Greg Hunter’s USAWatchdog.com
My top story is not New Jersey Governor Chris Christie and the “lane closure gate” on the George Washington bridge between New York and New Jersey. In a word, it is “stupid.” The amount of time the networks spent on this story is outrageous. They should spend this much time on things like the NSA spying and the IRS being used as a political weapon. This is why the mainstream media is fast becoming irrelevant and untrusted. They are not covering real news. Hey, how about the mountain of red in in both New York and New Jersey. They are two of the most indebted states in the union, with hundreds of billions of dollars of debt!
The mainstream media will not give up on the phony recovery story. Here’s the latest economic lie: USA Today reports “Job Growth’s Looking Better.” Forget that 70% of those jobs are part-time and pay low wages. Don’t bother to report a big reason the unemployment rate is declining as the labor participation rate is bouncing around 30-year lows. Hey, here’s a headline for you: “Macy’s to Cut 2,500 jobs.” This is going to help its “profitability.” Yes, laying off people and closing stores is a sign of growth. It’s selling so much merchandise, Macy’s needs less stores and less people. How about the ice cream plant in Maryland with a few dozen job openings? 1,600 people scrambled to apply for those few jobs. Yeah, we are in a so-called recovery.
Janet Yellen is the New Federal Reserve Chief. In her first Time Magazine interview, Yellen said, “You know, a lot of people say, this [asset buying] is just helping rich people. But it’s not true. Our policy is aimed at holding down long-term interest rates, which supports the recovery by encouraging spending.” I guess Ms. Yellen and Time didn’t see that Op-Ed piece in the Wall Street Journal last November by former Fed Official Andrew Huszar. He was in charge of the bond buying program. He made a public apology and said, “The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.” Yeah, the Fed is helping the little guy—right.
Another week and it’s another fine for JP Morgan. This time, it was to settle criminal charges for the bank’s involvement in the $65 billion Bernie Madoff scandal. JP Morgan paid a total of $2.5 billion in fines and restitution. Boy, I’ll bet Mr. Madoff would have liked to get his check book out to settle criminal charges instead of spending the rest of his life in jail for ripping people off for 10’s of billions of dollars. Add the $2.5 billion to the $13 billion settlement late last year to satisfy a civil penalty for selling tainted mortgage bonds. That settlement did not release the bank from additional criminal charges. Also, add the $6.2 billion trading losses for the so-called London Whale trading scandal and the more than $1billion fine and it adds up to nearly $23 billion in losses and fines in just the last year. I have just two questions: Why don’t any bankers go to jail for obvious frauds, and how does Jamie Dimon still have a job?
Finally, just two side notes. The UK Royal Mint ran out of its 2014 Sovereign gold coins. Yes, one week into 2014, the UK mint is fresh out of gold because of what it calls “executional demand.” That kind of demand happens when you print tons of money. Back here in the U.S., it was announced 2013 brought record gun sales. More than 21 million background checks were done, and those checks are good for more than one gun. Looks like some folks are waking up to something being terribly wrong on both sides of the pond. Join Greg Hunter as he analyzes these stories and more in the Weekly News Wrap-Up.