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Health Care & Environment
07.21 Greta Thunberg: ‘They see us as a threat because we’re having an impact’ [We love a sane smarty-pants! Trump, you won't understand any of this, so just go off and tweet or chant, or whatever...]
07.20 Until Emissions Drop, Nothing Has Been Accomplished: The Climate Resistance Handbook Is Here. [Trump can't be bothered as the world turns into a large cinder. His laser focus is on personal greed.]
07.20 Cargo ships are emitting boatloads of carbon, and nobody wants to take the blame [1:19 video; Governments must commission to fight deadly shipping emissions, previously omitted in climate summit agreements....]
07.20 With Petition to Congress, 100,000+ People Demand Green New Deal 'That Fixes Our Food System' [Realtime proactive response to reality—now and threatening—doesn't get attention in this greed focused administration]
07.19 Trump administration won't ban pesticide tied to childhood brain damage [There is no truth to the persistent rumor that chlorpyrifos pesticide was heavily used at Trump's childhood home in Queens]
07.17 Planned Parenthood president Leana Wen forced out by board [Given that states have lost abortion rights on political grounds recently, Wen's philosophical approach to protect abortion rights based on ‘health care’ was smarter – therefore it was that smarter strategy that was killed at the secret meeting.]
07.17 What is happening in America's Cancertown is tragic, immoral and evil [Niggardly white government policies could change to produce better students, better jobs and net revenue instead of costs. But it seems they enjoy more cruelty—like Trump.]
07.15 Extinction Rebellion protests block traffic in five UK cities [Non-corporate human animals make their annoying bleating sounds...]
07.14 A Glacier the Size of Florida Is Becoming Unstable. It Has Dire Implications for Global Sea Levels [The willfully ignorant needn't read more, Trump]
News Media Matters
US Politics, Policy & 'Culture'
07.21 A court ruled it was legal for guards to strip search female inmates and force them to remove their tampons in front of male officers for a 'training exercise' [The frequency and degree of immorality and degradation being reported in the media is very disturbing, as if society has been reprogrammed overnight to be more like the worst behavior of Nazi Germany]
07.21 THE DEMOCRATIC PARTY IS GETTING CRUSHED IN FUNDRAISING: “THEY NEED TO GET THEIR SHIT TOGETHER” [Since so-called moderate Democrats will prostitute themselves in many conceivable ways (offering that special quid pro quo) they have effectively become competitively ANTI-PUBLIC, like Republicans. Whereas progressive Democrats must promise not to take corporate donations at all as an effective litmus-test. The DNC refuses to raise funds for moderate and progressives separately, and thus donations fall short. Which is it to be: 1) Will the DNC change? or 2) Must progressive Democrats become corporate whores too? or 3) Maybe you don't need corporate contributions at all if your policies are fantastic?]
07.21 We're no longer in Brave New World. We're back in 1984. [1:35 video; Our despicable President is at it again]
07.21 BALTIMORE'S FILTHIEST HOODS [7:38 video. Ask your governments, why are our cities so much worse than Europe's? Why is our healthcare worse and so much more expensive? And why are our Billionaires so much richer? Ask if those results of bad government are all related, and why? Are they all caused by a power-elite with greed-obsessed immorality?]
07.20 Fact check: Trump says Puerto Rico got $92 billion. They've seen only a fraction [If he opens his mouth, Trump's lying.]
07.20 Trump Denies Being at North Carolina Rally [Not sure if Trump supporters 'get' satire, but here goes....]
High Crimes vs. Human Rights
07.19 Conscientious objectors of first world war – their untold tales [The record proves they were morally right by avoiding violent early deaths of their cousins and themselves]
Economics & Corrupt Capitalism
International & Futurism
07.21 Spain set for socialist-led government after Iglesias deal [Some loaded drama going on here...]
07.20 US to deploy troops to Saudi Arabia in face of 'credible' regional threats [Working with Osama bin Laden's godfathers, Trump wants to profit like Erik Prince (for-profit education secretary Betsy DeVos' brother) of Blackwater infamy (hurriedly renamed ‘Academi’), the U.S. taxpayer to pay inflated costs while Trump siphons off long-term emolument largesse]
07.20 Iran on 'dangerous path' with seizure of Stena Impero, says UK [Which is this, a tit or a tat?]
07.20 'Dark satanic mills': Tony Abbott continues his crusade against wind turbines [Too much CO2 air pollution makes you stupid, and turns your country into an “Idiocracy” (1:36 video clip)]
07.20 Bolsonaro declares 'the Amazon is ours' and calls deforestation data 'lies' [Lazy and willfully stupid whenever it serves his purpose, just like Trump. “And the rest of you can all go to hell.” Again, just like Trump. Has your country turned into an “Idiocracy”? (1:36 video clip)]
07.19 Iran makes 'substantial' nuclear offer in return for US lifting sanctions [Was barbaric Saudi Arabia—whose citizens were more involved in the 9-11 attacks—the wrong ally all along?]
07.19 “The Task Ahead Is Enormous, and There Is Not Much Time” [Read this and learn. Or read Donald J. Trump (@realDonaldTrump) | Twitter and/or President Trump (@POTUS) | Twitter. Are you serious? Or are you in hideously criminal denial?]
Treasury and the Fed Don't Need New Powers, They Need to Use the Power They Have
Tuesday, 24 March 2009
While average Americans all know that corporations have become far too big and powerful, anti-trust in Washington has become almost a dirty word. It needs to be dusted off and trotted out as a major policy tool, if this country is to return to economic health.Wait a minute! Did I hear correctly? Did Treasury Secretary and former New York Federal Reserve Bank screw-up Tim Geithner really tell a House Financial Services Committee today that he needed “new powers” to allow the federal government to take control of non-bank financial corporations whose actions threaten the financial system or the economy and “break them up”?
The subject under discussion at the hearing was AIG, and Geithner and Fed Chairman Ben Bernanke, under attack for those AIG “bonus payments” to executives, were trying to talk tough about the evil insurance giant.
But aren’t the powers that Geithner is calling for exactly the powers that he and Bernanke already have in the case of the banking industry?
Yes they are.
So why aren’t we seeing the Obama administration and the Fed going after the banking giants that have been co-conspirators with AIG in wreaking havoc with the US and the global economy by creating dodgy structured financial instruments that allowed banks and other financial companies to make huge off-balance-sheet bets that virtually guaranteed a future collapse?
Good question, but not one that the House Finance Committee was asking.
Instead of doing the obvious—which would be to use the Fed’s and the Federal Deposit Insurance Corporation’s powers to take over failed banking institutions, break them up, and sell the healthy parts off to stronger institutions—Geithner, Bernanke and the Obama financial team have been pouring dollars into a group of zombie banks that are already technically insolvent by any honest accounting standards, and that have no chance of standing on their own. They are borrowing money at such a prodigious rate that the Chinese government, America’s major creditor, and the United Nations, are talking about the need to do away with the dollar as the global currency, to be replaced by some basket of currencies, and in the process virtually assuring that the US currency will shrink dramatically in value, They are putting a colossal debt upon future generations of Americans. And they are putting at risk all the progressive goals that voters sent Obama to Washington expecting him to enact: health care reform, energy reform, education reform, etc.
If Geithner and Bernanke think it is important, and appropriate, to break up dangerously large and threatening enterprises like AIG, why are they not even talking about breaking up Citigroup, Bank of America, Wells Fargo, Goldman Sachs and other overlarge large banking firms?
Too big to fail should simply mean too big to exist. It’s that simple.
Not one more dollar should be spent trying to rescue these zombie banks. In fact, they should be ordered to give back the hundreds of billions of dollars that were already poured into them, most of which they have reportedly simply invested in Treasury notes, since there was nobody creditworthy who wanted to borrow the money. Then the regulators should move in and shut all the big banks down, and begin the process of tearing them apart. Those parts that are deemed hopelessly in debt because of huge holdings of Credit Default Swaps and other toxic financial products should be shut down, with shareholders and bondholders taking the hit. The healthy parts—the banks with all the deposits—can be auctioned off in pieces to smaller state and regional banks.
Never again should there be federal banks whose branches and brokerage and insurance subsidiaries span the nation and the globe.
There is no need for such entities. For one thing, they are too powerful politically, with operations in every congressional district, much like the Pentagon and the arms industry, and we’ve seen where that gets us. For another, particularly when it comes to insurance, the regulators are state based, making national companies largely out of reach. Finally, national banks have little or no interest in small businesses and their credit needs.
If large global firms need bank loans, let the banks organize syndications to accommodate them. That has always worked in the past, and in fact, is still done for big global firms.
Geithner should be forced to explain why he needs new powers to break up non-bank financial companies, if he is unwilling to use the powers he already has to break up too-large banks.
Then he should be fired and someone should be brought in to replace him who will demand the breakup of those banks.
While we’re at it, President Obama should also be asked why his Treasury Secretary needs “new powers” to go after companies like AIG that are too large for the good of the country. That power already resides in the Federal Trade Commission and the Justice Department, both of which can use their anti-trust authority to break up companies that are deemed anti-competitive—surely an apt characterization of AIG.
While average Americans all know that corporations have become far too big and powerful, making the old Rockefeller Standard Oil Trust look quaint by comparison, anti-trust in Washington has become almost a dirty word. It needs to be dusted off and trotted out as a major policy tool, if this country is to return to economic health.
About the author: Philadelphia journalist Dave Lindorff is a 34-year veteran, an award-winning journalist, a former New York Times contributor, a graduate of the Columbia University Graduate School of Journalism, a two-time Journalism Fulbright Scholar, and the co-author, with Barbara Olshansky, of a well-regarded book on impeachment, The Case for Impeachment. His work is available at www.thiscantbehappening.net.
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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 March 24, 2009.