Fed Defies Transparency Aim in Refusal to Disclose (Update1)
By Mark Pittman, Bob Ivry and Alison Fitzgerald
http://www.bloomberg.com/apps/news?pid=20601109&sid=aatlky_cH.tY&refer=home
Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
``The collateral is not being adequately disclosed, and that's a big problem,'' said Dan Fuss, vice chairman of Boston- based Loomis Sayles & Co., where he co-manages $17 billion in bonds. ``In a liquid market, this wouldn't matter, but we're not. The market is very nervous and very thin.''
Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.
The Fed made the loans under terms of 11 programs, eight of them created in the past 15 months, in the midst of the biggest financial crisis since the Great Depression.
``It's your money; it's not the Fed's money,'' said billionaire Ted Forstmann, senior partner of Forstmann Little & Co. in New York. ``Of course there should be transparency.''
Federal Reserve spokeswoman Michelle Smith declined to comment on the loans or the Bloomberg lawsuit. Treasury spokeswoman Michele Davis didn't respond to a phone call and an e-mail seeking comment.
$2 Trillion
The Fed's lending is significant because the central bank has stepped into a rescue role that was also the purpose of the $700 billion Troubled Asset Relief Program, or TARP, bailout plan -- without safeguards put into the TARP legislation by Congress.
...
`Unclog the Market'
Frank said the Fed shouldn't reveal the assets it holds or how it values them because of ``delicacy with respect to pricing.'' He said such disclosure would ``give people clues to what your pricing is and what they might be able to sell us and what your estimates are.'' He wouldn't say why he thought that information would be problematic.
Revealing how the Fed values collateral could help thaw frozen credit markets, said Ron D'Vari, chief executive officer of NewOak Capital LLC in New York and the former head of structured finance at BlackRock Inc.
``I'd love to hear the methodology, how the Fed priced the assets,'' D'Vari said. ``That would unclog the market very quickly.''
TARP's $700 billion so far is being used to buy preferred shares in banks to shore up their capital. The program was originally intended to hold banks' troubled assets while markets were frozen.
...
The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).
$700 billion is pocket change. $2 Trillion, now we're talkin
-Munch-- 11-10-2008
AT&T Embraces BitTorrent, May Consider Usage-Based Prici By Dylan Tweney June 06, 2008 | 5:44:31 PMCategories: AT&T
Can one of the many fluent computer linguists please explain this to me please/thanks?
Any thoughts on usage-based pricing?
kush- 11-10-2008
i think they already have bit torrents that you pay for.. not sure, and not sure if it is usage based pricing either. are you asking what a bit torrent is?
-Munch-- 11-11-2008
i think they already have bit torrents that you pay for.. not sure, and not sure if it is usage based pricing either. are you asking what a bit torrent is?
I mean yeah I don't know what a bit torrent is but also this -
"Donovan did, however, indicate that AT&T will begin testing usage-based pricing starting this Fall. That's driven by the economics of building network capacity, he says, not by an attempt to make more money. According to Donovan, one percent of the company's customers account for 20 percent of the network usage; the top five percent account for 40 percent of the usage. Because the network must be able to accommodate peak traffic loads, AT&T -- like other network providers -- finds itself building far more capacity than most users need, just support the most prolific users. "
I was thinking it was for the entire network to sample useage-based pricing, but maybe he means bit torrent users only, idk.
I also thought it was funny he wouldn't talk about what AT&T and N.S.A. are working on together. Cause we know it's not illegal, they were granted immunity.
-Munch-- 11-17-2008
Austrian Government Study Confirms Genetically Modified (GM) Crops
Threaten Human Fertility and Health Safety
Advocates Call for Immediate Ban of All GM Foods and GM Crops
IMMEDIATE RELEASE (November 13, 2008)
Here's the PDF of the study done by the Austrianshttp://www.seedsofdeception.com/DocumentFiles/190.pdf
Here is the article:http://www.responsibletechnology.org/GMFree/MediaCenter/ReleaseAustrianGovernmentStudy/index.cfm
Story Quotes:
(Los Angeles, CA.) - A long-term feeding study commissioned by the Austrian Agency for Health and Food Safety, managed by the Austrian Federal Ministry of Health, Family and Youth, and carried out by Veterinary University Vienna, confirms genetically modified (GM) corn seriously affects reproductive health in mice. Non-GMO advocates, who have warned about this infertility link along with other health risks, now seek an immediate ban of all GM foods and GM crops to protect the health of humankind and the fertility of women around the world.
...
In the study, Austrian scientists performed several long-term feeding trials over 20 weeks with laboratory mice fed a diet containing 33% of a GM variety (NK 603 x MON 810), or a closely related non-GE variety used in many countries. Statistically significant litter size and pup weight decreases were found in the third and fourth litters in the GM-fed mice, compared to the control group.
...
The corn is genetically modified with genes that produce a pesticidal toxin, as well as genes that allow it to survive applications of Monsanto’s herbicide Roundup.
...
A book by author Jeffrey M. Smith, Genetic Roulette, distributed to members of congress last year, documents 65 serious health risks of GM products, including similar fertility problems with GM soy and GM corn: Offspring of rats fed GM soy showed a five-fold increase in mortality, lower birth weights, and the inability to reproduce. Male mice fed GM soy had damaged young sperm cells. The embryo offspring of GM soy-fed mice had altered DNA functioning. Several US farmers reported sterility or fertility problems among pigs and cows fed on GM corn varieties. Additionally, over the last two months, investigators in India have documented fertility problems, abortions, premature births, and other serious health issues, including deaths, among buffaloes fed GM cottonseed products.
Sigh...I knew about this a while ago because my father is a doctor and he and I both did some research into it. But if you don't believe me there's ALWAYS a pill to fix whatever your problem is.
If anyone is interested in eating healthier and getting off this plague, here is a link to information for shopping www.HealthierEating.org. There are also tons of other sites where you can conduct your own investigation for non-GMO food.
Just a side note, a lot of GMO's are banned in Europe but very prevalent in the U.S.
-Munch-- 11-19-2008
U.S.-Canada Military Plan Could Place Troops in Each Other’s Country
By Matthew Rothschild, November 17, 2008
There is an unapproved bill signed by Lieutenant-General M. J. Dumais, commander, Canada Command, and General Victor E. Renuart, commander, US Northern Command called the Canada-US Civil Assistance Plan.
Here is the unclassified version which leaves out huge chunks of the classified Canada-United States Combined Defense Plan, in which it will outline military personnel "assisting" police officers in each others countries. http://www.canadacom.forces.gc.ca/docs/pdf/cap_e.pdf
It's unclassified not declassified because it hasn't passed yet. But I'm pretty sure it will.
When you read the 10 pages it goes into a lot of military jargon, but even the parts that aren't censored are pretty interesting, such as.
In the CF (Canadian Forces) ROE (Rules of Engagement) and the SROE (Standing Rules of Engagement) for DOD (Department of Defense) it lists the right of self defense. However right below it, it clearly states:
"there are no standing CANUS (CANUS an acronym, which means Canada and the United States) rules of engagement or rules for use of force."
Under the Coordinating Instructions section bullet 4 it states:
"both nations will take advantage of the existing communications infrastructures to maintain situational awareness required to plan
bilateral support. Both nations will share information to the maximum extent allowed by national laws, agreements and policies."
It also admits there will be continual drills and exercises run in coordination with the other country.
What makes me laugh is that under the first section Situation bullet General it states:
"The purpose of the Canada-United States Civil Assistance Plan (CAP) is to provide a framework
for the military of one nation to provide support to military of the other nation in the performance of civil support operations
(e.g., floods, forest fires, hurricanes, earthquakes, and effects of a terrorist attack.)"
But then it states:
"Support under this plan is not provided directly to civil authorities, but rather to the other nation's military." It's to support the other military, so it's not really CAP...? Don't trust me, look it up.
Here's an article I found about this legislation
http://www.progressive.org/mag/wx111708.html
-Munch-- 11-20-2008
Zawahri Threatens America
(Additional reporting by Inal Ersan and Firouz Sedarat in Dubai)
(Editing by David Storey)
Alleged Al-Qaeda number two pops up again to provide Obama with pretext for bombing more sovereign countries in the name of the war on terror. However U.S. officials and analysts, alert for signs of an attack in the period leading up to the transfer of presidential power on January 20, said there was no sign of an imminent threat.
So the question is which Zawahri is this? If you don't know what I'm talking about follow me on this one.
Is this Al-Zawahiri a different person to the real Al-Zawahiri who was reported to have been captured in Tehran in February 2002? Reports Guardian Unlimited, Feb. 18th 2002. http://www.prisonplanet.com/110903zawahiri.htm
Is this a different Al-Zawahiri to the one reportedly captured near the Pakistan-Afghanistan border in September 2004? Reports Israeli Radio, Sep. 28th, 2004. http://www.prisonplanet.com/articles/september2004/280904caughtinpak.htm
Or is this the same Al-Zawahiri who, as the head of the Egyptian Islamic Jihad, fought for the CIA in Bosnia?
http://aangirfan.blogspot.com/2008/03/al-zawahri-alqaedas-chief-brains-and.html
Is this the same Al-Zawahiri who, according to January 2000 U.S. Congressional testimony, was granted U.S. residence by the Immigration and Naturalization Service - something almost impossible for many legitimate immigrants to obtain? Reported by Wayne Madsen and Umberto Pascali July 15-16, 2005 http://www.williambowles.info/articles/brit_fascists.html
Al-Zawahiri has a history of popping up at the most politically expedient times, like right before State of the Union speeches two years running, to attack Bush’s policy in Iraq. Bush then used Al-Zawahiri’s words as a rallying call to prolong the occupation. And none of this even goes into the admitted FACT, that the CIA recruited, trained, and funded Al-Qaeda to fight the Russians in Afghanistan.
Don't trust me, look it up.
slappy- 11-20-2008
Another problem with GM crops is that they pollenate other local non-GM crops. Those who grow "Organic" crops spend more on production and therefore sell the product at a higher price. When their crop is contaminated by GM genes, they can no longer call their product "Organic".
Pretty soon, the monsters they have created will take over all of our crops... If a bug doesn't want to eat that shit, neither do I. If roundup can be used on it, and it won't die, I don't want it.
I hate the grocery store "strawberries" and "tomatoes". They are white inside and have very little sugar... Worthless fruit IMO. They look like tomatoes and strawberries on the outside at least, and no bugs will eat them, and they have great shelf-life. YAY for making us sterile too!
With human population growing, maybe this is just what we need. ;)
slappy- 11-20-2008
i think they already have bit torrents that you pay for.. not sure, and not sure if it is usage based pricing either. are you asking what a bit torrent is?
I mean yeah I don't know what a bit torrent is but also this -
"Donovan did, however, indicate that AT&T will begin testing usage-based pricing starting this Fall. That's driven by the economics of building network capacity, he says, not by an attempt to make more money. According to Donovan, one percent of the company's customers account for 20 percent of the network usage; the top five percent account for 40 percent of the usage. Because the network must be able to accommodate peak traffic loads, AT&T -- like other network providers -- finds itself building far more capacity than most users need, just support the most prolific users. "
I was thinking it was for the entire network to sample useage-based pricing, but maybe he means bit torrent users only, idk.
I also thought it was funny he wouldn't talk about what AT&T and N.S.A. are working on together. Cause we know it's not illegal, they were granted immunity.
The more they complicate service plans with usage-based charges, the more they can make. Sounds like they want to make it like the American cell-phone industry. They make complicated plans with daytime and night minutes, limited data (not bandwidth cap, total data caps), text charges (LOL), etc. They make more money this way. You can get unlimited EVERYTHING from Sprint for $100 a month now. Yes, that's steep, but think about how many people you know are in contract for a $40 a month plan and end up with enough overages to get a bill of over $100 easily.
If AT&T is going that route with broadband service, they will have to get their competitors on-board.
On the other hand, when you get over 2mb of upload bandwidth you will see people hosting more public servers at home. It makes perfect sense really. You will be getting much faster downloads and uploads, but a home user won't be using that anywhere close to all the time. Torrent uploaders will use all the upload bandwidth they can get 24/7. That's not fair to the average home user if it drives up prices. So the only real solutions are to keep bandwidth low, or a data cap.
-Munch-- 11-20-2008
Another problem with GM crops is that they pollenate other local non-GM crops. Those who grow "Organic" crops spend more on production and therefore sell the product at a higher price. When their crop is contaminated by GM genes, they can no longer call their product "Organic".
Pretty soon, the monsters they have created will take over all of our crops... If a bug doesn't want to eat that ****, neither do I. If roundup can be used on it, and it won't die, I don't want it.
I hate the grocery store "strawberries" and "tomatoes". They are white inside and have very little sugar... Worthless fruit IMO. They look like tomatoes and strawberries on the outside at least, and no bugs will eat them, and they have great shelf-life. YAY for making us sterile too!
With human population growing, maybe this is just what we need. ;)
Yeah I completely agree with you. It's a plague they don't tell anyone about. I made a quick mention to it, but my dad is a doc and every time I find something out I go directly to him and ask him to research it and tell me what the truth is. What I found out is the "scientists" the media portrays for the public are usually funded by the companies making the GMO's! :roll: So ofc they're going to say it's safe
I've got a ton of health information I've been researching and asking questions about. What's disturbing is outside of America all kinds of state run science labs are finding amazing results in everything from our food to our water. It really is crazy.
I'll post some if your interested?
-Munch-- 11-21-2008
Paulson Was Behind Bailout Martial Law Threat
Inhofe says Treasury Secretary made dire warnings in conference call on September 19th
If you don't know what this about, here's the youtube link of CSPAN.
http://www.youtube.com/watch?v=gnbNm6hoBXc&feature=related
-Munch-- 11-24-2008
U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit (Update2)
By Mark Pittman and Bob Ivry
article
http://bloomberg.com/apps/news?pid=20601109&sid=arEE1iClqDrk&refer=home
Direct quotes:
"The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago."
...
"The worst financial crisis in two generations has erased $23 trillion, or 38 percent, of the value of the world’s companies and brought down three of the biggest Wall Street firms."
...
"The Dow Jones Industrial Average through Friday is down 38 percent since the beginning of the year and 43 percent from its peak on Oct. 9 2007, . The S&P 500 fell 45 percent from the beginning of the year through Friday and 49 percent from its peak on Oct. 9, 2007. The Nikkei 225 Index has fallen 46 percent from the beginning of the year through Friday and 57 percent from its most recent peak of 18,261.98 on July 9, 2007. Goldman Sachs Group Inc. is down 78 percent, to $53.31, on Friday from its peak of $247.92 on Oct. 31, 2007, and 75 percent this year."
...
"The money that’s been pledged is equivalent to $24,000 for every man, woman and child in the country. It’s nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country’s mortgages."
And then Bernanke has the gall to say
“Some have asked us to reveal the names of the banks that are borrowing, how much they are borrowing, what collateral they are posting,” Bernanke said Nov. 18 to the House Financial Services Committee. “We think that’s counterproductive.” wow...
Just unreal what is going on
-Munch-- 11-25-2008
This is a great compilation of an economist getting flak the entire time, and being spot on in his economic predictions. The other talking heads can't believe what he's saying and are strongly urging people to ignore him. The Fox host at one point even jokingly asks him to continue his perspective on "Santa Clause."
Peter Schiff
http://www.youtube.com/watch?v=wRzK5FG_dyI&eurl=http://www.prisonplanet.com/peter-schiff-was-right-again-and-again.html
And I think one of the remarks for the video says it all...
"Speaking the truth in times of universal deceit is a revolutionary act."
-Munch-- 11-25-2008
A near-riot and parliament besieged: Iceland boiling mad at credit crunch
Published Date: 24 November 2008
By Omar Valdimarsson
in REYKJAVIK
article
http://news.scotsman.com/world/A-nearriot-and--parliament.4722970.jp
“THOUSANDS of Icelanders have demonstrated in Reykjavik to demand the resignation of Prime Minister Geir Haarde and Central Bank governor David Oddsson, for failing to stop the country's financial meltdown.”
…
“It was the latest in a series of protests in the capital since October's banking collapse crippled the island's economy. At least five people were injured and Hordur Torfason, a well-known singer in Iceland and the main organizer of the protests, said the protests would continue until the government stepped down.”
…
“Four Nordic countries, as well as the International Monetary Fund (IMF), have pledged to lend the country a combined $4.6 billion to help revive its deflated economy. The loan would be the first by the IMF to a Western nation since 1976.
One young man climbed on to the balcony of the Althing building, where the president appears upon inauguration and on Iceland's national day, and hung a banner reading: "Iceland for Sale: $2,100,000,000" – the amount of the loan the country is getting from the IMF.”
Which part of the $4.6B came directly from the Paulson Bailout bill as did the $70B+/- to Pakistan who we are supposedly mad. Here’s where the article confirms it.
…
“ICELAND'S three biggest banks – Kaupthing, Landsbanki and Glitnir – collapsed under the weight of billions of dollars of debts accumulated in an aggressive overseas expansion, shattering the country's currency. Iceland's government seized control of all three institutions in early October.
This week, the North Atlantic island nation, which has a population of only 320,000, secured a package of more than US$10 billion (about £6.7 billion) in loans from the International Monetary Fund (IMF) and several European countries to help it rebuild its shattered financial system.”
Most people don’t realize within the Paulson bill is the stipulation that he can lend to foreign banks. So not only will the toxic mortgages not be bought with the $700B, $800B, $7.7T bailout, we will lend to foreign banks to help their central banking systems.
Don’t trust me, look it up.
-Munch-- 11-26-2008
A short, sad, story that is becoming quite common.
Video suggests chaos during taser incident at Camp Randall
Posted: Nov 25, 2008 10:51 AM CST
article
http://www.wkowtv.com/Global/story.asp?S=9412105
eyewitness video
http://www.wkowtv.com/global/video/flash/popupplayer.asp?ClipID1=3174513&h1=Cell%20video%20of%20fan%20tasered%20at%20Camp%20Randall&vt1=v&at1=News&d1=122233&LaunchPageAdTag=News&activePane=info&rnd=80968050
54 year old woman, who is also a season ticket holder, threatened with papper spray but gets the taser instead. :(
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Don't trust me, look it up.