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08 December 2010 @ 01:38 am
Fed Res, Whose Cash Is It?, Exit EU Petition, Wikileaks  
Sanitised inside view of the fed res. Link

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.

Hispanic_Unemployment_Rate_Hits_Record_High_101206

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.

Political Crime
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.