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Health Care & Environment
02.16 Toxic black snow covers Siberian coalmining region [0:49 video; If its killing us, stop doing it]
02.16 Renewable energy will be world's main power source by 2040, says BP [But in America's capitalistic bubble, bribed-to-be-biased media and government defy reality]
02.16 What the pesticides in our urine tell us about organic food [What does inaction tell us about capitalism and our government?]
02.14 Exposure to Glyphosate-Based Herbicides and Risk for Non-Hodgkin Lymphoma: A Meta-Analysis and Supporting Evidence [If its killing us, make it illegal]
02.14 To avoid environmental catastrophe, everything must change [Consider why this headline is laughable or confusing to many, if not most, Americans...]02.13 Study Shows Toxic Pesticide Levels in Families Dropped by 60% After One-Week Organic Diet [2:10 video; Produce and canned vegetables laced with toxic chemicals—from fertilizers and herbicides, too—must be quickly phased out to use safe organic alternatives]
News Media Matters
02.16 We Shouldn't Stick Our Heads In The Sand, But We Do It Anyway [26:46 audio; Fear like Trump & Fox News incite makes us avoid unpleasant information we need to know]
02.15 Samantha Bee: Fox News 'soiling themselves over the Green New Deal' [video clips from Samantha Bee, Seth Meyers and Stephen Colbert]
US Politics, Policy & 'Culture'
02.18 Dictator Trump
02.16 ‘A Parkland every five days’: project tells stories of the children lost to gun violence [What does inaction tell us about capitalism and our government?]
02.16 Rambling Trump calls an emergency in speech that goes on and on and on [1:42 video; an incoherent president just paraphrases lies and distortion from Fox News and Rush Limbaugh...]
02.16 Calling Emergency Declaration a 'Patently Illegal Power Grab,' ACLU Sues Trump [Empathy and fairness are scarce when your President is a psychopath]
Economics & Corrupting-Capitalism
02.13 The Green New Deal offers radical environmental and economic change [For the survival of life on earth, capitalism must be effectively regulated or banned]
02.12 Climate and economic risks 'threaten 2008-style systemic collapse' [Willfull ignorance of Trump, Republicans, corporate-media and corporate-Democrats is steadfast, if not worsening]
02.11 Trump offers socialism for the rich, capitalism for everyone else [and the poor will die out like the insects]
International & Futurism
02.18 Hate-Fest in Warsaw
02.15 Who Is Really A Socialist? [Who is really a Republican, etc.?]
02.14 House passes bill to end US support for Saudi war in Yemen [Congress does something good again!]
02.14 Millions Flowed From Venezuelan Oil Firm to Small Bulgarian Bank [Transactions like Manafort performed for Trump. Which Venezuelan political leader is likely behind this—Maduro or Trump-supported Guaidó?]
Thinking About Nationalizations
We need not fear a full or partial “nationalization” of the Big 20 by Uncle $ugar. This is NO shift to “financial socialism.” It will be but a temporary aberration in our history.I’ve been thinking about nationalizations. Actually I’ve been thinking about the unfolding recession/depression, the big 20 banks, a peek under “the” TARP, and why any use of the dreaded “N” word is only temporary. Last week’s global economic, financial, and monetary revelations were real doozies. Some were directly exposed via public sound bytes and press releases from the newly elected power brokers seeking to fix things. Others emanated from the old guard corporate elites who created the messes. These latter folks facilitated the frauds and crimes that brought us to the colossal swamp now consuming us, but they are still in the limelight - and in effective control!
You see as bad as things are appearing, we have really only been made privy to a very few of the problems since the beginnings of their disclosures in late August of 2007. The doomsday prophets’ graffiti actually began appearing on the walls (or in my own columns) much earlier in 2004 and 2005. Few in the general public listened (or cared). It is safe to say that any lacking in the painful clarity of how “bad” is “bad” will soon change. Unemployment stats will continue to escalate in the wrong direction, and will do so for the remainder of 2009 - ditto for foreclosures, personal and corporate bankruptcies, Real Estate malaise, and most equity stocks. While important to individuals, these pale in comparison because despite the roughly 6 plus TRILLION in fixes, bailouts, buy outs, guarantees, warehousing repos, and sundry infusion largesse; the financial services industry is still on the rocks. “It” is a long ways from either resolution, or stability!
This dire appraisal needs to be qualified here. If we presume that there are roughly 10,000 financial institutions in the nation, we also need to acknowledge that the mere 20 largest have over 90% of the total US deposits under their stewardship! In the alternative... the other roughly 9,980 banks, etc. have the other 10%. The bulk of these are your community banks which are well run, have been financially prudent, and present no risks of loss or inconvenience to their customer base.
Let’s say “hypothetically” that only 3 or 4 of the big 20 are now in deep doodoo and need to be shut down, recapitalized, restructured, or merged/acquired. THAT implies that somewhere between 20% to 30% of all US deposits are potentially at risk for some “INCONVENIENCIES” (you don’t want to know what THAT implies!)! This is a big number. This is a VERY BIG NUMBER! The driving force behind recent panics has been the financial health of the major money center banks. Materiality of the Wall Street few will always trump “all the Main Streets combined!”
This is a fact of governmental policy life - so get with the program and accept it. This is why we (collectively) will need to monitor the “Capital Injection Program” scheduled for roll out this Wednesday. The levels of these new “injections” will be triggered by the results, revelations, and findings of the comprehensive financial/ forensic audits which are also scheduled to begin in earnest at the Big 20 this week or next. These will take months to complete. (I was part of similar work when I was employed by the FDIC/ RTC on failed banks and S&Ls.) I am already speculating that the results here will be far worse than any of the blackest predictions to date – so brace yourself!
The beltway politicos and financial pundits are already preparing the public for more record setting bailouts and infusions. Use of the dreaded “N” word (as in NATIONALIZATION) is already surfacing in the same sentences with CITI, B of A, and others of the Big 20. This is also coming from the most conservative of Republican circles who have for the most part trashed (or ignored) Obama Administration policies and pronouncements. To date, Treasury Secretary “Timmy the Tiger” Geithner has merely meowed, and not roared! His meows have under-whelmed the financial analysts, and central bankers of the world. Global equity markets responded accordingly - DOWN!
We need not fear a full or partial “nationalization” of the Big 20 by Uncle $ugar. This is NO shift to “financial socialism.” It will be but a temporary aberration in our history. Uncle’s LONG TERM involvement is NOT in the interests of the Federal Reserve Bank owners, the US Treasury, or Wall Street – trust me!
I’m Fred Cederholm and I’ve been thinking. You should be thinking, too.
Copyright 2008 Questions, Inc. All rights reserved. Fred Cederholm is a CPA/CFE, a forensic accountant, and writer. He is a graduate of the University of Illinois (B.A., M.A. and M.A.S.). He can be reached at firstname.lastname@example.org.
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This story was published on February 23, 2009.