Yesterday on Scarecrow’s post "Obama’s challenge,etc." I wrote:
"Here is an example of one paradigm that would have to change for Obama’s goals to occur:
“The mass media are dominated by commercial interests and are used to promote a high-consumption culture.”
“The mass media awaken to the challenge of sustainability and begin to explore more workable and meaningful approaches to living.”
Now, how to do that?
Well, here’s ,perhaps, a start:
Well, read these and see just how hard the example I gave is going to be:
INTELLECTUAL CLEANSING: PART 1
Keeping The Media Safe For Big Business
Jonathan Cook – Response to Intellectual Cleansing Part 1
This stock collapse is petty when compared to the nature crunch
"This is what denial does"
Dr. Kirk Murphy had a post on this last week and hoped that the MSM would pick up on the story; at least one periodical has. BUT contrast that with all the MSM mockery of the new Ecuador Constitution that gives ‘nature rights’
Bottled water firm steamed about Miami-Dade water ads
" In the radio ad, a talking faucet extols Miami-Dade’s tap water as cheaper, purer and safer than bottled water.
It may have sounded innocuous to most listeners, but the 30-second spot left the nation’s largest purveyor of bottled water boiling mad.
Nestle Waters North America, which makes nearly $4 billion a year selling Zephyrhills and other brands, is threatening to sue if the county doesn’t kill commercials the company brands as false advertising."
Read more here
The FT has calculated that European governments (including non euro area) have made available a total of €1873bn – which is roughly the entire annual GDP of France! – to save the banking sector. Our guess is that we may soon have a discussion about national solvency.
The same is true here in the U.S. but no one is talking about it; wonder why? *G* "More recently, the spreads on credit card securitised products widen dramatically, and this suggests that the Fat Lady is about to sing in this market as well – as credit-crunched Americans have been loading up with only source of credit that has been freely available (though free is perhaps the wrong word)."
The next Treasury Secretary is..
"And Obama reportedly thinks highly of Paulson. They were in contact daily during the height of the financial crisis"
Don’t break out the bubbly just yet and maybe not even on New Years Eve. "Indeed, while the stock market has provided all of the fireworks of late, it is really a sideshow to the frozen credit markets, which clearly is the main event. And as I observed last week, thawing them out involves restoring confidence among the banks, themselves, not to say between the banks and others."
Bank capitalization plans aren’t the same for a reason; "The difference is, American banks allowed to fail"
"In both cases, governments are issuing preferred stock. Sure, the terms are different — taking on the Brit preferred incurs a steep 12%-a-year payout; Uncle Sam wants 5% a year, unless the holding is still on the books after five years."
It looks like Credit Default Swaps (cds’s) will be regulated in the future
Why is the door to the henhouse ALWAYS locked after the fox has had his way, no matter which political party is ‘in power’?
The Rich Support McCain, But The REALLY Rich Support Obama The comments on this link are pretty interesting.
"Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull, director of strategic communications for the Western States Petroleum Association, a trade association representing major oil companies in six Western states."
Exposing the Un-Democratic Face of Capitalism "Such interventionism is a regular feature of state capitalism, though the scale today is unusual. A study by international economists Winfried Ruigrok and Rob van Tulder 15 years ago found that at least 20 companies in the Fortune 100 would not have survived if they had not been saved by their respective governments, and that many of the rest gained substantially by demanding that governments "socialise their losses," as in today’s taxpayer-financed bailout. Such government intervention "has been the rule rather than the exception over the past two centuries", they conclude.
In a functioning democratic society, a political campaign would address such fundamental issues, looking into root causes and cures, and proposing the means by which people suffering the consequences can take effective control."
Be sure to read the notes at the end of the article about Bretton-Woods and think Nixon.
US crisis freezes China sovereign funds
Between the arms deal to Taiwan and the above, it’s no wonder the Chinese are pissed; and that’s not a good thing since they have been the buyers of U.S. debt and will be needed to do such in the future. And associated with the above story is this
Roubini Sees Worst Recession in 40 Years, Rally’s End
And today’s stock results are just the start.