Chris Hedges: Kick the modern money-changers out of the temple

Chris Hedges had some sharp words for the modern day money-changers last Friday, during his speech in Union Square, New York City, during a protest outside a branch of the Bank of America:

The bankers and hedge fund managers, the corporate and governmental elites, are the modern version of the misguided Israelites who prostrated themselves before the golden calf. The sparkle of wealth glitters before them, spurring them faster and faster on the treadmill towards destruction. And they seek to make us worship at their altar. As long as greed inspires us, greed keeps us complicit and silent. But once we defy the religion of unfettered capitalism, once we demand that a society serve the needs of citizens and the ecosystem that sustains life, rather than the needs of the marketplace, once we learn to speak with a new humility and live with a new simplicity, once we love our neighbor as ourself, we break our chains and make hope visible.

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James Randi puts spotlight on five promoters of nonsense

The James Randi Educational Foundation has "honored" what it terms to be the "Five Worst Promoters of Nonsense" for the past year. Among the honorees is CVS Pharmacy:

for their work to support the manufacturers of scam “homeopathic” medications who sell up to $870 million a year in quack remedies to U.S. consumers. Homeopathic remedies contain none of the active ingredient they claim, and homeopathy has been shown to be useless in randomized clinical trials. CVS/pharmacy sells these quack products in thousands of stores across the U.S., right alongside real medicine, with no warning to consumers. Instead of giving their customers the facts about homeopathy, CVS/pharmacy executives are cashing in themselves by offering their own store-brand of the popular homeopathic product oscillococcinum. Oscillococcinum is made by grinding up the liver of a duck, putting none of it onto tiny sugar pills—that’s right, none of it—and then advertising the plain sugar pills as an effective treatment for flu symptoms.

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Matt Taibbi asks: “Why isn’t Wall Street in jail?”

At DemocracyNow, Matt Taibbi discusses why, on Wall Street, Nobody goes to jail."

Every single former investigator or current investigator that I talked to said the same thing: Madoff went to jail because the wrong people suffered. You know, it was famous actors. It was, you know, the glitterati in New York. If these were teachers and firemen and all the usual suspects—you know, look at the—we have a million people in foreclosure in this country right now, and a lot of them are there because of predatory lending and because of this fraud scheme, but there are no criminal prosecutions. I think that’s the reality now, is that we don’t see anybody being criminally targeted unless their victims were powerful people themselves. We have two-and-a-half million people in jail this country, you know, more than a million who are in jail for nonviolent crimes. And yet, we couldn’t find a single person on Wall Street to do even a day in jail for losing 40 percent of the world’s wealth in a criminal fraud scheme? And that tells you that we have—this goes beyond the cliché that rich people have better lawyers and they have an advantage. This is a step beyond that. This is a situation where the system is completely corrupted, and it’s true regulatory capture. The SEC and the Justice Department are essentially subsidiaries of Wall Street.

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The Past As Spin

Representative Michelle Bachman is the national voice of The Tea Party. Recently, in speaking to a group of Iowans, she made some claims about American history that would be laughable if they had not come from someone who likes to style herself an authority of Constitutional matters. She claimed that the glory of our country is that color and language didn’t matter, nor did class or parentage, that once people got here, “we were all the same.” Wishful thinking at best. Certainly that was the idea behind the Declaration of Independence, with its grand opening phrases, but like all such ambitions, it took reality a long, long time to catch up—and it still hasn’t. The fact is, despite our stated political and social goals, immigrants have always had difficulty upon arriving here, some more than others, and those already here have always resented new arrivals. And even for those who were already living here, equality was simply not a reality. African slaves aside, women did not achieve equality until…well, some would say they’re still trying to achieve it, but just for one metric, they didn’t get the vote until 1921. People who owned no property were barred from the vote for a good portion of the 19th Century and other barriers were put up here and there, time and again, such as literacy tests. Anything to keep certain groups from being able to vote against the self-selected “true” Americans. She went further, though, and suggested that slavery was an unfortunate holdover from colonial times and that the Founding Fathers “worked tirelessly until slavery was gone from the United States.” She cited John Quincey Adams, who was a staunch campaigner against slavery. The problem, though, is that he was not a Founder. He was the son of one. [More . . . ]

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You and I are paying the legal bills of executives accused of fraud

Here is yet another secret deal that has recently seen the light of day thanks to the New York Times:

Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress. The bulk of those expenditures — $132 million — went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating.
If this was such a good idea, why was it kept secret.

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