Big Banks Back to Old Tricks Bundling Loans and Mortgages for Investments
By Matt Bewig | AllGov | April 22, 2013
Proving that those who are not punished for their misdeeds are allowed to repeat them, the Wall Street banks that created and sold risky combinations of mortgages and loans during the pre-2008 boom—and crashed the world economy with them—are doing exactly the same thing again. Once again, financial products with obscure, complex-sounding names like “collateralized debt obligations” and “securitized mortgage instruments,” are being sold by Wall Street to people on Main Street.
The ominous return from the dead of these investments, also called structured financial products, has largely evaded new regulations meant to avert another crisis, prompting concern from financial industry observers. Manus Clancy, managing director at commercial real estate research firm Trepp, worries that “All of this seems like a fairly quick round trip. You are seeing a fair number of sins being forgiven.”
And the sinners who committed those sins are acting like they’ve been forgiven as well. “The players in the business are generally the same as they were before,” noted Tad Philipp, a commercial real estate analyst at Moody’s. “Because it’s the old players, they know how to push the boundaries.”
Wall Street is certainly pushing boundaries on securitized commercial mortgage-backed securities, in which a pool of commercial mortgages are mixed together into bonds, ranked by varying levels of risk. So far in 2013, banks have issued $33.5 billion in such bonds, slightly more than they did in early 2005. Before the 2008 crash, 57% of the outstanding money in such securities was in high-risk interest-only loans, a number that fell hard and fast, to just 11% two years ago. Today, that number has more than tripled to 34%.
Even faster to revive have been collateralized loan obligations, which are pools of loans given to companies with junk ratings. In the first quarter of 2013, banks issued about $26 billion of them—more than in the same period of the last boom year of 2007. Demand has been so strong that banks have started to loosen underwriting standards on the underlying loans and bonds, prompting the Federal Reserve to warn last month that “prudent underwriting practices have deteriorated.”
Those willing to learn from history will recall that securitization—the bundling of many loans into one investment—proved dangerous during the real estate bubble because when the bubble burst, investors learned that the complexity of the instruments had obscured their real risks, leading to unexpected losses by those investors, chaos in the financial system and the Great Recession. They will also recall that those who created these “shoddy deals” and then defrauded their investors escaped wealthy but largely unpunished, and are still working on Wall Street today.
To Learn More:
Wall St. Redux: Arcane Names Hiding Big Risk (by Nathaniel Popper, New York Times)
SEC Tricks Judge to Help Citigroup (by Noel Brinkerhoff and David Wallechinsky, AllGov)
Why No Prison for Banksters Who Caused Financial Crisis…Yet? (by David Wallechinsky and Noel Brinkerhoff, AllGov)
As Pentagon Officials Whine about Budget Cuts, How about Canceling some of These Projects?
By Matt Bewig | AllGov | April 22, 2013
Even as Pentagon officials complain that budget cuts threaten to hollow out its ranks and degrade its military capabilities, they have been able to find money for new sun rooms, a museum, golf course netting and other “questionable projects,” according to a Senate Armed Services Committee report released last week.
The report focuses on the military’s $10 billion-a-year overseas construction efforts, about 70% of which is spent in just three countries with a large U.S. troop presence: Japan, South Korea, and Germany. According to the report, much of this spending occurs with little oversight, sometimes in violation of military regulations and Pentagon promises to Congress.
The specific boondoggles include addition of sun rooms to housing for senior officers in Stuttgart, Germany; a $10 million museum in South Korea praising the U.S. Army; and $2.9 million worth of netting around an Army golf course at Camp Zama, Japan.
Perhaps more disturbing than the amounts involved is the surreptitious manner in which the Pentagon spent the money and kept Congress and the public in the dark. The U.S. is withdrawing or relocating troops in all three countries, and as the military relinquishes various facilities to the host countries, they are expected to pay the U.S. for the returned properties. However, a little-known rule lets local American commanders waive these payments in return for work of an equivalent value performed by the host country—without approval from Congress or even the Pentagon itself. Each of the most questionable expenses—the sun rooms in Germany, the pro-Army museum in South Korea and the golf netting in Japan—was financed this way.
“When the Pentagon and the entire federal government face enormous fiscal challenges, the questionable projects and lack of oversight identified in this review are simply unacceptable,” said Sen. Carl Levin (D-Michigan), the committee chairman.
“We are aware of the report, and we take it very seriously,” said Air Force Maj. Robert Firman, a Department of Defense spokesman. “The DOD strives to be a good steward of taxpayer resources and we look forward to discussing it with Congress in the near future.”
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Thomas Friedman Again Demonstrates the Skills Shortage for NYT Pundits
CEPR | April 20, 2013
The NYT has difficulty finding pundits who can write knowledgeably about economics. Thomas Friedman made this point in his Sunday column. At one point he quotes Gary Green, the president of Forsyth Technical Community College, in Winston-Salem, N.C.:
“‘We have a labor surplus in this country and a labor shortage at the same time,’ Green explained to me. Workers in North Carolina, particularly in textiles and furniture, who lost jobs either to outsourcing or the recession in 2008, often ‘do not have the skills required to get a new job today’ in the biotech, health care and manufacturing centers that are opening in the state.
“If before, he added, ‘you just needed a high school shop class or a short postsecondary certificate to work in a factory, now you need an associate degree in machining,’ a two-year program that requires higher math, I.T. and systems skills. In addition, some employers are now demanding that you not only have an associate degree but that nationally recognized skill certifications be incorporated into the curriculum to show that you have mastered the skills they want, like computer-integrated machining.”
Actually there are simple ways to identify labor shortages. First and foremost we should be seeing rapidly rising wages. If employers cannot get the workers they need then they raise the wages they offer to pull workers away from other employers. This is how markets work. (We should also see longer workweeks and increased vacancies.)
In fact there is no major sector of the economy where wages are rising rapidly. This shows rather conclusively that workers do not have skill shortages although it may be the case that many managers are so ignorant of markets that they don’t know that the way to attract better workers is to raise wages. Of course that would suggest the need to better train managers, not workers.
At one point the piece tells readers;
“We need to reform Social Security and Medicare so they can support all the baby boomers about to retire. ….
“As Bloomberg News reported on Monday: ‘Typical wage-earners retiring in 2010 will receive at least $3 for every $1 they contributed to the Medicare health-insurance program, according to an Urban Institute study.’ That’s unsustainable.”
It would have been helpful if Freidman had also mentioned that the same Urban Institute study shows workers already paying slightly more into Social Security than they get back. Yet Friedman wants to cut benefits.
The main reason that the Medicare benefits workers receive are more than they pay in taxes is we pay more than twice as much per person as people in other wealthy countries for our health care. This is due to the fact that we pay close to twice as much for our doctors, drugs, and medical equipment. It is not due to the fact that we get better care. This might suggest the need to reduce payments to health care providers rather than cut Medicare. Of course health care providers are a powerful lobby that Friedman apparently does not want to anger.
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South Africa slams US, EU over Iran oil sanctions
Press TV – April 19, 2013
South Africa has lashed out at the United States and European Union for imposing oil sanctions on Iran over its nuclear energy program without first consulting major importers of the Iranian energy supplies.
South Africa’s Energy Minister Elizabeth Dipuo Peters, who is in India to attend the Clean Energy Ministerial (CEM) meeting, said that such decisions have geopolitical implications and mostly affect “the poorest of the poor” that are in dire need of energy supplies and have no alternative.
“When decisions are made at bilateral or unilateral levels that have serious geopolitical consequences, we need to engage seriously,” Peters said.
“When we had to look for crude of the kind we got from Iran, it came at a premium,” she added.
“It has a multiple knock-on effect, especially on the poorest. When these decisions are taken, they must always consider the impact and consequences of their decisions at the geopolitical level. Or at least involve other countries so that when the decision is made they can say South Africa is taking it consciously. They have calculated the impact on them but not on others,” the South African minister said.
At the beginning of 2012, the US and EU imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.
On October 15, 2012, the EU foreign ministers reached an agreement on another round of sanctions against Iran.
The sanctions have been imposed on Iran over the groundless charges of a potential military diversion in Iran’s nuclear energy program.
Iran rejects the unfounded allegations over its nuclear energy program, arguing that as a committed signatory to the Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.
Peters said that that the petroleum industry is a victim of financial sanctions, which include US sanctions on dollar-denominated trading and EU sanctions on insurance for shipping companies.
She emphasized that the US 18-month exemption for Iran oil sanctions had not benefited South Africa because the EU has refused to grant waivers.
On December 8, 2012, the US added China, India, South Korea, Malaysia, Singapore, South Africa, Sri Lanka, Turkey, and Taiwan to the list of countries exempted from the sanctions for another six months.
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- US renews Iran sanctions waiver for Japan and 10 EU countries (alethonews.wordpress.com)
That’s where the money goes
By Lawrence Wittner | International Physicians for the Prevention of Nuclear War | April 18, 2013
According to a report just released by the highly-respected Stockholm International Peace Research Institute (SIPRI), world military expenditures in 2012 totaled $1.75 trillion.
The report revealed that, as in recent decades, the world’s biggest military spender by far was the US government, whose expenditures for war and preparations for war amounted to $682 billion — 39 percent of the global total.
The United States spent more than four times as much on the military as China (the number two big spender) and more than seven times as much as Russia (which ranked third). Although the military expenditures of the United States dipped a bit in 2012, largely thanks to the withdrawal of U.S. troops from Afghanistan, they remained 69 percent higher than in 2001.
US military supremacy is even more evident when the U.S. military alliance system is brought into the picture, for the United States and its allies accounted for the vast bulk of world military spending in 2012. NATO members alone spent a trillion dollars on the military.
Thus, although studies have found that the United States ranks 17th among nations in education, 26th in infant mortality, and 37th in life expectancy and overall health, there is no doubt that it ranks first when it comes to war.
This Number 1 status might not carry much weight among Americans scavenging for food in garbage dumpsters, among Americans unable to afford medical care, or among Americans shivering in poorly heated homes. Even many Americans in the more comfortable middle class might be more concerned with how they are going to afford the skyrocketing costs of a college education, how they can get by with fewer teachers, firefighters, and police in their communities, and how their hospitals, parks, roads, bridges, and other public facilities can be maintained.
Of course, there is a direct connection between the massive level of US military spending and belt-tightening austerity at home: most federal discretionary spending goes for war.
The Lockheed Martin Corporation’s new F-35 joint strike fighter plane provides a good example of the US government’s warped priorities. It is estimated that this military weapons system will cost the US government $1.5 trillion by the time of its completion. Does this Cold War-style warplane, designed for fighting enemies the US government no longer faces, represent a good investment for Americans? After twelve years of production, costing $396 billion, the F-35 has exhibited numerous design and engineering flaws, has been grounded twice, and has never been flown in combat. Given the immense military advantage the United States already has over all other nations in the world, is this most expensive weapons system in world history really necessary? And aren’t there other, better things that Americans could be doing with their money?
Of course, the same is true for other countries. Is there really any justification for the nations of Asia, Africa, the Middle East, and Latin America to be increasing their level of military spending — as they did in 2012 — while millions of their people live in dire poverty? Projections indicate that, by 2015, about a billion people around the world will be living on an income of about $1.25 per day. When, in desperation, they riot for bread, will the government officials of these nations, echoing Marie Antoinette, suggest that they eat the new warplanes and missiles?
President Dwight Eisenhower put it well in an address before the American Society of Newspaper Editors 60 years ago:
Every gun that is made, every warship launched, every rocket fired signifies in the final sense a theft from those who hunger and are not fed, those who are cold and are not clothed. . . . This world in arms is not spending money alone; it is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. . . . This is not a way of life at all in any true sense. Under the clouds of threatening war, it is humanity hanging from a cross of iron.
That sentiment persists. On April 15, 2013, people in 43 countries participated in a Global Day of Action on Military Spending, designed to call attention to the squandering of the world’s resources on war. Among these countries was the United States, where polls show that 58 percent of Americans favor major reductions in US military spending.
How long will it take the governments of the United States and of other nations to catch up with them?
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Canadian “Aid” as Tool for Foreign Policy
By Yves Engler | Dissident Voice | April 18, 2013
The Canadian International Development Agency is no longer. In its recent budget the Conservative government collapsed CIDA into Foreign Affairs, creating the Department of Foreign Affairs, Trade and Development.
While there was plenty of commentary on the Tories’ move, no one — from the mainstream right to the development NGO left — pointed out that Canadian aid has primarily been about maintaining and/or extending the grip the world’s richest one percent holds over the entire globe.
Canada began its first significant (non-European) allocation of foreign aid through the Colombo Plan. With Mao’s triumph in China in 1949, the 1950 Colombo Plan’s primary aim was to keep the former British Asian colonies, especially India, within the Western capitalist fold.
To justify an initial $25 million ($250 million in today’s dollars) in Colombo Plan aid External Affairs Minister Lester Pearson told the House of Commons:
Communist expansionism may now spill over into South East Asia as well as into the Middle East … it seemed to all of us at the [Colombo] conference that if the tide of totalitarian expansionism should flow over this general area, … the Free World will have been driven off all but a relatively small bit of the great Eurasian landmass. … We agreed at Colombo that the forces of totalitarian expansionism could not be stopped in South Asia and South East Asia by military force alone.
Two years later Prime Minister Louis St. Laurent was even more explicit about the carrot and stick approach to defeating left wing nationalism (“communism”). In September 1952 St. Laurent explained:
In South East Asia through the establishment of the Colombo plan not only are we trying to provide wider commercial relations but we are also fighting another Asiatic war against Communism in the interests of peace, this time with economic rather than military weapons. We Canadians know that in the struggle against Communism there are two useful weapons, the economic and the military. While we much prefer to use the economic weapons as we are in the Colombo plan, we know that we may have no choice but to use the military weapons as we have been forced to do in Korea [27 000 Canadian troops participated in this war that left 3 million dead].
In other words, if some of India’s post-colonial population had not set their sights on a socialistic solution to their troubles — with the possibility of Soviet or Chinese assistance — Canada probably would not have provided aid. Five years into the Colombo Plan, Pearson admitted “Canada would not have started giving aid if not for the perceived communist threat.”
The broad rationale for extending foreign aid was laid out at a 1968 seminar for the newly established Canadian International Development Agency. This day-long event was devoted to discussing a paper titled “Canada’s Purpose in Extending Foreign Assistance” written by Professor Steven Triantas of the University of Toronto. Foreign aid, Triantas argued, “may be used to induce the underdeveloped countries to accept the international status quo or change it in our favour.” Aid provided an opportunity “to lead them to rational political and economic developments and a better understanding of our interests and problems of mutual concern.” Triantis discussed the appeal of a “‘Sunday School mentality’ which ‘appears’ noble and unselfish and can serve in pushing into the background other motives … [that] might be difficult to discuss publicly.”
A 1969 CIDA background paper, expanding on Triantas views, summarized the rationale for Canadian aid:
To establish within recipient countries those political attitudes or commitments, military alliances or military bases that would assist Canada or Canada’s western allies to maintain a reasonably stable and secure international political system. Through this objective, Canada’s aid programs would serve not only to help increase Canada’s influence within the developing world, but also within the western alliance.
This type of thinking continues to drive aid policy. Largely ignored in recent commentary, there are innumerable documented instances of Canadian aid advancing highly politicized geopolitical objectives over the past 25 years.
As an early advocate of International Monetary Fund/World Bank structural adjustment programs, since the early 1980s Canada has channeled hundreds of millions in “aid” dollars to supporting privatization and economic liberalization efforts in the Global South. At the start of the 2000s Ottawa plowed millions of dollars into supporting the Western-backed “coloured revolutions” in Eastern Europe and opposition to Jean Bertrand Aristide’s elected government in Haiti. More recently, the Conservatives have ramped up aid spending in Latin America to combat independent-minded, socialist-oriented governments. Barely discussed in the media, the Harper government’s shift of aid from Africa to Latin America was largely designed to stunt Latin America’s recent rejection of neoliberalism and U.S. dependence by supporting the region’s right-wing governments and movements.
An entirely unacknowledged, though increasingly obvious, principle of Canadian aid is that where the USA wields its big stick, Canada carries its police baton and offers a carrot. Or to put it more bluntly, where U.S. and Canadian troops kill Ottawa provides aid.
During the 1950-53 Korean War the south of that country became a major recipient of Canadian aid and so was Vietnam during the U.S. war there. The leading recipient of Canadian aid in 1999/2000 was the war-ravaged former Yugoslavia and Iraq and Afghanistan were top two recipients in 2003/2004. Since that time Afghanistan and Haiti (where Canadian and U.S. troops helped overthrow the elected government in February 2004) have been the leading recipients. Tens of millions in Canadian “aid” dollars have been spent to reestablish foreign and elite control over Haiti’s security forces.
There are a number of reasons for the lack of discussion about aid being used as a tool to maintain/extend Western capitalist dominance. NGO critics of aid policy are generally unwilling to point out the geopolitical underpinnings of Canadian aid because their jobs depend on keeping quiet. They stick to criticizing the ways in which foreign assistance is used to benefit specific corporate interests. This stakeholder criticism generally amounts to no more than NGOs saying: “Give the aid money to us not the corporations, because we’ll do a better job of whatever it is you want to accomplish.”
If you tell truth to power by saying Canadian aid is largely designed to maintain Western capitalist dominance of the Global South, you’re not likely to have your grant renewed.
The funny thing is, with the Conservatives in power, if you’re doing anything remotely useful to ordinary people, you’re not likely to anyway.
Yves Engler is the author of Lester Pearson’s Peacekeeping: The Truth May Hurt. His latest book is The Ugly Canadian: Stephen Harper’s foreign policy.
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Nearly 30 migrant workers shot in Greece
Press TV – April 18, 2013
More than two dozen workers have been injured in a dispute over unpaid salaries in southern Greece when their supervisor shot them, police reports.
The incident took place on Wednesday near the village of Manolada, about 260 kilometers (160 miles) west of the capital, Athens.
Police Captain Haralambos Sfetsos said the shooting occurred after at least one of three foremen opened fired on a crowd of about 200 migrant strawberry pickers, who demanded six months’ back pay.
Thirty workers most of them from Bangladesh were wounded in the shooting. Eight of those hurt are in serious condition in hospital.
The owner of the farm, who was not present at the time of the incident, has been taken into custody for questioning while arrest warrants have been issued for the three foremen, who are all Greek.
On March 16, the Council of Europe’s commissioner for human rights rapped Greece for not having tough measures to combat a surge in racist violence in the country.
The Manolada area has reportedly been at the center of several cases involving violence against migrant workers in recent years.
In 2012, two Greek men were arrested for beating an Egyptian worker, ramming his head in a car window and dragging him for about one kilometer.
Migrants on farms in the area went on a four-day strike in 2008 to protest salaries as low as five euros a day and unsanitary living conditions.
Pentagon to allocate $400 million to Iron Dome over next two years
Press TV – April 17, 2013
The US Defense Department plans to spend nearly 400 million dollars during the next two years on Israel’s Iron Dome missile system, despite budget cuts affecting the lives of many Americans.
Bloomberg reported on Tuesday that the Pentagon intends to allocate $220 million for the Israeli missile batteries in fiscal year 2014, which starts on October 1.
Washington also plans to spend $175.9 million in 2015.
If the budget is approved during the annual defense budget process, it will be added to the $486 million that Washington has already spent on the Israeli regime’s Iron Dome missile system during the past few years.
Meanwhile, US Defense Secretary Chuck Hagel is planning to travel to Israel in a few days.
“Our interests are very clear and common,” Hagel said at a US House hearing on Tuesday, adding, “I think the Israelis know that.”
The Israeli regime receives more than three billion dollars from the United States in direct foreign assistance every year.
Hagel recently reassured Tel Aviv that Washington would continue funding Israel’s costly Iron Dome.
On March 5, Hagel held a meeting with then Israeli Minister for Military Affairs Ehud Barak at the Pentagon, during which he voiced Washington’s “strong commitment” to backing funding for the Iron Dome, despite fiscal uncertainty for the US administration.
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New Book
The Garlic Book — 2026
Lies are Unbekoming | November 5, 2026
What The Garlic Book shows
The book is in four parts.
Part One, The Record, treats the history of garlic as evidence. From the clay garlic bulb placed in an Egyptian grave nearly six thousand years ago, through the Ebers Papyrus, through Hippocrates, Dioscorides, Pliny and Galen, the Arab physicians under Avicenna, the medieval herbals, Culpeper, and the plague years, to the last era in which Western physicians prescribed garlic as a matter of course, which ran from 1850 to 1945. It closes with the living traditions that never stopped using it, and with the folklore of charms, vampires and the evil eye.
Part Two, The Chemistry and the Evidence, sets out what is known about why a clove has no smell until it is cut, and why the order of crush, rest and heat changes the medicine. It then reads the clinical evidence against the historical record — bacteria, blood and vessels, cancer epidemiology, metals and fatigue — and names the trials that went against garlic as directly as the trials that went for it, including the 2007 Stanford trial funded by the US National Institutes of Health which found that raw garlic, garlic powder and aged garlic extract moved LDL cholesterol no more than placebo did. It then turns to onion, garlic’s closest relative, and reads the newer evidence published since 2015, before closing with the whole of the record through the terrain lens.
Part Three, Why Medicine Set It Aside, asks the question directly. One chapter contrasts the pharmaceutical model of isolating a single active compound with the folk model of combining whole plants, and reports what the garlic evidence says about which model works better. One chapter examines the economics of research on a plant that cannot be patented. One chapter — Fire Cider — tells the story of a folk preparation whose name was taken into a United States trademark by a Massachusetts company in 2012, and won back by three herbalists in 2014 who documented forty years of prior use through Rosemary Gladstar and her students into the older tradition.
Part Four, Garlic in Practice, is the working manual — the kitchen pharmacy, traditional uses by body system, a full chapter on safety and interactions, and a complaint-by-complaint practical guide. The book closes with The Trial That Was Never Run — a one-chapter reading of the whole evidential architecture.
At the back: two appendices (a traditional list of uses, and a preparation quick-reference), a full bibliography, and a live index.
Blog Roll
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- Kafr Qasim at 70: The massacre Israel still hasn’t owned up to
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- LAPD Pilot Will Track Vehicles In San Fernando Valley
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- NATO’s “Nordic model” brings Arctic confrontation closer to Russia’s nuclear bases
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- If Americans Knew
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- No Tricks Zone
- New Study: The Net Fossil Fuel Contribution To Rising Atmospheric CO2 Has Been Zero For 500 Years
- Germany’s Green Energy Transition Becoming Increasingly Expensive…Another 6 Trillion Euros!
- Sudden Stratospheric Warming, Powerful El Niño Combination May Lead To Extreme Europe Cold, Energy Crisis!
- Two New Studies Find Thwaites Glacier Melt Cannot Be Driven By Human Activity Or A Warming Ocean
- E-Cars Reduce CO2 Emissions By Only 41% Compared To Internal Combustion Engine Vehicles
- Predictions Made By Renowned Climate Professor Over Past Decades Have Been Proven To Be Poor
- New Study Suggests Large Regions Of The Pacific Ocean Have Been Cooling For The Last 80 Years
- Germany’s Green Energy Debacle: High Energy Costs Force Kahla Porzellan to Close After 182 Years!
- New Study: 50 Years Of The Most Aggressive ‘Net Zero’ Policies Can Only Affect The Global Climate By 0.03°C
- US September “Heat” Was No Record…Many Records Set Decades Ago
