Why Spain's Poor Fear Goldman Sachs
Last year Madrid's city and regional governments sold almost 5,000 rent-controlled flats to private equity investors including Goldman Sachs and Blackstone. At the time, the tenants were told their rental conditions would remain the same.
Jamila Bouzelmat is one of them. The mother of six lives in a four-bedroom flat on the outskirts of the Spanish capital that was bought jointly by Goldman and a Spanish firm. The 44-year-old said that until March her family paid 58 euros ($73) a month in rent out of her husband's 500-euro unemployment benefit. In April, her bank statement shows, her new landlords suddenly took 436 euros from her bank account. ... Read more
*Banker Suicides Return: DSK's Hedge Fund Partner Jumps From 23rd Floor Apartment
The summer, thankfully, has been largely bereft of the dismal trend of bankers committing suicide, but as Bloomberg reports, Thierry Leyne, a French-Israeli banker and partner of Dominique Strauss-Kahn, the disgraced former chief of the IMF, was found dead Thursday after apparently taking his own life by jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. This is the 16th financial services executive death this year. ...
*Gary Webb Was Right
Once again the paper has decided to focus on discrediting a fellow journalist instead of deepening the analysis of the story he highlighted. Gary Webb put a spotlight on the CIA and the Reagan administrations unholy alliance with anti communist guerrilla groups and their supporters who were involved in drug trafficking.
Webb's reporting uncovered the story of how tons of cocaine were shipped into San Francisco by supporters of the CIA backed Contras and then distributed down to LA to a Nicaraguan named Danilo Blandon who sold it to a street dealer from South Central, Freeway Rick Ross. ... Read more
Climate Change Is Kicking the Insurance Industry's Butt
In the months after Hurricane Sandy, insurance companies spooked by rising seas dropped coastal policies in droves.
... Certainly the threat is real. Globally, average annual weather-related losses have increased more than tenfold in the last several decades, from $10 billion per year in the period 1974-1983 to $131 billion in 2004-2013, according to the report. The insurance industry is not keeping pace: The proportion of those damages that are insured is steadily declining. ... Read more
DemocracyNow - http://www.democracynow.org/Democracy Now! U.S. and World News Headlines for Friday, October 24 [12:49] *DN | Former Weapons Inspector in Iraq Raises Skepticism over Claims Iran Is Hiding Nuclear Weapons Tests (10/24/14) [14:44]
*DN | European Privacy in the Age of Snowden: We Need a Debate About What Intelligence Agencies Are Doing (10/24/14) [10:16]
*DN | Obama Promised a "World Without Nuclear Weapons," But May Now Spend $3 Trillion on Weapons Upgrades (10/24/14) [15:46]
TRNN News - http://therealnews.com/*TRNN | Patrick Cockburn the author: Kurdish Fighters Regain Kobani... The coalition is not what it appears to be. (10/24/14) [12:55]
*TRNN | Hedges & Wolin: Can Capitalism and Democracy Coexist?, Part 3 (10/24/14) [22:22]
TRNN | Costas Lapavitsas speaks: The Financialization of Life, Part 2 (10/24/14) [12:44]
Stephan CobertStephen Colbert | The New York Times reports that thousands of chemical weapons were found in Iraq, causing Stephen to party like it's 2003. (10/16/14) [5:05]
TYT News - http://www.tytnetwork.com/TYT | Good Ebola News: Dallas Nurse Cleared (10/23/14) [2:11]
TYT | Fox News To Chrissy Teigen: Stick To Having A Nice Ass (10/23/14) [4:17]
TYT | Young Hot Women Should Date, Not Vote, Says Fox News (10/23/14) [5:14]
Chris Hayes - All InChris Hayes | NYC Ebola patient had contact with 3 friends (10/23/14) [8:22]
Chris Hayes | Is Bellevue Hospital ready to handle an Ebola patient (10/23/14) [7:40]
Chris Hayes | Fmr. Surgeon General: everyone has to be on alert (10/23/14) [4:49]
The High Price of Free Money: Now US Bankers Fear Financial, Social, or Political 'Instability'
Something is changing about the perception of the Fed's free-money policies. While we've lambasted them for their nefarious effects on the real economy and the inequality they produce, Wall Street, the prime beneficiary, has been bombastically gung-ho about them. And the mainstream media have praised the Fed's "bold action," as it's called, at every twist and turn.
But now even Wall Street is getting cold feet. The official warning shot came from Fed Chair Janet Yellen, who admitted suddenly that "the extent of and continuing increase in inequality in the United States greatly concern me." Then bankers chimed in. FICO, which produces the infamous credit score, found in its latest survey of North American bank risk managers that 62% of them thought "the wealth gap poses a growing risk to the financial system."Click to zoom - for bigger image
Without thriving consumers, the American economy that is so dependent on them will continue to languish. Just adding more consumers to the mix may increase overall consumer spending, and stirring up inflation may cover up the issue. But as the majority of individual consumers falls further behind, the risks of financial, social, or political "instability" might be looking ever more plausible to those bankers. ... Read more
Canada's parliament attacked, soldier fatally shot nearby
A gunman attacked Canada's parliament on Wednesday, with gunfire erupting near where Prime Minister Stephen Harper was speaking, and a soldier was fatally shot at a nearby war memorial, stunning the Canadian capital.
The gunman in the parliament building was shot dead, and Harper was safely removed in incidents that may have been linked to Islamic militants. ... Read more
The Science of Fox News: Why Its Viewers Are the Most Misinformed
In June of 2011, Jon Stewart went on air with Fox News' Chris Wallace and started a major media controversy over the channel's misinforming of its viewers. "Who are the most consistently misinformed media viewers?" Stewart asked Wallace. "The most consistently misinformed? Fox, Fox viewers, consistently, every poll."
The author's goal here is to explore the underlying causes for this "Fox News effect"--explaining how this station has brought about a hurricane-like intensification of factual error, misinformation and unsupportable but ideologically charged beliefs on the conservative side of the aisle. ... Read more
Why Conservatives Opt for Propaganda Over Reality
Conservatives are consuming a right-wing media full of lies and misinformation, whereas liberals are more interested in media that puts facts before ideology.
Pew Research set out to find what's behind what it considers the increasing political polarization of the United States; why the country is moving away from political moderation and becoming more and more divided between liberals and conservatives. Its first report on the phenomenon, which examines where people are hearing news and opinion in both regular and social media, shows that this is happening for very different reasons among people moving to the right than for people moving to the left.
Or that's the charitable way to put it. The less charitable way is to say Pew discovered that conservatives are consuming a right-wing media full of lies and misinformation, whereas liberals are more interested in media that puts facts before ideology. It's very much not a "both sides do it" situation. Conservatives are becoming more conservative because of propaganda, whereas liberals are becoming more liberal while staying very much checked into reality. ... Read more
DemocracyNow - http://www.democracynow.org/Democracy Now! U.S. and World News Headlines for Thursday, October 23 [5:52] *DN | Citizenfour: Inside Story of NSA Leaker Edward Snowden Captured in New Film by Laura Poitras (10/23/14) [9:51]
"At this stage I can offer nothing more than my word. I am a senior government employee in the intelligence community. I hope you understand that contacting you is extremely high risk ... This will not be a waste of your time." This was one of the first messages Edward Snowden wrote to filmmaker Laura Poitras beginning an exchange that helped expose the massive surveillance apparatus set up by the National Security Agency. Months later, Poitras would meet Snowden for the first time in a Hong Kong hotel room. Poitras filmed more than 20 hours of footage as Snowden debriefed reporters Glenn Greenwald and Ewen MacAskill. That footage -- most unseen until now -- forms the backbone of Poitras' new film, "Citizenfour." She joins us to talk about the film and her own experience with government surveillance. The film is the third installment of her 9/11 trilogy that also includes "My Country, My Country" about the Iraq War and "The Oath" about the U.S. military base at Guantánamo Bay, Cuba. Poitras' NSA reporting contributed to a Pulitzer Prize for Public Service awarded to The Guardian and The Washington Post.*DN | Jeremy Scahill: Blackwater Execs Remain Free as Guards Convicted for Killing 14 Iraqis in Massacre (10/23/14) [7:47]
TRNN News - http://therealnews.com/*TRNN | Hedges & Wolin: Can Capitalism and Democracy Coexist?, Part 2 (10/23/14) [25:14]
Journalist Chris Hedges interviews political philosopher Sheldon Wolin, who says democracy requires continuous opposition and vigilance by the citizenry.*TRNN | Reese Erlich, Freelance Correspondent and Author of Inside Syria, says the irony in the support to the Kurds in Kobani is that PKK is considered a terrorist organization by the US (10/23/14) [25:14]
TYT News - http://www.tytnetwork.com/TYT | Colorado Teens Try To Run Away To Join ISIS (10/22/14) [7:27]
TYT | Canada Attacked - The Gun Law Role & The 'Terrorism' Question (10/22/14) [10:36]
TYT | Why This Man Scares Republicans Out Of Their Piss-Soaked Pants (10/22/14) [4:25]
TYT | Politico & BP Blatantly Conspire To Hide BP's Devastating Oil Spill (10/22/14) [5:17]
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