Greetings and salutations from the sand, sun and surf of Cape Cod, Martha’s Vineyard and Nantucket! On a beautiful day here on Cape, the little seaside village of Osterville will celebrate it’s “birthday” today in the annual “Osterville Day”, complete with a parade, an antique car show and other events as the town comes together once again in solidarity of being everything “Cape Cod”–so come on down and visit US, we will leave the LIGHT on for ya! This has been quite a week of news in the United States, as Wall Street “reform” passed the Senate with a little help from Olympia Snow (R-ME). At the same time, Goldman Sachs was fined 550 million dollars for it’s shady dealings on that darkened street, but, with news of the fine, Goldman’s stock rose 7 percent…Let us look at that again, for it goes a long way in giving us some insight as to what is really going on. The passage of the Finberg bill coincided, but was not exclusive, with the SEC’s settlement with Goldman Sachs, and thus, closed the door on any criminal proceedings that should have taken place regarding Goldman’s involvement in creating financial instruments that were designed to fail, all the while “selling” those products to it’s own investors. The CDO market, the evil culprit of the financial meltdown of 2008, came into existence 23 years ago after the collapse of the savings and loan industry, a similar “shell game” of massive proportions that also threatened, albeit not to the same degree, the economic health of the United States. This is where the problem lies and most economists believe that, “we have closed the door on doing anything to changing the nature of how anything is done on Wall Street.” In fact, those same economists believe that (80 percent) the U.S. will experience another major financial meltdown. We need the cops (the SEC) to be real cops, Elliot Ness type of cops, truly regulating, with teeth, the crooks on Wall Street–gambling with our grandparent’s 401 (k)’s and our grand children’s future. John Paulson, a hedge fund manager may have made money on the scam, but so did Goldman and that is what we should have been going after–the fact that they PROFITED off of the scam of toxic assets that they themselves created is the real issue here. Teddy Roosevelt dealt with this bully metality with the ‘robber barons’ over one hundred years ago, turning the corrupt financial system into a stable system that lasted the test of time. Obama has done well, though, just to get something through, but he must appoint people like Elizabeth Warren to head up the consumer protection agency, newly formed, or it will be a joke. Turning our attention to the Gulf and the all important question of ‘pressure’, we have at least seen the well head not emitting any oil into the Gulf for 48 hours now, and with the pressure per square inch still at 6700, as opposed to the low number of 6000 p.s.i., or below (which would indicate a leak), or the high number of 9000 (indicating no leak at all under the surface) the tests on the integrity of the casing continues through seismic tests even as we speak. That of course is great news, although we all are keeping our fingers crossed. But, the question of the cover up, how much oil went into the Gulf, and more importantly, how much of the Corexit 3500 dispersant, the highly toxic banned substance created to hide oil spills, was used and most importantly, how is that chemical cocktail going to cost our environment in the way of tainted fish and a damaged eco-system (food chain) that could threaten all of us for years to come? When I say cover up, think about it for a moment, if they knew how much of the dispersant to use 5000 feet below the surface and on the surface (via airplanes and the like), how could they not have known how much oil was “spilling” into the Gulf? How could they have gotten the formula right? According to the AP, 1.8 million gallons of the Corexit are now in the Gulf waters, mixing with the oil and creating something that no one knows of, from a chemical standpoint, and we do not have the information on that because bp will not release it to the EPA. The Senate held it’s own hearings yesterday, with both parties and experts in attendance, with testimony regarding the EPA and it’s “complete lack of urgency in investigating the dispersant’s risk to humans, marine life and the marsh lands.” Ken Cook, from the Environmental Working Group, said this on “Countdown, with Keith Olberman” on Friday, “the government allowed unprecedented use of the dispersants. We walked into this almost completely blind, almost completely unprepared to understand the impact of the use of these dispersants on human beings, the marine environment and the long term health of the Gulf and beyond.” Bp is facing a law suit from Earth Justice, to force the EPA to release safety studies on the effects of chemical dispersants. The question on everyone’s mind is this–“what are the dispersant’s doing to our water?” Cook, “we don’t know, we have no idea, for they have been used at depths of 5000 feet where they were not designed to be used to begin with. We are in uncharted waters.” Mr. Cook went on to say that he does not want the bp workers who are getting sick from the dispersant to see ‘bp doctors’, as this is all being “hushed up” by bp, and the cover up continues unabated, as bp has set up no system to measure the dispersants on game fish, for example, and this will have the long term effects on health, if not at least tested, so that we know what we are up against, for both wildlife and humans alike. “This unnatural catastrophe has created a catastrophic failure of government, of regulation, of law and of the companies operating down there who told us all along that this would not happen.” I wonder what John, “Orangeman”, Boehner (R-OH) and “leader” of the house minority, has been drinking, perhaps the dispersants in the Gulf water, when he claimed yesterday, in another useless republican news conference, that he wants a “moratorium” on ANY regulation– be it banking, oil, insurance, Wall Street, coal, nuclear, or any other safety net that you can think of–congratulations John, you have sealed your place in the upcoming reality tv show series, “the biggest Jacka#$” of the year award, coming to pay-per-view soon. To quote SNL circa 1975 and a little skit called Point-counter Point, and I quote the man who might as well be ‘billy bob’ Boehner’s brother, “Shana, they bought their tickets, they knew what they were getting into, I say let ‘em crash.” GOD’S CONTINUED SPEED to the GULF, all of the people, SEA TURTLES, DOLPHINS, WHALES, BROWN PELICANS and marsh lands therein…may the miracle happen permanently. Have a wonderful Saturday folks! Peace~M
July 17, 2010
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