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Hosea 4:6 My people are destroyed for lack of knowledge…

Archive for January 14th, 2010

Federal Reserve Seeks to Protect U.S. Bailout Secrets (Update2)

Posted by truthpills on 2010/01/14

January 11, 2010, 06:22 PM EST
(Updates with argument starting in the 11th paragraph.)

By Thom Weidlich and David Glovin

Jan. 11 (Bloomberg) — The Federal Reserve asked a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.

“This case is about the identity of the borrower,” said Matthew Collette, a lawyer for the government, in oral arguments today. “This is the equivalent of saying ‘I want all the loan applications that were submitted.’”

Bloomberg argued that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors. Disclosure may hamstring the Fed’s ability to deal with another crisis, they also argued. The lower court agreed with Bloomberg.

‘Right to Know’

“The question is at what point does the government get so involved in the life of the institution that the public has a right to know?” said Charles Davis, executive director of the National Freedom of Information Coalition at the University of Missouri in Columbia. Davis isn’t involved in the lawsuit.

The ruling by the three-judge appeals panel may not come for months and is unlikely to be the final word. The loser may seek a rehearing or appeal to the full appeals court and eventually petition the U.S. Supreme Court, said Anne Weismann, chief lawyer for Citizens for Responsibility and Ethics, a Washington advocacy group that supports Bloomberg’s lawsuit.

New York-based Bloomberg, majority-owned by Mayor Michael Bloomberg, sued in November 2008 after the Fed refused to name the firms it lent to or disclose the amounts or assets used as collateral under its lending programs. Most were put in place in response to the deepest financial crisis since the Great Depression.

‘Almost Two Years’

“Bloomberg has been trying for almost two years to break down a brick wall of secrecy in order to vindicate the public’s right to learn basic information,” Thomas Golden, an attorney for the company with Willkie Farr & Gallagher LLP, wrote in court filings. He said the Fed may be trying “to draw out the proceedings long enough so that the information Bloomberg seeks is no longer of interest.”
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Posted in Corruption, Economy, fascism, Finance, Government Programs | Tagged: , | Leave a Comment »

America slides deeper into depression as Wall Street revels

Posted by truthpills on 2010/01/14

By Ambrose Evans-Pritchard
Published: 6:35PM GMT 10 Jan 2010

The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters.

Wall Street rallied. Bulls hope that weak jobs data will postpone monetary tightening: a silver lining in every catastrophe, or perhaps a further exhibit of market infantilism.

The home foreclosure guillotine usually drops a year or so after people lose their job, and exhaust their savings. The local sheriff will escort them out of the door, often with some sympathy –– just like the police in 1932, mostly Irish Catholics who tithed 1pc of their pay for soup kitchens.

Realtytrac says defaults and repossessions have been running at over 300,000 a month since February. One million American families lost their homes in the fourth quarter. Moody’s Economy.com expects another 2.4m homes to go this year. Taken together, this looks awfully like Steinbeck’s Grapes of Wrath.

Judges are finding ways to block evictions. One magistrate in Minnesota halted a case calling the creditor “harsh, repugnant, shocking and repulsive”. We are not far from a de facto moratorium in some areas.

This is how it ended between 1932 and 1934, when half the US states declared moratoria or “Farm Holidays”. Such flexibility innoculated America’s democracy against the appeal of Red Unions and Coughlin Fascists. The home siezures are occurring despite frantic efforts by the Obama administration to delay the process.
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Posted in Economy | Tagged: | Leave a Comment »

North Magnetic Pole Moving Due to Core Flux

Posted by truthpills on 2010/01/14

Richard A. Lovett in San Francisco

for National Geographic News

December 24, 2009

Earth’s north magnetic pole is racing toward Russia at almost 40 miles (64 kilometers) a year due to magnetic changes in the planet’s core, new research says.

The core is too deep for scientists to directly detect its magnetic field. But researchers can infer the field’s movements by tracking how Earth’s magnetic field has been changing at the surface and in space.

Now, newly analyzed data suggest that there’s a region of rapidly changing magnetism on the core’s surface, possibly being created by a mysterious “plume” of magnetism arising from deeper in the core.

And it’s this region that could be pulling the magnetic pole away from its long-time location in northern Canada, said Arnaud Chulliat, a geophysicist at the Institut de Physique du Globe de Paris in France.

Finding North

Magnetic north, which is the place where compass needles actually point, is near but not exactly in the same place as the geographic North Pole. Right now, magnetic north is close to Canada’s Ellesmere Island.
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Navigators have used magnetic north for centuries to orient themselves when they’re far from recognizable landmarks.

Although global positioning systems have largely replaced such traditional techniques, many people still find compasses useful for getting around underwater and underground where GPS satellites can’t communicate.

Posted in Climate (Always) Change, Science | Tagged: | Leave a Comment »

SHOCKING REPORT: Rand Corp Tells US Army Its Time For a National Stability Police Force

Posted by truthpills on 2010/01/14

Tuesday, January 12, 2010

This has to be the scariest thing I have read in a very long time. The Rand Corporation was asked by the US Army to prepare a report recommending whether or not the US Needed a National Stability Police force. Basically a call for American “Brown Shirts” Rand’s answer was a resounding yes.
Our analysis clearly indicates that the United States needs an SPF or some other way to accomplish the SPF mission. Stability operations have become an inescapable reality of U.S. foreign policy. Establishing security with soldiers and police is critical because it is difficult to achieve other objectives—such as rebuilding political and economic systems—without it.

The cost of not fixing this gap is significant. The United States will continue to experience major challenges in stability operations if it does not have this policing capacity. These challenges include creating the ability to establish basic law and order, as well as defeat or deter criminal organizations, terrorists, and insurgents. In some cases, allied countries may be able to fill this gap. Allies did this effectively in Bosnia and Kosovo, both of which were successful in establishing security. In other cases, the United States may not be able to count on allied support. The United States should not depend on allies to supply these capabilities, because doing so would limit U.S. freedom of action on the international stage. Consequently, the United States should seriously consider building a high-end police capacity.
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Posted in fascism, Police State | Tagged: | Leave a Comment »