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.
After weeks of sometimes frenzied efforts by the federal government to rescue the financial system ... critics say there are many questions but few answers about the work performed by the Treasury Department and the Federal Reserve. "The bailout, the Treasury, the Federal Reserve -- it's like a three-card monte game, you don't know where the money's coming from, you don't know who it's going to, and I think the public has every right to be outraged by this," said Bill Allison, a senior fellow at the Sunlight Foundation, a government transparency watchdog group. Gerald O'Driscoll, a former vice president at the Federal Reserve Bank of Dallas ... said he worried that the failure of the government to provide more information about its rescue spending could signal corruption. "Nontransparency in government programs is always associated with corruption in other countries, so I don't see why it wouldn't be here," he said. Questions about transparency at the Federal Reserve, in particular, have prompted a lawsuit: Bloomberg L.P., which operates the news agency Bloomberg News, is suing the Fed for the release of information on its lending to private financial institutions. "We really don't know anything," Matthew Winkler, the editor-in-chief of Bloomberg News, told ABCNews.com. "All we know is something close to 2 trillion is being used and that money is the taxpayers'. ... We don't know whom it's being lent to and for what purpose because we can't see it because it isn't disclosed."
Note: For many revealing and reliable reports on the Wall Street bailout, click here.
So you thought Barack Obama's victory signaled the death of Reaganomics? Wrong, wrong: Reaganomics is very much alive. In a subtle, bloodless coup, the Reaganomics ideology magically pulled victory out of the jaws of defeat in the meltdown. The magic happened fast and quietly, in the shadows, while you were in a trance, distracted by the election drama. Recently Naomi Klein, author of The Shock Doctrine: The Rise of Disaster Capitalism, framed the issue perfectly: "Has the Treasury partially nationalized the private banks, as we have been told? Or is it the other way around?" The question was rhetorical, the answer painfully clear. In a few weeks Wall Street did the old bait and switch, emerging from an economic and market disaster with new powers, in total control of America. And thanks to Treasury Secretary Henry Paulson's brilliant bailout coup, Reaganomics is now the new "sleeper cell" quietly hidden inside the Obama White House and America's Treasury, where it will be for a long time to come. Listen closely folks: You and your government are and will continue being conned out of trillions. Klein further exposed this insanity in a recent Rolling Stone article, "The New Trough: The Wall Street bailout looks a lot like Iraq, a 'free-fraud zone' where private contractors cash in on the mess they helped create." Paulson's privatization, outsourcing and management of the $700 billion bailout has the exact same Reaganomics ideological, strategic and deceptive footprints that President George W. Bush and former Defense Secretary Donald Rumsfeld used to privatize, outsource and mismanage the costly Iraq War blunder.
Note: For the powerfully revealing article by Naomi Klein mentioned in the article above, click here. Speaking on Tulsa Oklahoma’s 1170 KFAQ, Senator James Inhofe of Oklahoma (Republican) has revealed that Treasury Secretary Henry Paulson was the source of the threat of martial law in the US if the $700 billion bailout bill was not passed that was exposed on the House floor by Rep. Brad Sherman. For many key articles revealing the hidden realities of the bailout, click here.
Under fire from Democrats and Republicans alike, the White House ... defended giving billions of bailout dollars to banks that plan to reward shareholders and executives -- or even buy other banks. Allowing banks to engage in such normal business activities actually could help loosen lending and revive the sagging economy, said Ed Lazear, chairman of the Council of Economic Advisers. He said the administration would not impose any conditions on banks beyond those required when Congress created the bailout program, which authorized the government to buy stock in financial institutions. Lazear was put before the cameras in the White House briefing room amid a rising chorus of complaints from lawmakers about the latitude that banks will have when they receive bailout money from Washington. That bailout was originally sold by the administration as a plan for the government to purchase toxic mortgage-based assets from financial institutions, to get them off their books and inspire the resumption of normal lending. After passage, though, the administration decided the better course would be to devote $250 billion into buying ownership stakes in banks. With taxpayers' money flowing into their vaults, banks are going ahead with paying dividends to shareholders, giving bonuses to top executives and acquiring competitors. Lawmakers are asking why banks with the money to do those things need taxpayer-funded help. The rescue legislation included some limits on executive compensation, considered weak by many. And while it does not allow institutions receiving the money to increase dividends, it does not prevent them from paying those dividends.
Note: For extensive coverage of continuing revelations about the Wall Street bailout, click here.
"Nothing," [famed economist] Anna Schwartz says, "seems to have quieted the fears of either the investors in the securities markets or the lenders and would-be borrowers in the credit market." The credit markets remain frozen, the stock market continues to get hammered, and deep recession now seems a certainty -- if not a reality already. [Recently, according to Schwarz, Secretary of the Treasury Hank Paulson has] shifted from trying to save the banking system to trying to save banks. These are not, Ms. Schwartz argues, the same thing. In fact, by keeping otherwise insolvent banks afloat, the Federal Reserve and the Treasury have actually prolonged the crisis. "They should not be recapitalizing firms that should be shut down." Rather, "firms that made wrong decisions should fail," she says bluntly. "You shouldn't rescue them. Everything works much better when wrong decisions are punished and good decisions make you rich." How did we get into this mess in the first place? As in the 1920s, the current "disturbance" started with a "mania." But manias always have a cause. "In every case, it was expansive monetary policy that generated the boom in an asset. The particular asset varied from one boom to another. But the basic underlying propagator was too-easy monetary policy and too-low interest ratest. And then of course if monetary policy tightens, the boom collapses." Today's crisis isn't a replay of the problem in the 1930s, but our central bankers have responded by using the tools they should have used then. They are fighting the last war. The result, she argues, has been failure.
Note: Anna Schwarz and Nobel-winner Milton Friedman authored A Monetary History of the United States. It's the definitive account of how misguided monetary policy turned the stock-market crash of 1929 into the Great Depression. The excellent article above mentions that Fed Reserve Chairman Bernanke once said "I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. We won't do it again." Top bankers and their cronies have been aware of what causes the boom/bust cycle for over 100 years and taken full advantage of it. Try to find one top banker who lost significant money in any bust cycle.
The White House says it believes that Ahmed Wali Karzai is involved in drug trafficking, and American officials have repeatedly warned President Karzai that his brother is a political liability. Numerous reports link Ahmed Wali Karzai to the drug trade, according to current and former officials from the White House, the State Department and the United States Embassy in Afghanistan, who would speak only on the condition of anonymity. Neither the Drug Enforcement Administration, which conducts counternarcotics efforts in Afghanistan, nor the fledgling Afghan anti-drug agency has pursued investigations into the accusations against the president’s brother. Several American investigators said senior officials at the D.E.A. and the office of the Director of National Intelligence complained to them that the White House favored a hands-off approach toward Ahmed Wali Karzai. The concerns about Ahmed Wali Karzai have surfaced recently because of the imprisonment of an informant who tipped off American and Afghan investigators to [a] drug-filled truck outside Kabul in 2006. The informant, Hajji Aman Kheri, ... said he had been an informant for the Drug Enforcement Administration and United States intelligence agencies, an assertion confirmed by American counternarcotics and intelligence officials. Ever since the American-led invasion of Afghanistan in 2001, critics have charged that the Bush administration has failed to take aggressive action against the Afghan narcotics trade.
Note: For revealing information suggesting the CIA is directly involved in the lucrative opium trade in Afghanistan, click here and here.
Annie Leonard [has] been relentlessly explaining the absurdity of our throwaway culture [for] decades. While her mastery of detail is impressive, it's her passionate style that transforms bleak facts into emotive stories that compel you to take action. Leonard knew her story needed to reach as many people as possible to make a real difference. So, in 2007, she made it viral through an infectious online film called "The Story of Stuff". Within six months, more than 3 million viewers from around the world watched the film. "The Story of Stuff" effectively and often humorously explains where all our stuff comes from, what resources are used to create it, whose lives are affected during its production, and where it goes when we discard it. While this all sounds familiar enough, it's Leonard's poignant questions and provocative truth-telling that help us see the profound stupidity of this system. Leonard has spent the last 20 years raising awareness of environmental health and justice issues, working with organizations such as the Global Anti-Incinerator Alliance, Health Care Without Harm, Greenpeace International and the Funders Workgroup for Sustainable Production and Consumption, which brings together grant makers committed to building a more sustainable future. She has spent nearly half of her life traveling to more than 30 countries to witness the environmental impact of casual consumerism and the travails of those who make what we consume; and she has spent countless hours working to right these injustices. Which is why when Leonard talks trash, people cannot help but listen.
Note: For Annie's excellent website filled with inspiring ideas on how you can make a difference, click here. For a longer article in Yes! Magazine written by Annie, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
Israeli agents who kidnapped Nazi mastermind Adolf Eichmann from Argentina in 1960 found the notorious death camp doctor Josef Mengele but let him get away, one of the operatives said Tuesday. Mengele was one of the most wanted Nazi war criminals, a doctor who conducted cruel experiments on twins and dwarves at the Auschwitz concentration camp and killed children with lethal injections. He selected prisoners who would be subjected to his experiments and sent others straight to their death in gas chambers. Rafi Eitan, now an 81-year-old Israeli Cabinet minister, told The Associated Press on Tuesday that he and other Mossad agents located Mengele living in a Buenos Aires apartment with his wife at the time of Eichmann's capture in 1960. But they decided that trying to nab him would risk sabotaging the capture of Eichmann, who implemented Adolf Hitler's "final solution" to kill European Jewry and was deemed a more important target. Mengele was infamous for his sadistic experiments in the death camps. He injected dye into the eyes of twins to change their color and sewed them together to try to create artificially conjoined twins. He ordered twins killed simultaneously and then dissected for examination of their organs. His horrors earned him the title "Angel of Death." After the war, Mengele fled Germany under an assumed name and ended up in Argentina ... in 1949 but left in 1959 and became a naturalized citizen of Paraguay. After Eichmann was captured in May 1960, Mengele moved to Brazil, according to the report by the Office of Special Investigations (OSI), which tracks Nazis.
Note: It is suspected by many who have researched government mind control programs that after he escaped capture as mentioned above, Mengele was secretly brought to the U.S., where he trained top operatives of the infamous MKULTRA program in mind control techniques he perfected while experimenting without ethical limitations on live humans at Auschwitz. For more on this, click here and here.
Israeli agents who kidnapped Nazi mastermind Adolf Eichmann from Argentina in 1960 found the notorious death camp doctor Josef Mengele but let him get away, one of the operatives [has] said. Mengele was one of the most wanted Nazi war criminals, a doctor who conducted cruel experiments on twins and dwarves at the Auschwitz concentration camp and killed children with lethal injections. He selected prisoners who would be subjected to his experiments and sent others straight to their death in gas chambers. Rafi Eitan, now an 81-year-old Israeli Cabinet minister, told The Associated Press ... that he and other Mossad agents located Mengele living in a Buenos Aires apartment with his wife at the time of Eichmann's capture in 1960. But they decided that trying to nab him would risk sabotaging the capture of Eichmann, who implemented Adolf Hitler's "final solution" to kill European Jewry and was deemed a more important target. It was known that Mengele was living in Buenos Aires around the time of Eichmann's capture. But Eitan's comments indicated the Israelis were closer to him than had been previously thought — and shed light on why they decided to abandon an attempt to catch him. Mengele was infamous for his sadistic experiments in the death camps. He injected dye into the eyes of twins to change their color and sewed them together to try to create artificially conjoined twins. He ordered twins killed simultaneously and then dissected for examination of their organs. His horrors earned him the title "Angel of Death." After the war, Mengele fled Germany under an assumed name and ended up in Argentina.
Note: There is ample verifiable evidence that Mengele perfected mind control through his horrific experiments and then was secretly brought in by the CIA to teach them this disturbing technology. For more on this, see concise summaries of deeply revealing mind control news articles from reliable major media sources.
Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses. But when the Commodity Futures Trading Commission examined Vitol's books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising to the commodities markets was the massive size of Vitol's portfolio -- at one point in July, the firm held 11 percent of all the oil contracts on the regulated New York Mercantile Exchange. The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators. The CFTC ... now reports that financial firms speculating for their clients or for themselves account for about 81 percent of the oil contracts on NYMEX, a far bigger share than had previously been stated by the agency. That figure may rise in coming weeks as the CFTC checks the status of other big traders. Some lawmakers have blamed these firms for the volatility of oil prices, including the tremendous run-up that peaked earlier in the summer. "It is now evident that speculators in the energy futures markets play a much larger role than previously thought, and it is now even harder to accept the agency's laughable assertion that excessive speculation has not contributed to rising energy prices," said Rep. John D. Dingell (D-Mich.).
MIT professor Daniel G. Nocera has long been jealous of plants. He desperately wanted to do what they do--split water into hydrogen and oxygen and use the products to do work. That, he figures, is the only way we humans can solve our energy problems; enough energy pours down from the sun in one hour to power the planet's energy needs for a year. Nocera's discovery [is] a cheap and easy way to store energy that he thinks will be used to change solar power into a mainstream energy source. Plants catch light and turn it into an electric current, then use that energy to excite catalysts that split water into hydrogen and oxygen during what is called photosynthesis' light cycle. The energy is then used during the dark cycle to allow the plant to build sugars used for growth and energy storage. Nocera and Matthew Kanan, a postdoctoral fellow in Nocera's lab, focused on the water-splitting part of photosynthesis. They found cheap and simple catalysts that did a remarkably good job. They dissolved cobalt and phosphate in water and then zapped it with electricity through an electrode. The cobalt and phosphate form a thin-film catalyst around the electrode that then use electrons from the electrode to split the oxygen from water. The oxygen bubbles to the surface, leaving a proton behind. A few inches away, another catalyst, platinum, helps that bare proton become hydrogen. The hydrogen and oxygen, separated and on-hand, can be used to power a fuel cell whenever energy is needed.
Note: This amazing breakthrough resulted in a $4 million government grant for further development. For more, click here and here.
Flying today can be stressful, inconvenient and downright difficult. But what if there was a way to make it all easier? What if you had one small device, say a bracelet, which carried all your flight information and other data to make things easier? This bracelet could even track you and your luggage. Former United States Air Marshal Jeffrey Denning describes the idea this way: "The bracelets would take the place of boarding tickets. [They] would also work as a GPS to track air travelers and their luggage." Denning says airline passengers might use this bracelet technology in place of a boarding pass but the government could use it for something else. "And here's the shocking part," Denning said. "No pun intended. If the passengers act up it (the bracelet) would shock and immobilize them for several minutes." That's right. If the flight crew decides that you're getting out of control or posing a threat, to them or the plane, they could simply engage a computer, press a button which would activate this bracelet, shocking and incapacitating you for as long as several minutes. "I guess the design was ... for any air passengers who would become a terrorist or be a terrorist," Denning told [CBS4-TV]. "The bracelet has a capacity to shock ... whoever is wearing it kind of like a police 'taser.'"
Note: What will they think of next? To watch this revealing CBS news broadcast, click here.
Most parents have never heard of him, but Joseph Biederman of Harvard may be the United States' most influential doctor when it comes to determining whether their children are normal or mentally ill. In 1996, for example, Biederman suggested that drugs like Ritalin might serve 10 percent of American kids for Attention Deficit Hyperactivity Disorder. By 2004, one in nine 11-year-old boys was taking the drug. Biederman and his team also are more responsible than anyone for a child bipolar epidemic sweeping America (and no other country) that has 2-year-olds on three or four psychiatric drugs. The science of children's psychiatric medications is so primitive and Biederman's influence so great that when he merely mentions a drug during a presentation, tens of thousands of children within a year or two will end up taking that drug, or combination of drugs. This happens in the absence of a drug trial of any kind - instead, the decision is based upon word of mouth among the 7,000 child psychiatrists in America. That's why [the] recent revelation that Biederman did not declare $1.6 million in drug company consulting fees is so important, scary and tragic. American medicine, with psychiatry the most culpable, has fallen back to a time more than 100 years ago. Now once again, drug company money is corrupting medical practice and the maintenance of our country's health. Virtually all doctors who receive drug company money say they are not influenced, but every independent study examining the effects of such money says they are.
Note: For lots more on health issues from reliable, verifiable sources, click here.
The U.S. military bankrolled early development of a non-lethal microwave weapon that creates sound inside your head. The project is known as MEDUSA a contrived acronym for Mob Excess Deterrent Using Silent Audio. And it should not be confused with the Long Range Acoustic Device and similar gadgets which simply project sound. This one uses the so-called "microwave auditory effect": a beam of microwaves is turned into sound by the interaction with your head. Nobody else can hear it unless they are in the beam as well. The idea (dubbed "the telepathic ray gun") was mentioned in a 1998 US Army study, which turned up in a recent Freedom of Information Act document dump. Five years later, the Navy decided to put some R&D dollars into the project. Now ... Dr. Lev Sadovnik of the Sierra Nevada Corporation has provided more details. There are health risks, he notes. The biggest issue from the microwave weapon is ... the risk of brain damage from the high-intensity shockwave created by the microwave pulse. A device that delivered a lethal shockwave inside the target's skull might make an effective death ray. Dr. Sadovnik also makes the intriguing suggestion that ... it might be used at low power to produce a whisper that was too quiet to perceive consciously but might be able to subconsciously influence someone. Sadovnik even suggests subliminal advertising, beaming information that is not consciously heard (a notion also spotted on the US Army's voice-to-skull page).
Note: This 20 minute CNN Special Report on electromagnetic frequency weapons from 1985 shows some of what this technology was known to be capable of over 30 years ago. Recent incidents in Cuba and China suggest the possibility that much more advanced forms of acoustic or electromagnetic weapons are currently in use. For more along these lines, see concise summaries of deeply revealing non-lethal weapons news articles from reliable major media sources.
Nearly seven years after the terrible events of that September day, the US authorities are due to publish the final report on a third tower that also collapsed on 9/11. Unlike the Twin Towers, this 47-storey, 610-foot skyscraper was not hit by a plane. The official explanation is that ordinary fires were the main reason for the collapse of Tower 7. That makes this the first and only tall skyscraper in the world to have collapsed because of fire. Yet despite that all the thousands of tonnes of steel from the building were carted away and melted down. The way official bodies have investigated Tower 7 at the World Trade Center has made some people think they're hiding something. Its destruction was never mentioned in the 9/11 Commission Report. An inquiry by the Federal Emergency Management Agency said the building collapsed because intense fires had burned for hours, fed by thousands of gallons of diesel stored in the building for emergency generators. But its report said this had "only a low probability of occurrence" and more work was needed. That was in May 2002. The task has now fallen to the National Institute of Standards and Technology (NIST) based at a sprawling campus near Washington DC. For more than two-and-a-half years, scientists there have been studying Tower 7. The officials have been criticised for being slow and even of being frightened to publish. Steven Jones, a former physics professor at Brigham Young University, who has become [a] leading academic voice in the movement, first watched a video of the collapse of Tower 7 in the spring of 2005. But when he did, he said he was taken aback as a physicist.
Note: For a two-page summary of some unanswered questions about what really happened on 9/11, click here.
World Trade Center Building 7 has become the subject of heated speculation and a host of conspiracy theories suggesting it was brought down by a controlled demolition. And some people suggest it was not just the government and foreign intelligence, but ... even the media that were involved. It is certainly true that on 9/11 the BBC broadcast that WTC7 had collapsed when it was still standing. Then the satellite transmission seemed to cut out mysteriously when the correspondent was still talking. Then [head of BBC News] Richard Porter admitted in his blog last year that the BBC had lost those key tapes of BBC World News output from the day. The internet movie Loose Change has been viewed by more than 100 million people according to its makers and it asks this question in the latest film release: "Where did CNN and the BBC get their information especially considering the building was still standing directly behind their reporters?" It turns out that the respected news agency Reuters picked up an incorrect report and passed it on. They have issued this statement: "On 11 September 2001 Reuters incorrectly reported that one of the buildings at the New York World Trade Center, 7WTC, had collapsed before it actually did. The report was picked up from a local news story and was withdrawn as soon as it emerged that the building had not fallen." And the reason the interview with the BBC correspondent, Jane Standley, ended so abruptly? The satellite feed had an electronic timer, which cut out at 1715 exactly.
Note: How many "coincidences" does it take for people to start to ask questions? How could people know that the building was going to collapse when a skyscraper had never collapsed before from fire? For a useful BBC FAQ on 9/11 alternative theories, click here.
The new Web video from Matt Harding, accidental professional dancer, is up, and it is spectacular, a cry of life and brotherhood and joy. As Harding toured the world ... filming the third installment in his "Where the Hell Is Matt?" video series, you might have thought that the trick would have played itself out. An ordinary guy doing a kind of running-in-place dance at 69 earthly locales with an ethereal song as soundtrack shouldn't be endlessly endearing and deeply inspiring. But this music-video-length wonder works in surprising ways, especially amid the predominantly crass environment of YouTube. Part of the charm of the video (also at Harding's own wherethehellismatt.com) is his new twist for it. At each stop on his latest set of travels, Harding invited locals to come dance with him. In Chicago, that meant more than 100 people bobbed up and down in front of The Bean sculpture. In Poria, Papua New Guinea, it was a handful of people in full tribal garb accompanying Harding. The collection of disparate peoples doing essentially the same pointless yet joyful thing is a reminder of what's universal in humankind. The teasing glimpse of so many gorgeous spots is a goad to renew your own passport and get moving. Part of the charm comes from the unadorned simplicity of Harding himself—he just looks damned happy to be wherever he is—and the delight that is his story. A video game designer disaffected by the industry's trend toward violence, he quit his job in early 2003 and began traveling. At the suggestion of a friend, he used the video function of a point-and-shoot digital camera and taped himself dancing at all his stops.
Note: Don't miss Matt's inspiring five-minute video available here. For a New York Times article on this fun piece, click here.
Charlie Black, senior adviser to John McCain, caused a fluff by saying that a terrorist attack on U.S. soil would be a "big advantage" to his candidate. No one mentioned that eight years ago, the Project for a New American Century called for "a new Pearl Harbor" that could move the American people to accept the neoconservative vision of militarized global domination. Then 9/11 happened, lifting George W. Bush from the shadows of a disputed election to the heights of a "war presidency." Bush has taken on unprecedented powers since the events of 9/11. On that day, the president issued his "Declaration of Emergency by Reason of Certain Terrorist Attacks" under the authority of the National Emergencies Act. This declaration, which can be rescinded by joint resolution of Congress, has instead been extended six times. In 2007, the declaration was quietly strengthened with the issuance of National Security Presidential Directive 51, which gave the president the authority to do whatever he deems necessary in a vaguely defined "catastrophic emergency," including everything from canceling elections to suspending the Constitution to launching a nuclear attack. Not a single congressional hearing was held on this directive. Will Congress act decisively to remove the president's emergency powers, challenge the directive and defend the Constitution?
[California] Assemblywoman Mary Hayashi had no intention of voting for AB2818, a bill that the Castro Valley Democrat feared could undermine its stated goal of protecting affordable housing. But on May 28, she nearly approved it - without her knowledge, and without her presence on the Assembly floor. As the roll call began, Hayashi was engaged in a budget subcommittee meeting on the Capitol's fourth floor. Suddenly, two floors below, the light next to her name on the big electronic voting board in the Assembly chamber turned green, a "yes" vote. Seconds later, it turned red. Then green. Red. Green. Finally, after 22 seconds of alternating colors, the space next to Hayashi's name went blank. While there are conflicting accounts of exactly what caused this dizzying sequence, this much is clear: Two people had their hands on Hayashi's voting switches during the roll call on AB2818 - and one was acting against her will. "Ghost voting" was not the only disturbing episode as the Assembly took up 316 bills in the three days leading up to the deadline for measures to pass their house of origin. In the frenzied treadmill, there was little or no debate on most matters, important bills died when legislators failed to vote, and votes were being cast for members without their express consent. In the Hayashi case, eyewitnesses said her initial "yes" vote was cast by Assemblyman Kevin de León, D-Los Angeles, an assistant majority floor leader who colleagues said had taken the liberty of voting for other missing members as bills were being rushed to beat the deadline. "I don't recall it, but I don't deny it either," de León said.
Note: For lots more on problems with voting systems, click here.
Hedge funds and big Wall Street banks are taking advantage of loopholes in federal trading limits to buy massive amounts of oil contracts, ... helping to push oil prices to record highs. The federal agency that oversees oil trading, the Commodity Futures Trading Commission, has exempted these firms from rules that limit speculative buying. The CFTC has also waived regulations over the past decade on U.S. investors who trade commodities on some overseas markets, freeing those investors to accumulate large quantities of the future oil supply by making purchases on lightly regulated foreign exchanges. Over the past five years, investors have become such a force on commodity markets that their appetite for oil contracts has been equal to China's increase in demand over the same period, said Michael Masters, a hedge fund manager who testified before Congress on the subject last month. The commodity markets, he added, were never intended for such large financial players. Commodities have become especially enticing to investors as the credit crisis has roiled other investment opportunities such as stocks and debt-related securities. The recent flood of investment money has transformed the markets for oil, as well as uranium, wheat, cotton and other goods, into a volatile realm that some insiders call the Wild West of Wall Street. Michael Greenberger, a professor at the University of Maryland and former CFTC commissioner, said there were loopholes the agency could close without much effort. "There's smoke here, and the CFTC hasn't wanted to look if there's a fire," he said. "But these are dark markets. They don't even know who's doing the trading."
Note: For revealing reports on financial corruption and criminality from major media sources, click here.
Sirhan Sirhan, convicted of killing Robert F. Kennedy 40 years ago this week in the Ambassador Hotel in Los Angeles, is living out his days in the California state prison at Corcoran. He is 64 and has never fully explained what happened that night other than to say he can't remember it. "The interesting thing is how under-examined the Robert Kennedy assassination is, compared to President Kennedy and Martin Luther King Jr.," said David Talbot of San Francisco, author of Brothers, a book that looks into Robert Kennedy's own investigation into his brother's death and his conviction that JFK was the victim of a conspiracy. "Bobby remains the unknown territory," Talbot said. "But even if you look at it minimally, there are questions that come to mind." Over the years, Sirhan has told investigators who interviewed him in prison that he was in a hypnotic trance during the shooting and can't remember it at all. William Turner, a retired FBI agent who wrote a book about the case, ... thinks Sirhan was "hypno-programmed to shoot" and that he was a real-life Manchurian Candidate - [a] brainwashed dupe whose controllers want to assassinate a presidential candidate. Turner suspects the same villains as do the JFK conspiracy theorists - "organized crime and, predominantly, people from the CIA." [Philip Van Praag, a retired electrical engineer and audio expert,] and a fellow investigator, former American Academy of Forensic Scientists president Robert Joling, ... have written a book about the killing, whose title, An Open and Shut Case, is a dig at the police investigation. Joling says an "independent panel of forensic scientists" should be created to "reinvestigate this matter on all the evidence."
Note: To listen to a highly revealing presentation by Sirhan's lawyer, Lawrence Teeter, on the many lines of evidence proving Sirhan was not a lone gunman, click here. For further revealing reports on major political assassinations, 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.