Tuesday, April 2, 2013

13-02-04 The new David Stockman - ever wondered why they all become so honset, insightful, and principled once they leave office...

An interesting article in the NYT, from the man who invented mega deficits as Reagan's OMB Director... jz

DAVID STOCKMAN - From Wikipedia - the government propaganda organ 

Fiscal legacy

President Jimmy Carter's last signed and executed fiscal year budget results ended with a $79.0 billion budget deficit, ending during the period of David Stockman's and Ronald Reagan's first year in office, on October 1, 1981.[8] The gross federal national debt had just increased to $1.0 trillion during October 1981 ($998 billion on 30 September 1981). By 30 September 1985, four and a half years into the Reagan administration and shortly after Stockman's resignation from the OMB during August 1985, the gross federal debt was $1.8 trillion.[9] Stockman's OMB work within the administration during 1981 until August was dedicated to negotiating with the Senate and House about the next fiscal year's budget, executed later during the autumn of 1985, which resulted in the national debt becoming $2.1 trillion at fiscal year end 30 September 1986.[10]


Criminal and civil charges

On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in "a scheme ... to defraud [Collins & Aikman]'s investors, banks and creditors by manipulating C&A's reported revenues and earnings." At the same time, the Securities and Exchange Commission brought civil charges against Stockman related to actions he performed while CEO of Collins & Aikman.[16] Stockman suffered a personal financial loss, estimated at $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide. Stockman said in a statement posted on his law company's website that the company's end was the consequence of an industry decline, not fraud.[17] On January 9, 2009, the U.S. Attorney's Office announced that it did not intend to prosecute Stockman for this case.

State-Wrecked: The Corruption of Capitalism in America

Published: March 30, 2013 

The Dow Jones and Standard & Poor’s 500 indexes reached record highs on Thursday, having completely erased the losses since the stock market’s last peak, in 2007. But instead of cheering, we should be very afraid.  Over the last 13 years, the stock market has twice crashed and touched off a recession: American households lost $5 trillion in the 2000 dot-com bust and more than $7 trillion in the 2007 housing crash. Sooner or later — within a few years, I predict — this latest Wall Street bubble, inflated by an egregious flood of phony money from the Federal Reserve rather than real economic gains, will explode, too.
Since the S.&P. 500 first reached its current level, in March 2000, the mad money printers at the Federal Reserve have expanded their balance sheet sixfold (to $3.2 trillion from $500 billion). Yet during that stretch, economic output has grown by an average of 1.7 percent a year (the slowest since the Civil War); real business investment has crawled forward at only 0.8 percent per year; and the payroll job count has crept up at a negligible 0.1 percent annually. Real median family income growth has dropped 8 percent, and the number of full-time middle class jobs, 6 percent. The real net worth of the “bottom” 90 percent has dropped by one-fourth. The number of food stamp and disability aid recipients has more than doubled, to 59 million, about one in five Americans.

13-02-04 Facebook art: System error

Donald Gene FitzGerald shared Anon #Ops's photo.

13-04-02 Where are the good old days when Martha Stewart went to jail? Today it's too rich to jail...

Too Big To Jail? Obama Administration Agrees To Large Penalty In Exchange For Letting Billionaire Escape Insider Training Charge While His Subordinates Plead Guilty

800px-Louis14-FamilyJohn Cassidy has a remarkable story out in the New Yorker this week about a sweetheart deal cut by the Justice Department with one of the wealthiest men in the world, Steven A. Cohen (who may be pictured here at a standard picnic, or not). Cohen’s company would pay $626 million but not have to admit any wrongdoing and Cohen would face no personal sanction. The billionaire appears to be celebrating this month with a buying spree with a Picasso painting and a huge new mansion. What is amazing is that various Cohen subordinates have pleaded guilty and Cohen has been tied directly to an insider trading allegation. Yet, he appears to “too big to jail” as a continuation of the Obama Administration’s bifurcated legal system for the super rich and the rest of us.

13-04-02 Senator Bernie Sanders on The Power of Wall Street

Senator Bernie Sanders on The Power of Wall Street

HARTMANN: It is Brunch with Bernie. Senator Sanders welcome to the program. A lot going on in the Senate?
SANDERS: We will introduce, or rather, re-introduce legislation to break up the largest banks in this country. Thom it is my view that we’re never going to see the middle class in this country expand, we’re never going to see poverty go down, unless we deal …