The Mystery of the Third Frontier Program
April 28, 2010 By Matt Mayer The Buckeye Institute for Public Policy Solutions (www.buckeyeinstitute.org) COLUMBUS: The silence is deafening. Rarely has there been an issue so thoroughly lacking in hard opposition as Issue 1, the $700 million bond renewal request for the Third Frontier grant program. Does the silence indicate that Third Frontier is universally [...]
U.S. Government To Save Billions By Cutting Wasteful Senator Program
March 30, 2010
Hat tip: The Onion, ISSUE 46•13
Nearly all of the U.S. senatorial positions were categorized as inefficient redundancies.
WASHINGTON—In an effort to reduce wasteful spending and eliminate non-vital federal services, the U.S. government announced plans this week to cut its long-standing senator program, a move it says will help save more than $300 billion each year.
According to officials, the decision to cut the national legislative body was reached during a budget review meeting on Tuesday. After hours of deliberation, it was agreed that the cost of financing U.S. senators far outweighed the benefits they provided.
“Now more than ever, we must eliminate needless spending wherever possible,” President Obama said at a press conference Wednesday. “When we sat down to go over our annual budget, we asked ourselves, where can we safely trim back? What programs can we do away with without negatively impacting the American people? Which bloated and ineffective institutions can we no longer justify having around?”
“The answer was obvious,” Obama added. “The U.S. Senate just needed to go.”
Computerized Front Running and Financial Fraud
How a Computer Program Designed to Save the Free Market Turned Into a Monster
by Ellen Brown
Web of Debt
April 21, 2010
While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Market commentators are fond of talking about “free market capitalism,” but according to Wall Street commentator Max Keiser, it is no more. It has morphed into what his TV co-host Stacy Herbert calls “rigged market capitalism”: all markets today are subject to manipulation for private gain.
Keiser isn’t just speculating about this. He claims to have invented one of the most widely used programs for doing the rigging. Not that that’s what he meant to invent. His patented program was designed to take the manipulation out of markets. It would do this by matching buyers with sellers automatically, eliminating “front running” – brokers buying or selling ahead of large orders coming in from their clients. The computer program was intended to remove the conflict of interest that exists when brokers who match buyers with sellers are also selling from their own accounts. But the program fell into the wrong hands and became the prototype for automated trading programs that actually facilitate front running.
Student Loans: The Government Is Now Officially in the Banking Business
Tuesday 30 March 2010
by: Ellen Brown
hat tip: t r u t h o u t
(Photo: Julio Ibarra Photographer; Edited: Jared Rodriguez / t r u t h o u t)
“We say in our platform that we believe that the right to coin money and issue money is a function of government…. Those who are opposed to this proposition tell us that the issue of paper money is a function of the bank and that the government ought to go out of the banking business. I stand with Jefferson … and tell them, as he did, that the issue of money is a function of the government and that the banks should go out of the governing business.”
- William Jennings Bryan, Democratic Convention, 1896
William Jennings Bryan would have been pleased. The government is now officially in the banking business. On March 30, 2010, President Obama signed the reconciliation “fix” to the health care reform bill passed by Congress last week, which includes student loan legislation called by the President “one of the most significant investments in higher education since the G.I. Bill.” Under the Student Aid and Fiscal Responsibility Act (SAFRA), the federal government will lend directly to students, ending billions of dollars in wasteful subsidies to firms providing student loans. The bill will save an estimated $68 billion over 11 years.
Money for the program will come from the US Treasury, which will lend it to the Education Department at 2.8 percent interest. The money will then be lent to students at 6.8 percent interest. Eliminating the middlemen allows the Education Department to keep its 4 percent spread as profit, money that will be used to help impoverished students. If the Department were to actually set up its own bank, on the model of the Green Bank being proposed in the Energy Bill, it could generate even more money for higher education.
A Homeland “Security Blanket” for the Defense Industry: The Flawed Nuke Detection Program
By Tom Burghardt
Hat tip: Antifascist Calling…
Though production lines at the fear factory are still in overdrive, the Department of Homeland Security’s Domestic Nuclear Detection Office (DNDO) are scrapping plans for a new generation of “high-tech detectors for screening vehicles and cargo, saying they cost too much and do not work as effectively as security officials once maintained,” The Washington Post reported.
Nearly two years ago, Antifascist Calling revealed that when DNDO awarded contracts totaling some $1.2 billion over five years to defense and security giants Raytheon, Canberra Industries (a subsidiary of the French nuclear manufacturing titan, the Areva Group) and Thermo Scientific for Advanced Spectroscopic Portal (ASP) radiation monitors in 2006, it should have been “reality-check time.”
For the moment at least, it apparently is.
