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Congratulations chumps! You are now on the hook for $303 Trillion in Derivatives

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wage slave

Congratulations chumps! You are now on the hook for $303 Trillion in Derivatives

Daily Kos 12/15/14

Before Glass-Steagall was repealed in 1999, Wall Street was on the hook for bad bets with derivatives. During the real estate bubble the taxpayer was on the hook for these casino chips.

Then came the 2008 meltdown and Dodd-Frank was pushed through. The taxpayer was off the hook for six years. But now Congress rolled over for Wall Street and the taxpayer is on the hook again…..

Did Wall Street Need to Win the Derivatives Budget Fight to Hedge Against Oil Plunge?

naked capitalism 15 Dec 2014

Conventional wisdom among banking experts is that Wall Street’s successful fight last week to get a pet provision into the must-pass budget bill (or in political junkies’ shorthand, Cromnibus) as more a demonstration of power and a test for gutting Dodd Frank than a fight that mattered to them. But the provision they got in, which was to undo a portion of Dodd Frank that barred them from having taxpayer-backstopped deposits fund derivative positions, may prove to be more important than it seemed as the collateral damage from the 40% fall in oil prices hits investors and intermediaries….


Cromnibus Pension Provisions Gut Forty Years of Policy, Allow Existing Pensions to Be Slashed

naked capitalism 15 Dec 2014

The Kline-Miller amendment allows multi-employer pension benefits to be cut. Shouldn’t Warren Democrats be against that? ….

Congressional report: Did Certain Foreign Governments Facilitate 9/11 ?

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A Congressional report titled “Finding, Discussion and Narrative Regarding Certain Sensitive National Security Matters” … has gotten zip coverage by the media. This report can be read only by heads of Senate and House intelligence committees and, with their permission, by Members of Congress who are carefully guarded and not allowed to take notes.


Did Certain Foreign Governments Facilitate the 9/11 Attacks?

…….”One or more foreign governments,” eh? Who in the Middle East – or anywhere else, for that matter – are among “those whom we thought we could trust”? That doesn’t sound like the Saudis to me. Would anyone really be surprised or “disappointed” to learn that they were playing games behind our back?

[Kentucky’s 4th district] Rep. Thomas Massie’s statement is even more revealing: “I had to stop every two or three pages and rearrange my perception of history. And it’s that fundamental – those 28 pages ….It certainly changes your view of the Middle East.”…

read entire article here

6 Palestinian youths ‘executed’ in Gaza town- and other atrocities

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lady liberty weeps

Israel ‘executed’ 6 Palestinian youths in Gaza town: Witnesses tell Al Jazeera six youths were taken to a bathroom in a house in Khuzaa and were murdered by Israeli forces.

Two Palestinian protesters shot dead in West Bank:  Israeli forces in the West Bank have shot dead two Palestinian men during demonstrations against Israel’s aerial and ground offensive on the Gaza Strip. 

Scientist killed in Israeli shell attack on UN car in Gaza: Dr Bashir al-Hajjar died alongside his younger brother Muneer during the strike in Beer al-Naja in the north of the region. They were travelling in a marked United Nations Relief and Works Agency car when shells landed in front of it and on its bonnet. 


Israeli forces ‘open fire at ambulance’ amid clashes near Nablus: –  Israeli forces opened fire at an ambulance as it was bringing injured Palestinians from a site of clashes near Nablus to a nearby hospital, medics told Ma’an. 
Gaza – ‘the worst we have ever seen’ says MSF medical adviser:  “There is no safe place inside Gaza right now.”

Written by laudyms

August 2, 2014 at 1:52 pm

“System Change, Not Climate Change” -how to get there from here

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climate and capitalism

A Left Solution to Climate Change

Climate change is occurring with extreme rapidity. Recent news headlines warn us: “Earth Could Warm 11 Degrees by 2100,” “Huge Antarctic Ice Sheet Is Collapsing,” and “Climate Change Risks Security and Wars.” — and this is just the beginning.

Had extreme measures been inaugurated worldwide 20 years ago to sharply curtail reliance on fossil fuels, much of what we are now experiencing — unwelcome temperature change, dangerous storms, droughts, floods, etc. — would have been minimized. But to this day Washington is among the tiny minority of countries that have refused to ratify the basic UN document on climate change, the Kyoto Protocol.

The current stage of the climate crisis will afflict our Earth for innumerable generations to come, creating increasing havoc. Stage one will eventually transform to a crueler stage two later this century and other stages eventually unless severe measures are introduced immediately. We know the dire consequences for future generations if we fail to act immediately.

David Suzuki got it right when he said on the Bill Moyers PBS program this month: “Our politicians should be thrown in the slammer for willful blindness…. I think that we are being willfully blind to the consequences for our children and grandchildren. It’s an inter-generational crime.”

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Let Your Life Be a Friction to Stop the Machine! – a must watch video

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This Is A Must Watch Video

A brief and crucial history of the United States

“Liberty cannot be preserved without a general knowledge among the people” – John Adams – Second President – 1797 – 1801

Now is the first day of a new beginning.

Each one – Reach One- Each One – Teach One

Posted February 23, 2012 – Class War FilmsTranscript

Let Your Life Be a Friction to Stop the Machine

Nightmare and insanity are akin: mysterious and involuntary states that skew and distort objective reality. One wakens from nightmare; from insanity there is no awakening.

Whether Americans live in the one state or the other is the paramount question of this era.

For two hundred years Americans have been indoctrinated with a mythology created, imposed and sustained by a manipulating cabal: the financial elite that built its absolute control on the muscle and blood, good will, ignorance and credulity, of its citizenry.

America began with the invasion of a populated continent and the genocide of its native people. Once solidly established, it grafted enslavement of another race onto that base.

With those two pillars of state firmly in place it declared itself an independent nation in a document that nobly proclaimed the equality of all mankind.

In that act of monumental hypocrisy America’s myth had its beginning.

continue reading here

“There is a time when the operation of the machine becomes so odious, makes you so sick at heart, that you can’t take part; you can’t even passively take part, and you’ve got to put your bodies upon the gears and upon the wheels, upon the levers, upon all the apparatus, and you’ve got to make it stop. And you’ve got to indicate to the people who run it, to the people who own it, that unless you’re free, the machine will be prevented from working at all!”  –  Mario Savio – Sproul Hall, University of California, Berkeley on December 2, 1964.


Bugger the Bankers! official video

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Written by laudyms

March 25, 2014 at 9:37 am

Congress defaults, Obama struts, innocents will die

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  Watching the British House of Commons and Prime Minister debate the situation in Syria and decide their course in full public view puts our own withdrawal from any form of democracy in stark contrast.

Congress continues to default on their sworn duty, lazes on vacation and relies on former actions taken to avoid responsibility. Members refuse to take their role in Constitutional government seriously, while the Executive has assumed dictatorial powers.

Any attack on Syria (vile as it may be) without Congressional action  is an act of War, and clearly illegal. The fact that former presidents have made similar moves changes nothing. There is no clear objective in Syria at this time beyond Obama’s face saving, which only makes the situation more craven and self-serving.


Written by laudyms

August 30, 2013 at 6:00 am


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