Skip to content

And the Cheat Goes On

October 1, 2010

For the last week or so we have been regaled with claims from the Bushwa Barry administration that the taxpayer will turn a profit on AIG, TARP money has been paid back and the economy was fixed over a year ago even though nobody seemed to notice at the time. Perhaps it’s an attempt by the shyster in chief to get his demoralized base – the ones he’s been crapping on for the last couple years – to “stop whining” and perhaps they would it it weren’t so obvious that all these claims are complete and utter bullshit.

Meanwhile, the bankers who made scads of cash pushing fraudulent mortgages they knew couldn’t be repaid and then made even more when their mortgage schemes blew up and the government decided to bail them out are now looking to hit the trifecta by using fraudulent documents to foreclose on the specious mortgages they pushed in the first place. Because who could have foreseen that a bunch of criminals who were rewarded for their duplicity rather than punished would take that as a pass to keep running the scam? Of course none of the myriad regulatory agencies ostensibly created to prevent this sort of thing could be bothered to do much about it ahead of time, so now that the latest round of fraud is coming to light JP Morgan, GMAC and others are suspending their foreclosure proceedings until they can get things sorted out. Translation – now that they’ve been caught red handed they’re going to try to pretend it was all an innocent mistake that they will fix with all due diligence and haste. And they’ll probably get away with it too, just like they have with the rest of their criminal practices.

Nobody seems to know what the hell is going on with the stock markets as average investors stay away in droves and prices no longer move due to any underlying fundamentals. Instead the majority of market volume these days comes from High Frequency Trading computer algorithms while the Fed and other oligarchs use who knows what secretive means to keep stock prices propped up.

…no one seems to ask themselves why a big money manager might come on CNBC and tell everyone stocks can’t go down. Perhaps in a market with little to no liquidity someone needs liquidity to dump their garbage on some unsuspecting sucker. Based on the volumes in the market I shudder to think what happens if someone actually tries to sell positions in size.

Apple, one of the most widely held companies, saw its stock price take a nosedive for no apparent reason a few days ago with no one wanting to buy at the lower price before miraculously recovering.

Seriously, as widely held as Apple is, just suppose the machines get a whiff of weakness from a report of the inevitable margin compression and go to town. There goes the markets for a day, or two, or seven hundred and twenty, or however long it will take for rational and sane investors to trust these markets, ever again.

We did learn one thing about the Fed recently which hasn’t received much notice, namely that it’s releasing financial data to its preferred clients long before the public gets a chance to see it.

To the outside world, the Federal Reserve is an impenetrable fortress. But former employees and big investors are privy to some of its secrets — and that access can be lucrative.

On August 19, just nine days after the U.S. central bank surprised financial markets by deciding to buy more bonds to support a flagging economy, former Fed governor Larry Meyer sent a note to clients of his consulting firm with a breakdown of the policy-setting meeting.

The minutes from that same gathering of the powerful Federal Open Market Committee, or FOMC, are made available to the public — but only after a three-week lag. So Meyer’s clients were provided with a glimpse into what the Fed was thinking well ahead of other investors.

As Zerohedge opines the crooks are trying to get away with as much loot as they can before the whole crumbling financial edifice comes crashing down.

It is now obvious that the Fed realizes all too well that all is lost and just feeding its wealthy clients (that’s right, these people are the Fed’s CLIENTS) the last remaining scraps before it pulls the hyperinflation switch.

Don’t know if the inflation will be of the hyper variety, but anyone who’s been to the grocery store lately can tell you that inflation is already here. That’s because the only tool the government has in its chest that it’s willing to use is called “quantitative easing”, also known as printing money. Lots of it. And when lots of new money floods the economy that makes the money people have already accumulated worth a lot less, leading to higher prices. In and of itself that might not be so bad if workers actually got a raise to go along with rising prices, but with the “official” unemployment level hovering at 9-10% and the real figure being much higher, good luck with that. Reading the tea leaves for what’s in store next, it sure looks like the Powers That Be are getting ready for another round of easing us all into the poorhouse.

And the response to all this chicanery? Well regarding the mortgage fraud, Al Franken wrote a letter and on the subject of market manipulation Ted Kaufman gave a speech. Well meaning to be sure but likely to be ignored just as so many other similar pleas have been over the last few years.

And that means that unless you happen to be a CEO of one of the banks that run this country these days, that Ace of Spades is never ever going to wind up in front of you.

Advertisements
35 Comments leave one →
  1. artemis54 permalink
    October 1, 2010 9:33 am

    And we have accomplished all this without Skynet becoming self aware. We don’t even need the machines.

    Break time: vintage Conan, vintage Mary Jane Lamond, vintage Ashley MacIsaac, and a vintage wardrobe malfunction:

  2. cometman permalink*
    October 1, 2010 10:35 am

    Couple of articles on the attempted coup in Ecuador the Boston Globe and from Al Jazeera. Both mention that Correa said he has spotted “infiltrators”. From the Globe –

    Correa, 47, told cheering supporters from the balcony of the Carondelet palace after being spirited away from the hospital at top speed that the uprising was more than a simple police protest.

    “There were lots of infiltrators, dressed as civilians and we know where they were from,’’ he shouted. But he did not blame anyone specifically.

    In the Al Jazeera report, he does mention someone specifically –

    The president blamed the unrest on Lucio Gutierrez, a former president who came to power in a popular uprising and was deposed in 2005.

    Quick search (take with a grain of salt) shows that Gutierrez was elected as a populist, leftist candidate but once in office broke ties with leftist organizations and started kissing up to the US. He agreed to join the Free Trade Area of the Americas which pissed off a lot of his former supporters. That, and fucking with Ecuador’s Supreme Court led to his ouster and Correa’s rise.

    We’ll see if Correa’s right or not, but it sure looks like he isn’t going to back down. Don’t think I’ve ever seen a president challenge anyone to kill them like Correa did, especially when not too far removed from what had just been an angry mob.

  3. cometman permalink*
    October 1, 2010 11:10 am

    Ha! The winner of the new Goldman Sux ad campaign contest

    1. We put the douche in fiduciary

  4. cometman permalink*
    October 1, 2010 12:28 pm

    Michael Lewis has a nice catch regarding prop trading.

    Volcker had proposed strict regulations on prop trading which industry lobbyists fought tooth and nail and were largely successful in watering down. But Lewis notes that the big Wall Street banks are now voluntarily closing or selling their prop trading desks, which had once been highly profitable. He proposes some reasons, and based on what was discussed in the main post I think he may be on to something with reason # 2 – at some point the marks start to catch on.

    No. 2 — The big Wall Street firms have looked anew at proprietary trading and seen a dying business.

    For a start, their proprietary traders, put off by subpoenas and government inquiries and the new internal aversion to short-term pain on big trading positions, are fleeing for the privacy of hedge funds.

    But the exodus of trading talent is only part of the problem. A general malaise has come over the world of big time financial risk taking. Everywhere you look hedge funds are either closing or shedding employees or, most shockingly, cutting their fees. At the bottom of this depressing new trend lies a deeper problem: a scarcity of suckers.

    The proprietary trading business turns in part on one’s ability to find the fool — to find people willing to take the stupid side of the smart bets you are placing. One of the side effects of our seemingly endless financial crisis is to wash a lot of fools, many of them German, out of the game.

    It’s as if a casino owner awakened one morning to find the tourists had all gone, and the only remaining patrons are pros counting cards at his blackjack tables. As he looked around his casino, for the first time in his life, he couldn’t find the fool. And the first rule of the casino business is: if you don’t know who the fool is, it’s probably you.

  5. cometman permalink*
    October 1, 2010 12:44 pm

    Some semantic wrangling in the comments of this recent Simon Johnson post discussing the end of the TARP regime on Sunday – TARP Is Gone – But May Soon Be Back.

    At issue was this part –

    The first draft of its history, looking back over the past two years, may be this: TARP was an essential piece of a necessary evil – that is, it saved the American financial system from collapse — but it was implemented in a way that was excessively favorable to the very bankers who had presided over the collapse. And this sets up exactly the wrong incentives as we head into the next credit cycle.

    Overall I think he’s spot on with his analysis of the TARP and other bailout measures – they were woefully inadequate and the government botched an opportunity to structurally change a financial system badly in need of it. But I do sort of agree with those who took issue with Johnson calling it “necessary”. The way he’s phrased it he isn’t saying that TARP itself was necessary, just the bailout in general and yes, some sort of fix was necessary and that fix was going to cost a lot of money no matter what and yes, a lot of people would find themselves unemployed and struggling for a time at least no matter what. But the mechanisms used in the TARP, basically pointing a gun at the public’s head and saying “fork over the cash now or the economy gets it” were definitely not necessary. Personally I take issue more with the contention that TARP and other bailout measures “saved the American financial system from collapse”. Propped up temporarily maybe, but “saved” is a bit of a stretch at this point.

    Anyway, other than that minor quibble, very good assessment.

  6. cometman permalink*
    October 1, 2010 12:48 pm

    New study on dolphin language that doesn’t appear to be coming from a bunch of charlatans, unlike the one I ran across a while back claiming to have “translated” their language or some such nonsense – Dolphin species attempt ‘common language’.

    When two dolphin species come together, they attempt to find a common language, preliminary research suggests.

    Bottlenose and Guyana dolphins, two distantly related species, often come together to socialise in waters off the coast of Costa Rica.

    Both species make unique sounds, but when they gather, they change the way they communicate, and begin using an intermediate language.

    That raises the possibility the two species are communicating in some way.

    Details are published in the journal Ethology.

    It is not yet clear exactly what is taking place between the two dolphin species, but it is the first evidence that the animals modify their communications in the presence of other species, not just other dolphins of their own kind.

  7. cometman permalink*
    October 1, 2010 12:59 pm

    Heh. Can’t wait to watch the Daily Show next week! Rick Sanchez opened his stupid stupid piehole and called Jon Stewart a “bigot” for picking on poor little Ricky.

    During an appearance with Sirius Satellite Radio’s Pete Dominick on Thursday, however, the Cuban-born Sanchez struck back, calling Stewart a “bigot” with a “white, liberal establishment point of view” who “can’t relate to somebody who grew up poor.”

    When Dominick suggested that as a Jew, Stewart must have some sense of what it’s like to be an oppressed minority, Sanchez just laughed sarcastically and replied, “He’s such a minority. … What, are you kidding?”

    Sanchez went on to suggest that Jews are in control of all the television networks, including his own. “I’m telling you that everybody who runs CNN is a lot like Stewart,” he asserted, “and a lot of people who run all the other networks are a lot like Stewart, and to imply that somehow they — the people in this country who are Jewish — are an oppressed minority? Yeah.”

    Um, he isn’t picking on you because you’re poor Ricky, he’s picking on you because you are dumb as a box of George Bushes (thx again for that one melvin!).

    Sounds like Ricky may be following Beck into Rupert Murdoch’s non-Jewish stupid-loving arms soon. That, or the unemployment line.

    • artemis54 permalink
      October 1, 2010 5:49 pm

      Olberman reporting he’s fired.

      Yep, toast.

    • artemis54 permalink
      October 3, 2010 4:34 am

      The other thing about this is that Stewart comes from a broken home – hasn’t spoken to his father in years – and that his mother was a school teacher. I come from a very modest background, but we would not consider a teacher “wealthy.” That’s someone who gets up and goes to work in the morning. Sanchez insists in virtually every segment that there is a special frame of reference: his. If you ever visit Florida you will find bozos like him on every street corner.

  8. artemis54 permalink
    October 2, 2010 1:13 pm

    Travel warning for “Europe”?

    Fox news is running wild with this, saying Americans should avoid places in Europe “where westerners congregate.”

    Okay. That would leave what exactly? The northern forests of Scandinavia? St. Kilda?

    • cometman permalink*
      October 4, 2010 10:45 am

      The US may tell citizens to be vigilant?!?!?!?! Sorta sounds like they already did. Have to wonder what the ulterior motive for that one is, but I’m sure it’s economic in nature rather than a concern for citizens’ safety. Otherwise, why not warn people that they could get struck by lighting if they go outside in a thunderstorm? Either warning would be about as effective.

  9. artemis54 permalink
    October 3, 2010 5:53 am

    Seriously fascinating; in response to a question about reading from Fareed Zakaria, China’s premier Wen Jiabao responded that he travels with two books. Adam Smith’s Theory of Moral Sentiments and the Meditations of Marcus Aurelius.

    • cometman permalink*
      October 4, 2010 10:57 am

      Heh. Certainly makes “Jeebus is my favorite philosopher” look pretty lame.

  10. artemis54 permalink
    October 4, 2010 10:19 am

    Massive realease from Census of Marine Life

    • cometman permalink*
      October 4, 2010 10:56 am

      Neat -O. Thanks for the notice. Lots of beautiful new pics in there including the bright red deepwater octopus. Saw something in there about a Norwegian band called Rockegarden setting the images to music which sounded interesting too.

  11. artemis54 permalink
    October 4, 2010 10:25 am

    Court tosses Bush ESA idiocy

    This is the insane policy that held there was no need to consider a species historic range when setting ESA paolicy, only its current range. By revisitng the same species every few years, the population could shrink to one valley or one tree for that matter without ever being at risk in its ever shrinking current range. It says a lot that this had to go through the courts; a blind man could see it with a cane.

  12. artemis54 permalink
    October 4, 2010 10:47 am

    Alexandra Morton launches political movement: Wild Salmon People

    Here is what I propose. Keep your current party memberships and build an enormous voting block across all parties standing for the values above by signing on to this list. Starting in November, I will contact every politician in British Columbia to find out what their plan is to achieve sustainable prosperity based on sound social, ecological and economic principles. If they don’t answer, I will post that too. The more of us there are the more complete answers we will get. If there are enough of us a political party will rise or adapt to meet us. This is our home and we have every right to have a say in what happens here. When the next election arises you decide who you want to vote for. Wild salmon are a living icon of democracy and we choose their name to represent us. http://www.wildsalmonpeople.ca

  13. artemis54 permalink
    October 4, 2010 11:02 am

    Ha! omg I really am rotflmfao.

    Rahm may not even be eligible I didn’t pick up on that part of his renter problems.

    You know, I wouldn’t mind being mayor of Rome. Think I’d have a problem?

    • cometman permalink*
      October 4, 2010 12:36 pm

      Ha! Sounds very similar to the problems Maine’s Tea party gubernatorial Paul LePage candidate is facing. Seems he’s declared residency in both Maine and Florida and got various resident exemptions from both states. Now he’s trying to cover his tracks and show that he really really really is from Maine. He chalks it up to an oversight by his wife. Haven’t been following the story all that closely but IIRC his kids went to FSU for college. Not sure if he received a resident discount for that or not, but if so and he then claims he’s been a resident of Maine all along, I expect the Florida University system may be sending him a bill soon. Meanwhile, his poll numbers are starting a downward spiral. Word on the street last week was that he’d win if the election were held then. His Dem opponent has taken the lead in polls over the last few days.

      Some people may like the Tea Baggers, but nobody likes a carpetbagger!

      • artemis54 permalink
        October 4, 2010 1:02 pm

        LePage sounded certifiably insane the few times I’ve heard him.

  14. cometman permalink*
    October 4, 2010 1:19 pm

    More news of the brave new world, immortality edition.

    Lab researchers have created stem cells that do not age, a potential boon for tissue and organ repair/replacement.

    And scientists are getting closer to determining what exactly makes us age.

  15. cometman permalink*
    October 5, 2010 9:12 am

    Greens throw a wrench into the works in Brazil’s election – Third-party challenger forces Lula protegee into runoff.

    Both the favorite Rousseff and the Green candidate Silva had previously worked in Lula’s administration. Silva finished third so won’t be part of the runoff and Rouseff is still expected to win. Silva sounds pretty interesting and she broke from Lula’s party because she felt he made too many concessions.

    Born and raised deep in the Amazon, Silva was illiterate until she turned 16. She educated herself, went to a university and became a politician and a respected member in the global environmental movement. She was Lula’s minister of environment until she resigned in 2008 in protest of policies that she considered too pro-development.

    Last year she left Lula’s Workers Party for the Green Party. She was reported to have had differences with Rousseff, who was the energy minister when she was in government.

    Don’t know much about any of these people except for a few articles I’ve read. That being said, it may be wise for Rousseff to put aside her differences with Silva and include her in a new government, especially if she wants Silva’s endorsement and the votes that would come with it. Hopefully she won’t go for the tactics used in the US against third parties – demonizing them and whining about votes being taken away. There’s a lesson to be learned here I think, one that those in the US have failed to heed, and that is that liberals need to stop compromising away their core principles to satisfy the right. I really believe that majority of people in this country and just about every other would support the left if it would just draw a line in the sand. If the Democrats had embraced some of the ideals of the Greens and other third parties in this country, ideals which they purport to have in common, people like Ralph Nader would never have become an issue. Make too many concessions as a liberal and you either become just like the right wing candidate, or you allow them to win outright. Either way the policies of the right get promoted and in the end what’s the difference, as David Michael Green so sarcastically describes in his latest article – Bucking Up for Barry.

    • cometman permalink*
      October 5, 2010 9:28 am

      On a related note, Brazil and the other BRIC countries need to avoid doing what is going on in Europe right now. As Michael Hudson explains the class war is raging and the bad guys are winning – European Neoliberals Raise Ante in War on Labor; Fateful Struggle Will Set Course for a Generation .

      Most of the press has described Europe’s labor demonstrations and strikes on Wednesday in terms of the familiar exercise by transport employees irritating travelers with work slowdowns, and large throngs letting off steam by setting fires. But the story goes much deeper than merely a reaction against unemployment and economic recession. At issue are proposals to drastically change the laws and structure of how European society will function for the next generation. If the anti-labor forces succeed, they will break up Europe, destroy the internal market, and render that continent a backwater. This is how serious the financial coup d’etat has become. And it is going to get much worse – quickly. As John Monks, head of the European Trade Union Confederation, put it: “This is the start of the fight, not the end.”

      Spain has received most of the attention, thanks to its ten-million strong turnout – reportedly half the entire labor force. Holding its first general strike since 2002, Spanish labor protested against its socialist government using the bank crisis (stemming from bad real estate loans and negative mortgage equity, not high labor costs) as an opportunity to change the laws to enable companies and government bodies to fire workers at will, and to scale back their pensions and public social spending in order to pay the banks more. Portugal is doing the same, and it looks like Ireland will follow suit – all this in the countries whose banks have been the most irresponsible lenders. The bankers are demanding that they rebuild their loan reserves at labor’s expense, just as in President Obama’s program here in the United States but without the sanctimonious pretenses.

      The problem is Europe-wide and indeed centered in the European Union capital in Brussels, where fifty to a hundred thousand workers gathered to protest the proposed transformation of social rules. Yet on the same day, the European Commission (EC) outlined a full-fledged war against labor. It is the most anti-labor campaign since the 1930s – even more extreme than the Third World austerity plans imposed by the IMF and World Bank in times past.

      I don’t think it’s completely fair to blame the socialists in Spain for selling out. Due to EU rules they don’t have much of a choice since they can’t print their own currency anymore. The choice seems to be agree to the concessions, fight them and have the banks stick it to them even harder, or break away from the EU and go it alone. I can see why they aren’t willing to go the third route just yet.

      • cometman permalink*
        October 5, 2010 9:53 am

        More European protests against the banks with varying degrees of severity.

        Politicians egged in Iceland. No idea what the hedgies are going on about in the narration – more libertarian claptrap I imagine – but the pics are good.

        And Banks bombed in Ireland.

  16. cometman permalink*
    October 5, 2010 9:38 am

    A few financial links –

    Pam Martens has a nice catch regarding the recently released report about the “flash crash” which sent the stock market on a nose dive for a brief period back in May. The report claims it was all because of a trade coming from small mutual fund company Waddell and Reed but Martens smells a rat –

    But here’s where the official theory comes apart: fourteen days after the Flash Crash, Terrence Duffy, the Executive Chairman of the CME Group which owns the Chicago Mercantile Exchange testified before the U.S. Senate’s Subcommittee on Securities, Insurance, and Investment of the Committee on Banking, Housing and Urban affairs that “Total volume in the June E-mini S&P futures on May 6th was 5.7 million contracts, with approximately 1.6 million or 28 per cent transacted during the period from 1 p.m. to 2 p.m. Central Time.” In other words, the government investigators are suggesting that a trade that represented 1 per cent of the day’s volume in a futures contract in Chicago and less than 5 per cent of contracts traded in the pivotal 1 to 2 p.m. time frame in Chicago (2 to 3 p.m. in New York) caused stocks in the cash market to plunge to a penny.

    Of the 104 pages of the report, there is one sentence that is noteworthy:

    “Detailed analysis of trade and order data revealed that one large internalizer (as a seller) and one large market maker (as a buyer) were party to over 50 per cent of the share volume of broken trades, and for more than half of this volume they were counterparties to each other (i.e., 25 per cent of the broken trade share volume was between this particular seller and buyer).”

    Broken trades or “busts” (as the street refers to them) were only allowed for trades occurring between 2:40 p.m. and 3 p.m. (New York time) and where the stock had moved 60 per cent or more from its 2:40 p.m. value. This was an extremely controversial decision and left small investors with heavy losses of 30 to 59 per cent with nowhere to turn. The busts that were allowed covered 5.5 million shares and two-thirds of these trades had been executed at less than $1.00, some for as little as a penny. We now learn from this one sentence on page 66 of the Flash Crash report that half of the share volume in these bizarre trades came from just two firms and half the time they were exclusively trading with each other. Let me state this another way: two trading firms were predominantly involved in handing investors’ losses of 60 per cent or more in their stocks on May 6 but a staid old mutual fund company trading an S&P futures contract in Chicago has been fingered as the culprit of the Flash Crash.

    Funny how the report neglects to mention exactly who these two counterparties were. Based on the mechanisms used and the dollar amounts involved, there are only a handful of too big too fail companies who could have caused it (wave to Lloyd Blankfein).

    Gretchen Morgenson expects these now institutionalized too big too fail companies will be receiveing more TARP-like bailouts in the future, because what’s not to like about free money with no strings attached.

    Yves Smith notes that Bushwa Barry is trying real hard to sell TARP as a success but he isn’t finding many buyers.

  17. artemis54 permalink
    October 5, 2010 10:34 am

    2010 Dodo winner announced: Mr Congeniality himself, Tony Hayward

    • cometman permalink*
      October 5, 2010 12:22 pm

      Much deserved, especially in light of reports like this one which keep coming out – Evidence Refutes BP’s and Fed’s Deceptions.

      Truthout is doing their own water and soil sampling in the gulf region and not surprisingly their results differ substantially from what the government has been telling people. Completely unconscionable that they are telling people seafood is safe to eat. I imagine in a few years we’ll be seeing the effects and accompanying lawsuits, just like the aftermath of the 9/11 disaster when the government told the public the area was safe right after it happened.

  18. artemis54 permalink
    October 5, 2010 11:39 am

    Paging Miss Graham:

    Larry Flynt claims to have the goods on an unnamed gay senator, says he will out him “in a few months” unless he comes out.

    Why wait, Larry?

    Speaking of, Ryan Lizza’s New Yorker piece As the World Burns details the derailing of the senate climate change bill. It’s not pretty, what with Miss G’s hissy fits, the monstrous, bloated egos of Kerry, McCain, and Lieberman, and the Byzantine but utterly ineffectual machinations of the Obama apparatus. If you feel any little suggestion of hope, a rereading of this article will dispel it.

    • cometman permalink*
      October 6, 2010 10:23 am

      It’s either Miss Lindsey, or all the other closeted Senators are hoping it is.

      Regarding that New Yorker piece, sure doesn’t like any of those involved have an ounce of sincerity regarding the issue at all. Just power plays and horse trading for legislation that wouldn’t have the desired result in the first place. They author nails the “moderate” status constantly trumpeted by Snowe and Collins – pretend for months that you might vote for something, exact concessions, and then vote the Republican line anyway. That article reminded me a lot of the Rolling stone interview with Bernie Sanders a few years back about where good legislation goes to die.

  19. cometman permalink*
    October 5, 2010 2:33 pm

    The teabag crowd won’t have to worry about heating their favorite beverage at their parties. Just warm it over the flames as their houses burn down.

    Thanks to 30 years of right-wing demagoguery about the evils of “collectivism” and the perfidy of “big government” — and a bruising recession that’s devastated state and local budgets — we’re getting a peek at a dystopian nightmare that may be in our not-too-distant future. It’s a picture of a society in which “rugged individualism” run amok means every man for himself.

    Call it Ayn Rand’s stark, anti-governmental dream come true, a vision that last week turned into a nightmare for Gene Cranick, a rurual homeowner in Obion County, Tennessee. Cranick hadn’t forked over $75 for the subscription fire protection service offered to the county’s rural residents, so when firefighters came out to the scene, they just stood there, with their equipment on the trucks, while Cranick’s house burned to the ground. According to the local NBC TV affiliate, Cranick “said he offered to pay whatever it would take for firefighters to put out the flames, but was told it was too late. They wouldn’t do anything to stop his house from burning.”

    More details here. Not only did the house burn to the ground, but Cranick’s son was arrested on assault charges after trying to beat the crap out of the fire chief who let his father’s house burn.

    Everything is about money and it seems any sense of right and wrong is simply disappearing. This country is fucked.

  20. cometman permalink*
    October 5, 2010 2:36 pm

    As we document the empire’s decline, worth noting the latest in a series of epic fail by Barry and the Dems – Obama’s promise to end tax cuts for rich unravels.

  21. sisdevore permalink
    October 5, 2010 6:02 pm

    More ecological horror:

    http://www.bbc.co.uk/news/world-europe-11475361

    • artemis54 permalink
      October 6, 2010 5:34 am

      What a horror. That sludge is so caustic – a ph 13, about like pure lye – that they have been dumping acid into the river in hopes of neutralizing it. Nothing will be able to live in the affected area – they’d have to strip off the topsoil and start over.

    • cometman permalink*
      October 6, 2010 7:24 am

      Yikes.

      Considering the article had just documented the number of dead, injured and missing this part seemed like a bit of an understatement –

      The sludge – a mixture of water and mining waste containing heavy metals – is considered hazardous…

    • artemis54 permalink
      October 6, 2010 9:04 am

      Photos at Spiegel online

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: