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Fannie bail out was for China

  • Aug. 5th, 2008 at 12:53 PM
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Fannie and Freddie Own 44% Of Foreclosed Homes

Bernanke May Sound Tougher to Avert Fed Rebellion
Housing Crisis Likely to Wipe Out Two Decades of Family-Earned Wealth


If you wondered who the Fannie bail out was for, wonder no longer…

Published b yMorgan

at August 5, 2008 in Economy, Mortgage Musings and Mortgage News/Insight. Tags: No Tags.

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I’ve said numerous times that the main reason for bailing out the mortgage giants Fannie Mae and Freddie Mac was not for the US homeowner but for the Chinese who have bought a huge portion of our mortgage backed debt. By letting the GSEs go under the US government would have defaulted on a huge promise to its number one pimp partner who has helped fuel this massive expansion in credit and debt.

Bloomberg now has an article confirming that there were high-level talks between the US Treasury Secretary Hank Paulson, Fannie Mae CEO Mudd and Asian investors who hold a bulk of this debt. When you think of the homeowner bail out, remember, $300 billion was earmarked for American citizens. The rest of the near $2 trillion will go to securing our partners cash flow in to our country.

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94% of Senate Bills Passed in Secret

  • Jul. 28th, 2008 at 12:50 PM
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CRS Report

Posted in Uncategorized by schotline on July 24th, 2008

855 bills have passed the Senate with no debate, no amendments, no votes

Washington, D.C. – Today, U.S. Senators Jim DeMint (R-South Carolina) and Tom Coburn (R-Oklahoma) released a report by the nonpartisan Congressional Research Service (CRS) finding that 94 percent of bills the Senate has passed in the 110th Congress have been without a vote, debate or a single amendment. The 855 bills that have been secretly passed spend more than $9 billion, though a final total is not available because many of the bills were rushed through before a cost analysis could be performed.

Senator DeMint: “It would surprise many Americans to learn that the ‘World’s Greatest Deliberative Body’ passes the overwhelming majority of legislation without any debate at all. Democrats think they are entitled to pass bills without debate or votes, and they’ve tried to ram them through right before recess to pressure us to give up. But, Senators shouldn’t fear debate on these important bills. It’s in the best traditions of our republic to demand the Senate actually do its job and have a public debate on bills that expand government and increase the burden on taxpayers. Senator Reid can complain all he wants, but Republicans represent millions of Americans whose voices are being silenced by Democrat strong-arm tactics.”

Dr. Coburn: “The U.S. Senate has a nine percent approval rating because the American people believe that much of our work is done in secret with no debate, no transparency and no accountability. This report shows that the reality is worse than the public’s fears. Instead of encouraging open debate, I’m disappointed that Majority Leader Reid often chooses secrecy or demagoguery. For instance, he has depicted my effort to reduce the number of bills that pass the Senate in secret by ten percent as ‘unprecedented obstruction.’ What is unprecedented and ahistorical, however, is the Majority Leader’s view that Senators should have a king-like right to pass massive spending bills in secret with no debate, no amendments and no recorded vote.”

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Bush Leaving Next President Record Federal Budget Deficit Approaching $490 Billion


By Paul Kane

Washington Post Staff Writer
Monday, July 28, 2008; A01

Instead of a keepsake photo of a political hero or his family, Sen. Tom Coburn (R-Okla.) has a large framed picture next to his desk that serves as a constant reminder of his political ideology. Inside the black frame and matting is a single word, in large white letters: "No."

Coburn has become best known as the lawmaker who says no -- no to increased funding for unsolved civil rights crimes, no to creation of a national registry for victims of the disease ALS, no to more money for child pornography prosecutions.

Using every parliamentary tactic at his disposal, Coburn has tied the Senate in so many knots that Majority Leader Harry M. Reid (D-Nev.) has decided on an extraordinary tactic: He will devote most of the Senate's time this week to breaking the one-man stranglehold.

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Another temporary fix

  • Jul. 28th, 2008 at 9:32 AM
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International Herald Tribune

Monday, July 28, 2008

PRINCETON, New Jersey: Another temporary fix

So the big housing bill has passed in the U.S. Congress. That's good news: Fannie and Freddie had to be rescued, and the bill's other main provision - a special loan program to head off foreclosures - will help some hard-pressed families. It's much better to have this bill than not.

But I hope nobody thinks that Congress has done all, or even a large fraction, of what needs to be done.

This bill is the latest in a series of temporary fixes to the financial system - attempts to hold the thing together with bungee cords and masking tape - that have, at least so far, succeeded in staving off complete collapse. But those fixes have done nothing to resolve the system's underlying flaws. In fact, they set the stage for even bigger future disasters - unless they're followed up with fundamental reforms.

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America and Britain are stumbling/being driven down the same path to fascism.

If the free citizens of both formerly great Nations allow it to happen, without a peep of protest, then "democracy" is over.

All true freedom fighters will take this ban to be a challenge to post articles from Press TV and

http://www.almanar.com.lb/NewsSite/News.aspx?language=en

all over the Internet. What they are attempting is highly illegal, just as every other security measure in the name of "patriotism" has been.

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Congress moves quickly to pass 'homeowner' rescue package

**RED ALERT** RAPE BY CONGRESS IMMINENT

"this is a $1.3 TRILLION market"

Posted on July 23rd, 2008

--- Our nations largest banks are being weighed down by second mortgage liens (Home Equity Lines/Loans). You have heard this in many of their earnings calls recently. The home equity market is thought to be as large as $1.3 trillion. For many banks this is their largest residential mortgage exposure. For example, Wells Fargo still carries $84 billion and Bank of America and Chase about $100 billion a piece. The banks were very touchy in their recent earnings reports on this topic. Wells Fargo actually changed the definition of ‘default’ from 120 days to 180 days to push out defaults further and hide losses. See my report on Wells Fargo’s mystery earnings. --- Real losses were going to befall the banks, as values continue to fall and these now unsecured loans default. Now, it looks as though the tax payers will shoulder the risks for the bank’s irresponsible home equity lending as well. They added this last minute to the Fannie/Freddie, Wall St, Foreign Gov’t, Washington DC, bank and investment bank bailout:


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Novak: A Crony at the Treasury?

  • Jul. 17th, 2008 at 11:13 AM
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Fannie/Freddie Bailout Bill Stalls In Congress

Friends of Fannie and Freddie


By Robert D. Novak

Thursday, July 17, 2008; A21

As financial storm signals appeared the past 18 months, some Bush officials urged drastic reform of Fannie Mae and Freddie Mac. But, according to internal government sources, Treasury Secretary Henry Paulson objected because it would look "too political." The Republican administration kept its hands off the government-backed mortgage companies that are closely connected to the Democratic establishment.

Paulson is a Republican, but as head of the Goldman Sachs investment bank he had close ties with Democratic-dominated Fannie Mae.

After prominent Democrat James A. Johnson's departure from Fannie following eight years as chairman and chief executive, and after Johnson joined the ZymoGenetics biopharmaceutical firm, he was named head of Goldman Sachs's compensation committee, helping to set Paulson's abundant salary there.

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Jul 11, 2008

FOR IMMEDIATE RELEASE

Contact: Carah Ong, 202.378.3334, cong@clw.org
Contact: Lauren Coletta, 202.841.2381, lcoletta@commoncause.org

Retired Military Leaders Oppose Provocative House Resolution on Iran

Washington, D.C. --Three retired military leaders sent a letter to lawmakers urging them to abandon a resolution currently making its way through Congress that might lead to a blockade or the use of force against Iran. The retired military leaders say H.Con.Res. 362 is “poorly conceived, poorly timed, and potentially dangerous.”

The full text of the letter – signed by Lt. General Robert G. Gard, Jr., U.S. Army (ret.); former Assistant Secretary of Defense Dr. Lawrence J. Korb; and Vice Admiral Jack Shanahan, U.S. Navy (ret.) – is available online here.

All three signatories to the letter are available for interviews. Media inquiries for Lt. General Gard should be directed to Carah Ong at 202.378.3334; inquiries for Admiral Shanahan should be directed to Lauren Coletta at 202.841.2381; inquiries for Dr. Lawrence Korb to 202.741.6388.

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Protesters blockade Rep. Ackerman's houseboat

Ackerman protest

Members of Code Pink, an anti-war organization, protested Rep. Gary Ackerman's (D-NY) house boat with a canoe blockade Wednesday morning. Ackerman embraced the protesters, calling it the most creative protest he had ever seen and engaged in a lengthy discussion with them about the Iran sanctions proposed in Congress. (Photo by Michael Temchine / July 9, 2008)


WASHINGTON - A flotilla of peace protesters in canoes and rafts attempted to blockade the houseboat of Rep. Gary Ackerman (D-Jamaica Estates) early Wednesday morning in reaction to legislation he submitted that would impose sanctions on Iran.

The Queens Democrat emerged from his home on the Potomac River smiling and clapping after the demonstrators, known as Code Pink, had been chanting for nearly 30 minutes. They want Ackerman to withdraw the legislation because they believe it symbolizes the first step on a path to war. Instead of force, Code Pink is calling for direct talks with the Iranian government.

"This is not an embargo," Ackerman told the protesters. "We're not calling for a blockade. It is basically what the UN is doing. The UN has imposed sanctions on Iran."

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Alan Nasser

July 8, 2008

The current tension among political observers as to whether the U.S. and/or Israel will undertake military action against Iran before president Bush leaves office has been greatly intensified by the prospect that Congress will pass a frightening resolution, HR 362, as early as this week.

The Demands of HR 362

HR 362, sponsored by Rep. Gary Ackerman, a New York Democrat, calls for the president to enact more draconian economic sanctions against Iran. These include an embargo against any imports of refined petroleum. (While Iran is of course a major exporter of oil, it imports at least 40% of its refined petroleum.) The wording of the Resolution is chilling in the extreme: “Congress… demands that the President initiate an international effort to immediately and dramatically increase the economic, political and diplomatic pressure on Iran to verifiably suspend its nuclear enrichment activities by… prohibiting the export to Iran of all refined petroleum products; imposing stringent inspection requirements on all persons, vehicles, ships, planes, trains, and cargo entering or departing Iran; and prohibiting the international movement of all Iranian officials not involved in negotiating the suspension of Iran’s nuclear program.” The resolution is moving quickly through the House and could pass as early as this week.

The “stringent inspection requirements” listed would require a naval blockade, thereby constituting an act of war. And this is how the resolution would be perceived by virtually all Iranians. The result would surely marginalize moderates in Iran who would shun retaliatory measures against the Bush administration’s aggressive rhetoric, which has been escalating since fall of 2007. Iranians would unify behind their most belligerent leaders and the country would have been handed, by the president and Congress, powerful reasons to develop nuclear weapons for purposes of deterrence.

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Commentary by Paul de Rooij

July 3, 2008

There is one mistake in Ron Paul's otherwise important statement. He states: "We starved children – 50,000 individuals it was admitted probably died because of the sanctions on the Iraqis." This is not correct, it was at least 500,000. Remember when Lesley Stahl asked Madeleine Albright whether half a million Iraqis was a price worth paying, and she infamously replied "yes"?

July 3, 2008

by Rep. Ron Paul

Statement on House Congressional Resolution 362 before the US House of Representatives, June 28, 2008

Today the Dow Jones Average was down 350-some points, gold was up $32, and oil was up another $5. There is a lot of chaos out there and everyone is worried about $4 gasoline. But I don't think there is a clear understanding [of] exactly why that has occurred.

We do know that there is a supply and demand issue, but there are other reasons for the high cost of energy. One is inflation. In order to pay for the war that has been going on, and the domestic spending, we've been spending a lot more money than we have. So what do we do? We send the bills over to the Federal Reserve and they create new money, and in the last three years, our government, through the Federal Reserve and the banking system, has created $4 trillion of new money. That is one of the main reasons why we have this high cost of energy and $4 per gallon gasoline.

But there is another factor that I want to talk about tonight, and that is not only the fear of inflation and future inflation, but the fear factor dealing with our foreign policy. In the last several weeks, if not for months, we have heard a lot of talk about the potential of Israel and/or the United States bombing Iran. And it is in the marketplace. Energy prices are being bid up because of this fear. It has been predicted that if bombs start dropping, that we will see energy prices double or triple. It is just the thought of it right now that is helping to push these energy prices up. And that is a very real thing going on right now.

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Imperium Watch: Make Bush's Day

  • Jul. 2nd, 2008 at 3:46 PM
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Iran "Seriously Considering" New Nuclear Offer


Congress may give the president a pretext for warlike acts against Iran.

Thursday, July 03, 2008

By Stephanie Kraft

In spite of a National Intelligence Estimate from last December that found that Iran had halted its nuclear weapons program in 2003, Congress may soon give President Bush a weapon to use to strike at Iran—and claim that he is simply enforcing the wishes of Congress.

A resolution, H Con 362, is gathering momentum in the U.S. House and has a counterpart in the Senate. It calls for a crackdown on Iran by "prohibiting the export to Iran of all refined petroleum products; imposing stringent inspection requirements on all persons, vehicles, ships, planes, trains, and cargo entering or departing Iran; and prohibiting the international movement of all Iranian officials not involved in negotiating the suspension of Iran's nuclear program."

Inspect persons and vehicles entering or departing Iran? Prohibit the international movement of Iranian officials?

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Texas PC Repair Now Requires PI License

  • Jul. 2nd, 2008 at 12:03 PM
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Brian Heater - PC MagazineMon Jun 30, 8:30 AM ET

From its Texas Rangers to its enthusiastic take on the death penalty, the Lone Star State has long been known for its aggressive stance on law enforcement. Thanks to a strange new law, it's a sting that may soon be felt by a number of the state's computer-repair people.

A recently passed law requires that Texas computer-repair technicians have a private-investigator license, according to a story posted by a Dallas-Fort Worth CW affiliate.

In order to obtain said license, technicians must receive a criminal justice degree or participate in a three-year apprenticeship. Those shops that refuse to participate will be forced to shut down. Violators of the new law can be hit with a $4,000 dollar fine and up to a year in jail, penalties that apply to customers who seek out their services.

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McCain Takes Credit for Bill He Opposed

  • Jun. 28th, 2008 at 11:41 AM
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McCain, Military Oppose Expanding GI Bil

He missed the vote for the bill.

McCain Takes Credit For GI Bill He Opposed
June 27, 2008
"I'm happy to tell you that we probably agreed to an increase in educational benefits for our veterans that not only gives them that gives them an increase in their educational benefits, but if they stay in for a certain amount of time than they can transfer those educational benefits to their spouses and or children. That's a very important aspect I think of incentivizing people of staying in the military."

Pentagon making case against Iran

  • Jun. 28th, 2008 at 9:51 AM
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Sat, 28 Jun 2008 15:43:42

A DoD report released to Congress ahead of a vote on extreme punitive measures on Iran accuses Tehran of assisting Afghan insurgents.

In its first ever Report on Progress toward Security and Stability in Afghanistan to the US Congress, the Pentagon claims it has 'evidence' of Iranian involvement in the war-torn country.

"There is evidence that the insurgency ... has been provided with lethal aid originating in Iran since at least 2006," says the report.

It is 'unclear what role, and at what level the Iranian government plays in providing this assistance', the 72-page document adds.

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Netroots feel jilted by Obama's FISA stand

  • Jun. 26th, 2008 at 10:14 AM
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Senate FISA Roll Call


Netroots feel jilted by Obama's FISA stand 

By CARRIE BUDOFF BROWN
| 6/25/08 6:53 PM EST Text Size:

Barack Obama's support of a government surveillance bill that offers retroactive immunity to telecommunications companies — a bill that he vowed last year to filibuster — has ended his honeymoon with the progressive Netroots.


When former Sen. John Edwards dropped out of the presidential race, the progressive Netroots took their affections to Barack Obama, defending him against attack from Hillary Rodham Clinton and others.

But with his support of a government surveillance bill that offers retroactive immunity to telecommunications companies — a bill that he vowed last year to filibuster — the honeymoon has ended. 

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Monday 23 June 2008

by: Maya Schenwar and Matt Renner, t r u t h o u t | Report

photo
President Bush in Germany on June 11 emphasized that "all options are on the table" when discussing taking actions against Iran if it is found to be researching or developing nuclear weapons. Expected to arrive on the House floor this week is a non-binding resolution that leaves the door open for a military blockade of Iran.
(Photo: Johannes Eisele / Reuters)

    A non-binding resolution to demand that President Bush impose "stringent inspection requirements" on trade with Iran - language that leaves the door open for a military blockade - will likely come to the House floor this week, according to sources close to Congressional leadership. The legislation, H.Con.Res.362, which is paralleled by a similar Senate bill, has gained bipartisan support rapidly, with more co-sponsors signing on by the day. Once it hits the floor, it's bound to "pass like a hot knife through butter," a staffer in House Speaker Nancy Pelosi's office told Chelsea Mozen of the nonprofit Just Foreign Policy.

    Trita Parsi, co-founder and president of the National Iranian American Council (NIAC), concurred, saying passage may happen as early as Tuesday.

    "This bill will likely be put on the floor under suspension - meaning that it will pass without even a vote," Parsi told Truthout. 

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FISA Is Only the Prelude to Nightmare

  • Jun. 23rd, 2008 at 11:09 AM
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 June 22, 2008

No One Is Safe (II): 

I indicated the other day that, as odious and destructive of liberty and privacy as the new FISA "compromise" bill is, there is one perspective from which the momentous to-do about this legislation is very badly misplaced. The selective focus on FISA misses the crucial larger picture in a way that ensures that the ruling class's hold on increasingly tyrannical power will never be consistently or seriously challenged -- which is, of course, precisely what the ruling class wants. In one sense, I certainly won't criticize those who protest the FISA legislation so vehemently, because I favor almost anything that throws a monkey wrench into the operations of our monumentally awful and oppressive federal government.

However, and it is an exceptionally large however, if the protests about FISA remain the sole (or even the major) focus of their complaints about the surveillance state, the protesters will make a very large gift to those who wish to oversee, regulate and control every aspect of our lives. I will return to that point in a moment. First, consider these observations from Jack Balkin on the FISA bill. In part, I consider Balkin far too generous to Obama, but he makes some important points:

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The other problems with the new FISA bill

  • Jun. 23rd, 2008 at 9:47 AM
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What wrong with the new FISA law? Not just retroactive immunity, it still allows instances of warrantless tapping of US citizens! 

The FISA Compromise
Jun 22, 2008
(Political Animal) THE FISA COMPROMISE....The aspect of the FISA compromise that's gotten the most attention is its grant of retroactive immunity to the telephone companies that cooperated with the NSA's post-9/11 domestic spying program. Like everyone else in the liberal blogosphere, I think retroactive immunity is a bad idea that sets a bad precedent, but as I've mentioned before, this isn't a hill I'm willing to die defending. Sure, the telcos may have made the wrong call, but they were caught in a genuinely tough bind in the days after 9/11. The real bad guys here are George Bush and his enablers, who refused to go to Congress after the immediate post-9/11 emergency was over and get legislative approval for the NSA surveillance program.

For my money, then, telecom immunity is a little bit of a sideshow. The rest of the bill matters a lot more. So what's in it?

For starters, the most positive aspect of the bill is that it make clear that FISA and the criminal wiretap laws are the exclusive means by which electronic surveillance may be conducted. It's true that the old FISA bill says the same thing, and in any case it wouldn't surprise me if Bush issued a signing statement saying he disagrees with this section, but still, at least it's something. 

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Congress set to Approve Iran War Resolution
Stop The "Iran War Resolution"
StopAIPAC website

  • Story Highlights
  • U.N. nuclear watchdog chief warns of dangers of military strike on Iran
  • Attack may lead Iran to a more-aggressive nuclear stance, he says
  • Iran official reportedly criticized the Israeli exercises
  • Comments follow Israeli military maneuvers in early June
DUBAI, United Arab Emirates (AP) -- The U.N. nuclear watchdog chief warned in comments aired Saturday that any military strike on Iran could turn the Mideast to a "ball of fire" and lead Iran to a more-aggressive stance on its controversial nuclear program.
The comments by Mohamed ElBaradei, head of the International Atomic Energy Agency, came in an interview with an Arab television station aired Saturday, a day after U.S. officials said they believed recent large Israeli military exercises may have been meant to show Israel's ability to hit Iran's nuclear sites.

"In my opinion, a military strike will be the worst ... it will turn the Middle East to a ball of fire," ElBaradei said on Al-Arabiya television. It also could prompt Iran to press even harder to seek a nuclear program, and force him to resign, he said.

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