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kpete

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Member since: Fri Sep 17, 2004, 03:59 PM
Number of posts: 46,133

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Mr. Fish's Take On Stand Your Ground

The Federal Reserve Is Bailing Out FOREIGN Banks … More than the American People or Economy

Federal Reserve Policy Mainly Benefits Big Foreign Banks
by Washingtons Blog - July 30th, 2013, 5:00am

The Federal Reserve Is Bailing Out FOREIGN Banks … More than the American People or Economy

We’ve extensively documented that the Federal Reserve is intentionally locking up bank money so that it is not loaned out to Main Street. Specifically – due to Fed policy – 81.5% of all money created by quantitative easing is sitting there gathering dust in the form of “excess reserves” … instead of being loaned out to help Main Street or the American economy.

And we’ve extensively documented that a large percentage of the bailouts went to foreign banks ... (A 2010 Fed audit also revealed that of the $1.25 trillion of mortgage-backed securities the central bank purchased after the housing bubble popped, some $442.7 billion - more than 35% – were bought from foreign banks.)

It turns out that these themes are all connected.

Specifically, most of the Fed-created money which is gathering dust is actually being held by foreign banks.

The Levy Economics Institute noted in May:
http://www.levyinstitute.org/pubs/wp_763.pdf

Excess reserves are the surplus of reserves against deposits and certain other liabilities that depository institutions (loosely called “banks”) hold above the amounts that the Board requires within ranges set by federal law. The general requirement is that covered institutions maintain reserves at least equal to ten percent of liabilities payable on demand. For the first time in history, there is statistical evidence that as much as one-half or more of excess reserves are held for United States banking offices of foreign banks.


Zero Hedge reports today:
http://www.zerohedge.com/news/2013-07-27/liquidity-update-record-high-deposits-fed-reserves-and-foreign-bank-cash-fed-owns-31

As per last night’s (Federal Reserve) H.8 update, commercial bank deposits rose by $94 billion in the week ended July 17: the fourth largest weekly increase in history …. This took total commercial bank deposits to an all-time high of $9.54 trillion.

***

The entire difference can be attributed to the $2+ trillion in excess reserves created by the Fed since the start of the global financial crisis .


MORE (plus a gazillion charts):
http://www.ritholtz.com/blog/2013/07/federal-reserve-policy-mainly-benefits-big-foreign-banks/

Radicals

Radicals
What digby said.
http://digbysblog.blogspot.com/2013/07/zombie-rising.html
And here's Ezra.
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/07/25/theres-no-such-thing-as-the-center/


The Village and the Democratic leadership really is embarked on a radical restructuring campaign, to gut the social insurance programs, lower wage rates and establish long-term partnerships between powerful private interests and powerful public sector agencies.

Doing this is really unpopular, and so can't be brought directly to a vote--hence the Gangs, and the Commissions, the classified trade talks, and the terrifying debt crises and, sadly, the 60 vote Senate. None of this has worked so far.

But that doesn't mean they won't keep trying.

by Jay Ackroyd (@jayackroyd) at 08:06

http://www.eschatonblog.com/2013/07/radicals.html

Court to Decide if Lawyers Can Block Gays From Juries (July 29, 2013)

Source: New York TImes

Court to Decide if Lawyers Can Block Gays From Juries
By ADAM LIPTAK
Published: July 29, 2013


WASHINGTON — Last month’s Supreme Court rulings on same-sex marriage were major gay rights victories. But countless questions about the legal rights of gay men and lesbians remain.

Here’s one: May gays be excluded from juries on account of their sexual orientation? The federal appeals court in California will soon decide the issue, which turns out to be surprisingly knotty.

It arose at the 2011 trial of an antitrust fight between two giant drug companies. After a potential juror appeared to reveal that he was gay, a lawyer for Abbott Laboratories used a peremptory strike — one that does not require a reason — to eliminate him from the jury pool.

An opposing lawyer objected, saying the juror “is or appears to be, could be, homosexual.”

Read more: http://www.nytimes.com/2013/07/30/us/court-weighs-exclusion-of-jurors-because-theyre-gay.html?hp

USA!-Tops in cost of having baby, obesity, anxiety, guns, incarcerations, health care costs, cocaine

USA! We’re tops in: cost of having a baby, obesity, anxiety, gun ownership, incarcerations, energy consumption, health care cost, cocaine.

8 appalling ways America leads the world
Welcome to the new American exceptionalism: Number one in obesity, guns, prisoners, anxiety and more ...
BY LYNN STUART PARRAMORE

People uninterested in change and progress tend to cling to the jingoistic fantasy that America is an exceptional country. Often this implies that the U.S. is somehow superior to other nations. Some, like the neocons, have taken the idea of exceptionalism to mean that America should be above the law and that other countries should be remade in our image. Others, like conservative evangelicals, believe that America’s supposed exceptionalism is God’s will.

In recent decades, America has indeed pulled ahead of the global pack in a number of areas. But they aren’t necessarily things to go waving the flag over or thanking Jehova

THE LIST HERE:
http://www.salon.com/2013/07/29/8_appalling_ways_america_leads_the_world_partner/

OMG: Fox News guest: Weiner ‘un-attracted’ to Huma Abedin ‘because she is connected with Islamists’

In a Red Eye panel discussion pointed out by Right Wing Watch on Monday, the Lawfare Project’s Brooke Goldstein said that “the real question is why is Weiner so un-attracted to Huma Abedin.”

“Perhaps it’s because she is connected with Islamists who want to kill us!” she opined. “Perhaps it’s because her family members are part and parcel of the Muslim Brotherhood. I completely agree with Andy McCarthy that she poses one of the greatest national security threats of this administration. She has access to the most classified information, because of her position with Clinton about the Muslim Brotherhood, which is — it’s creed is to destroy America from within.”

Video & more:
http://www.rawstory.com/rs/2013/07/29/fox-news-guest-weiner-un-attracted-to-huma-abedin-because-she-is-connected-with-islamists/

Trayvon’s Mother: ‘Stand Your Ground’ Allowed My Son’s Killer To ‘Get Away With Murder’ Social face

Trayvon’s Mother: ‘Stand Your Ground’ Allowed My Son’s Killer To ‘Get Away With Murder’

PERRY STEIN 12:26 PM EDT, MONDAY JULY 29, 2013

Sybrina Fulton, the mother of Trayvon Martin, denounced Florida's 'Stand Your Ground' law Monday, saying it allowed her son's killer to "get away with murder."

“The thing about this law is I just think it assisted the person who killed my son to get away with murder,” she said at a National Bar Association event in Miami Beach, according to the Miami Herald. “I think we have to change these laws so people don’t get away with murder.”

A number of critics of the law, most notably Stevie Wonder, have called for boycotting the state until the legislature changes the self-defense law. Fulton would not endorse the boycott, however.

“I can’t say that I’m in support of it, but not in support of it,” she said. “But I think people have a right to free speech. And if that’s their way of showing how they feel, to express themselves about the verdict, then I think that’s something they can do.”

http://livewire.talkingpointsmemo.com/entry/trayvons-mom-stand-your-ground-allowed-my-sons

The United States of... Class War, Inequality, and Poverty

Published on Sunday, July 28, 2013 by Common Dreams
The United States of... Class War, Inequality, and Poverty
New survey data shows perilous state of US economy and suffering of a majority underclass

- Jon Queally, staff writer




"It's time that America comes to understand that many of the nation's biggest disparities, from education and life expectancy to poverty, are increasingly due to economic class position."



http://www.commondreams.org/headline/2013/07/28-1

Dr. Seuss Diagnosis Was Correct.

Senate Majority Whip: FISA Court Is 'Fixed' & 'Loaded' (Durbin wants to limit NSAs Data Collection)

Source: The Atlantic

Senate Majority Whip: FISA Court Is 'Fixed' and 'Loaded'
Dick Durbin wants to add a civil-liberties advocate to the court's proceedings and to limit the NSA's data collection.


The Obama Administration says the FISA court adequately safeguards Americans' civil liberties. Senate Majority Whip Dick Durbin, who holds the second-highest Democratic leadership position in the Senate, disagrees.

"These FISA courts -- there should be a real court proceeding," he said on Sunday. "In this case, it's fixed in a way. It's loaded. There's only one case coming before the FISA court: the government's case. Let's have an advocate, or someone, standing up for civil liberties, to speak up for the privacy of Americans when they make each of these decisions, and let's release some of the transcripts, redacted, carefully redacted, so that people understand the debate that's going on in these FISA courts." When you've got a senior lawmaker calling a secret court "fixed in a way," implying that it doesn't conduct "real" proceedings, and affirming that its judges aren't hearing information that would be relevant to their decisions, that's alarming.

Unless, of course, what you want is a rubber stamp for the surveillance state.

Durbin said in the same interview that Congress should rein in the NSA's data hoovering. "I really believe that we should limit this metadata collection," he said. "The notion that we're going to collect all the phone records of everyone living in an area code on the off chance that someone in that area code may be a suspect at a later time goes way too far." Senate Majority Leader Harry Reid has been much more deferential to the executive branch on this issue.

Read more: http://www.theatlantic.com/politics/archive/2013/07/senate-majority-whip-fisa-court-is-fixed-and-loaded/278163/
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