Posts tagged financial
Amber Lyon, 3 time Emmy Award-winning Investigative Journalist, appeared on the Next News Network for an insightful interview with Gary Franchi. Amber reflects on her censorship by CNN, the business relationship between CNN and the government in Bahrain with the resulting propaganda, human rights abuses and much more.
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US President Barack Obama demanded from Congress immediate action to prevent America from falling of a so-called fiscal cliff, but Rep. Ron Paul (R-Texas) says it might be too late to keep the country afloat.
Speaking with Bloomberg Television on Thursday, the lawmaker who ran against Pres. Obama during the last two elections said he expects that America’s financial woes are beyond repair.
“We’re so far gone,” said the congressman, who will retire from the Hill this year after serving 12 terms in the House. “We’re over the cliff. We cannot get enough people in Congress in the next 5 to 10 years who will do the wise things. We have to prepare for having already fallen off the fiscal cliff.”
On the campaign trail leading up to the Nov. 6, 2012 election, Rep. Paul proposed an array of ideas he said would save the country from economic disaster, including returning to a gold standard and abolishing the Federal Reserve, America’s central bank. On his part, Pres. Obama vowed to keep the company in tact if elected to a second term, and Friday told reporters at the White House that he expects Congress to come to his side and do what’s right to prevent what Rep. Paul says is inevitable now.
US Private prisons want You
While economic improvement in the US are slow, it’s still gloom and doom when it comes to the big fiscal picture. Many people are trying to make ends meet in these hard times, but an enormous industry is cashing in.
It’s the business that keeps people behind bars
… Private prison companies, however, essentially admit that their business model depends on locking up more and more people. For example, in a 2010 Annual Report filed with the Securities and Exchange Commission, Corrections Corporation of America (CCA) stated: “The demand for our facilities and services could be adversely affected by . . . leniency in conviction or parole standards and sentencing practices . . . .” As incarceration rates skyrocket, the private prison industry expands at exponential rates, holding ever more people in its prisons and jails, and generating massive profits.
And while supporters of private prisons tout the idea that governments can save money through privatization, the evidence that private prisons save taxpayer money is mixed at best – in fact, private prisons may in some instances cost more than governmental ones. Private prisons have also been linked to numerous cases of violence and atrocious conditions.
By JOE NOCERA
Here in the early stages of the Libor scandal — and, yes, this thing is far from over — there are two big surprises.
The first is that the bankers, traders, executives and others involved would so openly and, in some cases, gleefully collude to manipulate this key interest rate for their own benefit. With all the seedy bank behavior that has been exposed since the financial crisis, it’s stunning that there’s still dirty laundry left to be aired. We’ve had predatory subprime lending, fraudulent ratings, excessive risk-taking and even clients being taken advantage of in order to unload toxic mortgages.
Yet even with these precedents, the Libor scandal still manages to shock. Libor — that’s the London interbank offered rate — represents a series of interest rates at which banks make unsecured loans to each other. More important, it is a benchmark that many financial instruments are pegged to. The Commodity Futures Trading Commission, which doggedly pursued the wrongdoing and brought the scandal to light, estimates that some $350 trillion worth of derivatives and $10 trillion worth of loans are based on Libor.
With so much depending on this one critical interest rate, there shouldn’t ever be a question about its reliability. Yet beginning in 2005, according to the C.F.T.C. and the Justice Department, derivative traders at Barclays, the too-big-to-fail British bank, with the active involvement of traders at other yet-unnamed banks, persuaded their fellow bank employees to submit Libor numbers that were shaded in ways that would help ensure their trades were profitable. Even Robert Diamond Jr., the former Barclays chief executive who lost his job over the scandal, said that reading the traders’ e-mails made him “physically ill.”
By Cora Currier
ProPublica, June 13, 2012
This morning, Jamie Dimon, the CEO of JP Morgan Chase, faced a Senate hearing over more than $2 billion in bank losses caused by risky hedges that blew up. Dimon said that the hedges—investments meant to protect the bank—had grown into “complex and hard-to manage risks.” The losses “let a lot of people down, and we are sorry for it.”
Many lawmakers are holding up the losses as evidence of the need for stronger financial regulation. The chairman of the Senate banking committee, Tim Johnson, D-S.D., in his opening remarks, asked for “a full accounting” of JP Morgan’s losses.
But through campaign contributions and well-connected staff, JP Morgan appears to have already taken its own accounting of the Banking committee. Here’s a picture of connections between the company and the committee:
By Joseph Beck
The message of liberty has proven to be stronger than “9-9-9,” “Yes We Can,” or any other empty campaign rhetoric that has been incessantly repeated in today’s election cycle. Unlike the others that merely pander to our base instincts of “Hope and Change” or our desire to have a Dr. Evil-style Moon base, there is substance to the liberty message.
Congressman Ron Paul (R-Texas) has been delivering the same message of peace, sound money, and limited government for over 40 years. His entire political career has been devoted to the preservation of liberty and truth.
As George Orwell rightly said, “During times of universal deceit, telling the truth is a revolutionary act.” Unfortunately, we are in living under a state apparatus that is built on lies. Bailouts, wars, and other state-sanctioned interventions are always necessary to keep us safe from the evil economy or the evil bogeymen who reside in evil caves.
A rather significant characteristic of the message is the way it has spread: through the internet, alternative media, and grassroots movements like the Dec. 17, 2007, Tea Party money bomb that raised over $6 million in one day. That day marked the beginning of the modern day Tea Party, before it was co-opted by Fox News demagogues like Sean Hannity and other so-called conservatives in the mainstream media. The alternative media has propelled this revolution to the front lines of political discourse in this country. Thousands of students come to see Ron Paul speak on a regular basis. Paul supporters, both young and old, male and female, become students of Austrian economics and the Constitution.
An entire generation of Americans have become politically aware thanks to Paul’s efforts.
So, why has the mainstream media missed out on this intellectual, ideologically positive revolution?
(AL JAZEERA) Figures show suicides among active-duty troops now average almost one a day, outnumbering forces killed in action.
Suicides are surging among US soldiers, averaging nearly one a day this year, according to statistics from the country’s defense department.
The 154 suicides for active-duty troops in the first 155 days of the year outnumber the US forces killed in action in Afghanistan by about 50 per cent, according to statistics obtained by the Associated Press news agency.
The numbers are rising among the 1.4 million active military personnel despite years of effort to encourage troops to seek help with mental health problems.
The reasons for the increase are not fully understood. Among explanations, studies have pointed to combat exposure, post-traumatic stress, misuse of prescription medications and personal financial problems.
Jackie Garrick, head of a newly established Defense Suicide Prevention Office at the Pentagon, said on Thursday that the suicide numbers this year are troubling.
Published on May 15, 2012 by THEDUMBPLANET
The people of Iceland forced their corrupt government to resign.
A public assembly was created to rewrite the constitution.
The banks were nationalized, it was decided not to pay the debt that PRIVATE banks created.
All of this in a peaceful way…
What would happen if the rest of the world took this as an example?
This is how it needs to be carried out. A tireless and active force remaining loyal to cause and carry out the actions in a peaceful manor! For us, we need only to return to our Constitution as the law of the land.
The time is NOW to take back our personal liberties and freedoms!
Ron Paul 2012: Restore America Now
Please visit Ron Paul’s official campaign site by following the link below and donate today!
Found at: http://ronpaulflix.com
Stand up for Liberty, help stand down Tyranny!
Now more than every we need the Champion of the Constitution!
Please visit Ron Paul’s official campaign site by following the link below and donate today!
If this question had been asked by a fictional character in a spy thriller, it might intrigue you, but you wouldn’t imagine that it could be true in reality. If the Constitution means what it says, you wouldn’t even consider the plausibility of an affirmative answer. After all, the Fourth Amendment to the Constitution was written to prevent the government from violating on a whim or a hunch or a vendetta that uniquely American right: the right to be left alone.
Everyone wants, at some point in the day, at some places in the home, to be left alone. The colonists who fought the war of secession from Great Britain were no different. But that war and the wish to keep the government at bay had been heightened by the colonial experiences involved in the enforcement of the Stamp Act.
That law, which applied to the colonies and not to residents of Great Britain, required that government stamps be purchased and printed on all legal, financial, and even political documents in the possession of every colonist. The enforcement of that law — which was done by British soldiers who entered private homes armed not only with guns but also with search warrants that they had written for themselves, which Parliament authorized them to do — was so disturbing and resulted in such anti-British political animosity that Parliament eventually rescinded the act.
But the damage to British rule had been done, and it was irreparable. After the Founders won the Revolution and wrote the Constitution and added the Bill of Rights, they rested in the assurance that only judges could issue search warrants “particularly describing the place to be searched and the persons or things to be seized,” and that judges could only do so if they found probable cause of criminal behavior in the place the government targeted.
The War on Drugs has regrettably weakened the intended protections of the Fourth Amendment, and the Patriot Act — which permits federal agents to write their own search warrants — has dealt it a serious blow. That act, which has not yet been ruled upon by the Supreme Court, fortunately has not yet animated the Supreme Court’s privacy jurisprudence. Last year, the court invalidated the police use of warrantless heat-seeking devices aimed at the home, and it will probably soon invalidate the warrantless use of GPS devices secretly planted by cops in cars.
Regrettably, unless the government attempts to use the data it has illegally gathered about a person, the person probably will not be aware of the government’s spying on him, and thus will not be in a position to challenge the spying in a court. Relying on the PATRIOT Act, federal agents have written their own search warrants just like the British soldiers did. They have done this more than 250,000 times since 2001. But the government has rarely used any evidence from these warrants in a criminal prosecution for fear that the targeted person would learn of the government’s unconstitutional and nefarious behavior, and for fear that the act would be invalidated by federal courts.
Now, back to the CIA in your kitchen. When Congress created the CIA in 1947, it expressly prohibited the agency from spying on Americans in America. Nevertheless, it turns out that if your microwave, burglar alarm, or dishwasher is of very recent vintage, and if it is connected to your personal computer, a CIA spy can tell when you are in the kitchen and when you are using that device. The person who revealed this last weekend also revealed that CIA software can learn your habits from all of this and then anticipate them.
Acting “diabolically” and hoping to “change fingerprints and eyeballs” in its “worldwide mission” to steal and keep secrets, the CIA can then gut the Fourth Amendment digitally, without ever physically entering anyone’s home. We already know that your BlackBerry or iPhone can tell a spy where you are and, when the battery is connected, what you are saying. But spies in the kitchen? Can this be true?
Who revealed all this last weekend? None other than Gen. David Petraeus himself, President Obama’s new director of the CIA. I wonder whether he knows about the Fourth Amendment and how the Supreme Court has interpreted it and that federal laws prohibit his spies from doing their work in America. I wonder whether he or the president even cares. Do you?
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