IS THIS WHAT OUR MOTHERS & FATHERS FOUGHT FOR??

65 and Up and Looking for Work

By STEVEN GREENHOUSE

It is well known that during the nation’s gale-force recession, many older Americans who dreamed of retirement continued to work, often because their 401(k)’s had plunged in value.
In fact, there are more Americans 65 and older in the job market today than at any time in history, 6.6 million, compared with 4.1 million in 2001.
Less well known, though, is that nearly half a million workers 65 and older want to work but cannot find a job — more than five times the level early this decade and this group’s highest unemployment level since the Great Depression.
The situation is made more dire because of numerous recent trends: many people over 65 have lost their jobs as seniority protections have weakened, and like most other Americans, a higher percentage of them took on debt than in previous generations.
The expectation once was to pay off your 30-year mortgage before you retired, or come close. Instead, the level of indebtedness among older Americans has risen faster than in any other age group, partly because so many obtained second mortgages to take money out of their homes.
This financial squeeze is one reason President Obama has proposed giving a special $250 one-time payment to all Social Security recipients.
Many out-of-work older Americans complain that they face foreclosure or have had to give up their car. (Power more at )

U.S. Bank Failures Exceed 100

for Year, First Time Since 1992

By Dakin Campbell and Michael McKee

Oct. 24 (Bloomberg) -- U.S. regulators closed more than 100 banks in a single year for the first time since 1992, signaling the financial crisis hasn’t abated for lenders struggling with mounting losses tied to commercial real estate.
Seven banks -- three in Florida and one each in Georgia, Wisconsin, Minnesota and Illinois -- were shut yesterday, according to the Federal Deposit Insurance Corp., pushing this year’s total to 106. That’s the most since the savings-and-loan crisis led regulators to shutter 179 institutions in 1992.
“It’s very painful, it costs a lot of money, it ruins careers,” said Gerard Cassidy, an RBC Capital Markets analyst in Portland, Maine. “But shutting down failed banks and writing off the bad loans is a necessary solution that has to be done to get the economy and the banking system back on its feet.” ( Power more at )

Citigroup's "Hail Mary Pass":

How To Know Citigroup Is In Serious Trouble

Citigroup is in serious trouble. It's easy to tell by what they are doing.
Inquiring minds note that Citi Abruptly Shutting Down Gas-Linked Credit Cards.Citi (C) is abruptly shutting down credit cards linked to gas station partners.
The bank is offering few details:
The bank said in a statement it "decided to close a limited number of oil partner co-branded MasterCard accounts." That includes not only Shell, but Citgo, ExxonMobil and Phillips 66-Conoco cards.
The close date was Wednesday, and letters were sent out Monday to customers informing them of the change, a Citi spokesman said. The bank would not say how many cards were shut down or how much available credit they represented.
In a followup article the Business Insider notes ....
Citi Jacks Credit Card Rates To 29.99% On Unsuspecting Customers.Yesterday, we reported on how scores of people across the country had found their gas station-linked credit cards from Citibank had been canceled.
One reader, Rachel, emailed us and explained her frustration.
I received two letters by mail from Citibank yesterday. One said that because I always paid my account on time and that I was such a great customer they were increasing my credit limit. The next letter I opened stated that Citibank was raising my interest rate from the current 18.99% to 29.99%. (Power more at )

EPIC Renews Call for Release of

Bush Warrantless Wiretap Memos:

In court papers filed this week in Washington, DC, EPIC and the ACLU asked a federal judge now reviewing an open government case to consider the publication of the Inspectors General Unclassified Report on the President's Surveillance Program. EPIC and the ACLU are seeking the release of the relevant legal memos relating to the program, but the government contends that the entire matter is secret. However, the Inspector General's report, which is widely available, discusses several of the memos at issue in the case. EPIC filed the original request for the legal memos in December 2005 after the New York Times first reported on the warrantless wiretapping program. The case is EPIC v. Dep't of Justice. (Sep. 18, 2009)

Obama and the Nobel Prize:

When War becomes Peace,

When the Lie becomes the Truth
by Michel Chossudovsky

When war becomes peace,
When concepts and realities are turned upside down,
When fiction becomes truth and truth becomes fiction.
When a global military agenda is heralded as a humanitarian endeavor,
When the killing of civilians is upheld as "collateral damage",
When those who resist the US-NATO led invasion of their homeland are categorized as "insurgents" or "terrorists".
When preemptive nuclear war is upheld as self defense.
When advanced torture and "interrogation" techniques are routinely used to "protect peacekeeping operations",
When tactical nuclear weapons are heralded by the Pentagon as "harmless to the surrounding civilian population"
When three quarters of US personal federal income tax revenues are allocated to financing what is euphemistically referred to as "national defense"
When the Commander in Chief of the largest military force on planet earth is presented as a global peace-maker,
When the Lie becomes the Truth.
Obama's "War Without Borders"
We are the crossroads of the most serious crisis in modern history. The US in partnership with NATO and Israel has launched a global military adventure which, in a very real sense, threatens the future of humanity. ( Power more at )

Where The Hell Is The Outrage?

The number of articles and opinions on Goldman Sachs earnings, bonuses, and influence pedaling over the past several days is quite stunning.
Many have pointed out the problems; few have expressed outrage over what is happening in general, not just at Goldman Sachs. Let's take a look.
My take is at the end.
Letting The Dice Roll
Rolfe Winkler at Contingent Capital is writing Letting Goldman Roll The Dice.Is Goldman really such an indispensable financial intermediary? One look at the firm’s revenue breakdown shows that it’s more casino than anything else, and some of the markets it makes still put the economy in danger. ( Power more at )

China and Russia Developing

Yuan-Ruble Trade Settlement

by Washington's Blog

You've heard the rumor that Middle Eastern oil producers, plus China, Japan and France have all agreed to start trading oil using a basket of currencies - instead of the dollar - starting in 9 years (see this explanation for why the governments are denying the rumor).
But - whether or not the rumor is true - the world has actually been moving away from the dollar as the preferred method for settling trades for years.
The Wall Street Journal reported yesterday:
China and Russia are working on ways to eventually settle their trade with the Chinese yuan and Russian ruble, senior government officials from the two countries said Tuesday.
In January, it was reported that China had reached a similar arrangement with Brazil:
The Brazilian Central Bank announced it had reached an initial understanding with China for the gradual elimination of the US dollar in bilateral trade operations which in 2009 are estimated to reach 40 billion US dollars.
Indeed, as I pointed out in March 2007, many countries started moving out of the dollars as the basis for international trade settlements, including: ( power more at )

Spying on Americans:

The Bipartisan National Security State Telecoms

Lobby US Congress

by Tom Burghardt

The bipartisan consensus that encourages unaccountable secret state agencies to illegally spy on the American people under color of a limitless, and highly profitable, "war on terror" was dealt a (minor) blow October 13.
Federal District Court Judge Jeffrey White denied a motion by the Obama administration that the court issue a 30-day stay to "release records relating to telecom lobbying over last year's debate over immunity for corporate participation in government spying," the Electronic Frontier Foundation reported.
The Justice Department had argued that the Bush, and now, the Obama administration's Office of Director of National Intelligence (ODNI) and Congress were exempt from releasing lobbying records under the Freedom of Information Act, since consultations amongst said grifters were protected as "intra-agency" records.
One might add, since the 2001 terrorist attacks on New York and Washington, a well-funded surveillance-industrial-complex fueled by giant defense firms and the telecommunications industry have, as investigative journalist Tim Shorrock reported back in 2005 "fielded armies of lobbyists to keep the money flowing."
White's denial of a motion for a stay followed a startling admission by Department of Justice (DoJ) attorneys that America's telecommunication firms are actually "an arm of the government--at least when it comes to secret spying," Wired reported October 8. The government had argued that: ( Power more at )