are likely to rise faster than their wages in coming months.
The Bank report said that one risk was that employees would be “unwilling to accept a further squeeze in real wage growth”, adding: “That could lead them to push for higher pay settlements this year. But if companies cannot afford the increase, then they may shed labour in order to contain labour costs.”
It said: “There remains a risk of further falls in employment if, for example, the recovery in demand proves more sluggish than businesses have expected. Businesses may respond to any future squeeze in profits by shedding staff.”
The warning comes amid worries that Britain could fall victim to a double-dip recession, slumping backwards no sooner than the economy had escaped it.
Such worries were reinforced further on Monday as a Bank policymaker and Monetary Policy Committee member Kate Barker conceded that the economy could shrink for a period this year.
It added that although most of its regional experts anticipate no major change in unemployment in the coming months, there is a significant chance that, with some companies vulnerable to demands from their creditors, businesses may feel they have no option other than to cut jobs further.
The report said this “may imply further redundancies if the economy does not grow sufficiently quickly.”
The report provides a “dose of realism” about the prospects for households and employment, according to John Philpott, chief economist of the Chartered Institute of Personnel and Development.
“As the Bank warns, the risk of further substantial job losses remains, especially if the economic recovery is as weak as most current indicators suggest,” he said.
“The likelihood of a 'jobs-light’ or, worse still, a 'jobs-loss’ recovery has been of concern to the CIPD for some time. What is equally sobering, however, is the Bank’s comment on another potential risk previously highlighted by the CIPD – that employees may be unwilling to accept the inevitability of a 'pay-tight’ recovery, with a squeeze on their real living standards.
“While pay restraint helped save jobs during the recession, the dawning realisation that this will have to continue for some considerable time if jobs are not to be lost during the recovery will test the goodwill of UK workers to the limit.”
In comments which are likely to irritate the Government, the Bank also pointed out that the public spending cuts pledged by both political parties would also weigh heavy on the jobs market.
Unemployment rose to 2.5 million during the recession, failing to reach the peaks of 3 million some economists had predicted. However, the Bank’s warning serves as a reminder that it is too early still to presume the worst has now passed for employment.
Source: London Telegraph
It said that although thus far many workers had been willing to accept pay reductions, or reluctantly to work part-time, employees may have failed to realise that the costs of goods and services are likely to rise faster than their wages in coming months.
The Bank report said that one risk was that employees would be “unwilling to accept a further squeeze in real wage growth”, adding: “That could lead them to push for higher pay settlements this year. But if companies cannot afford the increase, then they may shed labour in order to contain labour costs.”
It said: “There remains a risk of further falls in employment if, for example, the recovery in demand proves more sluggish than businesses have expected. Businesses may respond to any future squeeze in profits by shedding staff.”
The warning comes amid worries that Britain could fall victim to a double-dip recession, slumping backwards no sooner than the economy had escaped it.
Such worries were reinforced further on Monday as a Bank policymaker and Monetary Policy Committee member Kate Barker conceded that the economy could shrink for a period this year.
It added that although most of its regional experts anticipate no major change in unemployment in the coming months, there is a significant chance that, with some companies vulnerable to demands from their creditors, businesses may feel they have no option other than to cut jobs further.
The report said this “may imply further redundancies if the economy does not grow sufficiently quickly.”
The report provides a “dose of realism” about the prospects for households and employment, according to John Philpott, chief economist of the Chartered Institute of Personnel and Development.
“As the Bank warns, the risk of further substantial job losses remains, especially if the economic recovery is as weak as most current indicators suggest,” he said.
“The likelihood of a 'jobs-light’ or, worse still, a 'jobs-loss’ recovery has been of concern to the CIPD for some time. What is equally sobering, however, is the Bank’s comment on another potential risk previously highlighted by the CIPD – that employees may be unwilling to accept the inevitability of a 'pay-tight’ recovery, with a squeeze on their real living standards.
“While pay restraint helped save jobs during the recession, the dawning realisation that this will have to continue for some considerable time if jobs are not to be lost during the recovery will test the goodwill of UK workers to the limit.”
In comments which are likely to irritate the Government, the Bank also pointed out that the public spending cuts pledged by both political parties would also weigh heavy on the jobs market.
Unemployment rose to 2.5 million during the recession, failing to reach the peaks of 3 million some economists had predicted. However, the Bank’s warning serves as a reminder that it is too early still to presume the worst has now passed for employment.
Source: London Telegraph
Obama Supports DNA Sampling Upon Arrest
Josh Gerstein over at Politico sent Threat Level his piece underscoring once again President Barack Obama is not the civil-liberties knight in shining armor many were expecting.
Gerstein posts a televised interview of Obama and John Walsh of America’s Most Wanted. The nation’s chief executive extols the virtues of mandatory DNA testing of Americans upon arrest, even absent charges or a conviction. Obama said, “It’s the right thing to do” to “tighten the grip around folks” who commit crime.
When it comes to civil liberties, the Obama administration has come under fire for often mirroring his predecessor’s practices surrounding state secrets, the Patriot Act and domestic spying. There’s also Gitmo, Jay Bybee and John Yoo.
Now there’s DNA sampling. Obama told Walsh he supported the federal government, as well as the 18 states that have varying laws requiring compulsory DNA sampling of individuals upon an arrest for crimes ranging from misdemeanors to felonies. The data is lodged in state and federal databases, and has fostered as many as 200 arrests nationwide, Walsh said.
The American Civil Liberties Union claims DNA sampling is different from mandatory, upon-arrest fingerprinting that has been standard practice in the United States for decades.
A fingerprint, the group says, reveals nothing more than a person’s identity. But much can be learned from a DNA sample, which codes a person’s family ties, some health risks, and, according to some, can predict a propensity for violence.
The ACLU is suing California to block its voter-approved measure requiring saliva sampling of people picked up on felony charges. Authorities in the Golden State are allowed to conduct so-called “familial searching” — when a genetic sample does not directly match another, authorities start investigating people with closely matched DNA in hopes of finding leads to the perpetrator.
Do you wonder whether DNA sampling is legal?
The courts have already upheld DNA sampling of convicted felons, based on the theory that the convicted have fewer privacy rights. The U.S. Supreme Court has held that when conducting intrusions of the body during an investigation, the police need so-called “exigent circumstances” or a warrant. That alcohol evaporates in the blood stream is the exigent circumstance to draw blood from a suspected drunk driver without a warrant.
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Economic Tensions Escalating Between China and U.S.
WASHINGTON/BEIJING (Reuters) – China on Wednesday rejected criticism of its exchange rate policies and said it was being made a "scapegoat" after the U.S. Congress threatened to slap duties on Chinese goods unless it revalues its yuan.
Many U.S. lawmakers, with strong backing from economists, believe the yuan is undervalued by at least 25 percent, giving Chinese companies an unfair edge in trade -- one seen as more critical now that the U.S. economy is struggling to recover from the worst downturn since the 1930s.
The heat is rising quickly in the long-running dispute over China's exchange rate regime, with a bipartisan bill introduced on Tuesday in the U.S. Senate that aims to press Beijing to let its currency rise in value.
With key committees of the U.S. Congress setting hearings this month on the currency issue, the bill's co-author, Democratic Senator Charles Schumer, said his move to "wake up this administration" enjoyed broad support in Congress.
"The time is right. Everyone is fed up," he said.
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March 16, 2010
Rising food prices may start with seeds
Farmers say consolidation in the industry means they're forced to buy more costly seeds. But Monsanto, the world's largest seed firm, says competition 'is alive and flourishing.'
For 40 years, farmer Todd Leake and his family have battled bitter cold, hungry pests and a short growing season to coax soybeans out of their fields in eastern North Dakota.
The one thing they never had to fight for, though, was their seeds.
A decade ago, salesmen from as many as 50 seed companies would compete for their dollars. Each would promise healthier plants, richer yields or a better discount.
Today the Leakes have little choice: There are four seed companies in their area, and all sell seeds that include genetic traits patented and licensed by Monsanto Co., the world's largest seed firm.
"There's basically nothing else available," said Leake, 48. "You have to use their seeds and pay their prices."
The concerns of farmers such as Leake will take center stage in Ankeny, Iowa, on Friday as the Justice Department and U.S. Department of Agriculture kick off the first of a yearlong series of public meetings to examine whether antitrust practices in agriculture are driving food prices higher.
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