Robert Oak's blog

Must Read Posts for July 5, 2010

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On The Economic Populist you might have noticed the right column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.

Sometimes though, one cannot say it better but miss those who did.

Must Read Post #1

The New York Times analyzed the corporate tax code and found the oil industry is one of the most subsidized of them all.

According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.

And for many small and midsize oil companies, the tax on capital investments is so low that it is more than eliminated by var-ious credits. These companies’ returns on those investments are often higher after taxes than before.

COP Report on AIG and Congressional Hearing with Geithner

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The Congressional Oversight Committee released a report on AIG last week. But before we get into those damning facts, check out the below video clip of Elizabeth Warren trying to confront Timothy Geithner on the failure of HAMP. Notice how 1 million people losing their homes goes in one ear and out the other as Treasury Secretary Geithner rambles on in response.

 

 

Sunday Morning Comics - I See Shadow Bankers Edition

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Brought to you by Financial Reform - Nothing pulls the country together more than having a bunch of financial conglomerates in cahoots with government destroying the national economy.
Cup O' Joe

 

Good Morning! Rise and Shine! Get that Cup O' Joe...
break out the O.J....hang out with the pooch...time to check out the Funnies!

 

Friday Movie Night - Slavery and the Making of America

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hot buttered popcorn It's Friday Night! Party Time!   Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

 

While the focus on slavery is usually morality and human suffering, it was also about money, profit and greed. The below documentary Slavery in America hits on some of those economic aspects. It is estimated there are 27 million people globally being enslaved today. No, that's not counting the wage slaves and other horrors.

 

Episode 1 – The Downward Spiral

 

Financial Reform D.O.A. Redux

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The Financial Reform Bill is now officially a joke. D.O.A. After the worst financial meltdown and still no jobs in the aftermath, we get...lobbyists getting their way in Congress.

The Lincoln derivatives amendment was weakened and watered down. Banks now can keep most of their derivatives. They do not have to spin off 92% of them to affiliate companies.

Under the agreement, reached late Thursday, banks would continue to be allowed to deal interest rate and foreign exchange swaps, "credit derivatives referencing investment-grade entities that are cleared," derivatives referencing gold and silver, and the firms would be allowed to hedge "for the banks' own risk."

Banks would be forced to push out to their affiliates derivatives referencing "cleared and uncleared commodities, energies and metals (with the exception of gold and silver), agriculture, credit derivatives referencing non-investment grade entities and all equities, and any uncleared credit default swaps," Peterson said.

"Frankly, the biggest part of all these derivatives, by far, are the ones that I named that are going to be able to stay in the bank," Peterson added. "Interest rate and foreign exchange are by far the greatest part of the amount of business that's involved here."

From Bloomberg:

Must Read Posts for June 24, 2010

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On The Economic Populist you might have noticed the right column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.

Sometimes though, one cannot say it better but miss those who did.

Must Read Post #1

The Supreme Court just made it tougher to prosecute white collar crime by limiting the honest services fraud law. Anyone else notice there have been no real prosecutions for the financial meltdown yet? Use a gun, get 40 years. Use a spreadsheet, get a multimillion dollar bonus.

Must Read Post #2

More and more evidences emerges that most of our Medical Doctors are sure not following the Hippocratic Oath. The University of Michigan stops Drug and Medical companies from buying off paying for Doctor's required medical licensing education.

Must Read Post #3

Drug Trials are being offshore outsourced. Yup, let's test our drugs for peanuts in 3rd world countries where problems and side effects won't be noticed or prosecuted.

80 percent of the drugs approved for sale in 2008 had trials in foreign countries, and 78 percent of all subjects who participated in clinical trials were enrolled at foreign sites.

Suffering Ado About Oil

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Earlier today the containment cap was off the riser. Oil and gas was spewing into the gulf for a good 8 hours. One of the vents was damaged and the cap had to be removed. There were also two deaths in the oil spill recovery team. It is now back on and they are collecting and burning about 27,000 barrels of oil per day. Spill estimates currently range between 35,000 and 60,000 barrels per day.

Gas entered one of the lines which actually cools the containment cap. A robot arm from one of the ROVs accidentally bumped a vent, at which point gas went up the line. That line is used to heat the containment gap so the gas doesn't form hydrates (freeze).

Even more despairing, a boat captain working on the clean up, shot himself. From MSNBC:

The deaths reported Wednesday were not tied to the containment operation. The Coast Guard said the workers had been involved in cleanup operations did that their deaths did not appear to be work related.

One death was a boat captain who died of a gunshot wound, a Coast Guard spokesman said. Further details were not immediately available.

To watch all of the spillcams at once, click here or click here and finally here.

Here is the official coast guard website on the spill.

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