VIDEO Defending America’s Undisputed Christian Heritage – headed toward ‘depravity – Take Our Country Back in 2014 Election

-James Dobson: America headed toward ‘depravity
-Gallup: 73 Percent of Tea Party Fired Up and Ready to Vote
October 20, 2014 by Bradlee Dean

A nation that does not remember what it was yesterday, does not know what it is today, nor what it is trying to do. We are trying to do a futile thing if we do not know where we have come from, or what we have been about.

– President Woodrow Wilson

How is it, America, that the left knows how to lie better than the right knows how to tell the truth? Just think: There would be no left if the right would do the right thing at all times.

Recently, I was asked what my beliefs were during a radio interview. I said, “What do you mean ‘my beliefs’? It is OK for us to have different opinions as long as we are rooted in the same principles.” And here lies America’s problems. This is how the corrupt in government divide and conquer through the media, public schools and colleges: just blind them to their history.

When saying the Pledge of Allegiance, you recite, “… one nation under God, indivisible (cannot be divided, separated or broken), with liberty and justice for all.”

Can’t you just hear the unlearned college professor or philosopher (using big words with common-sense meanings) decry, “We are not a Christian nation”? They then complain about the government that will not be ruled by Law (our Mosaic institution; God gave government through Moses). In their confusion, they blurt out the truth: They would rather listen to man’s 10,000 commandments than to God’s Ten Commandments, which only produce liberty when you love God in Christ.

In essence, the left is at war with God and His Law, which states: thou shalt not kill, commit adultery, steal, lie or covet. They seem to forget that “Wherever law ends, tyranny begins.”

President Andrew Jackson said, “The Bible is the rock upon which our republic rests.” And these are the principles that keep us united.

The University of Houston political science professors searched to find where the Founding Fathers chose their ideas:

– They assembled 15,000 writings from the era of the founders.
– They researched for 10 years, isolated 3,154 direct quotes and identified the source of the quotes:

– 8.3 percent were quotes from Baron Charles de Montesquieu;
– 7.9 percent were quotes from Sir William Blackstone;
– 2.9 percent were from John Locke;
– 34 percent of their quotes came directly from the Bible – and when researching where Montesquieu, Blackstone and Locke got their ideas, they found that theirs came from the Bible as well.

Here is the correlation between the Constitution and the Bible concerning America’s Christian heritage:

-Separation of powers: Jeremiah 17:9
– Immigration laws: Leviticus 19:34
– President must be natural born citizen: Deuteronomy 17:15
– Witness and capital punishment: Deuteronomy 17:6
– Three branches of government: Isaiah 33:22
-Tax exemptions for churches: Ezra 7:24
– Republicanism: Exodus 18:21

Watch the undisputable symbolism of America’s Christian Heritage below:

Watch the prayer that literally rocked the Capitol as Bradlee lays out our foundation to the Minnesota State Legislature:

…then this…..

Bradlee Dean On “Prayer” In MN House & Rachel Maddow Lawsuit

America A Christian Nation – In touch Ministries

Bradlee Dean is an ordained preacher, heavy metal drummer, talk-show host of the Sons of Liberty Radio, and speaks on college and high school campuses in churches, and headlines for patriot events across the country. Bradlee Dean’s ministry is You Can Run But You Cannot Hide International. Follow Bradlee Dean on Twitter and Like Him on Facebook.

Gallup: 73 Percent of Tea Party Fired Up and Ready to Vote
24 Oct 2014 by Wynton Hall

A newly released Gallup poll shows “Tea Party Republicans” are fired up and ready to storm the election polls on November 4.

The poll found that 73% of Tea Party Republicans say they are “extremely/very motivated” to vote in 11 days. That compares to just 57% of “other Republicans” and 42% of “non-Republicans” who said they were equally eager to vote.

The issues of strongest concern for Tea Party members were Islamic State (ISIS) terrorists, the federal budget deficit, “the way the federal government is working,” and the economy.

Gallup concluded that one in four Americans support the Tea Party.

Gallup’s sample was collected throughout September.

James Dobson: America headed toward ‘depravity
‘It happened to Greece, Rome, Pompeii’ and Sodom and Gomorrah
October 25, 2014 by Bob Unruh

Dr. James Dobson, one of America’s best-known Christian leaders, founder of Family Talk Radio, a courtroom opponent of Obamacare and, just recently, the National Day of Prayer speaker who called Barack Obama the “abortion president,” warns American is heading toward “depravity.”

In his October 2014 newsletter, a copy of which is available online, he wrote about the Old Testament account of Abraham’s nephew, Lot, “who chose to take his family into the wicked cities of Sodom and Gomorrah.”

“The men living there had become desperately depraved, burning with lust for each other. Jehovah told Abraham that their sin was so grievous that the Lord decided to rain utter destruction upon them. Abraham pleaded with the Lord on behalf of the people, but the patriarch could not find even ten righteous men in either of the cities to justify mercy,” he wrote.

“Why have I chosen to recount this biblical story from so long ago? Because I am convinced that America and other Western nations are sliding in the same direction,” he warned. “We have not yet reached the depravity of Sodom and Gomorrah, but that appears to be where we are headed.”

Dobson added, “Judge Robert Bork, the brilliant jurist who was shamefully denied a seat on the Supreme Court, wrote a book about this danger 18 years ago. It was titled, ‘Slouching Towards Gomorrah.’ I think he had it right.”

“Many influential men and women of the judiciary are leading us toward perdition.”

His blast at America lined up with the comments made by the Rev. Billy Graham in a Sept. 30 column for Decision magazine.

Only Graham didn’t hold quite as positive an opinion about America as Dobson. Where Dobson said America is sliding down, Graham said America already is there.

“Even though America is just as wicked as Sodom and Gomorrah ever were, and as deserving of the judgment of God, God would spare us if we were earnestly praying, with hearts that been cleansed and washed by the blood of Christ,” he wrote.

Graham did offer the hope of prayer, like Hezekiah, who “prayed when his city was threatened by the invading armies … and the entire army of Sennacherib was destroyed,” and like Elijah, who prayed “and God sent fire from Heaven to consume the offering of the altar he had built in the presence of God’s enemies,” and Jesus, who “prayed at the door of the tomb of Lazarus, and the one who had been dead for four days came forth.”

Graham wrote, “What a glorious thing it would be if millions of us would avail ourselves of the greatest privilege this side of Heaven!

“The problems of the world will never be settled unless our national leaders go to God in prayer,” he said. “If only they would discover the power and wisdom that there is in reliance upon God, we could soon see the solution to the grave problems that face the world!”

Graham’s commentary, headlined, “Turning the Tide of History,” was reprinted from a January 1962 radio program sermon, according to a report from CNS News.

What do YOU think? Does the world seem to be falling apart? Sound off in today’s WND poll.

Dobson pinned part of the blame for a crumbling America on federal judges – especially those who of late have found ways to undermine traditional marriage by opening it up to homosexual duos.

“Modernists, libertarians and atheists today recognize no condemnation of sexual perversion in the Bible. However, this historical account illustrates how God views it. The outrageous behavior of the wicked men of Sodom and Gomorrah sealed their doom. Fire and brimstone fell from the sky on both cities and utterly destroyed them,” Dobson explained.

“The story of Abraham and Lot also illustrates how entire societies can become so corrupted by evil that divine judgment eventually destroys them, or they simply fade away. It happened to the people of Greece, Rome, Pompeii and other cities and cultures where wickedness became the order of the day. One thing is certain. God is the holy Sovereign Lord of all heaven and earth, and He will not be mocked.”

And Dobson identified one of those leading the descent: Judge Richard Posner, a “federal judge sitting on the 7th U.S. Circuit Court of Appeals.”

“He became a hero of the pro-gay marriage community by helping to ‘discover’ a provision in the Constitution that laid the foundation for legalizing same-sex marriage. The American people in thirty-one states voted that their Constitutions would henceforth define marriage as being exclusively between one man and one woman. Posner and other imperious judges and justices had a better idea. They simply overrode the will of the people and issued ‘court-made law.’ Whatever happened to Lincoln’s speech at Gettysburg in which he said this government is designed to be ‘Of the people, for the people, and by the people?’ It’s no longer true,” Dobson wrote.

He also noted “another idea” discussed by Posner in his writings – that of “rape licenses.”

Under the judge’s premise, “The ‘right to rape’ exceeds the victim’s physical and emotional pain,” and Dobson said, “Believe it or not, that is the idiocy of the judge’s reasoning.”

Dobson also cited as evidence of the slide the various LGBT education programs being imposed on schools, including “gay history.”

“Well, how about it, parents?” he asked. “Are you willing to send your children off to a public school that is required by law to teach LBGT propaganda to students? I pray not. Are you concerned enough to stand for righteousness and build a wall of protection around your family? Do you know that this great institution is crumbling, and that children will be the victims of its demise? Mrs. Phyllis Schlafly, who has fought boldly and passionately for traditional marriage and the welfare of children, has just published a book titled, ‘Who Killed The American Family?’ It is dying in her view. We can all see evidences of it.”

WND reported previously when Dobson described Barack Obama as “the anti-religious freedom president.”

In his newsletter at the time, Dobson said, “Among other things, [Obama] was targeting religious freedom and set about accomplishing that from the beginning. That was the activity to which I objected strenuously during my comments in Washington. I offer no apologies for expressing those views now. The effort to force Christians to violate their consciences must be opposed with all vigor, regardless of the consequences – primarily because it is unconstitutional. Christians are being chastised, dismissed, harangued and sued for daring to practice their deeply held convictions in the public square. Family Talk is among those who have been pressed against a wall.”

WND also reported that when Dobson spoke to the National Day of Prayer, hundreds stood and cheered his condemnation of the government’s ongoing attempts through Obamacare to require Christians to participate in something that profoundly violates their faith – abortion.

Dobson, through his Family Talk, had fought the Obamacare requirement that employers must pay for abortion-causing agents for their employees. The U.S. Supreme has struck down that requirement now.

Dobson at that time bluntly backed up his opinion.

“[Obama] has made it so that every American will have to pay toward the support of abortion,” he said, citing hundreds of millions of dollars in taxpayer funds that already go to Planned Parenthood, the nation’s largest abortion industry player.

“How can anyone challenge my characterization of Mr. Obama as ‘the abortion president? … He even voted three times in the Illinois state senate not to protect babies who were born alive after surviving botched abortions,” he said.

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VIDEO Awake yet? Gov’t-enforced med quarantines ‘conspiracy theory’ to official policy in NJ,NY – Big Pharma Ebola vaccine profitable

-Ebola Can Be Contracted By Sitting Near Someone
-Big Pharma has owned Ebola vaccine for years; waiting for virus to kill enough people for it to be profitable
October 25, 2014 by Mike Adams, the Health Ranger

(NaturalNews) The states of New York and New Jersey have leapfrogged federal guidelines and set up their own mandatory 21-day quarantine requirements for arriving passengers who had direct contact with Ebola patients in West Africa.

“The patients with the highest level of possible exposure will be automatically quarantined for 21 days at a government-regulated facility,” reports CBS News. [1] Government-run quarantine camps, in other words, are now a present-day reality in America.

“We believe it within the State of New York and the State of New Jersey’s legal rights” says Governor Cuomo. And it almost certainly is. In fact, this move by New Jersey and New York is one of the smartest things any government official has yet done in the United States to thwart the spread of Ebola.

But take notice of something worth considering: Do you see how quickly we are calling for mandatory government quarantines? It didn’t take much, either. Just one returning passenger with Ebola in New York City was all it took, in fact. Suddenly, we are all supporting a police which was considered a whacky theory just a few years ago.

Five years ago, talk of government quarantines was called a “conspiracy theory”

Consider the history of the very idea of government-mandated medical quarantines. Just five years ago, anyone suggesting that such a thing could be happening in the USA was called a “conspiracy theorist.” I know this because I’m one of the few people who warned about precisely this scenario many years earlier, and I’m often called a conspiracy theorist for accurately predicting things that would come true years later.

As soon as Ebola arrived in America, however, all talk of mandatory quarantines suddenly shifted from “conspiracy theory” to “medical protocols.” Suddenly the idea of forcing certain people into government-run facilities from which they are not allowed to leave — a sort of medical prison — was being openly talked about as an important option to consider.

In Dallas, the family members of the late Thomas Duncan were spotted violating their self-quarantine and were ordered back into a self-enforced lockdown. Not long after that, NBC’s “just get your damn flu shot” medical correspondent Dr. Snyderman got caught violating her self-quarantine after returning from West Africa where she might have picked up Ebola. And just a few days ago, Dr. Spencer in NYC decided to spend a night on the town while claiming he was also “self-quarantined.” It didn’t take long for officials to realize that the entire idea of a self-quarantine is completely bogus for the simple reason that nobody follows it.

It turns out that even doctors and journalists violate self quarantines, meaning that we can’t trust people to faithfully quarantine themselves. Suddenly the idea of a government-enforced mandatory quarantine made all kinds of sense. It didn’t sound like a conspiracy theory anymore. It sounded like a sensible idea to help stop the spread of Ebola.

If a forced quarantine is justified for one person, it can be justified for one million

Now we live in a nation where public sentiment openly supports government-enforced quarantines of people who might carry Ebola. Notice how quickly this all happened? Some might even point out the problem-reaction-solution overlay to all this, proposing that Ebola has been hyped up for precisely the purpose of rolling out a medical police state in America. I don’t personally think we are there yet, but we are clearly on the path towards it, and there’s nothing stopping the President from announcing a nationwide medical police state right this very minute.

If the government claimed the authority to detain one person suspected of carrying Ebola, that same authority must also apply to one million people, you see. What you are witnessing right now, in other words, is absolute proof that all of us who warned about government quarantines and the mass rounding up of citizens to be placed into FEMA camps were, in fact, rather prophetic.

The things we warned about five years ago that sounded crazy at the time are now national news headlines. If I had said in 2009 that a level-4 biohazard viral infection would be running loose across New York City, most people would have utterly dismissed the idea as loony tunes. And yet that’s exactly where we are right now.

Those of you who are among the more astute observers of reality will notice that the domains and were registered 15 years ago. In other words, yes, I saw this coming 15 years ago and had the domains registered with the intention of sitting on them until the future arrived.

I have also purchased domain names on other future events which I know are coming, but if I were to mention any of those right now, they would seem just as crazy as an Ebola outbreak in NYC would have seemed until recently. The simple truth is that most people aren’t ready for a future that’s any different from their present. They can’t envision change coming, so they live in a state of denial about what that future may bring.

Those who see what’s coming are the most sane of all

There are some of us who are blessed (or cursed) with the ability to see what’s coming. I’ve often said that a person who knows what will happen in 1-2 years is considered a “genius” by society, while a person who knows what will happen in 10 – 20 years is called a kook. That’s because there is a psychological phenomenon known as a normalcy bias which functions as a kind of mental momentum, keeping people cognitively locked into a very narrow set of expectations while dissuading them from exploring any real change in the world around them.

If I told you that the United States of America as we know it today will come to an end before 20 years from now, most people can’t cognitively process the concept because of their normalcy bias. So I don’t bother explaining the details until the time comes, because only then will people have enough evidence in front of their own eyes to realize the magnitude of the changes unfolding before them.

You wouldn’t believe how many feature stories I’ve written and then archived without publishing them for this very reason. Recently, I wrote a story about the risk of Ebola terrorism taking place in New York City, but I realized the public wasn’t ready to hear that yet so I shelved it. I may still publish it, but not before the public is ready to grasp the message with more clarity. If I publish it right now, too many people will remain in a state of denial and anger because they hate any new information that challenges their Matrix-like mental constructs.

There are many other things the public isn’t ready to hear. Remember, America is a place where people are so willing to remain willfully hypnotized by socially-accepted delusions that they still think JFK was assassinated by a lone gunman and that the WTC 7 building collapsed in perfect symmetry due to a small office fire. We are all living in a nation dominated by delusional people who are sleepwalking through a fictional construct, which is precisely why they are so psychological shocked when something happens that they never considered: A viral outbreak, a solar flare, a grid down power failure, a nuclear accident, a debt implosion or even 98 million people being injected with primate cancer viruses as part of a nationwide polio vaccination scheme, which is exactly what already happened in U.S. history.

Three serious threats to America right now

If you want to know what’s really on my radar right now, there are three things that I suppose I will dare to mention briefly. The first is the Ebola outbreak, which I believe will be kept under control in the USA for the next 12 months or so, but if Ebola becomes endemic in Central or South America, then North America will be in serious trouble and may have an uncontrolled spread within 24 months.

The second thing on my radar right now is an impending stock market crash that would rival the “Black Monday” crash of 1987. The market is being pumped up right now with $200 billion a quarter in money creation by the Fed. Interest rates are near zero while inflation is around 6% or more. Right now, a massive wealth confiscation scheme is taking place, siphoning billions of dollars in purchasing power from the American people without them even knowing it. The minute the Fed stops pumping dollars into the system, it will catastrophically collapse.

The third thing on my mind is the possibility of the Russians waging a nuclear attack on the USA immediately after the country is weakened either by a viral pandemic or a devastating stock market crash. The mainstream news hasn’t covered it much lately, but Russian strategic nuclear bombers have been making practice runs near Alaska. Russian warplanes are conducting aggressive probing maneuvers on attack vectors to U.S. targets. While neither Russia nor China would dare attack the USA on a normal day, a weakened nation suffering from a devastating economic collapse or a nationwide viral pandemic would create precisely the circumstances during which aggressor nations (like Russia) might pounce.

These three things are fast approaching and represent real, legitimate risks to our nation. Everyone interested in preparedness, self-reliance and survival should seriously consider these scenarios. Learn about Ebola survival and preparedness at

And remember: The government quarantines of suspected Ebola carriers has now begun. It is no longer a conspiracy theory; it is now policy.

Big Pharma has owned Ebola vaccine for years; waiting for virus to kill enough people for it to be profitable
October 25, 2014 by: Jonathan Benson, staff writer

(NaturalNews) The truth is finally coming out about the Ebola crisis and its real purpose, which appears to be to sell more vaccines. As it turns out, the drug industry has had Ebola vaccines in the pipeline for years, but it has been waiting for just the right time to release them for maximum profits, unveiling just a little bit more about the true agenda behind all the current Ebola fear-mongering.

Nearly a decade ago, researchers from Canada and the U.S. collaborated on the development of a vaccine for Ebola, which they tested on monkeys. Based on these tests, the vaccine was found to be 100 percent effective, and the results were published in the well respected journal Nature Medicine.

It was assumed at the time that the vaccine would be released commercially to stop the disease’s spread in places like West Africa — but it wasn’t. The reason is that there was no profit to be made in releasing the vaccine at that time. Instead, Big Pharma decided to shelve the project until a later date when demand for the vaccine was higher, and more money could be made.

“Its development stalled in part because Ebola is rare and until now outbreaks had infected only a few hundred people at a time,” explains The Boston Globe. “Most drug companies have resisted spending the enormous sums needed to develop products useful mostly to countries with little ability to pay.”

Once the panic level is high enough, Big Pharma will release Ebola vaccine

In a sinister display of raw capitalism, the vaccine industry deliberately avoided testing its Ebola vaccine until a later time when wealthy nations such as the U.S. demand it. With this time quickly approaching — roughly 5,000 people have died from Ebola in West Africa, and several American nurses have also contracted the disease — the vaccine is only just now being tested on humans.

“There’s never been a big market for Ebola vaccines,” said Thomas W. Geisbert, an Ebola expert from the University of Texas Medical Branch in Galveston, as quoted by The New York Times (NYT). Geisbert helped in the development of the Ebola vaccine.

“So big pharma, who are they going to sell it to? It takes a crisis sometimes to get people talking. ‘O.K. We’ve got to do something here.'”

Millions of Ebola vaccines to be made commercially available in 2015

Well, the convenient crisis is now here, and mass-production of Ebola vaccines will soon be here. The World Health Organization (WHO) says hundreds of thousands of Ebola vaccines will be available for public consumption by mid-2015, and lightning-speed human trials have already begun in preparation for their launch.

Experimental vaccines are already being given to health workers in Liberia, with those in Sierra Leone next on the list. The trial is claimed to be double-blind and placebo-controlled, but those in the placebo group will be receiving vaccines for other diseases such as measles. Neither the participants nor the doctors will know who is receiving which vaccines.

“The companies have committed to ramp up to millions of doses to be available in 2015, with hundreds of thousands ready in the first half of the year,” stated WHO Assistant General-Director Dr. Marie Paule Kieny, as quoted by The Guardian. “Mass vaccination — if any of the vaccines work — will not happen before next June at the earliest,” The Guardian paraphrased her saying.

Learn all these details and more at the FREE online Pandemic Preparedness course at


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Dems Push for New Heavy Regulations on Internet Postings, Drudge, and Blogs – Apologies

-The Democrats Have Begun to Move Against the Web: No More Unregulated Political Ads
-Washington Post Calls for CNN’s Carol Costello to Apologize to Palin Family On-Air
25 Oct 2014 by Warner Todd Huston

As the media prepared to vacate newsrooms for the weekend, Democrats snuck in a last minute proposal that the Federal Elections Commission (FEC) be allowed to heavily regulate political content on internet sites such as Youtube, blogs, and the Drudge Report.

Obama FEC Vice Chairperson Ann M. Ravel announced late on Friday that the FEC was preparing new regulations to give itself control over videos, Internet-based political campaigns, and other content on the web. She insisted that, “A reexamination of the commission’s approach to the internet and other emerging technologies is long overdue.”

This snap decision came after the FEC deadlocked 3-3 over whether or not an anti-Obama Internet campaign in Ohio had violated FEC campaign disclosure rules. The videos were placed for free on Youtube and were not paid advertising, but they also did not disclose who made them.

Until now, videos and other political content that is not posted for a fee are unregulated by the FEC. Only paid advertising is regulated under election rules. It is this that the Democrats want to change.

“FEC Chairman Lee E. Goodman, a Republican, said if regulation extends that far, then anybody who writes a political blog, runs a politically active news site, or even a chat room could be regulated,” the Washington Examiner reported on October 24.

“I have been warning that my Democratic colleagues were moving to regulate media generally and the Internet specifically for almost a year now,” Goodman told “And today’s statement from Vice Chair Ravel confirms my warnings.”

Chairperson Ravel says that it should be illegal for free Internet videos to be used for paid TV advertising. But Goodman points out that Ravel is conflating the matter, and that FEC rules already regulate that situation. TV ads are paid advertising and already fall under regulatory oversight, he said.

Goodman and the other two FEC commissioners who voted that the Ohio videos did not violate regulations lamented the decision by the chair to float oppressive new limits on political free speech on the Internet. “Regrettably, the 3-to-3 vote in this matter suggests a desire to retreat from these important protections for online political speech–a shift in course that could threaten the continued development of the Internet’s virtual free marketplace of political ideas and democratic debate,” they wrote.

Follow Warner Todd Huston on Twitter @warnerthuston or email the author at

The Democrats Have Begun to Move Against the Web: No More Unregulated Political Ads
October 25, 2014 by Gary North

It’s desperation time!

A Democrat on the Federal Elections Commission has moved to regulate unpaid political ads on the Web. The FEC already regulates paid ads. This would mean that sites could no longer link to free political ads unless they show “balance.”

Democratic FEC Vice Chair Ann M. Ravel announced plans to begin the process to win regulations on Internet-based campaigns and videos, currently free from most of the FEC’s rules. “A reexamination of the commission’s approach to the internet and other emerging technologies is long over due,” she said.

Why is this important? Because it is a clear admission that the Democrats know they are losing the media wars where it counts most: the World Wide Web.

This is a desperation move. It is not being launched in Congress, where it has no chance of getting through the House. It is coming from inside the executive: an almost unregulated bureaucracy.

What triggered this?

The power play followed a deadlocked 3-3 vote on whether an Ohio anti-President Obama Internet campaign featuring two videos violated FEC rules when it did not report its finances or offer a disclosure on the ads. The ads were placed for free on YouTube and were not paid advertising.

The game of politics is rigged. It always has been. Anyone who comes in the name of “democracy” expects to win the next election. Anyone who calls for regulation in the name of “fairness” expects to lose.

The Democrats expect to lose.

Attack ads are not under the FEC’s rules. The new rules, if imposed, will multiply the number of attack ads. This will make all of the candidates look like liars who are ready to reward special-interest groups that put up the campaign money — people who should not be trusted.

The new rule just regulate free speech

Washington Post Calls for CNN’s Carol Costello to Apologize to Palin Family On-Air
25 Oct 2014 by John Nolte

Washington Post media reporter Erik Wemple called on CNN’s Carol Costello to apologize to the Palin family in the same venue where she mocked audio of Bristol Palin reporting a physical assault: on-air.

Although Costello herself called for an ESPN anchor to be suspended for comments he made about a assault on a woman (after he had apologized on-air), thus far Costello has only issued a short written apology through CNN.

The Washington Post:

Costello apologized quickly and in airtight fashion: “Over the past few days I have been roundly criticized for joking about a brawl involving the Palin family. In retrospect, I deserve such criticism and would like to apologize.” That statement was sent to Politico, but not said on-air.

The Erik Wemple Blog catches Costello’s CNN show daily — and thinks sky-highly of her anchoring work — but didn’t catch any moment of regret mirroring what she told Politico. A CNN spokeswoman confirms no such event has taken place. It must. CNN surely has more regard for its audience than to pass along such an important message through a bunch of media blogs.

Carol Costello is white. Numerous CNN staffers have had to make on-air apologies for much less, and have been suspended for much less. The ESPN anchor Costello and CNN called to be suspended is black.

Currently, CNN is being sued for racial discrimination. For more than a year the National Association of Black Journalists (NABJ) have publicly complained about the treatment of black staffers at the left-wing cable news network. CNN’s response to the NABJ has been retaliatory.

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Senate Candidate Terri Lynn: No balanced budget, no pay for Senate

Candidate pledges to hold Congress accountable for massive spending
October 25, 2014 Greg Corombos

Recent polls suggest former Michigan Secretary of State Terri Lynn Land is trailing Democrat Rep. Gary Peters in the state’s open U.S. Senate race, but Land says she will close the small gap and win because intrusive government is crippling her state, and her opponent is nothing more than a “rubber stamp” for Harry Reid and the Obama agenda.

“It’s going to go down to Election Day,” Land said. “We always knew that. This is a very close race. This is a close state. We’re working hard to talk to the voters, ask for their vote and tell them we’ll change the direction of the country.”

Land describes Michigan as a purple state, although voters there have elected a Republican to the U.S. Senate only once since 1972.

The seat is up for grabs in Michigan since six-term Democrat Carl Levin announced he would not seek re-election this year. Land served as a Republican secretary of state from 2003-2011, while Democrats controlled the governor’s office and the state legislature. Peters is a three-term congressman from the Detroit suburbs.

If elected, Land said her experience of working with people in both parties would be a benefit to Michigan and to the nation. She said one immediate benefit of her election would be to improve the odds that Republican ideas see the light of day on the Senate floor.

“The biggest hindrance to all of this is Sen. Harry Reid (D-Nev.),” Land said. “He has not allowed over 400 bills to come up from [the House of Representatives] to vote on in the Senate, everything from energy security and the economy to jobs and all of that. We need to change the direction of the Senate, so that we can vote on these bills up or down and send them to the president.”

She said electing Peters would result in more of the same in Washington.

“Gary Peters would just be another rubber stamp for Sen. Harry Reid. We’d be in the same situation we are today. We need to change the direction of this country. He does not support balancing the budget and cutting and making sure the government works for the people. He’s had a history of voting for taxes. He [says] he supports women, but yet he pays women in his office 67 cents on the dollar,” said Land, who also accuses Peters of supporting the outsourcing of American jobs through various votes in Congress.

According to Land, the Obama presidency has been bad for Michigan for a number of reasons, but she said the state is especially wounded by a flood of environmental regulations.

“In our state, we have the manufacturing industry, farming and tourism,” Land explained. “Now we’ve got the [Environmental Protection Agency] putting in new regulations that put the pedal to the metal on greenhouse gases and making utility companies up costs. It’s going to increase costs for not only manufacturers but also for individuals with their home utilities.”

The GOP nominee also said she’s committed to getting the nation’s fiscal house in order and she argued Step 1 in congressional accountability is making members feel the pinch if they don’t get their jobs done.

“We need to balance the budget. I propose that if we don’t pass a budget that’s balanced that you don’t get paid in the Senate until you do,” said Land, who noted that eight years in statewide elected office prepared her for the task.

“As secretary of state, we went through the dark days of Michigan, where Gov. (Jennifer) Granholm and Congressman Peters’ (an official in the Granholm administration) policies lost over 800,000 jobs in our state,” she said. “We said we need to reduce and consolidate every program that we have. So we looked at literally every program, eliminated programs, looked at positions when they came open when people retired or left and went from 2,100 employees down to 1,500 without any layoffs. We reduced our whole operation by over 20 percent and kept out costs down.”

When asked where she would start trimming at the federal level, Land believes there is an obvious candidate for cutting a lot of spending.

“Obviously, the biggest thing is Obamacare. That is a huge cost, and it doesn’t work. It’s been a disaster, and that would be the first [thing] to go,” she said.

“We need a health-care system that works for Michigan and our country, one that’s portable and that you can buy with pre-tax dollars, one where the costs are competitive because you can purchase it across state lines and making sure you can keep that doctor-patient relationship.”

The Real Clear Politics average of polls suggests Peters leads by nine points, but pollsters are also stunned by the huge number of still-undecided voters less than two weeks before voters go to the polls. Land said the choice of direction for Michigan couldn’t be more clear.

“Whether it’s outsourcing, raising taxes or not balancing the budget, that is not good for Michigan and would not put Michigan first,” Land said. “I’m going to go down there and put Michigan first.”

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VIDEO Big Gov Hillary : Corp and Businesses Don’t Create Jobs – 7 Things the Middle Class Can No Longer Afford

7 Things the Middle Class Can No Longer Afford
“Don’t let anybody tell you that it’s corporations and businesses that create jobs.”
October 24, 2014

At a Democratic rally in BLUE state Massachusetts for 20 pt behind Dem Candidate for Governor Martha Coakley , Hillary Clinton’s attempt to attack “trickle-down economics,” resulted in a spectacularly odd statement.

Clinton defended raising the minimum wage saying “Don’t let anybody tell you that raising the minimum wage will kill jobs, they always say that.”

She went on to state that businesses and corporations are not the job creators of America. “Don’t let anybody tell you that it’s corporations and businesses that create jobs,” the former Secretary of State said.

Clinton’s comment will likely be used frequently to attack her as another big-government Democrat. She is seen by many as already running for president in 2016.

Guess Who Doesn’t Create Jobs According to Hillary Clinton
By Elizabeth Allen

Hilary Clinton definitely raised some eyebrows today while speaking at a rally in Boston supporting Elizabeth Warren for Massachusetts Senator and Martha Coakley for governor. It begs one to wonder if there are any true liberals left in this country or if they are all just socialist.

I am wondering just who does create jobs in her world. Oh right, that would be government. She didn’t just leave the business bashing at job creation. She went on to touch on evil businesses that outsource and don’t want mandatory sick leave and increased minimum wage.

Via Politico:

Clinton leaned in hard to modern progressive economic views in the speech. But one statement as she transitioned to a tough critique of trickle-down economics — “Don’t let anybody tell you that it’s corporations and businesses that create jobs” — later drew fierce Republican criticism and private whispers from Democrats that she was trying too hard at points in the speech.

Clinton blasted trickle-down economics and tethered its supporters to outsourcing of jobs — a charge that Coakley’s team has used against her rival, Republican Charlie Baker.

Clinton said trickle-down economics “failed spectacularly,” and she also hit progressive touchstones such as paid sick leave and raising the minimum wage.

“Don’t let anybody tell you that raising the minimum wage will kill jobs,” Clinton said. “They always say that.”

“I’ve been through that. My husband gave working families a raise in the 1990s,” Clinton said, saying she herself voted for raising the minimum wage when she served as a senator from New York. “Don’t let anybody tell you that it’s corporations and businesses that create jobs.”

At what point will the villainization of corporations and businesses backfire? If all of these things are forced through and government does, in fact, become the only job creator, who is going to pay for all of the government programs and employees? I do not know how she did in “arithmetic” in school, but in real world economics her policies plus the policies of her cohorts equal bankruptcy for America.

I shutter to think what will happen if she becomes president. What do you think?

Obama: If you built it, you did not build it

Honey, You Didn’t Build That

Obama Fact-Checks Democrats: His policies ARE on the ballot in 2014

7 Things the Middle Class Can No Longer Afford
Oct 25, 2014 By Elizabeth Allen

The middle class has been hit hard economically over the past several years and their disposable income is shrinking. As a result, there are some things the middle class must either sacrifice for or just plain can’t afford. Business Insider has composed a list of the top 7.

1. Vacations

Families no longer have income for vacations and sacrifice in other areas to make up the difference. According to Statista 54% give up purchasing big ticket items such as TVs and electronics; 47% give up going to the movies; 43% give up eating out and 43% give up smaller purchases such as clothes.

2. New Vehicles
U.S. Auto Makers Release Dismal June Sale Numbers

U.S. Auto Makers Release Dismal June Sale Numbers

According to, “Median-income families in only one major city can afford the average price Americans are paying for new cars and trucks nowadays.” That major city is Washington DC. Go figure.

3. Pay Off Debt

According to, “Americans are drowning in debt.”

– More than 160 million Americans have credit cards.
– The average credit card holder has at least three cards.
– On average, each household with a credit card carries more than $15,000 in credit card debt.
-Total U.S. consumer debt is at $11.4 trillion. That includes mortgages, auto loans, credit cards and student loans.

4. Emergency Savings
emergency savings

Any decent financial adviser will tell you to have an emergency savings of no less than 6 months worth of expenses. According to Bankrate’s Financial Security Index poll “24 percent of Americans have no emergency savings at all. Another 22 percent said their emergency savings would cover, emergency savings would cover, at best, three months’ worth of expenses.”

5. Retirement Savings

Retirement is scary for many Americans. Social Security is not sustainable and nearly half have not saved anything for retirement. According to recent Gallup Poll, “A firm majority of Americans, 59%, are worried about not having enough money for retirement, surpassing eight other financial matters.”

6. Medical Care

medical care

A report by Feeding America found that 66% of households indicate they have had to choose between paying for food and paying for medical care. In addition, 31% say they have to make that choice every month. Thank you Obamacare!

7. Dental Work
dental care

Dental insurance is prohibitively expensive, especially if your workplace doesn’t offer it as a benefit. You pay a lot every month, plus 50% co-payments for any work you need to have done like filling cavities or crowns. Many Americans just forgo insurance all together. According to DHSS, “About 108 million people in the U.S. have no dental insurance. Even those who are covered may have trouble getting care.”

Some of these items are clearly luxury in nature but some are definite necessities. It is terrifying the amount of debt, lack of savings for both emergency and retirement and the most fundamental needs to take care of oneself are just not possible for today’s middle class.


Liberal Logic tfernandez
Liberalism MJ

Related previous post on this blog

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How 1936 Consolidated the Progressives’ Triumph in 1913

Franklin and Eleanor Roosevelt with dog
October 25, 2014 by Gary North

Politically conservative Americans and libertarians generally agree on the worst year of the 20th century: 1913.

In 1913, three major events took place. First, Americans were informed that a constitutional amendment establishing an income tax passed. That was a lie. It did not pass. But the Attorney General of the United States announced that it had passed, and so, as far as the public was concerned, it had passed.

Second, the Constitution was amended, so that members of the Senate were voted into office by a general public election. This was mostly a symbolic change. Over half of the states had already adopted this. But it was a recognition that there had been a fundamental alteration of the United States Constitution. The old idea that the Senate would be elected by state legislatures was now officially defunct.

The third issue was the creation of the Federal Reserve System in late December.

The election of 1912 had pitted three Progressives against each other: Taft, Roosevelt, and Wilson. The election of 1904, in which the never-remembered Alton B. Parker lost to Teddy Roosevelt, was the last time that anyone holding constitutional principles of the federal government achieved the nomination by one of the two major political parties. Teddy Roosevelt smashed him at the polls. After the election, the radical Populist William Jennings Bryan announced that this was the end of “Clevelandism.” He was correct.


I submit that the year 1936 was the second disastrous year in the 20th century. In that year, Franklin Roosevelt was overwhelmingly reelected as President. The New Deal seemed to have been successful in reducing unemployment and getting the economy working again. In fact, it was monetary expansion by the Federal Reserve, coupled with the creation of the FDIC in 1934, which combined to allow the expansion of the money supply, which boosted the economy in a temporary boom.

In 1937, that boom turned into a major recession. From that time on, the New Deal was unsuccessful in overcoming the Great Depression. Only with the beginning of orders for military purchases by the British government in 1940 did the Great Depression recede. It disappeared during World War II, because of the combination of mass monetary inflation and price controls. The government pulled 12 million men out of the labor force, and it then expanded the economy by military purchases. Price controls lead to rationing. So, the rate of unemployment fell, along with 405,000 American dead, who were removed from the category “actively seeking employment” on a permanent basis. The Great Depression — unemployed resources — disappeared because real wages fell sharply, which is exactly what would have happened, had President Hoover and President Roosevelt not imposed various price floors, which kept prices from adjusting, thereby failing to clear the markets.

The other major event of 1936 was the publication of John Maynard Keynes’s book, The General Theory of Employment, Interest, and Money. After six years of depression, standard economists, other than the Austrian school economists, could not explain the Great Depression. It should have disappeared by 1933. It did not. The academic economists had no explanation, and the younger economists wanted one. Keynes’s book seemed to offer both an analytical solution and a practical solution: massive government deficit spending. This was what governments had been doing ever since 1930, but Keynes’s book baptized the practice, and called for more of the same.

Those economists who, in later years, would be critical of Keynes’s economics, were like deaf-mute blind men in 1936 and 1937. Hayek did not respond in public to the book, which relegated his career from 1936 to 1974 as a kind of forgotten critic on the sidelines of economic analysis. The economics profession abandoned him, because he had abandoned the economics profession. He was the major critic of Keynes in 1936, and he refused to respond in print to the book. It seemed that he had been defeated intellectually. It seemed that Keynes’s economic analysis was immune to criticism by the most famous member of the Austrian school of economics.

In 1937, McMillan, which had published Keynes’s book, and which had previously published the 1934 book by Lionel Robbins, The Great Depression, published a book by three authors, which analytically dealt with the causes of the Great Depression: Banking and the Business Cycle. It blamed central banking. But this book never got any traction, and it remains forgotten today. Fortunately, the Mises Institute makes it available free of charge or in a conveniently printed format, but almost nobody remembers it. Almost nobody knew about it in 1937.

Keynes created an intellectual revolution within the economics profession, and also within the political community as well. Keynes advocated what the politicians wanted to do anyway. We live in the shadow of Keynes, because the academic economists lived in the shadow of the Great Depression in 1936. They were defeated intellectually, or in Hayek’s case, remained mute. That was sufficient to transfer to Keynes and his disciples the intellectual leadership in economics for the remainder of the 20th century, and it is still dominant today. It is not so dominant as it was in 1956, or 1965, but it is still overwhelmingly dominant.


I have recommended that some bright young economist in the Austrian school should take up the challenge, and devote the next 20 years to a comprehensive refutation of Keynes’s General Theory. No one has accepted my challenge. It is indicative, once again, that Keynes gets a free ride.

Furthermore, the New Deal gets a free ride. We are still waiting for a comprehensive refutation of the idea that Franklin Roosevelt saved American democracy from itself politically, that he saved the capitalist system from the self-destruction by the capitalists, and that he was lured into World War II, not because he pressured the Japanese government to attack Pearl Harbor, but because of the supposed ruthlessness and shortsightedness of the Japanese Empire. He has had a free ride ever since 1945, at least in the textbooks. The Ken Burns PBS series on the Roosevelts is simply the latest example.

There have been books against various aspects of the Roosevelt administration, but there is no single book, written by a skilled historian, who also understands Austrian school economics, that comprehensively criticizes the entire thrust of the New Deal as a war against constitutional government, free market economics, and personal liberty. Franklin Roosevelt is not seen as the man who completed the destruction of the American Republic, a process which had been visibly inaugurated by Abraham Lincoln, secured by Woodrow Wilson, and buried by Franklin Roosevelt. No one arguing such a thesis could get tenure in any major American university, and the book would not be published by any major American publishing house. So, no historian attempts to write it.

Thomas DiLorenzo could write the economics portion of the book, but he has no expertise in the revisionist literature of World War II. The book would have to be a two-scholar job. But, remember, Di Lorenzo is not a professionally certified historian. To get the book written, the historian who was writing the section on Pearl Harbor would have to enlist the support of a skilled amateur from out of the economics department. Again, it gives an indication of just how bad the situation is today, almost 70 years after the death of Franklin Roosevelt.

Furthermore, as far as I know, no American historian has gone back through all the material on World War II revisionism, restoring the old arguments, posting primary source documents, and devoting at least 20 years to a detailed study of the event. The major revisionist historians of that event remain those who had received tenure prior to World War II, and who published their books between 1946 and 1953: Charles A. Beard and Charles C. Tansill. As an historiographical issue, the Rockefeller Foundation and the Council on Foreign Relations have been successful ever since 1946. They buried World War II revisionism before it began. They did it with money. Then the academic community chimed in, dismissing World War II revisionism as a conspiracy of crackpots. So it remains today in the halls of academe.

It is not that we have not had first-rate historians who could have done this task. It is not that we have not had first-rate economists who could have done the demolition job on Keynes. It is that we have not had dedicated young men who were willing to devote their entire careers to what was clearly a kamikaze operation. They have wanted to the climate of academic opinion to change before they devoted their lives to the seemingly impossible task of changing that climate. They are unwilling to pay the price.


Until the myth of Keynes and the myth of Franklin Roosevelt, which are closely entwined, are refuted in a series of comprehensive, scholarly materials, and then translated into materials accessible to the general public, and rhetorically effective among bright high school students who are in homeschool programs, we will remain on the receiving end of the Establishment’s overwhelming control of the media and academia. The World Wide Web offers a way to get around both of these Establishment operations, but in these two fundamental areas of American history — the New Deal and Keynes’s original introduction to Keynesianism — we have not yet begun to fight.

The intellectual battles over the New Deal and Keynes were part of a continuing war. Conservatives and libertarians lost both in 1936, but not because of their lack of theory. Mises had provided the basis of the answer in 1912 with The Theory of Money and Credit. Hayek also had the foundation: Monetary Theory and the Trade Cycle (1933). But neither of them sat down in 1936 to write definitive answers to Keynes. Neither of them ever did. Mises wrote a major book in 1957: Theory and History. By then, Keynes was triumphant in Western academia. Hayek’s final book was in 1988: The Fatal Conceit.

You have to fight when the battle comes to you. It is not good enough to be well armed. You have to stand your ground and fight.

We have yet to have a full-scale assault on The General Theory. Hazlitt’s Failure of the “New Economics” (1959) was a beginning, but a one-volume refutation that was read by almost no one is not enough. There has to be a full-scale assault. It has to be continuing. It must begin with The General Theory. It then must extend to Samuelson’s Economics: every edition.

With respect to FDR, Flynn’s The Roosevelt Myth (1948) remains the only one-volume critique of the entire FDR period: domestic policy and foreign policy. It was not written by a trained historian, but by an old journalist critic. It failed to draw blood in 1948. The myth of FDR is still universal.

The twin battles still rage. We are still losing. Until we win both, we will continue to lose the war.

A Great Default is coming. It will be the Western liberalism’s version of the Great Depression. At that point, the joint legacy of FDR and Keynes will be vulnerable to revision. The work of revision should begin now.

It should have begun in 1937.

Obama Vision For America

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Russian oil exec: Saudis manipulating oil price down

Hot economic news items from top-rated market timer for precious metals
October 25, 2014 by Mark Leibovit

Editor’s note: Mark Leibovit is one of the investment world’s top-rated gold timers, and helps investors anticipate and benefit from both the ups and the downs of the precious metals markets with his Leibovit VR Gold Letter


From RIA Novosti:

Russian oil exec accuses Saudis of manipulating oil price down

MOSCOW The surplus of oil on the world market is a temporary phenomenon, the vice president of Russian oil giant Rosneft, Mikhail Leontyev, said Sunday.

“The current price dynamic, which has been developing for the last few months, may not reflect the objective trend,” Leontyev told the Russkaya Sluzhba Novostei radio.

“Prices can be manipulative. First of all, Saudi Arabia has begun making big discounts on oil. This is political manipulation, and Saudi Arabia is being manipulated, which could end badly.

The second factor is the stolen ISIS [Islamic State] oil, which reaches the market through Turkey and Israel with a triple discount. It is not much, but it is stolen, so it is cheap,” the Rosneft vice president said.

That the market, primarily in the United States, is filled with American oil is due to the so-called shale revolution and it is a long-term factor, Leontyev stated.

On Friday, after the publication of the OPEC (Organization of the Petroleum Exporting Countries) October report that noted an increase in oil production in the countries belonging to the OPEC countries, international oil prices began to decline.


From The Financial Times:

JPMorgan sets aside $1 billion for forex-rigging penalty

JPMorganChase set aside $1 billion in legal reserves, depressing third-quarter results, as the largest U.S. bank by assets prepares to pay big penalties over allegations it manipulated the foreign exchange market.

The bank has paid billions of dollars in penalties over regulatory violations and lawsuits in the past two years – ranging from the “London whale” trading fiasco to mis-selling mortgage-backed securities.

Bulking up its reserves by $1 billion was more than analysts expected and took the bank’s profits for the three months to the end of September below expectations, at $5.6 billion.

It is a sign, according to people familiar with the matter, that JPMorgan is close to settling enforcement action, which is being led by authorities in the UK and U.S., and affects several of the world’s biggest currency trading banks.


From EIN News:

Asian market hubs move into gold

Asians buy most of the world’s gold, but nearly all of it trades in London. Now, with Western investors souring on the metal, the region is making a bid for some of the action.

Three big financial hubs in Asia are separately launching trading in a gold contract, each backed with physical gold.

If they draw enough investors, the contracts could influence the price of gold, which is set by a daily fix in London.

China is now the world’s largest producer and consumer of gold, and the biggest importer, as domestic demand has outstripped supply. India also is a major buyer and importer. Two-thirds of global gold purchases come from Asia, the World Gold Council says.

Still, many observers say Asia is likely to find it a hard task to unseat London as the world’s center for gold trading. A major reason: China bans the export of gold bullion, arguing its huge domestic production is needed to meet local demand.

That means gold can flow into China when prices there are above those set in London, but cannot move the other way. Beijing’s strict controls also limit movement of capital.

“The greater prominence of prices out of Asia can only enhance the mix, but I doubt within the next couple of years that it will fundamentally change the way spot prices are derived,” says Ross Norman, chief executive officer at Sharps Pixley, a London-based bullion broker.



Market Report: Gold benefits from market uncertainty

By Alasdair Macleod

The outlook for gold is now more positive than it has been for some time. After a prolonged period of low volatility as funds invested in ever-greater risk, markets have snapped and volatility has jumped. In short, we are swinging very suddenly from complacency to reality.

Read more and view charts.



Tocqueville’s Hathaway: China has it right about gold and the dollar

Tocqueville Gold Fund manager John Hathaway’s third-quarter letter to investors details how the fundamentals for a much stronger gold price remain in place, and he cites many of the developments to which GATA (Gold Anti-Trust Action Committee) has called attention in recent weeks.

Hathaway’s letter concludes: “We take comfort that our positive view of the future dollar gold price is shared by those who understand the difference between synthetic and physical metal and who regard the real substance as a matter of strategic imperative, not as a plaything for macro traders. We believe that China’s negative assessment of the future prospects for the U.S. dollar is correct and that our investment strategy of investing in the shares of value-creating gold miners offers sensible and dynamic exposure to the inevitable repricing of gold in U.S. dollars.”


This pink diamond sold for a historic record of $18 million

A fancy 8.41 carat, pear-shaped, flawless pink diamond sold for a record $17.8 million in Hong Kong, over $3 million more than what Sotheby’s was expecting to fetch, setting a world auction record on a per-carat basis for this kind of gems.

The auction house did not reveal the buyer’s identity, but said than 200 people attended the bidding at the Hong Kong Convention and Exhibition Center in Wan Chai.

Internally flawless clarity is extremely rare in pink diamonds, and the auction house said this, in combination with its “fancy vivid” color grading, made the stone “amongst the rarest and most desirable of colored diamonds ever seen at auction.”



China’s Zhou says some countries already use yuan in reserves

WASHINGTON – Some countries are already using the Chinese yuan in their foreign-currency reserves without announcing it, China central bank governor Zhou Xiaochuan said.

While China’s yuan has begun to be used as a reserve currency for several years, some countries “may not be willing to say so,” Zhou told Bloomberg on the sidelines of the International Monetary Fund meetings in Washington.

China has stepped up efforts to promote the yuan’s use overseas since the global financial crisis as expansion in the world’s second-largest economy provides more clout while Europe has yet to fully recover. The European Central Bank will discuss next week whether to begin laying the groundwork to add the Chinese yuan to its foreign-currency reserves, Bloomberg reported yesterday.

“It’s good that more countries are willing to adopt the renminbi as a reserve currency as our economy grows and our financial reforms continue,” said Zhou, responding to ECB’s consideration of adding yuan to its reserves. Renminbi is the official name of the yuan.


From Reuters:

Banks accept derivatives rule change to end ‘too big to fail’ scenario

LONDON – The $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to help regulators to wind down failed banks without destabilizing markets.

The International Swaps and Derivatives Association (ISDA) and 18 major banks that dominate the market will now allow financial watchdogs to apply temporary stays to prevent a rush to close derivatives contracts if a bank runs into trouble, the ISDA said.

A delay would give regulators time to ensure that critical parts of a bank, such as customer accounts, continue smoothly while the rest is wound down or sold off in an orderly way.

Under the new contract terms, default clauses in derivatives contracts such as interest rate or credit default swaps would be suspended for a maximum of 48 hours.


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