News ArticlesExcerpts of Key News Articles in Major Media
Note: Explore our full index to revealing excerpts of key major media news articles on dozens of engaging topics. And read excerpts from 20 of the most revealing news articles ever published.
Three undercover officers accused of inciting protesters to attack riot police at the 2007 North American leaders summit in Montebello are being summoned to testify before Quebec's independent police ethics committee. The decision from the committee released this week overrules an independent review that exonerated the officers. It also comes more than two years after the black-clad trio were first exposed on YouTube. Dave Coles, the union leader who confronted the men at the time and filed a complaint against the police ... said he suspects an inquiry would find there was political involvement. “This is the big question: Who sent them in?” asked Mr. Coles. “And don't give me some lame excuse that it was a low-level officer.” Video images of the incident posted on YouTube showed three officers disguised as protesters wearing black tops and camouflage pants. Their faces were covered by black and white bandanas. One of them, wearing a sideways ball cap marked with graffiti, held a large stone in his hand. Mr. Coles yelled at them to show their faces and the officer carrying the rock responded with a two-handed shove.
Note: Click on the link above to watch the astonishing YouTube video of this police provocation. This is just one case that happened to be caught on film. Why are undercover police infiltrating activist groups and inciting violence at demonstrations around the world?
LOIS ROMANO: Welcome, Elizabeth Warren, Chairman of the Congressional Oversight Committee that is tasked with scrutinizing how the Treasury Department has spent $700 billion to shore up our failing financial institutions. There's a wonderful moment [in the movie "Capitalism: a Love Story"] when [Michael Moore] asks you where the $700 billion is, and you look at him and you say, "I don't know." So the question is: why don't you know? WARREN: Well, we don't know where the $700 billion is because the system was initially designed to make sure that we didn't know. When Secretary Paulson first put this money out into the banks, he didn't ask "what are you going to do with it?" He didn't put any restrictions on it. He didn't put any tabs on where it was going to go; in other words, he didn't ask. And if you don't ask, no one tells. And so we have a system that originally put more than $200 billion into the financial institutions basically saying just take it. ROMANO: And that money is gone. You have not been able to track where that money is? WARREN: Well, we don't know where the money went from the financial institutions. The big conversation at the time was that the credit markets are frozen; if we put money into the financial institutions, they will start lending it because that's what they do when they receive money. It was called the "Healthy Banks Program." Secretary Paulson kept saying, over and over, these are investments in healthy financial institutions, no one needs any subsidy, that [the] money was going to be used in lending to small businesses and consumers and kind of get our whole credit market going again. That didn't happen.
Note: To watch a powerfully revealing, five-minute video showing the Inspector General of the Federal Reserve testifying that she doesn't know where trillions of dollars are, click here. For a comprehensive overview of the realities underlying the government's bailout of the biggest financial institutions, click here.
A “perplexing” Canadian study linking H1N1 to seasonal flu shots is throwing national influenza plans into disarray and testing public faith in the government agencies responsible for protecting the nation's health. Distributed for peer review last week, the study confounded infectious-disease experts in suggesting that people vaccinated against seasonal flu are twice as likely to catch swine flu. The paper has since convinced several provincial health agencies to announce hasty suspensions of seasonal flu vaccinations, long-held fixtures of public-health planning. “It has confused things very badly,” said Dr. Ethan Rubinstein, head of adult infectious diseases at the University of Manitoba. “And it has certainly cost us credibility from the public because of conflicting recommendations. Until last week, there had always been much encouragement to get the seasonal flu vaccine.” On Sunday Quebec joined Alberta, Saskatchewan, Ontario and Nova Scotia in suspending seasonal flu shots for anyone under 65 years of age. Quebec's Health Ministry announced it would postpone vaccinations until January. B.C. is expected to announce a similar suspension during a press conference Monday morning. Other provinces, including Manitoba, are still pondering a response to the research. Dr. Rubinstein, who has read the study, said it appears sound. “There are a large number of authors, all of them excellent and credible researchers,” he said. “And the sample size is very large – 12 or 13 million people taken from the central reporting systems in three provinces. The research is solid.”
Note: For lots more from reliable sources on the dangers of vaccines, click here.
The scientific integrity of medical research has been clouded in recent years by articles that were drafted by drug company-sponsored ghostwriters and then passed off as the work of independent academic authors. Yet the leading medical journals have continued to rely largely on an honor system of disclosure to detect such potential bias, asking authors to voluntarily report any industry ties or contributors to their manuscripts. But now, in light of recently released evidence that some drug makers have gone to great lengths to turn scientific articles into marketing vehicles for their products, some influential medical editors are cracking down on industry-financed ghostwriting. These editors are demanding that journals impose tougher disclosure policies for academic authors and that the journals enforce their own rules by actively investigating the provenance of manuscripts and by punishing authors who play down extensive contributions by ghostwriters. Calling for a zero tolerance policy, the editors of the medical journal PLoS Medicine, from the Public Library of Science, called for journals to identify and retract ghostwritten articles and banish their authors. “Authors found to have not declared such interest should be banned from any subsequent publication in the journal and their misconduct reported to their institutions.” In the past, researchers have raised allegations of ghostwriting in articles about quality-of-life drugs like antidepressants, painkillers and diet pills. But the situation has become more serious this year after a few editors said they had discovered ghostwriting in manuscripts about life-and-death products like cancer and hematology drugs.”
Note: For background on the prevalence of ghostwriting in major medical journals, click here and here and here.
Murder and manslaughter dropped almost 4 percent last year, as reported crime overall fell around the country, according to new data released ... by the FBI. The 3.9 percent decline in killings reported to police was part of a nationwide drop in violent crime of 1.9 percent from 2007 to 2008. Rapes declined 1.6 percent, to the lowest national number in 20 years -- about 89,000. The statistics are based on crimes reported to police, who then forward the information to the FBI. There were 14,180 murder victims in the United States last year. ''What has been impressive has been how flat all the violent crime rates have been since 2000. To a large degree that's still the case, but the striking change this year has been murder,'' said Alfred Blumstein, a professor of criminal justice at Carnegie-Mellon University. The figures show that crime has come way down since its peak in the early 1990's. ''These are rates we haven't seen since the 1960's, even though the change from year to year has been rather small,'' said Blumstein. Property crimes declined overall, by 0.8 percent, but that was driven mostly by a 12.7 percent drop in car thefts. The other major categories of property crime -- burglaries and larceny-thefts -- both rose. Typically, crime is expected to rise during economic hard times, but Blumstein said last year's data was too early in the economic cycle to reflect that, because the most serious economic impacts came toward the end of 2008, and may not have affected teenagers -- the group most likely to turn to crime as their job prospects dwindle.
Note: What this report completely fails to report is that violent crime is down over 50% since 1994! Why does the major media consistently fail to report this awesome news? For verifiable information on this, click here.
Its superfast, supersecret oil trading software was called the Hammer. And if the Commodity Futures Trading Commission is right, the name fit well with an intricate scheme that allowed commodity traders in Chicago working for Optiver, a little-known company based in Amsterdam, to put their orders first in line and subtly manipulate the price of oil to the company’s advantage. Transcripts and taped conversations of actions that took place in 2007 ... reveal the secretive workings of high-frequency trading, a fast-growing Wall Street business. Critics say this high-speed form of computerized trading, which is used in a wide range of financial markets, enables its practitioners to profit at other investors’ expense. Traders in the Chicago office of Optiver openly talked among themselves of “whacking” and “bullying up” the price of oil. But when called to account by officials of the New York Mercantile Exchange, they described their actions as just “providing liquidity.” In July 2008, the commission charged Optiver with manipulating the price of oil; negotiations over a settlement continue. The Securities and Exchange Commission has opened up an investigation into high-speed-trading practices, in particular the ability of some of the most powerful computers to jump to the head of the trading queue and — in a fraction of a millisecond — capture the evanescent trading spread before the rest of the market does.
Note: This and other reports likely show only the tip of the iceberg of how prices of key stocks and commodities are manipulated. For a great collection of reports from major media sources on the schemes and tricks used by financial corporations, click here.
The secret overseas "black sites" where the CIA conducted the interrogations are empty now, if not already dismantled. They were never examined by a congressional committee, nor inspected by the international Red Cross. The black sites not only imprisoned men but reduced them to a near helpless state. The aim, as outlined in one document, was to teach every detainee "to perceive and value his personal welfare, comfort and immediate needs more than the information he is protecting." The prisoners' arrival -- almost always in diapers -- was engineered to achieve that end. After being shaved, stripped and photographed nude, detainees were examined by CIA medical and psychological personnel. Then came a preliminary interrogation that would determine the prisoners' fate. Only those considered extremely cooperative would avoid a trio of techniques designed to produce a "baseline, dependent" state: the deprivation of clothes, solid food and sleep. Follow-up sessions would start with the prisoner standing with his back against a wall and a towel or collar to prevent whiplash wrapped around his neck. He could be thrown against the wall just once "to make a point, or 20 to 30 times consecutively." Prisoners so abhorred the repeated slamming that they would remain in so-called stress positions, such as painful kneeling postures, for hours to avoid a return to the wall, according to one Dec. 30, 2004, memo that amounts to a CIA blueprint for breaking a detainee's will. Earlier this year, the Obama administration released a series of Justice Department memos laying out legal rationales for the array of coercive interrogation methods the CIA employed.
Note: For further revelations from major media sources on the illegal methods used by the US government in its wars around the world, click here.
As head of the Commodity Futures Trading Commission [CFTC], Brooksley Born became alarmed by the lack of oversight of the secretive, multitrillion-dollar over-the-counter derivatives market. Her attempts to regulate derivatives ran into fierce resistance from then-Fed Chairman Alan Greenspan, then-Treasury Secretary Robert Rubin and then-Deputy Treasury Secretary Larry Summers, who prevailed upon Congress to stop Born and limit future regulation. PBS: Let's start with September 2008 as we all sat there and watched the economy melting down. Born: It was like my worst nightmare coming true. I had had enormous concerns about the over-the-counter derivatives [OTC] market ... for a number of years. The market was totally opaque. Nobody really knew what was going on. And then it became obvious as Lehman Brothers failed, as AIG suddenly appeared to be on the brink of tremendous defaults and turned out [to have been a major derivatives] dealer. PBS: How did it happen? Born: It happened because there was no oversight of a very, very big, dynamic, growing market. I would never say derivatives should be banned or forbidden. The problem is that they can be extremely misused. Traditionally, government has had to protect the public interest by overseeing the marketplace and keeping the extreme behavior under some check. All other financial markets have some kind of government oversight protecting the public interest. [But] not this one. The over-the-counter derivatives dealers business ... was something like 40 percent of the profits of many of these big banks as recently as a couple of years ago. PBS: We're the losers. Who were the winners? Born: Our largest banks. It was short-term benefit for a few major institutions at the expense of all the people who have lost their jobs, who have lost their retirement savings, who have lost their homes.
Note: Don't miss this entire, astonishing interview with Born, who practiced derivatives law for 20 years before being appointed head of the CFTC. She lays bare the level of deceit, greed, and corruption by both bankers and some of the politicians who protect them.
In a study, researchers have found that long-term pot smokers were roughly 62 percent less likely to develop head and neck cancers than people who did not smoke pot. The new study featured 434 patients with head and neck cancers, which include tumors in the mouth, tongue, nose, sinuses, throat and lymph nodes in the neck, and 547 individuals without these cancers seen in the Greater Boston area from December 1999 to December 2003. After factoring out the impact of smoking, drinking, and other factors that might influence the results, smoking marijuana from once every two weeks to three times every two weeks, on average, was associated with about half the risk of head and neck cancer, compared with less frequent use. Those who took up pot smoking at an older age appeared to have less risk of these cancers than those who started it at a younger age. Compared to people who never smoked pot, those who began smoking marijuana between the ages of 15 and 19 years were 47 percent less likely to develop head and neck cancer, while users who began at age 20 or older had a 61 percent reduced risk, Kelsey and colleagues found. The authors note that chemicals in pot called cannabinoids have been shown to have potential antitumor effects. Other studies have linked marijuana use to a reduced risk of some cancers, such as cancer of the prostate, and now head and neck cancer. It's also been suggested that smoking pot may help stave off Alzheimer's disease and help combat weight loss associated with AIDS, and nausea and vomiting associated with chemotherapy in cancer patients.
Note: For a great nine-minute video presenting major media reports showing how marijuana is a very promising cancer treatment that is being suppressed, click here. For deeply revealing reports from reliable major media sources on health issues, click here.
The time, money and manpower that lobbying firms devote to courting lawmakers reveals an investment inside the Beltway of staggering proportions. For every lawmaker in Congress, there are about six lobbyists pushing their health care priorities, according to a Bloomberg News investigation released today. That's about 3,300 registered health care lobbyists working Capitol Hill. A total of $263 million has been spent on health lobbying in 2009, according to the latest data from the Center for Responsive Politics. That's more money spent on health than any other sector this year. The list of the top 20 spenders in 2009 across all sectors includes the U.S. Chamber of Commerce at No. 1, spending more than $26 million, Pharmaceutical Research and Manufacturers of America (PhRMA) at No. 3, spending $13 million, and Pfizer in the No. 6 spot, spending $11 million. Also joining the ranks of the top 20 spenders this year are Blue Cross Blue Shield, AARP, American Hospital Association, American Medical Association and Eli Lilly, each having doled out between $7 and $10 million this year. Wendell Potter, a 20-year health insurance veteran and former CIGNA vice president, ... spoke out about insurance companies operating behind the scenes. Potter recalled previous health care fights, saying insurers have undoubtedly tried to shape the battle. "It is usually done through the PR firms that work for them," Potter said. "They want to keep their fingerprints off stuff like that. "With this history, you can rest assured that the industry is up to the same dirty tricks, using the same devious PR practices it has used for many years to kill reform this year, or even better, to shape it so that it benefits insurance companies and their Wall Street investors far more than average Americans," he said.
Note: For lots more on the corrupt medical/governmental complex, click here.
The [UK] Health Secretary appeared on breakfast television this morning in a bid to reassure concerned parents after scientists warned that children should not be given Tamiflu. Instead he was confronted by a GMTV presenter who claimed that the drug had almost killed his daughter. Andy Burnham insisted that the Government was right to advise children to take the anti-viral drug despite a warning from researchers at the University of Oxford who called on the Department of Health urgently to reconsider its pandemic strategy. But he was tackled live on TV by Andrew Castle, Britain's former top tennis player, who said his older daughter, Georgina, had a respiratory collapse after being given the drug as a precaution during the containment stage of the pandemic. “I can tell you that my child - who was not diagnosed at all - she had asthma, she took Tamiflu and almost died,” he said. Georgina, 16, was given Tamiflu when five pupils at Alleyn’s School in south London were diagnosed with the illness in May. Castle, also a BBC tennis commentator, said he feared for his daughter’s life as medical professionals backed away from the potentially contagious child. He said: “Nobody checked that she had swine flu beforehand. The Health Protection Agency just handed it out at Alleyn’s School in south London and a lot of kids suffered in the school very heavily. It almost cost my older child her life." The study published yesterday warned that Tamiflu can cause vomiting in some children, which can lead to dehydration and the need for hospital treatment.
Note: Remember that the drug companies often place profits above public health. For an article showing how Donald Rumsfeld, former chairman of the board at the pharmaceutical which produced Tamiflu, personally made millions from the sale of Tamiflu during the avian flu scare, click here. To read an article with more information showing that Tamiflu and Relenza may not be safe for children, click here.
PAUL SOLMAN, NewsHour economics correspondent: As the Federal Reserve moved rapidly and radically last year to prevent what it feared was an economic meltdown, it bailed out some institutions, but not others, forced mergers, [and] created hundreds of billions of dollars. The net result: increased suspicion of the Fed itself. That's nothing new. The 1913 act of Congress that established America's central bank was ... a compromise between government ... and private banking interests, which owned the 12 regional Fed branches. [All along,] some Americans have been suspicious of the Fed for operating above politics, too close to bankers, and behind closed doors. Simply Google "Federal Reserve." You encounter everything from skepticism to fear of conspiracy. NARRATOR: With the power to regulate the money supply is also the power to bring entire economies and societies to its knees. DONALD KOHN, Federal Reserve vice chairman: We bring information to bear from the private sector, from foreign governments and foreign central banks that they tell us in confidence about what's going on in their businesses. WILLIAM GREIDER, author, "Secrets of the Temple": You could say, "We have to have our meetings in secret because things will be said that are national security secrets, but we'll vet the transcript and release it four weeks later." Why not do that? SOLMAN: A House bill ... would give the Government Accountability Office the right to audit the Fed's interest rate decisions. Chairman Bernanke opposes it as compromising the Fed's independence.
Note: If you look at the top of any U.S. currency, you will see the words "Federal Reserve Note." U.S. dollars are issued and controlled by the Federal Reserve, which is privately owned, though subject to minimal federal oversight. To see just how much control the Federal Reserve has over the issuance of U.S. currency, see their webpage at this link. For lots more on hidden manipulations of the Federal Reserve, click here.
President Barack Obama's proposal for a regulatory overhaul of the financial industry vastly expands the reach of the Federal Reserve, yet fails to make policy-makers more accountable for their actions. Critics argue that the new legislation fundamentally misses the problems that led to the financial crisis. It was a lack of enforcement by supervisors, they say, not insufficient rules, that fostered a cowboy culture of rampant risk-taking on Wall Street. "Obama is letting the Fed and everyone else off the hook by saying that the problem was with the regulations and not the regulators," said Dean Baker, co-director of the Center for Economic Policy Research in Washington. "If regulators know that even if they totally fail on the job, they will face no career consequences, then at some future point, when there is a choice between confronting the financial industry or just going along, the regulators will just go along," said Baker. Some feel uncomfortable with a broader role for the Fed primarily because of the Fed's closeness to the banking sector. The Fed is not technically a public entity. Each of the Fed's 12 branches are overseen by a nine-member board of directors, two-thirds of whom are elected by the bankers in the district. "The Federal Reserve has massive conflicts of interest that make it ill-suited for its present regulatory functions and certainly for an expanded regulatory reach," said Robert Auerbach, a professor of public affairs at the University of Texas at Austin. "The officials leading the Fed today preside over an organization that is run in substantial part by the bankers they regulate."
Note: For empowering insight into the historic roots of the Federal Reserve's unaccountability, click here.
Frustrated Americans have long complained that their insurance companies valued the all-mighty buck over their health care. Today, a retired insurance executive confirmed their suspicions, arguing that the industry that once employed him regularly rips off its policyholders. "[T]hey confuse their customers and dump the sick, all so they can satisfy their Wall Street investors," former Cigna senior executive Wendell Potter said during a hearing on health insurance today before the Senate Committee on Commerce, Science, and Transportation. Potter, who has more than 20 years of experience working in public relations for insurance companies Cigna and Humana, said companies routinely drop seriously ill policyholders so they can meet "Wall Street's relentless profit expectations." "They look carefully to see if a sick policyholder may have omitted a minor illness, a pre-existing condition, when applying for coverage, and then they use that as justification to cancel the policy, even if the enrollee has never missed a premium payment," Potter said. Small businesses, in particular, he said, have had trouble maintaining their employee health insurance coverage, he said. "All it takes is one illness or accident among employees at a small business to prompt an insurance company to hike the next year's premiums so high that the employer has to cut benefits, shop for another carrier, or stop offering coverage altogether," he said. More and more people, he said, are falling victim to "deceptive marketing practices" that encourage them to buy "what essentially is fake insurance," policies with high costs but surprisingly limited benefits.
Note: For lots more on corruption in the health industry, click here.
You probably have never heard of Robin Beaton, and that's what's wrong with the debate over health care reform. Beaton, a retired nurse from Waxahachie, Texas, had health insurance -- or so she thought. She paid her premiums faithfully every month, but when she was diagnosed with aggressive breast cancer, her health insurance company, Blue Cross, dumped her. The insurance company said the fact that she had seen a dermatologist for acne, who mistakenly entered a notation on her chart that suggested her simple acne was a precancerous condition, allowed Blue Cross to leave her in the lurch. Beaton testified before a House subcommittee this week. So did other Americans who thought they had insurance but got the shaft. The subcommittee's chairman, Democrat Bart Stupak of Michigan, called the hearing to highlight the obnoxious and unethical practice called rescission. His researchers produced performance reviews of insurance company bureaucrats who were praised and rewarded for kicking people off their coverage. Then Stupak asked three health insurance executives the big question: Will your company pledge to end the practice of rescission except in cases of intentional fraud? All three health insurance executives said no. It was as dramatic as congressional testimony gets. Yet it got no airtime on the networks, nor, as far as I can tell, on cable news, although CNN.com did run a story. The story did not make The New York Times. Nor The Washington Post, which found space on the front page the morning after the hearing for a story on the cancellation of Fourth of July fireworks in Shippensburg, Pennsylvania, but not a story on the cancellation of health insurance for deathly ill Americans who've paid their premiums.
Note: For lots more on corruption in the health industry, click here.
The Federal Reserve's balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant's Interest Rate Observer, told CNBC. With $45 billion in capital and $2.1 trillion in assets, the central bank would not withstand the scrutiny normally afforded other institutions, Grant said. "If the Fed examiners were set upon the Fed's own documents ... to pass judgment on the Fed's capacity to survive the difficulties it faces in credit, it would shut this institution down," he said. "The Fed is undercapitalized in a way that Citicorp is undercapitalized." Grant said he would support legislation currently making its way through Congress calling for an audit of the Fed. Moreover, he criticized the way the Fed has managed the financial crisis, saying the central bank's target rate should not be around zero. "I think zero is the wrong rate for almost any economy," Grant said, adding the Fed has "embarked on a vast experiment in moral hazard. Interest rates are the traffic signals in a market economy, and everything's green. ... You have to wonder whether these interest rates are the right clearing rate or rather they are the imposition of a central bank." Amid a disparity between analysts predicting there will be no rate hikes soon and the fed funds futures indicating tightening by the end of the year, Grant said he thinks the Fed indeed will begin raising rates as inflation creeps into the picture. Fed funds futures have fully priced in as much as a half-point rise in the target rate from its current range of zero to 0.25 percent. "If the hairs on the back of your neck stand up when there's too much unanimity of opinion, then one begins to worry about this," he said. "The Fed proverbially has been late."
Note: For an astonishing five-minute video clip of a Congressional hearing where the Inspector General of the Fed acknowledges she knows almost nothing about trillions of dollars missing from the Fed, click here. For many more important reports shedding light on the hidden realities of the economic crisis, click here.
Photographs of alleged prisoner abuse which Barack Obama is attempting to censor include images of apparent rape and sexual abuse, it has emerged. At least one picture shows an American soldier apparently raping a female prisoner while another is said to show a male translator raping a male detainee. Further photographs are said to depict sexual assaults on prisoners with objects including a truncheon, wire and a phosphorescent tube. Another apparently shows a female prisoner having her clothing forcibly removed to expose her breasts. Detail of the content emerged from Major General Antonio Taguba, the former army officer who conducted an inquiry into the Abu Ghraib jail in Iraq. Allegations of rape and abuse were included in his 2004 report but the fact there were photographs was never revealed. He has now confirmed their existence in an interview with the Daily Telegraph. The graphic nature of some of the images may explain the US President’s attempts to block the release of an estimated 2,000 photographs from prisons in Iraq and Afghanistan despite an earlier promise to allow them to be published. Maj Gen Taguba, who retired in January 2007, said he supported the President’s decision, adding: “These pictures show torture, abuse, rape and every indecency. “I am not sure what purpose their release would serve other than a legal one and the consequence would be to imperil our troops, the only protectors of our foreign policy, when we most need them. “The mere description of these pictures is horrendous enough, take my word for it.”
A fascinating court case in Australia has been playing out around some people who had heart attacks after taking the Merck drug, Vioxx. This medication turned out to increase the risk of heart attacks in people taking it, although that finding was arguably buried in their research, and Merck has paid out more than Ł2bn to 44,000 people in America. The first ... thing to emerge in the Australian case is email documentation showing staff at Merck made a "hit list" of doctors who were critical of the company, or of the drug. This list contained words such as "neutralise", "neutralised" and "discredit" next to the names of various doctors. "We may need to seek them out and destroy them where they live," said one email, from a Merck employee. Staff are also alleged to have used other tactics, such as trying to interfere with academic appointments, and dropping hints about how funding to institutions might dry up. Worse still, is the revelation that Merck paid the publisher Elsevier to produce a publication. This time Elsevier Australia went the whole hog, giving Merck an entire publication which resembled an academic journal, although in fact it only contained reprinted articles, or summaries, of other articles.
Note: For a superb overview of corruption in the pharmaceutical industry by a leading MD and former medical journal editor, click here.
Gillian Tett [is the author of] Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. Tett is a respected business journalist at the Financial Times. Tett successfully pieces together the colorful backstory of the bank's work to win acceptance in the market for its brainchild, turning credit derivatives "from a cottage industry into a mass-production business." With the benefit of hindsight, we know that while these inventions were intended to control risk, they amplified it instead. This novel idea turned noxious when applied broadly to residential mortgages, a game that the rest of Wall Street later entered into with gusto. We learn in deep detail about not only how collateralized debt obligations are assembled but also their many iterations. Perhaps it's noteworthy that Tett's book begins when JPMorgan had the face-value equivalent of $1.7 trillion in derivatives on its books. Today that number has jumped to a mind-boggling $87 trillion. Part of that portfolio includes almost $8.4 trillion in credit derivatives, more than Bank of America's (BAC), Citi's, and Goldman Sachs' (GS) holdings combined.
Note: So JP Morgan has $87 trillion in derivatives, a mass market it helped to create. That is greater than the GDP for the entire world! To verify this, click here. For a New York Times review of this revealing book, click here.
After a few days of breathless H1N1 flu coverage - some of it on his own network - CNN commentator Jack Cafferty noted that 13,000 people have died from the "regular ol' flu" this year in the United States, compared with just one confirmed H1N1 flu death. Cafferty then asked his audience to respond to his online poll asking "if swine flu coverage was overblown." He waited a moment, then said, "Hint: Yes." For a week, the flu story has whet cable TV's bloodlust with what the 24-hour cable news vacuum craves: mystery, death and great visuals that inspire fear. "Frankly, I've been a little horrified by how sensationalist and scare-mongering it is," said Vivian Schiller, chief executive officer of National Public Radio. No detail about the flu - often delivered without context - has been too tiny to go unreported, which means that cable TV viewers are getting coverage that is moment-to-moment but often not terribly useful. Conservative talk radio hosts have used fear about the flu to segue to anti-immigrant remarks and calls to close the U.S.-Mexico border.Just when the coverage appeared to be calming a bit Thursday, Vice President Joe Biden helped rekindle fears by saying on the "Today'" show that he "would tell members of my family - and I have - I wouldn't go anywhere in confined places now." Health stories always attract huge audiences, said Andrew Kohut, president of the Pew Research Center. But viewers shouldn't expect as much breathless coverage when Congress begins debating an overhaul of the U.S. health care system over the next few months.
Note: For an excellent article showing how media fear-mongering of this and past flu emergencies have brought unprecedented profits to the pharmaceutical companies, click here.
Important Note: Explore our full index to revealing excerpts of key 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.