A New Sound.

People often ask me what the environment has to do with poverty, and why communities of color are getting so active in the fight against climate change.

Today, we released a new video that says it all.

A New Sound communicates both the pain of the old economy, and the promise of the new. It illustrates why the Senate must pass bold climate legislation this fall, and why we need a vibrant movement based in low-income communities and communities of color.

It is a moving depiction of why we need an inclusive green economy strong enough to lift people out of poverty.

Watch the video and take action. Then share it with your friends and family.

Thank you for all you do.

Phaedra Ellis-Lamkins
Chief Executive Officer
Green For All

Please support Green For All. We need your contribution now more than ever, to build the rhythm for a brighter future.

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.

The United States of Corporate Welfare.

Quote of the Day: "Even in the best economic times, you won't find an investment with a greater payoff than what these companies have been getting." -- Sheila Krumholz, Executive Director of The Center for Responsive Politics

Subject: The United States of Corporate Welfare

The Congressional Oversight Panel charged with monitoring the T.A.R.P. bailout scheme thinks more bailouts may be needed.

In case you've forgotten . . .

* T.A.R.P. stands for Toxic Asset Relief Program
* The T.A.R.P. was supposed to spend $700 billion buying so-called toxic assets from institutions that were supposedly too big to fail, but . . .
* After Congress said yes to this proposal the Treasury Department instead used the funds to buy stock in major banks
* In other words, The Toxic Asset Relief Program ended up having nothing to do with toxic assets

It get's worse. According to Wikipedia . . . .

"On February 5, 2009, Elizabeth Warren, chairperson of the Congressional Oversight Panel, told the Senate Banking Committee that during 2008, the federal government paid $254 billion for assets that were worth only $176 billion."

And even worse . . .

"During 2008, the companies that received bailout money had spent $114 million on lobbying and campaign contributions. These companies received $295 billion in bailout money."

Thus, our quote of the day. Spending $114 million on lobbying to gain $295 billion dollars from the taxpayers is a hell of a deal. Many thoughts flow from this . . .

* Those who told us that strong campaign finance laws would curtail corruption were wrong
* Those who tell us we need Big Government to control evil corporations overlook the fact that big corporations want big government, because they benefit from it, and largely control it
* The same kind of lobbying and corporate control is behind the scheme for increased government involvement in health care
* And the $800 billion stimulus bill was another heaping helping of corporate welfare too

Sadly, this isn't a new development. President Obama and the Democratic Congress are just continuing the policies of President Bush and the Republican Congress . . .

* Go back and scratch beneath the surface of Bush's prescription drug program and you'll find that it was mostly a corporate welfare scheme for Big Pharma.
* In addition, T.A.R.P. was passed under Bush and the Republican Congress.

As long as partisan loyalists continue to believe that their particular political party, and their particular political savior (be it Obama, Bush, whoever) is somehow different, we'll continue to be victims of the same insanity. And at some point we might as well change the country's name to . . .

The United States of Corporate Welfare

Here's the bottom line . . .

* If you want to stop the looting then you need to be heard to the same extent as the Big Corporate lobbyists.
* We created DownsizeDC.org to bring that about.
* But it isn't something we're going to achieve in a Big Bang.
* It's going to happen bit by bit and day by day -- because that's how real change usually happens.
* In fact, that's how the United States of Corporate America was created in the first place.

Please use DownsizeDC.org's Educate the Powerful System (sm) to send your Congressional employees another message opposing corporate bailouts.

Tell them you object to the Congressional Oversight Panel's report calling for T.A.R.P. to finally be used to buy toxic assets. If the past is any guide then these assets will be bought at above market prices, and will just be one more heaping helping of corporate welfare.

You can use DownsizeDC.org's "No Bailouts" campaign to send your letter.

To stay on pace to exceed the 50,802 messages Downsizers sent to Congress last month we must send 2,598 messages today.

Thank you for being a part of the growing Downsize DC Army. To see how fast your army is growing, check out the Keeping Score report below my signature.

Jim Babka
President
DownsizeDC.org, Inc.

KEEPING SCORE REPORT

We grew by 10 net new members yesterday. This brings us to 3,450 net new members for the year. The Downsize DC Army now stands at 27,799 -- nearly 80% of the way between 27,000 and 28,000!

YOU can make the army grow even faster by following our quick and easy instructions for personalized recruiting.

D o w n s i z e r - D i s p a t c h
is the official email list of DownsizeDC.org, Inc. & Downsize DC Foundation

LET THE REVOLUTION BEGIN!

Thanks for all you do!
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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.

Out of Control Rents in NYC.

May 12, 2009.

Everybody's talking about the foreclosure crisis. Why aren't we hearing more talk about the rent crisis?

In New York City, rent has been going up at nearly double the rate of family incomes.¹ The result? As rents skyrocket, more and more New Yorkers find they can no longer afford the neighborhood they call home.

But we can do something about it. It's time to speak out.
Add your voice to the call for genuine, specific legal changes that all tenants need.

The result of rapidly rising rents? Displacement of hundreds of thousands of residents from their own neighborhoods and an increasing share of the economic pie going to landlords and real estate investment companies.

Elected officials are definitely getting the message. Earlier today, elected officials and tenant leaders gathered on the steps of the Capitol in Albany to demand stronger rent laws² so that you don't have to be a millionaire to continue living in the city. Add your voice to those of hundreds of others in demanding change.

Millions of New Yorkers from the city and suburbs have been losing out because of weak rent laws. Hundreds of WFP supporters have already signed our petition to Albany and written about how the rent crisis is affecting them: Jeanine wrote: "Manhattan should not be allowed to become a playground for the privileged."

It's fairly common for working families in New York to spend upwards of half their income in rent, like Rosa tells us: "We are already spending half of our salary in rent. If we pay more we are not going to be able to pay for food."

New York is an amazing place to live because of its diversity. We don't have to stand by and simply let landlords and 'the market' remove a major support system for middle- and working-class families.

Tell Albany - we support stronger rent laws that strengthen our economy.

Today marks the start of a campaign to pass stronger rent laws in Albany that will help keep people in their homes. A package of long-overdue reforms³ is now possible because the Republicans are no longer in control of the State Senate.

But with the landlords throwing money around to sabotage average New Yorkers, it's going to be a tough fight. Will you join us?

Take action here:

http://action.workingfamiliesparty.org/t/3865/petition.jsp?petition_KEY=537

Thank you!

Charles Lenchner

Working Families Party

Sources: 1. According to a study by the Community Service Society, between 1996 and 2005, median market rents rose by 50%, while renter incomes only increased 31%. 2. See report on today's Albany action here: http://www.workingfamiliesparty.org/2009/05/push-for-stronger-rent-laws-kicks-off-in-albany/. 3. List of bills WFP is supporting can be seen here: http://www.workingfamiliesparty.org/2009/05/bills-in-support-of-tenants-and-affordable-housing/

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.

CFO Freddie Mac Exec. Found Dead, Suicide Suspected.

April 22, 2009 8:31 AM

The 41-year-old David Kellermann, Freddie Mac's chief financial officer since September, was found dead at his home Wednesday in an apparent suicide.

(AP) - David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, was found dead at his home Wednesday morning in what police said was an apparent suicide.

Mary Ann Jennings, director of public information for the Fairfax County, Va., Police Department, said Mr. Kellermann was found dead in his Reston, Va., home. The 41-year-old Mr. Kellermann has been Freddie Mac's chief financial officer since September.

Ms. Jennings said that a crime scene crew and homicide detectives were investigating the death, but that there didn't appear to be any sign of foul play.

McLean-based Freddie Mac has been criticized heavily for reckless business practices that some argue contributed to the housing and financial crisis. Freddie Mac is a government-controlled company that owns or guarantees about 13 million home loans. Chief Executive David Moffett resigned last month.

Freddie Mac and sibling company Fannie Mae, which together own or back more than half of the home mortgages in the country, have been hobbled by skyrocketing loan defaults and have received about $60 billion in combined federal aid.

Mr. Kellermann was named acting chief financial officer in September 2008, after the resignation of Anthony "Buddy" Piszel, who stepped down after the September 2008 government takeover. The chief financial officer is responsible for the company's financial controls, financial reporting and oversight of the company's budget and financial planning.

Before taking that job, Mr. Kellerman served as senior vice president, corporate controller and principal accounting officer. He was with Freddie Mac for more than 16 years.

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.

NYC Jobless Rate Stands Fast at 8.1%

April 16, 2009 2:00 PM

by: Elisabeth Butler Cordova

Following a severe increase in unemployment in February, March showed tentative signs that the worst deterioration could be over.

Many employers held off on shedding more employees in March, according to new labor figures released Thursday.

The city’s seasonally adjusted unemployment rate held steady at 8.1% in March, according to the state Department of Labor.

That static figure follows a dramatic worsening in February, when unemployment jumped to 8.1% from 6.9% in January. It was the biggest single-month increase in more than three decades.

“It’s a suggestion that the particularly severe part of the downturn may be leveling off, but we’ll have to wait at least another month to feel comfortable with that,” said James Brown, principal economist at the state’s Department of Labor.

Still, the city has lost 104,100 jobs since the peak of August 8, 2008, according to seasonally adjusted figures from the office of Comptroller William Thompson.

Outside the city, the adjusted unemployment rate was 7.6%, bringing the state’s unemployment rate to 7.8%. Both figures stayed the same from February.

The rising number of unemployed New Yorkers will likely temper any optimism seeded by the flat unemployment rate. In the state, 765,900 people were unemployed in March, according to the Department of Labor. That’s the highest rate since September 1992.

In the city, some 325,700 people were unemployed in March, according to the labor department.

“While the city unemployment rate remained the same, it is still at a level not seen in more than five years,” said Mr. Thompson in a statement. “I remain hopeful that the infusion of federal stimulus funds into our economy will help to stabilize our job market and place us on our way to recovery.”

The trade, transportation and utilities sector shed the most jobs, on an unadjusted basis, in the 12-month period that ended in March 2009. It lost some 52,300 jobs.

Manufacturing gave up 37,000 in the year; 36,400 fell from professional and business services; and financial activities, which includes positions related to securities and commodity contracts, shrunk by 30,200.

On the brighter side, some companies did more seasonal hiring in March, something they’d largely put off in February.

The leisure and hospitality sector, which typically beefs up staff to handle the swell of summer tourists, added 7,400 jobs between February and March.

“Seasonal hiring was better in March,” Mr. Brown said. “Since this downturn has been so severe, there was a chance that there wouldn’t be any.”

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.

How Much is Too Much? Brave New Films 3 Part Series: Rethink Afghanistan.

April 16, 2009.

Dear fellow Americans,

We bring you Cost of War, part three of our Rethink Afghanistan documentary, which delves into the financial costs of this broadening war. As we pay our tax bills, it seems an appropriate time to urge everyone to Rethink Afghanistan, a war that currently costs over $2 billion a month but hasn't made us any safer.

Everyone has a friend or relative who just lost a job. Do we really want to spend over $1 trillion on another war? Everyone knows someone who has lost their home. Do we really want spend our tax dollars on a war that could last a decade or more?

The Obama administration has taken some smart steps to counter this economic crisis with its budget request. Do we really want to see that effort wasted by expanding military demands?

Watch Pulitzer Prize-winning authors and journalists, military and foreign policy experts, leading economists, and many more explain just how much the war in Afghanistan will cost us over how many years. View both the trailer and full segment of Cost of War, part three of the Rethink Afghanistan documentary.

Last week, we delivered a petition to Sen. John Kerry and Rep. Howard Berman, demanding oversight hearings. These hearings could raise the critical questions about costs and many other issues. Now, we want to know what questions you would ask in such hearings.

Would you want to know how exactly the war is weakening the U.S. economy? What about whether more troops can solve Afghanistan's problems or the escalating instability in Pakistan, subjects explored in parts one and two of this documentary?

1. Record your questions on your webcam and send them to us! Simple instructions for doing this can be found here. It's easy!
2. Post your video to our Facebook page! Go to our Facebook page, click in the "Write something" box, and then click the video link.
3. Vote on the written questions you think are the most critical for oversight hearings and submit your own.

We must urge Congress to raise key questions about this war at once. As FireDogLake blogger Siun recently wrote, "Once again we are planning a surge with no exit plan and a continued lack of concern for the most basic protection of the civilians in the land we claim to liberate."

Yours,
Robert Greenwald and the Brave New Foundation team

Rethink Afghanistan - P1: TRAILER:

Rethink Afghanistan - P2: TRAILER:

Rethink Afghanistan - P3: TRAILER:

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.

20 Disturbing Facts About US Healthcare that Everyone Should Know.

Published by: molly, April 10, 2009.

1) 46 Million American have NO health insurance.

2) 9.4 Million children have No health insurance.

3) Insurance costs are outpacing income by eight-fold.

4) Every year one Million Americans lose their coverage.

5) The cost of health care causes bankruptcy every 30 seconds.

6) By the end of 2009 1.5 Million people are going to lose their homes due to illness.

7) America spends twice as much per person on health care as other rich countries.

8) Americans spent $2.2 Trillion on health care in 2008.

9) 1/3 of the US population under age 65 has NO health insurance.

10) US Health care costs are twice the GDP of India.

11) Americans life expectancy is 2 years less than Europeans.

12) Projected health care costs by 2012 are $3.1 Trillion a year.

13) Health care cost are 4 times higher than our national defense.

14) America spent 17% of it’s GDP on health care in 2008.

15) By 2017 Americans will be spending 20% of GDP on health care.

16) France spends 9.5% of GDP on health care, Switzerland spends 10.9%, Canada spends 9.7%, every person in those countries has health insurance.

17) Premiums for employer based health care went up by 5% in 2008, small employers premiums went up 5.5%, small business with less than 24 workers went up 6.8%.

18) Annual premiums for family coverage eclipsed the gross earnings for a full time, minimum wage worker ($10, 712) per year.

19) Health insurance is the fastest growing expense cost component for employers, health care costs will over take profits.

20) Health insurance premiums have grown four times faster than wages.

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.

NY Public Library Debuts Employment Center.

April14, 2009.
by: Miriam Kreinin Souccar

New facility at East 34th Street and Madison Avenue will feature personal computers with job-searching software and personnel available to give résumé tips.

The New York Public Library is morphing into a headhunter of sorts. In an effort to meet public need during the recession, the library today unveiled Job Search Central, a new space at the Science Industry and Business Library at East 34th Street and Madison Avenue.

The center, located on the library’s lower level, has 11 computers equipped with special programs for job seekers, and roving librarians trained to help with everything from writing cover letters to creating a résumé. In addition, the library has added more than 1,000 career-related classes system-wide and is providing special training to at least one staff member in each of its 87 branches to help people look for work.

“In tough economic times, more and more New Yorkers are turning to libraries for critical services like help finding a job,” said City Council Speaker Christine Quinn.

Indeed. In the last nine months, attendance at the library’s existing career related classes jumped by 82%, with 38% of the program attendees unemployed and looking for work, library officials said.

Overall, visits to the library jumped 13% in 2008. In addition to the new center, the library recently launched a new Web site with access to subscription databases and a live chat that connects users 24 hours a day with a librarian who can help them find classes and databases or teach them how to file for unemployment benefits.

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.

Quick Picks: California Scheming.

by: Alexandra Andrews, ProPublica
April 13, 2009 1:24 pm EDT

HUD's Dollar Homes program, initiated in 1998, had a straightfoward mission: "Local governments would buy [foreclosed] homes for $1, fix them up and resell them at a discount to poor families." But in California, investors and housing contractors have been buying homes under the program and flipping them for a profit [1], reports the Los Angeles Times. "HUD officials said that because the Dollar Homes program was mandated by Congress, it does not receive the same type of attention and follow-up as programs created by HUD itself," according to the Times.

Also, an investigation by voiceofsandiego.org [2] pulls back the curtain on a "staggering real-estate swindle [3]" in California that destroyed credit scores and fueled the state's foreclosure epidemic. Jim McConville took advantage of the plummeting housing market last year to buy at least 81 homes in bulk. He then arranged multiple mortgages for "straw" buyers, who had been promised cash for the use of their identities and clean credit records. By selling the houses at inflated prices, McConville reaped $12.5 million.

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.

Alex Jones - The Obama Deception.

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.

Goldman (and other banks) "Hedges"

The Market Ticker: Commentary on the Capital Markets
Sunday, April 12. 2009.
Posted by: Karl Denninger in Banking System at 14:55

There's a rumor about Goldman Sachs flying around on the street - allegedly they are about to report their second-best quarter in history, +$12 billion or so.

In addition, there is this from Bloomberg:

A 47 percent gain for the company’s stock price this year and a return to profitability in the first quarter may help Chief Executive Officer Lloyd Blankfein raise new money, analysts said. That might let Goldman Sachs, the sixth-biggest bank, return the cash received in October from the Treasury’s Troubled Asset Relief Program and shake off compensation and hiring restrictions imposed on banks that took the U.S. aid.

Gee, you don't think being paid by the taxpayer through AIG's "conduit" for losses that didn't (yet) happen at 100 cents on the dollar might have anything to do with that, do you?

And further (and potentially much worse) there is the repeated statement by Goldman executives that they were "fully hedged" against a potential counterparty default by AIG.

One wonders - was that "hedge" to be short the equity on AIG itself, perhaps?

Why is this important?

Because if that's how Goldman hedged they got paid twice and the taxpayer literally got robbed.

Someone in Congress needs to look into this now; there are already rumblings of investigation. Those rumblings need to get a lot louder and turn into subpoenas, not "polite inquiries."

If in fact Goldman (or anyone else) was "hedged" against a possible credit loss from their CDS with AIG and they were able to collect on that hedge (no matter what it was) those payments through AIG need to be clawed back immediately as nobody is entitled to be paid twice for the same risk and reap what amounts to a windfall profit by quite literally engineering a multi-billion dollar transfer of funds from the Taxpayer to the firm!

This is not small potatoes either - we're talking $100 billion+ in aggregate with these various banks on a worldwide basis.

We the people deserve answers on this right now and if persons in our government handed these banks $100 billion dollars of our tax money for what was a covered bet, allowing them to collect twice on a risk that had not yet been realized (when at most they were entitled to collect once via their private hedging activity) every single person involved in that scandal must be immediately removed from office, prosecuted if possible, and every nickel of those funds must be clawed back by whatever means are necessary.

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.

Spitzer: Bank Regulators Lacked Will, Not Power.

All Things Considered, April 10, 2009

As New York's attorney general, Eliot Spitzer pursued the insurance company AIG and drove the company's longtime boss, Maurice "Hank" Greenberg, out of his job.

Spitzer, who last year was forced to resign as New York's governor after news of his involvement in a prostitution ring, now writes about AIG and other Wall Street matters for Slate.com.

In a recent Slate column, Spitzer takes exception to the idea that federal regulators lacked the power to stop financial abuses before the crisis.

"An effort is being made to suggest if only the regulators had had more power, they would have found a, b and c," Spitzer tells NPR's Robert Siegel. "Whereas, in truth, what we have gone through is a decade where regulators had the power but not the will.

"Unfortunately, the loss of will was more fundamentally damaging to us, because they should have done things that were visible and reacted to things that were visible."

As for skeptics who may point out that Spitzer's own participation in a scandal has earned him his place on the sidelines of public life, Spitzer says people can decide whether they find his perspective valuable.

"I look back at the record we had when I was attorney general, and if it suggests that there are some useful observations I can make about our current economic crisis, I'm happy to provide them when asked," he says.

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.

A New Way Forward Rally Coming to a Town Near You.

April 09, 2009.

12 million unemployed - and that's just those still on the records. Experts estimate numbers are closer to one-in-six jobless Americans. Foreclosures up 81%. Wall Street has taken over. We must break up the banks and never again let them get so big that they distort our politics and take down the economy.

On Saturday, A New Way Forward is sponsoring a nationwide day of action to demand that our leaders (1) nationalize (2) reorganize, and (3) decentralize the banks as a first step toward building a more just economy.

This Saturday, come to a rally near you for speeches, street theater, petition gathering & phone-banking to Congress. (Bob Ferti, of Democrats.com will say a few words at the NYC rally.) Add your voice to this growing movement to demand our tax dollars be used to fix our problems, rather than preserve the fortunes of those who created them.
http://www.anewwayforward.org/rally-list.php

If you can't come, make sure your Senators and Representatives hear us load-and-clear by signing our petition to Break Up the Banks: http://www.democrats.com/break-up-the-banks

For too long we have been told to sit passively and watch as our country's financial elite run the economy into the ground - taking our jobs, our homes, and our pensions down with them. And when we get outraged about using our tax dollars to pay their huge bonuses, they tell us to shut the **** up.

The time has come for us to demand change. Treasury Secretary Timothy Geithner must stop wasting trillions of our tax dollars on a broken rescue plan that only benefits those who created this crisis. Last week's enthusiastic rally on Wall Street was a great start.

But if you can't come, make sure your Senators and Representatives hear us by signing our petition to Break Up the Banks:

http://www.democrats.com/break-up-the-banks

And share your thoughts on the Democrats.com blog:
http://www.democrats.com/saturday-rally-to-break-up-the-banks

Thanks for all you do!

LET THE REVOLUTION BEGIN!

Thanks for all you do!
Live your values. Love your country.
And, remember: TOGETHER, We can make a DIFFERENCE!

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