2 Aralık 2010 Perşembe

The Thom Hartmann Program Thu 2 December 2010



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Secret low-interest lending program by the Fed?
You need to know this. Forget about the $700 billion dollars in federal aid known as TARP that went to the banksters back in 2008. That was just the tip of the iceberg. According to new secret documents released yesterday by the Federal Reserve - between 2007 and this year - the Fed pumped more than 3 trillion dollars into the hands of banks and businesses to stave off financial collapse. 3 trillion dollars! Most of that money came in the form of short term lending - banks were given billions of dollars at interest rates of a half percent or even sometimes as low as .0077%. That's essentially free money. So exactly who benefited from this secret low-interest lending program by the Fed? The usual suspects - Citigroup - Lehman Brothers - and Merrill Lynch. Foreign banks took advantage too - like UBS of Switzerland and BNP Paribas of France. Also - Americans businesses like McDonalds - Verizon - and Caterpillar received some of the cake as well. Suntrust Bank received about $7.5 billion - directly from their own CEO who happened to also be serving on the Board of Directors at the Atlanta Federal Reserve at the time. At the height of this program - in 2008 - the Fed had over $1.5 trillion in outstanding loans. The release of these documents - showing more than 21,000 transactions unknown until now - highlights the need for a more transparent Federal Reserve. An issue that's been advanced by Members of Congress like Ron Paul in the House and Bernie Sanders in the Senate. It also shows just how strong Wall Street's grip on our government is. Banksters profited off this program and now sit on mountains of cash - while small businesses suffer around the country and can't get their own loans. The very same financial institutions that received loans at an interest rate of less than a half percent - now are charging their credit card users a 30% interest rate. Sound fair to you?? On top of that - these institutions spent millions of dollars lobbying Congress during the financial reform debate - while at the same time they were borrowing free money from the government. This is insanity. It's time to change our priorities in our country.

-Thom

(What do you think should have been done with the money? Tell us here.)
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The Big Picture (small)
Today on the Big Picture...Fed Shocker & How do we save the progressive agenda? On RT TV at 9pm and 11pm... (check your local listings for stations or stream at RT, and catch past shows on Youtube)

Screwed: Filibuster rule - Repubs pledge to block every bill until rich gets tax cuts. Guest: Senator Jeff Merkley (D-OR)

Need to Know: Tax Cuts/House Vote House Passes Middle-Class Tax Cuts Over GOP Objections and Boehner: House vote on Bush tax cuts is 'chicken crap'. With Congressman Joseph Crowley (D-NY).

Best of the Rest: Fed Shocker & How do we save the progressive agenda? Secret Fed aid to banks & Saving Progressivism from Obama. Guest: Robert Kuttner, Co-founder and co-editor of The American Prospect and a Sr. Fellow at Demos.

Wikileaks: Obama officials convinced Spain not to prosecute Bush administration for torture. Guest: Katherine Gallagher, Senior Staff Attorney at the Center for Constitutional Rights (CCR) and Vice-President on the International Board of the International Federation for Human Rights (FIDH).

Green Report: Why are polluters getting a pass? Guest: Kristen Lombardi, staff writer (former investigative reporter) - Center for Public Integrity.
Mass Deception book cover"Mass Deception" exposes the new George W. Bush memoir

Mass Deception, the bold and critically acclaimed new book by criminologist Scott Bonn, reveals that the Bush administration lied about the threat from Iraq and committed war crimes throughout the invasion and occupation.  Order it today on amazon.com.  Visit and "like" the Mass Deception fan page on facebook.
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Rebooting the American Dream

Now you can read all of Thom Hartmann's "Rebooting the American Dream: 11 Ways to Rebuild Our Country" for free online. Truthout is publishing weekly installments over 12 weeks.

Read Chapter 3, Stop Them From Eating My Town now.
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The Daily Stack Daily Stack
Quote: "Science is the great antidote to the poison of enthusiasm and superstition." -- Adam Smith, The Wealth of Nations, 1776.

Hour One: NOTHING FOR THE LITTLE GUY!! Blank Checks For Banks, But 2 Million Unemployed Get Cut Off?!

Speech: "Democratic National Convention Nomination Acceptance Address", Harry S. Truman, 15 July 1948, Philadelphia, PA.

Hour Two: Wikileaks: Obama officials convinced Spain not to prosecute Bush administration for torture With David Corn, Washington DC Bureau Chief, Mother Jones Magazine.

Geeky Science: Our bodies are full of necessary bacteria...why do they affect people with Asthma differently?
Geeky Science alert: "ScienceShot: Odor Exposure in the Womb Primes the Palate" by Jennifer Carpenter.
Geeky Science alert: "Bacteria and Asthma: Untangling the Links" by Jennifer Couzin-Frankel.

Twilight Zone alert: "Lee Harvey Oswald coffin for sale" by Reuters.
Article: "European banks took big slice of Fed aid" by Robin Harding and Tom Braithwaite in Washington and Francesco Guerrera in New York.
Movie: "Inside Job".

Talk Radio News Segment: Victoria Jones, White House Correspondent.
Article: "House Dems Win Procedural Vote on Tax Cuts" by Raven Clabough.

Hour Three: Net Neutrality -Should your local phone or cable co have the right to examine the details of everything you see on the internet and decide for you what you can see quickly and what loads more slowly? Thom challenges Julian Sanchez of the Cato Institute.

The very, very ugly: Mike Duncan: "In race for RNC chairman, money is focus".
Article: "US stocks climb sharply on economy hopes" by Telis Demos and Rob Budden.
Coming up Friday on The Thom Hartmann Program 

Hour One: If it's Friday, it's "Brunch With Bernie"... the honorable Senator Bernie Sanders (I-VT) will be here with all the news from our nation's capitol and as always he'll be spending the hour taking your calls and answering your questions too...

Plus, It's Anything Goes on Townhall Friday...you choose the topics and we'll talk...

And, the best of the rest of the news and your calls right here on...

The Thom Hartmann Program... your media support group for we the people.
Thom and Louise Hartmann founded the New England Salem Children's Village in New Hampshire in 1979. With states delaying payment for the children they entrust to the village, they need help with cash flow urgently. Please help if you can.
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Pick up the phone for the Day of Action - National Lobby Day
Pick up the phone for the Day of Action - National Lobby Day

Obama caves to far right wing with wage freeze for federal employees
Obama caves to far right wing with wage freeze for federal employees
Rebooting the American Dream
Outsourcing Mania

Back in the late 1980s, I had to go through major hoops for the INS before I could employ a graphic artist fluent in English, Spanish, and Japanese for my ad agency to fulfill a client's need. He was the only qualified candidate but was not an American citizen, and the INS insisted that I pay him as much as an American.

The single most important factor in our "immigration problem" - employers hiring "illegal immigrants" or "undocumented workers" (take your pick) is because they will work for less money than Americans workers. In other words, our problem is not an immigration problem, it's an economic one.

The way to address it is to crack down - hard! - on businesses that break the law and hire people who do not have a work permit and so will work illegally for substandard wages. Once you stop employers from hiring illegal workers, you stanch the flow of immigrants crossing our borders illegally.

The same corporate lust for profits is at work in the whole "outsourcing" business - instead of paying substandard wages here, they're doing it over there. Outsourcing is not about some high-and-mighty notion of creating a competitive "global marketplace" - it's about corporations shipping jobs to places where they can pay slave wages to benefit their bottom line.

At around the same time, General Electric's then-CEO Jack Welch realized he could outsource many of his pink- and white-collar jobs to India and other English-speaking countries, saving his company a fortune but putting Americans out of work.

Also around the same time Alan Greenspan, the Ronald Reagan-appointed Federal Reserve Chairman, believed one of our big problems was "wage inflation," a term he only applied to the earnings of working-class people, and never to the stratospheric salaries paid to CEOs and other corporate executives, and he worked to keep wages down.

The solutions lie in following the strategies that brought us sustained success in creating a stable middle class in the mid-20th century.

Learn more in chapter nine, "Put Lou Dobbs Out To Pasture", of "Rebooting the American Dream".
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