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marmar

Profile Information

Gender: Male
Hometown: Detroit, Michigan
Home country: Citizen of the world whose address is in the U.S.
Current location: Detroit, Michigan
Member since: Fri Oct 29, 2004, 12:18 AM
Number of posts: 66,495

Journal Archives

Monte Carlo masters SPOILER

Djoker smoked Rafa pretty easily ..... on clay.

Thom Hartmann: Are Pay To Play Cops in Your City?





Published on Apr 17, 2015

Sheriff Richard Mack, The Constitutional Sheriffs & Peace Officers Association (CSPOA), joins Thom Hartmann. New reports suggest that Robert Bates - the volunteer Tulsa - Oklahoma police officer who's been charged with manslaughter for killing an unarmed black man - may not have had the proper training to be in the field. Is this true of other "pay to play" cops all across the country?


"Fight for $15" Movement Continues to Grow




Published on Apr 16, 2015

http://democracynow.org - Low-wage workers in the United States have staged their largest action to date to demand a $15-an-hour minimum wage, with some 60,000 workers walking off the job in more than 200 cities. The "Fight for $15" campaign brought together fast-food workers, home-care aides, child-care providers, Wal-Mart clerks, adjunct professors, airport workers and other low-wage workers. Organizers say the action was held on Tax Day to highlight the taxpayer funds needed to support underpaid workers. A new study says low wages are forcing working families to rely on more than $150 billion in public assistance. We speak with Steven Greenhouse, former labor and workplace reporter for The New York Times, who has been covering the "Fight for $15" movement.


Did NBC Cover Up Role of U.S.-Backed Free Syrian Army in 2012 Kidnapping of Richard Engel?





Published on Apr 17, 2015

http://democracynow.org - NBC News is at the center of a new controversy, this time focused on its chief foreign correspondent Richard Engel. Back in 2012 he and five other members of an NBC News team were kidnapped by armed gunmen in Syria. They were held for five days. Just after his release Engel spoke on NBC News and said this about his captors: "This is a government militia. These are people who are loyal to President Bashar al-Assad. They are Shiite." Well, earlier this week, a New York Times investigation prompted Engel to revise his story and reveal he was actually captured by Sunni militants affiliated with the U.S.-backed Free Syrian Army. In an article published on Wednesday, Engel said the kidnappers had "put on an elaborate ruse to convince us they were Shiite shabiha militiamen." According to the Times investigation, NBC knew more than it let on about the kidnappers. We speak to As’ad AbuKhalil, professor of political science at California State University, Stanislaus. He runs the Angry Arab News Service blog. He expressed serious doubts about the circumstances surrounding Engel’s captivity and release when the story first broke in December 2012.



No More Cheating: Restoring the Rule of Law in Financial Markets


No More Cheating: Restoring the Rule of Law in Financial Markets

Friday, 17 April 2015 00:00
By Simon Johnson, The Baseline Scenario | News Analysis


The political debate about finance in the US is often cast as markets versus regulation, as if "more regulation" means the efficiency of private sector decisions will necessarily be impeded or distorted. But this is the wrong way to think about the real policy choices that - like it or not - are now being made. The question is actually what kind of markets do you want: fair and well-functioning, with widely shared benefits; or deceptive, dangerous, and favoring just a relatively few powerful people?

In a speech on Wednesday, Senator Elizabeth Warren (D., MA) laid out a vision for better financial markets. This is not a left-wing or pro-big government agenda. Senator Warren's proposals are, first and foremost, pro-market. She wants - and we should all want - financial firms and markets that work for customers, that encourage innovation, and that do not build up massive risks which can threaten the financial system and bring down the economy.

Senator Warren puts forward two main sets of proposals. The first is to more strongly discourage the deception of customers. This is hard to argue against. Some parts of the financial sector are well-run, providing essential services at reasonable prices and with sound ethics throughout. Other parts of finance have drifted, frankly, into deceiving people - on fees, on risks, on terms and conditions - as a primary source of profits. We don't allow this kind of cheating in the non-financial sector and we shouldn't allow it in finance either.

The unfortunate and indisputable truth is that our rule-making and law-enforcement agencies completely fell asleep prior to 2008 with regard to protecting borrowers and even depositors against predation. Even worse, since the financial crisis, the Securities and Exchange Commission, the Justice Department, and the Federal Reserve Board of Governors proved hard or near impossible to awake from this slumber. ................(more)

http://www.truth-out.org/news/item/30281-no-more-cheating-restoring-the-rule-of-law-in-financial-markets




The Drought Isn’t California’s Only Water Problem


(Wired) WHETHER YOU LIVE in or out of California, you are probably looking for something, anything, just one dang thing that will help you understand this impossibly complicated drought.

You’re not going to find it. No Central Valley almond, Los Angeles swimming pool, Palm Springs golf course, Fresno lawn, Nestle water bottle, Napa wine, Humboldt pot farm, or Merced River salmon is going to satisfy your craving for a culprit. Instead, allow me to divert your attention to the Sacramento-San Joaquin River Delta, a massive estuary to the east of the San Francisco Bay that is the heart of a story that will at least explain why you’ll never get a satisfying explanation.

Actually, it’s not about the Delta, exactly; the real story is 200 feet below it, where the governor of the Golden State wants to dig huge tunnels that will make it easier for southern California to get northern California’s water.

Officially known as Conservation Measure 1 of the Bay Delta Conservation Plan—but commonly known as the Delta Tunnels—the idea is to dig two 35-mile tunnels, each 40 feet in diameter and capable of pumping 67,000 gallons of water per second from the Sacramento River to the California Aqueduct. The tunnels are supposed to fix the plumbing that delivers water to two-thirds of the state: every coastal city from San Francisco to San Diego, and millions of farms along the way. The plan is controversial, and has been in talks for a decade. If approved, the tunnels would take about ten years and an estimated $25 billion dollars to build. ................(more)

http://www.wired.com/2015/04/drought-isnt-californias-water-problem/




"A Corporate Trojan Horse": Critics Decry Secretive TPP Trade Deal as a Threat to Democracy





Published on Apr 16, 2015
http://democracynow.org - Senate Finance Committee leaders Republican Orrin Hatch and Democrat Ron Wyden are expected to introduce a "fast-track" trade promotion authority bill as early as this week that would give the president authority to negotiate the secretive Trans-Pacific Partnership trade deal and then present it to Congress for a yes-or-no vote, with no amendments allowed. On Wednesday, more than 1,000 labor union members rallied on Capitol Hill to call on Democrats to oppose "fast-track" authority. We speak with two people closely following the proposed legislation: Lori Wallach, director of Public Citizen’s Global Trade Watch, and Rep. Alan Grayson, a Democrat from Florida.



Welfare Queen (cartoon)





http://www.truthdig.com/cartoon/item/welfare_queen_20150417



California Plagued by Dry Wells as Drought Makes Water Elusive


(Bloomberg) Near California’s Success Lake, more than 1,000 water wells have failed. Farmers are spending $750,000 to drill 1,800 feet down to keep fields from going fallow. Makeshift showers have sprouted near the church parking lot.

“The conditions are like a third-world country,” said Andrew Lockman, a manager at the Office of Emergency Services in Tulare County, in the heart of the state’s agricultural Central Valley about 175 miles (282 kilometers) north of Los Angeles.

As California enters the fourth year of a record drought, its residents and $43 billion agriculture industry have drawn groundwater so low that it’s beyond the reach of existing wells. That’s left thousands with dry taps and pushed farmers to dig deeper as Governor Jerry Brown, a 77-year-old Democrat, orders the first mandatory water rationing in state history.

“The demand we’re placing on the aquifer and the deep bedrock drilling, which is going on at an alarmingly fast pace, is really scary,” said Tricia Blattler, executive director of the Tulare County Farm Bureau. “Folks are really concerned we’re not going to be able find water in the groundwater system much longer. We are tapping it way too quickly.” ...................(more)

http://www.bloomberg.com/news/articles/2015-04-17/california-plagued-by-dry-wells-as-drought-makes-water-elusive




Biggest Credit Bubble in History Flashes Warning – ‘Seek Cover’


By Wolf Richter, a San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Originally published at Testosterone Pit.


Hidden in the IMF’s just released 188-page Global Financial and Stability Report is a doozie of a chart that screams not only “credit bubble” but also flashes a red warning sign: “seek cover, implosion in sight.” It depicts US issuance of covenant-lite loans and second-lien loans since 2001, including their phenomenal bubble that so spectacularly collapsed in 2008, and the even greater bubble currently underway – with an equally spectacular future.

Covenant-lite loans, which eliminate many of the protections that lenders normally require, allow over-leveraged junk-rated companies to pile on even more debt when they would normally no longer be able to do so. A key benefit for the Private Equity firms that own them: PE firms make a big part of their profit by having their portfolio companies borrow money, but not for expansion purposes or other productive uses. Instead, PE firms suck that cash out the back door through special dividends, fees, and other devices. When the portfolio company pops, the PE firm conveniently has the cash, and the lenders eat the loss.

To protect themselves, lenders normally force borrowers into covenants that prevent these and other shenanigans. But not anymore. Lenders, driven to near insanity by the Fed’s interest rate repression, are caught up in an all-out chase for yield and don’t look at anything else, and to get that minuscule extra yield, they take on risks, any risks, no questions asked, and to heck with future losses, and they hold their noses and close their eyes and pick up the worst crap, and then find ways of stuffing those risks into your mutual fund.

It’s a Feeding Frenzy Out There.

The longer it goes on, and the more of this reeking debt with a high probability of default is piling up on the books of banks and other lenders, the more damaging the implosion will be. And so covenant-lite debt has become a flashing red light of a credit bubble in its final throes. A record $238 billion were issued in 2013, according to Thomson Reuters. Over 50% of the market, another hair-raising record. ...............(more)

http://www.nakedcapitalism.com/2014/04/wolf-richter-biggest-credit-bubble-in-history.html




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