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May 23, 2013
Bernanke out by August, QE ends, rates up: Crash
Commentary: Prepare now because easy money will dry up
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — The “Dr. Boom” scenario: America is about to “unleash a spending spree. Years of self-denial give way to pent-up demand,” predicts UBS economist Maury Harris in USA Today’s bold lead story.
His clue? Consumer sentiment: “Harris estimates that in the next five years, catch-up consumption will boost annual consumer spending growth by a half point to above 3% from about 2%.”
Reassuring? No, wishful thinking. Be very skeptical. As Robert Kuttner, author of the new “Debtors’ Prison: The Politics of Austerity Versus Prosperity” once wrote in BusinessWeek, “What do you call an economist with a prediction? Wrong.”
Harris is bucking the headwinds of history. As Jeremy Grantham, chief strategist of the $100 billion GMO money managers, recently told InvestmentNews, the newspaper of record for America’s 90,000 professional investment advisers, “3% annual GDP growth is history.” ....................(more)
The complete piece is at: http://www.marketwatch.com/story/bernanke-out-by-august-qe-ends-rates-up-crash-2013-05-22?link=home_carousel
Paul B. Farrell: Bernanke out by August, QE ends, rates up: Crash
Bernanke out by August, QE ends, rates up: Crash
Commentary: Prepare now because easy money will dry up
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — The “Dr. Boom” scenario: America is about to “unleash a spending spree. Years of self-denial give way to pent-up demand,” predicts UBS economist Maury Harris in USA Today’s bold lead story.
His clue? Consumer sentiment: “Harris estimates that in the next five years, catch-up consumption will boost annual consumer spending growth by a half point to above 3% from about 2%.”
Reassuring? No, wishful thinking. Be very skeptical. As Robert Kuttner, author of the new “Debtors’ Prison: The Politics of Austerity Versus Prosperity” once wrote in BusinessWeek, “What do you call an economist with a prediction? Wrong.”
Harris is bucking the headwinds of history. As Jeremy Grantham, chief strategist of the $100 billion GMO money managers, recently told InvestmentNews, the newspaper of record for America’s 90,000 professional investment advisers, “3% annual GDP growth is history.” ....................(more)
The complete piece is at: http://www.marketwatch.com/story/bernanke-out-by-august-qe-ends-rates-up-crash-2013-05-22?link=home_carousel
May 23, 2013
(Bloomberg) Overdue student loans reached an all-time high as students struggle to find work after college, according to a government report renewing alarms about the rising burden of higher-education debt.
Eleven percent of student loans were seriously delinquent -- at least 90 days past due -- in the third quarter of 2012, compared with 6 percent in the first quarter of 2003, according to the report by the U.S. Education Department. Almost 30 percent of 20- to 24-year-olds aren’t employed or in school, the study found.
The research is being released amid concern in Congress and President Barack Obama’s administration about rising college costs and $1 trillion in outstanding student loans, the largest category of consumer debt besides mortgages. Borrowers say the burden is affecting their choice of jobs and their ability to buy homes and get married.
“Today’s economy puts young graduates in a difficult position,” Jack Buckley, commissioner of the National Center for Education Statistics, which published the report, said in a statement. “A college diploma no longer guarantees a direct pathway to the middle class, making it harder to justify the expense of a degree.” ..................(more)
The complete piece is at: http://www.bloomberg.com/news/2013-05-23/overdue-student-loans-reach-record-as-u-s-graduates-seek-jobs.html
Overdue Student Loans Reach Record as U.S. Graduates Seek Jobs
(Bloomberg) Overdue student loans reached an all-time high as students struggle to find work after college, according to a government report renewing alarms about the rising burden of higher-education debt.
Eleven percent of student loans were seriously delinquent -- at least 90 days past due -- in the third quarter of 2012, compared with 6 percent in the first quarter of 2003, according to the report by the U.S. Education Department. Almost 30 percent of 20- to 24-year-olds aren’t employed or in school, the study found.
The research is being released amid concern in Congress and President Barack Obama’s administration about rising college costs and $1 trillion in outstanding student loans, the largest category of consumer debt besides mortgages. Borrowers say the burden is affecting their choice of jobs and their ability to buy homes and get married.
“Today’s economy puts young graduates in a difficult position,” Jack Buckley, commissioner of the National Center for Education Statistics, which published the report, said in a statement. “A college diploma no longer guarantees a direct pathway to the middle class, making it harder to justify the expense of a degree.” ..................(more)
The complete piece is at: http://www.bloomberg.com/news/2013-05-23/overdue-student-loans-reach-record-as-u-s-graduates-seek-jobs.html
May 23, 2013
Bernanke out by August, QE ends, rates up: Crash
Commentary: Prepare now because easy money will dry up
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — The “Dr. Boom” scenario: America is about to “unleash a spending spree. Years of self-denial give way to pent-up demand,” predicts UBS economist Maury Harris in USA Today’s bold lead story.
His clue? Consumer sentiment: “Harris estimates that in the next five years, catch-up consumption will boost annual consumer spending growth by a half point to above 3% from about 2%.”
Reassuring? No, wishful thinking. Be very skeptical. As Robert Kuttner, author of the new “Debtors’ Prison: The Politics of Austerity Versus Prosperity” once wrote in BusinessWeek, “What do you call an economist with a prediction? Wrong.”
Harris is bucking the headwinds of history. As Jeremy Grantham, chief strategist of the $100 billion GMO money managers, recently told InvestmentNews, the newspaper of record for America’s 90,000 professional investment advisers, “3% annual GDP growth is history.” ....................(more)
The complete piece is at: http://www.marketwatch.com/story/bernanke-out-by-august-qe-ends-rates-up-crash-2013-05-22?link=home_carousel
Paul B. Farrell: Bernanke out by August, QE ends, rates up: Crash
Bernanke out by August, QE ends, rates up: Crash
Commentary: Prepare now because easy money will dry up
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — The “Dr. Boom” scenario: America is about to “unleash a spending spree. Years of self-denial give way to pent-up demand,” predicts UBS economist Maury Harris in USA Today’s bold lead story.
His clue? Consumer sentiment: “Harris estimates that in the next five years, catch-up consumption will boost annual consumer spending growth by a half point to above 3% from about 2%.”
Reassuring? No, wishful thinking. Be very skeptical. As Robert Kuttner, author of the new “Debtors’ Prison: The Politics of Austerity Versus Prosperity” once wrote in BusinessWeek, “What do you call an economist with a prediction? Wrong.”
Harris is bucking the headwinds of history. As Jeremy Grantham, chief strategist of the $100 billion GMO money managers, recently told InvestmentNews, the newspaper of record for America’s 90,000 professional investment advisers, “3% annual GDP growth is history.” ....................(more)
The complete piece is at: http://www.marketwatch.com/story/bernanke-out-by-august-qe-ends-rates-up-crash-2013-05-22?link=home_carousel
May 23, 2013
http://vimeo.com/66763783
Preview: Going to Jail for Justice
May 22, 2013
In December 2008, during the closing weeks of the Bush White House, 27-year-old environmental activist Tim DeChristopher went to protest the auction of gas and oil drilling rights to more than 150,000 acres of publicly-owned Utah wilderness. But instead of yelling slogans or waving a sign, DeChristopher disrupted the proceedings by starting to bid. Given an auction paddle designating him “Bidder 70”, DeChristopher won a dozen land leases worth nearly two million dollars. He was arrested for criminal fraud, found guilty, and sentenced to two years in federal prison — even though the new Obama Administration had since declared the oil and gas auction null and void.
On this week’s show, DeChristopher — who was released less than a month ago — joins Bill to talk about the necessity of civil disobedience in the fight for justice, how his jury was ordered to place the strict letter of the law over moral conscience, and the future of the environmental movement.
Also on the show, Pulitzer Prize-winning New York Times columnist Gretchen Morgenson tells Bill that, five years after the country’s economic near-collapse, banks are still too big to fail, too big to manage, and too big to trust. Stockholders’ reaffirmation of Jamie Dimon as JP Morgan Chase’s chairman and CEO this week — despite a year of accusations and investigations at the bank — is further evidence, she says, of an unchecked system that continues to covet profits and eschew accountability, putting our economy and democracy at risk.
http://billmoyers.com/segment/preview-going-to-jail-for-justice/
Bill Moyers Preview: Going to Jail for Justice
http://vimeo.com/66763783
Preview: Going to Jail for Justice
May 22, 2013
In December 2008, during the closing weeks of the Bush White House, 27-year-old environmental activist Tim DeChristopher went to protest the auction of gas and oil drilling rights to more than 150,000 acres of publicly-owned Utah wilderness. But instead of yelling slogans or waving a sign, DeChristopher disrupted the proceedings by starting to bid. Given an auction paddle designating him “Bidder 70”, DeChristopher won a dozen land leases worth nearly two million dollars. He was arrested for criminal fraud, found guilty, and sentenced to two years in federal prison — even though the new Obama Administration had since declared the oil and gas auction null and void.
On this week’s show, DeChristopher — who was released less than a month ago — joins Bill to talk about the necessity of civil disobedience in the fight for justice, how his jury was ordered to place the strict letter of the law over moral conscience, and the future of the environmental movement.
Also on the show, Pulitzer Prize-winning New York Times columnist Gretchen Morgenson tells Bill that, five years after the country’s economic near-collapse, banks are still too big to fail, too big to manage, and too big to trust. Stockholders’ reaffirmation of Jamie Dimon as JP Morgan Chase’s chairman and CEO this week — despite a year of accusations and investigations at the bank — is further evidence, she says, of an unchecked system that continues to covet profits and eschew accountability, putting our economy and democracy at risk.
http://billmoyers.com/segment/preview-going-to-jail-for-justice/
May 23, 2013
from Der Spiegel:
Australia's Great Barrier Reef is rapidly losing its coral, to the point that UNESCO may soon place the natural wonder on its "in danger" list. Climate change is one culprit, but so is the country's booming extraction industry. Environmentalists warn that time is running out for the reef.
The man whose job it should be to protect the Great Barrier Reef is actually afraid of water. The vast ocean, with all the creatures it contains, makes him uneasy. Only once has he visited the reef, the world's largest and most beautiful. Just thinking about the visit makes his skin crawl.
Andrew Powell, 40, the environment minister of the Australian state of Queensland, is a stocky man with a boyish face. Sitting in the neon-lit cafeteria of the parliament building in the state capital Brisbane, he smiles at the memory of his ill-fated expedition to the reef. "I get seasick very quickly," Powell explains, "and I don't do sharks very well."
As he was snorkeling over the reef, he says, a reef shark swam directly beneath him. The horrifying animal was at least twice as big as he is, Powell insists. "My wife says it wasn't more than a meter long," he admits, "but it was enough for me." He swam back to the boat and refused to go back into the water. .................(more)
The complete piece is at: http://www.spiegel.de/international/world/australia-debates-how-to-protect-the-great-barrier-reef-a-900911.html
Coal Boom Could Destroy Great Barrier Reef
from Der Spiegel:
Australia's Great Barrier Reef is rapidly losing its coral, to the point that UNESCO may soon place the natural wonder on its "in danger" list. Climate change is one culprit, but so is the country's booming extraction industry. Environmentalists warn that time is running out for the reef.
The man whose job it should be to protect the Great Barrier Reef is actually afraid of water. The vast ocean, with all the creatures it contains, makes him uneasy. Only once has he visited the reef, the world's largest and most beautiful. Just thinking about the visit makes his skin crawl.
Andrew Powell, 40, the environment minister of the Australian state of Queensland, is a stocky man with a boyish face. Sitting in the neon-lit cafeteria of the parliament building in the state capital Brisbane, he smiles at the memory of his ill-fated expedition to the reef. "I get seasick very quickly," Powell explains, "and I don't do sharks very well."
As he was snorkeling over the reef, he says, a reef shark swam directly beneath him. The horrifying animal was at least twice as big as he is, Powell insists. "My wife says it wasn't more than a meter long," he admits, "but it was enough for me." He swam back to the boat and refused to go back into the water. .................(more)
The complete piece is at: http://www.spiegel.de/international/world/australia-debates-how-to-protect-the-great-barrier-reef-a-900911.html
May 23, 2013
Published on May 21, 2013
Chris Hedges, Truthdig, joins Thom Hartmann. The AP scandal is just the latest example of an ongoing - and often corporate backed - assault on our most basic democratic rights.
Chris Hedges w/Thom Hartmann: Rise Up or Die
Published on May 21, 2013
Chris Hedges, Truthdig, joins Thom Hartmann. The AP scandal is just the latest example of an ongoing - and often corporate backed - assault on our most basic democratic rights.
May 23, 2013
Russia Today
Published on May 23, 2013
Abby Martin talks to philosopher, linguist, professor, political critic and author of over 100 books Dr. Noam Chomsky about the Boston bombings, US terror inflicted abroad, drones, Obama's rebranding of Bush administration policies, the National Defense Authorization Act, Holder v. Humanitarian Law, conventional wisdom, the evolution of media propaganda and education as a form of elite indoctrination.
Noam Chomsky: 'Drone strikes a terror-generating machine'
Russia Today
Published on May 23, 2013
Abby Martin talks to philosopher, linguist, professor, political critic and author of over 100 books Dr. Noam Chomsky about the Boston bombings, US terror inflicted abroad, drones, Obama's rebranding of Bush administration policies, the National Defense Authorization Act, Holder v. Humanitarian Law, conventional wisdom, the evolution of media propaganda and education as a form of elite indoctrination.
May 23, 2013
The Growing Global Challenge to Monsanto's Monopolistic Greed
Wednesday, 22 May 2013 00:00
By Kevin Zeese and Margaret Flowers , Truthout | Op-Ed
The common problem we face is the power of concentrated wealth and monopolistic corporate interests. This has created a crony capitalist economy that uses government to further enrich the wealthy at the expense of the people, often threatening our basic necessities for life.A clear example of this is found in the behavior of the chemical and seed corporation, Monsanto.Monsanto threatens the world's food supply; this is a major challenge of our era. This struggle is central to the global ecosystem, economy and energy crises. Monsanto also pushes poisonous chemicals into the environment and promotes agricultural practices that exacerbate climate change.
Monsanto's actions truly affect each of us. They put their profits over the need for healthy foods, diverse seed supplies and the stability of the agricultural economy. They employ a variety of tools to control access to seeds and aggressively push genetically modified organisms (GMOs) and toxic chemicals despite serious safety concerns about them. And they accomplish this with great help from the US government.
When President Obama appointed a Monsanto lobbyist, Michael Taylor, as the "food czar" (officially the deputy commissioner for foods) - avoiding the Senate confirmation process, which would have brought public attention to the appointment - it was one more example of how corrupted both parties have become by corporate influence.
A global grassroots movement is building to challenge Monsanto as more people realize that we are in a struggle for our survival. May 25 is a global day of action against Monsanto taking place in hundreds of cities and 41 countries. Monsanto must be stopped before its unfettered greed destroys our health and environment. We urge you to join the effort to stop Monsanto. ....................(more)
The complete piece is at: http://truth-out.org/opinion/item/16516-the-growing-global-challenge-to-monsantos-monopolistic-greed
The Growing Global Challenge to Monsanto's Monopolistic Greed
The Growing Global Challenge to Monsanto's Monopolistic Greed
Wednesday, 22 May 2013 00:00
By Kevin Zeese and Margaret Flowers , Truthout | Op-Ed
The common problem we face is the power of concentrated wealth and monopolistic corporate interests. This has created a crony capitalist economy that uses government to further enrich the wealthy at the expense of the people, often threatening our basic necessities for life.A clear example of this is found in the behavior of the chemical and seed corporation, Monsanto.Monsanto threatens the world's food supply; this is a major challenge of our era. This struggle is central to the global ecosystem, economy and energy crises. Monsanto also pushes poisonous chemicals into the environment and promotes agricultural practices that exacerbate climate change.
Monsanto's actions truly affect each of us. They put their profits over the need for healthy foods, diverse seed supplies and the stability of the agricultural economy. They employ a variety of tools to control access to seeds and aggressively push genetically modified organisms (GMOs) and toxic chemicals despite serious safety concerns about them. And they accomplish this with great help from the US government.
When President Obama appointed a Monsanto lobbyist, Michael Taylor, as the "food czar" (officially the deputy commissioner for foods) - avoiding the Senate confirmation process, which would have brought public attention to the appointment - it was one more example of how corrupted both parties have become by corporate influence.
A global grassroots movement is building to challenge Monsanto as more people realize that we are in a struggle for our survival. May 25 is a global day of action against Monsanto taking place in hundreds of cities and 41 countries. Monsanto must be stopped before its unfettered greed destroys our health and environment. We urge you to join the effort to stop Monsanto. ....................(more)
The complete piece is at: http://truth-out.org/opinion/item/16516-the-growing-global-challenge-to-monsantos-monopolistic-greed
May 23, 2013
WASHINGTON -- Texas Republican Sen. Ted Cruz made a remarkable admission on the floor of the U.S. Senate Wednesday, admitting in a dispute with Sen. John McCain (R-Ariz.) that not only does he not trust Democrats, he doesn't trust Republicans, either.
McCain had challenged Cruz, as well as fellow tea party Sens. Marco Rubio (Fla.), Mike Lee (Utah) and Rand Paul (Ky.), to let the Senate appoint conferees to work out a federal budget with the GOP-controlled House for the first time in four years.
The tea party members, however, are insisting on a highly unusual set of pre-conditions first, including requiring that the conferees be barred from raising the debt limit. Normally, McCain argued, the Senate gives them instructions, but recognizes that there needs to be room for negotiations in conferences.
McCain said their refusal amounts to not trusting the Republicans who lead the House to stand by their stated oppostion to raising the debt limit without major cuts. ...................(more)
The complete piece is at: http://www.huffingtonpost.com/2013/05/22/ted-cruz-i-dont-trust-the_n_3320891.html?ncid=txtlnkushpmg00000037
More Tea, please......
WASHINGTON -- Texas Republican Sen. Ted Cruz made a remarkable admission on the floor of the U.S. Senate Wednesday, admitting in a dispute with Sen. John McCain (R-Ariz.) that not only does he not trust Democrats, he doesn't trust Republicans, either.
McCain had challenged Cruz, as well as fellow tea party Sens. Marco Rubio (Fla.), Mike Lee (Utah) and Rand Paul (Ky.), to let the Senate appoint conferees to work out a federal budget with the GOP-controlled House for the first time in four years.
The tea party members, however, are insisting on a highly unusual set of pre-conditions first, including requiring that the conferees be barred from raising the debt limit. Normally, McCain argued, the Senate gives them instructions, but recognizes that there needs to be room for negotiations in conferences.
McCain said their refusal amounts to not trusting the Republicans who lead the House to stand by their stated oppostion to raising the debt limit without major cuts. ...................(more)
The complete piece is at: http://www.huffingtonpost.com/2013/05/22/ted-cruz-i-dont-trust-the_n_3320891.html?ncid=txtlnkushpmg00000037
May 23, 2013
from truthdig:
Another Memorial Day in This Endless War
Posted on May 22, 2013
By Amy Goodman
In a remarkable but little-noticed oversight hearing last week, the Senate Armed Services Committee looked at “The Law of Armed Conflict, the Use of Military Force, and the 2001 Authorization for Use of Military Force.” The 2001 AUMF is the act passed by Congress on Sept. 14, three days after the al-Qaida attacks on the United States.
Sen. Angus King, an independent from Maine, opened his questioning of the military officials before him by stating: “Gentlemen, I’ve only been here five months, but this is the most astounding and most astoundingly disturbing hearing that I’ve been to since I’ve been here. You guys have essentially rewritten the Constitution here today.”
King’s statement followed the questioning by longtime South Carolina Republican Sen. Lindsey Graham, who recently pushed to have the Boston bombing suspect—a U.S. citizen accused of a violent crime on U.S. soil—named an “enemy combatant,” denying him his constitutional rights. Graham enjoyed unanimous agreement from the panelists to his series of questions:
“Do you agree with me that when it comes to international terrorism, we’re talking about a worldwide struggle?” ..................(more)
The complete piece is at: http://www.truthdig.com/report/item/another_memorial_day_in_this_endless_war_20130522/
Amy Goodman: Another Memorial Day in This Endless War
from truthdig:
Another Memorial Day in This Endless War
Posted on May 22, 2013
By Amy Goodman
In a remarkable but little-noticed oversight hearing last week, the Senate Armed Services Committee looked at “The Law of Armed Conflict, the Use of Military Force, and the 2001 Authorization for Use of Military Force.” The 2001 AUMF is the act passed by Congress on Sept. 14, three days after the al-Qaida attacks on the United States.
Sen. Angus King, an independent from Maine, opened his questioning of the military officials before him by stating: “Gentlemen, I’ve only been here five months, but this is the most astounding and most astoundingly disturbing hearing that I’ve been to since I’ve been here. You guys have essentially rewritten the Constitution here today.”
King’s statement followed the questioning by longtime South Carolina Republican Sen. Lindsey Graham, who recently pushed to have the Boston bombing suspect—a U.S. citizen accused of a violent crime on U.S. soil—named an “enemy combatant,” denying him his constitutional rights. Graham enjoyed unanimous agreement from the panelists to his series of questions:
“Do you agree with me that when it comes to international terrorism, we’re talking about a worldwide struggle?” ..................(more)
The complete piece is at: http://www.truthdig.com/report/item/another_memorial_day_in_this_endless_war_20130522/
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