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Was Use of Cell Phones on 9/11 Flights Possible?
2004-12-15, WantToKnow.info/Washington Post/SF Chronicle/Associated Press
http://www.WantToKnow.info/911cellphonecalls

”Once you get to a certain height, you are no longer in the range of the cellular network, because cell phone towers aren't built to project their signals that high.”

Washington Post, 12/9/04

“Today's vote by the FCC is intended to address whether technology has improved to the extent that cell phone calls now are possible above 10,000 feet -- they weren't in the past.”

San Francisco Chronicle, 12/15/04

"With television cameramen hovering, Qualcomm chief executive Irwin Jacobs sat in the front row of coach and made one of the first legal cell phone calls from a commercial jetliner. Jacobs pronounced the [brand new] technology behind the airborne phone call a success, although adding that it will be improved over the next couple years. Connections from the plane were generally good, although some calls were dropped."

USA Today/Associated Press, 7/16/04

Note: To find articles showing multiple cell phone use on Sept. 11, 2001, type "9/11" and "cell phone calls" into your favorite search engine, or click here for a Washington Post report on an alleged 30-minute uninterrupted cell phone call from Flight 93. Click here for a CNN report on another call from that flight. Tests have shown it is not possible to have an extended cell phone conversation above 10,000 feet.

Big Pharma snared by net
2004-09-26, The Observer (One of the U.K.'s leading newspapers)
http://observer.guardian.co.uk/business/story/0,,1312765,00.html

No one foresaw ... the shocking extent to which the internet would change the terms of trade between corporations and society. One of the world's largest drug companies [was] the first victim. Britain's GlaxoSmithKline, the world's second-largest pharma, denied any wrongdoing, but agreed to pay $2.5m ... for concealing evidence of its antidepressant Seroxat's potential for harming children, while doing them no measurable good. Infinitely more frightening ... this pharma had the backing of institutions that we, the public, rely on to protect us from poisoning by prescription. The Royal College of Psychiatrists had insisted only a year earlier that 'there is no evidence that antidepressant drugs can cause dependence syndromes'. It was really the internet that allowed public health activists to do an end run around GSK's and the medical authorities' denials of the drug's risks. An explosion of websites dedicated to vivid accounts of antidepressant reactions told these campaigners about hundreds of thousands affected by a problem that officially did not exist. Health activists in Britain and America have uncovered the core of pharma might. In both countries, clinical drug tests are paid for by the pharmas, who tweak the trials' design for the best possible results. Until recently, only the most favourable findings got published in the 20,000-odd biomedical journals, many of them dependent on pharmas for funding. The drugs are approved for marketing by regulators, whose salaries are mostly financed by the subjects of their evaluations. The medicines are then prescribed by doctors routinely courted with pharma gifts ... meant to persuade them to change their prescribing habits.

Note: For a two-page summary with lots more reliable information on major health cover-ups by a doctor who was editor-in-chief of one of the most pretigious medical journals in the world, click here.

Lost In Translation
2004-08-08, CBS News
http://www.cbsnews.com/stories/2002/10/25/60minutes/main526954.shtml

Sibel Edmonds, a translator who worked at the FBI's language division, says [that hundreds, if not thousands, of foreign language intelligence documents] weren't translated because the division was riddled with incompetence and corruption. Edmonds was fired after reporting her concerns to FBI officials. Because she is fluent in Turkish and other Middle Eastern languages, Edmonds, a Turkish-American, was hired by the FBI soon after Sept. 11 and given top-secret security clearance to translate some of the reams of documents seized by FBI agents who have been rounding up suspected terrorists across the United States and abroad. In its rush to hire more foreign language translators after Sept. 11, the FBI admits it has had difficulty performing background checks to detect translators who may have loyalties to other governments, which could pose a threat to U.S. national security. Take the case of Jan Dickerson, a Turkish translator who worked with Edmonds. The FBI has admitted that when Dickerson was hired, the bureau didn't know that she had worked for a Turkish organization being investigated by the FBI's own counter-intelligence unit. They also didn't know she'd had a relationship with a Turkish intelligence officer stationed in Washington who was the target of that investigation. According to Edmonds, Dickerson tried to recruit her into that organization, and insisted that Dickerson be the only one to translate the FBI's wiretaps of that Turkish official. “She got very angry, and later she threatened me and my family's life,” says Edmonds, when she decided not to go along with the plan. “She said, ‘Why would you want to place your life and your family's life in danger by translating these tapes?’” Edmonds says that when she reviewed Dickerson's translations of those tapes, she found that Dickerson had left out information crucial to the FBI's investigation - information that Edmonds says would have revealed that the Turkish intelligence officer had spies working for him inside the U.S. State Department and at the Pentagon.

Note: This article should be read in its entirety. For many revealing articles on the ongoing efforts by longtime whistleblower Sibel Edmonds to tell her story, click here.

Letter to Thomas Kean from Sibel Edmonds
2004-08-05, AsiaTimes ('Asia's most trusted news source')
http://www.atimes.com/atimes/Front_Page/FH05Aa01.html

Your commission ... has now issued its "9/11 Commission Report". After [9/11] we, the translators at the FBI's largest and most important translation unit, were told to slow down, even stop, translation of critical information related to terrorist activities. This issue has been confirmed by the Senate Judiciary Committe. Melek Can Dickerson, with the assistance of her direct supervisor, forged signatures on top-secret documents related to certain 9/11 detainees. Not only does the supervisor facilitating these criminal conducts remain in a supervisory position, he has been promoted. In April 2001, a long-term FBI informant/asset ... received information that: 1) Osama Bin Laden was planning a major terrorist attack in the United States targeting 4-5 major cities, 2) the attack was going to involve airplanes [and] the attack was going to be carried out soon. No action was taken. After 9/11, the agents and the translators were told to 'keep quiet' regarding this issue. The translator who was present ... reported this incident to Director Mueller in writing. Why did your report choose to exclude the information ... despite the public confirmation by the FBI, witnesses provided to your investigators, and briefings you received directly? As you are fully aware, these issues and incidents were found confirmed by a Senior Republican Senator, Charles Grassley, and a Senior Democrat Senator, Patrick Leahy. Even FBI officials 'confirmed all my allegations and denied none' during their unclassified meetings with the Senate Judiciary staff. However, neither your commission's hearings, nor your commission's five hundred sixty seven-page report ... include these serious issues, major incidents, and systemic problems.

Note: If the above link fails, click here. Sibel Edmonds is one of the great heroes of our day. She has been gagged directly by the U.S. Attorney General from telling what she knows. The above letter was not published in any major U.S. media, though widely reported in alternative new sources. To understand how such vital information is hidden from the public, click here. For lots more on Ms. Edmonds, click here.

Academic turns city into a social experiment
2004-03-11, Harvard University Gazette
http://www.news.harvard.edu/gazette/2004/03.11/01-mockus.html

Antanas Mockus had just resigned from the top job of Colombian National University. A mathematician and philosopher, Mockus looked around for another big challenge. Mockus, who had no political experience, ran for mayor of Bogotá. Mockus turned Bogotá into a social experiment just as the city was choked with violence, lawless traffic, [and] corruption. People were desperate for a change. The eccentric Mockus, who communicates through symbols, humor, and metaphors, filled the role. When many hated the disordered and disorderly city of Bogotá, he wore a Superman costume and acted as a superhero called "Supercitizen." People laughed at Mockus' antics, but the laughter began to break the ice. Mockus ... finished his second term as mayor this past January. The fact that he was seen as an unusual leader gave the new mayor the opportunity to try extraordinary things, such as hiring 420 mimes to control traffic in Bogotá's chaotic and dangerous streets. He launched a "Night for Women" and asked the city's men to stay home in the evening and care for the children; 700,000 women went out on the first of three nights. Mockus sees the reduction of homicides from 80 per 100,000 inhabitants in 1993 to 22 per 100,000 inhabitants in 2003 as a major achievement. Yet Mockus doesn't like to be called a leader. "To me, it is important to develop collective leadership." Most important to Mockus was his campaign about the importance and sacredness of life. "In a society where human life has lost value," he said, "there cannot be a higher priority than re-establishing respect for life as the main right and duty of citizens."

Note: Don't miss the entire, highly inspiring story of political transformation with great photos at the link above, or for a shorter version, click here.

9-11 Commission Funding Woes
2003-03-26, Time Magazine
http://www.time.com/time/nation/article/0,8599,437267,00.html

Is the Bush White House trying to put the brakes on the congressional panel created last fall to investigate 9-11 attacks? The White House brushed off a request quietly made last week by the 9-11 Commission Chairman Tom Kean, the Republican former governor of New Jersey, to boost his budget by $11 million. The panel has until the end of May 2004 to complete its work, but it will spend the $3 million it was originally allotted by around August 2003 — if it doesn't get the supplement. Bush's recent move has miffed some members of the 9-11 panel. Kean and former congressman Lee Hamilton, the panel's top Democrat, requested additional funding in a letter to the administration last week. In denying the request, the White House irritated many of the members of the commission. The White House sidestepped the issue of why the request wasn't granted. The latest effort to curtail funding has angered victims of the attacks. Stephen Push, a leader of the 9/11 victims' families, who are closely monitoring the commission, said the White House decision was another in a long line of efforts to water down or shrink the panel's role. Commission member Tim Roemer ... has gone so far as to draw comparisons with the $50 million provided to investigate the recent Columbia tragedy in which seven people died. "If we're looking at well over $11 million for that, we certainly should be looking for at least the same vicinity of money for how 3,000 people died and how to strengthen our homeland security," he said.

Note: MSNBC reported that "the Ken Starr investigation of Whitewater and Monica Lewinsky cost the tax-payer $64 million." The Columbia tragedy invstigation ran $50 million. Yet the White House wanted to limit the investigation of the worst terror attack ever to $3 million. What secrets are they hiding? Click here for more.

Toyota smashes fuel economy record
2002-10-20, London Times
http://www.timesonline.co.uk/article/0,,588-451038,00.html

Tucked away on the Toyota stand you will find a cheeky little coupé that looks sporty but whose raison d’être is fuel economy, the lowest exhaust emissions and ease of recycling. The ES3 — the initials stand for Eco Spirit — achieves 104mpg in the official European fuel consumption tests, a record for a four-seat car. Some months ago I drove this prototype and not only is it even more economical than the special “3 litre” (three litres of fuel for every 100km travelled, or 94mpg) versions of the Audi A2 and VW Lupo that sell in Germany, but the Toyota is more lively and responsive and would be very acceptable as an everyday car. The ES3 has a 1.4 litre turbocharged diesel engine and CVT (continuously variable transmission). The engine cuts out when the car stops, automatically and instantly restarting when you touch the accelerator to move off again. Energy that would be lost from braking is used to charge the car’s battery, and the body panels are made from biodegradable plastics. You will see more of these things in future Toyotas.

Note: If this article is no longer available at the link above, click here. So what happened to this amazing car? Why haven't we heard anything about it since the article was published in 2002? For an excellent essay which provides key information on this topic, including a detailed list of inventions which greatly improve gasoline mileage reported over the years in respected magazines, click here.

Clues Alerted White House to Potential Attacks
2002-05-17, Fox News/Associated Press
http://www.foxnews.com/story/0,2933,53065,00.html

[There are] many examples of "missed leads" that the Bush administration was given prior to Sept. 11. An Iranian in custody in New York City told local police last May of a plot to attack the World Trade Center. German intelligence alerted the Central Intelligence Agency, Britain's MI-6 intelligence service, Israel's Mossad in June 2001 that Middle Eastern terrorists were training for hijackings and targeting American and Israeli interests. Based on its own intelligence, the Israeli government provided "general" information to the United States in the second week of August that an Al Qaeda attack was imminent. Russian President Vladimir Putin has said publicly that he ordered his intelligence agencies to alert the United States last summer that suicide pilots were training for attacks on U.S. targets. An Islamic terrorist conspiracy was uncovered in 1996 in the Philippines to hijack a dozen airplanes and fly them into CIA headquarters and other buildings. U.S. investigators confirmed in October that a 29-year-old Iranian ... made phone calls to U.S. police from his deportation cell that an attack on the World Trade Center was imminent in "the days before the attack." [A] memo from the FBI Phoenix office about Arabs training in U.S. flight schools never reached headquarters. In 1999, the Federal Research Division at the Library of Congress published its own report ... which described that "Suicide bomber(s) belonging to Al Qaeda's Martyrdom Battalion could crash-land an aircraft packed with high explosives (C-4 and semtex) into the Pentagon, the headquarters of the [CIA], or the White House."

Note: For lots more evidence that suggest 9/11 at the very least may have been allowed to happen, click here.

[9/11] Suicide hijackers hid behind stolen Arab identities
2001-09-20, WantToKnow.info/London Times
http://www.WantToKnow.info/010920londontimes.hijackers

Five of the [9/11] hijackers were using stolen identities, and investigators are studying the possibility that the entire suicide squad consisted of impostors. In Saudi Arabia, five of the alleged hijackers have emerged, alive, innocent and astonished to see their names and photographs appearing on satellite television. "The name is my name and the birth date is the same as mine, but I am not the one who bombed the World Trade Centre," Abdulaziz Alomari told the London-based Asharq al-Awsat newspaper. Mr Alomari, 28, ... said that he had left the United States in April 2000. The US-educated engineer had reported to police that his passport was stolen when his flat in Denver, Colorado, was burgled in 1995. A Saudi diplomat formerly based in Washington, Ahmed al-Shehri, told al-Eqtisadiah newspaper that details of one of the hijackers matched his son, Waleed. The young man, a pilot with Saudi Arabian Airlines who graduated four years ago from Embry-Riddle Aeronautical University in Florida, is living in Morocco. Another Saudi pilot, Said Hussein al-Ghamdi, whose photograph was broadcast on CNN when it portrayed him as a hijacker, is living in Tunis. The family of Ziad al-Jarrah, an alcohol-drinking Lebanese partygoer, deny he could have been the fanatical Muslim hijacker whose aircraft crashed in Pennsylvania. Alarming reports claimed that three of the hijackers -Saeed al-Ghamdi, Ahmed al-Mani and Ahmed al-Ghamdi -had learned to fly at the Naval Air Station in Pensacola, Florida, known as the "Cradle of US Naval Aviation".

Note: Yet these individuals are all later listed in the 9/11 Commission report as the hijackers. Click here and scroll down a little over half way to see their photos in the official report. For more on this, click here. For an abundance of reliable information suggesting a major 9/11 cover-up, click here.

Car achieves almost 10,000 miles per gallon
1999-07-16, BBC News
http://news.bbc.co.uk/1/hi/sci/tech/395366.stm

A car driven by a 10-year-old and built at a French school has set a new world record for fuel efficiency. The Microjoule team managed the equivalent of 9,845 miles per gallon while driving for 10 miles around Silverstone race track in the UK. More than 100 teams competed in the Shell Eco-Marathon. Their one goal was to see how far they can get these amazing machines to travel on a minuscule amount of fuel. While we might be delirious if we managed 40 miles (64 kilometres) to the gallon (4.5 litres) pottering about town in our super minis, these people are not happy until they have seen the mileometer click through the thousands. The teams have a choice of petrol or diesel, with solar assistance permitted for the first time this year. A car is allowed three 40-minute runs. It must average at least 15 mph (24 kph) after which the stewards at the meeting calculate the machine's fuel efficiency. "The top fuel teams do about 10 miles, which is six laps on the club circuit at Silverstone," says the event's fuel manager Geoff Houlbrook. "They do that on less than 10 millilitres which is just two teaspoons of fuel." The entries come from all over Europe. Some teams use advanced materials like titanium and carbon fibre. Some of the machines built by schoolchildren are made from parts of old sewing and washing machines. "It's fun but it's also science," says BBC Top Gear presenter and racing driver Tiff Needell. "It's like an experiment with people learning how to save energy."

Note: Some of these amazing vehicles built in 1999 were "built by schoolchildren," yet the auto industry still can't come up with a car that get's 100 mpg? Granted these cars are slow and small, but if they can get almost 10,000 mpg, don't you think similar technology could be used to get at least several hundred mpg in regular cars? For why car mileage hasn't increased much since the 1908 Model T got 25 mpg, click here and here.

Tapes Depict Proposal to Thwart Bomb Used in Trade Center Blast
1993-10-28, New York Times
http://select.nytimes.com/search/restricted/article?res=F00617FE3A5C0C7B8EDDA...

Law-enforcement officials were told that terrorists were building a bomb that was eventually used to blow up the World Trade Center. The informer was to have helped the plotters build the bomb and supply the fake powder, but the plan was called off by an F.B.I. supervisor who had other ideas about how the informer, Emad A. Salem, should be used. The account, which is given in the transcript of hundreds of hours of tape recordings Mr. Salem secretly made of his talks with law-enforcement agents, portrays the authorities as in a far better position than previously known to foil the Feb. 26 bombing of New York City's tallest towers. The explosion left six people dead, more than 1,000 injured and damages in excess of half a billion dollars. The transcript quotes Mr. Salem as saying that he wanted to complain to F.B.I. headquarters in Washington about the bureau's failure to stop the bombing, but was dissuaded by an agent identified as John Anticev. "He said, I don't think that the New York people would like the things out of the New York office to go to Washington, D.C." Another agent ... does not dispute Mr. Salem's account, but rather, appears to agree with it. Other Salem tapes and transcripts were being withheld pending Government review, of "security and other issues." William M. Kunstler, a defense lawyer in the case, accused the Government this week of improper delay in handing over all the material. The transcripts he had seen, he said, "were filled with all sorts of Government misconduct." But citing the judge's order, he said he could not provide any details.

Note: If the above link fails, click here. For a two-minute CBS News clip the same day giving more information on this little-known story, click here.

Kenneth Ring: 'You Never Recover Your Original Self'
1988-08-28, New York Times
http://query.nytimes.com/gst/fullpage.html?res=940DE1DB1E38F93BA1575BC0A96E94...

Probably the oldest mystery to vex mankind is what, if anything, occurs after death. For a decade, Kenneth Ring, a psychology professor and researcher at the University of Connecticut, has looked into the question through the near-death experiences of others. Mr. Ring ... talked with hundreds of people between the ages of 18 and 84 who have come close to physical death. [His books] Life at Death [and] Heading Toward Omega both deal with near-death experiences and how they change people's lives. A near-death experience ... often happens to individuals who find themselves on the verge of imminent biological death. It involves ... a sense of the most profound peace and well-being that is possible to imagine. It's a sense of being separate from the physical body and sometimes being able to see it as though a spectator off to one side or from up above. These people have a sense of moving through a dark space or tunnel toward a radiantly beautiful white or golden light. They are absorbed in that light, having in some cases a panoramic life review in which virtually everything that they've ever done in their life they're able to see; perhaps meeting the spirits of deceased love ones or friends. And in some cases, they are asked to make a decision as to whether they would like to continue or go back to their body. The most powerful antidote to the fear of death is coming close to death ... and remembering one of these experiences. After having a near-death experience, people believe the end of life isn't [the end]; they believe in some sort of life after death. [Those] who have a near-death experience almost totally lose their fear of death.

The Secret Government: The Constitution in Crisis
1987-11-04, WantToKnow.info/PBS Documentary
http://www.WantToKnow.info/050423secretgovernment

The Secret Government is an interlocking network of official functionaries, spies, mercenaries, ex-generals, profiteers and superpatriots, who, for a variety of motives, operate outside the legitimate institutions of government. The Russians had been our ally against the Nazis, an expedient alliance for the sake of war. Now they were our enemy. To fight them we turned to some of the very men who had inflicted on humanity the horrors of Hitler’s madness. We hired Nazis’ as American spies. Admiral Gene La Rocque: “That National Security Act of 1947 changed dramatically the direction of this great nation. It established the framework for a national security state. Never have we had a National Security Council so concerned about the nation’s security that we’re always looking for threats and looking how to orchestrate our society to oppose those threats. National Security was invented, almost, in 1947, and now it has become the prime mover of everything we do. The National Security Act also gave us the Central Intelligence Agency." In 1975 ... Congress took its first public look at the Secret Government. Senator Frank Church chaired the Select Committee to study government operations. The hearings opened the books on a string of lethal activities. From the use of electric pistols and poison pellets, to Mafia connections and drug experiments. And they gave us a detailed account of assassination plots against foreign leaders and the overthrowing of sovereign governments. This is a system easily corrupted. While freedom does have enemies in the world, it can also be undermined here at home, in the dark, by those posing as its friends.

Note: This highly revealing PBS documentary is available for free viewing on the Internet. For the link, written text, and much more on this amazingly revealing documentary, click here.

80 Institutions Used in C.I.A. Mind Studies
1977-08-04, New York Times
http://select.nytimes.com/gst/abstract.html?res=F20D15F63A5B167493C6A91783D85...

Adm. Stansfield Turner, the Director of Central Intelligence, testified today that the C.I.A. had secretly supported human behavior control research at 80 institutions, including 44 colleges or universities as well as hospitals, prisons and pharmaceutical companies. He said that the main action years of MK-Ultra were from 1953 through 1963. The projects, he said, had included tests of LSD and of a "K," or "knockout drop." The agency had supported 185 nongovernment researchers in 149 separate research projects. Admiral Turner said that ... 8,000 pages of newly discovered documents do not contain the names of the subjects of the tests but do contain "leads" that might enable them to be found. Admiral Turner acknowledged under questioning that the C.I.A. had apparently planned to test drugs on terminal cancer patients at the same institution where it secretly contributed $375,000 toward the construction of a hospital building. The New York Times has independently confirmed the institution is Georgetown University Medical School here. Admiral Turner [also] said that "some unwitting testing took place on criminal sexual psychopaths confined at a state hospital." At the two-hour hearing today, Senator Kennedy, a Massachusetts Democrat, pressed Admiral Turner to let the universities, researchers and possible subjects of the tests know of the C.I.A.'s involvement. "These individuals have a right to know who they are and why they were used," he said.

Note: If the above link fails, click here. For lots more reliable, verifiable information suggesting a major cover-up of government mind control programs, click here.

'Matador' With a Radio Stops Wired Bull
1965-05-17, New York Times
http://select.nytimes.com/gst/abstract.html?res=F20817F9395812738DDDAE0994DD4...

The brave bull bore down on the unarmed "matador" — a scientist who had never faced a fighting bull. But the charging animal's horns never reached the man behind the heavy red cape. Moments before that could happen, Dr. Jose M. R. Delgado, the scientist, pressed a button on a small radio transmitter in his hand, and the bull braked to a halt. Then, he pressed another button on the transmitter and the bull obediently turned to the right and trotted away. The bull was obeying commands from his brain that had been called forth by electrical stimulation—by the radio signals—of certain regions in which fine wire electrodes had been painlessly implanted the day before. [Experiments] have shown, he explained, that "functions traditionally related to the psyche, such as friendliness, pleasure or verbal expression, can be induced, modified and inhibited by direct electrical stimulation of the brain." For example, he has been able to "play" monkeys and cats 'like little electronic toys" that yawn, hide, fight, play, mate and go to sleep on command. With humans under treatment for epilepsy, he has increased word output sixfold in one person, has produced severe anxiety in another, and in several others has induced feelings of profound friendliness—all by electrical stimulation of various specific regions of their brains. "I do not know why more work of this sort isn't done," he remarked recently, "because it is so economical and easy." Monkeys will learn to press a button that sends a stimulus to the brain of an enraged member of the colony and calms it down, indicating that animals can be taught to control one another's behavior.

Note: If the above link fails, click here. This article shows mind control was being developed over 40 years ago. Though this technology can be used for good purposes, it also can and secretly has been used to manipulate and control for many years. For lots of information based on released CIA documents on how mind control has been secretly used for decades to affect both individual behavior and global politics, click here and here.

Hypnotic Experimentation and Research
1954-02-10, WantToKnow.info/Declassified U.S. Government Document
http://www.wanttoknow.info/mindcontrol10pg#cia190691

A posthypnotic of the night before (pointed finger, you will sleep) was enacted. Misses [whited out] and [whited out] immediately progressed to a deep hypnotic state with no further suggestion. Miss [whited out] was instructed (having previously expressed a fear of firearms in any fashion) that she would use every method at her disposal to awaken Miss [whited out] (now in a deep hypnotic sleep). Failing this, she would pick up a pistol nearby and fire it at Miss [whited out]. She was instructed that her rage would be so great that she would not hesitate to “kill” [whited out] for failing to awaken. Miss [whited out] carried out these suggestions to the letter including firing the (unloaded) gun at [whited out] and then proceeded to fall into a deep sleep. Both were awakened and expressed complete amnesia for the entire sequence. Miss [whited out] was again handed the gun, which she refused (in an awakened state) to pick up or accept from the operator. She expressed absolute denial that the foregoing sequence had happened.

Note: This text is quoted from page 1 of declassified CIA document MORI ID 190691. To verify the statement in the text, make a FOIA (Freedom of Information Act) request as described here, or directly view a scanned copy online here. To access thousands of pages of declassified CIA mind control documents online, click here. For lots more reliable information on this crucial topic, click here.

Government Rescue Spending: Clear or Cloudy?
2008-11-11, ABC News
http://abcnews.go.com/Business/Economy/story?id=6225744&page=1

After weeks of sometimes frenzied efforts by the federal government to rescue the financial system ... critics say there are many questions but few answers about the work performed by the Treasury Department and the Federal Reserve. "The bailout, the Treasury, the Federal Reserve -- it's like a three-card monte game, you don't know where the money's coming from, you don't know who it's going to, and I think the public has every right to be outraged by this," said Bill Allison, a senior fellow at the Sunlight Foundation, a government transparency watchdog group. Gerald O'Driscoll, a former vice president at the Federal Reserve Bank of Dallas ... said he worried that the failure of the government to provide more information about its rescue spending could signal corruption. "Nontransparency in government programs is always associated with corruption in other countries, so I don't see why it wouldn't be here," he said. Questions about transparency at the Federal Reserve, in particular, have prompted a lawsuit: Bloomberg L.P., which operates the news agency Bloomberg News, is suing the Fed for the release of information on its lending to private financial institutions. "We really don't know anything," Matthew Winkler, the editor-in-chief of Bloomberg News, told ABCNews.com. "All we know is something close to 2 trillion is being used and that money is the taxpayers'. ... We don't know whom it's being lent to and for what purpose because we can't see it because it isn't disclosed."

Note: For many revealing and reliable reports on the Wall Street bailout, click here.

White House defends money for banks
2008-10-30, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/30/AR20081030022...

Under fire from Democrats and Republicans alike, the White House ... defended giving billions of bailout dollars to banks that plan to reward shareholders and executives -- or even buy other banks. Allowing banks to engage in such normal business activities actually could help loosen lending and revive the sagging economy, said Ed Lazear, chairman of the Council of Economic Advisers. He said the administration would not impose any conditions on banks beyond those required when Congress created the bailout program, which authorized the government to buy stock in financial institutions. Lazear was put before the cameras in the White House briefing room amid a rising chorus of complaints from lawmakers about the latitude that banks will have when they receive bailout money from Washington. That bailout was originally sold by the administration as a plan for the government to purchase toxic mortgage-based assets from financial institutions, to get them off their books and inspire the resumption of normal lending. After passage, though, the administration decided the better course would be to devote $250 billion into buying ownership stakes in banks. With taxpayers' money flowing into their vaults, banks are going ahead with paying dividends to shareholders, giving bonuses to top executives and acquiring competitors. Lawmakers are asking why banks with the money to do those things need taxpayer-funded help. The rescue legislation included some limits on executive compensation, considered weak by many. And while it does not allow institutions receiving the money to increase dividends, it does not prevent them from paying those dividends.

Note: For extensive coverage of continuing revelations about the Wall Street bailout, click here.

Bernanke Is Fighting the Last War
2008-10-18, Wall Street Journal
http://online.wsj.com/article/SB122428279231046053.html

"Nothing," [famed economist] Anna Schwartz says, "seems to have quieted the fears of either the investors in the securities markets or the lenders and would-be borrowers in the credit market." The credit markets remain frozen, the stock market continues to get hammered, and deep recession now seems a certainty -- if not a reality already. [Recently, according to Schwarz, Secretary of the Treasury Hank Paulson has] shifted from trying to save the banking system to trying to save banks. These are not, Ms. Schwartz argues, the same thing. In fact, by keeping otherwise insolvent banks afloat, the Federal Reserve and the Treasury have actually prolonged the crisis. "They should not be recapitalizing firms that should be shut down." Rather, "firms that made wrong decisions should fail," she says bluntly. "You shouldn't rescue them. Everything works much better when wrong decisions are punished and good decisions make you rich." How did we get into this mess in the first place? As in the 1920s, the current "disturbance" started with a "mania." But manias always have a cause. "In every case, it was expansive monetary policy that generated the boom in an asset. The particular asset varied from one boom to another. But the basic underlying propagator was too-easy monetary policy and too-low interest ratest. And then of course if monetary policy tightens, the boom collapses." Today's crisis isn't a replay of the problem in the 1930s, but our central bankers have responded by using the tools they should have used then. They are fighting the last war. The result, she argues, has been failure.

Note: Anna Schwarz and Nobel-winner Milton Friedman authored A Monetary History of the United States. It's the definitive account of how misguided monetary policy turned the stock-market crash of 1929 into the Great Depression. The excellent article above mentions that Fed Reserve Chairman Bernanke once said "I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. We won't do it again." Top bankers and their cronies have been aware of what causes the boom/bust cycle for over 100 years and taken full advantage of it. Try to find one top banker who lost significant money in any bust cycle.

A Few Speculators Dominate Vast Market for Oil Trading
2008-08-21, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/20/AR20080820038...

Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses. But when the Commodity Futures Trading Commission examined Vitol's books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising to the commodities markets was the massive size of Vitol's portfolio -- at one point in July, the firm held 11 percent of all the oil contracts on the regulated New York Mercantile Exchange. The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators. The CFTC ... now reports that financial firms speculating for their clients or for themselves account for about 81 percent of the oil contracts on NYMEX, a far bigger share than had previously been stated by the agency. That figure may rise in coming weeks as the CFTC checks the status of other big traders. Some lawmakers have blamed these firms for the volatility of oil prices, including the tremendous run-up that peaked earlier in the summer. "It is now evident that speculators in the energy futures markets play a much larger role than previously thought, and it is now even harder to accept the agency's laughable assertion that excessive speculation has not contributed to rising energy prices," said Rep. John D. Dingell (D-Mich.).

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