(ht Zerohedge) Congressman Ron Paul reports that Congressman Mel Watts, a Democrat from North Carolina, has eliminated “just about everything” while preparing Ron Paul’s legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.  What will be the bankster’s quid pro quo for Watt’s selling the American people down the river?  More importantly, what will be the American people’s reaction to Mr. Watts?

Bill Frezza has some skeptical thoughts about the recent move to subsidize financially ailing newspapers:

Behold the “Independent Journalism Tax.”

In order to preserve independent journalism in the age of the Internet, a national Fund for Local News should be created with money the FCC now collects from or could impose on telecom users, television and radio broadcast licensees, or Internet service providers.

This is the key recommendation buried on page 91 of a 100 page report issued last week titled “The Reconstruction of American Journalism” by Leonard Downie, Jr. Vice President of the Washington Post, and Michael Schudson, a professor at the Columbia School of Journalism.  In the current era of single party rule, is there any chance that this further intrusion of the government into our lives might actually come true? Might we one day be forced to pay a tax every time we make a cell phone call to make sure the Press Room in the White House is stuffed with even more reporters eager to credulously swallow whatever nonsense comes out of the President’s mouth? Could truly independent newspapers be forced to compete with government subsidized lapdogs like, say, truly independent banks or car companies?

Yup, this idea is not really intended to support the newspapers, it’s intended by the Obamunists to make government control of the once free press permanent in the US.

More on this topic (What's this?)
There's no accounting for taste!
Are Newspapers Going Out Of Business
Party With Bulls and You Might Get Gored
Read more on Newspapers at Wikinvest

(ht Zero Hedge and Washington’s Blog) In an interview with Wall St. Cheat Sheet‘s Damien Hoffman, Congressman Alan Grayson offers such stunning information as:

Just a few weeks ago, while Chairman Bernanke was testifying to Congress, we examined the Fed balance sheet and P&L statement only to find what looked like the Fed handing over half a trillion dollars to foreigners. This was very surprising! When I asked Chairman Bernanke if this was true, he said, “Yes.” When I asked him who got the money, he said, “Fourteen foreign Central Banks.” And when I asked to who did they give the money, he said, “I don’t know.” “I don’t know” is not good enough when you’re talking about $500 billion. That’s $1700 for every man, woman, and child in this country…In the case of another $230 billion, it has been tracked as a secret bailout to Citicorp in the US. The fact is the Federal Reserve continuously puts all of us on the hook for decisions they make to play favorites with private interests to the tune of trillions of dollars…

HR 1207 passage is now guaranteed in the House because there are plenty of co-sponsors. But, there are only 25 senators co-sponsoring the senate’s version (Bernie Sander’s bill) of the Audit the FED bill.  If they are not on the list, please ask your senators why they are not supporting the bill. Remember… if your senator responds something like: “It’s important to maintain Federal Reserve Independence…”   Tell them, the FED must answer to SOMEBODY.  Congress authorized the FED- Congress should do its job and oversee the FED – and not let the banks do it for them.  These crooks need to go to jail…

More on this topic (What's this?) Read more on Federal Reserve at Wikinvest

Zero Hedge has a guest post highlighting the apparent relation between Federal Reserve purchases of Treasuries from the banks and immediately subsequent rises in the stock market. Quoting from the piece:

The theory for which we have the greatest supporting evidence of manipulation surrounds the fact that the Federal Reserve Bank of New York (FRNY) began conducting permanent open market operations (POMO) on March 25, 2009 and has conducted 42 to date. Thanks to Thanassis Stathopoulos and Billy O’Nair for alerting us to the POMO Effect discovery and the development of associated trading edges. These auctions are conducted from about 10:30 am to 11:00 am on pre-announced days. In such auctions, the FRNY permanently purchases Treasury securities from selected dealers, with the total purchase amount for a day ranging from about $1.5 B to $7.5 B. These days are highly correlated with strong paint-the-tape closes, with the theory being that the large institutions that receive the capital injections are able to leverage this money by 100 to 500 times and then use it to ramp equities.

This morning, the Evil Speculator shows a chart which pretty well documents this correlation.  See for yourself (click the image for a larger view):

2009-08-04_pomo

There are two more POMO’s set for today and tomorrow…watch for the ramps.  If we don’t get a ramp this afternoon, it may indicate that the powers that be will “allow” a decline in equities. From the ZH piece:

Equities have had more than a nice run and can suffer a bit of a correction. Key will be watching the close on Wednesday. A failed POMO paint the tape close could signal that an equities correction of at least a few weeks has gotten underway.

More on this topic (What's this?)
S&P Confines To Rising Channel
S&P Could Flop Around In Choppy Market
How the Fed is Destroying Capitalism
Read more on S&P 500 (SPX), Federal Reserve at Wikinvest

The insurance industry should be properly regulated to prevent abuse such as the rescission game, but to argue that private insurance should be driven out of existence because of such “lowlife” practices is absurd.

Please don’t try to tell us that the government is more benevolent (less inclined to be “lowlife”) to those who use a lot of health care dollars than private insurers.  The government is in the choosing business too.  It’s criteria, will not be based just on who is using up the most health care, but also on who the patient voted for in the last election…or who will be alive to vote in the next one.

If the present government is allowed to choose, who will get a hip replacement? — the 20 year old illegal immigrant or the 80 year native american?  I’m betting on the illegal immigrant. False choice- you say? Well, there is only so much health care to go around. The government is not trying to increase the supply of health care, it simply wants to ration what exists based on its “wise and benevolent judgment” rather  than price.

In the video below (granted the clip used is rather dated), Obama explains how his health care plan would “eliminate” private insurance over time and that he is for a “single payer universal health care plan“:

More on this topic (What's this?)
The New Normal of Healthcare Spending
Different Types Of Financial Advisors For Money Matters
College Costs A Bigger Hurdle Than Health Care Costs For Many
Read more on Insurance, Pharma & Healthcare at Wikinvest

Finally, irrefutable proof that the Goldman Sachs SLP monopoly at the NYSE is an unfair trading advantage.  And…out of the NYSE’s own mouth, no less.

A link to a Google Code repository created by Sergey Aleynikov appeared today on the Sergey Aleynikov Facebook Fan Club. Numerous blogs and forums (here, here, and here as examples) have suggested that it may contain the infamous stolen Goldman Sachs trading source code. I have looked at the freely available, GNU licensed, code myself and it is NOT the aforementioned stolen GS code.

===== UPDATE =====

The moderator of the Facebook group has commented on this article if you are interested in his take.

================

The code is in fact, as the Wiki says, a “OS Process Manager for Erlang”. I have uploaded the documentation for the code in a zipped file here so that people can see for themselves, without having to use SVN, what the code does.

OS Process Manager for Erlang Documentation:

http://www.swampreport.com/?attachment_id=1897

A Description of the code from the source:

Description:
============

Erlang port program for spawning and controlling OS tasks. It listens for commands sent from Erlang and executes them until the pipe connecting it to Erlang VM is closed or the program receives SIGINT or SIGTERM. At that point it kills all processes it forked by issuing SIGTERM followed by SIGKILL in 6 seconds.

This description can be seen in the source itself here:

http://code.google.com/p/erlexec/source/browse/tags/v1.0/c_src/exec.cpp

The Google Code project was created on August 2nd, 2008 and is listed under the Open Source New BSD License.

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