Excerpts from 3 very disturbing articles….

WASHINGTON, Jan 27 (Reuters) – The U.S. Treasury on Thursday initiated the first in what is likely be a series of maneuvers aimed at preventing it from hitting a legal debt limit as a political battle over spending intensified.

The action to reduce the amount of money the Treasury holds in a special account at the Federal Reserve marked only a small step in freeing up new borrowing capacity, but was symbolically important as the Obama administration and Republican lawmakers stake out ground in a wider budget debate.

As of Tuesday, Treasury’s remaining borrowing authority was down to $279 billion — all that remained before it bumps against a legally set $14.294 trillion debt ceiling. link

Someone please diary this info. I do not have time and this is really huge

chart

Banking giants leaned heavily on Fed in crisis

* Fed releases details of loans made during crisis

* Barclays took largest loan from broker-dealer window

* Citigroup, BofA sought support well into spring 2009

* Korea, Harley Davidson borrowed commercial paper (Recasts, adds details, analyst reaction)

By Pedro da Costa and Rachelle Younglai

WASHINGTON, Dec 1 (Reuters) – Goldman Sachs Group (GS.N) Citigroup (C.N) and other big U.S. banks repeatedly sought help from the Federal Reserve during the financial crisis, according to data on Wednesday that showed just how precarious their situation was at the time.

Many of the firms now boasting solid profits had to rely on funding from the U.S. central bank, which essentially acted as the glue holding the financial system together in the tumultuous months that followed the bankruptcy of Lehman Brothers in September 2008.

Citi tapped Fed window 278 times during crisis

Goldman tapped Fed window 84 times during crisis

Holiday Tunes to get everyone in the mood for shopping tomorrow

Also on Calculated Risk

I find heros in the oddest places.

Those who are willing to stand up and be heard while facing all odds.

I learned of such a hero today – Beverly May. Beverly is an opponent to Coal Mountain Top Removal in Kentucky. Beverly’s story is told via PBS documentary Deep Down.  She along with Terry Ratliff organize their community and push back  

I suppose in alot of ways I am your run-of-the-mill yuppie with a slant toward environmentalism. My job is stressful and I strive to maintain balance so I am engaged in a alot of outdoors and spiritual activities when I am not latched to my BBerry and laptop.

I grew up on a small farm in the deep south and have vivid memories of waking up at the crack of dawn as a youngster to feed calves and goats. I spent many a summer hoeing and picking corn, beans, squash, and okra (which I must say I REALLY miss okra in the northeast). I have skinned fish with my Dad. I have helped dress wild turkeys, backyard chickens and even deer. I have been to slaughterhouses with my Dad when we would slaughter a cow or a hog to sustain our family into the next summer.

I was fortunate enough to attend a well-respected educational institution and earn a degree in Sociology peppered with a minor in Political Science. My degree makes for a great wide angle views, perceiving global shifts, and forecasting probable outcomes.

I share my personal history because my experience is germane in the continuing conversation. Please follow me below the fold….

Poor posting etiquette, I know, but I really don’t have much time to write. Just read….

http://www.ritholtz.com/blog/2…

Consider:

• Many of the regulations that govern energy and banking sector were written by Corporations;

• The biggest influence on legislative votes is often Corporate Lobbying;

• Corporate ability to extend copyright far beyond what original protections amounts to a taking of public works for private corporate usage;

• PAC and campaign finance by Corporations has supplanted individual donations to elections;

• The individuals’ right to seek redress in court has been under attack for decades, limiting their options.

• DRM and content protection undercuts the individual’s ability to use purchased content as they see fit;

• Patent protections are continually weakened. Deep pocketed corporations can usurp inventions almost at will;

• The Supreme Court has ruled that Corporations have Free Speech rights equivalent to people; (So much for original intent!)

None of these are Democrat/Republican conflicts, but rather, are corporate vs. individual issues.

Excellent Article!  

I was waiting on BruceMcF to write this as I'm sure his knowledge on the topic far surpasses mine…. but here goes….

The History Of Labor Day

HOW LABOR DAY CAME ABOUT; WHAT IT MEANS

“Labor Day differs in every essential from the other holidays of the year in any country,” said Samuel Gompers, founder and longtime president of the American Federation of Labor. “All other holidays are in a more or less degree connected with conflicts and battles of man's prowess over man, of strife and discord for greed and power, of glories achieved by one nation over another.

Labor Day…is devoted to no man, living or dead, to no sect, race, or nation.” Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity and well-being of our country.

http://usgovinfo.about.com/bllabor.htm 

But the story behind Labor Day represents the power of the Labor Movement. Follow me below the fold…

In the USA, we tend to selectively omit (or at least not accurately reflect) true historical facts in our collective understanding of history.

Our revolution being funded by King Louis XVI and the French monarchy is not the first thought we have when we watch fireworks on the 4th of July. Nor do we think of the direct causal effect of American War funding with King Louis XVI and Marie Antoinette losing their lives due to US war funding bankrupting France… but let’s revisit our history.

The French government regarded the American revolution as an opportunity to weaken the British empire. Since its defeat in the Seven Years’ War, France had been rebuilding its military power and mending diplomatic fences.

Humbling the arrogant British would be sweet revenge and would have the practical advantage of evening out the balance of power in Europe.

The French foreign minister, Charles Gravier, comte de Vergennes, saw the potential advantages of aiding the American rebels. A prudent statesman, he would not lightly risk the possibility of a disastrous war with Britain. Differences of opinion within the French government also inclined him to caution.

King Louis XVI was dubious about helping enemies of a monarch with whom he was at peace. The Comptroller General of Finances, Baron Turgot, passionately declared that a war with Britain would push France into bankruptcy.

Vergennes persuaded the King and his fellow ministers to agree to a policy that he considered both practical and safe, providing covert assistance to the Americans. A sum of 1 million livres was set aside for this purpose.

The French Alliance :: The Politics of War