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Levy Rivers

Joseph A. Palermo: Defeating the Bailout Looks Like Another Republican Ploy - 0 views

  • House Republican leaders did not put much pressure on their rank-and-file members to back the rescue package." John Boehner, Roy Blunt and other "leaders" of the House Republicans thought they could strike a public pose as if they really cared about the credit seizure that looms over the country while secretly hoping to pin the bill's passage on Nancy Pelosi, Steny Hoyer, (and by association, Barack Obama).
  • They wanted Speaker Pelosi to pass the bill without much Republican cover so they could tell their constituents that the Democrats were just "picking the taxpayers' pockets again."
  • I agree with the critical flaws in the bill that Dennis Kucinich articulated this morning on Amy Goodman's show, Democracy Now! I don't believe in a government welfare program for Wall Street swindlers who had the audacity to pump up the paper value of one of their hidden, unregulated derivatives, "credit default swaps," from $631 billion in 2001 to $62 trillion in 2008! I think some people should be indicted; some people should go to jail.
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  • Whenever you hear the word "bi-partisan," even during the waning hours of the Bush years, it usually means something very bad is about to happen.
  • All of a sudden I hear Bush Administration mouthpieces such as the billionaire Henry Paulson, who in the past have told us that we are all on our own and we shouldn't rely on government for anything, speak about "our" financial markets as if working people have been the ones swapping "collateralized debt obligations" and "hybrid debt instruments."
  • It is my hope we can seize the opportunity this crisis presents, hold President Obama's feet to the fire, and construct a new social compact in this country, a New New Deal.
Levy Rivers

Obama and McCain Clash Over Economy - NYTimes.com - 0 views

  • “Senator McCain suggests that somehow, you know, I’m green behind the ears and, you know, I’m just spouting off, and he’s somber and responsible,” he said. “Senator McCain, this is the guy who sang, ‘Bomb, bomb, bomb Iran,’ who called for the annihilation of North Korea. That I don’t think is an example of ‘speaking softly.’ 
  • Throughout the evening, when Mr. McCain spoke, Mr. Obama stood at the side of the stage, or seated on a chair, arms folded, gazing at his rival. When Mr. Obama spoke, Mr. McCain took notes, often looked the other way, or scribbled on a pad.
  • Even Mr. McCain’s use of humor — a central part of his appeal in his own town hall meetings — did not seem that effective. At one point he joked about how health care plans probably should not pay for hair transplants, a remark that did not seem to draw more than a titter.
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  • Mr. Obama nodded disapprovingly. “Now, I’ve got to correct a little bit of Senator McCain’s history, not surprisingly,” he said “Let’s, first of all, understand that the biggest problem in this whole process was the deregulation of the financial system.
Levy Rivers

Writers praise Barack Obama's inaugural address - long on plot - stood on shoulders - 0 views

  • Long on plot (and it will thicken), it did what literature does best: the backward glance, the standing on shoulders, the salute to ancestors and other sources of wisdom.
  • He is our first (in the best sense of the word) aristocratic president," author and journalist Malcolm Gladwell told The Times. "Bush was a buddy. Clinton was the kindly uncle. Obama is a prince."
  • Some, like memoirist Patricia Hampl, praised Obama's plain speaking. "I was glad," she said, "that he denied himself rhetorical flourishes and gave a speech as refined and restrained in its power so that political language itself was restored to its greatest value -- saying what the speaker means."
Skeptical Debunker

Daughter says pilot in Texas IRS crash was a hero - Yahoo! News - 0 views

  • Joe Stack's adult daughter, Samantha Bell, spoke to ABC's "Good Morning America" from her home in Norway. Asked during a phone interview broadcast Monday if she considered her father a hero, she said: "Yes. Because now maybe people will listen." Authorities say Stack, 53, targeted the IRS office building in Austin on Thursday, killing employee Vernon Hunter and himself, after posting a ranting manifesto against the agency and the government. He apparently set fire to his home before flying his plane into the office building. Hunter's son, Ken Hunter, said he's alarmed by comments that the pilot was a hero. "How can you call someone a hero who after he burns down his house, he gets into his plane ... and flies it into a building to kill people?" Hunter told ABC." "My dad Vernon did two tours of duty in Vietnam. My dad's a hero." Bell said she offered her deepest condolences to Hunter's family. She said her father's last actions were wrong. "But if nobody comes out and speaks up on behalf of injustice, then nothing will ever be accomplished," she told ABC. "But I do not agree with his last action with what he did. But I do agree about the government,"
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    The daughter of a man who crashed his small plane into a building housing offices of the Internal Revenue Service called her father a hero for his anti-government views but said his actions, which killed an IRS employee, were "inappropriate."
Skeptical Debunker

Schwarzenegger says Obama's stimulus created jobs - Yahoo! News - 0 views

  • At a conservative gathering in Washington this week, former presidential candidate Mitt Romney blasted the $787 billion stimulus bill and asserted it did not create any new jobs. The California governor, asked about the comments on the ABC news program "This Week," said many Republican politicians were railing against the program while seeking stimulus funds for their own districts. "You have a lot of the Republicans running around and pushing back on the stimulus money and saying this doesn't create any new jobs," Schwarzenegger said. "Then they go out and they do the photo ops and they are posing with the big check and they say 'Isn't this great?'"
Skeptical Debunker

Marshall Auerback: Memo to Greece: Make War Not Love with Goldman Sachs - 0 views

  • We know that the Obama administration will not go after the banksters that created this global financial calamity. It has been thoroughly co-opted by Wall Street's fifth column, who hold most of the important posts in the administration. Europe has even more at stake and has shown somewhat more willingness to take action. Perhaps our only hope for retribution lies there.
  • Some might believe the term "banksters" is too mean. Surely Wall Street was just doing its job -- providing the financial services wanted by the world. Yes, it all turned out a tad unfortunate but no one could have foreseen that so many of the financial innovations would turn into black swans. And hasn't Wall Street learned its lesson and changed its practices? Fat chance. We know from internal emails that everyone on Wall Street saw this coming -- indeed, they sold trash assets and placed bets that they would crater. The crisis was not a mistake -- it was the foregone conclusion. The FBI warned of an epidemic of fraud back in 2004 -- with 80% of the fraud on the part of lenders. As Bill Black has been warning since the days of the Saving and Loan crisis, the most devastating kind of fraud is the "control fraud," perpetrated by the financial institution's management. Wall Street is, and was, run by control frauds. Not only were they busy defrauding the borrowers, like Greece, but they were simultaneously defrauding the owners of the firms they ran. Now add to that list the taxpayers that bailed out the firms. And Goldman is front and center when it comes to bad apples. Lest anyone believe that Goldman's executives were somehow unaware of bad deals done by rogue traders, William Cohan reports that top management unloaded their Goldman stocks in March 2008 when Bear crashed, and again when Lehman collapsed in September 2008. Why? Quite simple: they knew the firm was full of toxic waste that it would not be able to continue to unload on suckers -- and the only protection it had came from AIG, which it knew to be a bad counterparty. Hence on March 19, Jack Levy (co-chair of M&As) sold over $5 million of Goldman's stock and bet against 60,000 more shares; Gerald Corrigan (former head of the NY Fed who was rewarded for that tenure with a position as managing director of Goldman) sold 15,000 shares in March; Jon Winkelried (Goldman's co-president) sold 20,000 shares. After the Lehman fiasco, Levy sold over $6 million of Goldman shares and Masanori Mochida (head of Goldman in Japan) sold $56 million worth. The bloodletting by top management only stopped when Goldman got Geithner's NYFed to produce a bail-out for AIG, which of course turned around and funneled government money to Goldman. With the government rescue, the control frauds decided it was safe to stop betting against their firm. So much for the "savvy businessmen" that President Obama believes to be in charge of Wall Street firms like Goldman.
  • From 2001 through November 2009 (note the date -- a full year after Lehman) Goldman created financial instruments to hide European government debt, for example through currency trades or by pushing debt into the future. But not only did Goldman and other financial firms help and encourage Greece to take on more debt, they also brokered credit default swaps on Greece's debt-making income on bets that Greece would default. No doubt they also took positions as the financial conditions deteriorated-betting on default and driving up CDS spreads. But it gets even worse: An article by the German newspaper, Handelsblatt, ("Die Fieberkurve der griechischen Schuldenkrise", Feb. 20, 2010) strongly indicates that AIG, everybody's favorite poster boy for financial deviancy, may have been the party which sold the credit default swaps on Greece (English translation here). Generally, speaking, these CDSs lead to credit downgrades by ratings agencies, which drive spreads higher. In other words, Wall Street, led here by Goldman and AIG, helped to create the debt, then helped to create the hysteria about possible defaults. As CDS prices rise and Greece's credit rating collapses, the interest rate it must pay on bonds rises-fueling a death spiral because it cannot cut spending or raise taxes sufficiently to reduce its deficit. Having been bailed out by the Obama Administration, Wall Street firms are already eyeing other victims (and for allowing these kinds of activities to continue, the US Treasury remains indirectly complicit, another good reason why one shouldn't expect any action coming out of Washington). Since the economic collapse is causing all Euronations to run larger budget deficits and at the same time is raising CDS prices and interest rates, it is easy to pick off nation after nation. This will not stop with Greece, so it is in the interest of Euroland to stop the vampires now. With Washington unlikely to do anything to constrain Goldman, it looks like the European Union, which is launching a major audit, just might banish the bank from dealing in government debt. The problem is that CDS markets are essentially unregulated so such a ban will not prevent Wall Street from bringing down more countries-because they do not have to hold debt in order to bet against it using CDSs. These kinds of derivatives have already brought down an entire continent -- Asia -- in the late 1990s , and yet authorities are still standing by and basically doing nothing when CDSs are being used again to speculatively attack Euroland. The absence of sanctions last year, when we had a chance to deal with this problem once and for all, has simply induced even more outrageous and fundamentally anti-social behavior. It has pitted neighbor against neighbor -- with, for example, Germany and Greece lobbing insults at one another (Greece has requested reparations for WWII damages; Germany has complained about subsidizing what it perceives to be excessive social spending in Greece). Of course, as far as Greece goes, the claim now is that these types of off balance sheet transactions in which Goldman and others engaged were not strictly "illegal" under EU law. But these are precisely the kinds of "shadow banking transactions" that almost brought down the global financial system 18 months ago. Literally a year after the Lehman bankruptcy -- MONTHS after Goldman itself was saved from total ruin, it was again engaging in these kinds of deals. And it wasn't exactly a low-level functionary or "rogue trader" who was carrying out these transactions on behalf of Goldman. Gary Cohn is Lloyd "We're doing God's work" Blankfein's number 2 man. So it's hard to believe that St. Lloyd did not sanction the activities as well in advance of collecting his "modest" $9m bonus for last year's work.
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    Ok, if a literal armed attack on Goldman is too far-fetched, then go after the firm using the full force of the regulatory and legal systems. Close the offices and go through the files with a fine-tooth comb. Issue subpoenas to all non-clerical staff for court appearances. Make the internal emails public. Post the names of all managers and traders on Interpol. Arrest anyone who tries to board a plane, train, or boat; confiscate their passports; revoke their visas and work permits; and put a hold on their bank accounts until culpability can be assessed. Make life at least as miserable for them as it now is for Europe's tens of millions of unemployed workers.
Skeptical Debunker

Use of DNA evidence is not an open and shut case, professor says - 0 views

  • In his new book, "The Double Helix and the Law of Evidence" (Harvard University Press), Kaye focuses on the intersection of science and law, and emphasizes that DNA evidence is merely information. "There's a popular perception that with DNA, you get results," Kaye said. "You're either guilty or innocent, and the DNA speaks the truth. That goes too far. DNA is a tool. Perhaps in many cases it's open and shut, in other cases it's not. There's ambiguity."
  • One of the book's key themes is that using science in court is hard to do right. "It requires lawyers and judges to understand a lot about the science," Kaye noted. "They don't have to be scientists or technicians, but they do have to know enough to understand what's going on and whether the statements that experts are making are well-founded. The lawyers need to be able to translate that information into a form that a judge or a jury can understand." Kaye also believes that lawyers need to better understand statistics and probability, an area that has traditionally been neglected in law school curricula. His book attempts to close this gap in understanding with several sections on genetic science and probability. The book also contends that scientists, too, have contributed to the false sense of certainty, when they are so often led by either side of one particular case to take an extreme position. Scientists need to approach their role as experts less as partisans and more as defenders of truth. Aiming to be a definitive history of the use of DNA evidence, "The Double Helix and the Law of Evidence" chronicles precedent-setting criminal trials, battles among factions of the scientific community and a multitude of issues with the use of probability and statistics related to DNA. From the Simpson trial to the search for the last Russian Tsar, Kaye tells the story of how DNA science has impacted society. He delves into the history of the application of DNA science and probability within the legal system and depicts its advances and setbacks.
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    Whether used to clinch a guilty verdict or predict the end of a "CSI" episode, DNA evidence has given millions of people a sense of certainty -- but the outcomes of using DNA evidence have often been far from certain, according to David Kaye, Distinguished Professor of Law at Penn State.
Skeptical Debunker

Gripe site prevails in domain cybersquatting case - 0 views

  • In his decision, Judge Robert Cleland said that CAN's case "must fail" because the company did not provide evidence that White had intended to profit from the domains. He did acknowledge, however, that White made some attempt to damage CAN's business by climbing the search rankings, but that it was only to warn other potential customers—an action that is protected under the First Amendment. Because White's websites didn't represent themselves as the real company websites for CAN and they provided accurate contact information, they were clearly gripe sites and did not infringe on CAN's marks. As noted by TechLaw, the ruling included some extra details about what is required (or in this case, not required) to qualify as a "gripe site." careeragentsnetworks.biz did not include a disclaimer stating that it is not affiliated with CAN, for example—something that many gripe sites do for the explicit purpose of avoiding lawsuits like this—but that didn't make a difference in the ruling. The decision has been applauded as a victory for the First Amendment, but is a frustrating one for trademark holders. Companies have been notoriously unhappy with the existence of gripe sites, though not everyone gives into legal threats. In 2007, we covered a case involving an Ars reader who was fighting a legal battle against Lowe's over his site, lowes-sucks.com, and in 2009, Goldman Sachs made headlines for trying to bully the creator of Goldmansachs666.com into shutting the site down. When we spoke with EFF staff attorney Corynne McSherry in 2007, she told us that the courts have been clear that "gripe sites like this are protected—in fact, they want people to speak freely and share information about their experiences with various companies." As long as they don't represent themselves as the real company, it seems the courts are still on the side of dissatisfied consumers.
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    A gripe site that incorporates a company's entire trademark into its domain is still protected under the First Amendment, a US District Judge has ruled. In the case of Career Agents Network v. careeragentsnetwork.biz, the judge said that the gripe site made no effort to bolster its own business and was noncommercial, therefore protecting it from Career Agents Network's trademark claims and cybersquatting accusations.
Skeptical Debunker

BBC News - Irish arrests over 'plot to kill Swedish cartoonist' - 0 views

  • The Vilks controversy arose in 2007, when his entry in an arts project was published by the newspaper. It pictured a dog with the head of a bearded man in a turban. Several Muslim countries protested against the picture. At the time, Swedish officials expressed regret at any hurt caused to Muslims' feelings, but said the government could not prevent the publication of such drawings because of media freedom rules. The case came about a year and a half after a series of depictions of Muhammad in Denmark's Jyllands-Posten paper caused an uproar in early 2006. Those cartoons sparked protests from Muslims around the world. Dozens of people were killed in riots. Muslims regard any image of the Prophet Muhammad as blasphemy. In January, one of the cartoonists whose drawing appeared in Jyllands-Posten, the Dane Kurt Westergaard, was targeted in his own home, allegedly by a Somali radical Muslim with an axe. Mr Westergaard, who escaped unharmed, had depicted the Prophet Muhammad with a bomb in his turban. Mr Vilks told The Associated Press news agency that the telephone threats in January had come from "a Swedish-speaking Somali. He reminded me about what had happened to Westergaard and threatened with a follow-up and that 'now it's your turn'."
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    Seven people have been arrested in the Irish Republic over an alleged plot to kill a Swedish cartoonist for depicting the Prophet Muhammad, police say. The four men and three women are all Muslim immigrants, according to media reports, though a police statement did not confirm this. Cartoonist Lars Vilks had depicted the Prophet Muhammad with the body of a dog in the Nerikes Allehanda newspaper. Islamic militants put a $100,000 (£67,000) bounty on his head. Mr Vilks was quoted as saying he was unfazed by the arrests, which he said he thought could be linked to two death threats he had received by telephone in January.
mixawy late

Rahm Emanuel, CPS chief, ministers all push for more school time - 0 views

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    BY ROSALIND ROSSI AND FRAN SPIELMAN Staff Reporters August 2, 2011 8:04PM Mayor Rahm Emanuel speaking at St. Sabina after going door to door to promote student attendance on the first day of the CPS school year in the 7800 block of Throop.
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