Elizabeth Warren tells the OCC and the Fed that their job is not to hide evidence of lawbreaking

Senator Elizabeth Warren educates Daniel P. Stipano, Deputy Chief Counsel, Office of the Comptroller of the Currency and Richard Ashton, Deputy General Counsel, Board of Governors of the Federal Reserve. They look surprised that they should actually be looking out to help out victims of the banks and not helping the banks to hide evidence of law-breaking by those banks that conducted illegal foreclosures. Thank goodness we have Senator Warren on the job.

Continue ReadingElizabeth Warren tells the OCC and the Fed that their job is not to hide evidence of lawbreaking

Bail-in of big banks as an ongoing strategy

Was Cyprus a one-off situation? At Alternet, Ellen Brown says no, and she indicates that the repeal of Glass-Steagall, "too big to fail" and the subsequent $230 trillion derivatives boondoggle should make many of us wary.

The Cyprus bail-in was not a one-off emergency measure but was consistent with similar policies already in the works for the US, UK, EU, Canada, New Zealand, and Australia, as detailed in my earlier articles here and here. “Too big to fail” now trumps all. Rather than banks being put into bankruptcy to salvage the deposits of their customers, the customers will be put into bankruptcy to save the banks. The big risk behind all this is the massive $230 trillion derivatives boondoggle managed by US banks . . . The tab for the 2008 bailout was $700 billion in taxpayer funds, and that was just to start. Another $700 billion disaster could easily wipe out all the money in the FDIC insurance fund, which has only about $25 billion in it.
Under the guise of protecting taxpayers, Dodd-Frank makes depositors of failing institutions are to be de-facto subordinated to interbank claims. Brown writes: "The FDIC was set up to ensure the safety of deposits. Now it, it seems, its function will be the confiscation of deposits to save Wall Street." The urgent solution, is to repeal the super-priority status of derivatives, so that the banks themselves lose out to the security of the depositors.

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Is the Internet dissolving belief in religion

At Alternet, Valerie Tarico argues that the Internet is shriveling memberships in religions. She gives six reasons:

1. Radically cool science videos and articles. 2. Curated collections of ridiculous beliefs. 3. The kinky, exploitative, oppressive, opportunistic and violent sides of religion. 4. Supportive communities for people coming out of religion. 5. Lifestyles of the fine and faithless. 6. Interspiritual okayness.

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Half of us are mentally ill

Almost half of Americans fall within one or more of the descriptions in the DSN5 (Diagnostic and Statistical Manual--5th edition). Why so many? Because, according to the Slate article titled "Abnormal is the New Normal," we diagnose mental illness more accurately, because more of us are mentally ill and because we've expanded the definition of what constitutes mental illness. "Caffeine intoxication," anyone?

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