Tag Archives: Breaking News

Movie Review: ‘Wall Street’ Sequel Attacks Debt, ‘Cancer’ of the Financial System

“Greed, for lack of a better word, is good.” That was the defining line of Oliver Stone’s 1987 film “Wall Street,” and his attack on the financial system that the news media would use for decades to portray businessmen as villains. The theme Stone wants viewers to take away from his sequel, “Wall Street: Money Never Sleeps,” was tucked away in the credits of his film on a greenback. “In Greed We Trust,” the bill proclaimed where the words “In God We Trust” should have been. “Money Never Sleeps,” which opens in theaters Sept. 24, uses the financial crisis of 2008 as a backdrop for the comeback of Gordon Gekko, the iconic villain of the original. This time Gekko reinvents himself as a changed man, coming back bearish on housing and speculation. In a business school lecture Gekko warns, “The mother of all evils is speculation — leveraged debt.” He claims the economy is merely moving money around in circles and the business model itself is like a “cancer.” The 1987 Gekko is a shark, a killer, the viewer senses it from the outset and can anticipate the time when Gekko’s blade will rip into protégée Bud Fox’s back. This Gekko comes across as a different animal entirely, a snake that can charm you into believing he won’t sell you out to make a buck. But in the end Gekko’s still the shark, he’s just gotten better at hiding his sharp teeth. Stone’s movie weakly attempts to convince the audience that everyone is in the “game” now, and that the corruption (caused by greed and envy) has become “systemic.” From people taking out second mortgages to go shopping, to greedy real estate investors; the new evil is leverage itself. As proof it offers many characters including Josh Brolin’s Bretton James. In the film, James secretly creates a panic by spreading rumors about a competitor in order to tank its stock and acquire it. The fictional investment bank that collapses and is acquired is meant to resemble Bear Stearns that had two of its hedge funds collapse in July 2007. Liberal themes such as green energy is good and materialism is bad abound, but the story is less political than one might expect. There were no mentions of political parties or specific administrations (Bush or Obama). Stone’s movie criticizes the types of financial products that were in use and slams toxic subprime debt, but without delving into the government policies that helped create the devastating housing bubble and the financial crisis. It says nothing about the accounting rules that many economists and financial experts say helped cause the liquidity crisis. Economist and Business & Media Institute advisor Dr. Walter E. Williams explained in a Sept. 17, 2008, column that the “credit crunch and foreclosure problems are failures of government policy.” What “foolhardy government policy” was Williams referring to? The Community Reinvestment Act, which “intimidated lenders” into offering credit to more people and specifically “discourages them from restricting their credit services to low-risk markets, a practice sometimes called redlining.” A couple of scenes show closed door meetings with bankers, the Federal Reserve and the Treasury Department, where bankers were asking for a bailout because they were “too big to fail.” But according to BB&T’s former CEO John Allison, that’s not the whole story. Allison and others have said “most of the banks didn’t need to be saved,” and that his bank (BB&T) and others were strong-armed by the Treasury into taking bailout (TARP) funds. Allison said in a 2009 speech, “I think the news media unfortunately has been quite willing to jump on the criticism of capitalism and not the [government].” Overall, Stone’s latest film does the same thing: attacking the capitalist system and its players, rather than examining the government’s culpability. But at least viewers know his movie is fiction. Like this article? Then sign up for our newsletter, The Balance Sheet .

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Movie Review: ‘Wall Street’ Sequel Attacks Debt, ‘Cancer’ of the Financial System

ABC’s Bianna Golodryga Goes Undercover to ‘Expose’ Secret Muslim Bias in America, Doesn’t Find Much

ABC on Friday did its best to find secret discrimination against Muslims, sending Good Morning America’s Bianna Golodryga undercover in a hijab (Islamic head covering). Yet, despite the misleading graphic, ” Life Under the Veil: TV Experiment Exposes Bias ,” the morning show didn’t find much bigotry. Late in the segment, Golodryga admitted, “Overt discrimination is the exception.” When an ABC producer tried the experiment in New York, the correspondent acknowledged, “Everywhere, people went out of their way to be friendly.” [MP3 audio here .] Yet, Golodryga kept trying. Going to the red state of Texas, she explained, “But it was different in my hometown of Houston. At the airport, I could feel all the eyes on me.” Wearing a burka, she narrated, “In a nearby mall, I wanted to see what would happen if I wear wore a more striking version of Islamic dress, which covers everything but the eyes and is less common here in the states. The stares increased.” If something is uncommon, wouldn’t it be likely that stares increase? After a man walked by and offered a muffled comment, Golodryga deciphered, “It sounds like he said, ‘Islamic queen.’ I couldn’t tell if he meant it in a friendly way or not.” To build the case for rampant anti-Muslim sentiment in America, Golodryga asserted, “According to the FBI, hate crime incidences against Muslims soared from 28 in 2000, to 481 in 2001. And still remain well above pre-9/11 levels.” However, as Michael Doyle of the Sacramento Bee reported on August 28, 2010, hate crimes against Muslims are rare and occur less often than violence against Jews and gays: Jews, lesbians, gay men and Caucasians, among others, are all more frequently the target of hate crimes, FBI records show. Reported anti-Muslim crimes have declined over recent years, though they still exceed what occurred prior to the 9-11 terrorist attacks. In 2008, 105 hate crime incidents against Muslims were reported nationwide. There were 10 times as many incidents that were recorded as anti-Jewish during the same year, the most recent for which figures are available. (For more, see a NewsBusters post.) But, Good Morning America has yet to do a segment featuring someone wearing a yarmulke or Kippah to see if they suffer anti-Semitic bias. Golodryga concluded by marveling of her undercover experience on the subway: “People didn’t even pay attention to me as I walked around like a normal American. My religion didn’t matter.” One might wonder, then, what was the point of this segment on bigotry and “bias”? A transcript of the segment, which aired at 8:18am EDT, follows: ABC GRAPHIC: Life Under the Veil: TV Experiment Exposes Bias GEORGE STEPHANOPOULOS: In the final part of our special series, “Islam in America,” we look at what it’s like to be Muslim in America today. Bianna Golodryga went undercover to find out how people respond to women wearing the traditional Muslim head scarf. And she joins us now. And this was definitely a first for you. BIANNA GOLODRYGA: Yeah. It was quite an eye-opening experience, George. Good morning. The Council of American-Islamic Relations has noted a spike in hostility toward Muslims, including bomb threats at mosques, physical threats on Muslims. Even an advertising campaign telling Muslims to change their religion. So, I wanted to find out what it felt like to be a Muslim in America. And I talked to American women who are doing just that. I donned the hijab myself. AYESHA BUTT: I think the hijab, is one thing that makes it a little different. Makes a Muslim woman different from a non-Muslim woman. GOLODRYGA: A hijab is a head scarf that women wear in public, a symbol of their faith visible to all. Do you notice people looking at you? RUGIATU CONTEN: I’m randomly checked. At a specific airport, I just stand aside because I know I’m going to get randomly checked. And then when I go in the room, I see five other Muslim women, I say As-Salamu Alaykum and do the, you regular, you know, procedures. BUTT: Definitely, things changed a lot after 9/11. Before 9/11, you weren’t called a terrorist. It was after 9/11 that people stop to let you know that you were a terrorist. Or they called you, like, Osama’s wife or something like that. And then, recently, things I would say have been very similarly hostile. GOLODRYGA: According to the FBI, hate crime incidences against Muslims soared from 28 in 2000, to 481 in 2001. And still remain well above pre-9/11 levels. The most recent Equal Employment Opportunity Commission figures showed complaints of workplace discrimination against Muslims are up 20 percent. So, what would happen if your daughter came home and said she wanted to wear a hijab? RUBINA AHMAD: As a mother, as long as she stayed in big cities and cosmopolitan- where people are more tolerant, people are more knowledgeable of different cultures, religions, I would be fine. But, I would be concerned about her safety. GOLODRYGA: I decided to see what it would be like to wear a hijab in lower Manhattan, not too far from the proposed community center and mosque. Our hidden cameras followed me into a swanky restaurant. And a department store. And on to the subway, where New Yorkers took the hijab in stride. [Video footage of Golodryga walking around.] But it was different in my hometown of Houston. At the airport, I could feel all the eyes on me. And our cameraman overheard one man tell his companion that he hoped I wasn’t on his flight. In a nearby mall, I wanted to see what would happen if I wear wore a more striking version of Islamic dress, which covers everything but the eyes and is less common here in the states. The stares increased. And so did the comments. [Muffled comment from passerby.] It sounds like he said, “Islamic queen.” I couldn’t tell if he meant it in a friendly way or not. Finally, we went to Orleans County in western New York, where five teens were arrested after allegedly harassing Muslims outside this mosque. Our producer went to a gas station, supermarket and hardware store. Everywhere, people went out of their way to be friendly. WOMAN #1: You’re welcome. You have a great day. WOMAN #2: Did you find everything okay? GOLODRYGA: Our three-day experiment reflects what these women report. Overt discrimination is the exception. BUTT: There are a few that will be hostile. You know, whether you’re in the grocery store or driving on the highway, someone’s going to cut you off and say something about being a terrorist. There are those rare, few people out there. But I don’t think the majority is like that. GOLODRYGA: Today, many young Muslim-American women embrace the hijab, rejecting the notion that traditional dress is somehow repressive. AHMAD: It’s part of their Muslim identity. They are true American-Muslims. And they exercise their right as an American-Muslim and they decide to wear it. CONTEN: Now, I’m wearing the hijab. And I realize that people see me for who I am, more than what my hair looks like or what I’m wearing or how pretty I am. Definitely, that’s the plus-side. And also, the sisterhood, like Aysha to talk about. BUTT: Nobody forced me to do it. I we were the cool people. Like- GOLODRYGA: So, it’s cool to wear a hijab? BUTT: Oh, it’s awesome! Like, you know, You had the matching hoodies. You had the matching hijab. Like, you can see my little toy here. [Points to her hijab.] You can play around with it. GOLODRYGA: Accessorize it up. BUTT: Like, you can have a lot of fun with it. CONTEN: Hijabs, they are very wild. But people just don’t see it. At our parties- BUTT: Yeah, it’s kind of special. CONTEN: Yeah. GOLODRYGA: Some believe this generation is paving the way forward for all Americans. AHMAD: They are really helping, not only Muslim girls. But they’re also helping Americans to learn about Islam. And making other people see them the way they are. You know, as part of maturity of a nation. They have educated the masses of the nation. GOLODRYGA: Quite an impressive group of women. Many Americans see the hijab as something that restricts women, hiding their individuality. What these women told me is that when they wear the hijab, they feel liberated. It frees them from some of the pressures they feel. And, actually one of the girls, Ayesha, that you saw talking about stylizing her hijab, she said she conducted an experiment when I told them about what we did. And she went out without the hijab, in American, western clothes. And she wore that for a week. And she felt more liberated as a woman wearing the hijab. Because people talk to her as a woman and they didn’t- in a sexual sort of- STEPHANOPOULOS: Oh, that’s interesting. Just fascinating stuff. And I guess it confirms something that I’ve believed. Americans tend to show greater respect for anyone who seems to be taking their faith seriously. GOLODRYGA: Yeah. Especially here in New York. You saw that on the subway, right? People didn’t even pay attention to me as I walked around like a normal American. My religion didn’t matter. STEPHANOPOULOS: Not at all.

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ABC’s Bianna Golodryga Goes Undercover to ‘Expose’ Secret Muslim Bias in America, Doesn’t Find Much

Stephen Colbert, Dems’ Trained Clown, Trotted Out to Distract From Obama DOJ Scandal

Personally, I completely  agree with Glenn Reynolds  that  having this idiot Colbert testify was nothing more than a Democrat stunt to take the media’s eye off the very real and important testimony also taking place today regarding the  Justice Department’s racism scandals . So the more cringe-worthy and embarrassing Colbert’s appearance is, the better. Naturally, the MSM will be all too willing to play along. They fully understand how damaging the DOJ Black Panther case is to the Obama Administration and have no desire to come anywhere near covering it. And of course, there’s Stephen Colbert, just as willing to play along – a narcissistic attention whore with no respect for the political process who thinks his schtick combined with a ten hour day he spent in the vegetable fields somehow makes him a compelling and important witness. The one good thing that came out of this is Colbert’s reaction to Conyers’ request that he leave. It’s not very often you see a smug, superior Hollywoodist caught off guard. Byron York has more coverage  here . He thinks the Democrats damaged themselves with this stunt:  Colbert stayed in place as the other witnesses made opening statements. When Colbert’s turn came, Conyers briefly interrupted to say that he was withdrawing his request for Colbert to leave. Then Colbert began his testimony, which was an in-character schtick based on a one-day visit to an upstate New York farm. “This is America,” Colbert said. “I don’t want a tomato picked by a Mexican.”  As the hearing went on, Colbert said things like, “I was a cornpacker…cornpacker is a derogatory term for a gay Iowan.” At the end, Lofgren proclaimed the hearing “helpful.” She thanked the witnesses, who she called “volunteers to help make a better country.” But the presence of her star witness, Colbert, had cause a number of strange and awkward moments, ones that could come back to some of the Democrats on the panel in the campaign ahead. I disagree with York. As I write this, Colbert is all over cable news and the  “bombshell” testimony regarding the DOJ is nowhere to be seen. But it’s hard to beat the trifecta of political corruption: Democrats, the media, and Hollywood. Mission accomplished. Crossposted at Big Hollywood  

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Stephen Colbert, Dems’ Trained Clown, Trotted Out to Distract From Obama DOJ Scandal

Cal Coburn Brown picture

This undated file photo provided by the Washington State Penitentiary shows Cal Coburn Brown. Brown was executed early Friday by lethal injection for the rape, torture and murder of a Seattle-area woman, in Washington state#39;s first use of capital punishment in nine years. Prison officials say Brown, 52, died at 12:56 a.m. PDT, after a four-member team injected a lethal one-drug cocktail in the execution chamber of the Washington State Penitentiary. Convicted killer Cal Coburn Brown was execu

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Cal Coburn Brown picture

Similac baby formula recalls 2010

US pharmaceutical firm Abbott Labs is recalling nearly five million containers of powder baby formula contaminated by beetles or beetle larvae, the firm said Wednesday. Abbott Labs is recalling up to 5 million containers of powder Similac formula because it may be contaminated with insect parts. Abbott said it uncovered insects last week in one section of a Michigan manufacturing plant. The affected products were sold in either plastic containers or in cans, both of various sizes, including 8-

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Similac baby formula recalls 2010

Demi Moore and Ashton Kutcher break up

With tabloid allegations circulating that Ashton Kutcher, 32, cheated on Demi Moore, 47, the couple are presenting a united front. On Sept. 18, Kutcher visited Moore on the Michigan set of her film The Reasonable Bunch. During the visit, a set source says the couple seemed as loving as ever: “She gushes over Ashton,” the source tells us in this week#39;s cover story. “You could hear them laughing in her trailer.” As Demi Moore and Ashton Kutcher prepare to celebrate their fifth wedding anniver

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Demi Moore and Ashton Kutcher break up

Eddie Vedder and Jill McCormick wedding photo

In the happy couple#39;s just-released official wedding portrait, Eddie Vedder, 45, smooches his model bride Jill McCormick– wearing sandals, plus a traditional lei over her gown — on the sand as waves crash behind them. The couple Eddie Vedder and Jill McCormick– who are parents to daughters Olivia, 6, and Harper, 2 – were married Saturday in front of friends including Sean Penn, Jack Johnson, Tim Robbins, Laird Hamilton and Gabrielle Reece. Rocker Eddie Vedder and model Jill McCormick wed

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Eddie Vedder and Jill McCormick wedding photo

Today Show Refuses to Attach Democratic Label in CA ‘Corruption On Steroids’ Story

NBC’s Tamron Hall blared, “It’s being called ‘corruption on steroids'” while George Lewis added, “It’s been an angry summer in Bell, California, once people learned that city officials awarded themselves huge six figure salaries at taxpayer’s expense.” However neither of them mentioned, in two different stories on Wednesday’s Today show, that those corrupt officials belonged to the Democratic Party. Lewis, strangely, couldn’t even bother to identify the party of Jerry Brown — who has a soundbite in the piece going after the officials — as he just called him “The California attorney general running for governor.” Incidentally, the Today show wasn’t the only news outlet to conveniently drop the “D” label next to those officials accused of bilking California taxpayers. As Newsbusters’ Lachlan Markay  pointed out on Tuesday, “ABC, CBS, the Los Angeles Times, the Associated Press, Bloomberg, USA Today, CNN, MSNBC, NPR, and the San Francisco Chronicle all reported on the arrests today without mentioning party affiliations.” The following Lewis story and Hall anchor brief were the September 22 Today show: [8:02am] TAMRON HALL: In Bell, California it’s being called “corruption on steroids.” Eight current and former city officials spent the night in jail after being arrested for misappropriating more than $5 million in city funds. NBC’s George Lewis has details. George, good morning. [On screen headline: “‘Corruption On Steroids’ California City Officials Busted For Graft”] GEORGE LEWIS: Good morning, Tamron. It’s been an angry summer in Bell, California, once people learned that city officials had awarded themselves huge six figure salaries at taxpayers’ expense. Now those officials face serious felony charges. City Manager Robert Rizzo, busted at his luxury home in Huntington Beach, California, had home had been pulling down $800,000 a year in salary, twice what President Obama makes. His total benefits came to about $1.5 million annually. STEVE COOLEY, LOS ANGELES COUNTY DISTRICT ATTORNEY: The charges accuse Rizzo of being responsible for at least $4.3 million of the city’s losses. LEWIS: Rizzo is one of eight city officials, present and former, charged with numerous accounts of misappropriating public funds. When police went after Mayor Oscar Hernandez, they had to break down the door of his house with a battering ram. COOLEY: This was calculated greed and theft accomplished by deceit and secrecy. LEWIS: The district attorney making it clear he’s going after anyone connected with this. COOLEY: I would charge my mother if I had evidence against my mother. UNIDENTIFIED OFFICIAL: Please I need respect from everybody. Please! LEWIS: In July, when people found out about the astronomical salaries the city officials were getting, they stormed city council meetings demanding their resignation. And when news came of the arrests on Tuesday, some citizens literally jumped for joy. UNIDENTIFIED MAN: We did it! I’m happy. I’m happy! This is what I was waiting for from the very beginning. UNIDENTIFIED WOMAN: We just love the idea of all the city council going to jail in handcuffs. LEWIS: The California attorney general running for governor is suing the Bell City officials trying to recover much of the money. JERRY BROWN, CALIFORNIA ATTORNEY GENERAL: When you see it, you can smell it. And this stinks to high heaven. LEWIS: Today when former city manager Rizzo appears in court, the district attorney will ask the judge to set his bail at $3.2 million. The Los Angeles County Board of Supervisors is asking the attorney general to appoint a temporary overseer to run day to day business in Bell. Tamron? HALL: Alright George, thanks a lot. … [9:02am] TAMRON HALL: And eight current and former city officials in Bell, California are facing charges of bilking taxpayers out of millions of dollars. A prosecutor called the case “corruption on steroids.”

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Today Show Refuses to Attach Democratic Label in CA ‘Corruption On Steroids’ Story

Will Jon Stewart’s Oct. 30 Rally on the National Mall Hurt the Dems on Election Day?

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Will Jon Stewart’s Oct. 30 Rally on the National Mall Hurt the Dems on Election Day?

NBC to Interview Obama Monday, Show It Across NBCU Networks, from USA to to Bravo to Syfy

As part of their “Education Nation” summit, NBC is granting a half-hour Matt Lauer interview on education to President Obama in the 8 am hour of Today on Monday. But that’s not the half of it: TV Newser reports the chat “will be roadblocked across various NBCU Networks including MSNBC, USA, Syfy, Bravo, Oxygen, Chiller, Sleuth, UNI HD and Universal Sports.” Please start your “Obama on Syfy” jokes now. We haven’t seen this kind of all-out NBC-networks promotion for a politician since Al Gore’s Live Earth concerts in 2007. This is the second NBC-U forum for Obama in days, coming right after a cozy CNBC hour-long session with John Harwood and disappointed Obama backers. 

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NBC to Interview Obama Monday, Show It Across NBCU Networks, from USA to to Bravo to Syfy