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And, yes, I DO take it personally

Tuesday, May 29, 2012

from the financial times...

Rockefellers and Rothschilds unite

 Two of the best-known business dynasties in Europe and the US will come together after Lord Jacob Rothschild’s listed investment trust and Rockefeller Financial Services agreed to form a strategic partnership

whatever your particular perspective on conspiracies, the illuminati or what-have-you, this has to be one of the most intriguing headlines i've seen in a long, long time...

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Tuesday, May 22, 2012

Top organization spending on lobbying; top recipients of lobbying money

yet more evidence of how our super-rich elites are buying our government and ruling our lives...

via influence explorer...

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it's interesting to me that the home of the masters of the universe, goldman sachs, has spent more than double the amount of any other organization...

thanks to glenn greenwald... 

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Monday, May 07, 2012

Ernest Callenbach: A looter elite has fastened itself upon the decaying carcass of the empire

from tomdispatch...
Long-time literary agent Richard Kahlenberg wrote me that Chick [Ernest Callenbach] had left a final document on his computer, something he had been preparing in the months before he knew he would die, and asked if TomDispatch would run it.  Indeed, we would.  It’s not often that you hear words almost literally from beyond the grave -- and eloquent ones at that, calling on all Ecotopians, converted or prospective, to consider the dark times ahead.

We live in the declining years of what is still the biggest economy in the world, where a looter elite has fastened itself upon the decaying carcass of the empire. It is intent on speedily and relentlessly extracting the maximum wealth from that carcass, impoverishing our former working middle class. But this maggot class does not invest its profits here. By law and by stock-market pressures, corporations must seek their highest possible profits, no matter the social or national consequences -- which means moving capital and resources abroad, wherever profit potential is larger. As Karl Marx darkly remarked, “Capital has no country,” and in the conditions of globalization his meaning has come clear.

The looter elite systematically exports jobs, skills, knowledge, technology, retaining at home chiefly financial manipulation expertise: highly profitable, but not of actual productive value. Through “productivity gains” and speedups, it extracts maximum profit from domestic employees; then, firing the surplus, it claims surprise that the great mass of people lack purchasing power to buy up what the economy can still produce (or import).
Here again Marx had a telling phrase: “Crisis of under-consumption.” When you maximize unemployment and depress wages, people have to cut back. When they cut back, businesses they formerly supported have to shrink or fail, adding their own employees to the ranks of the jobless, and depressing wages still further. End result: something like Mexico, where a small, filthy rich plutocracy rules over an impoverished mass of desperate, uneducated, and hopeless people.

Barring unprecedented revolutionary pressures, this is the actual future we face in the United States, too. As we know from history, such societies can stand a long time, supported by police and military control, manipulation of media, surveillance and dirty tricks of all kinds. It seems likely that a few parts of the world (Germany, with its worker-council variant of capitalism, New Zealand with its relative equality, Japan with its social solidarity, and some others) will remain fairly democratic.

The U.S., which has a long history of violent plutocratic rule unknown to the textbook-fed, will stand out as the best-armed Third World country, its population ill-fed, ill-housed, ill-educated, ill-cared for in health, and increasingly poverty-stricken: even Social Security may be whittled down, impoverishing tens of millions of the elderly.

As empires decline, their leaders become increasingly incompetent -- petulant, ignorant, gifted only with PR skills of posturing and spinning, and prone to the appointment of loyal idiots to important government positions. Comedy thrives; indeed writers are hardly needed to invent outrageous events.

We live, then, in a dark time here on our tiny precious planet. Ecological devastation, political and economic collapse, irreconcilable ideological and religious conflict, poverty, famine: the end of the overshoot of cheap-oil-based consumer capitalist expansionism.

very articulate, very eloquent and very disturbing...

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Wednesday, March 21, 2012

Business Insider: Change the behavior in the financial service industry for a full generation in just seven days

seven days...? works for me...!
We Now Know With Near-Certainty That Wall Street Execs Committed Felonies

It’s now a near certainty that Wall Street executives committed felonies.

[...]

So what can be done about it? We can change the behavior in the financial service industry for a full generation in just seven days. [emphasis added]

[...]

My seven day plan is based on a simple premise: When criminal laws are egregiously violated, the guilty parties should face appropriate punishment. Here’s the plan:

Day One: Read the HUD Inspector General’s reports and the public records of past mortgage foreclosure cases from across the nation.

Day Two: Meet with the team at the Office of the Inspector General at HUD that prepared the audits. Obtain the names of all the bank officials, lawyers, and notaries whose behavior, as cited in the audit reports or otherwise known to the investigators, represent clear and unquestionable criminal violations. Add to this list other individuals who have similarly demonstrated or testified to behavior unquestionably constituting criminal acts, as indicated by the public records of the mortgage foreclosure cases reviewed in day one.

Day Three: Indict all of the individuals on the list compiled on day two.

Day Four: Indict banks and financial institutions on criminal charges where criminal behavior by employees (as demonstrated by day three indictments) appears to be endemic. The Justice Department guidelines for prosecuting firms include: (1) the pervasiveness of such activity, (2) the compliance procedures in place, (3) attempts by the corporation to end bad behavior, and (4) cooperation with federal investigators. In 2008, the Justice Department adopted a policy of accepting “deferred prosecutions,” involving agreements to change corporate behavior without damaging innocent third parties through prosecution.

Corporations receive the benefits of “legal persons,” as demonstrated by Citizens United. But they must also bear the responsibilities of these privileges. A reading of the HUD reports, and other public records, suggests several banks should clearly be prosecuted.

Day 5: Discuss plea bargains with indicted lower-level officials in return for cooperating in investigations of higher-level officials.

Day 6: Consider plea bargains with indicted banks, which require the removal of all remaining officers and directors who were serving when egregious criminal activity occurred, as well as senior officials who were in a position to exercise appropriate supervisory responsibility but chose to look the other way.

Day 7: Indict any senior Wall Street officials implicated by new cooperative testimony resulting from activities on day five. Adopt and announce a policy that future criminal violations will be prosecuted in a similar fashion.

only seven days... such a deal...!

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Wednesday, March 14, 2012

Top Goldman Executive Director quits: "It makes me ill how callously people talk about ripping their clients off"

if a top goldman exec quitting and splashing it all over an nyt op-ed doesn't cause a tsunami, it should...
When the history books are written about Goldman Sachs, they may reflect that the current chief executive officer, Lloyd C. Blankfein, and the president, Gary D. Cohn, lost hold of the firm’s culture on their watch. I truly believe that this decline in the firm’s moral fiber represents the single most serious threat to its long-run survival.

[...]

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.

even though smith doesn't touch on the damage goldman and its ilk have created in the larger world, even a focus on the greed relationship goldman has created with its clients is something coming from an insider... it's good to have perceptions validated...

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Sunday, August 09, 2009

Absolutely disgusting: $38.5B for U.S. banks in overdraft fees in 2009

now, let's see the breakdown on service fees including atm fees...
US banks stand to collect a record $38.5bn in fees for customer overdrafts this year, with the bulk of the revenue coming from the most financially stretched consumers amid the deepest recession since the 1930s, according to research. The fees are nearly double those reported in 2000.

The finding is likely to increase public hostility towards the financial sector, which has been under political pressure to ease the burden on consumers by increasing credit availability and lending more fairly after being bailed out by taxpayers.

god, i am so-o-o-ooo deathly sick and tired of stories about how much we're being ripped off by banks, how they're pretty much outright stealing from us, and then when they start scraping the bottom of the barrel, they up their fees, and go begging to congress who gives them still more of our money... and as i'm typing this, i'm watching an american express commercial that's pushing how amex is gung-ho behind the "reinvention of american business"... gag me with a spoon...

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Saturday, March 21, 2009

Atrios quotes John Cole - "We are so screwed"

and there's really not a goddam thing that anybody can say that sums it up any better than this...
A Cunning Plan

John Cole sums it up pretty well:
The Illness- reckless and irresponsible betting led to huge losses
The Diagnosis- Insufficient gambling.
The Cure- a Trillion dollar stack of chips provided by the house.
The Prognosis- We are so screwed.

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Monday, February 23, 2009

Dow at 7243.73 at noon today, down -121.94 [UPDATE]

once again, i am sitting in kabul on monday night, 9 1/2 hours ahead of u.s. east coast time, watching the dow plunge... i'll update this post in the morning when i get up which will be approximately five hours after wall street's closing bell...

[UPDATE]

holy shit...! i knew it was going to continue to fall, but i wasn't expecting THIS...!

7,114.78, down -250.89

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Wednesday, February 04, 2009

Here's some job loss figures to choke on

if this doesn't make you snort coffee out your nose, i don't know what will...
Job cut announcements by U.S. employers soared to 241,749 in January, up 45% from December's 166,348 cuts, according to Challenger. That was the highest number of job cuts since January 2002.

Layoffs rose 222% - more than triple - from January 2008, when 74,986 job cuts were announced.

and here's the most deeply ironic part of this horrible news that they have the absolute gall to label a "bright spot"...
"If there is any bright spot in the latest job-cut data, it is the fact that financial firms announced only 1,458 job cuts in January. That is the lowest one-month total for that industry since 2005," said [John Challenger, chief executive officer of Challenger, Gray & Christmas].

do ya s'pose that just MIGHT be due to the trillions of dollars being thrown at the financial services industry by us, the poor bastards whose pockets it's coming out of...?

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