Welcome! "What's Happenin'?" is a casual community diary (a daily series, 8:30 AM Eastern on weekdays, 10 AM on weekends and holidays) where we hang out and talk about the goings on here and everywhere.
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Good Morning!
Zuccotti Park, September 17, 2012 (Photo by joanneleon)
“The money power denounces, as public enemies, all who question its methods or throw light upon its crimes.”
- William Jennings Brian, 1896
Arrests at Occupy Wall Street Happy Birthday #ows #s17
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News
We're in ur mortgage market, turnin' the low rates into more profit for ourselves.
Counterparties: Your very tentative housing recovery
Why should you care about the various measures of housing inventory? For one, they’re good ways of measuring how we’re recovering from the foreclosure crisis. Barclays recently estimated that the market’s “shadow inventory” — homes that are at or near foreclosure — includes some 3.25 million mortgages which are either in foreclosure or at least three months in default. McBride expects reluctant sellers to soon start returning to the market: “this new inventory will probably limit price increases.”
Peter Eavis, following up on a piece he had last month, points to another puzzling dynamic that could hold the housing recovery back. “Pricing in the mortgage market” Eavis writes, “appears to be have gotten stuck.” The spread between mortgage rates and mortgage bond yields, a rough shorthand for mortgage revenue, has jumped in the last year. Even as interest rates are at or near historic lows, Eavis writes, “banks aren’t fully passing on the low rates in the bond market to borrowers. Instead, they are taking bigger gains, and increasing the size of their cut.”
[Emphasis added]
Billionaire Whimsy
Wherein hedge fund billionaire Louis Bacon compares himself to Erin Brockovich and Henry David Thoreau
Larry Ellison just bought a Hawaiian Island
Chesapeake CEO was secretly running his own personal $200M energy hedge fund
Oh hell, why make it safe for workers when you can dump it on somebody else? They've got new oil fields in Libya to deal with! (And I'm sure that DoJ response was really, really fierce re: Deepwater Horizon settlement.)
BP close to sale of Texas City refinery
Oil company confirms disposal is imminent of troubled site where 17 people died in an explosion in 2005
Earlier this month BP sold off oil and gas fields in the Gulf of Mexico to Plains Exploration for $5.5bn and revealed it had asked a Louisiana court to approve a multibillion-dollar settlement over the Deepwater Horizon incident with hundreds of private claimants.
But that filing provoked a fierce response from the US department of justice, which said it still expected to find the company guilty of gross negligence in a court case which restarts in January. There had been hopes that the department and BP were close to some kind of out-of-court settlement.
The sale of Texas City would bring to an end a sorry chapter in BP's history: safety authorities found the company guilty of over 300 violations after the fire and slapped a record fine on it.
Proving again that persistent protest works. In other arenas, protesting loudly and publicly would probably work best during a campaign season. Passive, undying loyalty, adoration and pledges to vote for a person no matter what they do does not lead to change.
Chick-fil-A to halt funding of anti-LGBT groups: report
The conservative fried chicken restaurant chain Chick-fil-A has agreed to stop funding groups opposing rights for LGBT people, some of which have been labeled as hate groups.
A press release from The Civil Rights Agenda (TCRA) said that Chick-fil-A had confirmed to Chicago Alderman Proco “Joe” Moreno that its nonprofit, the WinShape Foundation, would no longer donate money to anti-LGBT organizations.
“The WinShape Foundations [sic] is now taking a much closer look at the organizations it considers helping, and in that process will remain true to its stated philosophy of not supporting organizations with political agendas,” the letter stated.
TCRA noted that the company had clarified that groups like Focus on the Family and the National Organization for Marriage would cut off from future donations.
What a jobs program this trade deal is!
New Trans-Pacific Trade Deal Ignites Fears of Job Losses
US manufacturers fear secretly negotiated trade deal a 'race to the bottom'
LEESBURG, Va. — With 1,350 employees in its five U.S. factories, New Balance is proud that it still produces 7 million pairs of shoes each year at its plants in Maine and Massachusetts, the last major athletic footwear company that still has manufacturing jobs in the United States.
But the company says those jobs could very well disappear if the U.S. scraps its tariff on athletic footwear coming in from Vietnam.
It’s part of the mounting anxiety caused by the new Trans-Pacific Partnership, the largest trade pact proposed in U.S. history. And as 400 negotiators from nine countries met privately at a golf resort in northern Virginia last week in an attempt to finalize details, New Balance officials weren’t the only ones fretting.
[ ... ]
“It’s NAFTA on steroids in terms of its geographic scope, its economic scope and the new powers it gives to corporations,” said Arthur Stamoulis, a critic of the trade deal and executive director of the Citizens Trade Campaign, a coalition that includes labor and environmental groups.
US 'supermax' prison is condemned internationally for its abusive regime
The Bureau of Prisons boss seems oblivious, as ADX Florence faces a class action lawsuit brought by mentally ill prisoners
To give you an idea of why a previously sane person would lapse into madness at ADX, you need look no further than the circumstances of their confinement. ADX was designed to ensure the total isolation of all its prisoners, who are held in cells about the size of an average toilet. The cells have thick, concrete soundproof walls, a door with bars and a second door made of solid steel. The only possible means of communicating with other humans is to yell into the toilet bowl and hope that someone may hear. The inmates are kept in their cell 24/7 for two days each week. On the other five days, they may get to spend approximately one hour in a similarly-sized cage for what is laughingly referred to as "outdoor" recreation. By its own policy, the Bureau of Prisons (BOP) excludes the mentally ill from ADX, but it seems that many prisoners with mental illness end up there because of a deficient screening process – and more still who were sane upon arrival tend not to remain so for long.
[ ... ]
There are larger implications of this lawsuit and those that have proceeded it, however: once again, it focuses an embarrassing spotlight on the fact that while the powers-that-be in the US are quick to condemn abuses of prisoners in captivity in other countries, they are apparently unconcerned with the less overt, yet equally damaging, human rights abuses happening in prisons on American soil. Since 2007, the European Court of Human Rights has put a stay on the extradition of six men wanted on terrorism charges because of concerns about the treatment that would be in store for them at ADX.
Jesus cites wife in fourth-century script, says US scholar
Ancient text contains a dialogue in which Jesus refers to 'my wife', says expert in the history of Christianity at Harvard
A Harvard University professor has unveiled a fourth-century fragment of papyrus she said is the only existing ancient text quoting Jesus explicitly referring to having a wife.
Karen King, an expert in the history of Christianity, said the text contains a dialogue in which Jesus refers to "my wife," whom he identifies as Mary. King says the fragment of Coptic script is a copy of a gospel, probably written in Greek in the second century.
[ ... ]
The unclear origins of the document should encourage people to be cautious, said Bible scholar Ben Witherington III, a professor and author who teaches at Asbury Theological Seminary in Wilmore, Kentucky. He said the document follows the pattern of Gnostic texts of the second, third and fourth centuries, using "the language of intimacy to talk about spiritual relationships".
Greeks searching for cheaper heating solutions
In large cities, although most heating oil tanks have been filled since April, when the price stood at just 1.05 euros/l, more and more people are taking the decision not to turn on their central heating this winter unless the temperature drops to very low levels.
In rural areas, and particularly in northern Greece, the majority of consumers made the switch last year, opting mostly for fireplaces and wood stoves, while demand for wood and pellets has soared.
Third of Italian adults live with their parents, report finds
Lack of jobs, benefit cuts and traditional family living arrangements blamed for lack of independence
According to a report published on Wednesday, almost a third of Italian adults (31%) live with their parents. The highest proportion was among 18- to 29-year-olds, for whom unemployment is particularly high, with 60.7% reported living at home.
[ ... ]
While the new report hailed its findings as proof that Italy's traditional family-based social fabric provides a protective buffer against economic hardship, others said the data was a warning. Gianmario Mariniello, national co-ordinator for the youth-wing of the centre-right Future and Freedom party, said the figures reflect a degrading society that failed to offer enough opportunities for its young.
War and peace, bankster and globalization style. Interesting, the role that ratings agencies play, pulling strings both domestically and globally to manipulate policy and to intervene between nearly warring nations. It's especially interesting given what we know about their role and corruption in the 2008 crash.
Beijing hints at bond attack on Japan
A senior advisor to the Chinese government has called for an attack on the Japanese bond market to precipitate a funding crisis and bring the country to its knees, unless Tokyo reverses its decision to nationalise the disputed Senkaku/Diaoyu islands in the East China Sea.
Separately, the Hong Kong Economic Journal reported that China is drawing up plans to cut off Japan’s supplies of rare earth metals needed for hi-tech industry.
[ ... ]
Fitch Ratings threatened to downgrade a clutch of Japanese exporters if the clash drags on. It warned that Nissan is heavily at risk with 26pc of its global car sales in China, followed by Honda with 20pc. Sharp and Panasonic both have major exposure. Japan’s exports to China were $74bn in the first half of this year. Bilateral trade reached $345bn last year.
Japan drops plans to phase out nuclear power by 2040
Cabinet fails to commit to no-nuclear option by agreed deadline amid pressure from business lobby
Japan has effectively abandoned a commitment to end its reliance on nuclear power by 2040 amid pressure from the country's business lobby, dropping a deadline recommended by a cabinet panel only days ago.
Jin Baisong from the Chinese Academy of International Trade – a branch of the commerce ministry – said China should use its power as Japan’s biggest creditor with $230bn (£141bn) of bonds to “impose sanctions on Japan in the most effective manner” and bring Tokyo’s festering fiscal crisis to a head.
Panetta says toughest fighting in Afghanistan yet to come
"Now the challenge is to continue that momentum, continue the transition, and ensure that we have a sufficient force in place in order to complete the fourth and fifth tranches, which are going to be the more difficult ones," Panetta said, "and reach a point sometime in the fall of 2013 after completion of the last transition, where we will turn over combat operations to the Afghans."
[ ... ]
Chairman of the Joint Chiefs of Staff Gen. Martin Dempsey, traveling in Europe, gave a striking warning this weekend about that concern.
"It is a very serious threat to the campaign," said Dempsey, Obama's senior military advisor, of the war effort.
And that's a very serious charge. He did not say inside attacks are a threat to a particular unit or base or region. General Dempsey said it's a threat to the entire "campaign."
Various matters: cyberwar, last gasps, and hate speech
An Obama official seems to justify an Iranian attack on the US; Panetta channels Cheney; Tom Friedman writes from expertise
2) Nothing is more consistent than war propaganda, especially the propaganda aimed at the citizenry of a nation at war by its leaders. It simply never changes, no matter the war or the leaders:
Associated Press, Tuesday:
"US Defense Secretary Leon Panetta said Monday that while he is very concerned about rogue Afghan troops and police turning their guns on US and allied forces, he sees the insider attacks as the 'last gasp' of a Taliban insurgency that has not been able to regain lost ground."
CNN, 20 June 2005:
"The insurgency in Iraq is 'in the last throes,' Vice-president Dick Cheney says … 'The level of activity that we see today from a military standpoint, I think, will clearly decline. I think they're in the last throes, if you will, of the insurgency.'"
The year after Cheney's "last throes" pronouncement, violence in Iraq had become so pervasive that NBC News defied the White House to brand it a "civil war". Does anyone believe Panetta's "last gasp" assurance will fare any better?
What could go wrong?
Pakistan govt declares holiday to protest anti-Islam film
The federal cabinet decided to make Friday an official “day of expression of love for the prophet” after discussing the “Innocence of Muslims” movie, which has triggered more than a week of violent protests across the Islamic world, a senior government official said.
The move came after religious parties called for a day of protest on Friday to denounce the film.
Interior Minister Rehman Malik, while speaking to media representatives earlier today, said that the Pakistan People’s Party (PPP) would join protestors in their demonstrations.
NATO Warplane Attacks Afghan Women, Killing Eight - Women Were Collecting Firewood, Were Assumed to Be Terrorists
A NATO warplane attacked a group of women overnight on the outskirts of the village of Norlam, in the Laghman Province, killing eight of them and wounding seven others.
According to villagers the group of about 30 women had gone out to collect firewood early in the morning, and came under attack by the warplane outside of the village. NATO initially insisted they had “positively identified hostile intent” from the unarmed women, who they called “insurgents.” They later expressed “regret” and claimed the deaths were “unintentional.”
Orwell... turning in grave. Obama chest thumps about drone program in media. Obama discusses drone program with citizen in social media as campaign stunt. Obama will not acknowledge drone program in courts or when petitioned via FOIA for more information.
ACLU takes CIA to court as agency denies existence of drone programme
Despite references by president and defence secretary, CIA has refused FOIA request on grounds it cannot confirm drone use
The American Civil Liberties Union will go to court on Thursday in an attempt to get the CIA to hand over documents related to President Barack Obama's controversial "targeted killing" programme that uses unmanned drones to strike suspected Islamic militants.
The programme has been repeatedly referenced in public by numerous senior officials, including by Obama himself and defence secretary Leon Panetta, but the spy agency has refused to comply with a Freedom of Information Act request from the civil liberties group because it says it will not confirm the secretive use of drones.
As a result the ACLU has gone to court to argue that the CIA cannot deny the existence of a programme that has been so widely reported, including in great detail in off-the-record briefings by administration and agency officials. Jameel Jaffer, the deputy legal director of the ACLU, said: "It is preposterous. The assertion that this programme is a secret is nothing short of absurd.
"For more than two years, senior officials have been making claims about the programme both on the record and off. They've claimed that the programme is effective, lawful and closely supervised. If they can make these claims, there is no reason why they should not be required to respond to [FOIA] requests."
Italy upholds rendition convictions for 23 Americans
Ruling is world's first judicial review of CIA practice of abducting terror suspects and transferring them to third countries
Italy's highest criminal court on Wednesday upheld the convictions of 23 Americans found guilty of kidnapping a Muslim cleric from a Milanese street and transferring him to a country where torture was permitted. The court of cassation's ruling is the final appeal in the world's first judicial review of the CIA practice of abducting terror suspects and transferring them to third countries, a practice also known as extraordinary rendition.
The 23 Americans were all convicted in absentia following a trial that lasted over three years. The verdict paves the way for the Italian government to seek redress and could put the Americans at risk of arrest if they travel toEurope.
"It went badly. It went very badly," lawyer Alessia Sorgato told the Associated Press. "Now they will ask for extradition."
Blog Posts of Interest
The Evening Blues - 9-19-12
Please act: Tell the EPA: Bees can't wait 6 more years for rescue. Deadline just days away
Looking Beyond Reelection: Can We Now Stop Bombing Women and Children?
It's Not About a Film: The Real Reason Why the Middle East Exploded
More Positive Stats for Housing Ignores Realities on the Ground
A Look at the Deal that Ended the Chicago Teachers Strike
Debt Scolds Build War Chest to Force Grand Bargain
I guess I’m entitled to my helicopter dreams
Dylan Ratigan (rightfully) loses it on air
We are ready for some serious change. We are ready to take up the tools of a free and analytic press to peacefully undermine the stranglehold of the kleptocrats on our battered democracy. We are ready to expose and publicize their greed, lies and illegal machinations and hold their enablers in government and the media to account. Are you in?
"Never doubt that a small group of thoughtful, committed people can change the world. Indeed, it is the only thing that ever has."
~ Margaret Mead
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