Vestidos 2012

Church HIV prayer cure claims 'cause three deaths'

mindbabies:

bringtheruckuss:

At least three people in London with HIV have died after they stopped taking life saving drugs on the advice of their Evangelical Christian pastors.

OH FOR FUCKS SAKE!

Welp, at least we’re out three dumbasses.

Oh, I’m sorry is that insensitive?

As insensitive as being a pastor who tells his HIV positive followers to stop taking their life-saving medication perhaps? Why would anyone in their right mind actually follow that advice?

(via mindbabie5-deactivated20120604)

HOLY BAILOUT - Federal Reserve Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trades

mindbabies:

cognitivedissonance:

This is quite frightening (emphasis from the source):

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.

It’s interesting we never hear anything about this in the US media. Why Occupy Wall Street? Here’s a good reason.  hope Europe does not implode, but the latest news isn’t positive. 

mindbabies: Below is my economics-nerd friend’s response to this article when I posted it on FB (note: he tends to lean conservative/right):

Ohhh boy this is gonna be long lol, bear with me.

As for the DailyBail article:

First, I think this article is a little misleading. It gives the impression that BofA is moving $75 tril of derivatives from ML to BofA NA in order to hook the FDIC, and therefore the tax payer, for the risk. From the original Bloomberg article ( link given in the article ) it is stated that at the end of June BofA had $75 tril of derivatives, 71% ( $53 tril) of which was already in BofA NA. 99% of JPMorgans derivatives ( $79 tril ) was held in their nationally chartered bank. As to how much or what kind they are moving, I can’t determine, but more on that later.

Secondly, the article also gives the impression that the $75 tril in derivatives is completely European exposure. There are many types of derivatives from many different places, so I seriously doubt, but can’t prove, that it is all European based exposure. I just find it extremely doubtful it is.

Thirdly, the term “notional” is NOT what BofA is on the hook for. I don’t really feel like explaining notional value, but this does a pretty good job with easy-to-understand examples:  http://mostlystocks.blogsp
 ot.com/2008/04/what-does-13-trillion-notional-value.html

Okay, with all that said and done, here is my opinion:

I don’t know what kind/how much of their derivatives they are moving. Nor do I know over what timetable this has been/is happening. I don’t even know what amount BofA and JPMorgan would be on the hook for nor how much the FDIC would be on the hook for. But I don’t give a FUCK. This is an absolute bullshit and criminal move by the banks and the Fed, regardless of the type or amount of derivatives they move. ANY risk transferred to the American public on behalf of any corporations misguided moves is unacceptable and a complete disregard for the populations (including their shareholders due to the bankruptcy implications) well-being. I’d also like to see an end to the Federal Reserve and Bernanke flogged, stoned, drawn and quartered, and vivisected, but I’m a mean and violent person when I want to be, so that’s just me.

Emphasis mine.

(via mindbabie5-deactivated20120604)

mindbabies:

cognitivedissonance:

Dear Oakland PD,
You have probably angered many in the US Marine Corps.
Sincerely,An observant veteran
Dear members of the US Marine Corps,
Join us. We defend and fight for your brother, and those in the 99% - those like you.
Sincerely,A veteran and member of the 99% 

Ooof… The 1% is slippin’!
The costs of being completely out of touch with reality: Pissing everyone off.

mindbabies:

cognitivedissonance:

Dear Oakland PD,

You have probably angered many in the US Marine Corps.

Sincerely,
An observant veteran

Dear members of the US Marine Corps,

Join us. We defend and fight for your brother, and those in the 99% - those like you.

Sincerely,
A veteran and member of the 99% 

Ooof… The 1% is slippin’!

The costs of being completely out of touch with reality: Pissing everyone off.

(via mindbabie5-deactivated20120604)