Fox News

Following his "yearslong scheme to shakedown contractors and reward allies," Kwame Kilpatrick - who served as Detroit Mayor from 2002 to 2008 - was this morning sentenced to 28 years in prison for corruption. Regarded by many as a key contributor to Detroit's eventual downfall, it seems Kilpatrick is somewhat repentant, stating, "the people here are suffering, they're hurting. A great deal of that hurt I accept responsibility for." Agents who pored over bank accounts and credit cards said Kilpatrick spent $840,000 beyond his salary during his time as mayor. Having resigned in 2008 over a sexting scandal, the scale of his corruption, prosecutors added, "exacerbated the crisis."

Dramatic footage in this Fox News video.

1. presstitute
A member of the media who will alter their story and reporting based on financial interests or other ties with usually partisan individuals or groups.

It has become abundantly clear in recent years that the mainstream media can not be identified as anything other that a collective of mediocre, corporate/government ass-kissing presstitutes. CNBC has a special position in the presstitute media hierarchy.

No, it wasn't Larry Summers...

Over the past several decades, a tumorous growth has emerged from and taken over the Republican Party. This cancer is called a neoconservative, or colloquially just simply neocon. These folks are extremely insecure and hotheaded. It is best to avoid them in the wild whenever possible. Some signs that you may be in the presence of one are below...

The AP reports that US intelligence officials are admitting that linking Syrian President Bashar Assad or his inner circle to an alleged chemical weapons attack is no "slam dunk," as opposed to Obama (and Kerry) who are 'unequivocal' of the fact. This would appear to confirm Ron Paul's comments this morning on Fox News that "We're not positive who set off the gas," and indeed - who is set to benefit most from any Assad-regime-smackdown? Al-Qaeda. "Assad is not an idiot," Paul adds, "it's unlikely he would do this on purpose... look how many lies were told to us about Saddam Hussein prior to that build-up." A lot of uncomrtable truths in this brief clip for an administration that has crossed its own red line (as we noted here) on actions against Syria now... "I think it's a false flag..." Paul adds, there is a big risk that "we are getting sucked in" and the American people are against this war.

• Egypt, U.S. on Collision Course (WSJ), Gunmen kill 24 Egyptian police in Sinai ambush (Reuters)
• India’s efforts fail to prevent new rupee low (FT)
• More bad news for AAPL: Steve Jobs Biopic Crashes on Opening Weekend (WSJ)
• "Sustainable" - U.S. Stocks Beat BRICs by Most Ever Amid Market Flight (BBG)
• Merkel cancels election rally after hostage taking (Reuters)
• Some day, Abenomics might work... Not today though: Japan Exports Rise Most Since ’10 as Deficit Swells (BBG)
• China July Home Prices Rise as Nation Seeks Long-Term Policy (BBG)
• Spanish Bank’s Bad Loan Ratio Rises to Record in June (Reuters)
• Recovery... for some - Ferrari NART Spyder Sets $27.5 Million Auction Record (BBG)
• Bund yields hit 17-month high, rupee slumps (Reuters)
• Regulatory Headaches Worsen for J.P. Morgan (WSJ)

Recently, Fox News interviewed a self-described beach bum named Jason Greenslate who was very open about the fact that he has no problem sponging off of all the rest of us.  When he was asked if he ever had any interest in actually getting a job, his response was "not whatsoever".  Instead, he says that his job is to "make sure the sun's up and the girls are out" and he would rather spend his days partying.  Of course every American should be free to live their own lives as they see fit, but the problem is that Jason Greenslate is using food stamps to help support his lifestyle. Of course the vast majority of those enrolled in the food stamp program are not like this. But there are also those such as Jason Greenslate that are openly abusing the system and making it more difficult for those that actually need the help to get it. Sadly, he is a product of the system that he was raised in.

It seems I arrived in New Zealand just in time to see the country implode over a bit of botulism and bad PR. Good thing I haven't converted all my dollars into kiwis just yet!

• "Ooops": Barclays reveals £12.8bn balance sheet hole (FT), Barclays Bows to Pressure With Share Sale (WSJ)
• Bank of Italy Inspecting Top Lenders' Books (WSJ)
• Obama to propose 'grand bargain' on corporate tax rate, infrastructure (Reuters)
• China injects funds into money markets, quelling fears (FT)
• Berlusconi faces verdict that could endanger Italian government (Reuters)
• Shale Threatens Saudi Economy, Warns Prince Alwaleed (WSJ)
• Qatar Finds Revolution Abroad Not as Easy as Stock Picks (BBG)
• Cities Begin Hiring Again (WSJ) - not to mention filing for bankruptcy
• Big Question Hangs Over Small-Caps (WSJ)
• China Politburo Pledges to Press On With Restructuring Economy (BBG)
• Bank Revenues Surge on Trading Over What Fed Will Do (BBG)

• Biggest Banks Face Fed Restoring Barriers in Commodities (BBG)
• SAC to Employees: Cohen Didn't Read Dell Email at Heart of SEC's Case (WSJ)
• Second (and Third) liens are back, and so is 2005: As Banks Retreat, Hedge Funds Smell Profit (WSJ)
• Singapore funds benefit from Asian wealth (FT)
• 2 years later the lies haven't changed one bit - Tepco hit over slow admission of radioactive leak (FT)
• How big tech stays offline on tax (Reuters)
• Hilton Leads Rush to Africa in Fastest Boom (BBG)
• U.S. and UK fine high-speed trader for manipulation (Reuters)
• Key witness takes stand in SEC case against Goldman's Tourre (Reuters)
• Boomer Sex With Dementia Foreshadowed in Nursing Home (BBG)
• Bentley SUV gives £800m boost to UK car industry (FT)

In an effort to soften the blow to our American readers, here is an analogy: You know when you move out of your parents’ house and live on your own, how you start hanging out with your friends’ families and you realize that actually, your family was a little screwed up? Stuff you always assumed was normal your entire childhood, it turns out was pretty weird and may have actually screwed you up a little bit. The point is we don’t really get perspective on what’s close to us until we spend time away from it. Just like you didn’t realize the weird quirks and nuances of your family until you left and spent time with others, the same is true for country and culture. You often don’t see what’s messed up about your country and culture until you step outside of it. And to our foreign readers, get your necks ready, because this is going to be a nod-a-thon.

Unless You Know About This Spying Method, You Might Say Something Which Could Get You In Hot Water

Why did the U.S. government spend 2.6 million dollars to train Chinese prostitutes to drink responsibly?  Why did the U.S. government spend $175,587 "to determine if cocaine makes Japanese quail engage in sexually risky behavior"?  Why did the U.S. government spend nearly a million dollars on a new soccer field for detainees being held at Guantanamo Bay?  This week when we saw that the IRS was about to pay out 70 million dollars in bonuses to their employees and that the U.S. government was going to be leaving 7 billion dollars worth of military equipment behind in Afghanistan, it caused us to reflect on all of the other crazy ways that the government has been wasting our money in recent years.  So we decided to go back through my previous articles and put together a list.  We call it "The Waste List".

Head of Mainstream News Group: “The Government May Love This [Destruction of the Free Press]. I Suspect That They Do. But Beware The Government That Loves Secrecy Too Much”