Media ArticlesExcerpts of Key Media Articles in Major Media
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According to a 2016 study, the top contributor of air pollution-related deaths in China is the burning of coal. To improve the country's air quality, the Chinese government vows to spend at least $360 billion on clean energy projects and create 13 million new renewable energy jobs by 2020. This year marks China's fourth anniversary since it started a "war on pollution," and there's reason to believe the country is making headway. Chinese cities have cut concentrations of fine particulates - often considered the deadliest type of pollution - by 32% on average since 2013. The city of Xingtai saw the largest pollution decline at 52.2%. China's latest energy megaproject - a giant floating solar farm on top of a former coal mine in Anhui - may get the country closer to that goal. The 166,000-panel array ... can generate 40 megawatts of power - enough to accommodate 15,000 homes. It's currently the world's largest floating solar project and will operate for up to 25 years. Local energy company Sungrow Power Supply developed the farm on a lake that was once the site of extensive coal mining. After an explosion caused the mine to collapse, a lake formed and flooded it. Building solar plants on top of lakes and reservoirs can protect agricultural land and wildlife on the ground. The water also cools the solar panels, helping them work more efficiently. Choosing to develop the Sungrow farm on an abandoned coal mine signals the slow decline of fossil fuels like coal in China and other countries around the world.
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Trauma is a word we hear used to describe a range of experiences. Author and journalist Aminatta Forna thinks the word is overused, and, in her Humble Opinion, it is time to find a new way of talking about terrible events. "My family has seen what feels like more than our share of painful, you might say traumatic, events," [said Forna]. "The murder of my father who was a political activist when I was 11, followed by 25 years of political oppression, 10 years of civil war and even an Ebola outbreak. "Im often asked whether I was traumatized by events, and I have to answer, truthfully, no. Over the years, I have written a great deal about people who have managed to endure events with the power to ruin lives, and this is what I have learned. The more a society tells you that you are irrevocably damaged by what has taken place, the more it becomes a self-fulfilling prophecy. The ability to shape your own narrative, rather than having others shape it for you, is ultimately what matters most. Almost any experience can be reshaped, any destiny re-imagined, if those who have lived it tell their own stories. People who frame their experience within a wider context are often most capable of withstanding painful events. They rarely ask, why me. But rather see the world for the capricious and unfair place it can be, and they have a vision of their role in it. Individual temperament matters, but societal attitudes play a considerable role in shaping our responses. The suffering is real, but it may yet be withstood."
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The next big thing in cellular technology, 5G, will bring lightning-fast wireless Internet — and thousands of antenna-topped poles to many neighborhoods where cell towers have long been banned. Wireless companies are asking Congress and state lawmakers to make it easier to install the poles by preempting local zoning laws that often restrict them, particularly near homes. The lobbying efforts have alarmed local officials across the country. They say they need to ensure that their communities do not end up with unsightly poles cluttering sidewalks, roadsides and the edges of front yards. They also are hearing from residents worried about possible long-term health risks. Until now, much of the cell equipment that emits radio-frequency energy has been housed on large towers typically kept hundreds of feet from homes. The new “small cell” technology uses far more antennas and transmitters that are smaller and lower-powered, but clustered closer together and lower to the ground. Over the next several years, [industry leaders] expect to deploy as many as 300,000 small cell sites nationwide — about the same number of cell sites installed over the past 35 years. Under federal law, local governments may not reject a cell facility application for health reasons as long as the equipment meets FCC standards for radio-frequency radiation emissions. Some local officials say they are concerned those limits, which were set in 1996, could be outdated for wireless equipment closer to homes.
Note: The FCC is in the process of passing laws which prevent local governments from passing laws restricting access to 5G equipment, even though some studies are showing it is hazardous to human health. More here. Watch five minutes of US Senate testimony showing that the 5G industry has done zero studies on the health effects of this new technology. For more along these lines, see concise summaries of deeply revealing news articles on the risks and dangers of wireless technologies.
The CEO of Marathon Petroleum, Gary Heminger, took home an astonishing 935 times more pay than his typical employee in 2017. One of Marathon’s gas station workers would have to toil more than nine centuries to make as much as Heminger grabbed in just one year. Employees of at least five other US firms would have to work even longer – more than a millennium – to catch up with their top bosses. These companies include the auto parts maker Aptiv (CEO-worker pay ratio: 2,526 to 1), the temp agency Manpower (2,483 to 1), amusement park owner Six Flags (1,920 to 1), Del Monte Produce (1,465 to 1), and apparel maker VF (1,353 to 1). These revelations come thanks to a new federal regulation that requires publicly traded US corporations to disclose, for the first time ever, how much their chief executives are making compared with their median workers. The disclosures are just now starting to flow in. Ever since 2010, the year Congress plugged a ratio disclosure mandate into the Dodd-Frank financial reform act, corporate lobbyists have been scheming to delay and repeal that mandate’s implementation. But responsible investors and other activists rallied and kept the mandate in place. The new ratios offer a benchmark for corporate greed that exposes exactly which firms are sharing the wealth their employees create and which aren’t, knowledge we can use to impose consequences on the corporations doing the most to make the United States more unequal.
Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.
In the 1970s, a handsome ex-Israeli army paratrooper popularized extrasensory perception, or ESP. Uri Geller claimed he could ... see inside sealed containers, and even read other people's minds. Geller ... caught the eye of the intelligence community. "Scientists would consider, 'Wait a minute, maybe we can read the minds of other government officials, [or] see inside a nuclear facility in Russia,'" said national security reporter Annie Jacobsen. Jacobsen has written about the U.S. government's ... attempts to use Uri Geller, and others like him, for psychic espionage. "It's sort of like a highly-classified black program inside of a black program," Jacobsen said. "One, because you don't want the Russians or the Chinese to know what we are doing; and two, because a lot of scientists didn't want their colleagues to know what they were doing." In the 1980s, the Defense Intelligence Agency began "Project Star Gate," which was, according to Dean Radin, a scientist who worked on the program, top secret. The program employed about a dozen psychics and mediums. Its aim: espionage. Angela Ford was with Project Star Gate for nine years. She calls herself a medium; the Defense Department preferred "remote viewer." Her assignment? To look for missing hostages and fugitives without ever leaving a building at Fort Meade in Maryland. She recalled one assignment, in 1989, when she says she was able to psychically track down a former customs agent who had allegedly gone rogue.
Note: Explore lots more solid information on remote viewing – the government's psychic spying program. Could it be that key elements in government don't want us to know of the unlimited powers contained within each of us? See undeniable evidence that remote viewing was quite successful.
At 24, [Christopher Wylie] came up with an idea that led to the foundation of a company called Cambridge Analytica, a data analytics firm that went on to claim a major role in the Leave campaign for Britain’s EU membership referendum, and later became a key figure in digital operations during Donald Trump’s election campaign. In 2014, Steve Bannon ... was Wylie’s boss. And Robert Mercer, the secretive US hedge-fund billionaire and Republican donor, was Cambridge Analytica’s investor. The idea they bought into was to bring big data and social media to an established military methodology – “information operations” – then turn it on the US electorate. By [2017], Steve Bannon had become Trump’s chief strategist. Cambridge Analytica’s parent company, SCL, had won contracts with the US State Department and was pitching to the Pentagon, and Wylie was genuinely freaked out. “It’s insane,” he told me one night. “The company has created psychological profiles of 230 million Americans. And now they want to work with the Pentagon? It’s like Nixon on steroids.” He ended up showing me a tranche of documents that laid out the secret workings behind Cambridge Analytica. Wylie ... came up with a plan to harvest the Facebook profiles of millions of people in the US, and to use their private and personal information to create sophisticated psychological and political profiles. And then target them with political ads designed to work on their particular psychological makeup.
Note: Billionaire Robert Mercer used this new new technology to build a corporate empire capable of swinging elections by using military propaganda strategies on civilian populations. The above article further details how mass media is being combined with Big Data to produce powerful new forms of mind control. Watch an astounding video revealing how Cambridge Analytica has successfully manipulated national elections around the world.
He can make a two-year-old who hasn’t spent a day of his life without pain sleep like a baby. He can banish 30 years of neck pain in 30 seconds. Mobilise paralysed limbs. Zap an allergy. All without laying a hand on anyone. Melbourne energy healer Charlie Goldsmith has a gift sceptics love to dismiss, but the people he’s helped begged to differ. He’s never charged any of them a cent. If it sounds like a Hollywood script, that’s because it sort of is. US TV producers gave him his own show. The Healer premiered ... late last year. He has a gift nobody can quite explain, so many distrust it. He believes what he sees, and knows: Like the studies he’s been involved in which show he “heals” 80 per cent of those he treats. The Healer is his chance to lend a credibility ... to energy healing. He believes there are plenty of others with his “gift”, they just need that talent spotted, and developed. “I work on old 80-year-olds and I’m their first experience of this stuff. And I think ‘wow you could spend your whole life on this planet and not know that humans have this ability that’s been misunderstood and probably misrepresented a lot’.” Goldsmith partnered with New York University’s Lutheran Hospital for the first study scrutinising his talent. He treated 50 people with a 76 per cent success rate of pain-related conditions with immediate “marked improvement” and 79 per cent of conditions other than pain.
Note: See this miracle worker's website at https://www.charliegoldsmith.com.
Wind power in the UK set a new record today by generating 14 gigawatts for the first time – nearly 37 per cent of the the country’s electricity. The National Grid control room confirmed that 13.9 gigawatts was the highest ever metered wind output. At 10am on Saturday Wind generated 13.9GW, or 36.9 per cent of the UK’s electricity, increasing to 14GW by 11am. The previous record was 13.6GW in January this year. By contrast gas generated only 8.5GW (23 per cent), nuclear 6.5GW (17.3 per cent), coal just 4.7GW (12.5 per cent) and both solar and biomass 1.5GW (4.1 per cent). Hydro came last with 0.3GW or 0.9 per cent. Wind farms produced a record 15 per cent of Britain’s electricity in 2017, up from 10 per cent in 2016. Dr Iain Staffell of Imperial College said: “The dramatic increase comes from both higher wind speeds and a jump in installed capacity. Several large offshore farms came online and onshore wind had a record year for deployment.”
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I was inside the CIA’s Langley, Va., headquarters on Sept. 11, 2001. I headed counterterrorism operations in Pakistan from January to May 2002. My team captured dozens of al-Qaeda fighters, including senior training-camp commanders. One of the fighters whom I played an integral role in capturing was Abu Zubaida, mistakenly thought at the time to be the third-ranking person in the militant group. By that May, the CIA had decided to torture him. When I returned to CIA headquarters that month, a senior officer in the Counterterrorism Center asked me if I wanted to be “trained in the use of enhanced interrogation techniques.” I declined. I said that I had a moral and ethical problem with torture and that - the judgment of the Justice Department notwithstanding - I thought it was illegal. Unfortunately, there were plenty of people in the U.S. government who were all too willing to allow the practice to go on. One of them was Gina Haspel, whom President Trump nominated Tuesday as the CIA’s next director. Putting Haspel in charge of the CIA would undo attempts by the agency - and the nation - to repudiate torture. The message this sends to the CIA workforce is simple: Engage in war crimes, in crimes against humanity, and you’ll get promoted. Don’t worry about the law. Don’t worry about ethics. Don’t worry about morality or the fact that torture doesn’t even work. Go ahead and do it anyway. We’ll cover for you. And you can destroy the evidence, too.
Note: The above was written by former CIA counterterrorism officer John Kiriakou, who was imprisoned for blowing the whistle on the CIA’s illegal torture program. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the intelligence community.
Everybody's heard of the My Lai massacre - March 16, 1968, 50 years ago today - but not many know about the man who stopped it: Hugh Thompson, an Army helicopter pilot. When he arrived, American soldiers had already killed 504 Vietnamese civilians. They were going to kill more, but they didn't - because of what Thompson did. "We started noticing these large numbers of bodies everywhere," [Thompson said]. "They were old women, old men, children, kids, babies." Then Thompson ... "saw some civilians hiding in a bunker, cowering. Saw some advancing Americans coming that way. I just figured it was time to do something, to not let these people get killed. Landed the aircraft in between the Americans and the Vietnamese, told my crew chief and gunner to cover me, got out of the aircraft, went over to the American side." What happened next was one of the most remarkable events of the entire war, and perhaps unique: Thompson told the American troops that, if they opened fire on the Vietnamese civilians in the bunker, he and his crew would open fire on them. "I thank God to this day that everybody did stay cool and nobody opened up. It was time to stop it. That was the only way the madness ... could be stopped." Back at their base he filed a complaint about the killing of civilians that he had witnessed. The Army covered it up. But eventually the journalist Seymour Hersh found out about the massacre, and his report made it worldwide news and a turning point in the war.
Note: For more along these lines, see concise summaries of deeply revealing war news articles from reliable major media sources.
Ex-CIA Director James Woolsey said it himself. Yes, the U.S. meddles in other countries elections. But when we do it, it’s for the right reasons. “Only for a very good cause,” he says, because our government is ensuring foreign elections result in “democracy.” But doesn’t democracy demand that people decide for themselves? And how well has U.S. meddling actually worked out? According to Carnegie Mellon University researcher Dov Levin, the United States has attempted to sway elections in other countries more than 80 times worldwide between 1946 and 2000. But those 80+ instances of the U.S. interfering with other nations elections does not include regime change efforts. In the 1970s in Chile, the CIA conducted a botched kidnapping of General René Schneider, the Chilean Army’s commander-in-chief, that resulted in Schneider’s death. The plot was an effort to undermine the presidency of Salvador Allende, which may have fueled the violent coup that led to Allende’s overthrow. In 1974, Henry Kissinger was quoted in Newsweek, saying about Chile: “I don’t see why we have to let a country go communist due to the irresponsibility of its own people.” Levin’s tally also does not include covert coup d’etats where our government overthrows a foreign leader like the the U.S. did in Iran in 1953 or in Guatemala in 1954. In fact, Salon magazine documents 35 nations in which the United States has overthrown legitimate governments and or supported fascists, drug lords or terrorists. U.S. intervention is rarely about democracy.
Note: Truth in Media is one of the few media outlets speaking truth from a balanced place with reliable facts can be verified. Don't miss the excellent video at the webpage above. For more along these lines, see concise summaries of deeply revealing elections corruption news articles from reliable major media sources.
More than a billion people in the world go to sleep each night without reliable shelter. But a pair of companies working on solving that believes their model of quickly 3D-printing a one-story house could not only provide merely a roof over the head, but a genuinely great place to live. I took a walk around a demonstration house ... built by Icon, a construction firm, and New Story, a non-profit that sets up housing in the developing world. Later this year, the project will head to El Salvador to build some test homes, with the view to begin work on a community of 100 houses in 2019. "If it does work it could literally change how shelter is created," said Brett Hagler, chief executive and co-founder of New Story. Like small-scale 3D-printing, the system works by slowly adding material, layer-by-layer. In this case, that material is mortar, similar to concrete. The El Salvador project will ... aim to build 100 homes, financed by mostly Silicon Valley-based donors. The houses will not be a hand-out, however. "The families agreed to a no-interest, no-profit mortgage that they will pay over about 10 years," explained Mr Hagler. That works out at about $30 a month. According to the country's economics ministry, the average monthly wage in rural El Salvador is around $360. "That money does not come back to us," he added. "It's kept in a community fund." The fund will go on to pay for more homes in future, or maintenance on existing structures. Mr Hagler said the mortgage model will foster "respect and dignity" within the community.
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I’m talking about a documentary called The Lobby, directed by one of Al Jazeera’s top journalists, Clayton Swisher. After months of postponement, The Lobby ... is still no nearer to being shown – and Swisher himself has taken a paid leave of absence. In his published explanation, Swisher described how his award-winning investigative unit ... sent an undercover reporter to look into “how Israel wields influence in America through the pro-Israeli American community. But when some right-wing American supporters of Israel found out about the documentary, there was a massive backlash. It was ... labelled as antisemitic.” Although Swisher’s reporters had exposed genocide in Myanmar, presidential corruption in the Maldives and paedophilia in British youth football, another documentary under Swisher’s direction concentrated on Israel’s influence over Britain and included a secretly filmed sequence in which Israeli official Shai Masot discussed how to “take down” British MPs regarded as pro-Palestinian. In response to antisemitism claims after the London documentary, the broadcasting regulator Ofcom ruled that the programme was “a serious investigative documentary”. It was the same question, Swisher says, that he and his team sought to answer in the American edition of The Lobby: “whether the Israeli government was funding or involved in lobbying efforts in the US under the guise of a domestic lobbying group”.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in mass media.
Arnold Schwarzenegger says he is going after Big Oil and climate change. The actor and former governor of California said in a Politico-sponsored podcast ... that he is in talks with law firms about possibly suing global oil companies "for knowingly killing people all over the world." "The oil companies knew from 1959 on, they did their own study that there would be global warming happening because of fossil fuels, and on top of it that it would be risky for people's lives, that it would kill," Schwarzenegger said. "I don't think there's any difference: If you walk into a room and you know you're going to kill someone, it's first degree murder; I think it's the same thing with the oil companies," he said. In the podcast, Schwarzenegger compares the issue to the tobacco industry. "The tobacco industry knew for years and years and years and decades, that smoking would kill people ... and were hiding that fact from the people and denied it," Schwarzenegger said. "Then eventually they were taken to court and had to pay hundreds of millions of dollars because of that." He argues that every gas station, car and product with fossil fuels should have a warning label on it. He hopes that this will raise awareness about cleaner cars and alternative fuels. "We're going to go after them. Because to me it's absolutely irresponsible to know that your product is killing people and not have a warning label on it, like tobacco," he said.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and climate change.
When it comes to torture, no American officials have been more practiced in those heinous dark arts than the officers and employees of the Central Intelligence Agency who applied it to terrorism suspects after 9/11. Few American officials were so directly involved in that frenzy of abuse ... as Gina Haspel. On Tuesday, in announcing that he had dismissed Rex Tillerson as secretary of state and was replacing him with Mike Pompeo, the C.I.A. director, Mr. Trump said that Mr. Pompeo’s successor would be his deputy, Ms. Haspel. As an undercover C.I.A. officer, Ms. Haspel played a direct role in the agency’s “extraordinary rendition program,” under which suspected militants were ... were tortured by agency personnel. Ms. Haspel ran the first detention site in Thailand and oversaw the brutal interrogation of the Abd al-Rahim al-Nashiri. The sessions were videotaped and the recordings stored in a safe at the C.I.A. station in Thailand until they were ordered destroyed in 2005. Ms. Haspel’s name was on the cable with the destruction orders. In 2013, these activities were of such concern that Senator Dianne Feinstein of California ... blocked Ms. Haspel’s promotion to be head of the agency’s clandestine service. Senator John McCain ... a former prisoner of war, insisted that during the confirmation process, Ms. Haspel must “explain the nature and extent of her involvement” in the interrogation program.
Note: Read the thoughts of a former CIA counterterrorism officer on the dangers of this appointment. For more along these lines, see concise summaries of deeply revealing intelligence agency corruption news articles from reliable major media sources.
As tens of thousands of Americans die from prescription opioid overdoses each year, an exclusive analysis by CNN and researchers at Harvard University found that opioid manufacturers are paying physicians huge sums of money - and the more opioids a doctor prescribes, the more money he or she makes. The CNN/Harvard analysis looked at 2014 and 2015, during which time more than 811,000 doctors wrote prescriptions to Medicare patients. Of those, nearly half wrote at least one prescription for opioids. Fifty-four percent of those doctors - more than 200,000 physicians - received a payment from pharmaceutical companies that make opioids. Among doctors in the top 25th percentile of opioid prescribers by volume, 72% received payments. Among those in the top fifth percentile, 84% received payments. Among the very biggest prescribers ... 95% received payments. On average, doctors whose opioid prescription volume ranked among the top 5% nationally received twice as much money from the opioid manufacturers, compared with doctors whose prescription volume was in the median. Pharmaceutical company payments to doctors are not unique to opioids. Drug companies pay doctors billions of dollars for various services. In 2015, 48% of physicians received some pharmaceutical payment. The CNN and Harvard findings are in line with other studies suggesting that money from drug companies does influence a doctor's prescribing habits.
Note: From 1999 to 2015, over 183,000 people died from prescription opioid overdoses in the US. A CBS article titled, "Ex-DEA agent: Opioid crisis fueled by drug industry and Congress" describes major regulatory failures that contributed to this crisis. For more along these lines, see concise summaries of deeply revealing Big Pharma corruption news articles from reliable major media sources.
Up to 1,000 children could have been abused in Britain's biggest ever child abuse scandal, an investigation has revealed. Hundreds of children, some as young as 11, are estimated to have been drugged, beaten and raped over a 40-year period in the town of Telford. Lucy Allan, the Conservative MP for Telford, has called for an inquiry into child sexual exploitation. The investigation claims that allegations dating back to the 1980s were mishandled by authorities in Telford, who repeatedly failed to punish a network of abusers. Victims claimed that similar abuse, which has been linked to three murders and two other deaths, has continued in the area. The newspaper's probe alleges that social workers were aware of the abuse in the 1990s, but that it took police a decade to launch Operation Chalice, an inquiry into child prostitution in the Telford area in which seven men were jailed. It is also claimed that abused and trafficked children were considered "prostitutes" by council staff, that authorities did not keep details of abusers from Asian communities for fear of being accused of "racism" and that police failed to investigate one recent case five times until an MP intervened. The estimate of 1,000 potential victims was made with the help of Professor Liz Kelly, from the Child and Woman Abuse Studies Unit at London Metropolitan University. Twelve victims spoke to the newspaper and accused more than 70 abusers. Two other investigations were launched alongside Operation Chalice after two victims named dozens more abusers, yet victims have claimed that they were put off helping inquiries.
Note: Similar reports of child sexual exploitation in Rotherham were suppressed by officials for years. Over 1400 children as young as 12 were sexually exploited between 1997 and 2013 in Rotherham. For more along these lines, see concise summaries of deeply revealing sexual abuse scandal news articles from reliable major media sources.
In November, the Saudi government locked up hundreds of influential businessmen - many of them members of the royal family - in the Riyadh Ritz-Carlton in what it called an anti-corruption campaign. Most have since been released but they are hardly free. During months of captivity, many were subject to coercion and physical abuse. In the early days of the crackdown, at least 17 detainees were hospitalized for physical abuse and one later died in custody with a neck that appeared twisted, a badly swollen body and other signs of abuse, according to a person who saw the body. To leave the Ritz, many of the detainees not only surrendered huge sums of money, but also signed over to the government control of precious real estate and shares of their companies - all outside any clear legal process. As the architect of the crackdown, Crown Prince Mohammed bin Salman prepares to travel to the United States this month to court American investment. Saudi officials are spotlighting his reforms. But extensive interviews with Saudi officials, members of the royal family, and relatives, advisers and associates of the detainees revealed a murkier, coercive operation, marked by cases of physical abuse, which transferred billions of dollars in private wealth to the crown prince’s control. The government ... has refused to specify the charges against individuals and, even after they were released, to clarify who was found guilty or innocent, making it impossible to know how much the process was driven by personal score settling.
Note: Yet the U.S. continues to court Saudi Arabia as one of its closest allies. For more along these lines, see concise summaries of deeply revealing government corruption news articles from reliable major media sources.
In December, the Defense Department declassified two videos documenting encounters between U.S. Navy F-18 fighters and unidentified aircraft. The first video captures multiple pilots observing and discussing a strange, hovering, egg-shaped craft, apparently one of a “fleet” of such objects, according to cockpit audio. The second shows a similar incident involving an F-18 attached to the USS Nimitz carrier battle group in 2004. The videos, along with observations by pilots and radar operators, appear to provide evidence of the existence of aircraft far superior to anything possessed by the United States or its allies. Defense Department officials who analyze the relevant intelligence confirm more than a dozen such incidents off the East Coast alone since 2015. Military departments and agencies treat such incidents as isolated events rather than as part of a pattern requiring serious attention and investigation. Reports from different services and agencies remain largely ignored and unevaluated inside their respective bureaucratic stovepipes. There is no Pentagon process for synthesizing all the observations the military is making. The current approach is equivalent to having the Army conduct a submarine search without the Navy. It is also reminiscent of the counterterrorism efforts of the CIA and the FBI before Sept. 11, 2001, when each had information on the hijackers that they kept to themselves. In this instance, the truth may ultimately prove benign, but why leave it to chance?
Note: The above was written by Christopher Mellon, who served as deputy assistant secretary of defense for intelligence in the Clinton and George W. Bush administrations. For more along these lines, see concise summaries of deeply revealing UFO news articles from reliable major media sources. Then explore the excellent, reliable resources provided in our UFO Information Center.
Next week marks the 10th anniversary of the run on Bear Stearns, the investment bank that collapsed under the weight of toxic subprime mortgages ... leading to the biggest economic crisis in nearly a century. That seems like a terrible political backdrop for the Senate to pass a bill that deregulates the banking sector. But that's exactly what's about to happen. The Economic Growth, Regulatory Relief and Consumer Protection Act, which pro-regulation groups have called the "Bank Lobbyist Act," advanced in the Senate this week. The ... Congressional Budget Office stated [that the] legislation would increase the risk of another [financial crisis] happening. The bill ... rolls back key pieces of the Dodd-Frank Act and includes giveaways to large institutions of the same size and scope as the ones that crashed the economy in 2008. The most important measure in the legislation raises the threshold for enhanced regulatory supervision by the Federal Reserve from $50 billion to $250 billion. The beneficiaries, 25 of the top 38 banks in America, could be called "stadium banks:" not big enough to count as Wall Street mega-banks, but big enough to have a sports stadium named after them. Nearly all giant foreign banks with operations in the U.S. could enjoy the same weaker rules. Why would more than one-third of the Senate Democratic caucus provide the margin of victory on [this] bill. The answer is simple: money. The top three recipients of campaign donations from commercial banks since 2017 are Democrats. This whole process reveals that bipartisanship usually arrives in Washington at the barrel of a money cannon.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.
Important Note: Explore our full index to key excerpts of revealing major media news articles on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.