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05.23 Environmentalists Are Ignoring the Elephant In the Room: U.S. Military Is the World’s Largest Polluter [Since Trump had the EPA's records on global warming and pollution destroyed—and thus reporting world-wide has nearly stopped, let's pick on the US Military]
05.23 White House proposes slashing funds to clean up toxic sites despite EPA's pleas [far worse than just being stupid]
05.20 Global Study Shows Americans Dying from Preventable Causes at Shocking Rates [“What a country!” —Yakov Smirnoff]
05.20 China claims breakthrough in mining 'flammable ice' [might greater release of methane to our atmosphere become a larger problem?]
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05.23 Trump's budget: major slashes to social programs – but $1.6bn for the wall [disgusting that this was proposed at all]
05.21 The small Texas city fighting to remain a ‘safe haven’ for immigrants [morally right & courageous]
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05.20 The Malta Files: How the smallest EU country became a haven for global tax avoidance [why can't we play nice together?]
05.23 Could an Islamic reformation prevent violent radicalisation in Egypt? [denied vital lives enmasse, angry youth rebel in the only way that has any effect]
05.23 Facebook flooded with 'sextortion' and revenge porn, files reveal [wake-up people, don't let kids 'play' here]
05.22 Big game hunter is crushed to death when an elephant he was hunting in Zimbabwe is shot and falls on top of him [a fitting death to an elephant killer]
05.21 UK needs more immigrants to 'avoid Brexit catastrophe' [who benefits from bad "conservative" policy?]
05.21 THE LIGHTS ARE GOING OUT IN THE MIDDLE EAST [we suggest enticing a solar panel and battery manufacturers to locate in your countries to diversify economies and create jobs. use solar to empower yourselves...]
05.21 Budget analysis shows some Australian women hit with effective marginal tax rates of 100% ["conservatives" are cruel to the poor and desperate everywhere, to protect themselves from higher taxes]
05.21 Venezuela: 50th day of protests brings central Caracas to a standstill [who does interventions for countries? could the UN help more?]
05.21 Brexit and the coming food crisis: ‘If you can’t feed a country, you haven’t got a country’ [fear-based nationalism will become a costly problem]
Paul Kanjorski and the $550 Billion that "Disappeared" on September 15
Wednesday, 11 February 2009
I'm glad to report that our media aren't brain-dead about how the markets got into trouble. But they are all too often blind or indifferent to incompetence and corruption in the halls of power.This video clip from C-Span's "Washington Journal" (Feb. 6, 2009) was captured and posted on YouTube. In it, Rep. Paul Kanjorski (D-Pa.)—Capital Markets Subcommittee Chair of the U.S. Congress, as well as Chair of the Financial and Banking Services Sub-committee—makes the astonishing claim that the current financial crisis was triggered by a $550 billion "electronic run on the banks" on September 15, 2008.
Such a claim bears investigation and reporting, and yet I could find no mention of this "run" among the media stories available via Nexis, and a web search produced no legitimate press reportage of it.
Sure, there was plenty of speculation on the discussion sites—the idea was floated that the "run" was a terrorist plot, or a maneuver by the "Saudis" to force the Bush administration to do something to shore up the U.S. dollar. But none of this rang true—these were just more unfortunate "conspiracy theories" of the ilk that proliferates when the public is not promptly and properly informed by the media.
We circulated the above C-Span link to the savvy readers on our newslist, and one reader with a financial and investment background, Bob Gilbert, responded with the following explanation for what happened.
Thanks to Gilbert's lead, we tracked down good news stories that substantiate his account; check out what U.S. News & World Report, New York Times, The Wall Street Journal, and Bloomberg, among other news sources, for thorough coverage of the Money Market Fund that "broke the buck." Based on the facts of the case, it appears that Kanjorski, as Gilbert suggests, is engaging in self-serving revisionist simplification of how we got into this economic mess.
My error in trying to find the relevant information was that I stupidly included "Kanjorski" in my search string.
I'm glad to report that our media aren't brain-dead about how the markets got into trouble; my error in trying to find the relevant information was that I stupidly included "Kanjorski" in my search string, looking to see what media picked up the story about what he alleged. Kanjorski in this case is just another sorry political bit player who's trying to deflect blame from himself and his cohorts on the impotent congressional financial oversight committees.
If C-Span's moderators don't challenge their interviewees, we can all be easily duped into believing we were being informed. I apologize to those on our news list to whom I sent the Kanjorski C-Span link.
The real story about potential corruption and incompetence has not been covered properly by our media, and that is the revolving door between FINRA and the SEC.
But the real story—the one that Gilbert so eloquently describes—most definitely has not been covered properly by our media, and that is the revolving door between FINRA and the SEC. This story about potential corruption and incompetence is too important to relegate to the inside pages of the business section—if it's covered at all.
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Gilbert suggests that Baltimore Chronicle readers ask their U.S. Senators why they voted "aye" for Mary Shapiro's appointment as SEC chief. "I did," says Gilbert of the two Senators in his state. "I was not disappointed at their lack of response," he says, "because my Senators are empty suits by the name of Lindsey—personal valet for McCain and Lieberman's best bud—Graham and Jim 'the cosmos was created 1000 years after the Sumerians invented glue and beer, and you'll burn in hell if you don't agree' DeMint."
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Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.This story was published on February 11, 2009.