Archive for January, 2009

Look at the Time

Look at the Time

Occasionally I have someone tell me that they have to subscribe to corporate media because they need to know what “they” are saying. I understand how these people feel. I broke down two years ago and subscribed to the Wall Street Journal. For someone who works hard to avoid putting money into the pockets of folks like Ruppert Murdoch, it was hard to write the check.

Those who practice the most material omission and offer a venue for lots of self-serving spin, can also afford to hire and keep incredible talent like the WSJ’s editorial page editor, Paul Gigot, and columnist Peggy Noonan.

Noonan hit a homer today on a subject of great importance. Here it is: Look at the Time

Wall Street Bailout Exceeds Cost of All U.S. Wars Combined

The following appeared in the Rock Creek Free Press

Casey Research, of Vermont, has analyzed the costs of the government bailouts of the housing crisis, the credit crisis and others and has concluded that the total is $8.5 trillion, which is more than the cost of all US wars, the Louisiana Purchase, the New Deal, the Marshall Plan and the NASA Space Program combined.

According to CRS, the Congressional Research Service, all major US wars (including such events as the American Revolution, the War of 1812, the Civil War, the Spanish American War, World War I, World War II, Korea, Vietnam, Iraq and Afghanistan, the invasion of Panama, the Kosovo War and numerous other small conflicts), cost a total of $7.5 trillion in inflation-adjusted 2008 dollars.

Miracles Do Happen

Quote du Jour

All men dream, but not equally. Those who dream by night in the dusty recesses of their minds wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act their dream with open eyes, to make it possible.

T.E. Lawrence (Lawrence of Arabia)

Money & Markets - Week of 1.25.09

Lending Drops at Big U.S. Banks
Wall Street Journal (26 Jan 2009)

Fannie Mae Foreclosure Sale at 50 Cents on $1 Shows Price Reset
Bloomberg (28 Jan 2009)

Putin Calls for End of Dollar Stranglehold
The Telegraph (28 Jan 2009)

Anti-Union Call Between Bank of America, Bernie Marcus, et al. and Rick Berman
wikileaks.org (29 Jan 2009)

Geithner Names Ex-Lobbyist as Treasury Chief of Staff
USA Today (27 Jan 2009)

Geithner Sets Limits on Lobbying for Bailout Money
NY Times (27 Jan 2009)

U.S. Moves to Bail Out Credit Union Network
Wall Street Journal (29 Jan 2009)

Dudley to Succeed Geithner at New York Fed
Reuters (27 Jan 2009)

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World Economy May Lose 51 Million Jobs
Reuters (28 Jan 2009)

AIG Said to Offer $1 Billion in Retention to Workers
Bloomberg (28 Jan 2009)

Citigroup Cancels Corporate Jet
BBC (28 Jan 2009)

Just Plane Dispicable: ‘Rescued’ Citi Buying $50M Jet
NY Post (26 Jan 2009)

Fed Keeps Rate Near Zero, Prepared to Buy Treasuries
Bloomberg.com (28 Jan 2009)

Wall Street Bailout Exceeds Cost of All US Wars Combined
Rock Creek Free Press

Stimulus for Who?
Ron Paul (26 Jan 2009)

U.S. Firms Slash 50,000 Jobs
San Jose Mercury (26 Jan 2009)

Fannie to Tap U.S. for as Much as $16 Billion in Aid
Bloomberg (26 Jan 2009)

Obama Plans Fast Action to Tighten Financial Rules
NY Times (24 Jan 2009)

UN Crime Chief Says Drug Money Flowed Into Banks
Reuters (26 Jan 2009)

Bad News: We’re Back to 1931. Good News: It’s Not 1933 Yet
The Telegraph (26 Jan 2009)

U.S. Dollar Long Term Chart with Commitments of Traders
Jesse’s Cafe Americain (23 Jan 2009)

Citigroup Raises $12 Billion in FDIC-Backed Bond Sale
Bloomberg (23 Jan 2009)

Liquidation Risk Grows as Finance Dries Up
Financial Times (25 Jan 2009)

Freddie Needs Up to $35 Billion More From U.S.
Bloomberg (23 Jan 2009)

Car Parts Sector Looks for $10Bn U.S. Bail-Out
Financial Times (25 Jan 2009)

Geopolitical - Week of 1.25.09

Grand Jury Investigates Los Angeles Priest Cases
NY Times (29 Jan 2009)

Wen and Putin Lecture Western Leaders
Financial Times (29 Jan 2009)

Behind the Executive Orders
truthout.org (25 Jan 2009)

Iraq, Afghanistan VA Patients Exceed 400,000
truthout.org (29 Jan 2009)

The Death of James V. Forrestal: Suicide or did he become one of the first victims of the cover-up?
Above Top Secret (28 Jan 2009)

House Passes Stimulus Plan, but With No Republican Votes
truthout.org (28 Jan 2009)

Sanders votes “No” on Geithner and Bailouts
Democracy Now (28 Jan 2009)

New Directive Seeks to Bolster Air, Sea Intelligence
Secrecy News (28 Jan 2009)

Powerplay: Documentary on the Theft of British Columbia’s Rivers and Public Power
Save Our Rivers

Bill Clinton Made Millions From Foreign Sources
Breitbart.com (27 Jan 2009)

United States, Nordics Top Tech Usage Ranking
Reuters (28 Jan 2009)

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Iceland’s Center-Left Party to Lead New Government
Associated Press (27 Jan 2009)

How Obama Can Outfox the Pentagon
Sanders Research (27 Jan 2009)

Carter: If No Palestine, Israel Sees ‘Catastrophe’
Yahoo News (27 Jan 2009)

Whistleblower Exposes Spying on Americans
MSNBC

Obama Orders Fuel Efficiency
Technology Review.com (26 Jan 2009)

Evo Morales hails ‘new Bolivia’ as constitution is approved
guardian.co.uk ( 26 Jan 2009)

Democrats Subpoena Rove, Testing Their Clout and Obama
The Wall Street Journal (27 Jan 2009)

Government Regulators Aided IndyMac Cover-Up, Maybe Others
ABC News (16 Jan 2009)

Main Core, PROMIS and the Shadow Government (Part 1)
stationcharon.com (26 Jan 2009)

Obama Flashes Irritation in Press Room
politico.com (22 Jan 2009)

Precious Metals - Week of 1.25.09

Gold Pushes Above $900 in Buying Spree
Financial Times (26 Jan 2009)

Silver Investigation: Stakes Are Enormous
investegate.co.uk (27 Jan 2009)

Food & Health - Week of 1.25.09

Honey Laundering: Tainted Product Still Slips Easily Into U.S.
Seattlepi.com (25 Jan 2009)

Study Finds High-Fructose Corn Syrup Contains Mercury
Washington Post (26 Jan 2009)

Nations Turn To Barter Deals To Secure Food
Financial Times.com (26 Jan 2009)

Argentina: Worst Drought in 100 Years
IPS (21 Jan 2009)

Attorney General’s Investigation Reveals Flawed Lyme Disease Guideline Process
ct.gov (1 May 2008)

One in Five Men at Risk of Drinking Problem
Reuters (23 Jan 2009)

Life - Week of 1.25.09

Meltdown Madness: The Human Costs of the Economic Crisis
truthout.org (28 Jan 2009)

Postmaster General: Mail Days May Need To Be Cut
breitbart.com (28 Jan 2009)

For Nearly Half of America, Grass Is Greener Somewhere Else
Pew Research (29 Jan 2009)

Video: Parents Who Have Opted Their Child Out of Mandatory Vaccines Are Cross-Examined
YouTube

The Great Divide: Green Dilemma Over Plans for Severn Barrage
(27 Jan 2009)

10 Best Cities for Job-Seeking Retirees
Finance yahoo.com (26 Jan 2009)

40,000 U.S. Jobs Get Axed In One Day
seattlepi.com ( 27 Jan 2009)

This Miracle Brought to You by America’s Unions
firedoglake.com (16 Jan 2009)

Divorce Gets Harder as Recession Ends Jobs, Cuts Asset Values
Bloomberg (23 Jan 2009)

Short Life Expectancy for RAK Snowman
The National (25 Jan 2009)

Google Plans To Make PCs History
guardian.co.uk (25 Jan 2009)

The Dow: 2009 vs. 1929

Mark Lundeen each week sends me his comparison of the Dow Jones Industrial Average decline since October 2007 relative to declines after September 1929. Given the dependency of large cap stocks on earnings generated by government contracts and purchases and the dependency of stock prices on market intervention and bailouts by the US government and central bank, this is a comparison I watch carefully. You can track Mark’s ongoing series at gold-eagle.com.