Tag Archives: economy

Business/Economics, U.S.

Class Warfare & What Economic Recovery? Federal Reserve says the U.S. is doomed? Implements QE3 out of desperation!

“Fewer than half of the eight million jobs lost in the recession have been restored……If the fiscal cliff isn’t addressed, as I’ve said, I don’t think our tools are strong enough to offset the effects of a major fiscal shock….”-Ben Bernanke, Federal Reserve (the privately run Central Bank of the United States)

13 September 2012, while the Federal Reserve was issuing harsh warnings about the lack of economic recovery, the U.S. Department of labor reported that weekly first time unemployment applications went up by 15,000 people!

In an act of utter desperation, the Federal Reserve announced they will implement a third round of easy money for the Too Big to Fail banks, known as QE3.  Recent reports out of the United Kingdom revealed that quantitative easing does not help the overall economy, it only makes the super rich richer!

The U.S. Central Bank said it would inject cash into the markets by attempting to buy $40 billion USD worth  “…of agency mortgage backed securities, undertake additional asset purchases and employ its other policy tools as appropriate….” every month!

“Now listen, you rich people, weep and wail because of the misery that is coming on you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days.”-James 5:1-3, New International Version of the Bible

Business/Economics, Opinion, U.S.

Religious & Corporate Hypocrisy: Mormons, like Mitt Romney, say they hate government bailouts, but Mormon owned bank has yet to payback taxpayers for $1.4 billion TARP bailout!!!

“You cannot serve both God and Money.”– Jesus of Nazareth

“Let Detroit Go Bankrupt”-Mitt Romney opinion piece blasting the auto industry bailout by the federal government, 18 November 2008

You might have heard how, only this year, Mitt Romney took credit for the government bailout of the auto industry, seemingly forgetting about his New York Times editorial from 2008, blasting the bailout.  I wonder what he thinks about a Mormon owned bank, Zions Bank, firstly taking a $1.4 billion USD government loan, and, secondly being the only bank that got more than one billion taxpayer dollars that has failed to pay back the taxpayers?

Zions Bank branch in Pocatello, Idaho.

“…..people of corrupt mind, who have been robbed of the truth and who think that godliness is a means to financial gain.”-1 Timothy 6:5, New International Version of the Bible

Mormon (aka Latter Day Saints [LDS], but their holy book is called Book of Mormon, not Book of Latter Day Saints) Brigham Young started Zion’s Savings Bank and Trust Company in 1873.  It was owned directly by the LDS church until 1960, when a group of Mormon investors (Keystone Insurance and Investment) bought controlling interest in the bank.  The bank became a full fledged corporation and the name was changed to Zions Bancorporation.

“For the love of money is a root of all evil. Some people, eager for money, have wandered from the faith….”-1 Timothy 6:10-12, Bible

Since then the Mormon run bank has been taking over other banks (gee kinda similar to what Mitt Romney did with Bain Capital).  It’s still run by family members of the original Mormon investors that took over in 1960.

Principal Subsidiaries: California Bank & Trust; The Commerce Bank of Washington; National Bank of Arizona; Nevada State Bank; Vectra Bank Colorado; Zions First National Bank.

“Whoever loves money never has enough; whoever loves wealth is never satisfied with his income.”-Ecclesiastes 5:10, New International Version of the Bible

In 2008 (in fact it was the same month that Mitt Romney wrote his New York Times editorial) Zions Bankcorp was one of the first in line to apply for, and get, a $1.4 billion TARP (aka Too Big to Fail bank bailout) loan from the federal government, in direct contradiction to what many Mormons think about ‘hand outs’ from the government.  The latest reports say Zions Bankcorp has paid back only half of the taxpayers’ money, and that it is one of only three banks which still owe taxpayers more than half a billion dollars!

But wait, there’s more!

In classic Mitt Romney/Bain Capital tactics (or is it now clear that it’s really Mormon tactics), the banks have been paying back their government loans with more government loans! (Mitt Romney at Bain Capital did not use his own money, but used money from investors and loans to buy up, cut up and sell off U.S. companies that were seen as competitors to his pet corporations, like Staples vs American Pen & Paper, Toys r Us vs KB Toys, and now Kmart vs Sears)

An October 2011 Wall Street Journal report showed that banks were using money meant for small business loans to pay back TARP.  This is one reason why banks cut back on issuing those small business loans to small businesses!

The U.S. Government Accountability Office (GAO) reported that banks were also using money from different versions of TARP, to pay back their original Capital Purchase Program (CPP) version of TARP.

Under the CCP the U.S. Department of Treasury bought huge numbers of stocks in the Too Big to Fail banks.  Banks pay back the Treasury when they buy back their stocks, at a much higher price of course.  So far the Treasury (and technically the taxpayers) has been making huge profits off the bank buy backs.  Except for Zions.  The Treasury Department is getting antsy about those banks that have not bought their stocks back.

The GAO also suggested that the banks that have yet to pay off their loans, like Zions, are on the verge of going down the toilet.  The GAO suggested that these banks were on a ‘secret troubled banks list’ used by the Federal Deposit Insurance Corporation (the FDIC has denied they keep such a list).

Mitt Romney, and the Mormon owners of Zions Bank are perfect examples of “Do as I say, not as I do.”  Do we really want that kind of person as President of the United States?  Oh wait, it’s too late, we’ve had dozens (and they all claimed to be christians)!

“It is easier for a camel to pass through the eye of a needle than for a rich man to enter the kingdom of God.”– Jesus of Nazareth

 

 

Business/Economics, U.S.

What Economic Recovery? Record number of U.S. citizens cash out of Too Big to Fail banks!

12 September 2012, in a survey conducted with the U.S. Census Bureau, the Federal Deposit Insurance Corporation (FDIC, an unregulated/independent government agency) discovered that by June 2011 nearly 10 million people quit using banks!  24 million have reduced their use of banks!

The survey is called the second National Survey of Unbanked and Underbanked Households. The first survey was done in 2009.

1 in 12 households are no longer using banks.  That’s an increase of 821,00 since 2009.

1 in 5 households have reduced their use of banks. That’s a rate of 20.1%, in 2009 it was 18.2%.

29.3% canceled savings accounts.  10% do not have checking accounts.

People are using alternative financial services (AFS) such as money orders or  check cashing services.

The reasons for cashing out of banks are varied, ranging from being upset at how the banks are being managed to being denied a bank account because of a bad credit/account history.

And he causesth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: and that no man might buy or sell…

Idaho, Technology

Idaho Wildfire Update, 11 September 2012: More Canadian aircraft arrive at Pocatello; BAe 146. U.S. capitalist aviation companies can’t handle the competition?

Image

11 September 2012, a large and new firefighting aircraft has been seen flying in and out of Pocatello airport (Pocatello Tanker Base) the past few days.  It’s a British Aerospace (BAe) 146 flown by Neptune Aviation of Montana (leased from Tronos in Canada).

Click pics (by AAron B. Hutchins) to make bigger:

The use of the BAe 146 has been delayed in the United States, due to complaints filed by U.S. aviation companies that do not want the competition from the 146.  The disputes are being reviewed by the U.S. General Accountability Office (GAO).

The latest update is that Neptune Aviation’s tanker 41 has been given a contract to help fight the fires, from 01 September to 09 November 2012.

IDAHO WILDFIRE UPDATE, 10 SEPTEMBER 2012:

….and tanker 40. Photo by AAron B. Hutchins.

CANADA JOINS THE FIGHT AT POCATELLO TANKER BASE!

International, Opinion, U.S.

9/11 Remembered? Who will remember the thousands of U.S. troops killed in Iraq? Who will remember the more than 1 million Iraqis killed in a U.S. war started by lies?

11 September 2012

“The immorality of the United States and Great Britain’s decision to invade Iraq in 2003, premised on the lie that Iraq possessed weapons of mass destruction, has destabilised and polarised the world to a greater extent than any other conflict in history…….They have driven us to the edge of a precipice where we now stand – with the spectre of Syria and Iran before us…….The cost of the decision to rid Iraq of its by-all-accounts despotic and murderous leader has been staggering…”-Desmond Mpilo Tutu, South African activist and retired Anglican bishop, 01 September 2012

Approximately 3,000 people were killed on 11 September 2001 attacks on World Trade Center, in New York.

“I think that things have gotten so bad inside Iraq, my belief is we will, in fact, be greeted as liberators.”-Dick Cheney, Vice President of the United States, April 2003 Meet the Press interview

4,488 U.S. troops killed, and 100,000 U.S. troops wounded during invasion and occupation of Iraq.

More than 1.5 million Iraqis have been killed since the U.S. invasion of Iraq. Iraq had no connection to 9/11 attacks, Iraq had no weapons of mass destruction, the Iraqi government (under Saddam Hussein & the current government) has always been opposed to al Qaeda, no Iraqi has ever been involved with terrorist attacks against the United States (apart from actions during the U.S. led 1991 war against Iraq, and the alleged assassination attempt against George Bush senior in 1993)!

Thousands of U.S. military personnel killed or wounded because of a lie!  Millions of Iraqis killed and wounded because of a lie! Was 9/11 a lie as well?

Business/Economics, International

What Economic Recovery? Sharp makes deeper cuts than originally planned, blame the Too Big to Fail banks!

11 September 2012, Japan’s Sharp Corporation revealed that the economic situation is worse than they first thought.  They are now cutting wages, salaries and bonuses even more than they first planned.

Sharp will now layoff 5,000 employees by March 2013, the first time since the 1950s!

Workers will get a 5% cut in pay, up from the planned 3% cut.  Managers will get a 10% cut in salaries, on top of the 5% cut back in April!  In June bonuses were cut by 30%, and will be cut again under Sharp’s new plans.

The reason for the new and increased cuts is to hopefully make banks happy, as Sharp needs new huge loans to continue operations!

Business/Economics, Idaho, U.S.

Global Food Crisis & What Economic Recovery? Despite record Ag exports, many East Idaho farmers being done in by drought more than a decade on! New version of Tale of Two Cities

10 September 2012, officially Idaho’s drought began in the Gregorian/Western/Christian calender year of 2000. It’s still on 12 years later!

According to the latest drought data, the Eastern Highlands of Idaho are in “severe drought”, while the Upper Snake River plain is suffering “extreme drought”.  The rest of Idaho is in moderately dry to moderately wet.

Across the United States, the worst drought in at least 50 years is helping to keep commodity speculators bidding high for the food we eat.

Click on pics to make bigger.

Recently a joint report by National Public Radio (NPR) and Idaho media sources, explained how the drought in Idaho is becoming a Tale of Two Cities.

In Idaho you have what’s called dry farming and irrigated farming. Dry farmers don’t have access to year round irrigation, they have to rely on rain.

Despite the 12 year drought, there’s still enough water in rivers and aquifers for the irrigated farms. Keep fingers crossed for more snow this winter!

The dry farmers are losing crops and money, the irrigated farms are growin’ big crops and makin’ big money.

Because of the panicking commodity speculators, crop prices are way up, and even though dry farms are losing out, overall crop production is up in Idaho: “We dumped 325 trucks yesterday which is roughly 175,000 bushels. That’s a lot of wheat.”-John Peake, superintendent General Mills grain elevators in American Falls, Idaho

Peake said the lack of crops from dry farms will have no impact on Idaho crop production, but it sucks to be a dry farmer: “I mean, being a dry land farmer in southeast Idaho is a tough deal. It was a windy year, it was hot early.  It was just a tough year to be a dry land farmer.”

So the moral of this tale is that while overall crop production might be down for the whole of the U.S., having plenty of farms with enough water to weather a drought means that the Idaho agricultural industry, overall, will benefit from the higher commodity prices.  No food shortage in Idaho, so far.

International, U.S.

World War 3: U.S. occupation of Afghanistan; 03 Sep – 07 Sep. U.S. still imprisoning Afghans by the hundreds! Peace talks underway! Mo’ money for Afghanistan from the World Bank!

07 September 2012

British Red Coat, Henry of Wales (aka Prince Harry), returned to Afghanistan as a Apache gunship co-pilot/gunner.  He is part of the current rotation of British troops in Afghanistan, and should be in country four months.

The Pakistan based Haqqani Network was officially declared a terrorist organization by the Obama administration.  U.S. officials named the supposed group after Sirajuddin Haqqani, whom they accuse the Pakistani ISI of providing safe haven for.

06 September 2012

The group Open Society Foundations investigated Bagram prison and found that even though the United States officially turned it over to Afghan officials, it is actually still under direct control of  U.S. forces.  This violates the latest agreements signed between the Afghan government and the U.S.

Open Society Foundations reports that they discovered that at least 600 Afghans have been detained by U.S. forces since the agreement was signed in March 2012!   The group says this is proof the U.S. will stay in Afghanistan for a long time because it “….appears to want continued detention powers in Afghanistan beyond September 2012.”

In Baghlan Province, U.S./ISAF/NATO occupation forces handed military control of five districts to the Afghan National Army.

In Nuristan Province: “Deputy Taliban financial chief Mullah Mohammad was also arrested along with Mawlawi Gul Mohammad and a number of the other Taliban militants including three Pakistani nationals.”-Mohammad Zareen, provincial government spokesman

05 September 2012

Pakistan, Afghanistan and the United States revealed they are now planning for official peace talks with Mujahideen (aka Taliban).  They were working on a plan to provide safe passage for Mujahideen leaders to attend peace talks.  Pakistani media reported it was called the The Safe Passage Working Group’s meeting.

The World Bank announced it is giving even more money to Afghanistan.  This time $125 million USD for the Ministry of Education.

ISAF said: “Two International Security Assistance Force service members died following a helicopter crash in eastern Afghanistan today.”  Mujahideen claim they shot down the ‘copter in Logar Province. Provincial government officials say a heavy firefight broke out after the ‘copter crashed.  Logar is patrolled mainly by U.S. forces.

In Maidan Wardak Province, six fuelers destined for U.S./NATO forces were set on fire. Mujahideen claim it was 17 fuelers burned, along with 20 drivers and security guards killed.

The Afghan Defense Ministry announced that, after an investigation, they have fired hundreds of Afghan National Army (ANA) troops because of connections to Mujahideen.  The Afghan government is trying to stop the increase of insider Green on Blue attacks.

The Afghan Defense Ministry also announced that at least 24 ANA troops were killed, 19 wounded, in battles in the provinces of Maidan Wardak, Farah, Badghis, Nangarhar, Ghazni, Helmand and Uruzgan.  They say only four Mujahideen were killed, six wounded.

04 September 2012

International Security Assistance Force (ISAF) claim they killed a Mujahideen leader, and two other Mujahideen, in Logar Province.  They believe the Mujahideen were part of the so called Haqqani Network based in Pakistan.

In Kunar Province, local government officials claim Pakistan launched another round of rockets into the province. They say at least three civilians were wounded after a barrage of 80 rockets were launched over a two day period.

Also in Kunar, a man was sentenced to death for beheading a 17 years old girl because she did not want to marry him.  Two other men were sentenced to 17 years in prison for helping him.  The girl’s father testified that the man threatened to kill him as well.

In Nuristan Province, local government officials say there is an increase in the number of Pakistani ISI agents in their area.  An Afghan security official said about 50 ISI agents were seen, with weapons, meeting with Mujahideen.

In Nangarhar Province, at least 25 people were killed and more than 50 wounded after a explosion at a funeral. Officials say a suicide bomber was targeting a number of government officials attending the funeral.

In Farah Province, yet another fuel convoy headed for troops of the U.S. led occupation was ambushed.  Mujahideen claim to have destroyed 13 fuelers and killed ten drivers and security guards.

Responding to pressure from the United States, Afghanistan’s Chamber of Commerce and Industries (ACCI) refused to halt any trade deals with Iran: “…if an official request comes from the U.S. government, I am sure the Afghan government will be clear in its quick reaction against it…If the U.S. makes us stop business with Iran, we will face an economic crisis!”-Khan Jan Alokozai, ACCI

Iran buys at least $1.3 billion USD worth of products from Afghanistan.  What has the United States done for Afghanistan’s economy?

In Helmand Province, seven people were wounded: “Two explosive laden tricycles went off in a quick succession near a car market in Lashkar Gah Tuesday morning, leaving the casualties.”-Farid Ahmad Farhang, provincial police spokesman

03 September 2012

ISAF said: “An International Security Assistance Force service member died following an improvised explosive device attack in southern Afghanistan, September 3.”

In Laghman Province, a ANA soldier shot and killed two occupying U.S./NATO personnel.

In Balkh Province, and bicycle bomb exploded, wounding several people including the suicide bomber using the bicycle.

The Afghan parliament has accused the Defense Minister, and the chief of the Afghan High Office of Oversight and Anti-corruption, of rigging contracts worth $30 million USD.

New Zealand has formally announced it will withdraw all its troops from Afghanistan by the end of April, 2013.

 

 

 

Business/Economics, International, Technology

Uljin Reactor power line glitch.

Reactor 1 of the Uljin nuclear power plant, in Korea (south), was restarted on 28 August 2012.

Less than a week prior the reactor automatically shut itself down.  After investigating, the Korea Hydro & Nuclear Power Company said the emergency shut down was due to a glitch in electrical lines running to the reactor.

It was the second time in August that a Korean nuclear reactor went through emergency shut down.

Korea (south) currently has 23 nuclear reactors in operation, and is building more. They hope to have 39 by the Gregorian/Western/Christian calender year 2030.