The World We Live In !!

Some of your might have noticed that i have not been posting for a while.

It was mostly out of frustration, you see when i started this site, I figured i would use it as a space to publish information, that i felt needed more attention in our life’s. New, views or even just facts that I might find important and needed to be highlighted, but somewhere along the way I started to get the feeling that no matter what I might think, or have to say, it didn’t make any difference. (Which still might remain true to this day)

“it does not matter what the outcome of any given situation is, what matters is how you act during the process”

None the less I have decided that I will continue to keep doing what I have been doing.

‘Keep plagiarizing the hell out of the world wide web’ .

Although I do understand that the URL for this website is not appropriate for the Title nor the content that it contains. So I have decided to move the site, you can now follow this blog at the following URL. This site will be taken down in 4-5 months.

http://www.theworldweliveinblog.com

P.S : – There was some error importing the website database, everything else is working fine but all the registered members will have to register once again.

(Sorry for the problem and any inconvenience it might cause)

U.S Treasury Secretary Timothy Giethner

The kerfuffle about current New York Federal Reserve Bank Chairman Stephen Friedman’s purchase of some Goldman stock while the Fed was involved in reviewing major decisions about Goldman’s future—well-covered by the Wall Street Journal here and here—raises a fundamental question about Wall Street’s corruption. Just as the millions in AIG bonuses obscured the much more significant issue of the $70 billion-plus in conduit payments authorized by the N.Y. Fed to AIG’s counterparties, the small issue of Friedman’s stock purchase raises very serious issues about the competence and composition of the Federal Reserve of New York, which is the most powerful financial institution most Americans know nothing about.

A quasi-independent, public-private body, the New York Fed is the first among equals of the 12 regional Fed branches. Unlike the Washington Federal Reserve Board of Governors, or the other regional fed branches, the N.Y. Fed is active in the markets virtually every day, changing the critical interest rates that determine the liquidity of the markets and the profitability of banks. And, like the other regional branches, it has boundless power to examine, at will, the books of virtually any banking institution and require that wide-ranging actions be taken—from raising capital to stopping lending—to ensure the stability and soundness of the bank. Over the past year, the New York Fed has been responsible for committing trillions of dollars of taxpayer money to resuscitate the coffers of the banks it oversees. Read more…

As the US recession shows no sign of easing, the nation’s criminal justice system is also beginning to buckle under severe financial and logistical strains.

The US constitution and a landmark supreme court decision in 1963, ensure that all citizens have the right to “due process” and to a government-paid lawyer to defend them in court if necessary.

But in some US states those lawyers – known as public defenders – are rebelling amid complaints of overwork, with some asked to take on more than 200 cases a year.

Some have refused to take on more cases, and are taking legal action against the state governments which pay them.

Others are leaving, also disillusioned with the relatively low pay.

Al Jazeera English – Americas – US concerns over ‘justice for all’.

NEW YORK (Reuters) – Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.

He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.

“We witnessed the collapse of the financial system,” Soros said at a Columbia University dinner. “It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”

His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.

Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.

“I don’t remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world,” Volcker said.

(Reporting by Pedro Nicolaci da Costa and Juan Lagorio; Editing by Gary Hill)

Story Via : Yahoo News

by Antonio Graceffo

On December 11, 2008, Bernard Lawrence Madoff (born April 29, 1938), chairman of Bernard L. Madoff Investment Securities LLC, was arrested by the FBI. At that moment, he moved from being a hedge fund principal with suspiciously consistent returns, to being a suspect, thought to have bilked investors out of $50 billion. So far, according to the FBI and other sources, this is the largest investment fraud ever committed by a single individual.

People all over the world read the headlines, and knew this guy must have done something bad, but a lot of people don’t know exactly what a hedge fund is, or what Madoff did wrong.

continue reading

Reporting and analysis from ABC News Chief Washington Correspondent and “This Week” Host George Stephanopoulos

December 19, 2008 3:42 PM