By Greg Hunter’s USAWatchdog.com
Russia is still holding NSA leaker Edward Snowden. This is a major embarrassment to the Obama Administration on many levels. On the first level, why couldn’t Snowden come forward to let America know about this spy program? Many say this kind of spying has been known for years. Before the whole Snowden story broke, UMKC Professor William Black said on USAWatchdog.com six weeks ago, “This administration, very early on, became an enemy of disclosure. It hates whistleblowers with a passion.” How sad is it that China and Russia are protecting a whistleblower? The NSA says Snowden has harmed the U.S. Really? How about money laundering for countries on the State Department terror list? Big banks have been paying fines and nothing else for doing just that. Isn’t laundering money for Iran, who funds Hezbollah, hurting America? How about the U.S. government arming al-Qaeda in Syria?
The Federal Reserve was taking great pains to back-pedal on what Fed Chief Bernanke hinted at last week–slowing down the money printing. The Fed calls this “tapering.” Many top Fed officials were on record this week saying the markets basically got it wrong and misinterpreted what Mr. Bernanke said. I say the market got it right, and the 1,000 point drop on the Dow was just a test run. Nothing is fixed in the economy. When rates rise, the markets will crack. Banking expert Meredith Whitney said this week she is worried about the effect of rising rates on the municipal bond market. Investing expert Jim Rickards says the Fed is going to have to increase the money printing, and that is going to send gold prices back up. Why? Because the economy stinks, and the Fed knows it can’t pull back or the whole thing comes crashing down.
The Senate passed an immigration bill by a wide margin. The “No” votes say it does not fix border security. It will never pass the House of Representatives unless it does.
The Supreme Court handed down rulings on gay marriage and voting rights. The court basically cleared the way for gay marriage by reversing the Defense of Marriage Act and struck down a provision in the 1965 Voting Rights Act. I think the court got them both right.
Finally, remember the big universal settlement for what the mainstream media called “Robo-Signing” in the mortgage debacle? Well, “Robo-Signing” was really forgery and perjury and fraud on the court. Big banks illegally foreclosed on millions of houses and were going to pay homeowners back billions as part of the settlement. You know what the big banks paid most of the people they ripped off? $300, that’s it. Now, that’s what I call government of the bankers by the bankers and for the bankers.
Join Greg Hunter as he gives his analysis on these stories and more in the Weekly News Wrap-Up.