Murdoch To Make His News Irrelevant November 10, 2009
Posted by Joey in Economics, Internet, Media.Tags: Google, News Corp., Rupert Murdoch
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That internet noob Rupert Murdoch doesn’t understand that if he hides his websites from Google, no one will come to his website.
Is he really this big of an idiot? How did he get so rich?
BBC NEWS | Business | Murdoch may block Google searches.
Rupert Murdoch has said he will try to block Google from using news content from his companies.
The billionaire told Sky News Australia he will explore ways to remove stories from Google’s search indexes, including Google News.
Mr Murdoch’s News Corp had previously said it would start charging online customers across all its websites.
He believes that search engines cannot legally use headlines and paragraphs of news stories as search results.
Dude, Where’s Our Money? October 27, 2009
Posted by Joey in Bailout, Economics, Government, Politics.Tags: Federal Reserve
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The Federal Reserve’s own auditor doesn’t know where the money went.
Dollar Dying Slow Death As Switch To Yen and Euro Begins October 14, 2009
Posted by Joey in Economics, Government, Politics.Tags: Ben Bernanke, Federal Reserve, US Dollar Reserves
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The long slow decline of the American economy as the driver of international business has begun. Bernanke has been printing money like a drunken college student with Daddy’s credit card, and now the price is being paid for the binge.
Massive inflation to follow.
Dollar loses reserve status to yen & euro.
Ben Bernanke’s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.
Over the last three months, banks put 63 percent of their new cash into euros and yen — not the greenbacks — a nearly complete reversal of the dollar’s onetime dominance for reserves, according to Barclays Capital. The dollar’s share of new cash in the central banks was down to 37 percent — compared with two-thirds a decade ago.
Currently, dollars account for about 62 percent of the currency reserve at central banks — the lowest on record, said the International Monetary Fund.
Bernanke could go down in economic history as the man who killed the greenback on the operating table.
FDIC: We’re Broke September 28, 2009
Posted by Joey in Bailout, Economics, Politics.Tags: FDIC
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Yet another government agency is broke, this time the Federal Deposit Insurance Corp. Their solution? Force the banks to pre-pay premiums.
The Federal Deposit Insurance Corp. may take the unprecedented step of ordering banks to prepay about $36 billion in premiums to replenish the deposit insurance fund that has been severely depleted by a rash of bank failures.
The FDIC board likely will call for “prepaid” bank insurance premiums at its public meeting Tuesday to discuss the issue, three industry executives and a government official said. The banking industry prefers that option over a special emergency fee — which would be the second this year. The executives and the official spoke on condition of anonymity because the decision has yet to be made public.
It would be the first time the FDIC has required prepaid insurance fees. Under the plan, banks would have to pay in advance their insurance premiums for 2010-2012, bringing in about $12 billion for each of the three years, two of the executives said. That is the normal amount of insurance fees, though it could vary somewhat according to growth in total insured deposits — the basis for determining the fees.
The Federal Reserve and ACORN: Bosom Buddies September 17, 2009
Posted by Joey in Economics, Politics.Tags: ACORN, Community Reinvestment Act, Federal Reserve, Political Corruption
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ACORN has been in the news lately for advising on how to pimp out underage girls from South America, but its real criminality goes much deeper and involves the Federal Reserve. Read the whole thing for the sordid details. Then you’ll understand how the government created the massive real-estate bubble that popped in 2008.
Fed-ACORN Criminality by Thomas DiLorenzo.
ACORN may be found guilty of the relatively petty crimes it is now being accused of, but there is a much larger issue that is being ignored. Over the past thirty years or so, ACORN has been a major player in what can be described as a legalized extortion racket administered by the Federal Reserve and the Comptroller of the Currency, among other federal government agencies. The racket started with Jimmy Carter’s 1977 Community Reinvestment Act (CRA), which empowered “community groups” like ACORN to effectively extort billions (yes, billions with a “b”) of dollars from banks. Much of the money is then used for ACORN’s political activities, which involve the mass registration of Democratic Party voters; supporting left-wing political candidates at all levels of government; organizing rallies, protests, and lobbying efforts for various planks of its “People’s Platform,” which is essentially the same as the Socialist Party Platform of 1922. The “People’s Platform” once promised, “We will continue our fight until the American way is just one way, until we have shared the wealth . . .” Accordingly, the organization has advocated the government takeover of the energy and healthcare industries, punishing taxation, massive income redistribution, pervasive price controls, and just about every asinine socialistic policy that one can think of.
The Federal Reserve Board has been ACORN’s “partner” in this endeavor ever since 1977, when the Fed was given responsibility (along with the Comptroller of the Currency) for enforcing the CRA. For those who are not yet familiar with the CRA, which was significantly strengthened during the Clinton administration, it works like this: The ostensible purpose of the Act is to get banks to make more mortgage loans in “minority and low-income” neighborhoods. These loans have been defined by the government as “sub-prime” loans, implying that the borrowers have credit ratings just a tiny, tiny smidgen below the “prime” or highest-credit-rating borrowers. This of course is a farce, as nearly everyone now knows. The Fed keeps track of such loans, and gives each lender a CRA ranking. A poor ranking can destroy a bank’s plans for branch expansions, mergers, and other activities.
