Saturday, November 23, 2013

Weekly News Wrap-Up 11.22.13

Negotiations Over Iran’s Nuclear Program, JP Morgan to Pay $13 Billion and MoreBy Greg Hunter’s
The big story is coming out of the Middle East, and it’s all about negotiations over Iran’s nuclear program. Talks in Geneva with world powers to halt Iran’s nuclear program are not going well. In a nutshell, the West wants Iran to stop its program because it fears it will build a bomb. Iran contends it has the right to have nuclear energy for peaceful purposes. Neither side is backing down.Meanwhile, Israel and Saudi Arabia, two countries most fearful of Iran, announced they will team up to attack Iran if a bad deal is reached. This USA Today headline sums it up by saying “Israel says ‘bad’ Iran deal will bring War.” Iran calls Israel a “rabid dog” in the Middle East. An attack on Iran would lead to a quick escalation that would have calamitous consequences for the entire world. Saudi oil fields would no doubt be attacked. The Saudis have just bought nuclear weapons from Pakistan, and the Kingdom would probably use them in a counterattack. The Strait of Hormuz would be shut down. About 1/5th of the world’s oil moves through that narrow sea passageway. The U.S. 5th fleet may also come under attack in Bahrain, and the whole thing might spiral out of control and spark a world war. This is the most underreported story out there.
The Senate just changed the rules on the filibuster, and it has stopped this tactic for judicial nominations. It simply means the minority party will have to succumb to majority rule on nearly all nominations and laws being voted on in the Senate. There will be no way to stop or slow it down. This has been called the “nuclear option” in the Senate. This will backfire on the Democrats if the Republicans take back the Senate in 2014 because of dissatisfaction over Obama Care. Neither party should have this much power. It is a sad day for democracy.
JP Morgan agreed to pay a $13 billion fine over its selling of mortgage-backed securities. Listen to the way USA Today described the case. The paper said “The nation’s largest bank admitted that it knew that residential mortgage-backed securities that it marketed did not comply with underwriting guidelines and weren’t fit for sale.” The paper went to great lengths not to use the words “fraud” or “crime” when it said, “. . . did not comply with underwriting guidelines and weren’t fit for sale.” Of course, I am sure JP Morgan, being an investor in Gannett which owns USA Today, had no bearing on the soft coverage. The paper did say the settlement did not absolve the bank from “potential criminal charges.” Does anyone think top bankers at JP Morgan will see any jail time? Please.
The Obama Care debacle is continuing to unfold higher premiums and deductibles for most people. Millions have already lost their coverage, and millions more will follow. But for some, Obama Care is a great deal. A friend of mine’s daughter is getting a policy for $12 a month! That’s right, $12 a month because her income level is close to the poverty line. You wonder why most people are getting socked with much higher premiums and getting much less coverage? Somebody has to pay for the more than 40 million who either cannot or will not buy insurance. Obama Care is working as planned, but this is not the way it was sold to the public. If only the poor sign up for Obama Care, can this be a viable plan?
Finally, today is the 50th anniversary of the JFK assassination. I can remember Lee Harvey Oswald yelling out, “I’m a patsy.” I asked my Dad what that meant, and he told me “He’s saying he didn’t do it.” I don’t think he shot JFK and never will because the government story has more holes than Swiss cheese. Film director Oliver Stone wrote a great Op-Ed piece in the USA Today newspaper, and he listed several facts that blow up the official government story. Why is this still important? We had a change in the highest office of government without an election. What did we get? We got deep into the Vietnam War which resulted in 58,000 U.S. casualties. You want me to believe Kennedy was killed by a lone gunman? Release all the autopsy photos and negatives.
Join Greg Hunter as he gives his analysis on these stories and more in the Weekly News Wrap-Up.