Supreme Discomfort: Doubting the Thomases
Virginia Thomas, wife of United States Supreme Court Justice Clarence Thomas, recently created the conservative lobbying group Liberty Central, Inc.
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Are Taxpayers Making Money Off Bailed Out Banks?
Almost every day, I read in the paper that the goverment is making money off of the bank bailout. Papers love good news, even if it is has little to do with reality. Today, the Financial Times reported that the U.S. made $10 billion off bank repayments on the bailout funds. $10 billion, hooray! We are in the black!
Unfortunately, our recent comprehensive bailout accounting puts taxpayers $2 trillion in the red. That is right, $2 trillion. While most of this money was in the form of loans, and American taxpayers might recoup those funds one day, it is foolish for the press to declare "Mission Accomplished" based on a thin study by the SNL Group. (Saturday Night Live strikes again?) Especially when taxpayers also lost $14 trillion in wages, retirement, college savings and housing wealth.
Media Feeds Americans Fake News About Afghanistan
Glen Greenwald of Salon.com reports that Americans are being fed false and misleading "news" about the U.S. war in Afghanistan because major American media outlets, like the New York Times and CNN, publish propagandized Pentagon accounts of the violence and killing occurring there, without questioning the information they are fed.
An egregious example of this occurred on February 12, 2010, when NATO's joint international force issued a press release that bore the headline Joint Force Operating In Gardez Makes Gruesome Discovery. The release said that after "intelligence confirmed militant activity" in a compound near a village in Paktiya province, an international security force entered the compound and engaged "several insurgents" in a fire fight. Two "insurgents" were killed, the report said, and after the joint forces entered the compound, they "found the bodies of three women who had been tied up, gagged and killed."
But an Afghan news report about the same incident differed wildly.
Watching Bill Moyers
After an exhausting week, I was sticking to my usual routine of collapsing on the couch and tuning in to Bill Moyers Journal on PBS last Friday night. I was excited that one of the guests was www.eji.org Bryan Stevenson, the head of the Equal Justice Initiative, who has long been a hero of mine for his uncompromising, long-term battle against the death penalty.
The show was terrific, a wide-ranging discussion about the struggle for economic justice from Martin Luther King to Barack Obama for "those folks at the bottom of the well," with Stevenson and civil rights lawyer and author of "The New Jim Crow," Michelle Alexander. But deep into the show, well, to tell the shameful truth, I fell asleep. So I missed Moyer's great concluding essay and the big moment when he mentioned the Center for Media and Democracy and our Wall Street Bailout tally. The tally was the product of three months of hard work by our researcher, Conor Kenney, with contributions from half a dozen other staff.
CMD Releases Bailout Tally, $4.6 Trillion in Federal Funds Disbursed
Today, the Real Economy Project of the Center for Media and Democracy (CMD) released an assessment of the total cost to taxpayers of the Wall Street bailout. CMD concludes that multiple federal agencies have disbursed $4.6 trillion dollars in supporting the financial sector since the meltdown in 2007-2008. Of that, $2 trillion is still outstanding. Our tally shows that the Federal Reserve is the real source of the bailout funds.
CMD’s assessment demonstrates that while the press has focused its attention on the $700 billion TARP bill passed by Congress, the Federal Reserve has provided by far the bulk of the funding for the bailout in the form of loans amounting to $3.8 trillion. Little information has been disclosed about what collateral taxpayers have received in return for these loans, sparking the Bloomberg News lawsuit covered earlier. CMD also concludes that the bailout is far from over, as the government has active programs authorized to cost up to $2.9 trillion and still has $2 trillion in outstanding investments and loans.
Chef Alice Waters and Chez Panisse in a Toxic Sludge Protest
It is happening on April Fool's Day, but it is no joke. The Organic Consumers Association, upon whose Advisory Board I serve, is picketing chef Alice Waters' world famous Chez Panisse Restaurant, Cafe and Foundation offices in Berkeley, California, over the noon hour on April 1, 2010. The protest is a direct result of the growing controversy in the Bay Area where the City of San Francisco, through its Public Utilities Commission, has been giving away and selling thousands of tons a year of toxic sewage sludge to be put on farms and gardens. The nasty entropic stuff, filled with a potential stew of thousands of chemicals and microbes, has even been bagged by the PUC as "organic compost" and used by unsuspecting victims who would never have intentionally put sewage sludge on their home or school gardens.
What has this got to do with Alice Waters and Chez Panisse? Francesca Vietor, the Executive Director of the Chez Panisse Foundation, whose mission is to promote Edible Schoolyard organic gardens, is also the Vice President of the Public Utilities Commission.
Prosecuting Financial Crimes: Will Anyone Bunk with Bernie?
Dick Fuld of Lehman Bernie Madoff is lonely.
Eighteen months after the collapse of the financial system, not one Wall Street Titan has joined the Ponzi King in the federal pen.
For a moment there, he thought maybe Countrywide’s Angelo Mozilo might join him, but alas the Securities and Exchange Commission (SEC) decided to give him the slap. Then those Bear Stearns guys were taken to court over those crazy emails that indicated they knew that the funds they were peddling were chock full of toxic swill, but the Feds screwed that one up too. Then Bank of America’s Ken Lewis came under fire from the New York Attorney General (AG) for not telling his shareholders the truth about that merger with Merrill Lynch. Since the AG has launched a civil and not a criminal case, Lewis too may face the slap. Now a bankruptcy examiner has revealed that Dick Fuld and team were busily cooking the books over at Lehman Brothers before its collapse, but the FBI apparently didn’t read these news stories. It can’t be stirred enough to even issue subpoenas.
Toxic Sludge Taints the White House
When First Lady Michelle Obama decided to plant a vegetable garden at the White House, she faced a problem that many new homeowners in America run into. Previous residents of her house had applied sewage sludge to her lawn, but left no warnings to alert the her about the potential toxicity of her soil as a result of the sludge application. When the Obamas tested the soil in preparation for planting their garden, they found some lead in the soil. At 93 parts per million (ppm), the lead showed that the soil was probably contaminated by something, even though at 93 ppm the lead itself was not necessarily a danger. Still, the Obamas took precautions to further lower the lead level to 14ppm, and make the lead unavailable to plants by adding soil amendments that diluted the lead and changed the pH of the soil.
Sludge Politicized
Unfortunately for the Obamas, and for the entire nation, once the story hit the news, it became politicized. While the issue was initially raised as a comment on the safety of using sewage sludge as fertilizer – an issue that has no political party – the right soon grabbed a hold of the story as a way to make fun of the Obamas. Some on the left fiercely defended the Obamas in return. But the Obamas are not the villains in this story; they are the victims. They are among many other Americans whose yards and gardens are contaminated with sewage sludge without their knowledge and who, as a result, are exposed to toxic contaminants in the soil. And lead is just a fraction of the overall problem.
Could Bloomberg Lawsuit Mean Death to Zombie Banks?
My recollection is a bit hazy. How does one kill a zombie exactly? Do you stake it? Cut off its head? Nationalize it? Perhaps it's time to ask the experts at Bloomberg News.
Lost in the haze of the hoopla surrounding the insurance reform bill was some big news on the financial reform front. On March 19, Bloomberg won its lawsuit against the Federal Reserve for information that could expose which "too big to fail" banks in the United States are walking zombies and which banks were merely rotting.
Bloomberg, which has done some of the best reporting on the financial crisis, is also leading the charge on the fight for transparency at the Federal Reserve and in the financial sector. While many policymakers and reporters were focusing their attention on the $700 billion Troubled Asset Relief Program (TARP) bailout bill passed by Congress, Bloomberg was one of the first to notice that the TARP program was small change compared to the estimated $2-3 trillion flowing out the back door of the Federal Reserve to prop up the financial system in the early months of the crisis.
State Insurance Commissioners Take Baton from Congress
Now that Congress has taken final action on its health care reform legislation, the reform debate has now shifted to, of all places, Denver.
The legislation that is now the law of the land was just the first step. Despite its size -- more than 2,000 pages -- the bill in many cases only lays out Congressional intent. In that sense, it is a framework for reform. The law requires that numerous new regulations be written to govern the way health insurers do business, a responsibility that Congress passed on not only to the U.S. Department of Health and Human Services but also to one very influential non-governmental organization: the National Association of Insurance Commissioners (NAIC). The bill mentions the NAIC -- an acronym most Americans probably only see once a year when they renew their cars' license plates -- at least 10 times, and it gives the organization some very important assignments.