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04.17 'Underestimating the Opposition,' Trudeau Doubles Down on Kinder Morgan Pipeline Push [How big is the bribe? We thought he had a conscience...]
04.17 New Study Shows Young People in Polluted Cities Are at Greater Risk for Alzheimer's [our children are made worse than idiots breathing our polluted atmosphere]
04.17 To lead on climate, countries must commit to zero emissions [mention of America's willful ignorance is politely omitted out of consideration for the country it used to be]
04.14 New satellite to spot planet-warming industrial methane leaks [We know, this is confusing to the boys in the back of the classroom]
04.14 Avoid Gulf stream disruption at all costs, scientists warn [We know, this is confusing to the boys in the back of the classroom]
04.14 Carbon dioxide from ships at sea to be regulated for first time [We know, this is confusing to the boys in the back of the classroom]
News Media Matters
04.19 Media Cover-up: Shielding Israel is a Matter of Policy [who sets media coverage policy? (the owners, ultimately); how can we make the policy fair?]
US Politics, Policy & 'Culture'
04.20 Rick Scott Super PAC Donations Challenge Federal Anti-Corruption Rule [sounds familiar... might be in the Republican Governors Handbook from the Koch bros.]
04.18 James Comey has issued a plea for decency. When will Republicans listen? [do sociopaths equate decency with empathy and dismiss it as reflex?]
Economics, Crony Capitalism
04.18 A bomb silenced Daphne Caruana Galizia. But her investigation lives on [investigating a micro-state run like a mafia (and the Trump organization) profiting from tax-sheltering of income and wealth and from money-laundering]
04.17 Trump businesses making millions from political and taxpayer spending – report [president slimeball doing business as usual...]
International & Futurism
04.19 North Korea wants total denuclearisation, says Seoul [how will Trump and Bolton screw this up?]
04.18 US and Russian nuclear arsenals set to be unchecked for first time since 1972 [ungovernment by and for the incompetent and corrupt may not be the worst outcome]
Paul Kanjorski and the $550 Billion that "Disappeared" on September 15
Wednesday, 11 February 2009
I'm glad to report that our media aren't brain-dead about how the markets got into trouble. But they are all too often blind or indifferent to incompetence and corruption in the halls of power.This video clip from C-Span's "Washington Journal" (Feb. 6, 2009) was captured and posted on YouTube. In it, Rep. Paul Kanjorski (D-Pa.)—Capital Markets Subcommittee Chair of the U.S. Congress, as well as Chair of the Financial and Banking Services Sub-committee—makes the astonishing claim that the current financial crisis was triggered by a $550 billion "electronic run on the banks" on September 15, 2008.
Such a claim bears investigation and reporting, and yet I could find no mention of this "run" among the media stories available via Nexis, and a web search produced no legitimate press reportage of it.
Sure, there was plenty of speculation on the discussion sites—the idea was floated that the "run" was a terrorist plot, or a maneuver by the "Saudis" to force the Bush administration to do something to shore up the U.S. dollar. But none of this rang true—these were just more unfortunate "conspiracy theories" of the ilk that proliferates when the public is not promptly and properly informed by the media.
We circulated the above C-Span link to the savvy readers on our newslist, and one reader with a financial and investment background, Bob Gilbert, responded with the following explanation for what happened.
Thanks to Gilbert's lead, we tracked down good news stories that substantiate his account; check out what U.S. News & World Report, New York Times, The Wall Street Journal, and Bloomberg, among other news sources, for thorough coverage of the Money Market Fund that "broke the buck." Based on the facts of the case, it appears that Kanjorski, as Gilbert suggests, is engaging in self-serving revisionist simplification of how we got into this economic mess.
My error in trying to find the relevant information was that I stupidly included "Kanjorski" in my search string.
I'm glad to report that our media aren't brain-dead about how the markets got into trouble; my error in trying to find the relevant information was that I stupidly included "Kanjorski" in my search string, looking to see what media picked up the story about what he alleged. Kanjorski in this case is just another sorry political bit player who's trying to deflect blame from himself and his cohorts on the impotent congressional financial oversight committees.
If C-Span's moderators don't challenge their interviewees, we can all be easily duped into believing we were being informed. I apologize to those on our news list to whom I sent the Kanjorski C-Span link.
The real story about potential corruption and incompetence has not been covered properly by our media, and that is the revolving door between FINRA and the SEC.
But the real story—the one that Gilbert so eloquently describes—most definitely has not been covered properly by our media, and that is the revolving door between FINRA and the SEC. This story about potential corruption and incompetence is too important to relegate to the inside pages of the business section—if it's covered at all.
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Gilbert suggests that Baltimore Chronicle readers ask their U.S. Senators why they voted "aye" for Mary Shapiro's appointment as SEC chief. "I did," says Gilbert of the two Senators in his state. "I was not disappointed at their lack of response," he says, "because my Senators are empty suits by the name of Lindsey—personal valet for McCain and Lieberman's best bud—Graham and Jim 'the cosmos was created 1000 years after the Sumerians invented glue and beer, and you'll burn in hell if you don't agree' DeMint."
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Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.This story was published on February 11, 2009.