Archive for November, 2011
Germany provided a rare ray of light in the eurozone gloom on Wednesday, with record low unemployment and surprisingly good retail data showing Europe’s top economy is holding up well in the crisis.
Germany’s unemployment rate fell to 6.4 percent in November, its lowest level since reunification more than two decades ago, with the number of people out of work declining much faster than economists had expected.
“The German labour market is benefiting from the good economic trend until now. In November, there was no clouding over,” saidHeinrich Alt from the federal labour agency.
“Unemployment is going down, employment is still rising and the demand for labour has also increased,” added Alt.
Last week, a disappointing bond auction in Germany fuelled fears that the eurozone debt crisis was seeping from the edges of the bloc to the core.
Markets were concerned that if European powerhouse Germany was having difficulty selling its bonds, then there was little hope for the likes of Italy and Spain.
However, despite a flood of doom-and-gloom headlines from around Europe, Germany continues to show resilience.
We’re told that Greece is on the verge of financial collapse, and so too are Italy and Spain. Iceland was too, and for similar reasons as the nations named above, just a few years ago at the start of the current Great Depression in 2007. But the people of Iceland did something amazing the corporate media and your government doesn’t want you to know about. Click the link below for the full story. But before you do this, remember the term neo-liberal. It means free trade (outsourcing jobs and redistributing income from working people to the rich). It also means deregulation and privatization, and these mean destroying more jobs and redistributing more income and wealth to the rich.
Where do the occupiers come from? According to the press, most of us seem to be drug addicts, petty criminals, the unemployed and young. Of course, according to the press, some of us are good people. Anyway, click the link below to see who they are. Many thanks to Shawn Sorensen for bring this to my attention.
Former U.S. congressman Alan Grayson (D-FL) appeared on Countdown Monday evening to discuss how an audit of the Federal Reserve revealed the private bank giving $26 trillion to U.S and foreign banks without Congress’ authorization.
“For the first time in history, I’m talking the 100 year history of the Federal Reserve, they played favorites,” Grayson told host Keith Olbermann. “They said we’ll give a hundred billion to this institution, another hundred billion to this institution, and so on down the line, when you and I couldn’t even come close to accessing that kind of money of those terms.”
There is something Grayson doesn’t mention in the link below. Goldman Sacs received billions of dollars in loans from the Fed at 0.001 percent interest. Then Goldman lent the money back to the federal government at a much higher interest rate. Shortly after that, Goldman reported record earnings for its rich investors and CEOs thanks to this scam. In other words, the Fed was the architect of a scam to redistribute income from working Americans to rich investors. That’s because the government pays the interest on its debt out of the money it takes in the form of taxes. Some of that tax money went to the rich investors of Goldman Sacs because they’d borrowed cheap and lent it back at the higher rate. This was another corporate/rich person welfare scam engineered by the Federal Reserve and your government looked the other way. Once again the affluent were too rich to be allowed to look stupid in their failure. So the government bailed them out. (John Hively)
Before he died, Joaquin Luna put on his best suit, white shirt and black skinny tie, the same outfit he wore every Sunday without fail to the Pan de Vida church in his home town of Mission, Texas. As his brother put it: “He dressed himself to go to God.”
Then he shot himself in the shower room, leaving behind a note that explained why he ended such a promising life. He spoke of his desperation at what he felt to be the wall blocking out his future and preventing him from attaining his dreams.
Posted in Uncategorized, tagged citigroup, Jed rakoff, Keith Olbermann, Matt Taibbi, Mortgages, rolling stone, SeC, Securities and exchange commission on Jpm11000000pmMon, 28 Nov 2011 23:21:23 +000011 10, 2010 | Leave a Comment »
NEW YORK — A US judge Monday rejected a $285 million settlement Citigroup made with US regulators over its marketing of mortgage securities that quickly went sour, saying the bank was getting off lightly.
New York federal court judge Jed Rakoff scolded the Securities and Exchange Commission for agreeing to a deal that he called inadequate and not in the public interest.
He also labelled the huge bank a “recidivist” that viewed such fines as “pocket change” and simply “a cost of doing business.”
Matt Taibbi of Rolling Stone discussed Monday on Countdown with Keith Olbermann the “unusual” decision of a judge to reject settlement Citigroup made with U.S. regulators over its marketing of mortgage securities.
New York federal court judge Jed Rakoff scolded the Securities and Exchange Commission (SEC) for agreeing to a deal that he called inadequate and not in the public interest.
“He came out basically and said that the SEC and Wall Street have been in a wink-wink, nudge-nudge arrangement for years,” Taibbi explained.
Click the link below for Keith Olbermann’s interview on this issue with Matt Taibbi.