The worst thing about the government’s reckless response to the financial crisis of 2008, even worse than the trillions in taxpayer bailouts and backstops granted to the financial criminals that created the disaster, is the primary lesson that it sent to American society as a whole. Some people like to call it “moral hazard,” but in more pedestrian terms it really just boils down to: The Bad Guys Got Away with It... "The California Highway Patrol officer accused of stealing nude photos from a DUI suspect’s phone told investigators that he and his fellow officers have been trading such images for years, in a practice that stretches from its Los Angeles office to his own Dublin station."
"They laud and promote the myth of American democracy - even as we are stripped of civil liberties and money replaces the vote. They pay deference to the leaders on Wall Street and in Washington, no matter how perfidious their crimes. They slavishly venerate the military and law enforcement in the name of patriotism. They select the specialists and experts, almost always drawn from the centers of power, to interpret reality and explain policy. They usually rely on press releases, written by corporations, for their news. And they fill most of their news holes with celebrity gossip, lifestyle stories, sports and trivia." The role of the mass media is to entertain or to parrot official propaganda to the masses.
- White House questions new Ebola rules, nurse plans to sue (Reuters)
- States stand firm on Ebola quarantines despite White House pressure (Reuters)
- Rousseff Naming Brazil Finance Minister Key to Regain Trust (BBG)
- Ukraine leader wins pro-West mandate but wary of Russia (Reuters)
- Single Firm Holds More Than 50% of Copper in LME Warehouses (WSJ)
- Treasury Liquidity Squeeze Seen as Dealer Shut Off Machine (BBG)
- CVS follows Rite-Aid, shuts off Apple Pay (USAToday)
- Oil Speculators Bet Wrong as Rebound Proves Fleeting (BBG)
- Draghi Sets Stimulus Pace as ECB Reveals Covered-Bond Purchases (BBG)
- German Ifo Business Confidence Drops for Sixth Month (BBG)
The summer, thankfully, has been largely bereft of the dismal trend of bankers committing suicide, but as Bloomberg reports, Thierry Leyne, a French-Israeli banker and partner of Dominique Strauss-Kahn, the disgraced former chief of the IMF, was found dead Thursday after apparently taking his own life by jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. This is the 16th financial services executive death this year.
- Doctor with Ebola in New York hospital after return from Guinea (Reuters)
- Ebola Puts Spotlight on Bellevue, Key NYC Trauma Center (WSJ)
- Uber Driver Transported Ebola-Positive Doctor in New York (BBG)
- GOP Gains in Key Senate Races as Gender Gap Narrows (WSJ)
- ECB Tries for Third Time Lucky in European Stress Tests (BBG)
- Security tight in Canada as police probe Parliament gunman's ties (Reuters)
- Why Madrid's poor fear Goldman Sachs and Blackstone (Reuters)
- Fed’s $4 Trillion Holdings Keep Boosting Growth Beyond End of QE (BBG)
As Brookings notes, "overall the economic devastation would be difficult to exaggerate," with regard the shift from print to online journalism - as the following chart sums up in all its devastating reality... it's a new world.
Top Bioweapons Expert Is Convinced of It
Battleships And Helicopters Join Hunt For Missing Submarine: Sweden Prepares To "Use Weapons To Surface Sub"Submitted by Tyler Durden on 10/21/2014 10:14 -0500
Sweden's military has announced that if it finds a suspect foreign vessel in the Stockholm archipelago, it is prepared to force it to the surface "with weapons if necessary". "Our aim now is to force whatever it is up to the surface... with armed force, if necessary," he added. He added that submarines are "extremely difficult" to find, and that Sweden has never succeeded in the past when it came to tracking them down. "And no one else has either," he added. If the sub is indeed Russian, it would be quite a hit for Sweden, which in more than a decade of hunting Russian U-boats in the 1980s and early nineties, never succeeded in capturing one, except in 1981 when the U137 ran aground several miles from one of Sweden's largest naval bases, triggering an embarrassing diplomatic stand-off for Russia.
The poll shows that 45% approve the Swiss gold initiative and 39% are against. There are 29% firm yes voters and 28% firm no voters (see graph). The poll shows 16% are leaning towards a yes or are “more yes” and 11% are leaning towards a no or are “more no.”
- Total CEO de Margerie killed in Moscow as jet hits snow plough (Reuters)
- China GDP Growth Rate Is Slowest in Five Years (WSJ)
- Oil at $80 a Barrel Muffles Forecasts for U.S. Shale Boom (BBG)
- Carney Faces Scrutiny on Worst Payments Outage Since 2007 (BBG)
- Ebola crisis turns a corner as U.S. issues new treatment protocols (Reuters)
- Gold Buying Rebounds in India on Diwali Jewelry Sales (BBG)
- China-backed hackers may have infiltrated Apple's iCloud (Reuters)
- Greece Said to Seek Recycling of Bank Funds for Exit (BBG)
Squeezed between steering wheel, handbrake, door and dashboard, Katerina reads in her history book, takes notes for school. Next to her, on the driver’s seat, cat Eddy stares right in the camera lens. It may look like a cute snapshot on a sunny day, if it wasn’t for a sad detail: a withering spring stuck in a roll of toilet paper. A distinctive memory of a former normal life that turned into a grim reality for a family of four.
- Stick to tapering and rates pledge, says Boston Fed chief (FT)
- Turkey to let Iraqi Kurds reinforce Kobani as U.S. drops arms to defenders (Reuters)
- Obama makes rare campaign trail appearance, some leave early (Reuters)
- Japan GPIF to Boost Share Allocation to About 25%, Nikkei Says (BBG)... or three months of POMO
- Japan Stocks Surge on Report GPIF to Boost Local Shares (BBG)
- China Growth Seen Slowing Sharply Over Decade (WSJ)
- Russia, Ukraine Edge Closer to Natural-Gas Deal (WSJ)
- Leveraged Money Spurs Selloff as Record Treasuries Trade (BBG)
- After clashes, Hong Kong students, government stand their ground before talks (Reuters)
Sweden Deploys Army, Air Force, Navy Near Stockholm Over Reported Damaged Russian Sub; Moscow DeniesSubmitted by Tyler Durden on 10/19/2014 16:45 -0500
Over the weekend, while the world was focusing on the threat of Ebola contagion in the US and around the globe, Sweden's otherwise sleepy capital Stockholm found itself the location of a blitz military operation involving the Swedish Armed Forces, Navy, Army and Air Force, when late on Saturday, Swedish armed forces stepped up an operation -- involving more than 200 men, stealth ships, minesweepers and helicopters -- in an area about 50 kilometres (30 miles) east of the Swedish capital. The operation was initiated on Friday after the armed forces said they had been informed of a "man made object" in the water.
In a tumultuous week for Ebola updates (which are only set to get worse with flu season about to unfold, and where every sneeze and fever will be interpreted as an early symptom of the deadly disease, likely choking hospitals and ERs around the nation), Friday brought us one of the more disturbing updates when it was revealed that an Ebola-handling healthcare worker had decided to break the "self-watch" protocol and had gone on a Caranival cruise in the Caribbean. Fast forward to this morning, when after what one assumes was a negative blood test, the Carnival Magic ship carrying the suspect, was cleared to return to port in Galveston, TX this morning. As AP reports, "The unidentified woman who is being monitored disembarked the Carnival Magic with her husband shortly after the ship returned to Galveston, Texas, about 6 a.m. EDT, said Vicky Rey, vice president of guest care for Carnival Cruise Lines. Rey said the couple drove themselves home, but offered no further details.