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.
Through seven years of war an exclusive club has quietly flourished at the intersection of network news and wartime commerce. Its members, mostly retired generals, have had a foot in both camps as influential network military analysts and defense industry rainmakers. It is a deeply opaque world, a place of privileged access to senior government officials, where war commentary can fit hand in glove with undisclosed commercial interests and network executives are sometimes oblivious to possible conflicts of interest. Few illustrate the submerged complexities of this world better than Barry McCaffrey. General McCaffrey, 66, has long been a force in Washington’s power elite. A consummate networker, he cultivated politicians and journalists of all stripes as drug czar in the Clinton cabinet, and his ties run deep to a new generation of generals, some of whom he taught at West Point or commanded in the Persian Gulf war. But it was 9/11 that thrust General McCaffrey to the forefront of the national security debate. In the years since he has made nearly 1,000 appearances on NBC and its cable sisters, delivering crisp sound bites in a blunt, hyperbolic style. He commands up to $25,000 for speeches, his commentary regularly turns up in The Wall Street Journal, and he has been quoted or cited in thousands of news articles, including dozens in The New York Times. His influence is such that President Bush and Congressional leaders from both parties have invited him for war consultations. At the same time, General McCaffrey has immersed himself in businesses that have grown with the fight against terrorism.
Note: This in-depth article on the "military-industrial-media complex" is worth reading in its entirety. For lots more on war profiteering from reliable sources, click here.
I should have felt triumphant when I returned from Iraq in August 2006. Instead, I was worried and exhausted. My mind was consumed with the unfinished business of our mission: fixing the deeply flawed, ineffective and un-American way the U.S. military conducts interrogations in Iraq. I'm still alarmed about that today. I'm not some ivory-tower type; I served for 14 years in the U.S. Air Force, began my career as a Special Operations pilot flying helicopters, saw combat in Bosnia and Kosovo, became an Air Force counterintelligence agent, then volunteered to go to Iraq to work as a senior interrogator. What I saw in Iraq still rattles me -- both because it betrays our traditions and because it just doesn't work. What I soon discovered about our methods astonished me. The Army was still conducting interrogations according to the Guantanamo Bay model: Interrogators were nominally using the methods outlined in the U.S. Army Field Manual, the interrogators' bible, but they were pushing in every way possible to bend the rules -- and often break them.These interrogations were based on fear and control; they often resulted in torture and abuse. I refused to participate in such practices, and a month later, I extended that prohibition to the team of interrogators I was assigned to lead. I personally conducted more than 300 interrogations, and I supervised more than 1,000. The methods my team used are not classified ... but the way we used them was, I like to think, unique. We got to know our enemies, we learned to negotiate with them, and we adapted criminal investigative techniques to our work.
Note: For revealing reports from reliable and verifiable sources on the realities of the Iraq and Afghan wars, click here.
Public health groups, consumer advocates and members of Congress blasted the Food and Drug Administration yesterday for failing to act after discovering trace amounts of the industrial chemical melamine in baby formula sold in the United States. "This FDA, this Bush administration, instead of protecting the public health, is protecting industry," said Rep. Rosa DeLauro (D-Conn.), who chairs the Appropriations subcommittee that oversees the FDA budget. "We're talking about babies, about the most vulnerable. This really makes me angry." The FDA found melamine and cyanuric acid, a related chemical, in samples of baby formula made by major U.S. manufacturers. Melamine can cause kidney and bladder stones and, in worst cases, kidney failure and death. If melamine and cyanuric acid combine, they can form round yellow crystals that can also damage kidneys and destroy renal function. Melamine was found in Good Start Supreme Infant Formula With Iron made by Nestle, and cyanuric acid was detected in Enfamil Lipil With Iron infant formula powder made by Mead Johnson. The FDA has been testing hundreds of food products for melamine in the aftermath of a scandal this year involving Chinese infant formula tainted with melamine. Chinese manufacturers deliberately added the chemical to watered-down formula to make it appear to contain higher levels of protein. More than 50,000 Asian infants were hospitalized, and at least four died.
Note: For many reports on government corruption from major media sources, click here.
As the financial crisis makes cash and credit increasingly scarce, the ancient custom of bartering is booming. Cost-conscious consumers are getting creative to make every dollar count. Some are dusting off books, DVDs, video games, and other little-used items to trade for necessities or gifts. Others are exchanging services such as house painting for Web design or guitar lessons for clerical work. These newly minted cheapskates are seeing the world through green eyeshades, cutting costs wherever and whenever they can. "In the last couple of months, it's been like a bucket of cold water in our faces," said Mary Hunt, founder of money management site DebtProofLiving.com. "It has woken us up. We are paying attention to what things cost." Every recession triggers bartering, economists say. But the Internet has given the practice unprecedented reach. Before the Web connected strangers from anywhere, bartering was limited by geography and social circle. As a form of everyday currency, bartering has downsides. It's far more time-consuming and tricky to negotiate the exchange of goods and services than it is to simply plunk down some bills. Sometimes prospective swappers flake out or try to rip off their trading partners. Transactions don't always go smoothly. Still, exchanging something you no longer want or need for something you do is appealing to many. A growing number of websites, including TradeaFavor.com and JoeBarter.com, cater to the cost-conscious. There were 148,097 listings in the barter category of Craigslist in September, up sharply from 83,554 a year earlier.
Over sandwiches and pizza, a group of high school students here debated the pros and cons of combating poverty in five desperate nations. They scrolled through Web sites, analyzed statistics and considered how much they knew about the economy, language and culture of each country. This was no mere academic exercise. The students, at the Meadows School, have real decisions to make and, they hope, real people to rescue. By the time they scattered after their lunch period, the group had deferred until next month the decision on where to spend the $25,000 they had raised, but seemed to be leaning toward Peru. That may seem like a lot of money for a student group, but it was the entry fee for the school to become investors in Pro Mujer, a nonprofit lending institution based in New York that issues small loans to poor women in foreign countries to use for buying tools to start or expand small businesses. In raising the money and investing it with Pro Mujer, the Meadows School is by all accounts the first high school to operate a microbank. The founder of the Meadows Microcredit Action Group, Justin Blau, 17, and its faculty adviser, Kirk Knutsen, have bigger plans for their endeavor. Pro Mujer will mete out the $25,000 to recipients in the country the students select and return to the school both regular status reports as well as a modest amount of earned interest. The group plans to use that interest and other money raised locally to invest in smaller, more specific projects through Kiva, another microfinance lender, with no minimum entry requirement.
Note: For lots more on the exciting, amazingly successful microlending movement, click here.
There is hunger in the forest at night. It is the witching hour of stealth and surprise, when wolf packs hunt their prey. Using a natural calculus of speed and distance, wolves drive their quarry deep into the snow. The chases end with an assault of teeth and snarls. Learning what's beyond the menace is not for the faint of heart. But Shaun Ellis and his girlfriend Helen Jeffs are willing to risk their lives and leave behind the last remnants of a human existence to survive in the world of the wolf. "It's almost like the wolf brings out a subconscious in you, a way of dealing with the world," Ellis said. But to do so, Ellis and Jeffs have to become wolves themselves. "Lose your human, think wolf," Ellis said to Jeffs. It is a skill he has honed in the last few decades. He has done what many scientists thought impossible and has become an accepted member of a captive wolf pack. "This is the way that you need to study these animals. Get close to their world. And then they will share their secrets," he said. As a man living among wolves, Ellis bade farewell to the comforts of human society and took his place on the ground to learn the ways of a canine hierarchy. He created his own sanctuary to study captive wolf behavior at the Coombe Martin Wildlife Park, on England's southwest coast. His goal is to find ways for wolves to peacefully co-exist with ranchers whose cattle are susceptible to attack. At a nearby pub one night, he met a woman who discovered she was fascinated both by the wolves and the man living among them. Jeffs became Ellis' assistant. And later on, something more.
Note: Don't miss the amazing and touching five-minute video of this love affair at the link above.
The government's financial bailout will be the most expensive single expenditure in American history, potentially costing around $7.5 trillion -- or half the value of all the goods and services produced in the United States last year. In comparison, the total U.S. cost of World War II adjusted for inflation was $3.6 trillion. The bailout will cost more than the total combined costs in today's dollars of the Marshall Plan, the Louisiana Purchase, the Korean War, the Vietnam War and the entire historical budget of NASA, including the moon landing, according to data compiled by Bianco Research. It remains to be seen whether the government's multipronged approach to bail out banks, stimulate spending and buy up mortgages will revive the economy, but as the tab continues to grow so does concern over where the government will find the money. Monday the government guaranteed an additional $306 billion to bail out Citigroup, and today Treasury Secretary Henry Paulson pledged $800 billion to make credit more available to consumers and small businesses, and to buy up mortgages from Fannie Mae and Freddie Mac. Congress last month allocated $700 billion for an emergency bailout of some of Wall Street's most storied firms by purchasing their troubled assets. The funds allocated through the Troubled Assets Relief Program are but a small part of the government's overall bailout spending. Bailout programs also include a Federal Reserve plan to buy as much as $2.4 trillion in short-term notes called commercial paper that began Oct. 27, and an FDIC plan to spend $1.4 trillion to guarantee bank-to-bank loans that commenced Oct. 14, according to Bloomberg News, which first compiled the total cost of the bailout.
Note: $7.5 trillion amounts to about $25,000 for every person in the U.S. What's going on here? For many revealing reports on the realities of the Wall Street bailout, click here.
For a few months this summer, the oil market speculator ... helped push oil prices steadily higher, shattering records that had lasted for decades. As oil topped $145 per barrel, Congress started looking for ways to rein the speculators in. Then oil prices plunged, and interest in the issue fizzled. But that may soon change. "This will remain an issue," said Sen. Byron Dorgan, D-N.D., who introduced oil market legislation this year. "Because when the price of oil has gone from $50 to $147 and back, it's clear to me and everyone else that this has nothing to do with supply and demand. It has to do with speculation." Among possible changes, Congress may try to assert more authority over unregulated oil swaps that don't take place on any formal market. Many factors helped shove prices higher, including the growth of China's economy and the decline of the American dollar. But oil kept rising even as gasoline sales fell in the United States, the world's largest oil consumer. That wouldn't have happened if supply and demand really were driving the market, many analysts say. "The entire move from $70 (per barrel) to $147 was people fleeing the dollar and looking at oil as an asset class," said Amy Myers Jaffe, an energy research fellow at Rice University's Baker Institute. "It was speculators, so when they exited the market, we went right back to $70." Speculators are investors who trade in oil or other commodities strictly as a financial investment. They include hedge funds and investment banks as well as retirement funds.
Note: For lots more reports on corporate corruption from reliable sources, click here.
Author and professor [David Ray] Griffin ... knows his work is referred to by officials and the media as conspiracy theory, and he has a rebuttal: “the official theory is itself a conspiracy theory.” In [The New Pearl Harbor Revisited: 9/11, the Cover-Up, and the Exposé, a] companion volume to 2004's The New Pearl Harbor: Disturbing Questions About the Bush Administration and 9/11, Griffin provides corrections, raises new issues and discusses “the two most important official reports about 9/11,” the 9/11 Commission Report and the National Institute of Standards and Technology report on the Twin Towers, both “prepared by people highly responsive to the wishes of the White House” and riddled with “omission and distortion from beginning to end.” Griffin addresses many points in exhaustive detail, from the physical impossibility of the official explanation of the towers’ collapse to the Commission's failure to scrutinize the administration to the NIST’s contradiction of its own scientists to the scads of eyewitness and scientific testimony in direct opposition to official claims. Citing hundreds, if not thousands, of sources, Griffin's detailed analysis is far from reactionary or delusional, building a case that, though not conclusive, raises enough valid and disturbing questions to make his call for a new investigation more convincing than ever.
Note: Publishers Weekly reviews have guided the book trade, including booksellers, publishers, librarians, and literary agents, for 136 years. "Pick of the Week" sets the standard for the best of the best new books. This recognition by such a prestigious journal shows the remarkable quality of the 9/11-truth work of WantToKnow.info team member David Ray Griffin. To read about all his 9/11 books, click here.
Cancer researchers have known for years that it was possible in rare cases for some cancers to go away on their own. There were occasional instances of melanomas and kidney cancers that just vanished. And neuroblastoma, a very rare childhood tumor, can go away without treatment. But these were mostly seen as oddities — an unusual pediatric cancer that might not bear on common cancers of adults, a smattering of case reports of spontaneous cures. And since almost every cancer that is detected is treated, it seemed impossible even to ask what would happen if cancers were left alone. Now, though, researchers say they have found a situation in Norway that has let them ask that question about breast cancer. And their new study, to be published Tuesday in The Archives of Internal Medicine, suggests that even invasive cancers may sometimes go away without treatment and in larger numbers than anyone ever believed. Robert M. Kaplan, the chairman of the department of health services at the School of Public Health at the University of California, Los Angeles, [is] persuaded by the analysis. The implications are potentially enormous, Dr. Kaplan said. If the results are replicated, he said, it could eventually be possible for some women to opt for so-called watchful waiting, monitoring a tumor in their breast to see whether it grows. “People have never thought that way about breast cancer,” he added. Dr. Kaplan and his colleague, Dr. Franz Porzsolt, an oncologist at the University of Ulm, said in an editorial that accompanied the study, “If the spontaneous remission hypothesis is credible, it should cause a major re-evaluation in the approach to breast cancer research and treatment.”
Note: For reports from major media sources on many hopeful new developments in the battle against cancer, click here.
The bailouts keep coming, and they seem to be getting worse for taxpayers. The deal worked out over the weekend to prevent the collapse of Citigroup "is a terrible deal for taxpayers," says Campbell Harvey, a Duke University global finance professor. "Some intervention was necessary. But the terms of the intervention basically shafted the U.S. taxpayer." Under the deal, the U.S. government will invest $20 billion in Citigroup preferred stock (on top of its previous $25 billion capital injection from the Troubled Asset Relief Program) and guarantee up to $306 billion in mortgage and other assets. Citigroup would absorb the first $29 billion in losses on that asset pool. Losses exceeding $29 billion would be shared 90 percent by the government and 10 percent by Citigroup. What do taxpayers get for taking on this risk? Citigroup will pay an 8 percent dividend on the preferred stock or $560 million a year. By comparison, when Warren Buffett's Berkshire Hathaway recently invested $5 billion in Goldman Sachs and $3 billion in General Electric, it got preferred stock that pays a 10 percent dividend. The government also gets warrants to purchase about $2.7 billion worth of Citigroup common stock at $10.61 per share. Citigroup's shares closed at $5.95 per share Monday, up $2.18 from Friday. For the warrants to become profitable, the common shares would have to nearly double.
Note: The answer to the question of what taxpayers get should be essentially nothing. Only Citigroup shareholders will see the benefits mentioned, and very few taxpayers are shareholders. Money is being thrown around like never before. For many revealing reports on the realities of the Wall Street bailout, click here.
The U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis. When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in. “Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,” said Congressman Scott Garrett, a New Jersey Republican who serves on the House Financial Services Committee. “The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones.”
Note: How is it possible that trillions of taxpayer dollars are being thrown around, yet Congress is not being told where the money is going? For revealing information on how the Fed manipulates government, click here.
From the assassination of John F Kennedy to the death of Diana, Princess of Wales. From Roswell, New Mexico, to Nasa's moon landings. From the bloodline of Christ to the death of Elvis Presley. From the Moscow appartment bombings to the Indian Ocean tsunami. From Pearl Harbour to Peak Oil, the Philadelphia experiment and Pan Am flight 103. Every major event of the last 2,000 years has prompted a conspiracy theory and here we examine those with the biggest followings and the most longevity. 1. September 11, 2001. Thanks to the power of the web and live broadcasts on television, the ... theories surrounding the events of 9/11 ... have surpassed those of Roswell and JFK in traction. The [alternative] theories continue to grow in strength. At the milder end of the spectrum are the theorists who believe that the US government had prior warning of the attacks but did not do enough to stop them. Others believe that the Bush administration deliberately turned a blind eye to those warnings because it wanted a pretext to launch wars in the Middle East to usher in another century of American hegemony. A large group of people - collectively called the 9/11 Truth Movement - cite evidence that an airliner did not hit the Pentagon and that the World Trade Centre could not have been brought down by airliner impacts and burning aviation fuel alone. Many witnesses - including firemen, policemen and people who were inside the towers at the time - claim to have heard explosions below the aircraft impacts (including in basement levels) and before both the collapses and the attacks themselves.
Note: For a concise two-page summary of many unanswered questions about what really happened on 9/11, click here.
Paul Rice stands at the edge of a dirt road, overlooking the volcanic peaks and adobe homes of this small Nicaraguan town near the border with Honduras. On a visit to the coffee-growing hills above San Lucas, Rice cultivated what would later become the American fair trade movement. Founded in 1998 in a converted warehouse in downtown Oakland, TransFair USA began as a bare-bones operation with an unusual premise - put more money in the pockets of farmers in the developing world by persuading consumers thousands of miles away to pay a premium in the name of social justice. Modeled after organic produce and dolphin-safe tuna, Rice started the organization with the stark black and white label that told shoppers their coffee came from farmers who received a "fair price." Ten years later, Rice and his family spend every July in Nicaragua, visiting family and friends and working on fair trade issues. In San Lucas, Rice huddled with Santiago Rivera, a 67-year-old cooperative coffee farmer he calls "the real Juan Valdez." Until the Sandinista Revolution in 1979, Rivera worked on a private coffee plantation making less than 50 cents a day. When the new government acquired the farm, Rivera and some 20 other farmers were given the land to work collectively. TransFair says it has generated some $110 million in extra income for small coffee farmers like Rivera. "The great thing about fair trade is that when the market price would fall, we'd have the guarantee of a decent price," Rivera said. "When it'd go up, we'd get more. The great thing is the stability."
Note: For those who are not aware of the paradigm-busting fair trade movement, consider educating yourself on this wonderful new way of doing business by clicking here.
Scott Mackler was a husband, father and successful neuroscientist when he received perhaps the worst news imaginable. At the age of 40, he could run a marathon in three and a half hours, but it was about that time he discovered he had ALS, Lou Gehrig's disease. His brain was losing its connection to virtually every muscle in his body. Today, Scott Mackler's mind is sharp as ever, but his body has failed. Doctors call it "locked in" syndrome. Scott and his wife Lynn learned to communicate with about the only thing he has left, eye movement. To signal "yes," Lynn says Scott looks at her; to signal "no," he looks away. [Yet Scott can now write] words, one letter at a time, with nothing but his thoughts and the help of what's called a brain computer interface or "BCI." He wears a cap that picks up the electrical activity of his brain and allows him to select letters simply by thinking about them. Then the computer turns his sentences into speech. "I hate being helpless and when other people put words in my mouth," he wrote. It isn't fast. It takes 20 seconds or so to select each letter. But he writes well enough to continue his research and manage his lab at the University of Pennsylvania, where he still goes to work everyday. Asked what it has meant to their relationship, Scott's wife Lynn tells Pelley, "Well, he's happier. He can communicate with not just us, but with the world. This gave him his independence. His working, intellectual, scientist independence back."
Just imagine what you might do if a doctor said you have only two weeks left to live. For 11-year-old Brenden Foster ... who was given that prognosis earlier this year after learning he was suffering from leukemia ... the answer was probably not what you'd expect. Instead of asking for an expensive toy or a fancy vacation, he decided to focus all his remaining energy on feeding the homeless. "They're probably starving, so give them a chance," he said. He was too weak to do it himself, but his determination caught on near his home in Seattle, where neighbors and residents launched a food drive. His story touched people so deeply that it spread, inspiring food drives from Los Angeles to Pensacola, Fla. In just two weeks, an 11-year-old boy, too sick to even work a paper route, has raised tens of thousands of dollars and brought in truckloads of donations to local food pantries. "When I told him he was dying, he cried," his mother recalled. "And he said, 'When I get to heaven I'm going to ask God why it had to be so soon because I had so much more I wanted to do.' Everything that he wanted to do was to help others and to benefit others." Foster, who devoted his final days to lifting others up, became bedridden. The kid who could once outrun any of his friends could no longer walk. Last week, Foster could hardly keep his eyes open, but he didn't waiver from his wish. "'Tis the season to give," he said. Foster lived long enough to see his dream come alive, before dying in his mother's arms Friday morning. "Follow your dreams, don't let anything stop you," Foster said.
Henry Paulson's speech Wednesday made it pretty clear: The Treasury secretary has seized control of the financial system. "He is absolutely the most powerful person in the country. Maybe the world," says Wall Street accounting expert Robert Willens. The most telling line in his speech came when Paulson was explaining why he did a 180-degree turn with money approved by Congress under the $700 billion bailout bill. Instead of using it to buy troubled mortgage assets from banks, as clearly envisioned, he scrapped that idea and used it to make equity investments in banks. "In consultation with the Federal Reserve, I determined that the most timely, effective step to improve credit market conditions was to strengthen bank balance sheets quickly through direct purchases of equity in banks," he said. If Paulson bothered consulting with President Bush, he didn't mention it. In fact, he didn't even mention the president until the tail end of his speech, when he talked about the global summit Bush is hosting this weekend. I can understand why Paulson wants to distance himself from an unpopular president, especially one who has little facility for complex financial matters. But Bush is [the] president and even President-elect Barack Obama knows there can be only one president at a time. And his last name is not Paulson. In September, when Paulson asked for a $700 billion blank check from Congress to fix the financial markets, he got a lot of blowback. By the time Congress was done with his proposal, it had grown from 2 1/2 pages to more than 450. Yet it now appears that Paulson got the blank check he wanted.
Note: Why doesn't Congress have some say in what is done with this $700 billion? That's over $3,000 for every taxpayer in the U.S. which is being spent with practically no accountability. Is this what democracy looks like? For many key articles revealing the hidden realities of the 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.
Given the speed at which the federal government is throwing money at the financial crisis, the average taxpayer, never mind member of Congress, might not be faulted for losing track. CNBC, however, has been paying very close attention and keeping a running tally of actual spending as well as the commitments involved. Try $4.28 trillion dollars. That's $4,284,500,000,000 and more than what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources. Not only is it an astronomical amount of money, it's a complicated cocktail of budgeted dollars, actual spending, guarantees, loans, swaps and other market mechanisms by the Federal Reserve, the Treasury and other offices of government taken over roughly the last year, based on government data and news releases. Strictly speaking, not every cent is a direct result of what's called the financial crisis, but it is arguably related to it. Some 68-percent of the sum falls under the Federal Reserve's umbrella, while another 16 percent is the under the Troubled Asset Relief Program, TARP, as defined under the Emergency Economic Stabilization Act, signed into law in early October. The TARP alone is bigger than virtually any other US government endeavor dating back to the Louisiana Purchase.
Note: That's over $10,000 per man, woman, and child in the U.S. Click on the link above to view a highly informative slideshow, the "Biggest Budget Items in US History," comparing the Wall Street bailout to famous historic government expenditures, and a chart, the "Financial Crisis Balance Sheet," detailing the many components of the bailout. For many key articles revealing the hidden realities of the bailout, click here.
Mark Cuban, the Internet entrepreneur turned owner of the Dallas Mavericks basketball team, has never shied from a fight. But now the pugnacious billionaire is squaring off against his biggest adversary yet: the federal government. On Monday, the Securities and Exchange Commission filed a civil suit charging Mr. Cuban with insider trading for selling shares of a small Internet search company in 2004, just before its share price fell. [Allegedly] Mr. Cuban saved himself a $750,000 loss. Scott W. Friestad, the S.E.C.’s deputy director of enforcement, said the investigation of Mr. Cuban’s trading began in early 2007, but declined to say what had set off the inquiry. A person close to Mr. Cuban provided what he said was one of a series of e-mail messages from Jeffrey B. Norris, an S.E.C. lawyer in Fort Worth, who accused the billionaire of being unpatriotic for helping to finance a movie named “Loose Change.” In the e-mail message, Mr. Norris described the movie as a “vicious and absurd documentary” that “posits that President Bush planned the demolition of the World Trade Center as a pretext for going to war against Iraq.” In the e-mail message, sent from his S.E.C. e-mail address, Mr. Norris said he was informing Christopher Cox, the chairman of the S.E.C., of Mr. Cuban’s actions. “If this upsets you, I wonder how George Bush feels,” Mr. Norris wrote. “I assume that Mr. Cox would view your involvement with ‘Loose Change’ much as I do. After all, he served his country as a Republican congressman from Orange County for nearly 20 years and was appointed by President Bush.”
Note: This New York Times report clearly suggests that Cuban is being pursued by the SEC because of his support for the 9/11-truth documentary Loose Change Final Cut, for which WantToKnow team member David Ray Griffin acted as script consultant. To read the full text of the email from Norris to Cuban, click here. Another project Mark Cuban supports is the highly useful website for tracking the Wall Street bailout, bailoutsleuth.com, which has recently estimated the bailout to date at over $2.5 trillion!
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.