NeoAmerica as Moby Dick

Chris Hedges sees parallels between Captain Ahab and those who steer modern America.

In our decline, hatred becomes our primary lust, our highest form of patriotism and a form of eroticism. We are made supine by hatred and fear. We deploy vast resources to hunt down jihadists and terrorists, real and phantom. We destroy our civil society in the name of a war on terror. We persecute those, from Julian Assange to Bradley Manning to Edward Snowden, who expose the dark machinations of power. We believe, because we have externalized evil, that we can purify the earth. We are blind to the evil within us. Melville’s description of Ahab is a description of the bankers, corporate boards, politicians, television personalities and generals who through the power of propaganda fill our heads with seductive images of glory and lust for wealth and power. We are consumed with self-induced obsessions that spur us toward self-annihilation.

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U.S. media pummels Edward Snowden with snobbishness

When they don't like you, media outlets can crucify you with irrelevant personal attacks. This means that there is always an out for those who don't really want to report a story. That's what happened regarding Edward Snowden. He didn't graduate from high school, though he did pick up a GED. Nonetheless, he has repeatedly been smeared as a "dropout." FAIR reports on this hatchet job.   It turns out that Snowden is in fine company. Consider this excerpt:

Consider these high-school dropouts: Founding father and genius inventor Benjamin Franklin. Founding Father and First President George Washington. The founder of modern nursing, Florence Nightingale. American aviation pioneers Orville and Wilbur Wright. The first lady of civil rights, Rosa Parks, who refused a Montgomery Alabama bus driver's order to give up her seat to a white passenger. The man who gave the world its most popular chocolate bar, Milton Hershey. Before he would become America's most beloved author, Mark Twain left school at the age of 12 to become a printer's apprentice. The great man who saved the Union, Abraham Lincoln.
There are many others, including Bill Cosby, and presumably Jesus. But as we've seen, calling someone a "dropout" is a selectively used weapon, not a truly relevant aspect to most stories. To compound things, many of the smartest people I know do not have college diplomas, yet they too are treated miserably by a society that seeks quick, easy and often wrong answers to the question of who is "smart" or worthy of respect. This is a travesty for all of us, credentialed or otherwise.

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Matt Taibbi puts the spotlight on the rating agencies

The financial meltdown could never have happened if the ratings agencies hadn't rated crap loans as excellent. It would have brought the entire corrupt system to a halt. Matt Taibbi is whipping these culprits with some stunning evidence that has recently come to light.

Thanks to a mountain of evidence gathered for a pair of major lawsuits, documents that for the most part have never been seen by the general public, we now know that the nation's two top ratings companies, Moody's and S&P, have for many years been shameless tools for the banks, willing to give just about anything a high rating in exchange for cash. In incriminating e-mail after incriminating e-mail, executives and analysts from these companies are caught admitting their entire business model is crooked. "Lord help our fucking scam . . . this has to be the stupidest place I have worked at," writes one Standard & Poor's executive. "As you know, I had difficulties explaining 'HOW' we got to those numbers since there is no science behind it," confesses a high-ranking S&P analyst. "If we are just going to make it up in order to rate deals, then quants [quantitative analysts] are of precious little value," complains another senior S&P man. "Let's hope we are all wealthy and retired by the time this house of card[s] falters," ruminates one more.
Here's Taibbi's conclusion:
What's amazing about this is that even without a mass of ugly documentary evidence proving their incompetence and corruption, these firms ought to be out of business. Even if they just accidentally sucked this badly, that should be enough to persuade the markets to look to a different model, different companies, different ratings methodologies. But we know now that it was no accident. What happened to the ratings agencies during the financial crisis, and what is likely still happening within their walls, is a phenomenon as old as business itself. Given a choice between money and integrity, they took the money. Which wouldn't be quite so bad if they weren't in the integrity business.
This is an engaging and detailed article that will leave you frustrated that it's business as usual for the ratings agencies. Excellent reporting and phenomenal writing by Taibbi.

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