Occupy Banksters & Crony Capitalism & GREED

Biden bets big
Axios | Jonathan Swan, Mike Allen | 04/29/21

Driving the news: Last night's address to a joint session of Congress, on his 99th day in office, was an argument for liberal, small "d" democratic government — investments, as he put it, that only government can make.

I'm told Biden deliberately echoed the empathetic, quietly impassioned tone of FDR's Fireside Chats on the radio from 1933-44.

Warning that global strength can wane, Biden said the U.S. is "in competition with China and other countries to win the 21st century":

India's COVID-19 crisis is only getting worse
magazine | author | date

India's runaway coronavirus surge is only getting worse, and doctors are growing increasingly concerned about the risks of a new variant.

The state of play: "The current wave of COVID has a different clinical behavior," Sujay Shad, a surgeon at Sir Ganga Ram Hospital, told The New York Times. "It's affecting young adults. It's affecting families. It's a new thing altogether. Two-month-old babies are getting infected."

Reports are still anecdotal, and researchers say data is too thin, but reports of dozens of fully vaccinated doctors falling ill have fueled concerns that the virus is finding a way to evade the world's defenses. ... Read more

India’s official death toll surges past 200,000 as the country's healthcare system collapses | 04/28/21 | 12:04

Was COVID-19 made inside a Chinese lab? | 60 Minutes Austrailia | 04/14/21 | 2:25

China's COVID Secrets (full documentary) | FRONTLINE | 02/02/21 | 1:23:27

Biden's latest $1 trillion+ plan
Axios | Hans Nichols | 04/28/21

President Biden on Wednesday will present his third $1 trillion+ package to Congress since taking office, asking for $1.8 trillion in new spending to expand the American education system, provide more help for childcare and create millions more jobs.

The big picture: Biden is also proposing a series of tax hikes on the rich, which his administration vows will not hit Americans who make less than $400,000 and households with less than $1 million in capital gains.

Administration officials insist that Biden's American Families Plan — with $1 trillion in new spending and $800 billion in tax breaks — will be entirely offset by new revenue. Most of the $1.8 trillion cost will be covered by increasing personal taxes on individuals, but officials will also need to draw some revenue from the corporate tax increases that Biden proposed earlier this month. ... Read more

Vanna White – ~$47.5 million, Beverly Hills | picture

California man dies after police pin him down for five minutes
Axios | Orion Rummler | 04/28/21

A man in California died in police custody on Tuesday after Alameda Police Department officers pinned him facedown for nearly five minutes, as shown by body camera footage released Tuesday, the New York Times reports. ... Read more

NBC Nightly News Broadcast (Full) - April 27th, 2021 | NBC Nightly News | 04/27/21 | 21:02

The dangerous Qanon cult tearing families apart with conspiracies | 60 Minutes Australia | 03/14/21 | 21:01

QAnon's corrosive impact on the U.S. | 60 Minutes | 02/21/21 | 21:01

Scientists find 25,000 barrels at dump site for DDT chemicals off L.A. coast
Axios | Rebecca Falconer | 04/27/21

Marine scientists announced Monday they've uncovered at a former industrial waste site off the Southern California coast some 25,000 barrels that their research indicates contain the toxic chemical DDT.

Why it matters: Scientists had previously detected in the area near Santa Catalina Island "high levels of DDT in marine mammals including dolphins and sea lions," with exposure to DDT and polychlorinated biphenyls, or PCBs, per a statement from the Scripps Institution of Oceanography.

Driving the news: Expedition chief scientist Eric Terrill, who's also director of the Marine Physical Laboratory at Scripps, said in a statement "the basin offshore Los Angeles had been a dumping ground for industrial waste for several decades, beginning in the 1930s." ... Read more

Investors are struggling to time 2021's magic stock market
Axios | Dion Rabouin | 04/26/21

The stock market's sell signals keep mounting but the prices keep rising, leaving investors wondering just what comes next.

What's happening: Signs of euphoria abound, suggesting the market is getting overheated — a classic sell sign. But in a market underpinned by the Federal Reserve's limitless money printer, dip buyers have continued to step in and markets are piling on risk.

By the numbers: The S&P 500 has risen 87% since its low on March 23, 2020, adding $50 trillion worth of value to the index in just over a year, the best 12-month rally since the 1930s.

Investors have continued to lever up to plow money into the stock market, borrowing a record $823 billion against their portfolios as of March, according to data from the Financial Industry Regulatory Authority. ... Read more

New details about federal investigation into Matt Gaetz | CNN | 04/23/21 | 9:15

Ghislaine Maxwell arraigned in NY federal court | ABC | 04/23/21 | 5:18

Biden's tax-the-rich plans
Axios | Hans Nichols | 04/23/21

President Biden in the next few days will unveil eye-popping new tax rates for the wealthiest Americans —a top marginal income tax rate of 39.6% and a capital gains rate of 43.4%.

Why it matters: The proposal, to be announced ahead of Biden's address to Congress next Wednesday, is an opening bid for Hill negotiations. "For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%," Bloomberg News reported. ... Read more

Biden pledges to cut greenhouse gas emissions by up to 52% by 2030
Axios | Andrew Freedman | 04/22/21

The Biden administration is moving to address global warming by setting a new, economy-wide greenhouse gas emissions reduction target of 50% to 52% below 2005 levels by 2030.

Why it matters: The new, non-binding target is about twice as ambitious as the previous U.S. target of a 26% to 28% cut by 2025, which was set during the Obama administration. White House officials described the goal as ambitious but achievable during a call with reporters Tuesday night.

President Biden unveiled the goal during the opening remarks of a virtual climate summit the White House is hosting on Thursday, which will feature at least 40 heads of state, including China's President Xi Jinping, as well as business executives and Pope Francis. ... Read more

Some very distinguished economist think the financial industry has ballooned Derivatives up to 1.3 Quadrillion dollars.

One Quadrillion seconds = 32,000,000 years.

This is way past gambling.

How is Money Created? -- Everything You Need to Know | ColdFusion | 07/08/20 | 29:55

Stock buybacks are kicking back into high gear
Axios | Dion Rabouin | 04/22/21

It was expected that with the economy improving and company balance sheets already loaded with cash, U.S. firms would slow down their debt issuance in 2021 after setting records in 2020. But just the opposite has happened.

Why it matters: Companies generally issue bonds for one of two reasons -- because they're worried about not having enough cash to cover their expenses or because they want to lever up and make risky bets. ...

... JPM, BofA, Goldman Sachs and Morgan Stanley have collectively announced bond issuances of $40 billion in debt this month -- and that's just the banking sector. ... Read more

The global race to regulate AI
Axios | Ashley Gold | 04/22/21

Regulators in Europe and Washington are racing to figure out how to govern business' use of artificial intelligence while companies push to deploy the technology.

Driving the news: On Wednesday, the EU revealed a detailed proposal on how AI should be regulated, banning some uses outright and defining which uses of AI are deemed "high-risk." ...
- Deny people employment, housing or benefits;
- Encode racial bias; or
- Result in credit discrimination.
...
Read more

What to expect from Derek Chauvin's sentencing
CNN | | 04/20/21

Derek Chauvin was whisked away to prison after after two weeks of testimony and about 10 hours of jury deliberations, but his sentencing will move much slower -- about eight weeks.

What's next: There's still plenty of wrangling left over how much time the former Minneapolis cop will spend behind bars. ... Read more

White House unveils plans for high-profile climate summit
Axios | Andrew Freedman | 04/20/21

The Biden administration offered new details this morning about the big, virtual climate summit Thursday and Friday and signaled they expect new emissions reduction and climate finance commitments from multiple countries.

Driving the news: The administration said 40 heads of state would attend, including Russian President Vladimir Putin and President Jair Bolsonaro of Brazil. They unveiled a lineup that also includes high-profile names, such as Pope Francis, Bill Gates, the heads of NATO and the World Bank, corporate executives and more.

Why it matters: The White House is trying to reassert U.S. leadership on the climate issue and encourage other countries to make commitments to slash emissions before 2030. ... Read more

Inside the wicked saga of Jeffrey Epstein: the arrest of Ghislaine Maxwell | 60 Minutes Australia | 07/05/20 | 27:21

Will Ghislaine Maxwell make it to trial? Ex-Warden talks | | 07/23/20 | 26:12

China leads the world with new state-backed digital currency
Axios | Bethany Allen-Ebrahimian | 04/20/21

In a push to dominate global financial technology, the Chinese government is aiming to roll out the world's first state-backed digital currency. Why it matters: China's new currency could set global standards for the use of national digital currencies -- and give Beijing unprecedented visibility and control over domestic financial transactions.

What's happening: The Chinese government has started pilot programs in Beijing, Shanghai, and other cities that give small amounts of the currency, known as the Digital Currency Electronic Payment (DCEP), to residents on a lottery system, with a limited number of retailers participating.

... Reducing systemic risk. "The existing system is owned by private companies. Should Alipay or WeChat pay [go] bankrupt, which is extremely unlikely, it creates systematic risk," Trivium China analyst Linghao Bao told CNBC. A government alternative would provide a layer of security. ... Read more

MILITARIZED MINNEAPOLIS: 3,000+ NAT'L GUARD DESCEND BEFORE VERDICT
HP | Tim Sullivan & AP | 04/20/21

Just outside the entrance to Smile Orthodontics, in a Minneapolis neighborhood of craft breweries and trendy shops, two soldiers in jungle camouflage and body armor were on watch Monday, assault rifles slung over their backs. Snow flurries blew around them. A few steps away at the Iron Door Pub, three more National Guard soldiers and a Minneapolis police officer stood out front, watching the street. A handful of other soldiers were scattered nearby, along with four camouflaged Humvees and a couple police cars.

More than 3,000 National Guard soldiers, along with police officers, state police, sheriffs deputies and other law enforcement personnel have flooded the city in recent days, with a verdict looming in the trial of Derek Chauvin, the former police officer charged with murder in the death last year of George Floyd.

But in the city that has come to epitomize America's debate over police killings, there are places today in Minneapolis that can feel almost like a police state. ... Read more

How is Money Created? -- Everything You Need to Know | ColdFusion | 07/08/20 | 29:55

NASA's Mars helicopter takes flight as first aircraft piloted on another planet
Axios | Orion Rummler | 04/19/21

NASA successfully piloted the Ingenuity Mars helicopter for its first experimental flight on Monday, briefly hovering the aircraft as NASA's Perseverance rover collected data. ...

... What to watch: Up to five more helicopter flights are planned, per AP -- and if the test flights are successful, they "could lead the way to a fleet of Martian drones in decades to come." ... Read more

Bankruptcy: Last Week Tonight with John Oliver | 04/19/21 | 21:12

The Oath Keepers militia group's path to breaching the Capitol | 60Minutes | 04/18/21 | 13:14

Meet The Press Broadcast (Full) | Meet The Press | 04/18/21 | 47:36

How Honest is Wall Street??

American Greed Inside the WorldCom Scam
American Greed Inside the WorldCom Scam | Denise Willis | 02/28/20 | 26:00

Enron - The Biggest Fraud in History
Enron - The Biggest Fraud in History | ColdFusion | 08/30/19 | 19:04

Theranos – Silicon Valley’s Greatest (Fraud) Disaster
Theranos – Silicon Valley’s Greatest (Fraud) Disaster | ColdFusion | 3/01/19 | 24:38

Top official says asking China to do more on climate is "not very realistic"
Axiose | Shawna Chen | 04/16/21

China's Vice Minister of Foreign Affairs Le Yucheng told AP on Friday that China is unlikely to pursue climate proposals beyond its current arsenal, calling it "not very realistic" for a country of 1.4 billion people.

Why it matters: Despite heightened geopolitical tensions, the Biden administration has emphasized the need to partner with China on climate change. Le's comments come as Biden's climate envoy John Kerry is discussing the issue in meetings with Chinese officials in Shanghai. ... Read more

There's Nothing to Do Except Gamble Welcome to the non-fungible, memeified, cryptodenominated, degenerate future of finance.
NYMag.com | Max Read | 04/12/21

... ... What is happening? It's tempting to blame the money mutations of the past year on the coronavirus and to see the financial bets on Robinhood and the soaring prices of NFTs as the anguished outcries of the bored, locked down, and anhedonic -- people who might otherwise be betting on the Jets to cover the spread. Hearing people discuss their goofy options plays provokes the same reaction as watching Twitter devote a day to a lecherous obsession with Lola Bunny, Bugs's girlfriend: We need the vaccine.

For all the ways that this particular moment in the history of markets feels strangely futuristic -- computer dollars buying cyberart on the digital marketplace! -- the basic dynamic at work here is a recognizable one. There are a lot of suckers who want to get rich fast without much work. The economy has always been weird; it's an aggregation of human behavior, and humans are weird. ... ... Read more

Biden's Expensive New Problem in Afghanistan
Politico | ASFANDYAR MIR and COLIN P. CLARKE | 04/15/21

President Joe Biden's decision this week to withdraw all troops from Afghanistan before September 11 has left policymakers, military leaders and national security professionals wondering what happens next.

Critics haven't been shy about pointing out that a U.S. withdrawal will leave the Taliban in a powerful position, and could even give al Qaeda room to grow again. To keep the country from once again becoming a haven for terrorist operations, Biden will need to shift quickly from a "boots on the ground" strategy to something more remote: an offshore counterterror approach.

Biden himself has long been an advocate of this idea, dating back to his time as Barack Obama's vice president. His administration is depending on counterterrorism capabilities from afar to manage the risks that will inevitably result from the U.S. departure. In doing so, it appears to be drawing confidence from the exponential growth in capabilities in the post-9/11 era--and America's relative and varied effectiveness with counterterrorism operations in theaters like Pakistan, Yemen, Somalia and northwestern Syria. ... Read more

Long-Term Care with John Oliver | John Oliver | 04/12/21 | 22:40

Democrats, led by Biden, are aiming big on health care
Axios | Caitlin Owens | 04/13/21

Democrats are exploring adding a huge array of health policies to upcoming spending legislation, ranging from further enhancing Affordable Care Act subsidies to allowing Medicare to negotiate prescription drug prices.

Why it matters: The next few months may give Democrats the opportunity to walk the walk after campaigning extensively on health care for years, and to plug some of the glaring holes in the system that were exposed by the pandemic.

What they're saying: “It’s not just a moment, it’s the opportunity to address an undeniable set of problems that have been highlighted to a great degree during the COVID pandemic crisis," Democratic health strategist Chris Jennings said. ... Read more

America's biggest boom since 1946
Axios | Felix Salmon, Mike Allen | 04/09/21

America's financial titans are coming to a consensus: We are on the early edge of the biggest economic boom since World War II, with the promise of years of growth after the privation of the pandemic.

Why it matters: They might be wrong, but all point to the same data -- this expansion will be kickstarted by trillions in spending from presidents Trump and Biden, the Fed's easy money, and piles of cash that consumers and companies accumulated during the COVID shutdown.

This is likely to be a global phenomenon: Biden administration spending will have ripple effects around the world, and overseas bank accounts also have grown during COVID. ... Read more

Why threats to Taiwan are a nightmare for tech
Axios | Ina Fried | 04/09/21

Threats to Taiwan, the self-governing island only slightly bigger than Maryland, are sending shivers through the global tech industry.

Why it matters: Taiwan is home to 92% of the world's leading-edge chip manufacturing operations and a vital center for producing other tech components, including laptops and PC motherboards.

That's because most companies that design chips today -- Qualcomm, Nvidia and Apple among them -- don''t actually do the manufacturing, instead relying on companies like TSMC.

The U.S. consumed more than $63 billion worth of Taiwanese tech exports throughout the first eight months of last year, or 32 percent of the island's output. China accounted for 30% and Europe about 22%, per Taiwan's Industrial Technology Research Institute. ... Read more

ALEC - The American Legislative Exchange Council - Explained in 5 Minutes

***The stock market may be getting too hot
Axios | Dion Rabouin | 04/08/21

There are a growing number of signs the bull market in equities is overheating, with indicators of investor complacency and risk-seeking reaching the highest levels since 2007 and 1999.

Why it matters: Those periods of extreme euphoria were followed by market crashes.

What's happening: As of late February, investors already had levered up with a record $814 billion borrowed against their portfolios, according to Financial Industry Regulatory Authority data. That's a 49% year-over-year increase, the largest since 2007. ... Read more

Century of Enslavement: The History of The Federal Reserve | CorbetReport | 1:30:11

The National Debt: Last Week Tonight with John Oliver | 04/05/21 | 22:25

Biden's $2 Trillion Infrastructure Plan Goes Beyond Bridges & Roads, But Its "Scale Is Inadequate" | DN | 04/06/21 | 11:22

Drought stokes fears of severe fire season in West
Click on Image to Zoom in
Axios | Andrew Freedman | 04/08/21

It's only early April, but parts of the West are already at mid-July levels of dryness -- and scientists are warning that the upcoming fire season could be destructive.

Why it matters: This summer will mark one year since the West Coast experienced a historic spate of wildfires. The prospect of another severe fire season, along with concerns about water supplies, is raising questions about how to prepare the region for the ravages of climate change.

The details: Set against the backdrop of a long-term, human-enhanced drought, the current drought is forecast to expand and become more severe across much of the West, from Colorado to Montana, southwestward to California and Arizona. ... Read more

Mitch McConnell To Corporate America: Shut Up And Donate
HP | Paul Blumenthal | 04/07/21

"My warning to corporate America is to stay out of politics," McConnell said at a press conference, adding, "I'm not talking about political contributions."

Tuesday's comments followed another threat McConnell issued to corporations on Monday following their denunciations of a restrictive election law passed by Georgia Republicans. The chief executives of Delta Airlines and Coca-Cola condemned the new measure, and Major League Baseball decided to relocate the 2021 All-Star Game from the Atlanta suburbs to Denver. ... Read more

1 in 4 plan to bolt job post-pandemic
Axios | Kim Hart | 04/06/21

1 in 4 workers (26%) plans to look for a job at a different company once the pandemic has subsided, according to Prudential's latest Pulse of the American Worker Survey, conducted by Morning Consult in March.

Why it matters: High-skilled workers with plenty of opportunities are the hardest to replace. This massive reshuffling also will create major headaches for employers, and will likely expand the gaps between men and women in the workplace.

By the numbers: The number of workers planning to bolt their jobs is even higher (34%) for Millennials, the largest generation in the workforce today. Of those planning to leave their current job, 80% are concerned about career growth, and nearly 75% say the pandemic made them rethink their skill sets. ... Read more

The National Debt: Last Week Tonight with John Oliver | 04/05/21 | 22:25

Bill Gates is the biggest private owner of farmland in the United States. Why?
TheGuardian | Nick Estes | 04/06/21

ill Gates has never been a farmer. So why did the Land Report dub him "Farmer Bill" this year? The third richest man on the planet doesn't have a green thumb. Nor does he put in the back-breaking labor humble people do to grow our food and who get for far less praise for it. That kind of hard work isn't what made him rich. Gates' achievement, according to the report, is that he's largest private owner of farmland in the US. A 2018 purchase of 14,500 acres of prime eastern Washington farmland -- which is traditional Yakima territory -- for $171m helped him get that title.

In total, Gates owns approximately 242,000 acres of farmland with assets totaling more than $690m. To put that into perspective, that's nearly the size of Hong Kong and twice the acreage of the Lower Brule Sioux Tribe, where I'm an enrolled member. A white man owns more farmland than my entire Native nation! ... Read more

***Janet Yellen to call for global minimum tax rate
Axios | Hans Nichols | 04/05/21

Janet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden's plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.

Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.

***How the Fed took control of the economy
Axion | Dion Rabouin | 04/05/21

To brace the U.S. economy and stave off another Great Depression, the Federal Reserve has taken control of it through unprecedented intervention -- manipulating market prices, controlling rates and propping up companies on a previously unimaginable scale.

Why it matters: The U.S. is a market-run, capitalist economy. But the market is ostensibly now governed by an unelected and largely independent group of technocrats that directs it by creating ridiculous sums of money to buy assets.

How it works: The Fed steadied the economy by setting interest rates near 0%, and buying so many bonds in the open market that it now boasts a $7.7 trillion balance sheet. ...