By: Allan Uthman and Ian Murphy, Buffalo Beast. Posted January 31, 2009.
31 January 2009
Follow the law: Stay PUT!
Wall Street and its co-conspirators on Main Street had a great plan.
Step 2: Some of the loans will blow up, but in the aggregate it will all work out and besides, the loans will be bundled and sold off to investors (spreading the toxic waste), so who cares?
Great plan, but it had a few problems.
Problem #1: It destroyed the world financial system (minor detail)
Problem #2 (And he's where it get VERY interesting...): For a loan to be valid, the lender needs to be able to produce the paperwork.
Guess what?
In their mad greed to screw the American people and line their own pockets, Wall Street forgot that little detail.
Many of these loans and been sliced and diced and sold and re-sold so many times that not only is the paperwork not easy to lay hands on, in some cases, it's not clear who actually owns the loan.
Here's where property law comes in.
If the bank can't produce the documents and the real owner of the loan can't be identified, the contract is null and void.
You've got to hand it to Congresswoman Marcy Kaptur (and Ohio, producing a lot of great Congresspeople.)
By telling a bank to "produce the note," a homeowner can delay foreclosure by forcing the lender to prove the suing institution is actually the same which owns the debt.
Now, the banks own sloth and disorganization (and inherent dishonesty) can be used against it.
Final word: The media (and Wall Street and its criminal partners in Congress and the former Bush White House) love to call these loans sup-prime.
Here's the old fashioned word: predatory.
Many of the loans that were made in the past five years that have created so many problems would have been illegal until Bush & Co not only gutted lending laws, but also literally sued states to stop them from enforcing their own lending laws.
LET THE REVOLUTION BEGIN!
Thanks for all you do!
Live your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
30 January 2009
As Army Suicides Mount, Officials Promise (Again) to Address It
Original Post: 30 Jan 2009 02:58 PM CST
by: Christopher Weaver, ProPublica
Photograph: A. Golden, eyewash design, c. 2009.
Yesterday, the Pentagon announced that the rate of soldiers committing suicides increased last year to the highest level in thirty years. As today’s New York Times reports, the number of suicides among soldiers has now increased for the fourth year in a row [1]. Somewhere between 128 and 143 soldiers killed themselves in 2008. (Fifteen cases are still under investigation.)
Photograph: A. Golden, eyewash design, c. 2009.
Yesterday, the Pentagon announced that the rate of soldiers committing suicides increased last year to the highest level in thirty years. As today’s New York Times reports, the number of suicides among soldiers has now increased for the fourth year in a row [1]. Somewhere between 128 and 143 soldiers killed themselves in 2008. (Fifteen cases are still under investigation.)
Army officials in turn pointed yesterday to new programs [2] and a campaign to combat the stigma of mental wounds.
"We need to move quickly to do everything we can to reverse the very disturbing number of suicides we have in the Army," Gen. Peter W. Chiarelli, who is responsible for suicide prevention, told the Times.
It’s a familiar refrain. Since 2003, yearly reports on the Army’s suicide rates have spurred similar news stories [3], and similar reactions [4] by Pentagon officials. Suicide-prevention initiatives – such as the "battle-buddy" program, which relied on ordinary soldiers to keep an eye on each other – have spawned in the wake of the grim statistics [5], but the numbers have only worsened.
Officials have pointed to the added stress of the wars since a jump in 2003, but in the years since, suicides spread more evenly among reservists and soldiers who have never deployed. Financial, legal and family problems were among the likely causes, officials told the Times.
The deaths were about evenly divided among soldiers on deployment, those returned from deployments, and their comrades who had never deployed, according to the report.
The suicides also struck all levels of the military, from enlisted men overseas to young cadets at the Army’s elite West Point academy, the Washington Post reported today [6]. Two cadets committed suicide, and another two tried to, within the last couple of months.
Though these were the first suicides at the academy since 2005, there’s no evidence that the deaths were linked to the Army’s larger problem. Officials at West Point told the Post, "nothing is more stressful here than it has been [in the past]."
The Army pledged a "stand down" day in which officers would be instructed to take time to address the problem in their units. They’ve also hired 250 more mental health specialists in the last year.
"[It] is absolutely critical is to reach out to soldiers and tell them it is not wrong to reach out for help," Chiarelli told the Times. "We have to change our culture."
The call for a change in culture also has echoes.
A March 2008 report by the Army’s inspector general [7] suggested a new "culture of support for psychological health."
And in April 2005, the Marine Corps Times reported that the Army’s surgeon general [8], Lt. Gen. Kevin Kiley, told a House Appropriations subcommittee, "That’s still part of our culture: Real men don’t see [mental health counselors]… I would like to see a culture that resets the force mentally."
LET THE REVOLUTION BEGIN!
Thanks for all you do!
Live your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
29 January 2009
Private security firm Blackwater to be ejected from Iraq
Original Post: The Times UK, January 30, 2009.
The private security firm Blackwater Worldwide faced a humiliating ejection from Iraq yesterday after the Interior Ministry said its licence to operate would not be renewed.
The decision was taken because of a shootout in September 2007 when Blackwater guards were accused of killing 17 Iraqi civilians, a ministry spokesman said.
If implemented, the expulsion order would be a huge blow to the North Carolina-based company, which has the US State Department contract to protect the sprawling American Embassy in Baghdad and all American diplomats in Iraq.
It is unclear when the 1,000 Blackwater guards — who are made up largely of former US military personnel and has its headquarters in Baghdad’s green zone — will be asked to leave and whether they can continue to carry out their duties in the interim.
Major General Abdel Karim Khalaf, the Iraqi spokesman, said: “The contract is finished and will not be renewed by order of the Minister of the Interior . . . It is because of the shooting incident in 2007.”
An Iraqi investigation found that 17 civilians were killed and 20 wounded in the incident, when Blackwater guards opened fire with automatic weapons while escorting a US diplomatic convoy through Baghdad. The firm insists that its guards were acting in self-defence after being ambushed.
The US Embassy confirmed that it was looking for new security arrangements for its staff. “We are working with the Government of Iraq and our contractors to address the implications of this decision,” an official said. 
A relative of two of the victims of the shootout at a busy Baghdad roundabout expressed scepticism that Blackwater would be forced to leave.
“This is a comedy,” Haitham alRubaie, a doctor whose wife and son were killed, said. He said that the firm had had its contract renewed in the past without requiring the permission of the Iraqi Government. Now, however, a US-Iraqi security accord approved in November gives Iraq the authority to decide which foreign security companies operate in the country.
LET THE REVOLUTION BEGIN!
Thanks for all you do!
Live your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
Sign the Petition to Increase funding to the NEA
Friends,
In a swift victory for President Barack Obama, the Democratic-controlled House approved a historically huge $819 billion Economic Stimulus bill last night - filled with new spending and tax cuts at the core of the young adminstration's revival plan for the desperately ailing economy. The vote was 244-188.
I'm writing to urge you to consider signing this petition to increase the proposed $50 million funding to the National Endowment for the Arts (NEA) in the $825 billion Economic Stimulus Plan, being voted on by the Senate next week.
The NEA has been underfunded since the Newt Gingrich budget assault following the 1994 Congressional elections, and fifteen years later has surpassed critical point. The NEA's current budget is around $144 million or, just 50 cents for each American. If the NEA budget were doubled, half of all additional funding over $175 million will go directly to Arts Education. President Obama has also announced his intention to beef up arts education in the Dept. of Education, and I hope you will support his efforts.
We are grateful that this small percentage of the $819 Billion Economic Stimulus Plan has been earmarked for the Arts - primarily through the administration of the NEA and the NEH. However, as Arts and economic development go hand-in-hand, and considering the Arts brings more money to cities than does professional sports, the argument that this money is really "pork" and doesn't stimulate the economy, is plain false. In fact, it has been pointed out by the NEA that the very small amount of money, when compared to the overall $819 billion, is actually placed more efficiently into the economy and will establish over 6,000 jobs. While the arts organizations financed by NEA grants may have only 2, 10, or 25 employees, there are hundreds of organizations and they add up to the same kind of impact as a large corporations such as airlines or banks.
Roosevelt carved a niche for artists in his New Deal. These programs not only created jobs, put money into the economy, and improved education / lives in general, they also placed the USA in a cultural leadership position in the world which exists today. Indeed, the Federal Art Project - along with several other WPA-backed programs, created well over 5,000 jobs for American artists. These artists created over 2,500 murals, over 17,700 sculptures, 108,000 paintings, and 240,000 prints. The project's legacy lives on, supporting artists like Jackson Pollock, Arshile Gorky, and many other abstract expressionists whose work helped shift the most dynamic center of the art world from its traditional location in Europe, to where it now resides - in the largest American cities.
The FSA photography project was also most responsible for creating the image of the Depression in the U.S. Many of the images appeared in popular magazines. The photographers were under instruction from Washington as to what overall impression the New Deal wanted to give. Director Roy Stryker's agenda focused on his faith in social engineering, the poor conditions among cotton tenant farmers, and the very poor conditions among migrant farm workers. Above all, he was committed to social reform through New Deal intervention in people's lives. New Deal era films such as Citizen Kane ridiculed so-called "great men", while class warfare appeared in numerous movies, such as Meet John Doe and The Grapes of Wrath.
Established on July 27, 1935, the Federal Writers' Project (FWP) additionally created over 6,600 jobs for writers, editors, researchers, and many others who exemplified a given level of literary expertise. Compiling local histories, oral histories, ethnographies, children's books and other works, these writers created over 1,200 books and pamphlets. They also produced some of the first U.S. guides for states, major cities, and roadways. Responsible for recording folklore and oral histories, the FWP most notably wrote the 2,300 plus first-person accounts of slavery now existing as an invaluable collection in the Library of Congress. As with the Federal Art Project, the FWP's contributions to American literature were both significant and long-lasting, giving authors like John Steinbeck, Zora Neale Hurston, Sterling Brown, and many others the opportunity to continue their work in a time of difficult economic circumstances.
Not everyone is an athlete, an accountant, a scholar, a scientist, a finance expert, a teacher, or a politician, but most artists must embody all these characteristics to survive in a culture not valuing them. All great nations not only revered the Arts, but made certain artisans held court in the very highest echelons of society. Giving the arts the respectable place in our current society it deserves will better our future as a strong nation, and send a message not only to our fellow countrymen, but also to the rest of the world that real change is underway in America.
By signing this petition, you're telling your representative to support the arts by increasing the $50 million earmarked for the NEA. Your action will be the first critical step toward addressing the unmet need for all struggling artists. Passing this on to every contact you have would be most appreciated! Time is of the utmost importance. To find your representative, check here.
Sincerely,
LET THE REVOLUTION BEGIN!
Thanks for all you do!Live your values. Love your country.And, remember: TOGETHER, We can make a DIFFERENCE!FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
28 January 2009
Report: Wall Street bonuses decline 44%
UPDATE:
"Shameful." - Omaba comments on the irresponsibility of Wall Street bankers' who gave themselves $20 BILLION in BONUSES, same amount as 2004.
"Shameful." - Omaba comments on the irresponsibility of Wall Street bankers' who gave themselves $20 BILLION in BONUSES, same amount as 2004.
Visit msnbc.com for Breaking News, World News, and News about the Economy
Original Post: Crain's NY, January 28, 2009 7:13 AM
Photographs: A. Golden, eyewash design, c. 2009.
State Comptroller Thomas DiNapoli estimates that the securities industry paid its New York City employees $18 billion in bonuses for 2008, compared with nearly $33 billion in 2007.
(AP) - New York state will lose nearly $1 billion in revenues because cash bonuses to Wall Street employees declined 44% last year, according to a report state Comptroller Thomas DiNapoli issued Wednesday.Mr. DiNapoli estimates the securities industry paid its New York City employees $18.4 billion in bonuses for 2008, compared with nearly $33 billion in 2007.
The drop in bonuses will cost New York City $275 million, Mr. DiNapoli said.
"The securities industry has already lost tens of thousands of jobs and the industry is still continuing to write off toxic assets," Mr. DiNapoli said in a written statement. "It's painfully obvious that 2009 will probably be another difficult year for the industry."
He evaluated personal income tax collections and other factors, including industry revenue and expense trends.
The decline is the largest on record in dollars and the largest percentage decline in more than 30 years, but the bonus pool is still the sixth largest on record.
Before the financial crisis, business and personal income tax collections from Wall Street activities accounted for up to 20% of state tax revenues and 12% of New York City tax revenues.
The average bonus declined by 36.7% to $112,000 in 2008. The decline in the average bonus was smaller than the decline in the bonus pool because the pool was shared among fewer workers as the industry shed jobs.
It's important to make sure the federal bailout packages aren't paying for corporate jets, pay dividends or executive bonuses when the economy is suffering to this extent, Mr. DiNapoli said.
"Taxpayers have invested billions of dollars to stabilize the nation's banks and financial institutions and there are plans to make additional investments to shore up the banking system," Mr. DiNapoli said. "There needs to be greater transparency and accountability in the use of these funds. Every dime counts."
Mr. DiNapoli also estimated that the traditional broker and dealer operations of the member firms of the New York Stock Exchange lost more than $35 billion in 2008. Industry losses were actually much greater when other business services, such as mergers and acquisitions, were factored in.
Employment in the securities industry in New York City declined from 187,800 in October 2007 to 168,600 in December 2008, a loss of 19,200 jobs.
LET THE REVOLUTION BEGIN!
Thanks for all you do!
Live your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
27 January 2009
MTA Doomsday Budget Revealed The W and Z trains could be elimated along with major late night and midday reductions.
From: NBC news, NY, Updated 8:18 AM EST, Tue, Nov 18, 2008.
Photographs: A. Golden, eyewash design, c. 2009.
See ya later, W. No, not the President. The train.
Faced with a $1.2 billion budget deficit that's growing by the day, the MTA is considering doomsday budget cuts that would eliminate W and Z trains, and cut G, J, M train service in half, the Daily News reported today.
Bus service also would be cut and straphangers would face longer waits for the train during midday and overnight, The News reported, citing sources familiar the proposal. The MTA also would eliminate 1,500 New York City Transit jobs. The plan will be unveiled at the MTA’s monthly board meeting tomorrow.
"It's a nightmare on weekends if trying to go to Queens as it is,” Zack Frank, 26, an actor from Queens told The News. "The MTA should worry about strengthening what it's got, not cutting it."
Under the plan, according to The News, the MTA would:
- Shut down the W and Z lines.
- Eliminate the J-train express service.
- Cut the G, J, and M train service in half.
- Eliminate dozens of bus routes overnight and on weekends.
- Run subways less frequently between 9:30 a.m. and 3:30 p.m.
- Increase the time between trains running between 2 a.m. and 5 a.m.
STOP THE FARE HIKE! ROCK THE MTA’S BROOKLYN “PUBLIC HEARING”
DEMONSTRATE OUTSIDE, THEN DEMONSTRATE INSIDE!
The MTA is bringing its panel of bankers and billionaires to Brooklyn -- its very own Farehike-apolooza -- tomorrow night for another so-called public hearing.
Like last week, the Bail Out the People Movement will be there to confront the Wall Street executives and rally the people who come out to the hearing. On January 14, BOPM turned the sidewalk in front of the Hilton into a “People’s Public Hearing,” where transit workers, students and activists rallied 100 people against the MTA. The entire demonstration then marched en masse into the hearing (see YouTube coverage below).
On Wednesday, the demonstration will also continue inside the hearing, with dozens of placards demanding that the MTA scrap its plans to make workers bear the brunt of its debt crisis.
The Times said yesterday that this year 1 out of 6 people will be unemployed this year, a figure which does not take into account the number among immigrant workers and others. Bank of America just got $20 billion more.
Now is not the time to be raising fares and cutting services. Now’s the time for the banks to use the billions they’ve sucked out of mass transit, the treasury and our labor -- and BAIL OUT THE PEOPLE.
NO FARE HIKES -- NO LAYOFFS! NO SERVICE CUTS -- NO BRIDGE TOLLS!
Wednesday, January 28 – 5 PM
New York Marriott at the Brooklyn Bridge
333 Adams Street between Fulton & Johnson
Wednesday, January 28 – 5 PM
New York Marriott at the Brooklyn Bridge
333 Adams Street between Fulton & Johnson
A,C, TO BOROUGH HALL -- M,R TO LAWRENCE STREET -- 2,3,4,5 TO BOROUGH HALL
LET THE REVOLUTION BEGIN!
Thanks for all you do!
Live your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!FAIR USE NOTICE: This blog may contain copyrighted material. Such material is made available for educational purposes, to advance understanding of human rights, democracy, scientific, moral, ethical, and social justice issues, etc. This constitutes a ‘fair use’ of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.
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