Thursday, April 24, 2008

Too Many Idahoans Watch Too Much TV; read!

Obama’s remark about small town bitterness arising from lost jobs is all
over the media. The uproar he caused by telling the truth may have caused
you to miss other equally-important news.

There were more than 90,000 March 2008 bankruptcy filings, 30% higher than a
year ago.

The true current unemployment rate is 13%, reported at 5.1% thanks to
government changes to reporting.

ABC News reported that multiple top-secret meetings were held in the White
House starting in 2002 attended by Condoleezza Rice, Vice President Cheney,
Donald Rumsfeld, Colin Powell, George Tenet, and John Ashcroft.
Interrogation techniques for detainees approved by the group included
slapping, pushing, sleep deprivation, simulated drowning called
waterboarding. Another typical Friday afternoon "confession."

Marie Cocco reports that significantly injured Iraq and Afghanistan vets and
vets suffering from PTSD still wait an average of 6 months, alongside
400,000 backlogged cases, for disability claim approval.

Paraphrasing Mike Whitney on the financial crisis: Two years ago, over 65%
of all mortgages were converted into securities and sold to Wall Street.
When two Bear Stearns hedge funds disintegrated, there’s was a scramble to
conceal the real worth of mortgage-backed securities (MBS)–nothing.

By approving the Bear Stearns bailout with JP Morgan, the Fed went beyond
its mandate of providing liquidity to the markets and bypassed Congress'
authority to appropriate funds. The Fed isn't authorized to prevent
privately-owned businesses leveraged at 30 to 1 from defaulting.

Whitney reports that after years of smashing regulations and shoveling
campaign contributions into greedy mouths, the banking crisis was
inevitable. Instead, the public sees Fed and Treasury heroes dousing the
flames of the banking inferno with a stream of taxpayer money.

A Jack Nicholson character yelled, "You can’t handle the truth!" It’s even
harder to take when lies are so much more palatable.

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