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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Before Glass-Steagall was repealed in 1999, Wall Street was on the hook for bad bets with derivatives.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.

Friday, August 29, 2014 INFORMATION CLEARING HOUSE (ICH)

Did Certain Foreign Governments Facilitate the 9/11 Attacks?

By JUSTIN RAIMONDO
…….”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.

NO TO WAR IN SYRIA

Written by laudyms

August 30, 2013 at 6:00 am

You think you have free speech? just try to use it…..

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Bank of America
by jonathanturley      6/26/13

banksters

Jeff Olson, 40, is facing a potential 13-year jail sentence for perhaps the world’s most costly sidewalk art. A former aide to the U.S. Senator from Washington, Olson used water-soluble statements like “Stop big banks,” and “Stop Bank Blight.com” outside Bank of America branches last year to protest the company’s practices. He eventually gave up his protest but prosecutors later brought 13 charges against him. Now a judge has reportedly banned his attorney from “mentioning the First Amendment, free speech, free expression, public forum, expressive conduct, or political speech during the trial.” It appears someone associated with Bank of American could finally go to jail, but it will not by the bank officials in the financial scandal. It is the guy writing slogans in chalk in the sidewalk.

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Jeffrey Sachs on the American Corporate State

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The Economist   Nov 12, 2011          

Homeward bound

How to turn America around

The Price of Civilisation: Reawakening American Virtue and Prosperity. By Jeffrey Sachs. Random House; 336 pages; $27. Published in Britain as “The Price of Civilisation: Economics and Ethics after the Fall”. Bodley Head; £20. Buy from Amazon.com, Amazon.co.uk

JEFFREY SACHS is an American economist best known for his prescriptions for economically diseased poor countries. The country he now considers most in need of his diagnostic gifts is his own. “Something has gone terribly wrong in the US economy, politics, and society in general,” Mr Sachs writes in “The Price of Civilisation”. American politicians are the stooges of corporations, he says. And American voters have been tranquillised into obesity by saturation advertising.

Such sentiments would appear unremarkable if spouted by an Occupy Wall Street protester. But Mr Sachs, a professor at Columbia University, is a respected, mainstream macroeconomist. Mr Sachs catalogues the familiar problems that beset the American economy: unemployment stuck at 9%, an exploding budget deficit, America ceding technological leadership to China, poorly educated American children.

But this is not principally a work of economics. Mr Sachs blames America’s problems on politics. In the 1960s, southerners began to desert the Democratic Party and Republicans began to build an insurmountable congressional barrier to more activist government, which Mr Sachs deeply regrets. He despises Barack Obama’s Democratic Party almost as much as he does Ronald Reagan’s Republicans: “On many days it seems that the only difference between the Republicans and Democrats is that Big Oil owns the Republicans while Wall Street owns the Democrats.” He is particularly scathing of the “revolving door” between Mr Obama’s administration and Wall Street.

The convergence between the parties, says Mr Sachs, has led to policies that systematically favour capital over labour, keep tax rates low on footloose multinational corporations and starve government programmes that benefit the poor and the unemployed. This, he claims, flies in the face of popular will: he cites polls that find the majority of Americans favour more activist government and higher taxes on the rich.

Mr Sachs’s analysis can be doctrinaire and one-dimensional, but it is almost always grounded in solid economics. Capital, he argues, has prospered more than labour during the era of globalisation. And America’s per head GDP is inflated by spending on an inefficient health-care system and the armed forces. Mr Sachs’s prescriptions are also admirably precise: the federal government should spend an additional 0.5% of GDP on worker training and the same again on early-childhood development; the top tax rate should be raised to 39.6%, which, neatly enough, he says, would raise the equivalent of 0.5% of GDP……….

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Serious health risks associated with GM food

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Institute for Responsible Technology    December, 2011

Genetically modified foods…….. Are they safe?

The American Academy of Environmental Medicine (AAEM) doesn’t think so. The Academy reported that “Several animal studies indicate serious health risks associated with GM food,” including infertility, immune problems, accelerated aging, faulty insulin regulation, and changes in major organs and the gastrointestinal system. The AAEM asked physicians to advise patients to avoid GM foods.

Before the FDA decided to allow GMOs into food without labeling, FDA scientists had repeatedly warned that GM foods can create unpredictable, hard-to-detect side effects, including allergies, toxins, new diseases, and nutritional problems. They urged long-term safety studies, but were ignored.

 

Since then, findings include:

  • Thousands of sheep, buffalo, and goats in India died after grazing on Bt cotton plants
  • Mice eating GM corn for the long term had fewer, and smaller, babies
  • More than half the babies of mother rats fed GM soy died within three weeks, and were smaller
  • Testicle cells of mice and rats on a GM soy change significantly
  • By the third generation, most GM soy-fed hamsters lost the ability to have babies
  • Rodents fed GM corn and soy showed immune system responses and signs of toxicity
  • Cooked GM soy contains as much as 7-times the amount of a known soy allergen
  • Soy allergies skyrocketed by 50% in the UK, soon after GM soy was introduced
  • The stomach lining of rats fed GM potatoes showed excessive cell growth, a condition that may lead to cancer.
  • Studies showed organ lesions, altered liver and pancreas cells, changed enzyme levels, etc.

Unlike safety evaluations for drugs, there are no human clinical trials of GM foods. The only published human feeding experiment revealed that the genetic material inserted into GM soy transfers into bacteria living inside our intestines and continues to function. This means that long after we stop eating GM foods, we may still have their GM proteins produced continuously inside us.  This could mean: Read the rest of this entry »