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Obama's NSA Speech Has Little Impact on Skeptical Public | Pew Research Center for the ... - 0 views

www.people-press.org/...tle-impact-on-skeptical-public surveillance state NSA NSA-blowback polls Obama Snowden Obama-speech
shared by Paul Merrell on 22 Jan 14 - No Cached
  • President Obama’s speech on Friday outlining changes to the National Security Agency’s collection of telephone and internet data did not register widely with the public. Half say they have heard nothing at all about his  proposed changes to the NSA, and another 41% say they heard only a little bit. Even among those heard about Obama’s speech, few think the changes will improve privacy protections, or make it more difficult for the government to fight terrorism.
  • The new national survey by the Pew Research Center and USA TODAY, conducted Jan. 15-19 among 1,504 adults, finds that overall approval of the program has declined since last summer, when the story first broke based on Edward Snowden’s leaked information. Today, 40% approve of the government’s collection of telephone and internet data as part of anti-terrorism efforts, while 53% disapprove. In July, more Americans approved (50%) than disapproved (44%) of the program. In addition, nearly half (48%) say there are not adequate limits on what telephone and internet data the government can collect; fewer (41%) say there are adequate limits on the government’s data collection. About four-in-ten Republicans (39%) and independents (38%) – and about half of Democrats (48%) – think there are adequate limits on the information that the government can collect.
  • Reflecting the limited impact of Obama’s address, overall approval of the program and opinions about whether adequate safeguards are in place were no different in three nights of interviewing conducted after the speech (Jan. 17-19) than during the two nights of interviewing conducted prior to the address (Jan. 15-16). Overall, the public is divided about whether Edward Snowden’s leak of classified information, which brought the program to light, has served or harmed the public interest: 45% say it has served the public interest while 43% say it harmed it. Nonetheless, a 56% majority wants to see the government pursue a criminal case against Snowden, while 32% oppose this. This is little changed from June, shortly after Snowden’s first leaks of information about the program.
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  • The public is split on whether Edward Snowden’s leaks served the public interest, with 45% saying they did and 43% saying the leaks harmed public interest. But by 56% to 32%, most think that the government should pursue a criminal case against Snowden. These opinions are largely unchanged from last June, when Snowden first disclosed classified information to news organizations. There is a large age gap when it comes to views of the NSA revelations and the public interest. More adults ages 50 and older believe that the leaks harmed the public interest (49%) than served the public interest (37%). Among adults 18-29, sentiment is reversed, with 57% saying Snowden served the public interest and 35% saying he harmed it. There are no significant differences on this issue by party, as both Republicans and Democrats are divided.
  • Obama’s proposed changes to the NSA’s data collection program did not register widely with the public. Just 49% say they heard about the proposed changes, with little difference across partisan groups. Among those that did hear about the proposals, large majorities of Republicans (86%) and independents (78%) say these changes will not make much difference when it comes to protecting people’s privacy. Among Democrats who have heard of the changes, 56% say they won’t make much difference. There is little concern that the changes to the NSA’s surveillance activities will hurt the government’s ability to fight terrorism. Overall, 79% of those who have heard about the proposals say they won’t make much difference in the government’s ability to fight terrorism; this view is shared by 85% of independents, 77% of Democrats and 75% of Republicans.
  • Democrats remain more supportive of the NSA surveillance program than Republicans, though support is down across party lines. Today, Democrats are divided (46% approve, 48% disapprove) in their view of the program. Last June, they approved by a 20-point margin (58% vs. 38%). Republicans now disapprove of the program by a 56% to 37% margin. Approval is down eight points among Republicans from 45% last June. There continues to be a substantial divide within the Republican base: Republicans and Republican leaners who agree with the Tea Party are overwhelmingly opposed to the NSA program, while those who do not identify with the Tea Party are more divided. The decline in approval of the NSA surveillance program spans most demographic groups, though the drop in support is particularly evident among minority groups. Last June, 60% of both blacks and Hispanics approved of the government’s surveillance program. That has fallen to 43% among blacks and 40% among Hispanics today. Among whites, 39% approve of the program today, little changed from 44% in June.
  • Those who attended college are more likely than those who didn’t to see the leaks as serving the public interest. About half of college graduates (49%) and those with some college experience (51%) say this, compared with 38% of those with no more than a high school degree.
  • While most of the public wants the government to pursue a criminal case against Snowden, young people offer the least support for his prosecution. Those younger than 30 are divided, with 42% wanting a criminal case against Snowden and 42% saying the government should not pursue one. Support for prosecution is much higher among those 50 and older, who think the government should pursue a case by more than two-to-one. Both Democrats (62%-27%) and Republicans (54%-28%) think the government should pursue a criminal case. About half of independents (51%) want a criminal case against Snowden, while four-in-ten (39%) say the government should not pursue one. Fully 70% of those who approve of the government’s surveillance program favor Snowden’s prosecution. Those who disapprove of the program are divided: 45% say the government should pursue a criminal case against Snowden while 43% are opposed.
  • Barack Obama’s job approval rating has shown little change from last month. In the current survey, 49% disapprove of how he is handling his job and 43% approve. Obama’s ratings had steadily declined from May to November of last year, before he regained some ground in December. In the last month, there have been no significant changes in partisan approval. About three-quarters of Democrats (77%) approve and 17% disapprove; among Republicans, 12% approve and 84% disapprove. Independents, on balance, continue to view his job performance negatively — 37% approve and 53% disapprove.
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New low for Congress: Just 6 percent approve, finally lower than car salespeople | Wash... - 0 views

washingtonexaminer.com/...2539953 polling favorability-rating Congress
shared by Paul Merrell on 02 Dec 13 - No Cached
  • The public’s approval rating for Congress has finally hit rock bottom: For the first time, America has a higher opinion of car salespeople. A new Economist/YouGov.com poll put the approval rating of Congress at a historic low of 6 percent. A December 2012 Gallup poll comparing Congress' approval ratings to other occupations had car salespeople at the bottom at 8 percent and Congress at 10 percent. Now Congress is the cellar dweller. The nation’s bad opinion of Congress, impacted by inaction, budget fights and the battle over the filibuster, has also spread to Senate leaders. Just 19 percent approve of Senate Republican leader Mitch McConnell while 54 percent disapprove. Democratic leader Sen. Harry Reid’s ratings are 52 percent unfavorable, 25 percent favorable.
  • “What Americans are sure about is how they feel about Congress in general. They don’t like it, and haven’t liked it for a while,” said the poll. “But Congress’s approval rating in this week’s Economist/YouGov Poll matches its all-time low. Just 6 percent approve of the way Congress is handling its job. 72 percent disapprove.” “Only 10 percent of Democrats, 7 percent of Republicans, and 3 percent of independents approve of Congress.
  • Paul Merrell on 02 Dec 13
     
    But despite these numbers, the vast majority of American voters will in the next election (and those to follow) fall for the "choice of evils" political ploy of the Democratic and Republican campaign managers. But "none of the above" remains the clear leader in the public opinion polls. 
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Gallup: Congress' approval ratings 'sickly,' divided control a big factor - Politics Wi... - 0 views

www.miamiherald.com/...congress-approval-ratings.html Congress polls approval ratings
shared by Paul Merrell on 28 Jul 14 - No Cached
  • Congress’ approval ratings remain at historic lows--and because different parties run the Senate and House of Representatives, chances of the image improving aren’t good.That’s Gallup’s analysis after its new poll found 15 percent approve of how Congress is doing its job.“Divided control has contributed to Congress's sickly approval ratings, as it denies the Hill the usual reservoir of partisan support that traditionally comes with one-party control,” Gallup found. It noted Republicans and Democrats approve of Congress at similarly low levels. Democrats have a Senate majority, while Republicans control the House.
  • Reinforcing those views is floor action. “The parties in control of each chamber are pushing through legislative priorities their base supports,” Gallup found.Among them: The House Republican leadership's plan to file a lawsuit saying President Barack Obama overreached hhis authority, and the Senate plan to take a key procedural vote Wednesday to ease the impact of the Supreme Court’s June birth control rulig.The public isn’t pleased, Gallup said.“That so many advocate voting into office a completely new Congress is perhaps a sign of anti-incumbency fervor,” it found. “Others want to see bipartisan cooperation take over the Hill, an unlikely event as election-year agendas become front and center. This mixture of disapproval and disappointment that so many Americans feel toward Congress could produce unpredictable results this fall.”
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The GOP Should Be Mindful Of August And Take Back Up Holding the Line | RedState - 0 views

www.redstate.com/...-take-back-up-holding-the-line Obama-downgrade redstate cut-cap-balance Ryan-Budget
shared by Gary Edwards on 08 Aug 11 - No Cached
  • Gary Edwards on 08 Aug 11
     
    The White House no longer has a commander in chief in charge, but a professional victim. Last week, it was the Arab Spring, those damn Europeans, Mother Nature, etc. Now it is all about those evil tea partiers. For three years, Barack Obama has blamed George W. Bush for all his ills. Yes, it is true, Barack Obama inherited an economy sliding backward. But it is also true Barack Obama inherited a AAA credit rating from George W. Bush. Obama's policies have exacerbated a bad economy and caused us to lose our credit rating. But still, expect a full court press to blame the GOP and Tea Party. So I have some quick advice for the GOP. Back when S&P said it was considering a down grade, it set out two criteria to avoid losing the downgrade: (1) at least $4 trillion in cuts and (2) bipartisan support. Only the tea party movement came up with such a plan - Cut, Cap, and Balance. It received bipartisan support in the House, came within five votes of a majority in the Senate, and not only cut $4 trillion, but put caps on future government spending and balanced the federal budget. No other plan, including the public grand bargain and Barack Obama's own super-double-top-secret plan that no one has ever seen did that. Were I in Republican Leadership in Washington, I would haul my butt back to D.C. right now and start fighting again for Cut, Cap, and Balance. 66% of Americans support the plan. It is the only plan that would have avoided a credit decline. Go back and pick up the fight on the front lines for freedom. And if they just can't, they they better point out to the new Super Committee that it was, in fact, possible to cut $4 trillion without enacting job killing tax increases and encourage them to send back as its package Cut, Cap, and Balance.
  • Gary Edwards on 08 Aug 11
     
    The Tea Party passed two plans to restore USA crdibility and good standing: The Ryan Balanced Budget and the Cut, Cap & Balance plan. Both plans passed the House with bipartisan support. Both plans were acceptable to the credit rating agencies, including Standard & Poor. Both plans were blocked by the Democrats in the Senate, and, threatened with a veto from Obama. The people with no plan blocked the only plans that would have saved the USA credit rating. Rush made the point this morning that if Obama and the Democrats cared about this country, they would be insisting that both the Tea Party plans, the Ryan Balanced Budget and the Cut, Cap & Balance plans be put forward in the Senate immediately for a vote, with the full backing of Obama. Rush pointed out that if Obama and the Democrats didn't do this, or didn't come forward with a proposal of their own that actually qualified and met the credit ratings agencies $4 Trill - stop the reckless spending criteria debt concerns, then our worst fears would be confirmed. Our worst fears being that Obama and the Democrats are worse than mere incompetent socialist ideologues. That they are in fact out to destroy the goose that laid the golden egg: Constitutional Capitalism, American exceptionalism, and our God given right to life liberty and the pursuit of happiness that under-girds the extraordinary story of American prosperity. So Obama has a choice today. He either complies with the demands that the USA Government get it's finances in order by supporting the credit ratings approved Tea Party plans. Or, explain why his vision of a downgraded, prosperity bereft and indentured debt bound America is the way forward. Time to start demanding resignations. The fish rots from the head.
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PressTV - Congress' approval at 13 percent - 0 views

www.presstv.ir/...262086.html election 2012 congress statistics approval ratings
shared by Paul Merrell on 18 Sep 12 - No Cached
  • Only 13 percent of Americans approve of the job Congress is doing, the lowest Gallup has measured this late in an election year. The prior lows were 18% in 1992, 2008, and 2010.
  • Given Congress' near-record-low job approval ratings, voters may continue to take out their frustrations on members of the institution, which has resulted in considerable turnover in congressional membership or party composition in each of the last three election years.   Congress has never had very high approval ratings at this point in an election year; only twice since 1974 were they over 50% -- in 1998, during the economic boom, and in 2002, during the rally in support for public officials after the Sept. 11 attacks. The historical average approval rating for Congress is 33%.
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Article: Obama's War Against Russia Backfires | OpEdNews - 0 views

www.opednews.com/...Russia_Ukraine-140807-948.html war & peace Ukraine Russia polls government-popularity
shared by Paul Merrell on 07 Aug 14 - No Cached
  • U.S. President Barack Obama's war against Russia isn't only causing Russia to cooperate more strongly with the other BRIC countries to break the U.S. dollar's reign as the global reserve currency, but it's also causing Russian President Vladimir Putin's job-approval rating in Russia to soar, and the confidence that the Russian people have in their own Government to soar likewise.
  • The latest of these signs came on 5 August 2014 in a report from Gallup Analytics (by subscription only) headlined "Russians' Confidence in Many Institutions Reaches All-Time High." Especially sharp has been the rise in "Confidence in national government," which was only 39% in 2013 prior to the overthrow by Obama in February 2014 of Ukraine's government which had been friendly to Russia, but which confidence-level stands now at 64% -- a gain of 64/39 or 1.64 times higher than it was a year ago. Confidence in the military has risen from 65% in 2013 to 78% now. Confidence in the "honesty of elections" has risen from a very low 23% in 2013 to 39% today (which is 39/23 or 1.70 times higher), as increasing numbers of Russians have come to conclude that their political system is producing better results for them than they had expected, perhaps better than in the longer-established "democratic" nations, such as the United States, whose President Barack Obama is far less highly regarded now by Russians, after his overthrowing Ukraine's Government, than he was prior to that. Remarkably, more Russians than ever before, 65%, answer "Yes" when asked "are you satisfied ... with your freedom to choose what you do with your life?" Last year, only 56% did, down 2% from the prior all-time high of 58% in 2006.
  • A Gallup poll issued on 18 July 2014 headlined "Russian Approval of Putin Soars to Highest Level in Years," and reported that "President Vladimir Putin's popularity in Russia is now at its highest level in years, likely propelled by a groundswell of national pride with the annexation of Crimea in March on the heels of the Sochi Olympic Games in February. The 83% of Russians saying they approve of Putin's leadership in late April/early June ties his previous high rating in 2008 when he left office the first time." Furthermore, "The 29-percentage-point increase in Putin's job approval between 2013 and 2014 suggests he has solidified his previously shaky support base. For the first time since 2008, a majority of Russians (73%) believe their country's leadership is leading them in the right direction." Pointedly, Gallup says: "At the same time that their faith in their own leadership has been renewed, Russians' approval of the leadership of the U.S. and the EU are at all-time lows. The single-digit approval of the leadership of the U.S. and EU at least partly reflects Russians' displeasure with the position each has taken on their country's ongoing involvement in Ukraine and its annexation of Crimea." Moreover, "Despite U.S. and European sanctions earlier this year over Moscow's intervention in Ukraine, more Russians see their economy getting better now than has been the case since 2008."
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  • All of these changes are largely attributable to Obama's replacement of the democratic but corrupt government in Ukraine by a dictatorial but corrupt one (now elected only by voters in the areas of the country that the new regime isn't ethnically cleansing to get rid of the people who had voted into office the President -- Viktor Yanukovych -- whom Obama and the CIA overthrew in February 2014). Furthermore, there was no serious possibility of Crimea's rejoining Russia (of which Crimea had been a part between 1783 and 1954) until the new Ukrainian regime massacred hundreds of its opponents inside the Odessa Trade Unions Building on May 2nd, the event that caused Yanukovych's voters to fear for their lives. That massacre was co-masterminded by Ihor Kolomoysky, the billionaire gas oligarch who recently hired Joe Biden's son.
  • On 2 July 2014, I headlined "Gallup Poll Finds Ukraine Cannot Be One Country," and reported that, "The 500 people that were sampled in Crimea were asked 'Please tell me if you agree or disagree: The results of the referendum on Crimea's status [whether to rejoin Russia, which passed overwhelmingly] reflect the views of most people here.' 82.8% said 'Agree.' 6.7% said 'Disagree'." Moreover, "Additionally, in the Crimean region -- Ukraine's farthest southeast area, which our President, Barack Obama, says that Russia forcibly seized when the people there voted overwhelmingly on 16 March 2014 to become part of Russia again (as they had been until 1954) -- only 2.8% of the public there view the U.S. favorably; more than 97% of Crimeans do not." Moreover, Gallup surveyed Crimeans a few months before Obama's coup in Ukraine, and headlined "Public Opinion Survey: Residents of the Autonomous Republic of Crimea, May 16-30, 2013." They found that when asked "Regardless of your passport, what do you consider yourself?" 40% said "Russian," 25% said "Crimean," and only 15% said "Ukrainian." So: when the Autonomous Republic voted after Obama's coup, when even fewer Crimeans self-identified with the now-fascist-run Ukraine, it had to have been a foregone conclusion they'd choose Russia, because even prior to that, there was nearly a three-to-one preference of Russia over Ukraine. That same poll showed 68% favorability for Russia and 6% favorability for "USA." 53% wanted to be part of the Customs Union with Russia, Belarus and Kazakhstan, while only 17% wanted to be part of the EU. Obama lies through his teeth about Crimea. On 25 March 2014, the Los Angeles Times headlined "President Obama Says Russia Seized Crimea."

Obama Downgrade: The Guns of August - 2 views

started by Gary Edwards on 08 Aug 11 no follow-up yet
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» EXCLUSIVE: Snowden Level Documents Reveal Stealth DHS Spy Grid Alex Jones' ... - 0 views

www.infowars.com/ts-reveal-stealth-dhs-spy-grid NSA-Patriot-Act-NDAA Edward-Snowden DHS-Spying
shared by Gary Edwards on 12 Nov 13 - No Cached
  • “The NMS also collects information about every Wi‐Fi client accessing the network, including its MAC address, IP address, signal intensity, data rate and traffic status,” the document reads. “Additional NMS features include a fault management system for issuing alarms and logging events according to a set of customizable filtering rules, along with centralized and version‐controlled remote updating of the Aruba Mesh Operating System software.”
  • Gary Edwards on 12 Nov 13
     
    It just keeps getting better ............... excerpt: "The wireless mesh network, which allows for private communication between wireless devices including cell phones and laptops, was built by California-based Aruba Networks, a major provider of next-generation mobile network access solutions. Labeled by their intersection location such as "1st&University" and "2nd& Seneca," the multiple network devices are easily detected in Seattle's downtown area through a simple Wi-Fi enabled device, leading many residents to wonder if they are being detected in return. "How accurately can it geo-locate and track the movements of your phone, laptop, or any other wireless device by its MAC address? Can the network send that information to a database, allowing the SPD to reconstruct who was where at any given time, on any given day, without a warrant? Can the network see you now?" asked Seattle newspaper The Stranger. According to reports from Kiro 7 News, the mesh network devices can capture a mobile user's IP address, mobile device type, apps used, current location and even historical location down to the last 1,000 places visited. So far Seattle police have been tight-lipped about the network's roll-out, even denying that the system is operational. Several groups including the ACLU have submitted requests to learn the programs intended use, but days have turned to months as the mesh network continues its advancement. According to The Stranger's investigation, Seattle Police detective Monty Moss claims the department has no plans to use the mesh network for surveillance… unless given approval by city council. Despite a recently passed ordinance requiring all potential surveillance equipment to be given city council approval and public review within 30 days of its implementation, the network has remained shrouded in secrecy. Unknown to the public until now, information regarding the system has been hiding in plain view since last February at minimum. Diagr
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Corp Fueling Fentanyl Overdose Epidemic Lobbying to Keep Weed Illegal - 0 views

www.mintpressnews.com/...220274 marijuana-legalization-opponents pharmaceutical-lobby tobacco-lobby alcohol-lobby private-prison-lobby law-enforcement-lobby
shared by Paul Merrell on 12 Sep 16 - No Cached
  • In 2016, cannabis is still illegal in many parts of the country, and pharmaceutical giant Insys Therapeutics Inc., a manufacturer of fentanyl, just demonstrated much of the reason why. Arizona is currently gearing up to vote on legalizing recreational cannabis. Ahead of that vote, Insys just contributed $500,000 in the fight against Proposition 205, U.S. News and other outlets report. The Arizona-based pharmaceutical company recently gave the funds to Arizonans for Responsible Drug Policy, an anti-legalization campaign group actively fighting to defeat the ballot measure. Insys’s contributions are particularly unsettling considering the company currently markets only one product — a spray version of fentanyl, a powerful opiate. Fentanyl has become one of the country’s most dangerous prescription drugs. It is more potent than traditional addictive opiates, which already claim thousands of lives every year and drive addicts to graduate to heroin use. Fentanyl is 50 times stronger than heroin and has been linked to a growing number of deaths in the United States. It isparticularly dangerous when sold on the street and cut with other drugs. Fentanyl has been blamed for worsening the sharp rise in heroin overdoses as dealers across the country have begun adding it to heroin to make it stronger.
  • Colorado has lower rates of teen cannabis consumption than the national average, and studies have shown driving while under the influence of the plant is far less dangerous than alcohol, a legal drug. Colorado has seen a spike intourism, business, and tax revenues as a result of legalization. Interestingly, a study by Johns Hopkins university last year found states with medical marijuana had lower rates of overdose from opiates. In spite of Arizonans for Responsible Drug Policy’s claims they care about communities, it is completely comfortable taking half a million dollars from a company that produces one of the most toxic and addictive drugs on the market. Unsurprisingly, Insys previously sold a synthetic cannabis product and has already gained approval from the FDA to launch a similar one in the near future. These business ventures provide an even deeper understanding of why they oppose legalization.
  • Insys’s donation is the largest any group associated with Proposition 205 has received. Around the country, the pharmaceutical fight against legalization is joined by the tobacco lobby, the alcohol lobby, the private prison lobby, and law enforcement.
  • Paul Merrell on 12 Sep 16
     
    Interesting to watch the various marijuana legalization measures in different states. The lobby money to oppose it has overwhelmingly come from organizations whose financial oxen would be gored, the pharmaceutical lobby, tobacco lobby, alcohol lobby, private prison lobby, and law enforcement lobby. On the latter, state and local law enforcement get huge federal subsidies for drug law enforcement, plus forfeiture of properties in drug cases are a huge source of revenue for law enforcement.
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10 Things You Don't Know (or were misinformed) About the GS Case | The Big Picture - 1 views

www.ritholtz.com/...0-things-you-dont-know-gs-case GS Goldman-Sachs SEC financial-oligarchs fraud barry-ritholtz Banksters banksters
shared by Gary Edwards on 23 Apr 10 - Cached
  • Gary Edwards on 23 Apr 10
     
    1. This is a Weak Case:  Actually, no - its a very strong case. Based upon what is in the SEC complaint, parts of the case are a slam dunk. The claim Paulson & Co. were long $200 million dollars when they were actually short is a material misrepresentation - that's Rule 10b-5, and its a no brainer. The rest is gravy. 2. Robert Khuzami is a bad ass, no-nonsense, thorough, award winning Prosecutor:  This guy is the real deal - he busted terrorist rings, broke up the mob, took down security frauds. He is now the director of SEC enforcement. He is fearless, and was awarded the Attorney General's Exceptional Service Award (1996), for "extraordinary courage and voluntary risk of life in performing an act resulting in direct benefits to the Department of Justice or the nation." When you prosecute mass murderers who use guns and bombs and threaten your life, and you kick their asses anyway, you ain't afraid of a group of billionaire bankers and their spreadsheets. He is the shit. My advice to anyone on Wall Street in his crosshairs: If you are indicted in a case by Khuzami, do yourself a big favor: Settle. 3. Goldman lost $90 million dollars, hence, they are innocent:  This is a civil, not a criminal case. Hence, any mens rea - guilty mind - does not matter. Did they or did they not violate the letter of the law? That is all that matters, regardless of what they were thinking - or their P&L. 4. ACA is a victim in this case: Not exactly, they were an active participant in ratings gaming. Look at the back and forth between Paulson's selection and ACAs management. 55 items in the synthetic CDO were added and removed. Why? What ACA was doing was gaming the ratings agencies for their investment grade, Triple AAA ratings approval. Their expertise (if you can call it that) was knowing exactly how much junk they could include in the CDO to raise yield, yet still get investment grade from Moody's or S&P. They are hardly an innocent party in this. 5
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Israeli Elections To Be Held March 17 | nsnbc international - 0 views

nsnbc.me/...-elections-to-be-held-march-17
shared by Paul Merrell on 06 Dec 14 - No Cached
  • The Israeli daily Haaretz has reported that the bill to dissolve the Knesset passed the first reading, Wednesday, in a 22 to 0 vote, preparing to head for new elections on March 17, 2015. The developments came less than a day after Israeli Prime Minister Benjamin Netanyahu fired Justice Minister Tzipi Livni, and Finance Minister Yair Lapid.
  • Haaretz said the vote came just a few hours after the bill to dissolve the Knesset passed a preliminary reading with a 84 to 0 vote, with one abstention. It added that the umbrella proposal grants the Knesset a period of three to five months to prepare for new election after the Knesset has been dissolved. There will be two more readings at the Knesset next week, and after the approval, the Knesset moves to elections recess.
  • On Tuesday, Netanyahu fired both Livni and Lapid after accusing them of trying to out throw him, and for defying his own polices, including his insistence that the Palestinians must recognize Israel as a Jewish State, and his policies regarding the “Iranian Nuclear File.”
  • Paul Merrell on 06 Dec 14
     
    Netanyahu's approval rating is down around 20 per cent. The only problem there is that the next higher rating of another politico is 7 per cent. The pundits seem to agree that Netanyahu's Likud Party will likely be charged with forming a new ruling coalition, which keeps Netanyahu and Israel's right wing in power. 
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BofA Said to Split Regulators Over Moving Merrill Derivatives to Bank Unit - Bloomberg - 0 views

www.bloomberg.com/...-derivatives-to-bank-unit.html banksters toxic-derivatives BoA JPMorgan FDIC Dodd-Frank too-big-to-fail
shared by Paul Merrell on 13 Nov 13 - No Cached
  • Bank of America Corp. (BAC), hit by a credit downgrade last month, has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits, according to people with direct knowledge of the situation. The Federal Reserve and Federal Deposit Insurance Corp. disagree over the transfers, which are being requested by counterparties, said the people, who asked to remain anonymous because they weren’t authorized to speak publicly. The Fed has signaled that it favors moving the derivatives to give relief to the bank holding company, while the FDIC, which would have to pay off depositors in the event of a bank failure, is objecting, said the people. The bank doesn’t believe regulatory approval is needed, said people with knowledge of its position.
  • Three years after taxpayers rescued some of the biggest U.S. lenders, regulators are grappling with how to protect FDIC- insured bank accounts from risks generated by investment-banking operations. Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among U.S. firms. “The concern is that there is always an enormous temptation to dump the losers on the insured institution,” said William Black, professor of economics and law at the University of Missouri-Kansas City and a former bank regulator. “We should have fairly tight restrictions on that.”
  • Moody’s Investors Service downgraded Bank of America’s long-term credit ratings Sept. 21, cutting both the holding company and the retail bank two notches apiece. The holding company fell to Baa1, the third-lowest investment-grade rank, from A2, while the retail bank declined to A2 from Aa3.
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  • The Moody’s downgrade spurred some of Merrill’s partners to ask that contracts be moved to the retail unit, which has a higher credit rating, according to people familiar with the transactions. Transferring derivatives also can help the parent company minimize the collateral it must post on contracts and the potential costs to terminate trades after Moody’s decision, said a person familiar with the matter. Bank of America estimated in an August regulatory filing that a two-level downgrade by all ratings companies would have required that it post $3.3 billion in additional collateral and termination payments, based on over-the-counter derivatives and other trading agreements as of June 30. The figure doesn’t include possible collateral payments due to “variable interest entities,” which the firm is evaluating, it said in the filing.
  • Derivatives are financial instruments used to hedge risks or for speculation. They’re derived from stocks, bonds, loans, currencies and commodities, or linked to specific events such as changes in the weather or interest rates. Dodd-Frank Rules Keeping such deals separate from FDIC-insured savings has been a cornerstone of U.S. regulation for decades, including last year’s Dodd-Frank overhaul of Wall Street regulation. The legislation gave the FDIC, which liquidates failing banks, expanded powers to dismantle large financial institutions in danger of failing. The agency can borrow from the Treasury Department to finance the biggest lenders’ operations to stem bank runs. It’s required to recoup taxpayer money used during the resolution process through fees on the largest firms.
  • Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades. That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.
  • Moving derivatives contracts between units of a bank holding company is limited under Section 23A of the Federal Reserve Act, which is designed to prevent a lender’s affiliates from benefiting from its federal subsidy and to protect the bank from excessive risk originating at the non-bank affiliate, said Saule T. Omarova, a law professor at the University of North Carolina at Chapel Hill School of Law. “Congress doesn’t want a bank’s FDIC insurance and access to the Fed discount window to somehow benefit an affiliate, so they created a firewall,” Omarova said. The discount window has been open to banks as the lender of last resort since 1914. As a general rule, as long as transactions involve high- quality assets and don’t exceed certain quantitative limitations, they should be allowed under the Federal Reserve Act, Omarova said.
  • In 2009, the Fed granted Section 23A exemptions to the banking arms of Ally Financial Inc., HSBC Holdings Plc, Fifth Third Bancorp, ING Groep NV, General Electric Co., Northern Trust Corp., CIT Group Inc., Morgan Stanley and Goldman Sachs Group Inc., among others, according to letters posted on the Fed’s website. The central bank terminated exemptions last year for retail-banking units of JPMorgan, Citigroup, Barclays Plc, Royal Bank of Scotland Plc and Deutsche Bank AG. The Fed also ended an exemption for Bank of America in March 2010 and in September of that year approved a new one. Section 23A “is among the most important tools that U.S. bank regulators have to protect the safety and soundness of U.S. banks,” Scott Alvarez, the Fed’s general counsel, told Congress in March 2008.
  • Paul Merrell on 13 Nov 13
     
    So according to Bloomberg, JPMorgan's commercial bank was the recipient of 99 percent of JPMorgan's $79 trillion (face value of derivatives) in bad bets. So adding JPMorgan's $78 trillion or so to the $75 trillion in bad bets Bank of America unloaded on its FDIC insured subsidiary, we arrive at $153 trillion in bad bets moved by two investment banks alone under the FDIC umbrella. Meanwhile, FDIC has authority under Dodd-Frank to liquidate these insolvent banks but doesn't, despite several successful lawsuits to recover the value of toxic derivatives that they sold to smaller banks that failed (which implies that FDIC could tell JPMorgan and BoA's investment banksters that they've got to pay off the toxic assets they transferred to their commercial banks, rather than diluting the insurance for normal depositors. Problem: the two big investment banks don't have sufficient assets to absorb those losses, so the too-politically-connected-to-fail factor kicks in. Note that I have not done any legal research in regard to these issues and am basing these observations on what has been stated about legal requirements in various media articles.
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The Money Changers Serenade: A New Bankers' Plot to Steal Your Deposits | Global Research - 0 views

www.globalresearch.ca/...5359018 banksters fraud electronic-currency Summers
shared by Paul Merrell on 25 Nov 13 - No Cached
  • Writing in the Wall Street Journal (“Confessions of a Quantitative Easer,” November 11, 2013), Andrew Huszar confirms my explanation to be the correct one. Huszar is the Federal Reserve official who implemented the policy of QE. He resigned when he realized that the real purposes of QE was to drive up the prices of the banks’ holdings of debt instruments, to provide the banks with trillions of dollars at zero cost with which to lend and speculate, and to provide the banks with “fat commissions from brokering most of the Fed’s QE transactions.” (See: www.paulcraigroberts.org) This vast con game remains unrecognized by Congress and the public. At the IMF Research Conference on November 8, 2013, former Treasury Secretary Larry Summers presented a plan to expand the con game. Summers says that it is not enough merely to give the banks interest free money. More should be done for the banks. Instead of being paid interest on their bank deposits, people should be penalized for keeping their money in banks instead of spending it. To sell this new rip-off scheme, Summers has conjured up an explanation based on the crude and discredited Keynesianism of the 1940s that explained the Great Depression as a problem caused by too much savings. Instead of spending their money, people hoarded it, thus causing aggregate demand and employment to fall.
  • Summers says that today the problem of too much saving has reappeared. The centerpiece of his argument is “the natural interest rate,” defined as the interest rate at which full employment is established by the equality of saving with investment. If people save more than investors invest, the saved money will not find its way back into the economy, and output and employment will fall. Summers notes that despite a zero real rate of interest, there is still substantial unemployment. In other words, not even a zero rate of interest can reduce saving to the level of investment, thus frustrating a full employment recovery. Summers concludes that the natural rate of interest has become negative and is stuck below zero. How to fix this? The way to fix it, Summers says, is to charge people for saving money. To avoid the charges, people would spend the money, thus reducing savings to the level of investment and restoring full employment. Summers acknowledges that the problem with his solution is that people would take their money out of banks and hoard it in cash holdings. In other words, the cash form of money provides consumers with a freedom to save that holds down consumption and prevents full employment. Summers has a fix for this: eliminate the freedom by imposing a cashless society where the only money is electronic. As electronic money cannot be hoarded except in bank deposits, penalties can be imposed that force unproductive savings into consumption.
  • for Summers, the plight of the consumer is not the problem. The problem is the profits of the banks. Summers has the solution, and the establishment, including Paul Krugman, is applauding it. Once the economy officially turns down again, watch out.
  • Paul Merrell on 25 Nov 13
     
    Paul Craig Roberts exposes Larry Summers formula for the banksters to grab money from everyone: eliminate all but electronic-currency and penalize savings. Not mentioned by Roberts, but much of the infrastructure for this is already in place. For example, late last year all recipients of Social Security and VA benefit checks were notified that after March 1, 2013, they would be in violation of the law if they continued to receive paper checks. They were required to enroll in approved electronic deposit programs, all of which are offered by banks. Until about two years ago, people could merely state in writing that they didn't want it and could continue receiving paper checks. But Congress closed that loophole.  (I remain out of compliance.) Debit card is now mandatory, although they have not yet enacted penalties for non-compliance.  So the banksters now get the "float" on virtually all federal SS and VA benefit payments until spent. That's as opposed to the prior Treasury Department drafts whose funds were not in the banking system.   More to the point, the web portal for the federal "Go Direct" program to sign up for direct deposit is in place and debugged. It wouldn't take much beyond a bigger data set to issue debit cards for everyone in the U.S. during a transition to a cashless economy.  The Constitution says gold and silver only for payment of debts; paper currency paved the way for financial abuse of the economy by banksters. Now Summers wants to do away with cash entirely in favor of digital currency with penalties for saving? My life savings must be surrendered to a bank so I can be penalized for saving? And of course moving to all-digital currency would give the spy agencies a much more detailed record of your purchases to work with. The location where you bought that last cup of coffee is instantly available to the NSA? Gimme a break!    
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Banks fined over $5 billion for rigging global currency markets | Toronto Star - 0 views

www.thestar.com/...g-global-currency-markets.html banksters fraud litigation criminal-convictions
shared by Paul Merrell on 13 Jun 15 - No Cached
  • A group of global banks will pay more than $5 billion U.S. in penalties and plead guilty to rigging the world’s currency market, the first time in more than two decades that major players in the financial industry have admitted to criminal wrongdoing. JPMorgan Chase, Citigroup, Barclays and The Royal Bank of Scotland conspired with one another to fix rates on U.S. dollars and euros traded in the huge global market for currencies, according to a resolution announced Wednesday between the banks and the U.S. Department of Justice. A group of currency traders, who called themselves “The Cartel,” allegedly shared customer orders through chat rooms and used that information to profit at the expense of their clients. The resolution is complex and involves multiple regulators in the U.S. and overseas.
  • The four banks will pay a combined $2.5 billion in criminal penalties to the DOJ for criminal manipulation of currency rates between December 2007 and January 2013, according to the agreement. The Federal Reserve is slapping them with an additional $1.6 billion in fines, as the banks’ chief regulator. Finally, British bank Barclays is paying an additional $1.3 billion to British and U.S. regulators for its role in the scheme. Another bank, Switzerland’s UBS, has agreed to plead guilty to manipulating key interest rates and will pay a separate criminal penalty of $203 million.
  • It is rare to see a bank plead guilty to wrongdoing. Even in the aftermath of the financial crisis, most financial companies reached “non-prosecution agreements” or “deferred prosecution agreements” with regulators, agreeing to pay billions in fines but not admitting any guilt. If any guilt were found, it was usually one of the bank’s subsidiaries or divisions — not the bank holding company.
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  • Big banks overall have already been fined billions of dollars for their role in the housing bubble and subsequent financial crisis. But even so, the latest penalties are big. Including a separate agreement with the Federal Reserve announced Wednesday and another announced last year, the group of banks will pay nearly $9 billion in fines for manipulating the $5.3 trillion global currency market. Unlike the stock and bond markets, currencies trade nearly 24 hours a day, seven days a week. The market pauses two times a day, a moment known as “the fix.” Traders in the cartel allegedly shared client orders with rivals ahead of the “fix”, pumping up currency rates to make profits. Global companies, who do business in multiple currencies, rely on their banks to give them the closest thing to an official exchange rate each day. The banks are supposed to be looking out for them instead of conspiring to get even bigger profits by using customers’ orders against them. Travelers who regularly exchange currencies also need to get a fair price for their euros or dollars.
  • The number of traders who participated in the criminal activity was small. JPMorgan, in a statement, said the one trader involved has been fired. Citi said it fired nine employees involved. The agreement between the banks and the DOJ is subject to court approval. If approved, all five banks have agreed to three years of corporate probation overseen by a court. The banks will also help prosecutors with their investigations into individual criminal activity related to the currency market rigging. In 2012, HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing to pay $1.9 billion to settle a U.S. money-laundering probe. Another British bank, Standard Chartered, signed an agreement with New York regulators to settle a money-laundering investigation involving Iran with a $340 million payment. In 2014, the Bank of America reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis
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Doug Casey on American Socialism - Casey Research - 0 views

www.caseyresearch.com/...doug-casey-american-socialism Doug-Casey Socialism economic-ruin
shared by Gary Edwards on 20 Oct 12 - No Cached
  • Gary Edwards on 20 Oct 12
     
    "Doug Casey on American Socialism"  .  Awesome interview, especially the discussion on Liberalism and how the socialist Norman Thomas decided to co-opt the term as an effective replacement for the disreputable socialism.  Links to the Thomas 1932 socialist platform that Casey points out has pretty much been put into place.   Good discussion.  Focus on an article published by socialist apologist and idiot, Allan Colmes.
  • Paul Merrell on 20 Oct 12
     
    I agree that Colmes is far from the sharpest knife in the drawer. In my opinion, he was largely a Fox News invention to give Shawn Hannity a far weaker opponent to argue against that Hannity's idiocy could still overcome. There are in reality liberals that Hannity could never have gone toe-to-toe with. (That's not an endorsement of liberalism; it's commentary on the quality of Hannity's arguments.) The show was mostly a variant of the straw man logical fallacy; the fact that Colmes lacked the ability to think critically or communicate effectively made Hannity "win" the pseudo-debate in the eyes of those unable to think critically themselves. I have some criticism of Casey's remarks that apply more generally to my experience of strict Libertarians and perhaps even farther to strict adherents to any "ism." My criticism boils down to a couple of examples of hard issues usually avoided by strict Libertarians. -- The Disabled: When discussing Social Security disability benefits, Casey changes the subject from the genuinely disabled to a short rant about those whose disability claims are bogus and the "ambulance chasing" lawyers who pursue their claims. But if pressed to the wall and forced to answer, I strongly suspect that Casey would admit that there are people, likely the majority of Social Security disability benefits, whose claims are genuine. The net effect of his relevant argument: an impression that he has a Darwinian view that he would leave the disabled dying in the streets without sustenance or medical care. That kind of society is unacceptable to me. Perhaps it is to Casey too, but if so I think it was incumbent on him to offer a solution for the genuinely disabled. (In fairness, I'll note that at one point Casey hinted but did not forthrightly say that he would favor financial assistance for single mothers in Harlem.) -- Medical Care: I agree that our health care system is badly broken. But again Casey is long on criticism but short on realistic idea
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Desperate Bankers Are Begging The Fed To Discuss Default Emergency Plans With Them But ... - 0 views

www.businessinsider.com/g-for-a-default-fallout-2011-7 Banksters Federal-Reserve-Bank-Cartel
shared by Gary Edwards on 28 Jul 11 - No Cached
  • Gary Edwards on 28 Jul 11
     
    No doubt the Banksters have a plan, and we're watching it role out before our very eyes. The national debt ceiling crisis is the plan! Whether Congress approves or shoots down an increase in the borrowing limit of the government, the Banksters win.  If the the debt limit is raised, the Banksters win in that they can unload that $16.1 Trillion in free taxpayer money at a minimum of 3.25% interest through new Treasury bond initiatives forced by uncontrolled increases in government spending.  They also win in that their hand maiden credit agencies, having insisted on Congressional spending cuts of $4 Trill that are not going to materialize, WILL downgrade the USA credit rating. This will result in interest rates much higher than 3.25%!!! Cha Ching! If the outcome is no debt increase, there will be a constitutional crisis beyond imagination. Banksters always win in a crisis because panicked citizens will trade their constitutionally guaranteed liberty, freedoms and property rights for security and calm. This perhaps translates into a long term cha ching for th eBanksters that will have them owning America. The one outcome where the Banksters don't gain, would be where the debt ceiling is raised enough to cover the obligations of the continuing resolution, but includes serious and immediate across the board spending cuts, caps on future spending increases, and the end of base line budgeting through a Balanced Budget Amendment. Like the CCB; Cut, Cap and Balanced Budget bill the House of Representatives ahs already passed
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A New Recession and a New World Devoid of Washington's Arrogance? - 0 views

www.informationclearinghouse.info/article38931.htm war & peace economic-warfare U.S.-foreign-policy Russia China
shared by Paul Merrell on 27 Jun 14 - No Cached
  • June 25, 2014. A final number for real US GDP growth in the first quarter of 2014 was released today. The number is not the 2.6% growth rate predicted by the know-nothing economists in January of this year. The number is a decline in GDP of -2.9 percent. The negative growth rate of -2.9 percent is itself an understatement. This number was achieved by deflating nominal GDP with an understated measure of inflation. During the Clinton regime, the Boskin Commission rigged the inflation measure in order to cheat Social Security recipients out of their cost-of-living adjustments. Anyone who purchases food, fuel, or anything knows that inflation is much higher than the officially reported number. It is possible that the drop in first quarter real GDP is three times the official number. Regardless, the difference is large between the January forecast of +2.6 percent growth and the decline as of the end of March of -2.9 percent.
  • Any economist who is real and unpaid by Wall Street, the government, or the Establishment knew that the +2.6 percent forecast was a crock. Americans’ incomes have not grown except for the one percent, and the only credit growth is in student loans, as those many who cannot find jobs mistakenly turn to “education is the answer.” In an economy based on consumer demand, the absence of income and credit growth means no economic growth. The US economy cannot grow because corporations pushed by Wall Street have moved the US economy offshore. US manufactured products are made offshore. Look at the labels on your clothes, your shoes, your eating and cooking utensils, your computers, whatever. US professional jobs such as software engineering have been moved offshore. An economy with an offshored economy is not an economy. All of this happened in full view, while well-paid free market shills declared that Americans were benefiting from giving America’s middle class jobs to China and India.
  • An official decline of -2.9 percent in the first quarter implies a second quarter GDP decline. Two declines in a row is the definition of recession. Imagine the consequences of a recession. It means that years of unprecedented Quantitative Easing failed to revive the economy. It means that years of Keynesian fiscal deficits failed to revive the economy. Neither fiscal nor monetary policy worked. What then can revive the economy? Nothing except to force the return of the economy that the anti-American corporations moved offshore. This would require credible government. Unfortunately, the US government has been losing credibility since the second term of the Clinton regime. It has none left.
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  • Washington’s lies are catching up with Obama. German chancellor Merkel is Washington’s complete whore, but German industry is telling Washington’s whore that they value their business with Russia more than they value suffering in behalf of Washington’s empire. French businessmen are asking Hollande what he proposes to do with their unemployed workers if Holland goes along with Washington. Italian businesses are reminding that government, to the extent that Italy has one, that uncouth Americans have no tastes and that sanctions on Russia mean a hit to Italy’s most famous and best recognized economic sector–high style luxury products. Dissent with Washington and Washington’s two-bit puppet rulers in Europe is spreading. The latest poll in Germany reveals that three-quarters of Germany’s population rejectpermanent NATO bases in Poland and the Baltic states. The former Czechoslovakia, currently Slovakia and the Czech Republic, although NATO members, have rejected NATO and American troops and bases on their territory. Recently, the Polish foreign minister said that pleasing Washington required giving free oral sex for nothing in return.
  • Thus, America’s two largest business organizations, important sources of political campaign contributions, have finally added their voice to the voices of German, French, and Italian business. Everyone, except the brainwashed American public, knows that the “crisis in Ukraine” is entirely the work of Washington. European and American businesses are asking: “why should our profits and our workers take hits in behalf of Washington’s propaganda against Russia.” Obama has no answer. Perhaps his neocon scum, Victoria Nuland, Samantha Powers, and Susan Rice can come up with an answer. Obama can look to the New York Times, Washington Post, Wall Street Journal, and Weekly Standard to explain why millions of Americans and Europeans should suffer in order that Washington’s theft of Ukraine is not endangered.
  • Today no one anywhere in the world believes the US government except the brain dead Americans who read and listen to the “mainstream media.” Washington’s propaganda dominates the minds of Americans, but produces laughter and scorn everywhere else. The poor US economic outlook has brought America’s two largest business lobbies–the US Chamber of Commerce and the National Association of Manufacturers (or what is left of them) into conflict with the Obama regime’s threat of further sanctions against Russia. According to Bloomberg News, beginning tomorrow (June 26), the business groups will run advertisements in the New York Times, Wall St Journal, and Washington Post opposing any further sanctions on Russia. The US business organizations say that the sanctions will harm their profits and result in layoffs of American workers.
  • The strains that Washington’s morons are putting on NATO might break the organization apart. Pray that it does. NATO’s excuse for existence disappeared with the Soviet collapse 23 years ago. Yet, Washington has increased NATO far beyond the borders of the North Atlantic Treaty Organization. NATO now runs from the Baltics to Central Asia. In order to have a reason for NATO’s continued expensive operation, Washington has had to construct an enemy out of Russia. Russia has no intention of being Washington’s or NATO’s enemy and has made that perfectly clear. But Washington’s military/security complex, which absorbs about $1 trillion annually of US hard-pressed taxpayers’ money, needs an excuse to keep the profits flowing. Unfortunately the Washington morons picked a dangerous enemy. Russia is a nuclear armed power, a country of vast dimensions, and with a strategic alliance with China.
  • Only a government drowning in arrogance and hubris or a government run by psychopaths and sociopaths would pick such an enemy. Russia’s President Vladimir Putin has pointed out to Europe that Washington’s policies in the Middle East and Libya are not merely total failures but also devastatingly harmful to Europe and Russia. The fools in Washington have removed the governments that suppressed the jihadists. Now the violent jihadists are unleashed. In the Middle East the jihadists are at work remaking the artificial boundaries set by the British and French in the aftermath of World War I. Europe, Russia and China have Muslim populations and now must worry if the violence that Washington has unleashed will bring destabilization to regions of Europe, Russia and China.
  • No one anywhere in the world has any reason to love Washington. Least of all Americans, who are being bled dry in order that Washington can parade military force around the world. Obama’s approval rating is a dismal 41 percent and no one wants Obama to remain in office once his second term is complete. In contrast, two-thirds of the Russian population want Putin to remain president after 2018. In March the poling agency, Public Opinion Research Center, released a report that Putin’s approval rating stood at 76 percent despite the agitation against him by the US financed Russian NGOs, hundreds of fifth column institutions that Washington established in Russia during the past two decades. On top of US political troubles, the US dollar is in trouble. The dollar is kept afloat by rigged financial markets and Washington’s pressure on its vassal states to support the dollar’s value by printing their own currencies and purchasing dollars. In order to keep the dollar afloat, much of the world will be inflated. When people finally catch on and rush into gold, the Chinese will have it all.
  • Sergey Glazyev, an adviser to President Putin, has told the Russian president than only an anti-dollar alliance that crashes the US dollar can halt Washington’s aggression. That has long been my opinion. There can be no peace as long as Washington can print more money with which to finance more wars. As the Chinese government stated, it is time to “de-Americanize the world.” Washington’s leadership has totally failed the world, producing nothing but lies, violence, death, and the promise of more violence. America is exceptional only in the fact that Washington has, without remorse, destroyed in whole or part seven countries in the new 21st century. Unless Washington is replaced with more humane leadership, life on earth has no future.
  • Paul Merrell on 27 Jun 14
     
    Paul Craig Roberts wields a pen striking at the very heart of what ails American government.
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The Incredible, Shrinking Presidency of Barack Obama » CounterPunch: Tells th... - 0 views

www.counterpunch.org/...ing-presidency-of-barack-obama Obama polls stats economy Obama-failure
shared by Paul Merrell on 21 Dec 13 - No Cached
  • According to a new Washington Post-ABC poll, Barack Obama now ranks among the least popular presidents in the last century. In fact, his approval rating is lower than Bush’s was in his fifth year in office. Obama’s overall approval rating stands at a dismal 43 percent, with a full 55 percent of the public “disapproving of the way he is handling the economy”. The same percentage  of people “disapprove of the way he is handling his job as president”.  Thus, on the two main issues, leadership and the economy, Obama gets failing grades. An even higher percentage of people are upset at the way the president is implementing his signature health care system dubbed “Obamacare”.  When asked “Do you approve or disapprove of the way Obama is handling “implementation of the new health care law?” A full 62% said they disapprove, although I suspect that the anger has less to do with the plan’s “implementation” than it does with the fact that Obamacare is widely seen as a profit-delivery system for the voracious insurance industry.  Notwithstanding the administration’s impressive public relations campaign, a clear majority of people have seen through Obama’s health care ruse and given the program a big thumb’s down.
  • Of course, Obamacare is just the straw that broke the camel’s back. The list of policy disasters that preceded this latest fiasco is nearly endless,  including everything from blanket pardons for the Wall Street big-wigs who took down the global financial system, to re-upping the Bush tax cuts, to appointing a commission of deficit hawks to slash Social Security and Medicare (Bowles-Simpson), to breaking his word on Gitmo, to reneging on his promise to pass Card Check, to expanding to wars in Africa, Asia and the Middle East, to droning 4-times as many civilians as the homicidal maniac he replaced as president in 2008.
  • All told, Obama has been bad for the economy, bad for civil liberties, bad for minorities,  bad for foreign wars, and bad for health care. He has, however, been a very effective lackey-sock puppet for Wall Street, Big Pharma, the oil magnates, and the other 1% -vermin Kleptocrats who run the country and who will undoubtedly attend his $100,000-per-plate speaking engagements when he finally retires in comfort to some gated community where he’ll work on his memoirs and cash in on his 8 years of faithful service to the racketeer class.
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  • Everything has gotten worse under Obama. Everything. And, not once, in his five years as president, has this gifted and charismatic leader ever lifted a finger to help the millions of people who supported him, who believed in him, and who voted him into office. These latest poll results indicate that many of those same people are beginning to wake up and see what Obama is really all about.
  • Paul Merrell on 21 Dec 13
     
    A well-written rant from a progressive about Obama's failure as a President, supported by lots of poll results and statistics. But I find it amusing that Obama's harshest progressive critics mostly choose to view him as a failure rather than recognizing that his campaign promises and claims to be a progressive were lies. Obama has been an incredibly successful president for his real constituency, the banksters, the giant multinational corporations, the military industry, etc. Apparently it's more difficult for progressives to recognize the man for what he really stands for than to accept that they were suckered into voting for another political shyster whose real constituency are corporatist/globalist interests. They'd rather view him as a failed progressive with a still pure heart than believe that his campaign promises were lies.  But to me, Obama's behavior speaks far more loudly about his real goals than his words. 
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Swimming with the Sharks: Goldman Sachs, School Districts, and Capital Appreciation Bon... - 0 views

nsnbc.me/...and-capital-appreciation-bonds Banksters Goldman-Sachs
shared by Gary Edwards on 21 Feb 15 - No Cached
  • In 2008, after collecting millions of dollars in fees to help California sell its bonds, Goldman urged its bigger clients to place investment bets against those bonds, in order to profit from a financial crisis that was sparked in the first place by irresponsible Wall Street speculation. Alarmed California officials warned that these short sales would jeopardize the state’s bond rating and drive up interest rates. But that result also served Goldman, which had sold credit default swaps on the bonds, since the price of the swaps rose along with the risk of default.
  • In 2009, the lenders’ lobbying group than proposed and promoted AB1388, a California bill eliminating the debt ceiling requirement on long-term debt for school districts. After it passed, bankers traveled all over the state pushing something called “capital appreciation bonds” (CABs) as a tool to vault over legal debt limits. (Think Greece again.) Also called payday loans for school districts, CABs have now been issued by more than 400 California districts, some with repayment obligations of up to 20 times the principal advanced (or 2000%).
  • The controversial bonds came under increased scrutiny in August 2012, following a report that San Diego County’s Poway Unified would have to pay $982 million for a $105 million CAB it issued. Goldman Sachs made $1.6 million on a single capital appreciation deal with the San Diego Unified School District.
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  • . . . AB1388, signed by then-Gov. Arnold Schwarzenegger in 2009, [gave] banks the green light to lure California school boards into issuing bonds to raise quick money to build schools. Unlike conventional bonds that have to be paid off on a regular basis, the bonds approved in AB1388 relaxed regulatory safeguards and allowed them to be paid back 25 to 40 years in the future. The problem is that from the time the bonds are issued until payment is due, interest accrues and compounds at exorbitant rates, requiring a balloon payment in the millions of dollars. . . . Wall Street exploited the school boards’ lack of business acumen and proposed the bonds as blank checks written against taxpayers’ pocketbooks. One school administrator described a Wall Street meeting to discuss the system as like “swimming with the big sharks.” Wall Street has preyed on these school boards because of the millions of dollars in commissions. Banks, financial advisers and credit rating firms have billed California public entities almost $400 million since 2007. [State Treasurer] Lockyer described this as “part of the ‘new’ Wall Street,” which “has done this kind of thing on the private investor side for years, then the housing market and now its public entities.”
  • The Federal Reserve could have made virtually-interest-free loans available to local governments, as it did for banks. But the Fed (whose twelve branches are 100% owned by private banks) declined. As noted by Cate Long on Reuters:
  • The Fed has said that it will not buy muni bonds or lend directly to states or municipal issuers. But be sure if yields rise high enough Merrill Lynch, Goldman Sachs and JP Morgan will be standing ready to “save” these issuers. There is no “lender of last resort” for muniland.
  • Among the hundreds of California school districts signing up for CABs were fifteen in Orange County. The Anaheim-based Savanna School District took on the costliest of these bonds, issuing $239,721 in CABs in 2009 for which it will have to repay $3.6 million by the final maturity date in 2034. That works out to $15 for every $1 borrowed. Santa Ana Unified issued $34.8 million in CABs in 2011. It will have to repay $305.5 million by the maturity date in 2047, or $9.76 for every dollar borrowed. Placentia-Yorba Linda Unified issued $22.1 million in capital appreciation bonds in 2011. It will have to repay $281 million by the maturity date in 2049, or $12.73 for every dollar borrowed.
  • In 2013, California finally passed a law limiting debt service on CABs to four times principal, and limiting their maturity to a maximum of 25 years. But the bill is not retroactive. In several decades, the 400 cities that have been drawn into these shark-infested waters could be facing municipal bankruptcy – for capital “improvements” that will by then be obsolete and need to be replaced.
  • Then-State Treasurer Bill Lockyer called the bonds “debt for the next generation.” But some economists argue that it is a transfer of wealth, not between generations, but between classes – from the poor to the rich. Capital investments were once funded with property taxes, particularly those paid by wealthy homeowners and corporations. But California’s property tax receipts were slashed by Proposition 13 and the housing crisis, forcing school costs to be borne by middle-class households and the students themselves.
  • According to Demos, per-student funding has been slashed since 2008 in every state but one – the indomitable North Dakota. What is so different about that state? Some commentators credit the oil boom, but other states with oil have not fared so well. And the boom did not actually hit in North Dakota until 2010. The budget of every state but North Dakota had already slipped into the red by the spring of 2009.
  • One thing that does single the state out is that North Dakota alone has its own depository bank.
  • The state-owned Bank of North Dakota (BND) was making 1% loans to school districts even in December 2014, when global oil prices had dropped by half. That month, the BND granted a $10 million construction loan to McKenzie County Public School No. 1, at an interest rate of 1% payable over 20 years. Over the life of the loan, that works out to $.20 in simple interest or $.22 in compound interest for every $1 borrowed. Compare that to the $15 owed for every dollar borrowed by Anaheim’s Savanna School District or the $10 owed for every dollar borrowed by Santa Ana Unified.
  • How can the BND afford to make these very low interest loans and still turn a profit? The answer is that its costs are very low. It has no exorbitantly-paid executives; pays no bonuses, fees, or commissions; pays no dividends to private shareholders; and has low borrowing costs. It does not need to advertise for depositors (it has a captive deposit base in the state itself) or for borrowers (it is a wholesale bank that partners with local banks, which find the borrowers). The BND also has no losses from derivative trades gone wrong. It engages in old-fashioned conservative banking and does not speculate in derivatives. Unlike the vampire squids of Wall Street, it is not motivated to maximize its bottom line in a predatory way. Its mandate is simply to serve the public interest.
  • Gary Edwards on 21 Feb 15
     
    " Remember when Goldman Sachs - dubbed by Matt Taibbi the Vampire Squid - sold derivatives to Greece so the government could conceal its debt, then bet against that debt, driving it up? It seems that the ubiquitous investment bank has also put the squeeze on California and its school districts. Not that Goldman was alone in this; but the unscrupulous practices of the bank once called the undisputed king of the municipal bond business epitomize the culture of greed that has ensnared students and future generations in unrepayable debt."
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How our deep partisan split affects President Obama and terror fears - The Washington Post - 0 views

www.washingtonpost.com/...esident-obama-and-terror-fears politics-of-fear polls
shared by Paul Merrell on 31 Dec 15 - No Cached
  • On Monday, CNN released a poll indicating that 40 percent of Americans think the terrorists are winning the war on terror. It's a grim, weird finding that offers more questions about perceptions of terror than answers. Why are people in rural areas slightly more concerned about being killed in a terror attack than people in cities, as the poll finds? It doesn't make much sense, given where terrorists usually find their targets. The poll also had some good news for the White House: More than half of the country has a great deal or a moderate amount of confidence in the administration to protect the country from future terrorist acts. Among Democrats, 83 percent have confidence in the administration's ability to tackle terrorism, compared to only 17 percent of Republicans. That's pretty close to President Obama's Gallup approval ratings by party, with Republicans a bit more confident in Obama's ability to protect us than they approve of his job performance. The "who's winning the war on terror" question is similarly split on party lines, though less dramatically. Seventy-five percent of Democrats think that either the U.S. is winning or there's no clear winner, while more than half of Republicans think the terrorists are winning.
  • With big splits like that, it's little wonder, then, that even something like the imminent threat of a terror attack is viewed through a partisan lens. Among Democrats, 61 percent are not too worried about being killed in an attack, according to that CNN/ORC poll. Fifty-nine percent of Republicans are. And that almost certainly answers our rural/urban terror question. People in rural areas are probably worried about terror attacks because they're Republican, not because of where they live. Partisanship soaked in deep.
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