FRIDAY, AUGUST 6, 2010

Multi-Millionaires and Billionaires Do End Run Around on FDIC Limitations on Insurance Coverage, with the Blessing of the FDIC

FDIC insurance on a per bank basis is capped at $250,000 per account. The idea behind this cap is that large investors, multi-millionaires and billionaires, will have some exposure to loss of their funds if the bank they put their money in goes under. This is viewed as a check on bank excess risk, since a bank would not be able to attract large sums of money if multi-millionaires and billionaires feared the risk being taken at a given bank and did not put their funds with such a bank.

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FRIDAY, AUGUST 6, 2010

Multi-Millionaires and Billionaires Do End Run Around on FDIC Limitations on Insurance Coverage, with the Blessing of the FDIC

FDIC insurance on a per bank basis is capped at $250,000 per account. The idea behind this cap is that large investors, multi-millionaires and billionaires, will have some exposure to loss of their funds if the bank they put their money in goes under. This is viewed as a check on bank excess risk, since a bank would not be able to attract large sums of money if multi-millionaires and billionaires feared the risk being taken at a given bank and did not put their funds with such a bank.

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Recent weeks have seen a number of strikes and sucessful strike ballots in the UK

Factory workers strike in Coventry

Hundreds of employees of Meggitt Aircraft Braking Systems in Holbrooks in Coventry took strike action twice at the end of July, after company bosses awarded themselves massive bonuses while at the same time cutting and freezing the wages of their employees.

• • By Damian Paletta

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Bradley Manning: An American Hero - by Stephen Lendman

Manning, of course, is the courageous Army intelligence analyst turned whistleblower, who admitted leaking:

-- "260,000 classified United States diplomatic cables and video of a (US) airstrike in Afghanistan that killed 97 civilians last year," and

-- an "explosive (39 minute) video of an American helicopter attack in Baghdad that left 12 people dead, including two employees of the Reuters news agency" - "collateral murder" he felt obligated to expose.

It got him in trouble. On June 7, the military in Iraq arrested him, saying:

"The Department of Defense takes the management of classified information very seriously because it affects our national security, the lives of our soldiers, and our operations abroad."

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New Transitional Federal Law Provides Health Insurance to Patients with Pre-existing Conditions

Interview with Jennifer Jaff, executive director, Advocacy for Patients with Chronic Illness, conducted by Melinda Tuhus

As part of health care reform law passed last March, federal regulations were issued on July 30 for a new temporary insurance plan in all states for adults with pre-existing medical conditions and no health insurance. Thirty states are inaugurating their own plans, while in the other 20 states' plans will be administered directly by the federal government. Advocates say the new program is a major improvement over the status quo, where such insurance coverage was astronomically expensive and thus out of reach for most of those in need.

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The policy paradigm of the administration was one it inherited from previous administrations.  This was a pro-market, neoliberal approach the key prongs of which were accelerated trade and financial liberalization, deregulation, and privatization.  In addition, Arroyo continued her predecessors’ policy of fully servicing the foreign debt, dealt with the ever-widening budget deficit by imposing a 12 per cent value-added tax that hit mainly the middle class and the poor, and left it to the market to address poverty and income inequality.

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Actually, it is a company Nike Shox Classic that provides the earth footwear first introduced their negative heel shoes in to the market back in 1970s. But there's lots of years of absence of this product. Then they returned with re-produced quality and nice healthy shoes for the public. The shoes are popular as to their great health benefits.

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This weeks guests include University of South Florida's Marine Biology and Science Doctorial candidates Nekesha Williams, Camille Daniels and Sennai Habtes, Caribbean students who are making a difference in marine life. Also, an update on the status of Haiti, and a celebration of the 48th year of Independence of Jamaica.

http://uhurunews.com/radio/?tzoffminutes=240

The past four days have seen widespread protests and rioting against the announcement of the new minimum wage structure for Bangladeshi garment workers.

The industry's monthly minimum wage was last raised after the mass revolt of 2006. The increase, to Taka 1,662[£15/$23/€18], was already inadequate - and since then inflation of basic foodstuffs has risen over 70%.

Noam Chomsky discusses Iran and the prospects for peace in the Middle East.

The dire threat of Iran is widely recognized to be the most serious foreign policy crisis facing the Obama administration. General Petraeus informed the Senate Committee on Armed Services in March 2010 that "the Iranian regime is the primary state-level threat to stability" in the U.S.

Miners at the Batu Hijau mine on the island of Sumbawa in Indonesia are on strike over unpaid overtime pay, with the union claiming that the strike is likely to last until the 10th of August.

The strike follows legal wrangling over the company's attempts to withhold overtime pay owed to 1,919 of its employees. In July, the West Nusa Tenggara provincial office of the Manpower and Transmigration Ministry ordered PT Newmont Nusa Tenggara, the company which owns the mine, to pay $13.8 million in overtime payments, some of which is owing since 2008.

The Electricity Company union has responded to government pledges to the IMF to sell 40% of power plants by threatening a long-term black-out across the country.

The news came just after the departure of the so-called "troika" reps, the delegates of the IMF-EU-European Bank who had just finished their second round of inspection over the ailing greek economy.

The one strategy open to crisis-ridden capitalism that doesn't risk class antagonism is the creation of artificial scarcity through regimes of intellectual property. Sander explains, however, that the ‘production of innovation' is no replacement for the production of value.

Whether today's global overcapacity is seen as cause or effect of the economic crisis, one thing is certain: it isn't easy to make a profit in a world awash with overproduction. Capitalism is born in conditions of scarcity and is unable to function outside of them. So it seems logical that the crisis creates a tendency to restore these conditions artificially.

In recent days, the battle to stop the destruction of the forest in the Moscow suburb of Khimki has heated up. Activists have been protesting the building of an $8 million high speed toll highway between Moscow and Petersburg. This highway would destroy beautiful forestland around Moscow. Environmentalists say the highway can bypass the old oak forest.

The flashpoint has been in the city which is called Khimki, right outside Moscow. There is a history of violence sponsored by the local authorities in this town. In the most famous case of political terrorism, in November 2008, Mikhail Beketov, outspoken editor-in-chief of the regional «Khimkinskaya Pravda» (Khimki Truth) newspaper, was savagely beaten in front of his home.

If eight hours don't seem enough for you (original title of the article), try to work at an assembly line from ten o'clock at night till six o'clock in the morning with three breaks of ten minutes. With the lunch break taking place during the last half an hour of your shift, unless productive recoveries are needed.

In 11 minutes you cook a plate of spaghetti. In the same time eight Fiata Panda need to be produced. During the day, at night, from Sunday evening at ten o'clock till the same hour on Saturday, so to produce 120 thousands cars by the end of the year.

Underground Rail Transport in Buenos Aires:
Successful Struggles against the consequences of privatisation

by Alix Arnold, from ILA no. 333, March 2010 – translation by friends of The Commune

Just like in 1991, New Zealand's governing National Party is attacking both the waged and unwaged wings of the working class at the same time. The Aotearoa Workers Solidarity Movement interviewed Paul Blair of the Rotorua Welfare Action Group about their response to National’s assault on beneficiaries (for example, by cutting emergency benefits and forcing many sickness and domestic purposes beneficiaries to work). They held an incendiary protest on July 12 in Rotorua.

What is your personal and political background?