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Taking down the entire Freedom Hosting service because some content was kiddie porn is reminiscent of the U.S. government's proxy take-down of Mega-Upload in New Zealand. Such actions that disable legitimate users or deny access to their data are in my opinion violative of the 1st and 4th Amendments.  It suppresses the Freedom of Speech and seizes more than the 4th Amendment allows.  That our own government would use malware for surveillance purposes under any circumstance is just plain chilling.

Excerpt: After 2000, the national push toward home ownership intensified in three dimensions, leading to a doubling of housing prices in just five years' time. First, the Federal Reserve Board's interest-rate policy drove down the cost of borrowing money to unprecedented lows. Second, a common conviction arose that home ownership should be available even to those who, under prevailing conditions, could not afford it. Finally, private agencies charged with determining the risk and value of securities were exceptionally generous in their assessment of the financial products known as "derivatives" whose collateral resided in the value of thousands of mortgages bundled together. The rating agencies understated the risks from these bundled mortgages by assuming that home prices were simply going to rise forever. When the housing bubble burst in 2006, the damage to the financial system pushed the global economy into the worst contraction since the Great Depression. In the midst of the pain and suffering that have accompanied financial collapse and economic contraction-over $15 trillion in wealth has been lost by American households alone while, to date, more than 6 million job losses have boosted the unemployment rate to 9.4 percent-much of the blame has been placed on unregulated financial markets whose behavior is said to have revealed a terrible flaw in the foundation of capitalism itself. This was a market failure, we are told, and the promise of capitalism has always been that the self-correcting mechanisms built into the system would preclude the possibility of a systemic market failure. But the housing bubble only burst after government subsidies pushed house prices up so fast that marginal buyers could no longer afford to chase prices even higher. A bubble created by rigged financial markets and a government-sponsored obsession with home ownership is not a result of market failure, but rather, a result of bad public policy. The belief that home ownership,

Still experimenting with Google Reader "Shared Settings".  This is a public page of ALL my gReader items tagged "Shared".  Banksters is a sub group in this "Bundle".  

Incredible.  The Banksters were caught perpetrating a massive fraud on mortgage holders in default.  They set up document mills packed with "robo" signers forging legal documents to prove in a foreclosure procedure that they are in fact the mortgage provider for that property.  The fraud itself revelas the essentials of what went wrong with the entire mortgage securities scam that brought down the worlds financial structures in 2008. The MERS (Mortgage Electronic Registration systems, Inc.) electronic database was set up in 1995 as a means to enable participating Banksters to side step the quilt of State and County laws governing real estate transactions, non judicial foreclosure rights, and property ownership recording requirements.  MERS was essential to the bundling and trade in mortgage-backed securities.  In essence, MERS replaced public recordation requirements with a private, Bankster owned one. This all sounded good until waves of home owners facing default began to take their banksters to court.  Turns out that MERS mortgages lacked the legal documentation to establish a legal chain of ownership.  Realizing their mistake, and with thousands upon thousands of foreclosures hanging in the balance, the Banksters created the robo document industry, forging millions of foreclosure documents overnight.  Criminal fraud on steroids. The banksters got caught, with State Attorney Generals launching massive consumer protection law suits against the big banksters.  This put a halt to the illegal foreclosures, forcing banksters to turn to short sales on homes in default.  The short sale industry rocketed in 2011, but the to perfect a short sale, the banksters were taking the loss; sometimes as much as $100K to $250K per home.  But the real estate market inventory was effectively being cleared and market pricing corrected. The Banksters were unhappy.  Seeking to get back on the foreclosure track but facing what amounted to across the boards class action la

Socialist blogger and Rolling Stone Magazine journalist Matt Taibi has made a career out of exposing Banksters and their criminal activities causing the 2008 collapse of the global financial industry.  Here he sights a story in American Banker that fully demonstrates the depths of depravity and criminal activities that continues to characterize big Banksters. The mortgage-foreclosure-robo signing scandal is just the tip of the ice berg.  Matt recounts the story of Linda Almonte, a JP Morgan Chase employee in charge of Credit Card debt bundling.  It's horrific. Money shot: The financial crash wouldn't have happened if even a slim plurality of financial executives had done what Linda Almonte did, i.e. simply refuse to sign off on a bogus transaction. If companies had merely upheld their own stated policies and stayed within the ballpark of the law, none of these messes could have accumulated: fraudulent mortgages wouldn't have been sold, families wouldn't have been foreclosed upon based on robo-signed documentation, investors wouldn't have been duped into buying huge packets of "misrepresented assets." ............. excerpt: In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase's credit card services division, relying on multiple current and former Chase employees. One of them, Linda Almonte, is a whistleblower whom I've known since last September; I'm working on a recount of her story for my next book. One of the things we were promised by the lawmakers who passed the Dodd-Frank reform bill a few years back is that this would be a new era for whistleblowers who come forward to tell the world about problems in our financial infrastructure. This story now looms as a test case for that proposition. American Banker reporter Jeff Horwitz did an outstanding job in this story detailing the sweeping irregularities in-house at Chase, but his very thoroughness means the news may have ram

Good article on Newt; covers the good, the bad, and the ugly.  Personally i don't trust Newt.  As former repubican senator Jim Talent of Missouri says, "He's not a reliable and trusted conservative leader".  Strangely, Talent supports Romney. And there is nothing conservative about Romney.   The one thing i do like about Newt is that he is a bomb thrower extraordinaire.  There isn't a Libertarian (moi), conservative, or Constitutional conservative anywhere that wouldn't love to see Newt in the ring with Obama, hammering his Marxist ass without mercy.  But i'm not so sure that that desire is enough to overcome the serious character flaws and self centered egotistical baggage Newt hauls around.  He proves time and again that he lacks the core values of a true conservative, including dedication to the upholding the Constitution and Rule of Law. Funny though that a valueless establishment repubican "we can manage big government more efficiently and make it work" guy like Romney is attacking Newt as not being a true conservative?  What does that make Romney?  At least Newt can point to the awesome Contract with America repubican take over of Congress - after 40 years in the wilderness. Even though Ron Paul has lost it on foreign policy, i continue to send money.  My switch from Reagan Constitutional Conservative to Libertarian has "nearly" everything to do with the 2008 financial collapse, and the years of research and study that followed.   I say "nearly" because i just couldn't pull the trigger until unexpectedly i found myself in a Bloomberg discussion questioning my support for Herman Cain.  Sadly, Herman supports the Federal Reserve, including full approval of both Greenspan and Bernacke policies that have destroyed the US dollar and enabled the Banksters to run off with over $29 Trillion of our money.  Of course, this is an indefensible and inexcusable position.  The Libertarian's in the discussion pointed out that the problems this country faces cann

disclosure: I met Cokie and Steve Roberts at an intimate house party in NH. Probably in 1991. Very nice people but they are full blown unionist-socialist-progressives iron bent on the European Socialism model. Not Constitutionalist in any way shape of form. Certainly not Constitutional Capitalist or free market types either.

The Solyndras are coming!  The Solyndras are coming!  Thanks to Republican congressman Darryl Issa, California, and his investigation into the Obama Energy Department, we now know that Obama has funneled $6.5 BILLION in taxpayer money into a growing collection of Solyndras.   The Solyndras are turning out to be bankrupt green energy companies headed by wealthy investors actively bundling and raising campaign finance funds for Obama.  Ex: Solyndra investor George Kaiser raised over $100,000 for Obama's election campaign, and got a kick back / bankruptcy bailout of over a half Billion Dollars from the Energy Department.  Not enough to save the already failed Solyndra, but enough to make the bundlers and fund raisers whole.  Lesser shareholders and over a thousand employees took the hit. Thanks to Rep Issa, we now know that the Obama - Solyndra scam was actually a formula for transforming (moving) taxpayer funds into private bundler investments.  Awful stuff.  Corruption on steroids in that the Energy Department knew far in advance of the bankruptcy filings that these companies were going down.  Yet the bailout funds were still approved.  Also note that Obama bundlers, banksters, and financiers have open access to the White House.  The visitor log is itself an explosive indictment of the corrosive crony socialism - banksterism that has become the hallmark of the Obama regime. Most of the money for the Solyndras comes out of the failed $1 Trillion Obamulous bill passed by his socialist party early on his administration - February of 2009.

Awful stuff. We are no longer a republic. This is fascism.

Meeting the characters in "House of Cards," it's not easy to conceive of people less deserving of federal assistance. In 1997, Bear Stearns helped pioneer the subprime mortgage-backed security by serving as co-underwriter on a $385 million offering. By the mid-2000s, Bear was the leading issuer of such securities and a leader in collateralized debt obligations, which offered even less transparency to investors. Bear was a vertically integrated manufacturer of mortgage chaos, making individual loans to home buyers, servicing the loans, bundling them into pools for investors, marketing the securities and also borrowing huge sums to finance internal hedge funds that held onto these dodgy assets. House of Cards By William D. Cohan (Doubleday, 468 pages, $27.95) Mr. Cohan describes the succession of government policies that encouraged Bear and others to invest so heavily in mortgage finance, from the Fed's easy money to Clinton-era changes to the Community Reinvestment Act requiring more loans to low-income borrowers. But the firm itself deserves the lion's share of the blame for its own collapse. Suggestions to sell some of its risky mortgage assets, or to raise capital, or to consider merger partners were brushed aside in the years and months leading up to the debacle. Paul Friedman, chief operating officer of Bear's fixed-income division, tells Mr. Cohan that "we did this to ourselves. . . . It's our fault for allowing it to get this far, and for not taking any steps to do anything about it."

excerpt:  Democrats, watch out. The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction - and it has nothing to do with any of Congressman Wiener's rogue body parts.  If they deploy this weapon effectively in the next election cycle - a big if - then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981. The Tea Party WMD stockpile is currently stored in book form:  Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America's best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two. It is gripping reading as well, and its explanations are clear enough that readers without any background in finance will have no trouble following the plot.  The villains?  An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros.  (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

By GRETCHEN MORGENSON Published: August 21, 2011 Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal. Eric T. Schneiderman has objected to elements of the settlement for months.  In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and high-level Justice Department officials have been waging an intensifying campaign to try to persuade the attorney general to support the settlement, said the people briefed on the talks. Mr. Schneiderman and top prosecutors in some other states have objected to the proposed settlement with major banks, saying it would restrict their ability to investigate and prosecute wrongdoing in a variety of areas, including the bundling of loans in mortgage securities. But Mr. Donovan and others in the administration have been contacting not only Mr. Schneiderman but his allies, including consumer groups and advocates for borrowers, seeking help to secure the attorney general's participation in the deal, these people said. One recipient described the calls from Mr. Donovan, but asked not to be identified for fear of retaliation.

In a Matt Taibbi-quality lengthy report, William Cohan takes the reader inside the lengthy negotiations of JPMorgan's $13 billion settlement with state and federal prosecutors. JPMorgan admitted to criminal wrongdoing, and the settlement does not include immunity from criminal prosecution for anybody. But the author notes that there is not even a hint that anyone is working on criminal charges. There's a lot of discussion of dissension within the ranks of different state and federal attorneys involved. The article paints Ben Wagner, the US Attorney for the Eastern District of California, as the hero.  In my book, no one involved deserves hero status because no criminal charges have been filed against any JPMorgan managers or board members, hence there is still no incentive for any of the fraudsters who brought down the economy in 2008 to behave differently in the future. JPMorgan emains not too big to fail but too politically connected for its principals to be jailed. According to the article, the government lawyers had iron-clad proof that a group of JPMorgan managing directors had been informed that pools of mortages they were planning to buy were toxic but "buy two of the loan pools anyway, including those with the squirrelly mortgages. JPMorgan then proceeded to bundle "hundreds of millions of dollars of loans from those pools into one security." Wagner found that between the start of 2006 and the middle of 2007-when the mortgage securitization frenzy was at its peak-JPMorgan packaged and sold securities containing thousands of mortgages that were rated by a third-party evaluator to be of extremely low quality, meeting few, if any, of the bank's underwriting standards." If true, that is very serious fraud deserving of the directors' prosecution for criminal fraud and lengthy prison sentences.   The article touches on A.G. Holder's too big to jail argument but that argument, in my opinion, deserves no credibility before antitrust actions are filed to c

As the most prominent among law professors concerned with online civil liberties and now specializing in government corruption, if Lawrence Lessig says there are technical solutions for protecting us from online government snooping, I'm all years. He directs attention to technology being developed by Palantir, http://www.palantir.com/

From page 3 of a 3-page article. The entire article is well worth reading. I chose this page to bookmark because of its disclosure that NSA is intercepting new computers before they are delivered and installing hardware and software backdoors, then reshipping them to their intended recipients. Although not mentioned, this implies the complicity of package shipment companies and conceivably government mail systems and original equipment manufacturers ("OEMs").  

Let's not forget that because Congress recently decided to revive Patriot Act sect. 215, the FBI is authorized to gather medical records for foreign intelligence and anti-terrorism purposes and according to ex-NSA chief scientist William Binney, the NSA in fact collects medical records and makes them available to law enforcement agencies without a warrant or court order.  http://motherboard.vice.com/read/i-toured-stasi-hq-with-nsa-whistleblowers  One judge has found that statute unconstitutional and may rule in the next few days. A court of appeals has found that the statute did not authorize bulk collection of telephone metadata records. An Oregon federal judge ruled that the DEA cannot obtain prescription records (in part because they are medical records) without an individualized search warrant, specifically ruling against the bulk collection argument. Maybe someday someone in federal government will get a clue that medical records are not one of the "haystacks" the NSA is permitted to create.  Involuntary medical treatment is another giant legal hairball. See https://en.wikipedia.org/wiki/Involuntary_treatment   

Woo hoo! Talk about sending a message. Iraq shoots down two UK military aircraft and publicizes it to drive home their point: The U.S. and allies are arming and supplying ISIL by air. 

And the U.S. commanders wonder why the Iraqi and Iranian generals didn't tell them of their plans to attack Tikrit?