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Stock Down

Recalling Roger Babson's Sept. 1929 warning - 'A crash is coming'

[A] crash is coming, and it may be terrific. .... The vicious circle will get in full swing and the result will be a serious business depression. There may be a stampede for selling which will exceed anything that the Stock Exchange has ever witnessed. Wise are those investors who now get out of debt.
The above words could easily have been stated by me or another of the (very) few others who currently predict the coming of crashes in the markets.

But they were not. The statements above were made by investor Roger Babson at a speech at the Annual Business Conference in Massachusetts on 5th September, 1929.

Mr. Babson's prediction was not a sudden one. In fact, he had been making the same prediction for the previous two years, although he, in September of 1929, felt the crash was much closer.

News of his speech reached Wall Street by mid-afternoon, causing the market to retreat about 3%. The sudden decline was named the "Babson Break."

The reaction from business insiders was immediate. Rather than respond by saying, "Thanks for the warning - we'll proceed cautiously," Wall Street vilified him. The Chicago Tribune published numerous rebuffs from a host of economists and Wall Street leaders. Even Mr. Babson's patriotism was taken into question for making so rash a projection. Noted economist Professor Irving Fisher stated emphatically, "There may be a recession in stock prices, but not anything in the nature of a crash." He and many others repeatedly soothed investors, advising them that a resumption in the boom was imminent. Financier Bernard Baruch famously cabled Winston Churchill, "Financial storm definitely passed." Even President Herbert Hoover assured Americans that the market was sound.

Comment: The author of this article is not the only one warning about an extreme crash coming:
  • Billion dollar asset manager warns: Yellen collapse 'will be unlike any other
Are you prepared?

Handcuffs

Kremlin sez no political motivations behind billionaire oligarch Yevtushenkov's house arrest

Yevtushenkov
© RIA Novosti/Anton Denisov
Sistema chairman of the board Vladimir Yevtushenkov
There are no political motives in the case of businessman Vladimir Yevtushenkov, says the Russian president's press secretary Dmitry Peskov.

It's "incorrect" and "absurd" to try to "paint the Yevtushenkov case in any political colors," Peskov told RIA Novosti.

Billionaire Yevtushenkov is accused of money laundering and has been placed under house arrest, official representative of Russian Investigative Committee Vladimir Markin said on Tuesday.

"It goes without saying that, understanding the possibility of a temporary negative impact on markets, the president counts on all the questions being answered by the investigators as a result of necessary investigative action, regardless of names, surnames and the status," Peskov said, reminding the journalists that one mustn't presume someone's guilt, it must be proven in court.


Comment: In other words, it isn't political per se. It's just that Russia actively punishes rich, greedy oligarchs, while states like the U.S., which presume to live under the 'rule of law', are ruled by such criminals. Yevtushenkov, by the way, ranks among the 15 or so richest Russians and was worth about $9 billion until recently.


Shares in Yevtushenkov's holding Sistema AFK, one of the biggest in Russia, have been steadily falling after the news of his house arrest - on average by over 30 percent.

"The investigators had enough evidence to suggest that Evtushenkov is involved in legalizing property, acquired by criminal means, on a massive scale. Due to this, he has been accused. The chosen pre-trial restriction is two months' house arrest," Markin stated.

The start of the investigation caused a wave of response, from former businessmen to politicians.
Recycle

'Stop helping! You're making us look bad!' -- Kiev demands Moscow stop sending humanitarian aid to east Ukraine

russian aid
© RIA Novosti. Evgeny Biyatov
Kiev is demanding that Russia stops sending convoys with humanitarian aid to southeastern Ukraine.
Kiev is demanding that Russia stops sending convoys with humanitarian aid to southeastern Ukraine, Ukrainian Foreign Ministry spokesman Evhen Perebyinis said Tuesday.

"We demand Russia stop provocations with the so-called humanitarian convoys," the official was quoted as saying by Ukraine's UNIAN information agency.

The Foreign Ministry spokesman also urged Moscow to "withdraw troops, which, together with terrorists, continue to carry out crimes on Ukrainian territory".


Comment: Psychopathic projection. Kiev troops, together with terrorists (e.g., Right Sector, Kolomoisky's sadistic militias, foreign mercenaries), continue to carry out crimes on Novorossiyan territory.


Ukraine and the West are accusing Russia of providing military aid to the pro-independence forces in southwestern Ukraine and even of direct military intervention. Russian officials, including President Vladimir Putin and Foreign Minister Sergei Lavrov have repeatedly denied any involvement in the Ukrainian internal conflict.
Bad Guys

The US-EU-Russia sanctions puzzle

US-EU Flags
© AFP Photo/Dominique Faget
Whatever Russia does, doubt does not even enter the equation. The answer is sanctions. So here we go again. The US Treasury-EU latest sanction package targets Russian banking, the energy industry and the defense industry.

The sanctions are mean. The sanctions are nasty. And there's no euphemism to describe them; they amount to a declaration of economic war.

Sberbank, Russia's largest won't be able to access Western capital for long-term funding, including every kind of borrowing over 30 days.

And the current 90-day lending bans affecting six other large Russian banks - a previous sanctions package - will also be reduced to 30 days.

On the energy front, what the US-EU want is to shut down new Russian exploration projects in Siberia and the Arctic, barring Western Big Oil from selling equipment and technology to offshore, deepwater or shale gas projects.

This means Exxon and Shell, for instance, are frozen in their operations with five top Russian oil/gas/pipeline companies: Gazprom, Gazprom Neft, Lukoil, Surgutneftegaz, and Rosneft.

No one ever lost money betting on the stupidity of the usual, unknown "senior US officials" - who are now spinning the latest sanction package is to force Moscow to "respect international law and state sovereignty." A cursory examination of the historical record allows this paragraph to be accompanied by roaring laughter.
Chart Pie

930,000 of 13 million Americans have wages garnished for child support, student loans, medical bills and court ordered debt - study

© Reuters/Brian Snyder
A man walks past a "Store Closing" sign in a shop window at Quincy Market in Boston, Massachusetts September 5, 2014.
One in 10 prime working age Americans are finding that by the time they get their paychecks, credit and loan businesses have been there first. The striking figure emerged after millions of payrolls were checked as part of a study by NPR and ProPublica.

The study 'Garnishment: The Untold Story', looked at the payrolls for 13 million anonymous Americans and found 7.2 percent, or over 930,000 people, are being garnished wages for child support, medical bills, student loans or court ordered debt before they ever see a dime.

In the study of 13 million ADP payroll checks of anonymous Americans, more than one in 10 employees, in their prime working ages of 35 to 44, had their wages garnished in 2013.

Child support payments were seized on 3.4 percent of checks, while 2.9 percent went for student loans and court ordered debt.

Debt retrieval begins in the local courts with a lawsuit seeking payment after a debtor falls behind for a few months.

Comment: Time to garnish the Fed!

U.S. debt jumps a record $328 billion in one day - debt now over $17 trillion

Eye 2

Data from N.S.A. used by Israel to target Palestinians or coerce them into becoming collaborators

bamford quote
In Moscow this summer, while reporting a story for Wired magazine, I had the rare opportunity to hang out for three days with Edward J. Snowden. It gave me a chance to get a deeper understanding of who he is and why, as a National Security Agency contractor, he took the momentous step of leaking hundreds of thousands of classified documents.

Among his most shocking discoveries, he told me, was the fact that the N.S.A. was routinely passing along the private communications of Americans to a large and very secretive Israeli military organization known as Unit 8200. This transfer of intercepts, he said, included the contents of the communications as well as metadata such as who was calling whom.

Typically, when such sensitive information is transferred to another country, it would first be "minimized," meaning that names and other personally identifiable information would be removed. But when sharing with Israel, the N.S.A. evidently did not ensure that the data was modified in this way.

Mr. Snowden stressed that the transfer of intercepts to Israel contained the communications - email as well as phone calls - of countless Arab- and Palestinian-Americans whose relatives in Israel and the Palestinian territories could become targets based on the communications. "I think that's amazing," he told me. "It's one of the biggest abuses we've seen."

Comment:

Source of 'intercept' claiming Syrian government ordered chemical attack was IDF 8200 unit, Israel's NSA

PRISM for your Mind: NSA, WikiLeaks and Israel

Cut

People of Scotland! You are being Lied to! Vote "YES!" - you won't regret it!

People of Scotland!

Let's be honest. For a long time, the vast majority of you have, at the very least, harbored a certain resentment towards the 'English', and by 'English' I mean the racist, warmongering 'elite' class in Westminster who have treated you as second class citizens.

I'm here to tell you that your dislike of these 'English' is entirely justified
. As an example of the prevailing attitude of the English establishment towards the Scottish people, consider the comments made by two members of the English establishment media a few days ago. In reference to the very fact that the Scottish were even being 'allowed' the chance to vote for independence, one of them said:
"Hang on, are we just pandering to the errant child, offering sweeties"
the other added:
"rewarding bad behavior"
These comments clearly highlight the contempt with which the English establishment authorities look upon the Scottish people. So why would any Scot, in his or her right mind, want to be associated in any way with such elitism and arrogance?
Newspaper

Assad calls on anti-ISIS coalition to stop funding armed groups in Syria & Iraq

© Reuters / SANA / Handout via Reuters
Syria's President Bashar al-Assad
The fight against terrorism must begin by placing more pressure on those countries which are supporting and financing insurgents in Syria and Iraq, Syrian President Bashar Assad said while speaking with an Iraqi security official in Damascus.

Assad's comments were made during a Tuesday meeting with Iraq's national security adviser, Falah al-Fayadh, "on efforts by the Iraqi government to confront terrorism."

"The battle against terrorism starts with pressure on the countries that support and finance terrorist groups in Syria and Iraq and pretend that they want to fight against terrorism," state news agency SANA quoted Assad as saying.

Fayadh "put Assad in the picture of the latest developments in Iraq and the efforts that the Iraqi government and people are making to combat the terrorists," SANA reported.

The meeting focused on "the importance of strengthening cooperation and coordination between the two brotherly countries in the field of combating terrorism that is hitting Syria and Iraq and which threatens the region and the world."

Damascus has criticized several countries in the past for arming Syria's opposition - including the US, Qatar, Saudi Arabia, and Turkey.

Comment: How about arming Syria? The Syrian Arab Army is already fighting ISIS

Che Guevara

How about arming Syria? The Syrian Arab Army is already fighting ISIS

© Unknown
Since 2011, the Syrian Arab Army (SAA) has waged a relentless war within Syrian territory against what it has said from the very beginning was an invasion of heavily armed, foreign-backed sectarian extremists. In retrospect, the transparently ludicrous nature of articles like the Guardian's "Syria's rebels unite to oust Assad and push for democracy" is self-evident. The article would lay out Syria's claims side by side with the West's narrative by stating:
In one of the fiercest clashes of the insurrection, Syrian troops finally took control of the town of Rastan after five days of intense fighting with army defectors who sided with protesters. Syrian authorities said they were fighting armed terrorist gangs.
In retrospect, and upon examining the obvious lay of Syria's battlefields today, it is clear Syrian authorities were right.

Shortly after NATO carried out successful "regime change" in Libya in 2011 under the false pretext of a "humanitarian intervention," sectarian-driven mercenaries it armed, funded, and provided air cover for in Libya began steadily streaming into Syria via its northern border with NATO-member Turkey.


Terrorists from the US State Department designated terrorist organization, the Libyan Islamic Fighting Group (LIFG) officially made contact with terrorists fighting in Syria to offer them weapons, cash, training, and fighters. The London Telegraph would report in their article, "Leading Libyan Islamist met Free Syrian Army opposition group," that:
The meetings came as a sign of a growing ties between Libya's fledgling government and the Syrian opposition. The Daily Telegraph on Saturday revealed that the new Libyan authorities had offered money and weapons to the growing insurgency against Bashar al-Assad.
Mr Belhaj also discussed sending Libyan fighters to train troops, the source said.
War Whore

Obama to dispatch 3,000 troops to West Africa to 'fight Ebola', locals react


Comment: When the Liberian president recently wrote a letter to Obama asking for help in fighting the Ebola outbreak, armed troops is not what he had in mind! But when all you have is a hammer you treat everything as a nail.


donka ebola hospital
© Cellou Binani/AFP/Getty Images
View of an isolation center for people infected with Ebola at Donka Hospital in Conakry
The decision by US President Barack Obama to dispatch 3,000 troops to West Africa to fight the Ebola epidemic has sparked reactions in Liberia.

"We don't need guns to protect us for now. What we need now is drugs. We need vaccine to curtail the spread of this virus. So it is unfortunate to hear that America is sending over 3,000 troops," one Liberian citizen said.

"If it is an armed troop then I will start to question myself whether this virus can be fought by guns or so," said another Liberian.

On Tuesday, Obama described the Ebola epidemic in West Africa as a threat to the entire world.

In an address from the Centers for Disease Control and Prevention headquarters in Atlanta, Obama celled the US effort to fight the virus being part of "the largest international response in the history of the CDC"
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