World History That Just Isn't Taught in America

There's a great and even important article out from last Fall to which more Americans---young and old---should all be exposed:

Top 6 Countries That Grew Filthy Rich From Enslaving Black People

I can't and won't post the entire article, of course, but this little snippet, on America alone, is pivotal:

Slavery transformed America into an economic power. The exploitation of black people for free labor made the South the richest and most politically powerful region in the country. British demand for American cotton made the southern stretch of the Mississippi River the Silicon Valley of its era, boasting the single largest concentration of the nation’s millionaires.

But slavery was a national enterprise. Many firms on Wall Street such as JPMorgan Chase, New York Life and now-defunct Lehman Brothers made fortunes from investing in the slave trade the most profitable economic activity in New York’s 350 year history. Slavery was so important to the city that New York was one of the most pro-slavery urban municipalities in the North.

According to Harper’s magazine (November 2000), the United States stole an estimated $100 trillion for 222,505,049 hours of forced labor between 1619 and 1865, with a compounded interest of 6 percent.

_______________________

This, I think, on top of what the Atlantic Monthly wrote some months ago, keeps making more and more powerful cases for reparations for blacks and African-Americans in this country.

On this, the 186th birthday of Leo Tolstoy, I'm reminded of this qutoe:

"I sit on a man's back, choking him and making him carry me, and yet assure myself and others that I am very sorry for him and wish to ease his lot by all possible means - except by getting off his back." 

Link:    The Case for Reparations - The Atlantic

Government shutdown II

Welcome to October:

"What's happening in Washington these days may seem far removed from my boyhood memories, but Washington is really just another childhood playground. Its current bullies are rightwing Republicans, now threatening that if they don't get their way they'll close down the government and cause the nation to default on its debts.

"The American people don't want a government shutdown, and they don't want Obamacare," House Republican leaders said in a statement over the weekend. "We will do our job and send this bill over, and then it's up to the Senate to pass it and stop a government showdown."

Really? The American people don't want Obamacare as much as I didn't want my softball and bat.
Okay, maybe not quite as much. But the only settled way we know what the American people want is through the democratic process. And the Affordable Care Act (Obamacare) is the law of the land. A majority of the House and Senate voted for it, the president signed it into law, its constitutionality has been upheld by the Supreme Court, and a majority of Americans reelected the President after an election battle in which the Affordable Care Act was a central issue.

Moreover, we don't repeal laws in this country by holding hostage the entire government of the United States.

The bullies are a faction inside the Republican Party -- extremists who are threatening more reasonable Republicans with primary challenges if they don't go along.

And where are the Tea Party extremists getting their dough? From even bigger bullies -- a handful of hugely wealthy Americans who are sinking hundreds of millions of dollars into this extortion racket.
They include David and Charles Koch (and their front group, "Americans for Prosperity'); Peter Thiel, leverage-buyout specialist John Childs, investor Howie Rich, Stephen Jackson of the Stevens Group, and executives of JPMorgan and Goldman Sachs, (all behind the "Club for Growth"); and Crow Holdings' Harlan Crow, shipping magnate Richard Uihlein, and investment banker Foster Friess; executives of MetLife and Philip Morris, and foundations controlled by the Scaife family (all bankrolling "FreedomWorks.")

Their game plan is to not just to take over the Republican Party. It's to take over America. The showdown over the budget and the debt ceiling is a prelude to 2016, when they plan to run Texas Senator Ted Cruz for President. (Cruz, if you haven't noticed, is busily establishing his creds as the biggest flamer in Washington -- orchestrating not only the current extortion but also the purge of reasonable Republicans from the GOP.) Obama and the Democrats must not give in. They shouldn't even negotiate with extortionists. As I learned the hard way, giving in to bullies just encourages them to escalate their demands. The president gave in at the end of 2011 when Republican bullies threatened to go over the fiscal cliff and take the rest of the nation with them. At that time they demanded spending cuts. Now they want to repeal a law they detest.

If we give in again, what's next?

A coup d'état?"

--Robert Reich, American political economist, professor, author, and political commentator

Another obscenity from our own US Congress

I found this earlier today:

130 Members of Congress Bought Stocks in Companies

A bit from the article:

Unwilling to impose rules on themselves that they have on others in government, 130 congressional lawmakers have invested in company stocks while making legislative decisions impacting the very same corporate interests.

Federal laws adopted by Congress forbid officials in the Executive Branch from trading stocks in industries overseen by their agencies. But the same restrictions don’t apply to lawmakers.

As a result, during a three-year span, representatives and senators, 68 Democrats and 62 Republicans, traded stocks valued between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to The Washington Post.

The Post found that more than 5,500 trades “intersected with legislation” that a company cared about.

We need to demand that our government representatives make this all illegal, folks. 

If we don't demand it, fight for it, if need be, it won't happen.

As I keep saying, we need to get our government back for us, the people, and not just for the wealthy and corporations.

Oh, and not for the government representatives themselves.

Here's yet another one, too: 

JPMorgan to Pay $410 Million in Enron-Like Scheme, but Admits Nothing while Execs Go Free

We need to stop tolerating this crap. We need to demand change.  Changes. For us. For the people.

What's wrong with our banking system.... and nation

One of the big things that's wrong with our country--the bankers, running it.

Check this out:

JPMorgan Executive May Escape Penalty

This is a real beauty.

On top of all else JP Morgan has done for themselves but against the American people and against the country, here's one of their executives who a) apparently lied to a court, under oath then, b) said she did (lied to the court) so that c) "the nation's top energy regulator is poised to extract a record settlement from JPMorgan Chase over accusations...it manipulated power markets" but, voila!, d) this JP Morgan Chase executive is going to apparently get off, scott-free from any charges.

JPM Chase will no doubt pay a huge fine, a penalty, then disavow any guilt and again, the executive will walk.

Isn't that just a nice, neat little package?

I'm sure the same would happen for you or I, even though we're middle- or lower-class and have no such millions or billions of dollars behind us.

Right?

How bad do banks have to get before we regulate them better?

First there was the 2008 financial, financial implosion of the banks that took place, nearly bringing down not just the nation's but nearly the world's economies, both, simultaneously.

Next we got Countrywide Financial cheating people out of millions or billions of dollars on their home mortgages with president, CEO and owner Angelo Mozilo getting away nearly scot-free.

Next up, we more recently had the Barclays Bank manipulation of the Libor interest rates, to our detriment and their benefit.

Fourth, we very recently--this past week--had Wells Fargo getting fined 175 million dollars for putting the financial screws to Blacks and Hispanics across the country.

Fifth, next, "Visa, MasterCard and major banks agreed to pay retailers at least $6 billion to settle a long-running lawsuit that alleged the card issuers conspired to fix the fees that stores pay to accept credit cards." Sick. We're being used and thrown to the dogs.

Now, we have JP Morgan saying yesterday that they lost not just 2 billion dollars but at least nearly 6 billion dollars--it may climb higher, they said--because they didn't have the proper people and procedures in place to protect their clients, themselves and the nation from this big a fleecing and scandal.

At what point do we recognize that we need to regulate banks better and more thoroughly?

Will it be when they collapse, completely?

Is that what it has to take?

Will we then have learned our lessons?

Do we have to wait that long?

Links: http://www.guardian.co.uk/business/2008/sep/22/morganstanley.goldmansachs

http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877339,00.html

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9398723/Barclays-manipulated-Libor-submissions-to-fit-in-with-the-crowd.html

http://www.huffingtonpost.com/2012/04/09/elizabeth-magner-new-orleans-wells-fargo_n_1412412.html

http://dealbook.nytimes.com/2012/07/13/jpmorgan-reports-second-quarter-profit-of-5-billion-down-9/

http://www.iwatchnews.org/2012/07/13/9579/visa-mastercard-6b-settlement-over-card-fees?utm_source=iwatchnews&utm_medium=web&utm_campaign=rss

JP Morgan loses $3b: You're darn right, Mr. President

Weekly Address: Congress Must Move Forward, Not Back On Wall Street Reform

Sewage rates in Alabama due to federal requirements

I was reading the news today when I was struck by this rather explosive headline: Alabama Residents Furious Over Possible Rate Increases: ‘If They Let This Stuff Happen They Are Going to Get the Biggest Riot the South Has Ever Seen’ It seems people are paying sewage and water bills from the city to the tune of $150 per month--and it's been threatened with big increases. What got me about the story, as far as KC is concerned is this: "Sewage and water rates (on average) have increased faster than inflation because the federal government has demanded that cities replace their “worn-out” sewer facilities to meet federal clean-water standards. When a federal judge forced Jefferson County to upgrade its outdated sewer system, officials decided to finance the project with bonds." Now, they did make a big mistake by taking out floating interest rate loans for the bonds but here's another big problem: "The sewage system was supposed to cost $300 million. However, since the project started in 1996, the costs have risen to $3.1 billion after various problems and a series of bond and derivatives deals fell through in 2008. Not surprisingly, a large amount of corruption was involved. JP Morgan Securities and two of its former directors have been fined for trying to bribe to Jefferson County employees and politicians in a bid to win business financing for the sewer project. Six former Jefferson County commissioners have been found guilty of accepting bribes, along with 15 other state officials." Hopefull nothing remotely similar will happen here in little ol' KCMO with the new sewers we're supposed to be getting. Here's hoping. Enjoy your weekend, y'all. Link to original article: http://news.yahoo.com/alabama-residents-furious-over-rate-increases-let-stuff-202403568.html

On corporate tax dodgers (read: cheats)

From Alternet and Rainforest Action Network (RAN):

...12 of the dirtiest corporate tax dodgers: Bank of America, Citi, JPMorgan, Wells Fargo, Chevron, BP, Shell, Exxon, Massey Energy, Alpha Natural Resources, Peabody Energy and Arch Coal. These 12 banks, oil and coal companies are largely responsible for foreclosing on millions of people’s homes and polluting our air, water and climate. At the same time, we found that they pay next to nothing into a tax system that provides the very services that protect the homeless, the sick and our environment.   

Our new infographic, Dirty Corporate Tax Dodgers, shows that banks, oil and coal companies made billions in profits last year and paid much less than their fair share in taxes. In fact, we found that if these 12 banks, oil and coal companies actually paid the IRS corporate tax rate of 35% they would be giving back $62 billion this tax season. That is almost double the $38 billion in federal budget cuts. 

To add insult to injury, while these multi-billion dollar industries we raking in the profits and evading their taxes they were also paying millions in CEO compensation and lobby dollars. These corporations are happy to pay large sums to manipulate our democracy but aren’t so interested in paying to support it.   

We were shocked to find that:

• Chevron, Exxon, BP and Shell together made $1.26 trillion in gross revenues, but paid a paltry 2.04% average tax rate;
• Bank of America, Citi, JPMorgan and Wells Fargo collectively dished out $83.4 million in CEO compensation;  and, while the top 4 banks made $454.4 billion in gross revenue, the top 4 oil companies made $1.26 trillion (yes that’s a ‘t'), and the top coal corporations made $17 billion, they collectively only paid $8.74 billion in federal taxes.

...let’s get one thing straight. America is not broke, and these dirty corporations don’t need any more handouts, bailouts, or subsidies. We don’t have a money problem we have a priorities problem. We’re slashing billions from our budget, much of which will come out of social services and environmental protections, while allowing corporate giants to slip ever-increasing profits into offshore accounts.  

By reversing years of tax giveaways to the largest corporations, Congress could raise trillions in revenue not only covering our budget deficit but also enhancing education, health and environmental programs that safeguard our families and our future. 

Like the now old saying goes, "If you're not angry, you're not paying attention."

Link:  http://www.alternet.org/economy/150617/corporate_tax_dodgers%3A_the_dirtiest_dozen

Heads up on your bank account information

An article out just now warns that millions of email addresses were stolen :

Banks, credit-card issuers warn of email breach

By PETER SVENSSON, AP Technology Writer

NEW YORK – With the possible theft of millions of email addresses from an advertising company, several large companies have started warning customers to expect fraudulent emails that try to coax account login information from them.

Companies behind such brands as Chase, Citi and Best Buy said over the weekend that hackers may have learned their email addresses because of a security breach at a Dallas-based company called Epsilon that manages email communications.

The email addresses could be used to target spam. It's also a standard tactic among online fraudsters to send emails to random people, purporting to be from a large bank and asking them to login in at a site that looks like the bank's site. Instead, the fraudulent site captures their login information and uses it to access the real account.

The data breach could make these so-called "phishing" attacks more efficient, by allowing the fraudsters to target people who actually have an account with the bank.

Keep in mind, usually these banks keep any thefts very quiet so they reassure their clients and prospective clients so this must concern them a great deal.

Just so you know.  Keep an eye out on your accounts and your email in-box.

Link to original story:  http://news.yahoo.com/s/ap/20110404/ap_on_hi_te/us_data_breach

And you're angry at THIS president and his administration?

I don't care who you are, whether you're a Conservative, a Republican, an independent, Tea Party member, Libertarian, whomever, if you're in any way angry at this president and his administration for what you see as going into "Socialism" and "big government" and a social-welfare state, honey, you have another think coming.

Yes, come with me now as we once again look back on that last administration and what they and the Fed did for big business, specifically the big banks in this country and around the world.  Let's put this current administration into perspective.

That last administration, via Mr. Bernanke and now former Treasury Secretary Hank Paulson did with our government--and our money.

They gave the following low-interest loans to the following companies, and in these amounts:

Goldman Sachs received nearly $600 billion; 

Morgan Stanley received nearly $2 trillion; 

Citigroup received $1.8 trillion; 

Bear Stearns, received nearly $1 trillion, 

Merrill Lynch, received some $1.5 trillion in short term loans from the Fed.

From Senator Bernie Sanders (Independent, VT) today at The Huffington Post:

We also learned that the Fed's multi-trillion bailout was not limited to Wall Street and big banks, but that some of the largest corporations in this country also received a very substantial bailout. Among those are General Electric, McDonald's, Caterpillar, Harley Davidson, Toyota and Verizon.

Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks -- Deutsche Bank and Credit Suisse -- which were the largest beneficiaries of the Fed's purchase of mortgage-backed securities.

Deutsche Bank, a German lender, sold the Fed more than $290 billion worth of mortgage securities. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

Senator Sanders asks a very pertinent question:  Has the Federal Reserve of the United States become the central bank of the world?

Mind you, that last administration kept all this quiet and totally out of the public's knowledge until only recently because Sen. Sanders had to put into law a provision, asking for a breakdown of just what exactly was given to whom but for all the complainers and haters out there, of this administration, I ask you--where was your outrage back when the ultra-white and very-privileged George W. Bush and Co. were spending like drunken sailors and starting pre-emptive and illegal wars, all in our name?

If you're going to be raising hell about something, you ought to be raising it about the guy who gave over the candy store to the rich fatcats, not the guy who is, now, trying to stand up for the everybody else in the country and not the wealthiest top tier.

You knuckleheads.

Link to original post:  http://www.huffingtonpost.com/rep-bernie-sanders/a-real-jaw-dropper-at-the_b_791091.html

No one burns through money like Americans, Part Two

Okay, here's another story you may or may not have seen.

While all the big banks were in big trouble and needing millions and yes, billions of dollars of our government, tax dollars to save their collective butts, these same banks--Goldman Sachs, AIG, Citibank (as Bill Maher refers to them--and that they've earned--"Shittybank"), Morgan Stanley, Bank of America, etc.--they were also handing out many, many million dollar bonuses to their employees.

Check this out:

"At Goldman Sachs, for example, bonuses of more than $1 million went to 953 traders and bankers..."

Do the math.

One million dollars times 953 traders is perilously close to one trillion dollars, folks.

For one company.

One company.

953 employees.

One million dollars each.

Can you even imagine?

One million dollars as a bonus?

On top of your salary?

Where is the perspective?

To continue:

"Even at weaker banks like Citigroup and Bank of America, million dollar awards were distributed to hundreds of workers."

How nice.

"...Morgan Stanley awarded seven-figure bonuses to 428 employees."

Let's see. 953--million--plus 428--million--and pretty soon you're very near one and a half billion dollars in bonuses.

Even though you're company is going to heck in a handbasket, largely due to how the company was handled and choices made in the organization.

This is insane.

This is insanity.

The banks screwed up, big time, by screwing their clients, largely in mortgages and other really ugly vehicles, then they were going down and losing money but they then handed out million dollar bonuses to hundreds and hundreds of employess--after receiving government money to save their butts.

Oh, yeah.

Americans burn through money like no one else.

We've given billions, maybe trillions of dollars, to these banks, to save their collective butts and they turned around and gave million dollar bonuses to hundreds and hundreds of their employees.

As though they'd done a good job.

Link to story:
http://www.nytimes.com/2009/07/31/business/31pay.html?_r=1&th&emc=th

From Mish Sedlock

I said I'd print only stuff I wrote but this is too good not to reprint:



Paulson Steals Show From the Grinch

Did I hear someone say “making a list, checking it twice?” Not Hank. He might as well have made the checks out to cash. Come to think of it he did.

The Associated Press tried to do what Paulson hasn’t, asking 21 banks how much they’ve spent and on what, how much is being held in reserve and what their plan is for the rest. The folks responsible for the mess, in possession of billions of our dollars, were too arrogant to say.

JPMorgan Chase & Co. said of its $25 billion haul: “We’ve lent some of it. We’ve not lent some of it,” AP reported. Now get lost.

Bank of New York Mellon Corp. spokesman Kevin Heine told AP, “We’re choosing not to disclose that.” Wendy Walker of Comerica Inc., after refusing to share any details, said, “We’re not sharing any other details. We’re just not at this time.”

What time would be better, Ms. Walker? Never. I bet never is good for you.

Financial superstars got used to talking this way when they were lionized as American royalty. Sprawling oceanfront estates the size of hotels, private 737s outfitted like palaces weren’t marks of wretched excess but totems of swashbuckling capitalist derring-do.

This happened even as almost no one knew what these geniuses were doing. They weren’t making anything like a railroad you could see. They were moving money from one place to another, keeping some for themselves as it changed hands.

Try to follow the trajectory of a mortgage on a house in Cleveland into a bundled credit default swap of collateralized debt. Few could, yet paydays of $30 million and bonuses of twice that were based on it. Therein lay its charm.

Thanks to an economic meltdown, we now know the decade’s financial superstars walked off with money they didn’t earn in a scheme more sophisticated but no less damnable than a punk in a ski mask holding up a convenience store.

You would think heads would roll, some into jail. I’m not just talking about Bernard Madoff. I’m talking about the titans of commerce.

They still walk the streets, when in truth schemes should be named after them. Ponzi just doesn’t do justice to what they pulled off.

But why isn’t anyone screaming about giving these miscreants more money? Who’s in charge here? Surely, there is someone left with a conscience, and a pulse, in the White House, someone in Congress who can call a hearing and rough up these bankers at least as much as they did the auto industry.

Fortunately, I’ve found something even a Grinch can be jolly about: Reverend Warren’s stricture against gays in his church was removed from his Web site this week. And for 2009, the number of applicants to Teach for America jumped to 25,000 from 18,000 for 3,700 chances to serve in the poorest schools.

The best and the brightest want to do good instead of doing well. I’ll raise a glass to that.