- Upward mobility: Intergenerational social mobility in the US is well behind the rest of the developing world. That means people whose parents are poor, are more likely to remain poor themselves. This makes people less motivated to work hard and means that bright minds in…
“HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America’s Derivatives Trades
This story from Bloomberg just hit the wires this morning. Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.
This means that the investment bank’s European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn’t get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to “give relief” to the bank holding company, which is under heavy pressure.
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.
What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.
This is a recipe for Armageddon. Bernanke is absolutely insane. No wonder Geithner has been hopping all over Europe begging and cajoling leaders to put together a massive bailout of troubled banks. His worst nightmare is Eurozone bank defaults leading to the collapse of the large U.S. banks who have been happily selling default insurance on European banks since the crisis began.
Let me tell you some things.
I used to investigate child abuse and neglect. I can tell you how to stop the vast majority of abortion in the world.
First, make knowledge and access to contraception widely available. Start teaching kids before they hit puberty. Teach them about domestic violence and coercion, and teach them not to coerce and rape. Create a strong, loving community where women and girls feel safe and supported in times of need. Because guess what? They aren’t. You know what happens to babies born under such circumstances? They get hurt, unnecessarily. They get sick, unnecessarily. They get removed from parents who love them but who are unprepared for the burden of a child. Resources? Honey, we try. There aren’t enough resources anywhere. There are waiting lists, and promises, and maybes. If the government itself can’t hook people up, what makes you think an impoverished single mom can handle it?
Abolish poverty. Do you have any idea how much childcare costs? Daycare can cost as much or more than monthly rent. They may be inadequately staffed. Getting a private nanny is a nice idea, but they don’t come cheap either. Relatives? Do they own a car? Does the bus run at the right times? Do they have jobs of their own they need to work just to keep the lights on? Are they going to stick around until you get off you convenience store shift at 4 AM? Do they have criminal histories that will make them unsuitable as caregivers when CPS pokes around? You gonna pay for that? Who’s going to pay for that?
End rape. I know your type errs on the side of blaming the woman, but I’ve seen little girls who’ve barely gotten their periods pregnant because somebody thought raping preteens was an awesome idea. You want to put a child through that? Or someone with a mental or physical inability for whom pregnancy would be frightening, painful or even life-threatening? I’ve seen nonverbal kids who had their feet sliced up by caregivers for no fucking reason at all, you think sexual abuse doesn’t happen either?
You say there’s lots of couples who want to adopt. Kiddo, what they want to adopt are healthy white babies, preferably untainted by the wombs and genetics of women with alcohol or drug dependencies. I’ve seen the kids they don’t want, who almost no one wants. You people focus only on the happy pink babies, the gigglers, the ones who grow and grow with no trouble. Those are not the kids who linger in foster care. Those are certainly not the older kids and teenagers who age out of foster care and then are thrown out in the streets, usually with an array of medical and mental health issues. Are they too old to count?
And yeah, I’ve seen the babies, little hand-sized things barely clinging to life. There’s no glory, no wonder there. There is no wonder in a pregnant woman with five dollars to her name, so deep in depression you wonder if she’ll be alive in a week. Therapy costs money. Medicine costs money. Food, clothes, electricity cost money. Government assistance is a pittance; poverty drives women and girls into situations where they are forced to rely on people who abuse them to survive. (I’ve been up in more hospitals than I can count.)
In each and every dark pit of desperation, I have never seen a pro-lifer. I ain’t never seen them babysitting, scrubbing floors, bringing over goods, handing mom $50 bucks a month or driving her to the pediatrician. I ain’t never seen them sitting up for hours with an autistic child who screams and rages so his mother can get some sleep while she rests up from working 14-hour days. I don’t see them fixing leaks in rundown houses or playing with a kid while the police prepare to interview her about her sexual abuse. They’re not paying for the funerals of babies and children who died after birth, when they truly do become independent organisms. And the crazy thing is they think they’ve already done their job, because the child was born!
Aphids give birth, girl. It’s no miracle. You want to speak for the weak? Get off your high horse and get your hands dirty helping the poor, the isolated, the ill and mentally ill women and mothers and their children who already breathe the dirty air. You are doing nothing, absolutely nothing, for children. You don’t have a flea’s comprehension of injustice. You are not doing shit for life until you get in there and fight that darkness. Until you understand that abortion is salvation in a world like ours. Does that sound too hard? Do you really think suffering post-birth is more permissible, less worthy of outrage?
“Pro-life” is simply a philosophy in which the only life worth saving is the one that can be saved by punishing a woman.
I’ve reblogged this before, I’ll do it again. Please read.
Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:
“I could end the deficit in 5 minutes,” he told CNBC. “You just pass a law that says that anytime there is a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election
The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months & 8 days to be ratified! Why? Simple! The people demanded it. That was in 1971…before computers, e-mail, cell phones, etc.
Of the 27 amendments to the Constitution, seven (7) took 1 year or less to become the law of the land…all because of public pressure.
Warren Buffet is asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise. In three days, most people in The United States of America will have the message. This is one idea that really should be passed around.
*Congressional Reform Act of 2011*
1. No Tenure / No Pension.
A Congressman collects a salary while in office and receives no pay when they are out of office.
2. Congress (past, present & future) participates in Social Security.
All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.
3. Congress can purchase their own retirement plan, just as all Americans do.
4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.
5. Congress loses their current health care system and participates in the same health care system as the American people.
6. Congress must equally abide by all laws they impose on the American people.
7. All contracts with past and present Congressmen are void effective 1/1/12.
The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.
If each person contacts a minimum of twenty people then it will only take three days for most people (in the U.S.) to receive the message. Maybe it is time.
THIS IS HOW YOU FIX CONGRESS!!!!!
20 people via e-mail? You know what to do followers… Signal boost!
Meanwhile, on the cable “news” networks at approximately 11:50 PM Eastern / 8:50 PM Pacific, not a word about the police violence in Oakland
- CNN’s Erin Burnett is talking about a missing baby case.
- Fox has a repeat of The O’Reilly Factor talking to Don fucking King.
- MSNBC has a repeat of The Ed Show.
Remember when the cable news networks actually covered the fucking news?
It’s up to us now, guys. Spread the word.