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Date Sent: 2009-08-27
Freedom's Phoenix Global Edition for Thursday, August 27, 2009 AM edition |
Court: Investigators Wrong to Seize MLB Drug List -- US is monitoring journalists in Afghanistan
Adjustable Mortgages Loom as Threat to Housing Recovery -- Wall Street’s $4 trillion derivative kitty -- U.S. softens stance on private equity bank deals -- Kennedy to be buried in Arlington -- Agency that insures your bank deposits may need help -- Asian Stocks Fall as China Plans to Curb Capacity -- World's Stocks Controlled by Select Few -- Subprime Lenders Line Up For $21 Billion In Fresh Handouts -- Embracing Bushonomics, Obama Re-appoints Bernanke -- How to Build a Stateless Trading and Referral Network - by Brock Lorber -- House quietly gives 'bonuses' to top aides
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News Link • Entertainment: Sports
Court: Investigators Wrong to Seize MLB Drug List
08-26-2009
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AP
[thanks for nothin] A federal appeals court ruled agents had no right to
seize baseball's anonymous drug-testing results from 2003, an infamous
list that tarnished America's pastime and some of its biggest stars.
The decision by the 9th U.S. Circuit Court of Appeals is a victory for
the players' union, which has argued for years to have the results of
the 104 players who allegedly tested positive for performance-enhancing
drugs in 2003 returned.
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Reported by:
Powell Gammill
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News Link • Housing
Adjustable Mortgages Loom as Threat to Housing Recovery
08-26-2009
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NY Times
More than a half-million option ARMs scheduled to reset in the next
four years, at rates many homeowners cannot afford. His mortgage
payments have risen to $2,700 a month because of a clause he did not
notice on his contract, and are scheduled to rise above $4,000 in two
years.
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Reported by:
Powell Gammill
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News Link • Economy - Economics USA
Wall Street’s $4 trillion kitty
08-26-2009
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Reuters
The Obama administration’s plan for reining in derivatives leaves
unchecked one of Wall Street’s dirty little secrets: the ability of a
derivatives dealer to redeploy cash collateral that gets posted by one
of its trading partners.
On Wall Street, this practice of taking collateral and reusing it is
called rehypothecation. In essence, it’s a form of free money for
derivatives dealers to use as they please " even to repost it as
collateral to finance their parent company’s own borrowings.
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Reported by:
Powell Gammill
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News Link • Economy - Economics USA
U.S. softens stance on private equity bank deals
08-26-2009
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Reuters
U.S. banking regulators partially retreated from a much-criticized
proposal to impose new rules on private equity investment in troubled
banks, aiming to encourage responsible investment in distressed banks.
The 4-1 vote by the Federal Deposit Insurance Corp board was a
partial victory for potential investors and some regulators who had
warned that an initial proposal unveiled in July threatened to scare
away much-needed capital.
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Reported by:
Powell Gammill
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News Link • Economy - Economics USA
Real US unemployment rate at 16 pct: Fed official
08-26-2009
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Breitbart
The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.
Lockhart pointed out in a speech to a chamber of commerce in Chattanooga, Tennessee that those two categories of people are not taken into account in the Labor Department's monthly report on the unemployment rate. The official July jobless rate was 9.4 percent.
Lockhart, who heads the Atlanta, Georgia, division of the Fed, is the first central bank official to acknowledge the depth of unemployment amid the worst US recession since the Great Depression.
"If one considers the people who would like a job but have stopped looking -- so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.
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News Link • Economy - Economics USA
Agency that insures your bank deposits may need help
08-26-2009
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AP
The government agency that guarantees you won't lose your money in a bank failure may need a lifeline of its own.
The coffers of the Federal Deposit Insurance Corp. have been so
depleted by the epidemic of collapsing financial institutions that
analysts warn it could sink into the red by the end of this year.
That has happened only once before -- during the savings-and-loan
crisis of the early 1990s, when the FDIC was forced to borrow $15
billion from the Treasury and repay it later with interest.
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Reported by:
Powell Gammill
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News Link • Science, Medicine and Technology
Ancient Bird's Feathers Had Iridescent Glow
08-26-2009
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LiveScience
Nanostructures preserved in feather fossils more than 40 million years
old show evidence that those feathers were once vivid and iridescent in
color, paleontologists say.
Iridescence is the quality of changing color depending on the angle of observation " it's what makes you see a rainbow in an oil slick.
Many insects, such as butterflies, display iridescent colors on their wings, as do many modern birds on their feathers.
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Reported by:
Powell Gammill
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News Link • Economy - Economics USA
World's Stocks Controlled by Select Few
08-26-2009
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LiveScience
A recent analysis of the 2007 financial markets of 48
countries has revealed that the world's finances are in the hands of
just a few mutual funds, banks, and corporations. This is the first
clear picture of the global concentration of financial power, and point
out the worldwide financial system's vulnerability as it stood on the
brink of the current economic crisis.
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Reported by:
Powell Gammill
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News Link • Space Travel and Exploration
Newfound Planet Might Be Near Death
08-26-2009
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LiveScience
A newly discovered planet that whips around its star in less
than a day may have been found mere cosmic moments before its demise.
The planet, WASP-18b, is one of the "hot
Jupiter" class of planets that are huge in size (10 times the mass of
Jupiter in this case), but orbit very close to their stars. Their very
existence was surprising to astronomers when the first of them were found a few
years back. Now they've become common discoveries.
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Reported by:
Powell Gammill
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News Link • Federal Reserve
Hughes Appointment Shines Light on Century-Old Rules
08-24-2009
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WSJ
The Federal Reserve Board’s decision today to elevate Denis Hughes, a New York labor union leader, to the role of chairman of the board of the Federal Reserve Bank of New York is an unusual choice, and also shines a light on a sometimes cumbersome law overseeing the governance of the Federal Reserve.
The Federal Reserve Act (section 4, paragraph 20) says that chairmen of boards overseeing regional Fed banks need to have “tested banking experience.” Mr. Hughes, who is head of the New York branch of the AFL-CIO labor union, doesn’t seem to have that kind of banking experience on his resume. He’s spent most of his professional life as an electrician and union leader.
The law, written in 1913, puts the Fed in a difficult position, because it also dictates (section 4, paragraph 15) that a chairman of a district bank can’t be an officer, director, employee or shareholder in a private bank, a hurdle Mr. Hughes easily clears.
The century-old rules, in other words, say chairmen of regi
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News Link • Federal Reserve
Subprime Lenders Line Up For $21 Billion In Fresh Handouts
08-26-2009
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The Business Insider
The subprime lenders that helped send the financial system -- and broader economy -- into a tailspin are now getting billions of taxpayer dollars to help fix the housing crisis.
A new report by the Center for Public Integrity shows Washington is subsidizing them in what could be the next major credit bubble:
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News Link • Obama Administration
More Questions for President Obama
08-26-2009
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Economic Policy Journal
From Robert Ringer:
None of the criminality of the Obama administration would be possible without the explicit (or, at the very least, implicit) approval of the media. Can you imagine a presidential press conference where, instead of asking Der Fuhrbama about his dogs or his latest beer summit, they asked him questions such as:
"You told Joe the Plumber that you believe in spreading the wealth around. Since the Constitution doesn't allow you to do that, from whom did you acquire the moral authority to take people's earnings by force and arbitrarily hand them to others?"
"You are on video in 2003 saying that you believe in a single-payer healthcare system. Why are you now telling the American public that you merely want a 'government option' added to our existing system? Were you lying in 2003, or are you lying now?"
"How do you reconcile the fact that, within a short space of time, you said that the Medicare system is a perfect example
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News Link • Obama Administration
Embracing Bushonomics, Obama Re-appoints Bernanke
08-26-2009
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CATO
In re-appointing Bernanke to another four year term as Fed chairman, President Obama completes his embrace of bailouts, easy money and deficits as the defining characteristics of his economic agenda.
Bernanke, along with Secretary Geithner (then New York Fed president) were the prime movers behind the bailouts of AIG and Bear Stearns. Rather than “saving capitalism,” these bailouts only spread panic at considerable cost to the taxpayer. As evidenced in his “financial reform” proposal, Obama does not see bailouts as the problem, but instead believes an expanded Fed is the solution to all that is wrong with the financial sector. Bernanke also played a central role as the Fed governor most in favor of easy money in the aftermath of the dot-com bubble " a policy that directly contributed to the housing bubble. And rather than take steps to offset the “global savings glut” forcing down rates, Bernanke used it as a rationale for inaction.
Perhaps worse than Bush and Obama’s rewarding o
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News Link • Weird/Offbeat News
Is the Loch Ness monster on Google Earth?
Security guard claims to spot the Loch Ness monster
08-26-2009
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Telegraph
The image, which can be seen on the satellite mapping program, depicts a large object resembling a sea creature clearly visible beneath the surface of the water.
Jason Cooke told The Sun he spotted "Nessie" while browsing the website's satellite photos. Mr Cooke, 25, of Nottingham, said: "I couldn't believe it. It's just like the descriptions of Nessie."
Researcher Adrian Shine, of the Loch Ness Project, told the newspaper: "This is really intriguing. It needs further study." The image can be seen by entering coordinates Latitude 57°12'52.13"N, Longitude 4°34'14.16"W in Google Earth.
Earlier this year it was reported that climate change may have killed the Loch Ness Monster. There have been "no "credible sightings" of Nessie for over a year.
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News Link • Federal Reserve
The Next Credit Bubble Is Now
Are you ready for a replay?
08-26-2009
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Slate
Mortgage-backed securities"and the bankers who loved them"wreaked havoc last year, helping to pitch us into the deepest downturn since the Great Depression. Are you ready for a replay?
Gird your loins. The signs are growing that there's a new Wall Street gold rush under way"for those complex bundles of mortgage loans that fueled banks' profits between 2005 and 2007. This year, prices for mortgage-backed securities are rocketing as federal stimulus dollars flood the market. But the difference with this "boom" is the center of gravity has shifted: from giddy, cowboy bankers to the Federal Reserve. The Fed is so eager to save banks, create a demand for these securities, and stabilize the housing market that it's taking troubled loans and mortgages onto its own books. The problem is the Fed may be in well over its head.
The Fed is cleaning up the old mortgage securities in the market"mostly old residential mortgage loans backed by Fannie Mae and Freddie Mac. But
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News Link • Government
EXCLUSIVE: House quietly gives 'bonuses' to top aides
08-26-2009
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Washington Times
A month after they voted to punish some corporate executives for taking hefty bonus payouts, members of the House of Representatives quietly gave their own staffers a new potential bonus by making even their top-earning aides eligible for taxpayer dollars to repay their student loans.
The change, which took effect in May, means House employees earning up to $168,411, or the top level, are now eligible for government-funded subsidies to help pay down their student loans.
House officials defend the change as a job-related benefit necessary to keep the government competitive in the hiring market - the same argument corporate chieftains used to defend their own pay scales.
"There's still a tremendous demand for high-end Hill talent even in this current job market. Expanding eligibility for the benefit allows us to retain valued and seasoned personnel who might otherwise be lured away to more financially lucrative pursuits," said Kyle Anderson, a spokesman for the Hou
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News Link • Philosophy: Political
Stand up to unchecked political power
08-25-2009
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East Valley Tribune / Ernest Hancock
Libertarian activist and radio host Ernest Hancock fired up concern
about right-wing extremism around the country last week after he
revealed to CNN's Rick Sanchez that he had planned the interview with
someone who carried an AR-15 rifle to the protests outside of President
Barack Obama's Aug. 17 appearance at the Phoenix Convention Center. At
the Tribune's request, Hancock explains his motivations.
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Reported by:
Brock Lorber
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