As New Yorkers mull over another FBI sting operation which netted an alleged would-be terrorist this week, a similar case is headed for an appellate hearing in federal court early next month. An appeal filed by the so-called Newburgh Four, who were convicted last fall of a 2009 plot to shoot down m ... More >>
Federal authorities thwarted a plot to blow up the Federal Reserve building in lower Manhattan this morning, in a would-be attack that was "on behalf of Al-Qaeda," the U.S. Attorney's Office announced this afternoon.(Read the federal criminal complaint below).According to the feds, the failed bomber ... More >>
Gage SkidmoreBanks benefited even more from the public bailout than previously known.It's been three years since the the cataclysmic financial crisis that nearly destroyed the global economy, and three years since the government offered up $700 billion in public money to prop up the banks tha ... More >>
Shepard Fairey caught quite a bit of flak recently for making an Occupy Wall Street poster in the image of his famous Obama "Hope" design. That kind of thing is anathema to OWS, a movement that prides itself on not aligning with either political party. Fairey has publicly supported the movement; he ... More >>
Ever wonder why Congress seems so willing to help bail out the financial industry? Well, a 60 Minutes report on Sunday says that lawmakers purchased stock in companies while involved in debates on Capitol Hill about bills that would affect those companies. Conflict of interest? Just a teensy ... More >>
This is a real CNN report from three days ago. According to the psychics, who know more about Ben Bernanke's plans in the next three months than Ben Bernanke does, everything is going to be just fine. [@_rosiegray]
An 86-year-old beer vendor at Shea Stadium has failed to prove discrimination when her employer reassigned her but not her younger co-worker. Court papers say she was replaced by a 75-year-old. [Reuters] World food prices nearly hit a record in April as grain costs increased, which boosted i ... More >>
Those looking for the passion missing from the Democratic and White House response to the demands of the GOP/Wall Street/Murdoch media coalition, should tune in to the one man rebel band now playing in Washington named Bernie Sanders. The 69-year-old independent senator from Vermont let loose ... More >>
thegallerysagharbor.comThere is, according to the Wall Street Journal, a market in oil paintings of Alan Greenspan, and like most markets it's somewhat depressed of late.
The glory days of New York manufacturing may be over, but it's been coming back at a surprising rate. While manufacturing nationally was down a tenth of a point last month, the Federal Reserve Bank of New York's general economic index, which measures production in the state, has risen from 4 ... More >>
"Ben Bernanke is a nerd," says Time magazine. "He just happens to be the most powerful nerd on the planet," and thus the 2009 Man of the Year "Those green bills featuring dead Presidents," Time informs us, "are labeled federal reserve note for a reason: the Fed controls the money supply." As ... More >>
The Street sorta liked the Federal Reserve's idea to invest over $1,000,000,000,000 of your money into your economy, which sounds like a wash but still makes us feel as if we've been gypped. $300 billion will go to buy T-bonds -- which news quickly drove demand up and yields down. The Fed will also ... More >>
It wasn't your overdue mortgage.
AIG is renegotiating more favorable terms with the U.S. government, reports Bloomberg News, which says the insurer would get "lower interest rates and $40 billion of new capital" under the revised deal. "The government already on the hook for an open-ended liability," marvels Naked Capitalism, "Yet ... More >>
The Fed cut the federal funds rate by half a percentage point today, which we're told is supposed to encourage lending. Blown Mortgage described the market's reaction as "meh," though it looks more like "Whee! Splat." Meanwhile Manhattan hotel building has slowed, so we're not going to have much out ... More >>
New York Dolls live album debuts; band will appear on Craig Ferguson October 29, allowing fans to recreate the old Mercer Arts feeling of being part of a small group watching. An 18-year-old parole violator was beaten to death last weekend at Rikers; mother complains to the Daily News that correcti ... More >>
The Coalition Provisional Authority made 21 shipments of cash, like this one, totaling $11.9 million to Iraq over 14 months, according to Vanity Fair. The feds shipped 281 million individual banknotes or 363 tons of money. Remember those pictures of billions of dollars of U.S. currency, neatly stac ... More >>
Glut of right wingers, dearth of oil
Iraq's Man Who Would Be King
It's the Post-War Economy, Stupid!
The Star of The Cruise and His Celluloid City