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In Germany, a Better Vaccine for Politicians?
2009-10-27, Time magazine
http://www.time.com/time/health/article/0,8599,1932366,00.html

As Germany launched its mass-vaccination program against the H1N1 flu virus on Monday, the government found itself fending off accusations of favoritism because it was offering one vaccine believed to have fewer side effects to civil servants, politicians and soldiers, and another, potentially riskier vaccine to everyone else. The German government prepared for its mass-vaccination campaign earlier this year by ordering 50 million doses of the Pandemrix vaccine. The vaccine, manufactured by GlaxoSmithKline, contains an immunity-enhancing chemical compound, known as an adjuvant, whose side effects are not yet entirely known. The Interior Ministry confirmed that it had ordered a different vaccine, Celvapan, for government officials and the military. Celvapan, which is made by U.S. pharmaceutical giant Baxter, does not contain an adjuvant and is believed to have fewer side effects.

Note: For a revealing article exposing more on this critical issue, click here. Other thoroughly researched articles suggesting a major cover-up around the swine flu vaccine are available here.

Police in £9m scheme to log 'domestic extremists'
2009-10-25, The Guardian (One of the UK's leading newspapers)
http://www.guardian.co.uk/uk/2009/oct/25/police-domestic-extremists-database

Police are gathering the personal details of thousands of activists who attend political meetings and protests, and storing their data on a network of nationwide intelligence databases. The hidden apparatus has been constructed to monitor "domestic extremists". Detailed information about the political activities of campaigners is being stored on a number of overlapping IT systems, even if they have not committed a crime. Senior officers say domestic extremism, a term coined by police that has no legal basis, can include activists suspected of minor public order offences such as peaceful direct action and civil disobedience. Three national police units responsible for combating domestic extremism are run by the "terrorism and allied matters" committee of the Association of Chief Police Officers (Acpo). In total, it receives £9m in public funding, from police forces and the Home Office, and employs a staff of 100. The main unit, the National Public Order Intelligence Unit (NPOIU), runs a central database which lists thousands of so-called domestic extremists. It filters intelligence supplied by police forces across England and Wales, which routinely deploy surveillance teams at protests, rallies and public meetings. Vehicles associated with protesters are being tracked via a nationwide system of automatic number plate recognition (ANPR) cameras. Police surveillance units, known as Forward Intelligence Teams (FIT) and Evidence Gatherers, record footage and take photographs of campaigners as they enter and leave openly advertised public meetings. Surveillance officers are provided with "spotter cards" used to identify the faces of target individuals who police believe are at risk of becoming involved in domestic extremism. Targets include high-profile activists regularly seen taking part in protests.

Note: This important article should be read in its entirety. For further revelations of the magnitude of this surveillance and "rebranding protest as extremism " program, click here.

Officers accused of inciting violence to testify before police ethics panel
2009-10-23, Globe and Mail (One of Canada's leading newspapers)
http://www.theglobeandmail.com/news/national/officers-accused-of-inciting-vio...

Three undercover officers accused of inciting protesters to attack riot police at the 2007 North American leaders summit in Montebello are being summoned to testify before Quebec's independent police ethics committee. The decision from the committee released this week overrules an independent review that exonerated the officers. It also comes more than two years after the black-clad trio were first exposed on YouTube. Dave Coles, the union leader who confronted the men at the time and filed a complaint against the police ... said he suspects an inquiry would find there was political involvement. “This is the big question: Who sent them in?” asked Mr. Coles. “And don't give me some lame excuse that it was a low-level officer.” Video images of the incident posted on YouTube showed three officers disguised as protesters wearing black tops and camouflage pants. Their faces were covered by black and white bandanas. One of them, wearing a sideways ball cap marked with graffiti, held a large stone in his hand. Mr. Coles yelled at them to show their faces and the officer carrying the rock responded with a two-handed shove.

Note: Click on the link above to watch the astonishing YouTube video of this police provocation. This is just one case that happened to be caught on film. Why are undercover police infiltrating activist groups and inciting violence at demonstrations around the world?

Voices of Power: Elizabeth Warren
2009-10-08, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2009/10/08/AR20091008007...

LOIS ROMANO: Welcome, Elizabeth Warren, Chairman of the Congressional Oversight Committee that is tasked with scrutinizing how the Treasury Department has spent $700 billion to shore up our failing financial institutions. There's a wonderful moment [in the movie "Capitalism: a Love Story"] when [Michael Moore] asks you where the $700 billion is, and you look at him and you say, "I don't know." So the question is: why don't you know? WARREN: Well, we don't know where the $700 billion is because the system was initially designed to make sure that we didn't know. When Secretary Paulson first put this money out into the banks, he didn't ask "what are you going to do with it?" He didn't put any restrictions on it. He didn't put any tabs on where it was going to go; in other words, he didn't ask. And if you don't ask, no one tells. And so we have a system that originally put more than $200 billion into the financial institutions basically saying just take it. ROMANO: And that money is gone. You have not been able to track where that money is? WARREN: Well, we don't know where the money went from the financial institutions. The big conversation at the time was that the credit markets are frozen; if we put money into the financial institutions, they will start lending it because that's what they do when they receive money. It was called the "Healthy Banks Program." Secretary Paulson kept saying, over and over, these are investments in healthy financial institutions, no one needs any subsidy, that [the] money was going to be used in lending to small businesses and consumers and kind of get our whole credit market going again. That didn't happen.

Note: To watch a powerfully revealing, five-minute video showing the Inspector General of the Federal Reserve testifying that she doesn't know where trillions of dollars are, click here. For a comprehensive overview of the realities underlying the government's bailout of the biggest financial institutions, click here.

FBI: Murder, Violent Crime Dropped in 2008
2009-09-14, New York Times/Associated Press
http://www.nytimes.com/aponline/2009/09/14/us/politics/AP-US-Crime.html

Murder and manslaughter dropped almost 4 percent last year, as reported crime overall fell around the country, according to new data released ... by the FBI. The 3.9 percent decline in killings reported to police was part of a nationwide drop in violent crime of 1.9 percent from 2007 to 2008. Rapes declined 1.6 percent, to the lowest national number in 20 years -- about 89,000. The statistics are based on crimes reported to police, who then forward the information to the FBI. There were 14,180 murder victims in the United States last year. ''What has been impressive has been how flat all the violent crime rates have been since 2000. To a large degree that's still the case, but the striking change this year has been murder,'' said Alfred Blumstein, a professor of criminal justice at Carnegie-Mellon University. The figures show that crime has come way down since its peak in the early 1990's. ''These are rates we haven't seen since the 1960's, even though the change from year to year has been rather small,'' said Blumstein. Property crimes declined overall, by 0.8 percent, but that was driven mostly by a 12.7 percent drop in car thefts. The other major categories of property crime -- burglaries and larceny-thefts -- both rose. Typically, crime is expected to rise during economic hard times, but Blumstein said last year's data was too early in the economic cycle to reflect that, because the most serious economic impacts came toward the end of 2008, and may not have affected teenagers -- the group most likely to turn to crime as their job prospects dwindle.

Note: What this report completely fails to report is that violent crime is down over 50% since 1994! Why does the major media consistently fail to report this awesome news? For verifiable information on this, click here.

CIA's black sites, illuminated
2009-08-31, Los Angeles Times
http://www.latimes.com/news/nationworld/nation/la-na-cia-detainee31-2009aug31...

The secret overseas "black sites" where the CIA conducted the interrogations are empty now, if not already dismantled. They were never examined by a congressional committee, nor inspected by the international Red Cross. The black sites not only imprisoned men but reduced them to a near helpless state. The aim, as outlined in one document, was to teach every detainee "to perceive and value his personal welfare, comfort and immediate needs more than the information he is protecting." The prisoners' arrival -- almost always in diapers -- was engineered to achieve that end. After being shaved, stripped and photographed nude, detainees were examined by CIA medical and psychological personnel. Then came a preliminary interrogation that would determine the prisoners' fate. Only those considered extremely cooperative would avoid a trio of techniques designed to produce a "baseline, dependent" state: the deprivation of clothes, solid food and sleep. Follow-up sessions would start with the prisoner standing with his back against a wall and a towel or collar to prevent whiplash wrapped around his neck. He could be thrown against the wall just once "to make a point, or 20 to 30 times consecutively." Prisoners so abhorred the repeated slamming that they would remain in so-called stress positions, such as painful kneeling postures, for hours to avoid a return to the wall, according to one Dec. 30, 2004, memo that amounts to a CIA blueprint for breaking a detainee's will. Earlier this year, the Obama administration released a series of Justice Department memos laying out legal rationales for the array of coercive interrogation methods the CIA employed.

Note: For further revelations from major media sources on the illegal methods used by the US government in its wars around the world, click here.

Health Care Battle: Lobbyists Outnumber Lawmakers
2009-08-14, ABC News
http://abcnews.go.com/Politics/HealthCare/story?id=8322683

The time, money and manpower that lobbying firms devote to courting lawmakers reveals an investment inside the Beltway of staggering proportions. For every lawmaker in Congress, there are about six lobbyists pushing their health care priorities, according to a Bloomberg News investigation released today. That's about 3,300 registered health care lobbyists working Capitol Hill. A total of $263 million has been spent on health lobbying in 2009, according to the latest data from the Center for Responsive Politics. That's more money spent on health than any other sector this year. The list of the top 20 spenders in 2009 across all sectors includes the U.S. Chamber of Commerce at No. 1, spending more than $26 million, Pharmaceutical Research and Manufacturers of America (PhRMA) at No. 3, spending $13 million, and Pfizer in the No. 6 spot, spending $11 million. Also joining the ranks of the top 20 spenders this year are Blue Cross Blue Shield, AARP, American Hospital Association, American Medical Association and Eli Lilly, each having doled out between $7 and $10 million this year. Wendell Potter, a 20-year health insurance veteran and former CIGNA vice president, ... spoke out about insurance companies operating behind the scenes. Potter recalled previous health care fights, saying insurers have undoubtedly tried to shape the battle. "It is usually done through the PR firms that work for them," Potter said. "They want to keep their fingerprints off stuff like that. "With this history, you can rest assured that the industry is up to the same dirty tricks, using the same devious PR practices it has used for many years to kill reform this year, or even better, to shape it so that it benefits insurance companies and their Wall Street investors far more than average Americans," he said.

Note: For lots more on the corrupt medical/governmental complex, click here.

New Fed powers not matched with accountability
2009-06-25, Reuters News
http://www.reuters.com/article/topNews/idUSTRE55O6EZ20090625

President Barack Obama's proposal for a regulatory overhaul of the financial industry vastly expands the reach of the Federal Reserve, yet fails to make policy-makers more accountable for their actions. Critics argue that the new legislation fundamentally misses the problems that led to the financial crisis. It was a lack of enforcement by supervisors, they say, not insufficient rules, that fostered a cowboy culture of rampant risk-taking on Wall Street. "Obama is letting the Fed and everyone else off the hook by saying that the problem was with the regulations and not the regulators," said Dean Baker, co-director of the Center for Economic Policy Research in Washington. "If regulators know that even if they totally fail on the job, they will face no career consequences, then at some future point, when there is a choice between confronting the financial industry or just going along, the regulators will just go along," said Baker. Some feel uncomfortable with a broader role for the Fed primarily because of the Fed's closeness to the banking sector. The Fed is not technically a public entity. Each of the Fed's 12 branches are overseen by a nine-member board of directors, two-thirds of whom are elected by the bankers in the district. "The Federal Reserve has massive conflicts of interest that make it ill-suited for its present regulatory functions and certainly for an expanded regulatory reach," said Robert Auerbach, a professor of public affairs at the University of Texas at Austin. "The officials leading the Fed today preside over an organization that is run in substantial part by the bankers they regulate."

Note: For empowering insight into the historic roots of the Federal Reserve's unaccountability, click here.

Fed Would Be Shut Down If It Were Audited, Expert Says
2009-06-10, CNBC News
http://www.cnbc.com/id/31204170

The Federal Reserve's balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant's Interest Rate Observer, told CNBC. With $45 billion in capital and $2.1 trillion in assets, the central bank would not withstand the scrutiny normally afforded other institutions, Grant said. "If the Fed examiners were set upon the Fed's own documents ... to pass judgment on the Fed's capacity to survive the difficulties it faces in credit, it would shut this institution down," he said. "The Fed is undercapitalized in a way that Citicorp is undercapitalized." Grant said he would support legislation currently making its way through Congress calling for an audit of the Fed. Moreover, he criticized the way the Fed has managed the financial crisis, saying the central bank's target rate should not be around zero. "I think zero is the wrong rate for almost any economy," Grant said, adding the Fed has "embarked on a vast experiment in moral hazard. Interest rates are the traffic signals in a market economy, and everything's green. ... You have to wonder whether these interest rates are the right clearing rate or rather they are the imposition of a central bank." Amid a disparity between analysts predicting there will be no rate hikes soon and the fed funds futures indicating tightening by the end of the year, Grant said he thinks the Fed indeed will begin raising rates as inflation creeps into the picture. Fed funds futures have fully priced in as much as a half-point rise in the target rate from its current range of zero to 0.25 percent. "If the hairs on the back of your neck stand up when there's too much unanimity of opinion, then one begins to worry about this," he said. "The Fed proverbially has been late."

Note: For an astonishing five-minute video clip of a Congressional hearing where the Inspector General of the Fed acknowledges she knows almost nothing about trillions of dollars missing from the Fed, click here. For many more important reports shedding light on the hidden realities of the economic crisis, click here.

Abu Ghraib abuse photos 'show rape'
2009-05-28, The Telegraph (One of the U.K.'s leading newspapers)
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/5395830/Abu-Ghraib...

Photographs of alleged prisoner abuse which Barack Obama is attempting to censor include images of apparent rape and sexual abuse, it has emerged. At least one picture shows an American soldier apparently raping a female prisoner while another is said to show a male translator raping a male detainee. Further photographs are said to depict sexual assaults on prisoners with objects including a truncheon, wire and a phosphorescent tube. Another apparently shows a female prisoner having her clothing forcibly removed to expose her breasts. Detail of the content emerged from Major General Antonio Taguba, the former army officer who conducted an inquiry into the Abu Ghraib jail in Iraq. Allegations of rape and abuse were included in his 2004 report but the fact there were photographs was never revealed. He has now confirmed their existence in an interview with the Daily Telegraph. The graphic nature of some of the images may explain the US President’s attempts to block the release of an estimated 2,000 photographs from prisons in Iraq and Afghanistan despite an earlier promise to allow them to be published. Maj Gen Taguba, who retired in January 2007, said he supported the President’s decision, adding: “These pictures show torture, abuse, rape and every indecency. “I am not sure what purpose their release would serve other than a legal one and the consequence would be to imperil our troops, the only protectors of our foreign policy, when we most need them. “The mere description of these pictures is horrendous enough, take my word for it.”

Interrogation Memos Detail Harsh Tactics by the C.I.A.
2009-04-17, New York Times
http://www.nytimes.com/2009/04/17/us/politics/17detain.html?partner=rss&emc=r...

The Justice Department ... made public detailed memos describing brutal interrogation techniques used by the Central Intelligence Agency, as President Obama sought to reassure the agency that the C.I.A. operatives involved would not be prosecuted. In dozens of pages of dispassionate legal prose, the methods approved by the Bush administration for extracting information from senior operatives of Al Qaeda are spelled out in careful detail — like keeping detainees awake for up to 11 straight days, placing them in a dark, cramped box or putting insects into the box to exploit their fears. The interrogation methods were authorized beginning in 2002, and some were used as late as 2005 in the C.I.A.’s secret overseas prisons. The United States prosecuted some Japanese interrogators at war crimes trials after World War II for waterboarding and other methods detailed in the memos. Together, the four memos give an extraordinarily detailed account of the C.I.A.’s methods and the Justice Department’s long struggle, in the face of graphic descriptions of brutal tactics, to square them with international and domestic law. Passages describing forced nudity, the slamming of detainees into walls, prolonged sleep deprivation and the dousing of detainees with water as cold as 41 degrees alternate with elaborate legal arguments concerning the international Convention Against Torture. The revelations may give new momentum to proposals for a full-blown investigation into Bush administration counterterrorism programs and possible torture prosecutions.

Note: For many revealing reports from major media sources on increasing threats to civil liberties, click here.

Fed Shrouding $2 Trillion in Bank Loans in ‘Secrecy,’ Suit Says
2009-04-16, Bloomberg News
http://www.bloomberg.com/apps/news?pid=20601087&sid=aS89AaGjOplw

U.S. taxpayers need to know the risks behind the Federal Reserve’s $2 trillion in lending to financial institutions because the public is now an “involuntary investor” in the nation’s banks, according to a court filing by Bloomberg LP. The Fed refuses to name the borrowers, the amounts of loans or assets banks put up as collateral under 11 programs, arguing that doing so might set off a run by depositors and unsettle shareholders. The largest U.S. banks have tapped more than $125 billion in government aid under the Troubled Asset Relief Program in the past seven months. Assets, including loans and securities, on the Fed balance sheet totaled $2.09 trillion as of April 9. Banks oppose any release of information because that might signal weakness and spur short-selling or a run by depositors, the Fed argued in its March 4 response. The release of the information “can fuel market speculation and rumors,” including a drop in stock price and a run on the bank, the Fed said. Bloomberg replied yesterday that “these speculative injuries relate only to the reactions of customers, shareholders and other members of the public, not to competitors’ use of the borrowers’ proprietary information to their advantage,” the exception to disclosure under the FOIA law. Government loans, spending or guarantees to rescue the U.S. financial system total more than $12.8 trillion since the international credit crisis began in August 2007, according to data compiled by Bloomberg as of March 31. The total includes about $2 trillion on the Fed’s balance sheet.

Note: For an extensive archive of key reports on the hidden realities of the Wall Street bailout, click here.

Investments Can Yield More on K Street, Study Indicates
2009-04-12, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/11/AR20090411020...

In a remarkable illustration of the power of lobbying in Washington, a study released last week found that a single tax break in 2004 earned companies $220 for every dollar they spent on the issue -- a 22,000 percent rate of return on their investment. The study by researchers at the University of Kansas underscores the central reason that lobbying has become a $3 billion-a-year industry in Washington: It pays. The paper by three Kansas professors examined the impact of a one-time tax break approved by Congress in 2004 that allowed multinational corporations to "repatriate" profits earned overseas, effectively reducing their tax rate on the money from 35 percent to 5.25 percent. More than 800 companies took advantage of the legislation, saving an estimated $100 billion in the process, according to the study. The largest recipients of tax breaks were concentrated in the pharmaceutical and technology fields, including Pfizer, Merck, Hewlett Packard, Johnson & Johnson and IBM. Pfizer alone repatriated $37 billion, representing 70 percent of its revenue in 2004, the study found. The now-beleaguered financial industry also benefited from the provision, including Citigroup, J.P. Morgan Chase, Morgan Stanley and Merrill Lynch, all of which have since received tens of billions of dollars in federal bailout money. The researchers calculated an average rate of return of 22,000 percent for those companies that helped lobby for the tax break.

Note: For lots more on corporate corruption from reliable sources, click here.

‘No-Risk’ Insurance at F.D.I.C.
2009-04-07, New York Times
http://www.nytimes.com/2009/04/07/business/07sorkin.html?partner=rss&emc=rss&...

The Federal Deposit Insurance Corporation was set up 76 years ago with the important but simple job of insuring bank deposits. Now, because of what could politely be called mission creep, it’s elbowing its way into the middle of the financial mess as an enabler of enormous leverage. In the fine print of Treasury Secretary Timothy F. Geithner’s plan to lend as much as $1 trillion to private investors to help them buy toxic assets from our nation’s banks, you’ll find some details of how the F.D.I.C is trying to stabilize the system by adding more risk, not less, to the system. It’s going to be insuring 85 percent of the debt, provided by the Treasury, that private investors will use to subsidize their acquisitions of toxic assets. These loans, while controversial, were given a warm welcome by the market when they were first announced. And why not? The terms are hard to beat. They are, for example, “nonrecourse,” which means that if an investor loses money, he owes taxpayers nothing. It’s the closest thing to risk-free investing — with leverage! — around. But, as we’ve learned the hard way these last couple of years, risk-free investing is an oxymoron. So where did the risk go this time? To the F.D.I.C., and ultimately, to us taxpayers. A close reading of the F.D.I.C.’s statute suggests the agency is using a unique — some might call it plain wrong — reading of its own rule book to accomplish this high-wire act. Somehow, in the name of solving the financial crisis, the F.D.I.C. has seemingly been given a blank check, with virtually no oversight by Congress.

Note: For a powerfully revealing archive of reports from reliable sources on the hidden realities of the financial bailout, click here.

CIA expert: Electronic voting not secure
2009-03-25, Miami Herald/McClatchy News
http://www.miamiherald.com/news/americas/story/966214.html

The CIA, which has been monitoring foreign countries' use of electronic voting systems, has reported apparent vote-rigging schemes in Venezuela, Macedonia and Ukraine and a raft of concerns about the machines' vulnerability to tampering. In a presentation that could provide disturbing lessons for the United States, where electronic voting is becoming universal, [CIA cybersecurity expert] Steve Stigall summarized what he described as attempts to use computers to undermine democratic elections in developing nations. His remarks have received no news media attention until now. Stigall told the Election Assistance Commission ... that computerized electoral systems can be manipulated at five stages, from altering voter registration lists to posting results. Stigall said voting equipment connected to the Internet could be hacked, and machines that weren't connected could be compromised wirelessly. Eleven U.S. states have banned or limited wireless capability in voting equipment, but Stigall said elections officials didn't always know it when wireless cards were embedded in their machines. Stigall said that most Web-based ballot systems had proved to be insecure. The commission has been criticized for giving states more than $1 billion to buy electronic equipment without first setting performance standards. Numerous computer-security experts have concluded that U.S. systems can be hacked, and allegations of tampering in Ohio, Florida and other swing states have triggered a campaign to require all voting machines to produce paper audit trails.

Note: For key articles from reliable sources exposing the many flaws in electronic voting systems, click here.

Pentagon sets sights on public opinion
2009-02-05, MSNBC/Associated Press
http://www.msnbc.msn.com/id/29040299/

The Pentagon is steadily and dramatically increasing the money it spends to win what it calls "the human terrain" of world public opinion. In the process, it is raising concerns of spreading propaganda at home in violation of federal law. An Associated Press investigation found that over the past five years, the money the military spends on winning hearts and minds at home and abroad has grown by 63 percent, to at least $4.7 billion this year, according to Department of Defense budgets and other documents. That's almost as much as it spent on body armor for troops in Iraq and Afghanistan between 2004 and 2006. This year, the Pentagon will employ 27,000 people just for recruitment, advertising and public relations — almost as many as the total 30,000-person work force in the State Department. The biggest chunk of funds — about $1.6 billion — goes into recruitment and advertising. Another $547 million goes into public affairs, which reaches American audiences. And about $489 million more goes into what is known as psychological operations. Staffing across all these areas costs about $2.1 billion, as calculated by the number of full-time employees and the military's average cost per service member. That's double the staffing costs for 2003. Recruitment and advertising are the only two areas where Congress has authorized the military to influence the American public. Far more controversial is public affairs, because of the prohibition on propaganda to the American public.

Note: For more revealing reports from reliable sources on the realities of the wars in Afghanstan and Iraq, click here.

Fed Refuses to Disclose Recipients of $2 Trillion
2008-12-12, Bloomberg News
http://www.bloomberg.com/apps/news?pid=20601109&sid=apx7XNLnZZlc

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral. Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression. The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. “If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,” said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC. The Fed stepped into a rescue role that was the original purpose of the Treasury’s $700 billion Troubled Asset Relief Program. The central bank loans don’t have the oversight safeguards that Congress imposed upon the TARP. Total Fed lending exceeded $2 trillion for the first time Nov. 6. It rose by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that weren’t rated AAA. “There has to be something they can tell the public because we have a right to know what they are doing,” said Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press.

Financial Bailout Balloons to the Trillions
2008-11-25, ABC News
http://abcnews.go.com/Business/Economy/story?id=6332892

The government's financial bailout will be the most expensive single expenditure in American history, potentially costing around $7.5 trillion -- or half the value of all the goods and services produced in the United States last year. In comparison, the total U.S. cost of World War II adjusted for inflation was $3.6 trillion. The bailout will cost more than the total combined costs in today's dollars of the Marshall Plan, the Louisiana Purchase, the Korean War, the Vietnam War and the entire historical budget of NASA, including the moon landing, according to data compiled by Bianco Research. It remains to be seen whether the government's multipronged approach to bail out banks, stimulate spending and buy up mortgages will revive the economy, but as the tab continues to grow so does concern over where the government will find the money. Monday the government guaranteed an additional $306 billion to bail out Citigroup, and today Treasury Secretary Henry Paulson pledged $800 billion to make credit more available to consumers and small businesses, and to buy up mortgages from Fannie Mae and Freddie Mac. Congress last month allocated $700 billion for an emergency bailout of some of Wall Street's most storied firms by purchasing their troubled assets. The funds allocated through the Troubled Assets Relief Program are but a small part of the government's overall bailout spending. Bailout programs also include a Federal Reserve plan to buy as much as $2.4 trillion in short-term notes called commercial paper that began Oct. 27, and an FDIC plan to spend $1.4 trillion to guarantee bank-to-bank loans that commenced Oct. 14, according to Bloomberg News, which first compiled the total cost of the bailout.

Note: $7.5 trillion amounts to about $25,000 for every person in the U.S. What's going on here? For many revealing reports on the realities of the Wall Street bailout, click here.

Paulson makes it clear: He's in charge
2008-11-13, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/13/BUUK1439IF.DTL

Henry Paulson's speech Wednesday made it pretty clear: The Treasury secretary has seized control of the financial system. "He is absolutely the most powerful person in the country. Maybe the world," says Wall Street accounting expert Robert Willens. The most telling line in his speech came when Paulson was explaining why he did a 180-degree turn with money approved by Congress under the $700 billion bailout bill. Instead of using it to buy troubled mortgage assets from banks, as clearly envisioned, he scrapped that idea and used it to make equity investments in banks. "In consultation with the Federal Reserve, I determined that the most timely, effective step to improve credit market conditions was to strengthen bank balance sheets quickly through direct purchases of equity in banks," he said. If Paulson bothered consulting with President Bush, he didn't mention it. In fact, he didn't even mention the president until the tail end of his speech, when he talked about the global summit Bush is hosting this weekend. I can understand why Paulson wants to distance himself from an unpopular president, especially one who has little facility for complex financial matters. But Bush is [the] president and even President-elect Barack Obama knows there can be only one president at a time. And his last name is not Paulson. In September, when Paulson asked for a $700 billion blank check from Congress to fix the financial markets, he got a lot of blowback. By the time Congress was done with his proposal, it had grown from 2 1/2 pages to more than 450. Yet it now appears that Paulson got the blank check he wanted.

Note: Why doesn't Congress have some say in what is done with this $700 billion? That's over $3,000 for every taxpayer in the U.S. which is being spent with practically no accountability. Is this what democracy looks like? For many key articles revealing the hidden realities of the bailout, click here.

Government Rescue Spending: Clear or Cloudy?
2008-11-11, ABC News
http://abcnews.go.com/Business/Economy/story?id=6225744&page=1

After weeks of sometimes frenzied efforts by the federal government to rescue the financial system ... critics say there are many questions but few answers about the work performed by the Treasury Department and the Federal Reserve. "The bailout, the Treasury, the Federal Reserve -- it's like a three-card monte game, you don't know where the money's coming from, you don't know who it's going to, and I think the public has every right to be outraged by this," said Bill Allison, a senior fellow at the Sunlight Foundation, a government transparency watchdog group. Gerald O'Driscoll, a former vice president at the Federal Reserve Bank of Dallas ... said he worried that the failure of the government to provide more information about its rescue spending could signal corruption. "Nontransparency in government programs is always associated with corruption in other countries, so I don't see why it wouldn't be here," he said. Questions about transparency at the Federal Reserve, in particular, have prompted a lawsuit: Bloomberg L.P., which operates the news agency Bloomberg News, is suing the Fed for the release of information on its lending to private financial institutions. "We really don't know anything," Matthew Winkler, the editor-in-chief of Bloomberg News, told ABCNews.com. "All we know is something close to 2 trillion is being used and that money is the taxpayers'. ... We don't know whom it's being lent to and for what purpose because we can't see it because it isn't disclosed."

Note: For many revealing and reliable reports on the Wall Street bailout, click here.

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