03 Economy – Page 208 – Public Intelligence Blog

John R. Talbott

Bestselling author whose books predicted the economic crisis

Posted: October 1, 2010 12:28 PM

TARP Uncovered — the Real Cost of the Government Bailout

The New York Times reports this morning (“TARP Bailout to Cost Less Than Once Anticipated“) that the true cost of TARP will be less than $50 billion. I find this type of reporting to be incredibly misleading and deceitful. Focusing solely on TARP and ignoring the other more costly portions of the government bailout of our biggest banks and corporations ignores the true cost of the government's (both the Bush and Obama administrations, the Fed and Congress) inept response to this crisis. One of the reasons that TARP did not cost more was because of the government's other more costly bailout policies, and to ignore them is to dramatically understate the true cost of the bailout.

By claiming a narrow TARP success, the Times attempts to invalidate citizen anger at the bailout by making it appear that the electorate is somehow misinformed about its costs or is just plain stupid. Nothing could be further from the truth. Claiming that TARP was successful, but ignoring the much larger and more relevant costs of other areas of the government bailout is like claiming the voyage of the Titanic was successful because many of the lifeboats were recovered. It is important to remember that the ship sunk.

Read his entire article with detail list that adds up to:

Total estimated cost of government bailout = $14.85 trillion.

John R. Talbott is the bestselling author of eight books on economics and politics that have accurately detailed and predicted the causes and devastating effects of this entire financial crisis including, in 2003, “The Coming Crash in the Housing Market”, in January 2006, “Sell Now! The End of the Housing Bubble” and in 2008, “Contagion: The Financial Epidemic that is Sweeping the Global Economy”.

Phi Beta Iota: This author impresses us. This is precisely the kind of public intelligence in the public interest that must be structured so as to be available to all citizens in time to keep government honest as well as effective.

2010/09/30

Journal: Finally, A Break in Foreclosures

03 Economy, Commerce, Commercial Intelligence, Government

JPMorgan Suspends Certain Foreclosures As Doubts Grow Over Legality

Even as August saw more Americans lose their homes to foreclosure than in any other month on record, there are growing concerns over the legality of many of those proceedings.

JPMorgan Chase has suspended legal proceedings on 50,000 foreclosures, due to concerns about the validity of the foreclosure documents, a spokesman for the bank told CNBC Wednesday (hat tip to Zero Hedge).

JPMorgan spokesman Tom Kelly confirmed to the AP Wednesday that “employees signed some affidavits about loan documents without personally verifying the files.”

The decision is the latest signal of a potentially massive stall in the nation's foreclosure process. Last week, after GMAC Mortgage halted its foreclosures in 23 states, the Washington Post reported that one of GMAC's employees hadn't read the roughly 10,000 foreclosure documents he approved each month (and now Colorado wants to be added to that list of states). It then turned out that the “robo signer” might not have been alone.

Phi Beta Iota: We called for a freeze on all foreclosures and evictions back in October 2008, instead of bailing out Wall Street where one $10 million bonus could cover an astonishing number of mortgage payments among the poor and lower middle class. The US Government failed to assure justice for all those who have been evicted to date. This move by JP Morgan is a good one, and also reminds us once again how important INTEGRITY is at every stage of every process. The reality is that most final “holders” of aggregated mortgages never had the actual loan note to begin with. The Department of Justice should have known that and should have advised all relevant policymakers and politicians of this fact, but in the rush to bail out Wall Street, the public interest was ignored, demeaned, and betrayed.

2010/09/302010/09/30

How the “Entrepreneurial Design for Extreme Affordability” class launched several internationally known start-ups

01 Poverty, 03 Economy, 07 Health, 12 Water, Civil Society, Commerce, Cultural Intelligence, Gift Intelligence, International Aid, Methods & Process, Non-Governmental, Peace Intelligence, Strategy, Technologies

Working through partners, getting to market faster

The Entrepreneurial Design for Extreme Affordability class has launched several internationally known start-ups (including Embrace, Driptech and D.Light.) But main route for student teams to get their life-changing products into the hands of people in the developing world is by working with NGO partner organizations.

Working with partners is the quickest way to market: it eliminates the need to create a business model and distribution infrastructure, so that students can focus on getting the best possible product to people who need it.

Professor Jim Patel, who founded the class, and Erica Estrada, who teaches the class and directs our Social Entrepreneurship Lab, discuss why this is such a critical route-to-market for students in the class:

Continue reading “How the “Entrepreneurial Design for Extreme Affordability” class launched several internationally known start-ups”

2010/09/272010/09/27

“The Century of the Self”: Must-See Documentary on Psychology, Advertising, Consumerism and Control

03 Economy, 04 Education, 07 Health, Academia, Civil Society, Commerce, Corporations, Corruption, Ethics, Government, Media, Misinformation & Propaganda, Money, Banks & Concentrated Wealth, Power Behind-the-Scenes/Special Interests, True Cost, Videos/Movies/Documentaries

FULL VIDEO HERE

Century of the Self (ADAM CURTIS)

DOCUMENTARY DESCRIPTION
Episode 1: Happiness Machine
Episode 2: The Engineering of Consent
Episode 3: There is a Policeman Inside All Our Heads: He Must Be Destroyed
Episode 4: Eight People Sipping Wine in Kettering

CENTURY OF THE SELF asks the deep questions about the roots and methods of consumerism and representative democracy and the implications of the two. The foundation of this documentary is the idea that public relations and politicians have used the theories of Sigmund Freud to engineer a society of consent.

This series is about how those in power have used Freud s theories to try and control the dangerous crowd in an age of mass democracy. Adam Curtis

For more information about this series, visit its Wikipedia page.

Keywords from imdb.com: Propaganda, Public Relations, Consumerism, Capitalism, Media, Advertising

Related:
Documentary – “The Corporation” (full movie in 23 parts at YouTube)

2010/09/232010/09/23

Reference: Clinton Global Initiative Webcast Archives

01 Agriculture, 01 Poverty, 02 Infectious Disease, 03 Economy, 03 Environmental Degradation, 04 Education, 05 Energy, 07 Health, Civil Society, Commerce, Government, International Aid, Movies, Non-Governmental, Policy, Technologies

2010-side-webcast-Archives — Permanent Archives

Enhancing Access to Modern Technology

Clean Technology and Smart Energy: Deploying the Green Economy

Democracy and Voice: Technology For Citizen Empowerment and Human Rights

Mobile Revolution: Transforming Access, Markets, and Development

2010/09/222010/09/22

Omidyar Network to Invest $55M in Internet + Mobile Tech for Gov Transparency and Economic Empowerment

03 Economy, Mobile, Open Government

September 21, 2010, NEW YORK CITY — Omidyar Network today announced it will dedicate $55 million to fund technology investments that provide people around the world with information, tools and services that improve their quality of life. The philanthropic investment firm pledged $30 million to progress government transparency and $25 million in support of mobile innovation benefitting people in emerging markets. The announcement was made at the Clinton Global Initiative (CGI) annual meeting in New York City.

“We are at the cusp of understanding technology’s potential for creating positive change in the world,” said Matt Bannick, managing partner, Omidyar Network. “Through these commitments, Omidyar Network will support technologies that provide citizens with information and insight about their government, and fund mobile platforms that reach new markets with life-changing services.”

Each of Omidyar Network’s CGI commitments will be fulfilled over the next three years, and include both for-profit investments and nonprofit grants.

Technology for Transparency: Omidyar Network will invest $30 million to advance government transparency both domestically and abroad. To fulfill the commitment, Omidyar Network will identify and support organizations that use technology to provide access to information and tools necessary for citizens to participate in the governing process and shape outcomes important to them. This effort was created on the belief that open access to information and transparent systems increase the public's knowledge of government activities, leading to a more informed and engaged society that can hold its officials accountable. This new commitment expands Omidyar Network’s government transparency work, which to date has provided support to organizations such as the Sunlight Foundation, mySociety, and Global Integrity.

Opportunity through Mobile: Omidyar Network’s second CGI commitment sets aside $25 million to harness the power of mobile technology in emerging markets. Omidyar Network will back innovative entrepreneurs who use mobile platforms to connect people with vital resources in areas such as financial services and banking, health care, agriculture, commerce, and education. Across these sectors, Omidyar Network will invest in mobile technologies that break new ground in improving access to services, reaching underserved populations, and driving large-scale social impact. This new commitment builds on Omidyar Network’s experience supporting mobile initiatives at organizations such as FrontlineSMS, Ushahidi, and Opportunity International.

www.omidyar.com

2010/09/212010/09/21

Engineering4Change

01 Agriculture, 01 Poverty, 02 Infectious Disease, 03 Economy, 05 Energy, 07 Health, 12 Water, Gift Intelligence, International Aid, Peace Intelligence, Technologies

website link

Engineering for Change is an online environment bringing together engineers and other problem solvers with NGOs and local communities to address basic quality of life issues such as access to clean water, electricity and proper sanitation. Also see their Twitter feed

Category: 03 Economy

Journal: True Cost of US Government Ineptitude