News StoriesExcerpts of Key News Stories in Major Media
Note: This comprehensive list of news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.
Because of concerns about climate change, a lot of current environmentalist advocacy — including movies like “An Inconvenient Truth” — concentrates on the dire results of burning fossil fuels. Joe Berlinger’s “Crude,” a thorough and impassioned new documentary, focuses its gaze on production rather than consumption. The film, which follows the fitful progress of a class-action lawsuit undertaken on behalf of the people of the Ecuadorean Amazon, is not about the unintended consequences of using petroleum. Instead, it examines the terrible, frequently unacknowledged costs of extracting oil from the ground. “Crude,” in other words, investigates the local manifestations — cancer, contaminated water, cultural degradation — of a global problem. Even as “Crude” dwells on a single, relatively small slice of territory (about the size of Rhode Island), its action shifts from muddy villages in Amazonia to law offices and shareholders’ meetings in the steel-and-glass cities of North America, drawing into its purview a motley cast of scientists, human rights crusaders, civil servants and international celebrities. Like almost every other recent documentary on a politically charged topic, “Crude” does not pretend to neutrality. Yet while Mr. Berlinger’s sympathies clearly lie with the oddly matched pair of lawyers — Steven Donziger, a big, outgoing American, and Pablo Fajardo, a wiry, diffident Ecuadorean — who are consumed by the now 16-year-old suit against Chevron, he is fair-minded enough to include rebuttals from the company’s executives and in-house environmental scientists. And since this is, in part, a courtroom drama, both sides have a chance to be heard.
A new food-labeling campaign called Smart Choices, backed by most of the nation’s largest food manufacturers, is “designed to help shoppers easily identify smarter food and beverage choices.” The green checkmark label that is starting to show up on store shelves will appear on hundreds of packages, including — to the surprise of many nutritionists — sugar-laden cereals like Cocoa Krispies and Froot Loops. “These are horrible choices,” said Walter C. Willett, chairman of the nutrition department of the Harvard School of Public Health. He said the criteria used by the Smart Choices Program were seriously flawed, allowing less healthy products, like sweet cereals and heavily salted packaged meals, to win its seal of approval. “It’s a blatant failure of this system and it makes it, I’m afraid, not credible,” Mr. Willett said. Froot Loops qualifies for the label because it meets standards set by the Smart Choices Program for fiber and Vitamins A and C, and because it does not exceed limits on fat, sodium and sugar. It contains the maximum amount of sugar allowed under the program for cereals, 12 grams per serving, which in the case of Froot Loops is 41 percent of the product. That is more sugar than in many popular brands of cookies. “Froot Loops is an excellent source of many essential vitamins and minerals and it is also a good source of fiber with only 12 grams of sugar,” said Celeste A. Clark, senior vice president of global nutrition for Kellogg’s, which makes Froot Loops. Dr. Clark, who is a member of the Smart Choices board, said that the program’s standard for sugar in cereals was consistent with federal dietary guidelines.
Note: For many revealing reports on health issues, click here.
Irving Kristol, the political writer and publisher known as the godfather of neo-conservatism,... died Friday. He was 89. A Trotskyist in the 1930s, Kristol would soon sour on socialism, break from liberalism after the rise of the New Left in the 1960s and in the 1970s commit the unthinkable — support the Republican Party, once as "foreign to me as attending a Catholic mass." He was a flagship in the network of think tanks, media outlets and corporations that helped make conservatism a reigning ideology for at least two decades. Former Vice President Dick Cheney was a longtime admirer and former President George W. Bush, whose administration was heavily populated by neo-conservatives, awarded Kristol a Presidential Medal of Freedom in 2002. Kristol himself would regard neo-conservatism as a job well done. But the Iraq War and the poor economy badly damaged the right's unity and credibility over the past few years. "If there is any one thing that neo-conservatives are unanimous about, it is their dislike of the counterculture," Kristol once said. With funding from Joseph Coors, Richard Mellon Scaife and others, the right created such think tanks as the Heritage Foundation and the Center for Strategic and International Studies. Kristol himself was a fellow at a key think tank, the American Enterprise Institute. Kristol also taught at New York University, worked for several years as a senior editor at the Basic Books publishing house and in the 1950s headed the anti-communist magazine Encounter, which turned out to have been funded — without Kristol's knowledge, he said — by the CIA.
Note: To learn how Kristol became a top manager in spreading fear to support the political elite, watch the powerful BBC documentary "The Power of Nightmares" at this link. This revealing film show how much of the fear spread by the media is consciously fabricated by people like Kristol and his colleagues.
Drugs giant GlaxoSmithKline was accused of cashing in on swine flu after it revealed its profits have risen 10 per cent since the virus was identified. It announced profits yesterday of Ł2.1billion in the past three months. Sales of vaccines and antiviral drugs could push the figure up even higher. GSK chief executive Andrew Witty admitted the swine flu crisis would be a 'significant financial event for the company'. Sales of the company's Relenza inhaler, an alternative to Tamiflu used by pregnant women among others, are expected to top Ł600million. And this figure could be boosted by up to Ł2billion once deliveries of the swine flu vaccine begin in September. But Mr Witty denied Europe's biggest drugs company was gearing up to cash in. He admitted it was planning to charge the UK Ł6 a jab, but vociferously denied reports it cost a pound to manufacture. Liberal Democrat health spokesman Norman Lamb said: 'This is clearly a bonanza for the company. This is a staggeringly substantial return. I will write to the National Audit Office to determine whether we got the best deal for the taxpayer.' Susi Squire of the TaxPayers' Alliance said: 'We need an assurance from the Government that they have got the most competitive rate out of GlaxoSmith-Kline.' Geoff Martin of London Health Emergency said: 'It's a scandal that any company could use the swine flu pandemic as an opportunity to jack up profits. 'The Government should step in and impose a windfall tax on private companies that have hit the jackpot as a result of the flu crisis.'
Note: For more on profiteering in the vaccination industry, click here.
The Justice Department has indicated that the Obama administration is in support of renewing [three] controversial sections of the USA Patriot Act that expire later this year. The provisions that will expire in December include Section 206, that allows "roving" wiretaps so FBI agents can tap multiple phones or computers (with court authorization) that a specific person (target) may use. Another expiring provision, Section 215, is the so-called "library provision," which allows investigators to obtain [library, medical, business, banking and other] records with approval from the Foreign Intelligence Surveillance Court. And the final provision which was nicknamed the "Lone Wolf" authorization, allows intelligence gathering of people not suspected of being part of a foreign government or known terrorist organization. Critics of the Patriot Act protested loudly that the FBI could obtain individuals' library records under the legislation. [But] section 215 is much more expansive than reviewing a suspected terrorist's summer reading list. [It] allows the FBI to obtain any business record, "any tangible things," like credit card and bank statements and also allows access to medical and mental health records. The provision has been used to obtain communication and subscriber information to help set up surveillance and monitoring of computers and telephones.
Note: The American Library Association, the national organization of professional librarians, was the first and strongest defender of civil liberties after the passage of the PATRIOT Act. For a discussion of the concerns of professional librarians over this decision by the Obama administration, 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.
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.
Using technology originally developed for mass disasters, Boston disease trackers are embarking on a novel experiment - one of the first in the country - aimed at eventually creating a citywide registry of everyone who has had a flu vaccination. The resulting vaccination map would allow swift intervention in neighborhoods left vulnerable to the fast-moving respiratory illness. The trial starts this afternoon, when several hundred people are expected to queue up for immunizations at the headquarters of the Boston Public Health Commission. Each of them will get a bracelet printed with a unique identifier code. Information about the vaccine's recipients, and the shot, will be entered into handheld devices similar to those used by delivery truck drivers. Infectious disease specialists in Boston and elsewhere predicted that the registry approach could prove even more useful if something more sinister strikes: a bioterrorism attack or the long-feared arrival of a global flu epidemic. In such crises, the registry could be used to track who received a special vaccine or antidote to a deadly germ. "Anything you can do to better pinpoint who's vaccinated and who's not, that's absolutely vital," said Michael Osterholm, director of the Center for Infectious Disease Research & Policy at the University of Minnesota. "I wish more cities were doing this kind of thing." When people arrive for their shots, they will get an ID bracelet with a barcode. Next, basic information - name, age, gender, address - will be entered into the patient tracking database. There will be electronic records, too, of who gave the vaccine and whether it was injected into the right arm or the left, and time-stamped for that day.
Note: For more on the serious risks and dangers posed by vaccines, click here and here.
A shipwreck apparently containing toxic waste is being investigated by authorities in Italy amid claims that it was deliberately sunk by the mafia. An informant from the Calabrian mafia said the ship was one of a number he blew up as part of an illegal operation to bypass laws on toxic waste disposal. The sunken vessel has been found 30km (18 miles) off the south-west of Italy. The informant said it contained "nuclear" material. Officials said it would be tested for radioactivity. Murky pictures taken by a robot camera show the vessel intact and alongside it are a number of yellow barrels. Labels on them say the contents are toxic. The informant said the mafia had muscled in on the lucrative business of radioactive waste disposal. But he said that instead of getting rid of the material safely, he blew up the vessel out at sea, off the Calabrian coast. He also says he was responsible for sinking two other ships containing toxic waste. For years there have been rumours that the mafia was sinking ships with nuclear and other waste on board, as part of a money-making racket. The environmental campaign group Greenpeace and others have compiled lists over the past few decades of ships that have disappeared off the coast of Italy and Greece. Processing waste is highly specialised and is supposed to be an industry where security is the top priority. If tests show that there is nuclear material on the seabed it will prove that the mafia has moved into its dirtiest business yet.
Any time corporate executives and directors are heavily selling their company's stock there's reason for concern. And lately they've been doing just that. The last time insider selling was as high as it is now was in the period from late 2006 to late 2007. It was right after that insider-selling surge that the stock market began its long painful decline, says Charles Biderman, CEO of TrimTabs, an independent institutional research firm. Biderman believes that insider trades shoot higher when there's a disconnect between broad market opinions and what business executives feel in their gut. "When [insiders think] things are going better than most people think, they buy stock," he says. "When things are going worse than people think, they sell." That's to say, insiders have no crystal ball but they often have access to up-to-the-minute sales data as well as firsthand impressions from their sales managers — and that gives them an inside track on what's happening in the economy. When this special access leads them to be big sellers of their stock, well, it's a vote of no confidence in their employer's near-term future. Biderman has measured the ratio of insider selling to buying since 2004, and says historically the ratio is 7 to 1. (Insiders almost always sell more than they buy because they receive stock as part of their compensation.) Right now the ratio is 30, one of the highest he's recorded. November 2007 is the last time the ratio even came close, at 24.
Note: According to the New York Times, insider trading levels are at the "highest levels since the firm started keeping numbers in 2004." Why does this Time article state they were higher in 2006 to 2007? For a treasure trove of revealing reports from reliable sources on the realities of the Wall Street bailout, click here.
Diebold Inc. has sold its money-losing U.S. election-systems business, just seven years after acquiring it amid hopes of rising demand for voting technology upgrades in the wake of the 2000 presidential election fiasco. Diebold [said] it sold the voting-machine unit to privately held Election Systems & Software Inc. for $5 million, about one-fifth of what it paid in 2002. "There were assumptions we made in that space that didn't materialize," Diebold spokesman Mike Jacobsen said. Diebold, which was the industry's biggest maker of electronic voting machines heading into the 2004 presidential election, was in the spotlight as concerns increased about the reliability and security of the electronic systems. Diebold also suffered from a perception problem when the company's then-Chief Executive Walden O'Dell very publicly supported and fundraised for President George W. Bush in his re-election campaign.
Note: This article fails to mention that the merger of Diebold and ES&S creates a major monopoly on US voting machines in the hands of companies owned by staunch conservatives. For more vital information on this and the suspicious death of the principal witness related to Karl Rove in an key Ohio elections case, click here.
Paranoid, competitive and fuelled by guns, alcohol and steroids. That is how one senior contractor in Baghdad describes the private security industry operating in the city's Green Zone. It was the world to which Danny Fitzsimons, a 29-year-old former soldier suffering from post-traumatic stress disorder and paranoia, and with an extensive criminal past, returned three weeks ago. Despite rules against alcohol, his ArmorGroup colleagues welcomed him with a drinking session. A fight broke out and he shot and killed two of them – a Briton, Paul McGuigan, and an Australian, Darren Hoare – then wounded an Iraqi, Arkhan Mahdi. He faces a premeditated murder charge and execution if found guilty. Mr Fitzsimons's family is determined to save him and say he was suffering from severe psychiatric problems after a brutal career in the Army and in the security industry. But those on the ground hold little hope. They are already resigned to Mr Fitzsimons's execution and say that he is a tiny pawn in a huge, expensive and vicious game of chess. They say the private security business in Iraq is in a vice-like crush. The gold rush that began with the conflict in 2003 is drying up. Contracts are not as lucrative, the trend is towards employing Iraqis instead of Westerners and, crucially, the Iraqi authorities ... are clamping down. "We are loathed out here. We are the single most hated entity in Iraq," said Ethan Madison, a security contractor who has worked in Baghdad for five years.
Note: For lots more on the illegal activities of US military contractors in Iraq and Afghanistan, click here.
To listen to President Obama, or to just about anyone else in the health care debate, you would think that the biggest problem with health care in America is the system itself — perverse incentives, inefficiencies, unnecessary tests and procedures, lack of competition, and greed. No one disputes that the $2.3 trillion we devote to the health care industry is often spent unwisely, but the fact that the United States spends twice as much per person as most European countries on health care can be substantially explained, as a study released last month says, by our being fatter. Even the most efficient health care system that the administration could hope to devise would still confront a rising tide of chronic disease linked to diet. That’s why our success in bringing health care costs under control ultimately depends on whether Washington can summon the political will to take on and reform a second, even more powerful industry: the food industry. According to the Centers for Disease Control and Prevention, three-quarters of health care spending now goes to treat “preventable chronic diseases.” Not all of these diseases are linked to diet — there’s smoking, for instance — but many, if not most, of them are. We’re spending $147 billion to treat obesity, $116 billion to treat diabetes, and hundreds of billions more to treat cardiovascular disease and the many types of cancer that have been linked to the so-called Western diet. One recent study estimated that 30 percent of the increase in health care spending over the past 20 years could be attributed to the soaring rate of obesity, a condition that now accounts for nearly a tenth of all spending on health care. The American way of eating has become the elephant in the room in the debate over health care.
Note: For a detailed overview of some of the critical risks of the industrially-engineered modern American diet, click here.
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 world is getting better, one peanut butter and jelly sandwich at a time. It's called the Peanut Butter Plan. Like many of the best plans, it's simple: Strangers get together, make peanut butter sandwiches and immediately pass them out to homeless people. No federal subsidy, no foundation, no vouchers. No official sanction from anybody. Just strangers, good will and peanut butter. Jory John, a San Francisco children's book writer, got the idea for the PBJ stealth campaign this spring. John put forth the idea on Facebook and, over the past few months, PBJ handouts have taken place in Los Angeles; Berkeley; Phoenix; Little Rock, Ark.; Grand Rapids, Mich.; Austin, Texas; and London. "People are joining from all over the place," John said. "I thought it was about time to use a social networking site to do some good." The monthly gathering took place the other evening around a conference table inside a publishing house that had donated its office for the cause. Some sandwich-laden volunteers [went] to the Tenderloin and some others to the Haight and South of Market.There was no shortage of people who found the idea of a complimentary peanut-butter-and-jelly sandwich to be just the thing. Outside the BART station at 16th and Mission streets, a dozen folks accepted sandwiches. When the sandwiches were gone, [the] sandwich makers retired to a nearby tavern for a beer. The camaraderie of doing something nice, along with the beers, made everyone feel pretty good and some of the strangers exchanged phone numbers. "The smallest actions make the biggest difference," [John] said. "There are some cynics who say it's not really curing hunger, and it isn't curing hunger. But it's curing one person's hunger. There's nothing wrong with that."
Note: Information on the Peanut Butter Plan and its operations in various cities around the U.S. is available at www.peanutbutterplan.org.
More than five years ago, Congress and President Bush created the 9/11 commission. Soon after its creation, the president’s chief of staff directed all executive branch agencies to cooperate with the commission. The commission’s mandate was sweeping and it explicitly included the intelligence agencies. But the recent revelations that the C.I.A. destroyed videotaped interrogations of Qaeda operatives leads us to conclude that the agency failed to respond to our lawful requests for information about the 9/11 plot. Those who knew about those videotapes — and did not tell us about them — obstructed our investigation. No one in the administration ever told the commission of the existence of videotapes of detainee interrogations. We did ask, repeatedly, for the kind of information that would have been contained in such videotapes. Beginning in June 2003, we requested all reports of intelligence information ... that had been gleaned from the interrogations of 118 named individuals, including both Abu Zubaydah and Abd al Rahim al-Nashiri, two senior Qaeda operatives, portions of whose interrogations were apparently recorded and then destroyed. The C.I.A. gave us many reports summarizing information gained in the interrogations. But the reports raised almost as many questions as they answered. So, in October 2003, we sent another wave of questions to the C.I.A.’s general counsel. The general counsel responded in writing with non-specific replies. The agency did not disclose that any interrogations had ever been recorded or that it had held any further relevant information, in any form. Government officials decided not to inform a lawfully constituted body, created by Congress and the president, to investigate one the greatest tragedies to confront this country. We call that obstruction.
Note: The authors of this op-ed, Thomas H. Kean and Lee H. Hamilton, served as chairman and vice chairman, respectively, of the 9/11 Commission.
A Senate bill would offer President Obama emergency control of the Internet and may give him a "kill switch" to shut down online traffic by seizing private networks -- a move cybersecurity experts worry will choke off industry and civil liberties. Details of a revamped version of the Cybersecurity Act of 2009 emerged late Thursday, months after an initial version authored by Sen. Jay Rockefeller, D-W.V., was blasted in Silicon Valley as dangerous government intrusion. "In the original bill they empowered the president to essentially turn off the Internet in the case of a 'cyber-emergency,' which they didn't define," said Larry Clinton, president of the Internet Security Alliance, which represents the telecommunications industry. The new legislation allows the president to "declare a cybersecurity emergency" relating to "non-governmental" computer networks and make a plan to respond to the danger, according to an excerpt published online -- a broad license that rights experts worry would give the president "amorphous powers" over private users. "As soon as you're saying that the federal government is going to be exercising this kind of power over private networks, it's going to be a really big issue," Lee Tien, a senior staff attorney with the Electronic Frontier Foundation.
Note: For revealing reports from major media sources on threats to civil liberties, click here.
[President] Barack Obama has launched a fresh operation to find [Osama bin Laden]. Working with the Pakistani Army, elite squads of U.S. and British special forces were sent into Waziristan this summer to 'hunt and kill' the shadowy figure intelligence officers still call 'the principal target' of the war on terror. This new offensive is, of course, based on the premise that the 9/11 terrorist is alive. Yet what if he isn't? What if he has been dead for years, and the British and U.S. intelligence services are actually playing a game of double bluff? What if everything we have seen or heard of him on video and audio tapes since the early days after 9/11 is a fake - and that he is being kept 'alive' by the Western allies to stir up support for the war on terror? Incredibly, this is the breathtaking theory that is gaining credence among political commentators, respected academics and even terror experts. Still more questions have been raised with the publication in America and Britain of a book called Osama Bin Laden: Dead or Alive? Written by political analyst and philosopher Professor David Ray Griffin, ... it is provoking shock waves - for it goes into far more detail about his supposed death and suggests there has been a cover-up by the West. The book claims that Bin Laden died of kidney failure, or a linked complaint, on December 13, 2001, while living in Afghanistan's Tora Bora mountains close to the border with Waziristan. His burial took place within 24 hours, in line with Muslim religious rules, and in an unmarked grave, which is a Wahhabi custom. The author insists that the many Bin Laden tapes made since that date have been concocted by the West to make the world believe Bin Laden is alive. Could it be that, for years, he's just been smoke and mirrors?
Note: Hundreds of scholars, officials and professionals have raised questions about bin Laden, Al Qaeda, and other aspects of the official conspiracy about the events of 9/11. Click here and here to read their concerns.
Wall Street lives on. One year after the collapse of Lehman Brothers, the surprise is not how much has changed in the financial industry, but how little. Backstopped by huge federal guarantees, the biggest banks have restructured only around the edges. Employment in the industry has fallen just 8 percent since last September. Only a handful of big hedge funds have closed. Pay is already returning to precrash levels, topped by the 30,000 employees of Goldman Sachs, who are on track to earn an average of $700,000 this year. Nor are major pay cuts likely, according to a report last week from J.P. Morgan Securities. Executives at most big banks have kept their jobs. Financial stocks have soared since their winter lows. Banks still sell and trade unregulated derivatives, despite their role in last fall’s chaos. Radical changes like pay caps or restrictions on bank size face overwhelming resistance. Even minor changes, like requiring banks to disclose more about the derivatives they own, are far from certain. Regulators and lawmakers have spent most of the last year trying to save the financial industry, rather than transform it. In the short run, their efforts have succeeded. Citigroup and other wounded banks have avoided bankruptcy, and the economy has sidestepped a depression. But the same investors and economists who predicted, and in some cases profited from, the collapse last fall say the rescue has come at an extraordinary cost. They warn that if the industry’s systemic risks are not addressed, they could cause an even bigger crisis — in years, not decades. Next time, they say, the credit of the United States government may be at risk.
Note: For a treasure trove of reports from reliable sources on the realities of the Wall Street bailout, click here.
The flu drugs Tamiflu and Relenza may not be worthwhile to treat seasonal influenza in healthy adults, British researchers reported on Friday. "Recommending the use of antiviral drugs for the treatment of people presenting with symptoms is unlikely to be the most appropriate course of action," wrote Jane Burch of the University of York and colleagues. Their study, published in the Lancet Infectious Diseases, supports an advisory from the World Health Organization that says healthy patients who get H1N1 swine flu without suffering complications do not need to be treated with antivirals. Burch's team reviewed many different published studies on Tamiflu and Relenza. "We present the results for healthy adults and people at-risk of influenza-related complications," they wrote. Both drugs shaved about half a day, on average, off the time patients were ill, they found. Influenza usually affects people for about a week. The drugs worked a little better in people who have a high risk of complications, such as patients with diabetes or asthma, with Relenza cutting sickness by almost a day and Tamiflu by three-quarters of a day, on average. This suggests the drugs should be reserved for people who need them the most, the researchers concluded.
Note: To read a powerful account of the real dangers of the swine flu scare, click here.
Important Note: Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.