Bullshit Artists

Social Security: Muffling the Warning Bells

"It had to 'cover benefit payments, forcing the agency to tap its $2.7 trillion trust fund sooner than some had expected.' But how did it tap this Trust Fund? By selling assets. What assets? IOUs from the Treasury. Where did the Treasury get the money to pay the S.S.A.? From the general fund. Where did the general fund get this money? By borrowing it. Where will the Treasury get the money to pay this interest? From the general fund. Where will the general fund get it? Borrowing. When the agency says 'shortages of tax revenue,' it refers to FICA tax revenue. But there is also a shortage of tax revenues in the general fund. That is why there is an annual deficit." Continue reading →

Continue ReadingSocial Security: Muffling the Warning Bells

Fact checking NSA’s 9/11 claim: U.S. already knew identity of Saudi hijacker

"Those making the argument have ignored a key aspect of historical record. U.S. intelligence agencies knew the identity of the hijacker in question, Saudi national Khalid al Mihdhar, long before 9/11 and had the ability find him, but they failed to do so. Mihdhar is at the center of the well-known story of the failure of information sharing between the CIA and FBI and other agencies. Indeed, the Obama administration’s invocation of the Mihdhar case echoes a nearly identical argument made by the Bush administration eight years ago when it defended the NSA’s warrantless wiretapping program." Continue reading →

Continue ReadingFact checking NSA’s 9/11 claim: U.S. already knew identity of Saudi hijacker

Fed Chairman Bernanke Admits the Fed Has No Clue

"ROBIN HARDING. Mr. Chairman, you’ve always argued that it’s the stock of assets that the Federal Reserve holds which affects long-term interest rates. How do you reconcile that with a very sharp rise in real interest rates that we’ve seen in recent weeks? And do you think the market is correctly interpreting what you think is most likely to be the future path of the Federal Reserve’s stock of assets? Thank you. CHAIRMAN BERNANKE. Well, we were a little puzzled by that. It was bigger than can be explained I think by changes in the ultimate stock of asset purchases within reasonable ranges. So I think we have to conclude that there are other factors at work..." Continue reading →

Continue ReadingFed Chairman Bernanke Admits the Fed Has No Clue

Richard Retting, ‘Father Of Red Light Cameras In America’, Becomes A Paid Camera Lobbyist

"Retting is being paid to oppose the measure introduced by Assemblyman Adrin Nazarian (D-San Fernando Valley) that would mandate one extra second of yellow warning time at intersections that use red light cameras. The policy has been in effect in Georgia since January 2009 where it has resulted in a massive reduction in red light violations. The prospect has photo ticketing firms like Redflex worried, because the majority of Georgia cities that once used red light cameras dumped them after the law took effect and revenue dried up. Lasercraft, then the number one photo ticketing firm in the state, went out of business." Continue reading →

Continue ReadingRichard Retting, ‘Father Of Red Light Cameras In America’, Becomes A Paid Camera Lobbyist

India central bank red flags ‘virtual currency’

"The Reserve Bank of India has expressed concern over the rise of 'virtual currencies' which are the likes of bitcoin. Virtual currencies or crypto currencies have also come under the focus of the police. In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. 'The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will,' RBI said." Continue reading →

Continue ReadingIndia central bank red flags ‘virtual currency’

Paul Craig Roberts: Stasi In The White House

"On June 19, 2013, US President Obama, hoping to raise himself above the developing National Security Agency (NSA) spy scandals, sought to associate himself with two iconic speeches made at the Brandenburg Gate in Berlin. Fifty years ago, President John F. Kennedy pledged: 'Ich bin ein Berliner'. In 1987, President Ronald Reagan challenged: 'Mr. Gorbachev, tear down this wall.' Obama’s speech was delivered to a relatively small, specially selected audience of invitees. Even so, Obama spoke from behind bullet proof glass. Obama’s speech will go down in history as the most hypocritical of all time. Little wonder that the audience was there by invitation only." Continue reading →

Continue ReadingPaul Craig Roberts: Stasi In The White House

Pelosi booed at Netroots while defending espionage charges against Snowden

"A man identified by Politico as 57-year-old Marc Perkel can be heard shouting, 'It’s not a balance. It’s not constitutional! No more secret laws!' Perkel was ejected from the room by security, while other audience members shouted for him to be left alone. Shortly thereafter, loud boos can be heard coming from the audience after she said former NSA contractor Edward Snowden 'did violate the law' in releasing details about NSA programs like PRISM. Pelosi also defended President Barack Obama against charges that the surveillance of private residents’ phone and internet use constituted a 'fourth term' for his predecessor, George W. Bush." Continue reading →

Continue ReadingPelosi booed at Netroots while defending espionage charges against Snowden