Bullshit Artists

Government releases declassified documents on NSA spying authorization

"The U.S. Director of National Intelligence released three declassified documents that authorized and explained the bulk collection of phone data, one of the secret surveillance programs revealed by former National Security Agency contractor Edward Snowden. The declassification was made in the 'interest of increased transparency,' the Office of the Director of National Intelligence said in a statement. Much of what is contained in the documents has already been divulged in public hearings by intelligence officials as they sought to detail what was initially disclosed by Snowden." Continue reading →

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NSA director Keith Alexander insists mass surveillance programs respect privacy

"Alexander, who is usually shy of publicity, attempted to win over the 7,000-strong gathering of industry professionals in Las Vegas as part of a charm offensive to contain the damage and deter Washington from curbing the programmes. Security guards confiscated eggs – presumably intended to be thrown – minutes before the NSA chief spoke. A few hecklers interrupted, accusing him of 'lying', 'bullshitting' and not reading the constitution. 'I have read it. So should you,' he shot back, earning laughs and applause. He praised the audience and invited them to help improve NSA. The performance won over the hackers, who applauded warmly at the end." Continue reading →

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The Blindness of Modern Economists

"The economic establishment blames today's evils on free markets, a lack of government intervention, and banks for being reluctant to lend. It blames government deficits on cheats who don't pay their taxes. There are four horsemen of the global economic apocalypse, all interlinked: the overburdened economy; broken banks; expensive interventionist governments; and a developing welfare and pension crisis. As a politician aptly described to me when I interviewed him a few months ago in Brussels, trying to squeeze out economic growth under these conditions is like trying to fly a plane with concrete wings." Continue reading →

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CFR Steps Up Attack on the Second Amendment Using Discredited Statistics

"In 2007 and 2008, some 29,000 weapons of various types and varieties were recovered at crime scenes by Mexican authorities. Of those, only 11,000 of them had serial numbers on them that would allow them even to be traced by the BATFE. And of those 11,000, just 5,114 were successfully traced back to sources in the United States. That’s 17.6 percent, not 70 percent or 90 percent. Just 14 percent of the 203,300 prisoners serving time in a state or federal prison in 1997 obtained their weapons from a gun shop, pawnshop, flea market, or gun show. An updated study by the DOJ in 2004 showed that the number dropped to 11 percent." Continue reading →

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American Dream Slipping as Homeownership at 18-Year Low

"Housing industry and consumer groups are pressing lawmakers to make the American Dream more inclusive by ensuring new mortgage standards designed to prevent another crash are flexible enough that more families can benefit from the recovery. Regulators are close to proposing a softened version of a rule requiring banks to keep a stake in risky mortgages they securitize. Lawmakers currently shaping housing finance are seeking to reduce the government’s role in keeping rates affordable for riskier borrowers while ensuring homeownership is within reach of minorities and first-time buyers who could be needed to sustain the housing recovery." Continue reading →

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‘Find a safe haven,’ father tells Snowden in Russia

"'Edward, I hope you are watching this. Your family is well. We love you. We hope you are healthy, we hope you are well, I hope to see you soon, but most of all I want you to be safe. I want you to find a safe haven,' Lon Snowden said in an interview broadcast on Rossiya24 channel. In the interview dubbed into Russian, Lon Snowden said he hoped his son would return home one day. But he said that events over the past few weeks suggested that there were no guarantees of a fair trial in the United States, and that he therefore agreed with his son’s decision to remain in Russia." Continue reading →

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Inflation is rotten to the core: Regardless of what Fed says, prices are rising

"You might be just a trifle curious about how the use of the core rate of inflation (leaving out food and energy) came into being. The core rate of inflation was the brainstorm of Arthur F. Burns, chairman of the Federal Reserve during the early 1970s. The object of this exercise was to take people’s eyes off what was really happening to prices so that the Fed of that era could run an ultra-easy monetary policy. The professorial Burns managed to convince the Congress, the government’s statistical agencies, the press and his fellow economists that excluding food and energy was the right way to look at prices." Continue reading →

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Treasury’s Lew: Congress Needs to Pass Debt Limit

"Congress needs to raise the debt limit and take away the 'cloud of uncertainty' about the nation's ability to pay its bills, Treasury Secretary Jack Lew said. 'The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit. We saw confidence fall, and it hurt the economy. Congress needs to do its job. It needs to finish its work on appropriation bills. It needs to pass a debt limit,' Lew said on NBC's Meet The Press. Senior lawmakers on Capitol Hill are trying to come up with must-do legislation to keep federal agencies running after Sept. 30 and prevent the possibility of a government shutdown." Continue reading →

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How the Military Industrial Complex Targeted the Amash Amendment

"The NSA gave members of Congress private scare briefings. Former Attorney Generals and past 'spook agency' leaders signed an open letter of opposition. The Wall Street Journal attacked Amash as 'unqualified' to introduce such a bill. The Democratic Whip's office even suggested that the Amash amendment '...pertain[s] to persons who may be in communication with terrorist groups...' But the absolute worst tactic came from the House Republican leadership. They offered an amendment that would supposedly protect Americans from the PRISM system. Sounds good right? Well... It was a fraud designed to peel away support from Amash." Continue reading →

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Federal Reserve expected to stay the course on near-zero interest rate

"Markets appeared to ignore his assertion that the Fed’s key federal funds rate, at 0.0-0.25 percent since December 2008, would not rise before 2015. Interest rates jumped more than a full percentage point in two months, pushing mortgage rates suddenly higher, raising concerns they could snuff out the housing market recovery, one of the few bright spots in the sluggish economy. In later comments, particularly two days of twice-yearly testimony to Congress in mid-July, Bernanke sought to assure markets that the near-zero interest rate would stay put for a while, given the 'weak' economy. 'If we were to tighten policy, the economy would tank,' he told lawmakers." Continue reading →

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