A Trillion Dollar Rescue for Wall Street Gamblers

Nothing for Families and Retirees

If the move to a Unitary Executive of unfettered presidential power frightens you, America’s radical right turn to Unitary Finance should compound your fears–and your debts as well. The financial events of the last two weeks of March 2008 demonstrate that the “economic royalists” and “money changers” whom Franklin Delano Roosevelt (FDR) drove from the temple of finance have returned to mismanage our economy into dire straights of unprecedented risk–debt creation, euphemized as “leveraging” and “wealth creation.”

The few checks and balances that remain in the way of the financial sector’s increasingly centralized planning, especially at the state level, are being swept aside under the guise of “saving the system.” Few Wall Street beneficiaries who use this phrase explain just what the system is. For starters, its political managers are industry lobbies appointed to high managerial and planning positions in the public agencies that are supposed to regulate these industries. Their idea of financial planning is to put a trillion dollars in government agency funds and credit guarantees at risk. This agency funding was supposed to be used to help average American families obtain housing and health care, and to protect their savings and provide for their retirement. Instead, it is being mobilized to support the economy’s bankers and financial managers. Indeed, the past few weeks have seen seemingly trillions of dollars committed for war making and bank support.

The banking system’s free creation of credit, doubling each five years or so for the economy at large, threatens to culminate in debt peonage for many American families and also for industry and for state and local governments. The economic surplus is being quickly absorbed by a combination of debt service and government bailouts for creditors whose Ponzi schemes are collapsing right and left, from residential to commercial real estate and corporate takeover loans to foreign bubble-economy credit.

This is the context in which to view the past few weeks’ financial turmoil surrounding Bear Stearns, JPMorgan/Chase and the rapidly changing debt landscape. “The system” that the Treasury, Federal Reserve and the New Deal agencies captured by the Bush Administration is trying to save is an economy-wide Ponzi scheme. By that I mean that the business plan is for creditors to lend debtors enough money for them to pay the interest costs so as to keep current on their loans.

Super Imperialism – New Edition: The Origin and Fundamentals of U.S. World Dominance

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Source: U.S. Strike on Iran Nearing

Contrary to some claims that the Bush administration will allow diplomacy to handle Iran’s nuclear weapons program, a leading member of America’s Jewish community tells Newsmax that a military strike is not only on the table – but likely.

“Israel is preparing for heavy casualties,” the source said, suggesting that although Israel will not take part in the strike, it is expecting to be the target of Iranian retribution.

“Look at Dick Cheney’s recent trip through the Middle East as preparation for the U.S. attack,” the source said.

Cheney’s hastily arranged 9-day visit to the region, which began on March 16, included stops in Israel, Saudi Arabia, Iraq, Oman, Turkey, and the Palestinian territories.

Tensions in the region have been rising.

While Israel was conducting the largest homefront military exercises in its history last week, Israel’s National Infrastructure Minister Binyamin Ben-Eliezer warned Tehran about expected attacks on the Jewish state.

“An Iranian attack will prompt a severe reaction from Israel, which will destroy the Iranian nation,” he said.

He predicted that in a future war, “hundreds of missiles will rain on Israel,” but added that Iran “is definitely aware of our strength.”

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Administration Set to Use New Spy Program in U.S.

The Bush administration said yesterday that it plans to start using the nation’s most advanced spy technology for domestic purposes soon, rebuffing challenges by House Democrats over the idea’s legal authority.

Homeland Security Secretary Michael Chertoff said his department will activate his department’s new domestic satellite surveillance office in stages, starting as soon as possible with traditional scientific and homeland security activities — such as tracking hurricane damage, monitoring climate change and creating terrain maps.

Sophisticated overhead sensor data will be used for law enforcement once privacy and civil rights concerns are resolved, he said. The department has previously said the program will not intercept communications.

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Bush Pushes for Seed Money for Missiles in Space

COLORADO SPRINGS, Colo. (Reuters) – The Bush administration and Republican allies in Congress are again pushing for seed money to explore options for putting a multibillion-dollar layer of ballistic-missile interceptors in space.

Last year, the Democratic-controlled Congress rejected the administration’s request for $10 million to resume studies on the idea, first floated in the 1980s as part of then-President Ronald Reagan’s Strategic Defense Initiative.

Derided by critics as “Star Wars,” the concept has been embraced by missile-defense backers as potentially more effective than sea- and ground-based parts of an emerging shield against missiles that could be tipped with chemical, germ or nuclear warheads.

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Yoo Memos Prove That The Fourth Reich Is Here

Recent news on the White House torture and spy memos has amazingly received very little coverage in the corporate controlled media. For instance, Barack Obama’s low bowling score has received more coverage than these memos. The media some how thinks Obama’s horrible bowling skills are more important than evidence that could be used to prosecute members of the Bush administration for all sorts of criminality including war crimes. That makes no sense, but of course when you consider that the corporate controlled media creates reality for people it makes perfect sense. Both of these memos were written by former Deputy Assistant Attorney General John Yoo and prove that the Bush administration sought to justify torture and ignore the Fourth Amendment under the guise of the phony war on terror. In the memos, Yoo concludes that Bush can torture and spy without a warrant if he is doing these things to protect the country from terrorists. Of course, the majority of the so called terrorists that the media and the government claims we are fighting are actually trained and funded by western governments so the whole thing is a big fraud. That of course is a whole other story. In these memos, it is clear that Yoo shows a blatant disregard for both U.S. and international law. Yoo and other members of the Bush administration should really be put on trial for war crimes but since the corporate controlled media thinks that Obama’s low bowling score is more important than smoking gun proof of war crimes, that’s probably not going to happen.

First let’s tackle the spying memo. Below is taken from an excerpt of an Associated Press report on the 37-page secret Justice Department memo in which Yoo concludes that the Fourth Amendment does not apply to domestic military operations.

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Drug Makers Near Old Goal: A Legal Shield

For years, Johnson & Johnson obscured evidence that its popular Ortho Evra birth control patch delivered much more estrogen than standard birth control pills, potentially increasing the risk of blood clots and strokes, according to internal company documents.

But because the Food and Drug Administration approved the patch, the company is arguing in court that it cannot be sued by women who claim that they were injured by the product — even though its old label inaccurately described the amount of estrogen it released.

This legal argument is called pre-emption. After decades of being dismissed by courts, the tactic now appears to be on the verge of success, lawyers for plaintiffs and drug companies say.

The Bush administration has argued strongly in favor of the doctrine, which holds that the F.D.A. is the only agency with enough expertise to regulate drug makers and that its decisions should not be second-guessed by courts. The Supreme Court is to rule on a case next term that could make pre-emption a legal standard for drug cases. The court already ruled in February that many suits against the makers of medical devices like pacemakers are pre-empted.

More than 3,000 women and their families have sued Johnson & Johnson, asserting that users of the Ortho Evra patch suffered heart attacks, strokes and, in 40 cases, death. From 2002 to 2006, the food and drug agency received reports of at least 50 deaths associated with the drug.

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Bush Administration Memo Says Fourth Amendment Does Not Apply

NEW YORK – A newly disclosed secret memo authored by the Department of Justice’s Office of Legal Counsel (OLC) in March 2003 that asserts President Bush has unlimited power to order brutal interrogations of detainees also reveals a radical interpretation of the Constitution’s Fourth Amendment protection from unreasonable search and seizure. The memo, declassified yesterday as the result of an American Civil Liberties Union lawsuit, cites a still-secret DOJ memo from 2001 that found that the “Fourth Amendment had no application to domestic military operations.”

The October 2001 memo was almost certainly meant to provide a legal basis for the National Security Agency’s warrantless wiretapping program, which President Bush launched the same month the memo was issued. As a component of the Department of Defense, the NSA is a military agency.

“The recent disclosures underscore the Bush administration’s extraordinarily sweeping conception of executive power,” said Jameel Jaffer, Director of the ACLU’s National Security Project. “The administration’s lawyers believe the president should be permitted to violate statutory law, to violate international treaties, and even to violate the Fourth Amendment inside the U.S. They believe that the president should be above the law.

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The Kingdom ‘braces for nuclear war’

Saudi Arabia is reportedly preparing to counter any ‘radioactive hazards’ which may result from a US strike on Iran’s nuclear plants.

Popular government-guided Saudi newspaper Okaz recently reported that the Saudi Shura Council approved of nuclear fallout preparation plans only a day after US Vice President Dick Cheney met with the Kingdom’s high ranking officials, including King Abdullah.

As a result of the Shura ruling, the Saudi government will start the implementation of ‘national plans to deal with any sudden nuclear and radioactive hazards that may affect the Kingdom following expert warnings of possible attacks on Iran’s Bushehr nuclear reactors’.

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