News ArticlesExcerpts of Key News Articles in Major Media
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Swiss drugmaker Novartis said sales would grow faster than expected this year, even without a shot in the arm of up to $700 million from its H1N1 swine flu pandemic vaccine. Third-quarter net profit at Novartis ... nudged up 1 percent to $2.1 billion. This year is turning out to be better than initially feared for Novartis and other major pharmaceutical companies, thanks to hefty price increases and windfall sales arising from the H1N1 outbreak. Both Pfizer, the world's biggest drugmaker, and Eli Lilly topped earnings forecasts this week. Roche reported a sharp jump in sales of its Tamiflu drug for flu last week and analysts expect GlaxoSmithKline's Relenza will also see strong sales in the third quarter. On the vaccine front, Glaxo, Sanofi-Aventis and AstraZeneca are all expected to highlight an expected jump in fourth-quarter sales due to swine flu. The H1N1 flu vaccine is expected to contribute about $400-700 million of sales in the fourth quarter.
Note: Donald Rumsfeld personally made millions as a direct result of the avian flu scare a few year ago. For more on this, click here. For more on pharmaceutical corporation profiteering from swine flu vaccines, click here.
You would think that an unpiloted space plane built to rocket spaceward from Florida atop an Atlas booster, circle the planet for an extended time, then land on autopilot on a California runway would be big news. But for the U.S. Air Force X-37B project — seemingly, mum's the word. There is an air of vagueness regarding next year's Atlas Evolved Expendable launch of the unpiloted, reusable military space plane. This Boeing Phantom Works craft has been under development for years. Several agencies have been involved in the effort, NASA as well as the Defense Advanced Projects Research Agency (DARPA) and various arms of the U.S. Air Force. The tight-lipped factor surrounding the space plane, its mission, and who is in charge is curious. Such a hush-hush factor seems to mimic in pattern that mystery communications spacecraft lofted last month aboard an Atlas 5 rocket, simply called PAN. Its assignment and what agency owns it remains undisclosed. "The problem with it [X37-B] is whether you see it as a weapons platform," said Theresa Hitchens, former head of the Center for Defense Information's Space Security Program, now Director of the United Nations Institute for Disarmament Research (UNIDIR) in Geneva, Switzerland. "It then becomes, if I am not mistaken, a Global Strike platform. There are a lot of reasons to be concerned about Global Strike as a concept," Hitchens [said].
Even as the economy continues to struggle, much of Wall Street is minting money — and looking forward again to hefty bonuses. Many Americans wonder how this can possibly be. How can some banks be prospering so soon after a financial collapse, even as legions of people worry about losing their jobs and their homes? It may come as a surprise that one of the most powerful forces driving the resurgence on Wall Street is not the banks but Washington. Many of the steps that policy makers took last year to stabilize the financial system — reducing interest rates to near zero, bolstering big banks with taxpayer money, guaranteeing billions of dollars of financial institutions’ debts — helped set the stage for this new era of Wall Street wealth. Titans like Goldman Sachs and JPMorgan Chase are making fortunes in hot areas like trading stocks and bonds, rather than in the ho-hum business of lending people money. They also are profiting by taking risks that weaker rivals are unable or unwilling to shoulder — a benefit of less competition after the failure of some investment firms last year. So even as big banks fight efforts in Congress to subject their industry to greater regulation — and to impose some restrictions on executive pay — Wall Street has Washington to thank in part for its latest bonanza. “All of this is facilitated by the Federal Reserve and the government,” said Gary Richardson, a research fellow at the National Bureau of Economic Research. “But we have just shown them that they can have the most frightening things happen to them, and we will throw trillions of dollars to protect them. I have big concerns about that.”
Note: For lots more on the realities of the Wall Street bailout, click here.
On Tuesday, March 11th, 2008, somebody — nobody knows who — made one of the craziest bets Wall Street has ever seen. The mystery figure spent $1.7 million on a series of options, gambling that shares in the venerable investment bank Bear Stearns would lose more than half their value in nine days or less. It was madness — "like buying 1.7 million lottery tickets," according to one financial analyst. In order for the bet to pay, Bear would have to fall harder and faster than any Wall Street brokerage in history. The very next day, March 12th, Bear went into free fall. By the end of the week, the firm had lost virtually all of its cash and was clinging to promises of state aid; by the weekend, it was being knocked to its knees by the Fed and the Treasury, and forced at the barrel of a shotgun to sell itself to JPMorgan Chase (which had been given $29 billion in public money...) at the humiliating price of … $2 a share. Whoever bought those options on March 11th woke up on the morning of March 17th having made 159 times his money, or roughly $270 million. Six months after Bear was eaten by predators, virtually the same scenario repeated itself in the case of Lehman Brothers — another top-five investment bank that in September 2008 was vaporized in an obvious case of market manipulation. From there, the financial crisis was on. When Bear and Lehman made their final leap off the cliff of history, both undeniably got a push ... in the form of a flat-out counterfeiting scheme called naked short-selling.
Note: Why isn't this being reported in the major media and aggressively investigated? For many reports from reliable sources on the corruption at the core of the Wall Street collapse and bailout, click here.
Major U.S. banks and securities firms are on pace to pay their employees about $140 billion this year -- a record high that shows compensation is rebounding despite regulatory scrutiny of Wall Street's pay culture. [Executives] at 23 top investment banks, hedge funds, asset managers and stock and commodities exchanges can expect to earn even more than they did the peak year of 2007, according to an analysis of securities filings for the first half of 2009 and revenue estimates through year-end by The Wall Street Journal. Total compensation and benefits at the publicly traded firms analyzed by the Journal are on track to increase 20% from last year's $117 billion -- and to top 2007's $130 billion payout. This year, employees at the companies will earn an estimated $143,400 on average, up almost $2,000 from 2007 levels. The growth in compensation reflects Wall Street firms' rapid return to precrisis revenue levels. Even as the economy is sluggish and unemployment approaches 10%, these firms have been boosted by a stronger stock market, thawing credit market, a resurgence in deal making and the continuing effects of various government aid programs. So far, regulators and lawmakers have focused on making sure pay practices discourage excessive risk-taking, leaving to companies the question of how much is too much.
Note: For lots more on the realities of the Wall Street bailout, click here.
Advances in technology for extracting [natural] gas from shale and methane beds have quickened dramatically, altering the global balance of energy faster than almost anybody expected. Tony Hayward, BP's chief executive, said proven natural gas reserves around the world have risen to 1.2 trillion barrels of oil equivalent, enough for 60 years' supply – and rising fast. "There has been a revolution in the gas fields of North America. Reserve estimates are rising sharply as technology unlocks unconventional resources," he said. The breakthrough has been to combine 3-D seismic imaging with new technologies to free "tight gas" by smashing rocks, known as hydro-fracturing or "fracking" in the trade. The US is leading the charge. Texas A&M University said US methods could increase global gas reserves by nine times to 16,000 TCF (trillion cubic feet). Shale gas is undoubtedly messy. Millions of gallons of water mixed with sand, hydrochloric acid and toxic chemicals are blasted at rocks. This is supposed to happen below the water basins but accidents have been common. Pennsylvania's [environmental authorities] have shut down a Cabot Oil & Gas operation after 8,000 gallons of chemicals spilled into a stream. The claims of BP ... are so extraordinary that we may need to rewrite the geo-strategy textbooks for the next half century.
Note: For more on the risks associated with fracking, click here. For lots more from reliable sources on new energy developments, click here.
Apolinario Chile Pixtun is tired of being bombarded with frantic questions about the Mayan calendar supposedly "running out" on Dec. 21, 2012. After all, it's not the end of the world. Chile Pixtun, a Guatemalan, says the doomsday theories spring from Western, not Mayan ideas. A significant time period for the Mayas does end on the date, and enthusiasts have found a series of astronomical alignments they say coincide in 2012, including one that happens roughly only once every 25,800 years. But most archaeologists, astronomers and Maya say the only thing likely to hit Earth is a meteor shower of New Age philosophy, pop astronomy, Internet doomsday rumors and TV specials. It may sound all too much like other doomsday scenarios of recent decades — the 1987 Harmonic Convergence, the Jupiter Effect or "Planet X." But this one has some grains of archaeological basis. One of them is Monument Six. Found at an obscure ruin in southern Mexico during highway construction in the 1960s, the stone tablet [is] unique in that [it contains] the equivalent of the date 2012. The inscription describes something that is supposed to occur in 2012 involving Bolon Yokte, a mysterious Mayan god associated with both war and creation. However — shades of Indiana Jones — erosion and a crack in the stone make the end of the passage almost illegible. Archaeologist Guillermo Bernal of Mexico's National Autonomous University ... notes there are other inscriptions at Mayan sites for dates far beyond 2012 — including one that roughly translates into the year 4772.
Note: The highest counter in the Mayan calendar is the alautun, which is an interval of 63 million years. Those who state the Mayan calendar ends in 2012 have not researched the Mayan system carefully. 2012 may be the equivalent of the year 10,000 in the Mayan calendar, which is significant, yet it may end up being but another Y2K. For more, click here.
No one, including himself, would argue that Bradley Birkenfeld, 44, is a saint. But at the same time, almost no one in the U.S. government would deny that Birkenfeld was absolutely essential to its landmark tax-evasion case against Swiss banking giant UBS. The former UBS employee turned whistle-blower exposed the previously hidden world of offshore tax shelters, which cheats the Treasury out of about $100 billion a year. Thanks to his insider information, UBS was fined $780 million, and it promised to "exit entirely" from the U.S. tax-shelter business and to provide the names of thousands of American tax dodgers, from which hundreds of millions of dollars still might be collected. It also led to new tax treaties with the Swiss that should provide unprecedented tax information in civil cases and better access to such data in criminal cases. Considering Birkenfeld's help, many observers wonder why the Justice Department decided to arrest and prosecute him. Many critics believe the decision to prosecute Birkenfeld, whom some consider the most important whistle-blower in years, sends the worst possible message to other financial-industry insiders who might be considering coming forward. The Government Accountability Project (GAP), a Washington watchdog organization that has extensive whistle-blower experience, says a chilling effect is already apparent: a senior executive at a European bank that offers similar U.S. tax shelters is having second thoughts about going public because of the Birkenfeld case.
Note: For lots more, including Obama's tight ties with UBS, see the New York Daily News article here.
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar. Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars. The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets. The Americans ... are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security." This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy.
Note: The publication of this article caused the value of the dollar to fall and the price of gold to rise worldwide. For important ideas on how to reform the role of money in the world, click here.
The Treasury Department and the Federal Reserve lied to the American public last fall when they said that the first nine banks to receive government bailout funds were healthy, a government watchdog states in a new report released today. Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (SIGTARP), says that despite multiple statements on Oct. 14 of last year that these nine banks were healthy and only receiving government funds for the good of the country's economy, federal officials knew otherwise. "Contemporaneous reports and officials' statements to SIGTARP during this audit indicate that there were concerns about the health of several of the nine institutions at that time and, as detailed in this report, that their overall selection was far more a result of the officials' belief in their importance to a system that was viewed as being vulnerable to collapse than concerns about their individual health and viability," Barofsky says. In announcing the initial $125 billion provided to these banks, former Treasury Secretary Hank Paulson on Oct. 14 said, "These are healthy institutions. As these healthy institutions increase their capital base, they will be able to increase their funding to U.S. consumers and businesses." That same day, the Treasury Department, the Federal Reserve and the FDIC also released a joint statement reiterating that "these healthy institutions are taking these steps to ... enhance the overall performance of the US economy." Barofsky finds, however, senior officials at the Treasury and the Fed had serious concerns about the health of some of these banks.
Note: For a comprehensive overview of the realities underlying the government's bailout of the biggest financial institutions, click here.
When built in 2004, the agricultural storage facility in Nangarhar province was supposed to win the hearts and minds of the Afghan people. The U.S. government paid for its construction along with several other so-called "market centers" that would enable farmers to store crops and boost exports to nearby Pakistan. But construction and design flaws left it unusable, one of many dozens of similar failures in the country, critics say. Opponents say the Nangarhar project is just one example of massive waste of taxpayer dollars in aid programs since the U.S.-led invasion ousted the Taliban government in 2001. A Washington, D.C., company, Chemonics International, won the bid for [a] $145 million program - known as Rebuilding Agricultural Markets Program, or RAMP - that ran from 2003 to 2006. Chemonics then subcontracted the training and construction work to other Americans, who in turn subcontracted to numerous Afghan companies who did the work. At each level, the subcontractors deducted costs for salaries, office expenses and security. Only a small percentage of the original RAMP contract money actually reached farmers and other intended recipients. The exact percentage may never be known because neither Chemonics nor the U.S. government tracks such figures. Moreover, opponents note, many constructed market centers have deteriorated or are not being used for their original purpose. Afghanistan's foreign minister, Rangeen Dadfar Spanta, sharply criticized how U.S. aid is spent in his country. He estimates that only "$10 or $20" of every $100 reaches its intended recipients.
Note: For lots more on corporate corruption from reliable sources, click here.
Suppose you're returning home from a vacation in Cancun. A customs agent asks you to open your suitcase so he can check its contents. So far, so good. Now, the agent asks you to log on to your laptop so he can read your e-mails and personal files and examine which Web sites you've visited. He makes a copy of your hard drive so the government can comb through its contents. You've done nothing to give the agent any cause for suspicion. That can't be legal - can it? Until recently, it would not have been allowed. Long-standing customs directives prohibited agents from reading travelers' personal documents unless they reasonably suspected them to be merchandise or evidence of illegal activity. Then the Bush administration changed the rules, allowing agents to "review and analyze" the contents of electronic devices, including laptops, cell phones and BlackBerrys "absent individualized suspicion." Agents also could make copies of the devices' contents and share them with other government agencies. In a Senate Judiciary Committee hearing in May, Secretary of Homeland Security Janet Napolitano promised to review the policy. Homeland Security has now released a new policy - and it is the same as the Bush policy in almost every relevant respect. The government may still search electronic devices without reasonable suspicion, retain copies indefinitely to complete its search and share information with other agencies. Both administrations have cited national security to justify suspicionless searches. There's no evidence, however, that a suspicionless search has ever turned up a security threat.
Note: The author of this op-ed, Elizabeth Goitein, is the director of the Liberty and National Security Project at the Brennan Center for Justice at NYU School of Law. For lots more on how politicians use "national security" as a means to protect their own manipulations at the expense of the public good, click here.
The Environmental Protection Agency detailed its plans ... for research into the possible health and environmental risks of nanomaterials, tiny substances that are finding growing use in products like sunscreens and industrial adhesives. The document ... calls for work to identify sources of nanomaterials, which can measure as little as perhaps one-10,000th the width of a human hair. Research will also center on how they move in the environment, the problems they might cause for people, animals and plants, and how these problems could be avoided or mitigated. The federal National Nanotechnology Initiative is charged with coordinating research by various agencies on the issue. But in a highly critical report last year, the National Academy of Sciences dismissed its effort as inadequate. Little is known about whether substances engineered at the nano scale persist and accumulate in the environment in unusual and potentially harmful ways. In August, a coalition of groups including Friends of the Earth and Consumers Union issued a report urging people to avoid sunscreens containing nano-forms of zinc oxide, saying their risks were unknown.
U.S. military troops will begin getting required swine flu shots in the next week to 10 days, with active duty forces deploying to war zones and other critical areas going to the front of the vaccine line. Air Force Gen. Gene Renuart also [said] that as many as 400 troops are ready to go to five regional headquarters around the country to assist federal health and emergency management officials. The Pentagon has bought 2.7 million vaccines, and 1.4 million of those will go to active duty military. National Guard troops on active duty are also required to receive the vaccine, as are civilian Defense Department employees who are in critical jobs. "Because I can compel people to get the shots, larger numbers will have the vaccine," said Renuart, commander of U.S. Northern Command. "They will, as a percentage of the population, be vaccinated more rapidly than many of us. So we may see some objective results, good or not, of the vaccinations." Shots will be doled out on a priority basis, with troops preparing to deploy first, followed by other active duty forces, particularly any who might be needed to quickly respond to a hurricane or other emergency. Inoculating the military is a key requirement of the Pentagon's emergency plan, as a way to ensure that troops are available to protect the nation. They also will be on tap to provide help to states if problems come up as the flu season continues.
Note: It is not made clear by this article precisely how military personnel will "assist" civilian authorities handle a mass swine flue vaccination program. The plans to use the military for this purpose are unprecedented and formerly illegal. For lots more from reliable sources on the dangers of vaccines, click here and here.
The Food and Drug Administration [has admitted] that four New Jersey congressmen and its own former commissioner unduly influenced the process that led to its decision last year to approve a patch for injured knees. The agency’s scientific reviewers repeatedly and unanimously over many years decided that the device, known as Menaflex and manufactured by ReGen Biologics Inc., was unsafe because the device often failed, forcing patients to get another operation. But after receiving what an F.D.A. report described as “extreme,” “unusual” and persistent pressure from four Democrats from New Jersey ... agency managers overruled the scientists and approved the device for sale in December. All four legislators made their inquiries within a few months of receiving significant campaign contributions from ReGen, which is based in New Jersey, but all said they had acted appropriately and were not influenced by the money. Dr. Andrew C. von Eschenbach, the former drug agency’s commissioner, said he had acted properly. The agency has never before publicly questioned the process behind one of its approvals, never admitted that a regulatory decision was influenced by politics, and never accused a former commissioner of questionable conduct. The report, written by top agency officials, said that Dr. von Eschenbach, who resigned as F.D.A. commissioner in January, became as a result of political pressure “personally engaged in the details of a process usually coordinated” by scientific staff. One agency manager concluded that Dr. von Eschenbach “was demanding not only an expedited process but also an outcome in favor of ReGen,” the report stated.
Note: For a powerful summary of corruption in the pharmaceutical industry, click here.
Two weeks before his movie "Capitalism: A Love Story" opens nationwide, filmmaker Michael Moore swept through San Francisco ... with a rally, a Commonwealth Club appearance and an unlikely new antagonist: Democrats. When Moore criticized Sen. Chris Dodd, D-Conn., this week on NBC's "The Jay Leno Show" for getting "sweetheart loans" from a mortgage company he was charged with overseeing, Moore said he got a call from a top Democratic Party official telling him to "back off." But Moore, a longtime supporter of a single-payer health plan, didn't back off. In an interview with The Chronicle, he chided House Speaker Nancy Pelosi for not being aggressive enough in pushing health care reform and ripped President Obama's financial team as "the foxes guarding the henhouse." There is plenty of conservative-bashing in the film, which focuses on capitalism as the "evil" at the root of the financial crisis, but the film also refers to Democratic leaders as the "deliverymen" of the government bailouts for financially troubled Wall Street firms. In his new film, Moore focuses on the investment house Goldman Sachs as a main beneficiary of capitalism's largesse. He notes that Treasury Secretary Timothy Geithner and senior White House economic adviser Lawrence Summers are proteges of Robert Rubin, longtime Goldman executive and President Bill Clinton's Treasury secretary. "The fact that Geithner and Summers are part of this administration makes everything that happens open to question and needs our vigilance," Moore said, "because, literally now, the foxes are guarding the henhouse."
Note: For a review of Michael Moore's new film, "Capitalism: a Love Story," click here.
One of the crucial technical disputes in American history, perhaps second only to global warming, is underway. It pits hundreds of government technicians who say the World Trade Center buildings were brought down by airplane impact against hundreds of professional architects and building engineers who insist that the Twin Towers could never have collapsed solely due to the planes and are calling for a new independent investigation. It is a fight that is not going away and is likely to get louder as more building trade professionals sign on to one side or the other. Better than anyone, David Ray Griffin understands the “enormous importance” of Richard Gage, the Bay Area architect and staunch Republican who founded Architects and Engineers for 9/11 Truth (AE911 Truth). Griffin, [a] retired Santa Barbara philosophy professor/theologian (Claremont School of Theology), is regarded as the leading investigative force within what is called the 9/11 Truth movement, with seven 9/11 books to his credit, including his bestseller The New Pearl Harbor. Griffin found his greatest stumbling block in public appearances to be this question: If his analysis was true – that two planes could not have brought down three World Trade Center (WTC) buildings without the aid of pre-planted explosives – why didn’t a single U.S. architect or building engineer publicly support him? Now, in three years, Gage has signed up 804 architects and structural engineers, some from top firms, who challenge the official version of the buildings’ collapses. AE911 Truth has grown rapidly, igniting a struggling grassroots movement of hundreds of other “9/11 Truth” organizations, and spearheading a growing assault on the official story.
Note: WantToKnow team member David Ray Griffin has just published a thorough debunking of the latest official explanation of the collapse of three steel-framed skyscrapers at the World Trade Center after two of them were struck by aircraft, The Mysterious Collapse of World Trade Center 7.
Applied Materials is one of the most important U.S. companies you’ve probably never heard of. It makes the machines that make the microchips that go inside your computer. The chip business, though, is volatile, so in 2004 Mike Splinter, Applied Materials’s C.E.O., decided to add a new business line to take advantage of the company’s nanotechnology capabilities — making the machines that make solar panels. The other day, Splinter gave me a tour of the company’s Silicon Valley facility, culminating with a visit to its “war room,” where Applied maintains a real-time global interaction with all 14 solar panel factories it’s built around the world in the last two years. Not a single one is in America. Let’s see: five are in Germany, four are in China, one is in Spain, one is in India, one is in Italy, one is in Taiwan and one is even in Abu Dhabi. The reason that all these other countries are building solar-panel industries today is because most of their governments have put in place the three prerequisites for growing a renewable energy industry: 1) any business or homeowner can generate solar energy; 2) if they decide to do so, the power utility has to connect them to the grid; and 3) the utility has to buy the power for a predictable period at a price that is a no-brainer good deal for the family or business putting the solar panels on their rooftop. Regulatory, price and connectivity certainty, that is what Germany put in place, and that explains why Germany now generates almost half the solar power in the world today and, as a byproduct, is making itself the world-center for solar research, engineering, manufacturing and installation. With more than 50,000 new jobs, the renewable energy industry in Germany is now second only to its auto industry.
Note: For lots more from reliable sources on promising new energy developments, click here.
The nation's political crosscurrents appear to have created vaccine skeptics of many stripes. Many citizens are less inclined than ever to accept the warnings of the Department of Health and Human Services or the recommendations of its Centers for Disease Control and Prevention, says Sandra Quinn, a University of Pittsburgh public health professor who has just completed a national survey of attitudes about the flu vaccine. Vaccine refusers have long decried vaccine mandates and campaigns as an unwarranted intrusion of parents' and local school boards' rights. For a new generation of vaccine skeptics, there are new objects of distrust. For some, it flows from a suspicion of the multinational corporations that develop and manufacture vaccines. For others, it comes from a belief that media outlets have hyped the pandemic flu story to secure the attention of readers and the revenue of advertisers. And many simply doubt the competency and independence of government agencies, which they believe are too inept, overwhelmed or co-opted by corporate interests to secure the safety of the nation's drugs and food supply. Adding to the wariness toward the forthcoming H1N1 vaccine is the fact that the formulations used on patients in the United States might require the use of adjuvants -- special agents added to a vaccine mix that rev up the immune system and foster a stronger immune response. While adjuvants have been used in vaccines in Europe for many years, the FDA has never approved them for widespread use in the United States. Some vaccine critics in Great Britain have charged that one adjuvant used in European formulations -- squalene -- is associated with a wide range of vague but persistent symptoms.
Note: Adjuvants are being added to vaccines, yet the resulting combined formula is not being tested for safety; the individual components are tested separately. The process for the testing of vaccines is endangering our health. For lots more on the dangers of vaccines and squalene in particular, read respected Dr. Joseph Mercola's incisive article available here.
Nothing succeeds like failure, as the saying goes. And nowhere is this dismal truth more evident than in our financial regulatory system, one year after the bankruptcy filing of Lehman Brothers. Even though calamitous lending practices laid waste to the nation’s economy, surprisingly little has changed about how the financial arena operates and is supervised. Sure, a couple of venerable brokerage firms have vanished, but many of the same players remain on the scene, in the same positions of power. Senior regulators who stood idly by for years as financial firms built their houses of cards have been rewarded with even bigger jobs or are jockeying for increased responsibilities. The Federal Reserve Board, for example, wants to become the financial system’s uber-regulator, even though its officials did nothing as banks made deadly decisions to lend recklessly and leverage themselves to the max. Awarding increased power to those who failed in their oversight duties flies in the face of all notions of accountability. Yet those in the public sector ask us to believe that regulators who snoozed during the credit bubble will be alert to emerging problems on their beats when the next mania begins. That’s asking a lot, isn’t it? Here’s a novel thought. Instead of creating more regulations to try to prevent this kind of mess from recurring, why not figure out how to hold regulators accountable when they perform as poorly as they did in recent years? Taxpayers must protect themselves against two things: the corrupting influence of bureaucratic self-interest among regulators and the political clout wielded by the large institutions they are supposed to police. [And] taxpayers must demand that the government publicize the costs of efforts taken to save the financial system from itself.
Note: For lots more from reliable sources on the realities of the Wall Street crash and bailout, 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.