Finally, Wall Street gets put on trial: We can still hold the 0.1 percent responsible for tanking the economy
The Tea Party regards Barack Obama as a kind of devil figure, but when it comes to hunting down the fraudsters responsible for the economic disaster of the last six years, his administration has stuck pretty close to the Tea Party script. The initial conservative reaction to the disaster, you will recall, was to blame the crisis on the people at the bottom, on minorities and proletarians lost in an orgy of financial misbehavior. Sure enough, when taking on ordinary people who got loans during the real-estate bubble, the president's Department of Justice has shown admirable devotion to duty, filing hundreds of mortgage-fraud cases against small-timers. ...
...This is a difficult thing to understand--indeed, not understanding it is the stated reason Obama Administration officials have made no effort to send financiers to jail--so let us take this slowly. Executives at the mortgage origination companies got huge bonuses in those days for writing lots of loans. OK? They wanted to write more of them, and the only way to really crank out mortgages on a vast scale was by giving one to anyone who wanted one, regardless of their ability to pay, a feat that is only possible by means of the "liar's loan." So: Liar's loans = rich bankers. ... Read more
CQ Roll Call Unveils the 50 Richest Members of Congress
At the top of the list this year and last is Rep. Darrell Issa (R-CA) with a net worth of more than $350 million. Rounding out the Top 10 is Rep. Michael McCaul (R-TX), Rep. John Delaney (D-MD), Sen. Jay Rockefeller (D-WV), Sen. Mark Warner (D-VA), Rep. Jared Polis (D-CO), Sen. Richard Blumenthal (D-CT), Rep. Scott Peters (D-CA), Sen. Dianne Feinstein (D-CA), and Rep. Suzan DelBene (D-WA).
At the bottom of the Top 50 is Rep. Tom Rooney (R-FL) with a net worth of $7.47 million. Roll Call's Top 50 includes 30 Republicans and 20 Democrats, 35 House and 15 Senate members, and 41 men and 9 women. ... Read more50 Richest Members of Congress
Lindsey Graham Worries Islamic State Will Destroy Americans, Wipe Out Mankind
Sen. Lindsey Graham (R-S.C.) on Sunday slammed President Barack Obama's strategy for combating Islamic State militants and said the president needs to significantly step up military action against the terrorist group before it comes to the United States and "we all get killed."
In an interview on "Fox News Sunday," Graham said the Obama administration is "delusional" for thinking it can counter the Islamic State, a terrorist group in Syria sometimes called ISIS or ISIL, primarily through expanded air strikes and by training Syrians for ground combat.
"There's no way in hell you can form an army on the ground to go into Syria to destroy ISIL without a substantial American component," said Graham, a prominent war hawk on Capitol Hill. "This president needs to rise to the occasion before we all get killed back here at home." ... Read more
Why Scotland Has All The Leverage, In One Chart
As Scotland prepares to vote for or against Independence from the Union on Thursday, it appears everyone has an opinion on what may, what should and what will happen. At the basis of every such opinion is some basis in fact, misguided as it may be in most cases, about who has all the leverage, with the dominant one being that Scotland would make a horrendous mistake if it says goodbye to the UK and puts a border around what is currently a third of UK's landmass.
Some, such as Deutsche Bank, the bank that has the single greatest derivative exposure in the world and is therefore most leveraged to maintaining the status quo, saw its "Chief Economist & Member, Group Executive Committee, Deutsche Bank AG" David Folkerts-Landau personally put pen to paper on Friday and in rambling, demagogic terms, explain why it would be a "Wrong Turn" for Scotland to seek self-determination.
He says that, "A "Yes" vote for Scottish independence on Thursday would go down in history as a political and economic mistake as large as Winston Churchill's decision in 1925 to return the pound to the Gold Standard or the failure of the Federal Reserve to provide sufficient liquidity to the US banking system, which we now know brought on the Great Depression in the US. These decisions -- well-intentioned as they were -- contributed to years of depression and suffering and could have been avoided had alternative decisions been taken." ... Read more
DemocracyNow - http://www.democracynow.org/Democracy Now! U.S. and World News Headlines for Monday, September 15 [9:20]
DN | Is There a Diplomatic Solution to ISIS Crisis? U.S. Could Turn to Aid, Arms Embargo & Engaging Foes (09/15/14) [19:59]
DN | Who Pays the Pro-War Pundits? Conflicts of Interest Exposed for TV Guests Backing Military Action (09/15/14) [9:26]
DN | Underestimated and Ignored, Growing Ebola Epidemic Requires Unprecedented Global Mobilization (09/15/14) [15:32]
The Dollar as Petro Dollar, as a Reserve CurrencyThis video examines the history of the dollar, its relation to oil, and the real motives behind the wars of the past two decades. (older) [13:47]
TRNN News - http://therealnews.com/*TRNN | Though Senate Republicans have thwarted a constitutional amendment to rein in campaign contributions, Democrats can pursue alternative strategies to increase transparency without a supermajority (09/14/14) [8:33]
TRNN | The Economic Cost of the Fifty Day War Against Gaza (09/15/14) [16:28]
TRNN | Bill Black says: Attorney General Eric Holder must stop targeting minorities and instead focus on the mortgage fraud of banksters (09/15/14) [6:58]
TYT News - http://www.tytnetwork.com/*TYT | America Ruled By Wealthy Lords (09/13/14) [4:43]
TYT | Michael Moore Puts Obama's Legacy In Sad, Simple Terms (09/13/14) [6:41]
TYT | Wall Street's Lies Brought To Light In Court & The Result Stuns (09/13/14) [7:57]
TYT | Politician Forgets To Lie (09/13/14) [3:00]
Ring of Fire*RoF | Far Right Groups Pose Serious Security Threats (09/12/14) [10:57]
Environment | Climate Change | Better Management!IPCC | Climate Change 2014 Impacts, Adaptation and Vulnerability (04/04/14) [12:02]
The Billionaires*The rise and role of the new oligarchs and the decline of democracy in the United States (09/13/14) [47:38]
Exponential (hockey stick) growth
Of all the Dooms Day videos I have watched, this one effected me the most. Even though I'm sure he didn't intend his class lecture to be of that gendra, Professor Albert Bartlett has simplified the concept of Exponential Growth (Hockey Stick) down to easy enough terms so we can all be scared out of our wits.Albert Bartlett, professor emeritus of Physics at Univ of Colorado-Boulder, talks about how to view unfettered growth [1:13:54]
Give the above video a chance. Watch the first 10 minutes and see if it doesn't spark an interest. Professor Bartlett has an easy way of explaining exponential (hockey stick) growth that most of us don't understand.
National Debt*Demonocracyinfo | US Debt in Physical $100 bills [2:10]
Click to zoom - for bigger image
FED - Federal ReserveThe Federal Reserve Explained In 7 Minutes [7:06]
Click to zoom - for bigger image
Crash Course - Debt, Chp 13 [14:19]
Banksters | FED | Money | Debt*Mike Maloney | The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4 [29:34]
Derivatives*Brookley Born: Derivatives still a ticking time bomb! Sept 2011 () [11:42]
Click to zoom - for bigger image
*Derivatives Held by the Different Banks
*DN | All the President's Bankers: Nomi Prins on Secret History of Washington-Wall Street Collusion (04/08/14) [17:47], Part 2 [4:17]
Quarterly Report on Bank Derivatives Activities.pdf
OCC's Quarterly Report on Bank Trading and Derivatives Activities.pdf
How Billionaires Like the Koch Brothers, Sheldon Adelson and Sam Walton Are Destroying America
George Baer was a railroad and coal mining magnate at the turn of the twentieth century. Amid a violent and protracted strike that shut down much of the country's anthracite coal industry, Baer defied President Teddy Roosevelt's appeal to arbitrate the issues at stake, saying, "The rights and interests of the laboring man will be protected and cared for... not by the labor agitators, but by the Christian men of property to whom God has given control of the property rights of the country." To the Anthracite Coal Commission investigating the uproar, Baer insisted, "These men don't suffer. Why hell, half of them don't even speak English."
We might call that adopting the imperial position. Titans of industry and finance back then often assumed that they had the right to supersede the law and tutor the rest of America on how best to order its affairs. They liked to play God. It's a habit that's returned with a vengeance in our own time.
The Koch brothers are only the most conspicuous among a whole tribe of "self-made" billionaires who imagine themselves architects or master builders of a revamped, rehabilitated America. The resurgence of what might be called dynastic or family capitalism, as opposed to the more impersonal managerial capitalism many of us grew up with, is changing the nation's political chemistry. ... Read more
How to Build a Green Economy Without Sacrificing Jobs
Here is the fundamental challenge we confront with climate change. As of 2010, total annual greenhouse gas emissions were at 45 billion metric tons of mostly carbon dioxide (CO2), along with smaller amounts of methane, nitrous oxide and other gases. The Intergovernmental Panel on Climate Change (IPCC) estimates that to stabilize the global average temperature at its current level of around 60.3° Fahrenheit, which is 3.6° above the pre-industrial average of 56.7°, total emissions will need to fall by 40 percent by 2030, to 27 billion metric tons annually, and by 80 percent in 2050, to about 9 billion metric tons.
We are not on track to meet these goals. As long as global economic growth proceeds along roughly the trajectory it has taken over the past century, and especially the past fifty years, global emissions will not fall at all, but rather will rise over time as more and more fossil fuels -- oil, coal and natural gas -- are burned to meet increasing demands for energy. The greenhouse gas emissions generated by burning fossil fuels account for nearly 80 percent of all emissions. ... Read more
How Hillary Clinton's State Department Sold Fracking to the World
One icy morning in February 2012, Hillary Clinton's plane touched down in the Bulgarian capital, Sofia, which was just digging out from a fierce blizzard. Wrapped in a thick coat, the secretary of state descended the stairs to the snow-covered tarmac, where she and her aides piled into a motorcade bound for the presidential palace. That afternoon, they huddled with Bulgarian leaders, including Prime Minister Boyko Borissov, discussing everything from Syria's bloody civil war to their joint search for loose nukes. But the focus of the talks was fracking. The previous year, Bulgaria had signed a five-year, $68 million deal, granting US oil giant Chevron millions of acres in shale gas concessions. Bulgarians were outraged. Shortly before Clinton arrived, tens of thousands of protesters poured into the streets carrying placards that read "Stop fracking with our water" and "Chevron go home." Bulgaria's parliament responded by voting overwhelmingly for a fracking moratorium. Clinton urged Bulgarian officials to give fracking another chance. ... Read more
Transnational Corporations (TNCs) , capitalist network that runs the world
AS PROTESTS against financial power sweep the world this week, science may have confirmed the protesters' worst fears. An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy. ...
... The idea that a few bankers control a large chunk of the global economy might not seem like news to New York's Occupy Wall Street movement and protesters elsewhere (see photo). But the study, by a trio of complex systems theorists at the Swiss Federal Institute of Technology in Zurich, is the first to go beyond ideology to empirically identify such a network of power. It combines the mathematics long used to model natural systems with comprehensive corporate data to map ownership among the world's transnational corporations (TNCs). ... Read more
The top 50 of the 147 superconnected companiesThe network of global corporate control
Ran out of time, will continue Monday.
DemocracyNow - http://www.democracynow.org/Democracy Now! U.S. and World News Headlines for Friday, September 12 [11:01] *DN | "Insanity": CodePink's Medea Benjamin on Obama Plan to Bomb Syria, Expand Iraq Attacks (09/12/14) [8:32]
*DN | James Foley on the Dehumanization of War: Acclaimed Filmmaker Haskell Wexler Shares 2012 Interview (09/12/14) [20:02]
*DN | The Untold Story of the Shejaiya Massacre in Gaza: A Former Israel Soldier Speaks Out (09/12/14) [14:51]
Bill Moyers - http://billmoyers.com/*Bill Moyers | Climate scientist Katharine Hayhoe talks: Climate Change: Faith and Fact. (09/12/14) [25:15]
Environment*Showtime | Years of Living Dangerously Premiere, Ep1 (full) [59:11]
Peter Hadfield : The Real Consequences of Climate Change (05/30/14) [18:53]
Michael Mann: The irreversible impacts from Climate Change (03/25/14) [11:53]
Yale | Scientists Document Terrifying Greenland Ice Loss (09/12/14) [6:56]
John Perkins : Confessions of an Econmic Hitman () [2:07]
TRNN News - http://therealnews.com/*TRNN | U.S. Intelligence Official: No Evidence ISIL Is Planning Imminent Attack on America1 (09/12/14) [6:48]
Obama's plan to support the Shi'a and Kurds in Iraq could worsen sectarianism fighting, and a new report says arms sent to moderate Syrian rebels have ended up in ISIS's hands.*TRNN | The Bennis Plan: Here is a Real Strategy for Dealing with ISIS (09/12/14) [15:36]
TRNN | Michael Ratner Report:: The Barbaric World that the United States has Shaped Since 9-11 (09/11/14) [12:11]
*TYT News - http://www.tytnetwork.com/TYT | Obama Rallies America To War & Why ISIS Should Be Thrilled (09/11/14) [15:27]
TYT | GOP Hot Shots Distort, Lie & Spread A Slimy New Anti-Obama Talking Point (09/11/14) [7:58]
TYT | ISIS Is Not A Threat To America (But They Soon Will Be) (09/11/14) [7:21]
InequalityClick to zoom - for Infographics
Now I remember why I don't shop at Walmart.
United States owes a lot of money, with its debt equal to the size of the economy as of 2012. See the Statue of Liberty & WTC being dwarfed by the debt.
Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?
Zero Hedge | Author | 09/24/11
The latest quarterly report from the Office Of the Currency Comptroller is out and as usual it presents in a crisp, clear and very much glaring format the fact that the top 4 banks in the US now account for a massively disproportionate amount of the derivative risk in the financial system. Specifically, of the $250 trillion in gross notional amount of derivative contracts outstanding (consisting of Interest Rate, FX, Equity Contracts, Commodity and CDS) among the Top 25 commercial banks (a number that swells to $333 trillion when looking at the Top 25 Bank Holding Companies), a mere 5 banks (and really 4) account for 95.9% of all derivative exposure (HSBC replaced Wells as the Top 5th bank, which at $3.9 trillion in derivative exposure is a distant place from #4 Goldman with $47.7 trillion). The top 4 banks: JPM with $78.1 trillion in exposure, Citi with $56 trillion, Bank of America with $53 trillion and Goldman with $48 trillion, account for 94.4% of total exposure. As historically has been the case, the bulk of consolidated exposure is in Interest Rate swaps ($204.6 trillion), followed by FX ($26.5TR), CDS ($15.2 trillion), and Equity and Commodity with $1.6 and $1.4 trillion, respectively. Read more