by Ellen Brown
Author, “Web of Debt”
hat tip: opednews.com
May 7, 2010
Last week, Goldman Sachs was on the congressional hot seat, grilled for fraud in its sale of complicated financial products called “synthetic CDOs.” This week the heat was off, as all eyes turned to the attack of the shorts on Greek sovereign debt and the dire threat of a sovereign Greek default. By Thursday, Goldman’s fraud had slipped from the headlines and Congress had been cowed into throwing in the towel on its campaign to break up the too-big-to-fail banks. On Friday, Goldman was in settlement talks with the SEC.
Goldman and Wall Street reign. Congress appears helpless to discipline the big banks, just as the European Central Bank appears helpless to prevent the collapse of the European Union. . . . Or are they?
Suspicious Market Maneuverings
The shorts circled like sharks in the Greek bond market, following a highly suspicious downgrade of Greek debt by Moody’s on Monday. Ratings by private ratings agencies, long suspected of being in the pocket of Wall Street, often seem to be timed to cause stocks or bonds to jump or tumble, causing extreme reactions in the market. The Greek downgrade was unexpected because the European Central Bank and International Monetary Fund had just pledged 120 billion Euros to avoid a debt default in Greece. Strategically-timed ratings downgrades of this sort are so suspicious that Indian market regulator SEBI recently created a stir by asking the rating agencies operating in India for periodic reporting concerning their fees and rating norms.
by Chris Hedges
March 22, 2010
Rep. Dennis Kucinich’s decision to vote “yes” in Sunday’s House action on the health care bill, although he had sworn to oppose the legislation unless there was a public option, is a perfect example of why I would never be a politician. I respect Kucinich. As politicians go, he is about as good as they get, but he is still a politician. He has to run for office. He has to raise money. He has to placate the Democratic machine or risk retaliation and defeat. And so he signed on to a bill that will do nothing to ameliorate the suffering of many Americans, force tens of millions of people to fork over a lot of money for a defective product and, in the end, add to the ranks of our uninsured.
The claims made by the proponents of the bill are the usual deceptive corporate advertising. The bill will not expand coverage to 30 million uninsured, especially since government subsidies will not take effect until 2014. Families who cannot pay the high premiums, deductibles and co-payments, estimated to be between 15 and 18 percent of most family incomes, will have to default, increasing the number of uninsured. Insurance companies can unilaterally raise prices without ceilings or caps and monopolize local markets to shut out competitors. The $1.055 trillion spent over the next decade will add new layers of bureaucratic red tape to what is an unmanageable and ultimately unsustainable system.
The mendacity of the Democratic leadership in the face of this reality is staggering. Howard Dean, who is a doctor, said recently: “This is a vote about one thing: Are you for the insurance companies or are you for the American people?” Here is a man who once championed the public option and now has sold his soul. What is the point in supporting him or any of the other Democrats? How much more craven can they get?