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Surveillance of Banksters Please - Shadowproof

Surveillance of Banksters Please - Shadowproof

Why not spy on Wall Street?Tim Shorrock explains the general nature of the surveillance state in . The most interesting part is the ability of the government and its private business partners to analyze vast amounts of data in real time.In April, I wrote about one of those companies, Palantir Technologies Inc., in . It sells a powerful line of data-mining and analysis software that maps out human social networks that would be extremely useful to NSA analysts trying to make sense of all the telephone and Internet data downloaded from Verizon and nine Internet companies that was described in...

June 11, 2013
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A Market of Crooks and Naïfs - Shadowproof

A Market of Crooks and Naïfs - Shadowproof

The stock market as viewed by realistsIt’s so adorable, the way economists try to rehabilitate the hypothesis that financial markets are good at something besides making some people rich at the expense of others. from the relatively sensible Michael Pettis who writes about China’s financial markets from his post as a professor at Peking University’s Guanghua School of Management. Pettis notes the laughter generated by the fake Nobel Economics prize committee, which awarded vast sums to Eugene Fama of the U. Chi. for creating the Efficient Markets Hypothesis, and to Robert Schiller for his...

December 8, 2013
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Saturday Art: Fighters and Voyeurs - Shadowproof

Saturday Art: Fighters and Voyeurs - Shadowproof

by the American George Bellows hangs in the National Gallery; I saw it on a recent trip to DC. I knew this painting from previous visits, but I had forgotten how powerful it is. Both fighters are bunched muscle. One is a panther, all sinuous curves, back muscles flaring like a cobra. One, who has battled mightily, is bent back by the force of the other, his right leg refuses to recognize impending defeat, but his face registers his pain, both physical and mental. The paint is forced onto the canvas with a brutality that mirrors the struggle between the two men. It gives a specific meaning...

February 13, 2010
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Treasury: We Don't Need No Stinkin' Rules - Shadowproof

Treasury: We Don't Need No Stinkin' Rules - Shadowproof

Christy us to this in the . Here is more proof, if any were needed, that Treasury is flailing. In an earlier , I pointed out that the Treasury had the authority to enact all kinds of regulations to enforce the bailout bill. They have started complying with the requirement that they enact regulations, and posted them on-line, . If there were some kind of plan, we would see it in the regulations or the minutes of the meetings. But, there are no rules governing the transactions, and the minutes do not explain the process or the rationale or the legal justification.The one thing the Country...

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SEC Thinks Arithmetic Is Hard When Reporting CEO Pay - Shadowproof

SEC Thinks Arithmetic Is Hard When Reporting CEO Pay - Shadowproof

Form W-2. See how easy it is?In an article on the staggering compensation of CEOs of giant US companies, the adds arithmetic to the things that are too hard for the SEC, along with other hard things like investigating securities fraud on Wall Street. The Dodd-Frank bill requires corporations to state the ratio of CEO pay to the median income of employees of the company. But:The requirement isn’t likely to come into effect any time soon, because many companies have complained to the S.E.C. that it would be a burden to comply with it, said Ms. Bowie of [].“There’s been a lot of pushback from...

April 9, 2012
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With Quantitative Easing, Fed Continues War on Small Savers - Shadowproof

With Quantitative Easing, Fed Continues War on Small Savers - Shadowproof

(photo: neauthor77)The Federal Reserve Board that it would try to push long-term interest rates down by purchasing long-term Treasuries and corporate bonds, a policy called “quantitative easing.” The Fed intends to purchase about $600 billion worth of bonds, 20% more than anticipated, over the next nine months. That puts an additional $75 billion per month into the banking sector, which is supposed to help unemployment.Who gets hurt? Savers, the people who husbanded their income during the long boom period, putting money away for retirement. Who gets helped? Wall Street traders and banks,...

November 3, 2010
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FHA Commissioner David Stevens Cannot Serve Two Masters: Fire Him Immediately - Shadowproof

FHA Commissioner David Stevens Cannot Serve Two Masters: Fire Him Immediately - Shadowproof

Official Picture of David StevensThe that David H. Stevens will be taking over as head of the Mortgage Bankers Association. Stevens currently serves as Assistant Secretary for Housing in the Department of Housing and Urban Development, and as the Commissioner of the Federal Housing Administration. He has a conflict of interest so deep that he should be fired at once.Here is how HUD describes :Commissioner Stevens has direct responsibility for oversight and administration of the FHA insurance portfolio, which includes multifamily housing, insured health care facilities and well over 20...

March 15, 2011
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What Did We Get For All That Money - Shadowproof

What Did We Get For All That Money - Shadowproof

This graph is from Thomas Piketty’s . p. 165. Public wealth is the net worth of the government, federal, state, and local, and the estimates are . Net worth equals assets minus liabilities. Our GNP, which is in the range of $16.1 trillion in 2011, lets us estimate that the net worth of the US is about $350 billion. We know were $10,447,662,851,807.15 at 12/31/2011. At the same date, . That gives us an estimate of about $14 trillion in total public wealth, consisting of land, buildings, roads, bridges, national parks, art, and so one. That compares with total private net worth of about $63...

June 8, 2014
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Oligarchy Is the Problem - Shadowproof

Oligarchy Is the Problem - Shadowproof

John Pierpont Morgan, American Oligarch (photo: Images of American Political History, public domain)We have a society in which money is increasingly concentrated in the hands of a few people, and in which that concentration of income and wealth threatens to make us a democracy in name only., 11/5/11The data supports this claim: income and wealth are concentrated in the top .1% of Americans. Spokespeople for the rich, including the Republican legislators, call these people “job creators”. says no:The data demonstrate that executives, managers, supervisors, and financial professionals account...

November 6, 2011
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