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Spinning the Barrel

Barrels of oilBP and the media express quantities of oil gushing from BP's leak in the Gulf in different ways. The amount of oil coming out of the leak is most frequently expressed in barrels, but how much is that? Can people really relate to a barrel as a quantity? After all, we buy staples like gasoline, milk, and water by the gallon. To make it even more complicated for the public to understand the quantities being discussed, the amount of liquid in a barrel varies with what is being measured. Barrels of chemicals or food, for example, contain 55 gallons. A whiskey barrel is 40 gallons; a barrel of beer contains 36 gallons; a barrel of ale contains 34 gallons. (And the latter two are imperial gallons, which are just under two-tenths more than an American gallon.) All these variations in the barrel as a quantity of measure only further confuse the concept of what a barrel of oil looks like. Moreover, since oil companies started shipping oil in tankers they rarely actually ship oil in barrels anymore, so the barrel as a measurement has less practical use.

Do You Like to Whip It?

WhipREP The long awaited House-Senate Financial Reform Conference Committee got underway this week. Thanks to the efforts of Public Citizen, Campaign for America's Future, CMD and others, these committee meetings will be live on C-Span 3, and all amendments will be made available in advance. At BanksterUSA we are working hard to make sure that the strong derivatives language currently in the Senate version of the bill is not weakened (Sec. 716 authored by Senator Blanche Lincoln, D-Arkansas). We are keeping a whip count on the conferees and we could use your help! A whip count helps us pool intelligence on what the members are saying to their constituents. If you make a call you can post a comment to our whip list letting us know what you heard. It is grassroots activism at its best.

The Oil Spill the World Forgot

Shell OilAs the oil spill in the Gulf of Mexico continues to dominate headlines around the world, public outrage is being focused more intensely upon BP and its gaffe-prone CEO Tony Hayward. But amidst this crisis, the public should not forget the atrocities committed by other massive oil companies. For example, Royal Dutch Shell's drilling operations have been spilling oil into the Niger Delta in Nigeria since 1958. Because Nigeria is an impoverished nation and oil revenues fund a majority of government operations, Shell and other companies have been able to drill and pollute without serious oversight for all these years. It is estimated that 13 million barrels of oil have spilled into the delta, making life even more difficult for the region's destitute residents. Shell blames the constant spills on attacks from "rebels," who are in fact minority ethnic groups who feel they have been exploited and displaced by foreign oil companies. But Shell would never consider pulling out of the region or finding ways to avoid ethnic strife. Instead, Shell has proceeded with business as usual, and spilled a record 14,000 tons of crude oil into the delta last year.

CMD Welcomes More New Law Fellows

The Center for Media and Democracy is pleased to welcome its three newest additions to our team this summer, Ross Wolfarth, Max Abbott, and Sue Izevbigie. These new law fellows all hail from Columbia Law School, one of the very best law schools in the country, and one which has a terrific program to support public interest careers by sponsoring placements in public interest groups like CMD. Please join us in welcoming our newest legal/policy researchers and spin-fighters!

Old "News" About Untapped Afghan Minerals

Gold miner Heralded by General David Petraeus as news that may have "stunning potential," the New York Times reported that the "United States has discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, far beyond any previously known reserve, and enough to fundamentally alter the Afghan economy and perhaps the Afghan war itself, according to senior American government officials."

One could take the story at face value and believe that this was actually, for once, a positive development in an increasingly unpopular and seemingly unnecessary war, but then "the real news" about the news came out. On the same day, after doing a bit of his own research, Paul Jay, CEO and Senior Editor of The Real News Network revealed that indeed, because "news" is supposed to be about a new development, this wasn't news at all, but merely well-timed strategic propaganda on the part of the U.S. government.

Will the Department of Education Crack Down on For-Profit Colleges?

student debtOn every TV channel, commercials for schools like DeVry and the University of Phoenix blare promises of better-paying jobs. Every year over a million Americans respond to these sales pitches. All too often these students receive tens of thousands of dollars in debt and very little else. The Department of Education was expected last week to release new "gainful employment" regulations that would limit the ability of such for-profit colleges to charge exorbitant prices for illusory job gains. Now it seems that the Obama administration is wavering in the face of aggressive industry lobbying. For-profit education is big business in America, and big business means political clout.

Blanche Lincoln's "Cross of Gold" Moment

To the surprise of many, Blanche Lincoln won her Arkansas Senate runoff. She did so as a modern-day William Jennings Bryan standing up for farmers and pushing a strong Wall Street reform proposal to help farmers and protect taxpayers. It is worth reviewing the promises made on the campaign trail and the lessons the race holds for candidates in 2010. In a conservative state, Lincoln ran hard on her record as Agriculture Committee chair, her critical health care vote and on her strong proposal to crack down on Wall Street derivatives trading. "I am Blanche Lincoln and I grew up in an Arkansas family where I was taught to solve problems ... that's why I cast the deciding vote to pass health care reform ... And it's why I am taking on Wall Street with the toughest reform bill of anyone in either party ... and it's going to pass," she reassures with a nod. This is a winning message in a tight race.

BP Ignoring Health Concerns in the Gulf

One of the first things BP did after oil started gushing into the Gulf was to spray more than 1.1 million gallons of a dispersant with the optimistic name "Corexit" onto the oil. Then BP hired Louisiana fishermen and others to help with cleanup and containment operations. About two weeks later, over seventy workers fell sick, complaining of irritated throats, coughing, shortness of breath and nausea. Seven workers were hospitalized on May 26. Workers were engaged in a variety of different tasks in different places when they got sick: breaking up oil sheen, doing offshore work, burning oil and deploying boom. BP officials speculated that their illnesses were due to food poisoning or other, unrelated reasons, but others pointed out how unlikely these other causes were, since the sick workers were assigned to different locations.

Israel's Spin Machine: It Keeps Spinning, and Spinning, and Spinning

Gaza flotilla (Reuters)As per usual, when push comes to shove, the right-wing Israeli government, along with the Israel Defense Forces spinmeisters, have gone back to the simple formula: when they do something illegal and barbaric, blame the victim, for the United States will obligingly agree and stand by that narrative. Like always, while the rest of the world protests in condemnation and speaks out against Israel's actions and crimes, the U.S. government stands by complicitly, continuing to shower Israel with over $3 billion per year in military aid into perpetuity.

Take Action in the Final Days of Bank Reform Fight

boxing gloves moneyReckless swaps and derivatives trading played a critical role in the financial crisis, inflating the domestic housing bubble and turning it into a global economic catastrophe. As the House and Senate conference committee begins final work on the financial services reform bill, it is critically important that we wall off the casino from the taxpayer guarantee. If big banks want to gamble they need to do so with their own money. Nobel prize-winning economist Joseph Stiglitz makes the case for strong provisions in the Senate derivatives chapter plainly: "If [Congress] fails to pass strict oversight of dangerous over-the-counter derivatives and swaps the U.S. economy will continue to be vulnerable to significant financial risk."

To urge the House and Senate conferees to take action visit BanksterUSA.

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