By Pam Martens and Russ Martens: September 14, 2018 ~ As thousands of people were fleeing their coastal homes in the Carolinas yesterday to be safe from the approaching wrath of Hurricane Florence after five days of warnings, thousands more were forced from their homes in Lawrence, Andover, and North Andover, Massachusetts yesterday. The Massachusetts evacuations came without prior warning as more than 60 homes erupted in flames yesterday and at least three exploded from a natural gas malfunction involving the utility company, Columbia Gas of Massachusetts. Andover Fire Chief Michael Mansfield told local reporters that “It looked like Armageddon,” saying he could see “billows of smoke coming from Lawrence behind me” and “pillars of smoke in front of me from the town of Andover.” The Associated Press reported that “some local officials described scenes of panic as residents rushed to evacuate, many wondering if their homes would be next … Continue reading →

By Pam Martens and Russ Martens: September 13, 2018 ~ For more than a century, the New York Times has championed some of the most despised men on Wall Street in their power grabs of other banks. The resulting mega bank concentration has crippled competition, crippled democracy in the U.S. and led to unprecedented wealth and income inequality in our nation. And yet, to many Americans, the New York Times is considered a progressive newspaper. It is notable that the New York Times was founded with big bank money. Adolph S. Ochs purchased the New York Times in 1896 for $75,000. John Pierpont Morgan Sr. of the powerful Wall Street bank, JPMorgan, provided $25,000 of that money. When the Times celebrated its 100th anniversary  in 1996, it noted that the Pierpont Morgan Library was exhibiting “the original letter Ochs wrote to his wife, Effie, describing a meeting he had with … Continue reading →

By Pam Martens and Russ Martens: September 12, 2018 ~ There is now a growing chorus of people trying to legitimize the U.S. central bank, the Federal Reserve, having the option of buying stocks in the next financial crisis. This is such a stunning and dangerous development that it deserves to be on the front page of every newspaper in America – before President Donald Trump attempts to sign an Executive Order authorizing it. (We’re only half-joking about that.) This is the highly suspicious timeline of the clamor to give the Fed carte blanche to do as it pleases when Wall Street blows itself up again: Tuesday, September 4, 2018: JPMorgan Chase sends a research report to its clients which includes this statement from Marko Kolanovic, a Senior Analyst at the bank:  “It remains to be seen how governments and central banks will respond in the scenario of a great liquidity … Continue reading →

By Pam Martens and Russ Martens: September 11, 2018 ~ The reverberations from the New York Times OpEd last week, where an anonymous “senior official” in the Trump administration effectively described a coup taking place to stop the President’s mad impulses, are still shaking the nation. But President Donald Trump, from the day he took office, has been little more than a titular figure head for the fossil fuels industry – with Koch Industries in particular calling the shots. The Trump administration took the unthinkable step of removing the United States from the Paris Climate Accord and there is breaking news that the Environmental Protection Agency will ease rules on methane gas emissions for oil and gas companies like Koch Industries. The only real difference between this coup and past coups is that Koch Industries and its front group, Freedom Partners, are so much more in your face than Wall … Continue reading →

By Pam Martens and Russ Martens: September 10, 2018 ~ There seems to be a growing amount of concern these days about another epic financial crash on Wall Street. That, in itself, is a concern. After all, we’ve had only two great crashes in the past 89 years: one from 1929 to 1933 and one from 2008 to 2009. Why is another crash on the tip of so many tongues today? Last week JPMorgan Chase released a lengthy research report in which its analyst Marko Kolanovic suggested that in the event of another major Wall Street crisis, the Fed should not only have its emergency powers restored to buy up toxic debt with abandon from Wall Street but that the Fed might also have to buy up stocks – an unprecedented action for the U.S. central bank – or at least unprecedented as far as the public knows. The outrage … Continue reading →

By Pam Martens and Russ Martens: September 7, 2018 ~ If you thought the U.S. outlook could not get any more dystopian, think again. JPMorgan Chase issued a report earlier this week to mark the 10th anniversary of the 2008 Wall Street crash and provide its outlook for what’s ahead. JPMorgan suggests that the next financial crash may be so cataclysmic that the Federal Reserve may have to enter the market to buy up stocks – something which the central bank has never done before in the U.S. or, at least, acknowledged doing, because stock ownership is heavily skewed to the one percent. JPMorgan further suggests that if the Fed did take this unprecedented step, it might lead to pitchforks in the street (our phrase) as a class war breaks out. (Imagine the Occupy Wall Street protests in 2011 and 2012 and then amplify that by years of pent up … Continue reading →

By Pam Martens and Russ Martens: September 6, 2018 ~ Last evening the New York Times dropped a bombshell just in time to dominate cable news programming for the next six hours. A “senior official” currently working inside the Trump administration penned an anonymous OpEd which the Times posted on its website last evening and is running in its print edition today. The anonymous writer explains that President Donald Trump is unfit to govern and that there is a coup taking place in the Federal government by unelected men but Americans should be comforted because these are “unsung heroes” and they are the “adults in the room” — even though we can’t know their names. To borrow a phrase from Bob Woodward’s new book on Trump’s reign in the White House, welcome to crazytown. Parsing the phrasing in the OpEd, there is a clear pattern of right-wing ideology – the … Continue reading →

By Pam Martens and Russ Martens: September 5, 2018 ~ Koch Industries seems to have developed a secret sauce for winning elections. In January 2017 Time Magazine’s Philip Elliott reported that “In seven of the eight up-for-grabs U.S. Senate races last year, the Koch-backed candidate won. In all, Koch-backed candidates at all levels of races prevailed 96% of the time—a record any outside group would covet.” Now, despite polls showing Ohio Democratic Senator Sherrod Brown with a wide lead against his Republican challenger, U.S. Congressman Jim Renacci, there is reason to worry about what is going on in Ohio.  On April 21 The Australian published an intriguing news article by Michael Owen. It revealed that the South Australian Liberal party leader Steven Marshall (in reality a conservative party as opposed to how we think of liberals in the U.S.) had sent two of his key people to the U.S. state of … Continue reading →

By Pam Martens and Russ Martens: September 4, 2018 ~ It’s time to ask this question: is Facebook wearing the friendly façade of a social media company while actually operating as a high tech citizen surveillance center? We’ll get to that in a moment, but first a look at what an actual citizen surveillance center looks like in New York City. In 2012 we broke the story that the intrepid CBS investigative program, 60 Minutes, had aired a fawning piece on the Lower Manhattan Security Coordination Center. That center is a high tech surveillance center built with over $150 million in taxpayers’ money that uses thousands of spy cameras owned by Wall Street banks together with thousands more owned by the New York City Police Department to spy on millions of law-abiding citizens in lower Manhattan. Data feeds from the cameras are routed to a central computer in the center … Continue reading →

By Pam Martens and Russ Martens: August 31, 2018 ~ On August 22 Bloomberg News reported that Goldman Sachs is shuttering two hedge funds run out of Asia with approximately $1.4 billion in total assets. Goldman Sachs isn’t shuttering the funds because the Volcker Rule restricts its ownership of hedge funds but because, according to the report, one Goldman partner running one fund is retiring and the other is starting his own fund. Yesterday, Bloomberg News reported that JPMorgan Chase’s asset management division is liquidating “a $1 billion credit hedge fund” known as the Palm Lane Credit Opportunities Fund. The article said that “JPMorgan didn’t give a reason for the decision and a spokeswoman for the fund declined to comment.” A filing by Palm Lane Credit Opportunities Fund on August 24 of this year at the SEC, shows the hedge fund registered offshore in the Cayman Islands, and says its first … Continue reading →