Federal Reserve Finally Forced to Reveal What it Did with $3.3 Trillion
[...] Goldman Sachs turned to the Fed 84 times to borrow nearly $600 billion, and Morgan Stanley made 212 visits for emergency loans. Other major U.S. financial institutions that borrowed multiple times were Citigroup (26 times), MetLife Bank (19 times), Bank of America (15 times) and JPMorgan Chase (seven times).
European banks were the largest beneficiaries of the Fed’s purchase of mortgage-backed securities. Deutsche Bank of Germany was able to sell the Fed more than $290 billion worth of mortgage securities, while Switzerland-based Credit Suisse dumped $287 billion in mortgage bonds. Barclays Capital, the investment bank of U.K. lender Barclays PLC ($123 billion), UBS of Switzerland ($94 billion), and BNP Paribas of France ($67 billion) also took advantage of the Federal Reserve’s generosity.
Corporate recipients of Fed assistance included General Electric, Chrysler Financial Services, AIG, McDonalds, Verizon and Harley-Davidson.
The $3.3 trillion figure did not include lending to banks through the Fed’s discount window. That information remains confidential and the subject of an ongoing lawsuit by media companies seeking to publish details of that aspect of the 2008 crisis.
Wall Street Firms Borrowed $156 Billion in One Day as Congress Debated Bailout
When the U.S. House of Representatives refused to pass the Bush administration’s bailout plan on September 29, 2008, Wall Street collectively gulped and, unbeknownst to the American public, ran to the bank. The bank in this case was the Federal Reserve, whose Primary Dealer Credit Facility (PDCF) dished out $155.8 billion in loans in a single day, the largest amount dispensed by the PDCF during the crisis that year. The PDCF was created just six months earlier to provide overnight loans to the big bankers after the panic that followed the collapse of Bear Stearns.
There were plenty of other heavy borrowing days that month before the 29th. On September 17, two days after Lehman Brothers failed and it was announced that Bank of America would buy out Merrill Lynch, the PDCF gave out more than $100 billion in loans, including $35 billion to Morgan Stanley, $20 billion to Merrill Lynch, $14 billion to Barclays PLC and $11 billion to Goldman Sachs.
There were more $100 billion days until the daily borrowing peaked on September 29. On that Monday alone, Morgan Stanley took $61 billion, Merrill Lynch $36 billion, Citigroup $15.5 billion Barclays and Goldman Sachs $15 billion each, Bank of America $8.3 billion and UBS $4.1 billion.
On October 1, 2008, the U.S. Senate passed a version of the bailout and President Bush signed it on October 3.
Businesses Don’t Create Jobs; Corporate Tax Breaks Don’t Help: Dave Johnson
Businesses do not create jobs, says Dave Johnson at Campaign for America’s Future who sees companies as an enemy of employment.
“Businesses have more incentives to eliminate jobs than to create them,” argues Johnson. “Businesses in our economy exist to create profits, not jobs.
Obamanomics: Only fat cats prosper
For all of President Obama's rhetoric about "fat cat" investment bankers who gambled the country into economic decay, he sure seems to have a larger soft spot for big Wall Street than for average Americans.
[...] Actually, the CEOs I speak to say Obama made a bad economic situation even worse. The massive retrenchment in hiring over the past two years, which led to last week's announcement that unemployment is rising close to 10 percent, is the direct result of business worries about the future costs of the president's social agenda, which only begins with universal health care.
Perhaps worse, Obamanomics looks to have failed utterly on its signature promise to level the economic playing field between the rich and poor.
[...] Why? Obama's policies, insiders tell me, may be bad for the middle class -- but they've been pretty good for the banking class.
Federal Reserve’s Bailout of the Rich and Well-Connected
The conflicts of interest and policy controversies in the Federal Reserve’s bailout of the financial system now include helping out millionaires, billionaires, foreign automakers, and companies whose executives sit on the board of directors of the U.S. central bank.
Prosecute Assange Under the Espionage Act
Just as the First Amendment is not a license to yell 'Fire!' in a crowded theater, it is also not a license to jeopardize national security.
When WikiLeaks founder Julian Assange released his latest document trove—more than 250,000 secret State Department cables—he intentionally harmed the U.S. government. The release of these documents damages our national interests and puts innocent lives at risk. He should be vigorously prosecuted for espionage.
Strange how "embarass" can be translated into "jeopardize". Bio of the writer
Assange Attorney: 'WikiLeaks Will Continue' (vid)
Lawyer says client is innocent and prosecution is politically motivated
The judge says he wants to see the evidence for himself.
Has he detained Assange for fear he will flee, fears for his safety, to enable the banksters to negotiate or some other reason? Lets hope he's not a gov't tool like the one that presided over the trial of the power station vandals.
Don't shoot messenger for revealing uncomfortable truths
WIKILEAKS deserves protection, not threats and attacks.
IN 1958 a young Rupert Murdoch, then owner and editor of Adelaide's The News, wrote: "In the race between secrecy and truth, it seems inevitable that truth will always win."
His observation perhaps reflected his father Keith Murdoch's expose that Australian troops were being needlessly sacrificed by incompetent British commanders on the shores of Gallipoli. The British tried to shut him up but Keith Murdoch would not be silenced and his efforts led to the termination of the disastrous Gallipoli campaign.
Nearly a century later, WikiLeaks is also fearlessly publishing facts that need to be made public.
Get Britain Out of Europe petition, name and email addy required
It's warming I tell y'all, snow is just a denialist diversion, the birds and wildlife are dying from CO2 NOT the cold./sarc
Europe freezes, fresh snow causes chaos
From correspondents in Paris HEAVY snow blanketed Paris overnight, forcing the closure of the Eiffel Tower and its main airport as plunging temperatures turned Scottish roads into deadly ice sheets and Spain and Portugal cleared up after flooding and tornado-like winds.
Federal Reserve Finally Forced to Reveal What it Did with $3.3 Trillion
Just lately after our 8 days of the Great 2010 East Coast Monsoon – I am getting a bit weary of TV news interviews of people from flooded towns making variants of this standard “knee jerk” claim; “..ten years of worst ever drought and now we get flooded out..”. A woman from Dubbo has been all over TV news on the weekend with this sort of statement. It puzzles me that TV news journalists or editors can not be bothered to make basic checks on the net that take seconds using Google.
Facts are that Dubbo flooded just before Christmas 2009 – not quite a year ago – so peoples memories can be amazingly short.
Now going back to November 2008 – there were floods at Tamworth and I posted on strange comments from the NSW Premier – then Nathan Rees. /more (Warwick Hughes)
From this paper discussed at WUWT.
A comparison of local and aggregated climate model outputs with observed data
According to the Intergovernmental Panel on Climate Change (IPCC), global circulation models (GCM) are able to “reproduce features of the past climates and climate changes” (Randall et al., 2007, p. 601). Here we test whether this is indeed the case. We examine how well several model outputs fit measured temperature and rainfall in many stations around the globe. We also integrate measurements and model outputs over a large part of a continent, the contiguous USA (the USA excluding islands and Alaska), and examine the extent to which models can reproduce the past climate there. We will be referring to this as “comparison at a large scale”.
This paper is a continuation and expansion of Koutsoyiannis et al. (2008). The differences are that (a) Koutsoyiannis et al. (2008) had tested only eight points, whereas here we test 55 points for each variable; (b) we examine more variables in addition to mean temperature and precipitation; and (c) we compare at a large scale in addition to point scale. The comparison methodology is presented in the next section.
[here the paper lists the IPCC models tested]
While the study of Koutsoyiannis et al. (2008) was not challenged by any formal discussion papers, or any other peer-reviewed papers, criticism appeared in science blogs (e.g. Schmidt, 2008). Similar criticism has been received by two reviewers of the first draft of this paper, hereinafter referred to as critics. In both cases, it was only our methodology that was challenged and not our results. Therefore, after presenting the methodology below, we include a section “Justification of the methodology”, in which we discuss all the critical comments, and explain why we disagree and why we think that our methodology is appropriate. Following that, we present the results and offer some concluding remarks.
CONCLUSIONS AND DISCUSSION
It is claimed that GCMs provide credible quantitative estimates of future climate change, particularly at continental scales and above. Examining the local performance of the models at 55 points, we found that local projections do not correlate well with observed measurements. Furthermore, we found that the correlation at a large spatial scale, i.e. the contiguous USA, is worse than at the local scale.
However, we think that the most important question is not whether GCMs can produce credible estimates of future climate, but whether climate is at all predictable in deterministic terms. /continues
CCNet – 7 December 2010 The Climate Policy Network
The Green Energy Collapse
Across the world, unsustainable subsidies for wind and solar are being cut back.—Lawrence Solomon, Financial Post, 3 December 2010
The French government is planning to suspend feed-in tariffs for new photovoltaic installations above a capacity of 3 kilowatt hours for a period of four months, according to a draft decree discussed at a government meeting on Thursday. –ENDS Europe, 7 December 2010
Solar developers are set to abandon France following the government's recent announcement that it will freeze all new projects larger than 3kW in order to prick the “speculative bubble” building up around the industry. –ReCharge News, 6 December 2010
Germany will not guarantee that existing rules for feed-in tariffs for solar power will be continued after 2012, environment minister Norbert Roettgen said on Wednesday.—Reuters, 1 December 2010
According to Mr Eberhard Holstein of Vattenfall Europe Sales, the rapid expansion of renewable energy sources under the present regulatory environment in Germany will lead to a collapse of the power market. Mr Holstein at the Energy Brain days in Berlin said that “We need to decide whether we want a planned economy or market economy.” He said that should no changes be made to the current legal framework in Germany, then the country would have moved to a de facto planned economy.—Steel Guru, 7 December 2010
Few will be surprised if the United Nations Cancun climate talks end in failure. The real surprise is that for the last two decades people seriously believed there was a realistic prospect of securing broad international agreement to restrict CO2 by all the major emitters. --Ruppert Darwall, The Wall Street Journal, 7 December 2010
1) France Stops Subsidies for New Solar Projects - News Agencies, 7 December 2010
The French government is planning to suspend feed-in tariffs for new photovoltaic installations above a capacity of 3 kilowatt hours for a period of four months, according to a draft decree discussed at a government meeting on Thursday. --ENDS Europe, 7 December 2010
Solar developers are set to abandon France following the government's recent announcement that it will freeze all new projects larger than 3kW in order to prick the “speculative bubble” building up around the industry. --ReCharge News, 6 December 2010
2) France Must Triple Tax to Cover EDF's Solar-Energy Costs, Watchdog Says - Bloomberg, 30 November 2010
3) Germany Renewables Growth will lead to Collapse - Steel Guru, 7 December 2010
4) Spain Slashes Green Energy Subsidies - Bloomberg, 3 December 2010
5) Will the Rise of Natural Gas Threaten Solar and Wind? Is the Pope Catholic? - Green Beat, 3 December 2010
6) The Green Energy Collapse - Financial Post, 3 December 2010
7) Energy Security Myth Is Finished As Shale Gas Revolution Goes Global - Zawya News, 6 December 2010
8) Rupert Darwall: A Mexican Stand-Off in Cancun - The Wall Street Journal, 7 December 2010
9) Beware Of Watermelons: Green On Outside, Red Inside - The Independent, 7 December 2010
CCNet – 8 December 2010 The Climate Policy Network
North America: The New Energy Kingdom
Within a decade or so, North America will almost certainly emerge as the world’s biggest supplier – and exporter – of reasonably cheap energy.-- Neil Reynolds, The Globe and Mail, 8 December 2010
The UK comes a step closer to using a brand new energy source after "substantial" flows of shale gas are found just a few miles inland from Blackpool Pleasure Beach. Cuadrilla had previously said the amount of shale gas in the Bowland site could meet as much as 5 to 10 per cent of Britain's energy resources. Now, after the first samples have been analysed, the suspicion is that the Lancashire fields could hold a lot more. --Siobhan Kennedy, Channel 4 News, 7 December 2010
Powerful green (and Luddite) lobbies believe that a source of clean and abundant energy would be an unmitigated disaster to their cause (and their livelihood). That is one reason that the Obama administration is trying so hard to bankrupt coal before clean technologies can gain a foodhold, and to prohibit shale gas and oil sands through backdoor faux environmental regulations. Abundant, clean energy would be a boon to the private sector of the economy and to economic growth. Greens and Luddites hate nothing more than a prosperous, growing private sector.—Al Fin, 3 December 2010
Billions in federal subsidies for manufacturers of solar panels and wind- and solar-power facilities will end Jan. 1, 2011, unless lawmakers who negotiated a deal to extend tax cuts back down from their positions. The clean-energy incentives were created by 2009 economic stimulus legislation. Republicans are taking a firm stand that they aren't part of a deal reached with the White House, and shouldn't be a part of broader legislation to extend tax cuts for individuals and businesses, according to GOP aides. -- Martin Vaughan, The Wall Street Journal, 7 December 2010
The U.S. is seeing a major benefit from its natural-gas glut as winter approaches, paying half as much for the heating fuel than much of Europe is. --Matt Day, Dow Jones, 7 December 2010
1) North America: The New Energy Kingdom - The Globe and Mail, 8 December 2010
2) Shale Gas Revolution Hits Britain - Channel 4 News, 7 December 2010
3) Argentina announces huge shale gas find - Associated Press, 8 December 2010
4) Shale Gas Revolution Threatening Nuclear ‘Renaissance’ - The New York Times, 7 December 2010
5) U.S. Consumers Enjoy Economic Benefits of the Shale Gas Revolution - The Wall Street Journal, 7 December 2010
6) U.S. Republicans Go After Green Opponents By Cutting Off Their Funding - The Wall Street Journal, 7 December 2010
7) Al Fin: Why Do Greens Hate and Fear Abundant Energy? - Al Fin Energy Blog, 3 December 2010
8) Nicolas Loris: Reject All Energy Mandates: It’s Just Another Subsidy - The Heritage Foundation, 7 December 2010
9) Deloitte’s Oil & Gas Reality Check: Fossil Fuels will remain world’s primary energy supply for next 25 years - Deloitte, 6 December 2010
10) And Finally: The Economist's Eco-Astrologer - The Rational Optimist, 6 December 2010
CCNet updates are edited by Dr Peiser of the GWPF
Underground Coal Gasification: Another Head of the Clean Coal Hydra
What is not protested at the site is that CO2 capture is wholly unnecessary.
Makes the whole deal even cheaper.
Reject All Energy Mandates: It’s Just Another Subsidy
With cap and trade out of the realm of possibilities, Members of Congress have turned their attention to mandating so-called clean energy.
Some Members hoped for a lame duck vote on a renewable electricity standard (RES), which would require that a certain percentage of our nation’s electricity production come from wind, solar, biomass, and other government-picked renewable energies. With that looking less likely, Department of Energy Secretary Steven Chu mentioned a clean energy standard that includes other carbon-free sources of energy as a possible compromise between Democrats and Republicans next year. The Hill reports: Continue reading... (The Foundry)
World Bank Chief To Launch Carbon Market Fund
World Bank President Robert Zoellick is set to launch a new multi-million dollar fund in Mexico on Wednesday to help emerging market countries set up their own carbon markets, the bank said on Tuesday. (Reuters)
Another "green" bank? Why do we need carbon markets? Banks to profit from issuing IOUs against the public because that is what each carbon emissions certificate is. The consumer pays the bill that the supplier is obliged to increase due to regulated obligation to buy credits. The regulations are made by the EC. The WB is a Rothschild-Rockefeller cartel bank.
Talking of bankers:
Lawyers Win Battle To See Assange In Prison
The information comes after the lawyers for the WikiLeaks founder had complained they did not have access to their client.
The Australian spent Tuesday night in Wandsworth Prison after turning himself into police over sexual assault allegations made against him in Sweden.
He was arrested and refused bail until another hearing on December 14 as the judge considered him a flight risk.
Mr Assange's legal team had voiced their frustration they were not able to speak to him over the phone and would not have access to him for another five days.
"We've been told we can't get to see our client in Wandsworth Prison until the 13th as they say they don't have the capacity to facilitate a legal visit until then," his solicitor Mark Stephens told Sky News. /more
In the comments:
"Murder Suspect = £250,000 Bail
Rape Suspect = No Bail"
Responding to another comment: "If what you say (and what I suspected) is true this is really scary stuff. And the powers that be don't seem to care that we know it!"
Sex claim women in Julian Assange case say this is nothing to do with the Pentagon
[...] "There is no conspiracy," insisted Pia Engstrom-Lindgren, associate lawyer at the Borgstrom and Bodstrom firm in Stockholm.
She told The Times: "It is a matter of fairness. We're not at a stage yet where Mr Assange is being prosecuted. We are at the stage where his actions are being investigated by police and it is necessary for him to come to Sweden to tell police his story.
I don't understand why he has to go to Sweden to give his side of the case. In his peculiar circumstances it would be right for the Swedish police to interview him here or for him to give a recorded sworn statement here. From what I can see it is his word against each woman.
I won't comment more other than to mention the Palestinian convicted of rape in Israel because he didn't mention he wasn't Israeli. Justice is not just political.
Lawyers Win Battle To See Assange In Prison
[...] The two alleged victims have been all over Twitter and the media, giving a version of their encounters with Assange that appear to be more about women scorned than women victimised.
Jailed Assange's glimmer of hope as judge wants Sweden to produce rape evidence
[...] Despite Swedish prosecutor Marianne Ny's claims that Assange's arrest had "nothing to do with WikiLeaks", legal sources in London reportedly claim that US and Swedish officials have discussed the possibility of Assange being delivered to US custody after the whistleblowing website's release of classified US diplomatic cables.
Wikileaks' Processing Co. Says It Will Sue Visa For Stopping Payments
DataCell, the Icelandic company that processes payments to Wikileaks, says it will sue Visa for cutting off payments to the organization.
[...] DataCell said it expected claims to be in the "billions of Euro."
BRITISH households will have to pay an estimated £450 a year each to fund the Government’s ambitious green power plans according to calculations by uSwitch.com, the price comparison service.
The Government is set to announce a raft of consultations before Christmas on measures designed to help the UK meet its onerous renewables targets and to fund much-needed new power infrastructure.
Ann Robinson, uSwitch’s director of consumer policy, said that the upcoming proposals, if implemented, would cost each household £450 from 2015 via a mixture of taxation, for example via levies on bills, and higher energy prices. She said there was a question mark over the affordability of the new measures given the average annual energy bill already stands at £1,228.
Einstein's 'Biggest Blunder' Turns Out to Be Right
In 1917, Albert Einstein inserted a term called the cosmological constant into his theory of general relativity to force the equations to predict a stationary universe in keeping with physicists' thinking at the time. When it became clear that the universe wasn't actually static, but was expanding instead, Einstein abandoned the constant, calling it the '"biggest blunder" of his life.
But lately scientists have revived Einstein's cosmological constant (denoted by the Greek capital letter lambda) to explain a mysterious force called dark energy that seems to be counteracting gravity — causing the universe to expand at an accelerating pace.
My idea, dark matter is not necessary. The creation of the singularity swept every scrap of energy from a large region of space. The product of the expansion or explosion of the singularity, the collection of matter we know as the Universe is accelerating outwards because the gravity of space that surrounds the void that surrounds the Universe is exerting a pull. It is interesting to theorise what happens when the Universe expands into energy populated space. The acquisition of energy may increase the energy density of the universe that increases its gravity. Followed to its conclusion the momentum of the Universe eventually reverses. That leads to another singularity of greater mass than the one we came from, ad infinitum.
Cancun is a cool place, cooler than usual: Cancun cooling caused by Cancun warming due to all the hot air.