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Date Sent: 2009-08-07
Freedom's Phoenix Global Edition for Friday, August 7, 2009 PM edition |
The Fed Buys Last Week’s Treasury Notes -- California Won't Accept Its Own IOUs
Inside G.E., a Little Bit of Enron -- Did Warren Buffett Front Run Tax
Payers? -- More Inside Trading? (AIG) -- Obama's Dissent Database -- The Stand For Sovereignty by Chuck Baldwin's Son: Timothy Baldwin, Esq. -- Peter Schiff, Not so Crash Proof - by Brock Lorber -- US overhaul seeks civil migrant detention system -- Will Venezuelan Destabilization Follow the Honduran Coup? - by Stephen Lendman -- Why I don't think Mexicans are Evil! -- Unemployment rate already at 20%!!! -- 3 Flu Shots Needed This Fall --
Carlyle Snags Two Insider Posts on National Council on Energy Policy --
DEMS SNEAK UNION THUGS INTO CARNAHAN TOWN HALL with Tea Party Taxpayers
Locked Out! -- FDIC’s Bair Said 500 More Banks Could Fail -- Six people, including MSM reporter, arrested at Carnahan town hall
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News Link • Currencies
OMG: “California Won’t Accept Its Own IOUs”
08/06/2009
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Investment Watch
Small businesses that received $682 million in IOUs from the state say California expects them to pay taxes on the worthless scraps of paper, but refuses to accept its own IOUs to pay debts or taxes.
"Instead of seeking funds through proper channels, the State has created a nightmare," the class says. "Many of these businesses will not survive if they are required to wait until October 2009 to have these forced IOUs redeemed by the State."
The class claims the state is violating the Fifth and Fourteenth Amendments. It demands that California be ordered to honor its own IOUs, plus interest. They are represented by William Audet.
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News Link • Federal Reserve
A Must Read: The Fed Buys Last Week’s Treasury Notes
08/07/09
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Investment Watch
Good grief! Just last week, when the auction results were announced it was trumpeted to great fanfare that there was “more than sufficient” bid-to-cover, “strong demand” and all the rest.
And now it turns out that 47% (!) of the bonds that were taken by the primary dealers in that auction have been quietly bought by the Fed and permanently secreted to its balance sheet.
They didn’t even wait a full week! A more honest and open approach would have been for the Fed to simply buy them outright at the auction but this way, using “primary dealers” and “POMOs” and all these other extra steps the basic fact that the Fed is openly monetizing US government debt is effectively hidden from a not-too-terribly inquisitive US press and public.
The speed of the shell game is accelerating.”
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News Link • Free Speech
Six people, including P-D reporter, arrested at Carnahan meeting
08/04/2009
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StL Today
UPDATE: St. Louis County police say six people were arrested. Two of those were arrested on suspicion of assault, one of resisting arrest and three on suspicion of committing peace disturbances. Carnahan was gone when the ruckus started.
Kenneth Gladney, a 38-year-old conservative activist from St. Louis, said he was attacked by some of those arrested as he handed out yellow flags with “Don't tread on me” printed on them. He spoke to the Post-Dispatch from the emergency room of the St. John's Mercy Medical Center, where he said he was waiting to be treated for injuries to his knee, back, elbow, shoulder and face that he suffered in the attack. Gladney, who is black, said one of his attackers, also a black man, used a racial slur against him before the attack started.
“It just seems there's no freedom of speech without being attacked,” he said.
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![Breaking: Union Thugs Attack, Beat Conservatives at Carnahan Town Hall [St. Louis]](https://www.freedomsphoenix.com/Uploads/Pix/000/08/000-0807115236.jpg)
News Link • Activism
Breaking: Union Thugs Attack, Beat Conservatives at Carnahan Town Hall [St. Louis]
07-07-09
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AIPNews.com
Kenneth Gladney, a 38-year-old conservative activist from St. Louis, said he was attacked by some of those arrested as he handed out yellow flags with “Don't tread on me” printed on them.
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Reported by:
Melinda Carey
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News Link • Obama Administration
Union Thugs Beat Patriot at Obamacare Town Hall in St. Louis
08-07-2009
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Infowars
The effort to discredit and shut down
opposition to Obamacare has gone from Senate Majority Leader Harry Reid
holding up artificial turf and House Majority Leader Nancy Pelosi
calling opponents Nazis to violence. During a demonstration Thursday
evening outside a forum on aging called by U.S. Rep. Russ Carnahan,
D-St. Louis, in Mehville, Missouri, a patriot was viciously attacked by
union thugs.
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Jim Stachowiak
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News Link • Climate Change
Inside G.E., a Little Bit of Enron
08/07/09
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NYT
A decade ago, General Electric was the shining star of American business. Its longtime chief executive, Jack Welch, was named manager of the century by Fortune Magazine, and its stock seemed always to go up.
The S.E.C. complaint makes it sound as if those days came back, assuming they ever left. It tells of corporate accountants discovering misstatements and secret side deals, and of more senior executives telling them to sign off on the books anyway. It outlines four separate violations, two of which it says descended to the level of fraud.
It is notable how this investigation came to be. Post-Enron, the commission used its authority to look at G.E.’s books to figure out whether there were violations in the area of so-called hedge accounting, which determines whether companies can avoid reporting profits and losses from a variety of derivative securities.
The commission evidently found three violations, two in hedge accounting and the other in an Enronesque scheme to inflate
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News Link • Federal Reserve
Federal Reserve Balance Sheet Update: Week Of August 5
08/07/09
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Zero Hedge
Comment (mine) You know what they say about Socialism it is a great idea until you run out of other peoples moneyl.
Foreign holdings of USTs and Agencies increased by $23.5 billion monthly to $2,810 billion from $2,787 billion in the prior month. This is now less than 20% of the comparable increase in Securities Held Outright by the Federal Reserve, implying foreign purchasers are starting to fall far behind in their purchases of US securities relative to the Fed's monetization rate.
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News Link • Bailouts
Did Warren Buffett Front Run Tax Payers?
08/06/2009
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Economic Policy Journal
There are a lot of questions that need to be answered surrounding the period when Buffett made his investment in Goldman Sachs.
First, there is the curious trading I have previously identified by the Senate's No. 2 Democrat, Dick Durbin. Did Durbin buy Buffett's Berkshire Hathaway stock after learning that Buffett via Berkshire was going to buy into Goldman? The public timeline suggests he may have.
Now, Denninger raises the question as to what went on in meetings between Buffett and the government. Was Buffett assured before he bought stock in Goldman that the government would not allow Goldman to fail?
And just who was buying stock in Goldman and Berkshire that caused the stocks to climb just before it was publicly announced that Buffett was going to take a position in Goldman?
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News Link • Crony Capitalism
More Inside Trading? (AIG)
08/07/09
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The Market Ticker
Gee, was this just a "simple" short squeeze, or was AIG's surprise profit announcement this morning leaked?
Hmmmm.....
Not that it would be anything new, of course. We know from past experience that only rumors (or leaked facts!) that make stocks go down are ever investigated by the SEC, and then only when the persons doing the leaking (or rumoring) are not big broker/dealers and their crony hedge funds.
This sort of nonsense is nothing new; it is in fact as old as the stock market. But the blatant level of inside baseball during this crisis (and now the rally) has gotten entirely out of hand.
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News Link • Police State
Obama's Dissent Database
08-07-2009
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Washington Examiner
The White House request that members of the public report anyone who is
spreading "disinformation" about the proposed national health care
makeover could lead to a White House database of political opponents
that will be both secret and permanent, according to Republican lawyers
on the Senate Judiciary Committee who are examining the plan's possible
implementation.
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Reported by:
Glenn Jacobs
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News Link • Obama Administration
White House to Democrats: 'Punch back twice as hard
08-07-2009
“If you get hit, we will punch back twice as hard,” Messina said, according to an official who attended the meeting.
The hourlong session
was the last opportunity for Democratic leaders and the White House to
prepare senators for what will be a crucial month in shaping public
opinion on health care.
With no final legislation to promote, senators have expressed concern
about dealing with questions and criticisms about the almost $1
trillion overhaul. The spate of confrontational town hall meetings have
raised the stakes.
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Reported by:
Ernest Hancock
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News Link • Immigration
U.S. overhaul seeks civil migrant detention system
08-07-2009
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Reuters
The U.S. government said it would create a new detention
system for immigrants facing deportation, taking control of facilities
criticized for their treatment of detainees.
The Immigration and Customs Enforcement agency, or ICE, said it was
creating an Office of Detention Policy and Planning to design a new
civil detention system for the growing number of immigrant detainees.
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Reported by:
Powell Gammill
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News Link • Immigration
Why I don't think Mexicans are Evil! Why I think immigration is good.
08-03-2009
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www.LCLReport.com
This LCLReport explores the governments history of creating scapegoats to gain power. Why I think Mexicans are the new boogie man and what the real hidden cause behind the immigration problem is and how to fix it all in one simple move. Hannah Hoffman also sings.
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Reported by:
Tarrin Lupo
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News Link • Pandemic
AP Propaganda - 3 Flu Shots Needed This Fall
08-07-2009
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AP
The five vaccine
manufacturers that supply the United States are finishing up production
of seasonal flu vaccine earlier than usual. Health officials say they
expect about half of the more than 120 million doses of seasonal
vaccine to be available by the end of this month.
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Reported by:
Jim Stachowiak
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News Link • Depression
Panic: Unemployment rate already at 20%!!!
08/07/09
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Investment Watch
Not to scare you, but the situation is actually worse than it seems. Over the years, the government has changed the way it counts the unemployed. An example of this is the criticized Birth-Death Model which was added in 2000. The model is designed to account for the birth and death of businesses and the resultant lag in survey data. Unfortunately, the model doesn’t work that well during economic contractions (like we have now) and consistently overstates the number of jobs being created each month.
John Williams of Shadow Government Statistics specializes in removing these questionable tweaks to the government’s statistical data to better align current numbers with the methodology used to gather historical data. After reviewing the data, Williams believes that “the June jobs loss likely exceeded 700,000.” David Rosenberg of Gluskin Sheff notes that the fall in the number of hours worked in June (to a record low of 33 per week) is equivalent to a loss of more than 800,000 jobs. There
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News Link • Obama Administration
Carlyle Snags Two Posts on National Council on Energy Policy
08/06/2009
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Economic Policy Journal
The Carlyle Group occupies two slots on the National Council on Energy Policy, writes the PEU Report. Their two members are:
Robert E. Grady: Managing Partner, Carlyle Venture Partners, The Carlyle Group and former Executive Associate Director of the OMB
R. James Woolsey: Senior Executive Adviser, Booz Allen, Hamilton; former Director of Central Intelligence
Keep in mind that Carlyle CEO and co-founder David Rubenstein is on record predicting $200 per barrel oil. I wrote when he made the forecast:
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News Link • Economy - Economics USA
The Public Option in Banking
08-07-2009
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arclein
In President Obama’s July 17 weekly address, he repeated his call for a public option in health care, in order to “increase competition and keep insurance companies honest” and to “put an end to the worst practices of the insurance industry.” The same call needs to be made for a public option in banking. In some countries, publicly-owned banks have operated alongside privately-owned banks for decades; and in those countries, the current crisis has served to show that public banks generally do a better job of serving the people and protecting their interests than their private counterparts.
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robert klein
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News Link • New World Order
Econ Blogger Joins White House
08/06/2009
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Economic Policy Journal
Brad Setser is ditching his Council on Foreign Relations blog for government access. He will now work for Larry Summers at the National Economic Council.
Setser is part of the Summers/Roubini clique. Summers appars to have been a silent partner at Roubini's firm, before joinning this administration.
Setser writes at his CFR blog that in addition to getting paid by CFR, Nouriel Roubini and RGE, at one point, also paid him to blog.
Setser may be being groomed to takeover for Summers, if Summers replaces Ben Bernanke at the Fed.
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News Link • Bailouts
Rolling the dice on AIG
The taxpayer-owned insurer, much derided for its blunders in the derivative
08/06/2009
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CNN
I posted an article yesterday "AIG Breakup Is Fee Bonanza" by the WSJ I think that might help explain what is going on. Now snippets from the story...
Less than a year after it nearly brought down the financial system with a misguided derivatives bet, AIG is everyone's favorite lottery ticket.
Shares in the troubled taxpayer-owned insurer have nearly doubled in the days leading up to Friday morning's scheduled release of second-quarter earnings. It is a flurry of speculative enthusiasm that boggles the mind.
Even so, given the scope of AIG's problems -- it reported a $99 billion loss last year and survived last fall's market meltdown thanks only to $180 billion in federal support -- it's hard to square the rally with the company's grim outlook.
"This is truly a phenomenon," Tabacco said. "I don't know what is going on, but it appears to be the new game in town."
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News Link • Federal Reserve
US Sen Bunning: FDIC’s Bair Said Up To 500 More Banks Could Fail
08/06/2009
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Investment Watch
Cutting out the competition?
Federal Deposit Insurance Corp. Chairman Sheila Bair believes up to 500 more banks could fail this year, a U.S. senator said Bair told him in a recent meeting.
“She told us that unless something dramatic happens, we could lose up to 500 more banks,” Sen. Jim Bunning, R-Ky., said Thursday at a hearing of the Senate Banking Committee on the foreclosure crisis.
Bunning said Bair made the remarks in a recent meeting.
“That means that people who make mortgages in local places …. people that could really help in a foreclosure will not be there,” Bunning said.
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News Link • Federal Reserve
Monetization And Bernanke Perjury? (Video)
08//07/2009
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The Market Ticker
This was apparently first broken by Brian Benton, not Chris Martenson; the original link was to a Financial Sense article (of which I was unaware.)
All the previous comments in my other post, however, still apply - here it is in video....
There is also evidence showing up that this was not the first purchase of essentially "as-issued" bonds, especially in the 7-year duration. I am looking into this and will attempt to quantify the percentage of "support" that is in fact monetization, irrespective of what Bernanke said in front of Congress.
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