News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
With the first anniversary of the Dodd-Frank financial reform law on July 21, ... what has it accomplished? Consumer advocates, many congressional Democrats and some economists say banks are still too big, the derivatives market remains untamed and opaque, and regulators have been slow to write hundreds of rules. Rules forcing most derivatives trades to be processed through clearinghouses, and backed by collateral, should ... be accepted globally to avoid regulatory arbitrage, in which trading firms move to countries with the least intrusive, and lowest cost, oversight. Less than three years ago, the financial system almost buckled under the weight of worthless mortgages, and the country narrowly avoided another Great Depression. Regulators had been blind to the credit boom and bust; banks took huge risks that exploited regulatory gaps. Today, the economy remains weak ... because of the lingering fallout of the financial crisis. Dodd-Frank isn’t perfect, but already its influence on the financial system has been positive, in ways big and small. Accounting is more transparent; off-balance-sheet assets are largely a thing of the past. [Yet] with the top 10 U.S. banks holding 77 percent of the industry’s domestic assets, compared with 55 percent in 2002, too-big-to-fail is an even bigger worry today. Thomas M. Hoenig, the Kansas City Federal Reserve president, has said that the incentives for risk-taking that existed before the crisis all remain in place.
Note: For many of the most informative reports from major media sources on the financial meltdown and government bailout of the biggest banks, click here.
The rapidly growing trade in derivatives poses a "mega-catastrophic risk" for the economy and most shares are still "too expensive", ... investor Warren Buffett has warned. The derivatives market has exploded in recent years, with investment banks selling billions of dollars worth of these investments to clients as a way to off-load or manage market risk. But Mr Buffett argues that such highly complex financial instruments are time bombs and "financial weapons of mass destruction" that could harm not only their buyers and sellers, but the whole economic system. Derivatives are financial instruments that allow investors to speculate on the future price of, for example, commodities or shares - without buying the underlying investment. Outstanding derivatives contracts - excluding those traded on exchanges such as the International Petroleum Exchange - are worth close to $85 trillion, according to the International Swaps and Derivatives Association. Some derivatives contracts, Mr Buffett says, appear to have been devised by "madmen". He warns that derivatives can push companies onto a "spiral that can lead to a corporate meltdown", like the demise of the notorious hedge fund Long-Term Capital Management in 1998.
Note: Though written in 2003, this excellent article reveals the incredible risk of creating derivatives that have more value than the entire GDP of the world. The risk has increased tremendously since then.
This spring’s nuclear disaster at the Fukushima Daiichi power plant released almost double the amount of radiation the Japanese government has claimed, according to a new analysis. The authors say the boiling pools holding spent fuel rods played a role in the release of some of the contaminants, primarily cesium-137 — and that this could have been mitigated by an earlier response. Researchers at the Norwegian Institute of Air Research ... say the amount of cesium-137, a long-lived isotope that persists in the atmosphere, was about twice as high as the Japanese government’s official estimate. The researchers also say about 20 percent of the total fallout landed over Japan, but the vast majority fell over the Pacific Ocean. (The effects of this fallout on fisheries and aquatic wildlife are still being determined.) Cesium-137 emissions peaked three or four days after the quake and tsunami, remaining high until March 19, according to this new study. That’s the day authorities started spraying water on the spent-fuel pool at reactor unit 4, the researchers note. “This indicates that emissions were not only coming from the damaged reactor cores, but also from the spent-fuel pool of unit 4 and confirms that the spraying was an effective countermeasure,” they say. This contradicts Japanese government reports claiming the pools released no radiation.
Note: According to the French nuclear agency, the Institute for Radiological Protection and Nuclear Safety (IRSN, Institut de Radioprotection et de Surete Nucleaire), even the higher estimate of radiation release described in this article is too low. The agency estimates that 20 times more cesium-137 was released than has been admitted by Tepco.
The Air Force has been secretly flying Reaper drones on counterterrorism missions from a remote civilian airport in southern Ethiopia as part of a rapidly expanding U.S.-led proxy war ... in East Africa, U.S. military officials said. The Reapers began flying missions earlier this year over neighboring Somalia. The United States has relied on lethal drone attacks, a burgeoning CIA presence in Mogadishu and small-scale missions carried out by U.S. Special Forces. The Washington Post reported last month that the Obama administration is building a constellation of secret drone bases in the Arabian Peninsula and the Horn of Africa. The location of the Ethiopian base and the fact that it became operational this year, however, have not been previously disclosed. Some bases in the region also have been used to carry out operations ... in Yemen. The U.S. military deploys drones on attack and surveillance missions over Somalia from a number of bases in the region. The Air Force operates a small fleet of Reapers from the Seychelles, a tropical archipelago in the Indian Ocean, about 800 miles from the Somali coast. The U.S. military also operates drones — both armed versions and models used strictly for surveillance — from Djibouti, a tiny African nation that abuts northwest Somalia at the junction of the Red Sea and the Gulf of Aden.
Note: For more from reliable sources on war manipulations and the expanding use of drones worldwide, click here.
Julian Assange, the founder of WikiLeaks, said ... that his controversial website could be forced to shut down by the end of the year because a 10-month-old "financial blockade" had sharply reduced the donations on which it depends. Calling the blockade a "dangerous, oppressive and undemocratic" attack led by the United States, Assange said at a news conference that it had deprived his organization of "tens of millions of dollars," and warned, "If WikiLeaks does not find a way to remove this blockade, we will not be able to continue by the turn of the new year." Since the end of 2010, financial intermediaries - including Visa, MasterCard, PayPal and Western Union - have refused to allow donations to WikiLeaks to flow through their systems, he said, blocking "95 percent" of the website's revenue and leaving it to operate on its cash reserves for the past 10 months. An aide said that WikiLeaks was now receiving less than $10,000 a month in donations. Assange said that WikiLeaks had been forced to halt work on the processing of tens of thousands of secret documents that it has received, and to turn its attention instead to lawsuits it has filed in the United States, Australia, Scandinavian countries and elsewhere, as well as to a formal petition to the European Commission to try to restore donors' ability to send it money through normal channels.
Note: For more on this from BBC, click here.
In December 2010 three of the world's biggest payment providers, Visa, Mastercard and Paypal, cut off funding to WikiLeaks. Ten months later, Julian Assange has announced the whistleblowing site will suspend operations until the blockade is lifted – and warned WikiLeaks does not have the money to continue into 2012 at current levels of funding. The banking blockade against WikiLeaks is one of the most sinister developments in recent years, and perhaps the most extreme example in a western democracy of extrajudicial actions aimed at stifling free speech. Payment companies representing more than 97% of the global market have shut off the funding taps between WikiLeaks and those who would donate to it. Unlike many of the country's leading corporations, WikiLeaks has neither been charged with, nor convicted of, any crime at either state, federal, or international level. Visa and Mastercard are already inescapable. As the world becomes ever-more digital ... they will become still more pervasive. If they are allowed to cut off payment to lawful organisations with whom they disagree, the US's first amendment, the European convention on human rights' article 10, and all other legal free speech protections become irrelevant. Those who value free expression, whether they like WikiLeaks or loathe it, should hope it wins its current battle.
Note: For more on this from BBC, click here.
The Obama White House's restrictions on media access to its fundraising events makes a mockery of its claim to be the most transparent administration in history. If anything, there is almost a Nixonian quality to the level of control, paranoia - and lack of credibility - this White House has demonstrated on the issue of media access to President Obama's fundraisers. Bay Area reporters will not be allowed inside the W Hotel today when the president meets with hundreds of contributors paying $7,500 or more to attend. Only Washington-based journalists were allowed in the pool - continuing a disturbing trend by this White House to severely limit access to fundraisers. Fundraisers are not private events in this post-Watergate era. Contributions are a matter of public record, and the public has a right to know what is being said to and by the president. Local journalists are better positioned than their Beltway brethren to recognize who is there - and why. The White House press office seems to have missed the transparency memo. Now it has cut all local reporters out of the pool. Most transparent administration in history? We'll see. Right now, we'd settle for straight answers and the opportunity to do our jobs.
Note: For lots more from reliable sources on government secrecy, click here.
A former lobbyist who was a rising star under Jack Abramoff’s tutelage was sentenced ... to nearly two years in prison for giving public officials meals and event tickets. Kevin Ring argued up until his emotional sentencing hearing that he was operating in a corrupt Washington environment controlled by people with money and that he did not break the law. U.S. District [Judge] Ellen Segal Huvelle said Ring’s conduct was not nearly as egregious as ringleader Abramoff or some of the others involved in a scandal that resulted in stricter lobbying rules in Washington. But the judge gave Ring a sentence of 20 months, one of the stiffest terms among the 21 defendants in the investigation. Most others involved cooperated with prosecutors and got plea deals that avoided prison. Huvelle said she did not consider Ring’s conduct [nearly as] bad as that of Abramoff and his business partner, Michael Scanlon, who bilked their American Indian tribal clients out of $20 million in fees, or former Rep. Bob Ney, who accepted golf and gambling trips, tickets to sporting events, free meals and campaign donations. But Abramoff, Scanlon and Ney all reached plea agreements with prosecutors that helped cut their sentences while Ring fought at trial. His sentence ranks with theirs — Abramoff got 48 months, Ney 30 months and Scanlon also was sentenced to 20 months.
Note: A petty thief steals three times for a total value of a few thousand dollars and by the "three strikes" law ends up in jail for life. Abramoff, along with his assistants, successfully corrupt U.S. Senators and Congress members and serve less than four years in jail. Many get off with no jail time. Is the US justice system biased towards the rich?
When the White House promised to answer citizen petitions on the most pressing problems of the day, it may not have had extraterrestrial life in mind. More than 10,000 petitions have poured in since the new initiative was announced last month in a bid to bring government closer to the people. [Among the] Top Ten Petitions: Abolish the TSA, and use its monstrous budget to fund more sophisticated, less intrusive counter-terrorism intelligence -- 26,328 signatures; End the destructive, wasteful and counterproductive "War on Drugs" -- 16,422 signatures; Formally acknowledge an extraterrestrial presence engaging the human race - Disclosure -- 10,316 signatures. Stephen Bassett ... wants to end the "truth embargo," or what he believes is the government's deliberate decision to withhold what it has long known about the existence of extraterrestrial life. "The fact is that there is an extraterrestrial presence. I know this because I'm familiar with the research and a couple hundred government witnesses have come forward in the last couple years," he said. "Acknowledging this E.T. presence is about open government." Mr. Bassett decided to post a petition as soon as he heard about the opportunity and immediately sent a link to his 10,000-person email list.
Note: For excellent information on UFOs and the possibility of extraterrestrial visitation, check out our UFO Information Center.
Propelled by an increase in prescription narcotic overdoses, drug deaths now outnumber traffic fatalities in the United States, a Times analysis of government data has found. Drugs exceeded motor vehicle accidents as a cause of death in 2009, killing at least 37,485 people nationwide, according to preliminary data from the U.S. Centers for Disease Control and Prevention. While most major causes of preventable death are declining, drugs are an exception. The death toll has doubled in the last decade, now claiming a life every 14 minutes. By contrast, traffic accidents have been dropping for decades because of huge investments in auto safety. Public health experts have used the comparison to draw attention to the nation's growing prescription drug problem, which they characterize as an epidemic. This is the first time that drugs have accounted for more fatalities than traffic accidents since the government started tracking drug-induced deaths in 1979. Fueling the surge in deaths are prescription pain and anxiety drugs that are potent, highly addictive and especially dangerous when combined with one another or with other drugs or alcohol. Such drugs now cause more deaths than heroin and cocaine combined.
Note: For key reports from reliable sources on important health issues, click here.
There isn't much attention paid to prescription drug abuse, except perhaps when a Hollywood star dies from an overdose. However, it is estimated that nearly one in five Americans has used prescription drugs for nonmedicinal reasons, and 15 percent may be abusing prescription drugs. This silent epidemic has become the leading cause of addiction. The dangers of prescription drug abuse are growing at an exponential rate. Between 1992 and 2002, the number of prescriptions written increased by 61 percent, but the number of prescriptions written for opiates increased by almost 400 percent. Opiates reflect three-quarters of all prescription drugs abused. According to a report this month by the Centers for Disease Control and Prevention, hospitalizations for poisoning by prescription opioids, sedatives and tranquilizers jumped 65 percent from 1999 to 2006. One-third of new addicts report that their first drug experience was with prescription drugs. More and more teenagers are turning away from street drugs and using prescription drugs to get high.
Note: For key reports from reliable sources on important health issues, click here.
The last of the nation's biggest nuclear bombs, a Cold War relic 600 times more powerful than the atomic bomb dropped on Hiroshima was dismantled [on October 25]. Workers in Texas separated the roughly 300 pounds of high explosives inside from the special nuclear material — uranium — known as the pit. The work was done outside of public view for security reasons, but explosives from a bomb taken apart earlier were detonated as officials and reporters watched from less than a mile away. Put into service in 1962, when Cold War tensions peaked during the Cuban Missile Crisis, the B53 weighed 10,000 pounds and was the size of a minivan. The B53's disassembly ends the era of big megaton bombs, said Hans Kristensen, a spokesman for the Federation of American Scientists. The biggest nuclear bomb in the nation's arsenal now is the 1.2-megaton B83, he said. The B53 was 9 megatons. The 15-kiloton bomb dropped on Hiroshima, Japan, at the end of World War II killed as many as 140,000 people. Kristensen said the Obama administration shouldn't boast too much about dismantling the B53 when its arsenal of active nuclear warheads has been reduced by only 10 in the past seven months and Russia's arsenal has grown by 29. The two nations signed a treaty in December to reduce their arsenals.
Chocolate seems to be good for the cardiovascular system - no secret there. Studies have tied the sweet stuff to lower blood pressure, healthier blood vessels, and reduced risk of blood clots. And now Swedish researchers have linked chocolate to a reduced risk for stroke. The scientists found that the women who ate the most chocolate - 66.5 grams a week, or about 2.4 ounces - were 20 percent less likely to have a stroke than the women who never or seldom ate chocolate. The study was published in the October 2011 issue of the Journal of the American College of Cardiology. But before you unleash your inner chocoholic, be aware that not all forms of chocolate are thought to be beneficial. Dark chocolate is best because it contains more of the antioxidant-rich cocoa and less sugar and fewer calories than milk chocolate.
Note: For key reports from reliable sources on important health issues, click here.
Folker Heinicke always had the feeling that something about his upbringing just wasn’t right. Raised in a German home full of wealth and privilege did not dull his notions that something was missing, but it would be decades before he would learn the full truth: he was the child of a Nazi program to strengthen the German race with Aryan blood. He and other children — known as “Lebensborn Kinder” or “source of life” kids — were the product of parents chosen for their traits to breed Hitler’s idealized blue-eyed, blonde-haired Aryan race. The Lebensborn program was the mirror opposite of the Nazi’s other, more hideous racial experiments. While millions of Jews and others deemed “undesirable,” were slaughtered, these children were carefully selected for their Aryan qualities and brought into the world in comfortable surroundings, well away from the Allied bombing raids. Of the estimated 5,000 to 8,000 born into Lebensborn homes in Germany, some were raised by their birth mothers, but many were given over to families of high-ranking SS officers to be raised according to Nazi doctrine.
Note: For more on the Lebensborn project, click here. To understand more about Nazi programs of mind control, click here.
One week after a U.S. military airstrike killed a 16-year-old American citizen in Yemen, no one in the Obama administration, Pentagon or Congress has taken responsibility for his death, or even publicly acknowledged that it happened. The absence of official accountability for the demise of Abdulrahman al-Awlaki, a Denver native and the son of [Anwar al-Awlaki], deepens the legal and ethical murkiness of the Obama administration’s campaign to kill alleged enemies of the state outside of traditional war zones. Officials throughout the U.S. government ... have refused to answer questions for the record about how or why Awlaki was killed Oct. 14 in a remote part of Yemen, along with eight other people. The official silence about the death of the American teenager contrasts with the Obama administration’s eagerness to trumpet another airstrike in Yemen two weeks earlier. In that case, armed drones controlled by the CIA killed the teen’s father, Anwar al-Awlaki. [A] U.S. official said the airstrike was launched by the military’s secretive Joint Special Operations Command, or JSOC. The younger Awlaki was the third U.S. citizen killed by the U.S. government in Yemen in recent weeks.
Note: For deep background on reasons why the US government may have wanted to eliminate Anwar al-Awlaki and his son, click here.
The Occupy Wall Street movement has the potential to turn into a political firestorm. We have become so divided as a nation that it is very difficult to prognosticate if anything good will come out of these protests from a political perspective. Let’s examine a number of issues that have been raised by Occupy Wall Street, the Tea Party and liberals and libertarians and see where there is agreement. Get Corporate Money Out Of Politics – This is the issue that really kick started Occupy Wall Street. Americans are sick and tired of mega-corporations and Wall Street banks being in bed with our politicians in Washington D.C. End the Federal Reserve – The Federal Reserve is directly responsible for the Too Big To Fail banking cartel, the U.S. debt, the perpetual deficits, and ... the Fed has also robbed the poor and working class blind as a result of their inflationary policies. End The Wars – The American people are fed up with these conflicts, and even large percentages of the military believe that the wars in both Iraq and Afghanistan were not worth fighting in the first place. It is time for our troops to come home. End The Drug War - The drug war is an absolute failed policy. The U.S. incarcerates a higher percentage of its population than any country on Earth, yet we call ourselves “The Home of the Free.” Repeal The Patriot Act – The assault on our civil liberties in the wake of 9/11 has been swift and draconian. These are the types of things that go on in totalitarian states, and now, apparently the United States as well.
Note: For lots more from major media sources on the reasons why people worldwide are occupying the financial centers of their cities, check out our "Banking Bailout" news articles.
“We are the 99 percent!” The chant thunders through the streets, from Wall Street in New York City, where the Occupy movement began, to K Street in Washington, where high-paid lobbyists influence government, to streets in cities and small towns all across the nation. In hundreds of Occupations, ordinary people have been moved to fill parks and streets and squares with signs, tents, impromptu soup kitchens, intense conversations and lengthy meetings. What’s going on? All share a common heart, a revulsion against an economy and a politics that increasingly say, “You don’t count, except as something to exploit. Your voice is drowned out by money, your labor is expendable, your needs must be sacrificed to the gods of profit.” The Occupy movement demonstrates a very different model of organizing: emergent, decentralized, without a command and control structure. At its essence, the message of the Occupations is simply this: “Here in the face of power we will sit and create a new society, in which you do count. Your voice carries weight, your contributions have value, whoever you may be. We say that love and care are the true foundations for the society we want to live in. We’ll stand with the poor and sleep with the homeless if that’s what it takes to get justice. We’ll build a new world.”
Note: Find your nearest occupation at: http://www.occupytogether.org/ . For lots more from major media sources on the reasons why people worldwide are occupying the financial centers of their cities, check out our "Banking Bailout" news articles.
Working inside the New York Police Department is one of the CIA's most experienced clandestine operatives. He arrived in July as the special assistant to the deputy commissioner of intelligence. While his title is clear, his job responsibilities are not. Federal and city officials have offered differing explanations for why this top CIA officer was assigned to a municipal police department. The CIA is prohibited from spying domestically, and its unusual partnership with the NYPD has troubled top lawmakers and prompted an internal investigation. The last time a CIA officer worked so closely with the NYPD, beginning in the months after the 9/11 attacks, he became the architect of aggressive police programs that monitored Muslim neighborhoods. With that earlier help from this CIA official, the police put entire communities under a microscope based on ethnicity rather than allegations of wrongdoing. On Monday, New York Mayor Michael Bloomberg defended the arrangement. "If the CIA can help us I'm all for getting any information they have and then letting the police department use it," he said. All of this has troubled lawmakers, including Sen. Dianne Feinstein, D-Calif., the chairwoman of the Senate Intelligence Committee, who has said the CIA has "no business or authority in domestic spying, or in advising the NYPD how to conduct local surveillance."
Note: While it is quite amazing that this information was reported in the major media, well-informed people have known that CIA operatives are secretly inserted in police stations across the US. They are also deployed in key positions in every major media outlet in the U.S. and many around the world, where they can stop reporting of information which reveals too much. To read the fascinating accounts of two award-winning journalist providing clear evidence of this, click here.
Federal employees whose compensation averages more than $126,000 and the nation’s greatest concentration of lawyers helped Washington edge out San Jose as the wealthiest U.S. metropolitan area, government data show. The U.S. capital has swapped top spots with Silicon Valley, according to recent Census Bureau figures, with the typical household in the Washington metro area earning $84,523 last year. The national median income for 2010 was $50,046. The figures demonstrate how the nation’s political and financial classes are prospering as the economy struggles with unemployment above 9 percent and thousands of Americans protest in the streets against income disparity, said Kevin Zeese, director of Prosperity Agenda, a Baltimore-based advocacy group trying to narrow the divide between rich and poor. “There’s a gap that’s isolating Washington from the reality of the rest of the country,” Zeese said. “They just get more and more out of touch.” In recent years Washington has attracted more lobbyists and firms with an interest in the health-care overhaul and financial regulations signed into law by President Barack Obama. “Wall Street has moved to K Street,” said Barbara Lang, president and chief executive officer of the DC Chamber of Commerce, referring to the Washington street that’s home to prominent lobbying firms.
Note: For key reports from reliable sources on corporate and government corruption, click here and here.
Wall Street's total price tag on settlements with U.S. securities regulators for allegedly misleading investors about mortgage bonds churned out ahead of the financial crisis surged past $1 billion with a deal by Citigroup Inc. to pay $285 million ... to end civil-fraud charges by the Securities and Exchange Commission. The SEC claimed Citigroup sold slices of the $1 billion mortgage-bond deal without disclosing to investors that the bank was shorting $500 million of the deal, or betting its assets would lose value. Several Wall Street firms have settled similar claims by the SEC, which has generally stuck to the strategy used by the agency to get a $550 million settlement last year with Goldman Sachs Group Inc.. And the SEC's investigation of the Wall Street mortgage machine isn't over yet. Lorin Reisner, deputy enforcement director at the SEC, said civil mortgage-related cases against Goldman, J.P. Morgan Chase & Co., Countrywide Financial Corp., New Century Financial Corp. and other companies "read like an index to unlawful conduct in connection with the financial crisis." The SEC has collected a total of $1.03 billion through mortgage-bond-deal settlements. In addition to Citigroup, the total includes Goldman, J.P. Morgan, Royal Bank of Canada, Wells Fargo & Co. and Credit Suisse Group AG.
Note: For lots more from major media sources on the illegal profiteering of major financial corporations, click here.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.