From the NY TIMES.
Our God’s bombs are bigger than your God’s bombs. One block from the Norway bombing:
Cults is the name of the musical group that did the song feature in this video. It features non-violent footage of the folks at the Jonestown compound in Guyana that I have written about here before. The Jonestown story always gives me the chills, so I found the video intriguing. Exploitative? Ghoulish? Maybe–but it is still a powerful story and I urge you to see the documentary I reference in that previous link. Here’s the music video:
From the current FORTUNE Magazine:
FORTUNE — The bailout of the financial system is roughly as popular as Wall Street bonuses, the federal budget deficit, or LeBron James in a Cleveland sports bar. You hear over and over that the bailout was a disaster, it cost taxpayers a fortune, we didn’t really need it, it didn’t work, it was a failure. It has become politically toxic, which inhibits reasoned public discussion about it.
But you know what? The bailout, by the numbers, clearly did work. Not only did it forestall a worldwide financial meltdown, but a Fortune analysis shows that U.S. taxpayers are coming out ahead on it — by at least $40 billion, and possibly by as much as $100 billion eventually. This is our count for the entire bailout, not just the 3% represented by the massively unpopular Troubled Asset Relief Program. Yes, that’s right — TARP is only about 3% of the bailout, even though it gets about 97% of the attention.
A key reason for the rescue’s profitability is that the Federal Reserve System has already turned over more than $100 billion of bailout-related income to the Treasury, and is on track to turn over $85 billion more this year and next. That’s not something most people include in their math. On the negative side, we’re including what may be the first overall cost calculation of a special tax break that’s worth tens of billions of dollars to four big bailout recipients. And, of course, we’ve analyzed reports from the Congressional Budget Office, the Treasury, the Federal Deposit Insurance Corp., and other sources….[Rest of article]