From the Daily Mail. It won't get the publicity it deserves.
Posted by: Steve White ||
09/28/2008 14:05 ||
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#1
It won't get the publicity it deserves
Because, after all, how could publicizing this help the Democrats win? This is what the left would be talking about if they truly cared about the values they proclaim.
Thanks for the post, Steve. This is an example of what Big Journalism can be, should be, but seldom is.
#5
More of 'em, so it will take longer. The western press will ignore it. But it won't end well.
Possibly because of the internal problems China will have once the full effects of this mortgage bailout start to be felt. The repercussions will be profound.
#6
IIRC CNN > THE END OF CHEAP CHINA? China's continually dev business sectors desire to keep upgrading to evermore advanced sales and tech levels while at the same time being forced to realize that it may be necess to outsource [e.g. INDIA, AFRICA] in NEAR-TERM DUE TO RAPIDLY CHANGING CONDITIONS ESPEC CURR US FINANCIAL CRISIS + INTERNAT COMPETITION. SOME OF CHINA'S MAJOR COS. = FACTORIES MAY BE FORCED TO REDUX THEIR PERSONNEL BY 20-30% IN NEAR-TERM, WHILE AN AVERAGE OF ONLY 10% OF CHINA'S UNIV GRADUATES WITH ADVANCED TECHS DEGREES [approxi 5.0Milyuhn per year] ARE ABLE TO FIND WORK AFTER GRADUATION, AND INSTEAD MUST GO OVERSEAS = OUTSIDE OF CHINA TO FIND WORK.
#8
See CHINESE MIL FORUM Thread > INDIA MAY STILL BREAK APART IN THE END. Recent HINDU-CHRISTIAN troubles or violence are symptiomatic of a deeper, nearly hidden or covert, POTENT INDIAN SOCIO-CULTURAL MORASS WHICH THREATENS AND UNDERLIES THE EVERY NATIONHOOD OF INDIA ITSELF.
Nutshell > IICC, India's Hindus and Muslims don't want to change or reform, while the Catholics, Christians, and other are not willing to wait anymore for changes to the Establishment-Cultural "status quo". THE NEWEST CONVERTS TO INDIA-SPECIFIC SECUL SOCIALISM ARE, IRONICALLY, LOYAL ADHERENTS OR BELIEVERS OF INDIA's MAJOR RELIGIONS, I.E. THE FAITHFUL AND SPIRITUAL, WHOM ARE WILLING TO RISK NATIONAL STRIFE FOR CHANGE.
#9
The Chinese aren't bothered by minor details like morality, nor are they impeded by an electorate. The job of the Communist Party in China is to bring the country a rising standard of living and some baubles to make the masses proud (Olympics, space walk). They're doing it. Until they fail at those tasks, no one in China will give a damn and the criticism from outsiders will have about as much effect as a snowflake on a granite wall. They'll have no problem being as ruthless and unscrupulous as they need to be to make sure they get what they want from Africa. Anyone, either in Africa or China, who complains too loudly about the issues Mr. Hitchens describes will simply disappear permanently.
#10
ION TOPIX > BRITISH EXPERT [IISS]: SOUTH KOREA FACING SERIOUS THREAT OF UNCONTROLLABLE MIGRATIONS FROM NORTH KOREAN COLLAPSE, GLOBAL WARMING, AND MUSLIM WORKERS [e.g. Pakistan].
David Miliband says the world stood ready to assist in Zimbabwe's reconstruction if a new government respected democracy. Commenting on Zimbabwean President Robert Mugabe's call for a lifting of what he called "illegally imposed sanctions" on his government, Miliband said: "the world stands ready to help with the reconstruction of Zimbabwe" in the wake of the September 15 power-sharing deal in Harare.
UK's top diplomat said this would happen only if "the democratic process is respected, the new government is formed reflecting that process and action on the ground reflects a new approach."
He said financial and travel sanctions imposed by European countries and the United States targeted only "individual members of the (Harare) regime."
"It is very important that a clear message goes out that there are definite expectations of a significant transfer of power reflecting the results of the parliamentary and presidential elections which were won by the (Tsvangirai-led) opposition," Miliband said.
In the wake of the power-sharing accord, he signed with his opposition, Mugabe told the UN General Assembly Thursday: "I would like to appeal to those members of the international community who have imposed illegal sanctions against Zimbabwe to lift them so that my country can focus, undisturbed, on its economic turn-around."
"We deplore the vindictive approach which often is characterized by self-righteous finger-pointing, double standards and the imposition of unilateral sanctions to coerce smaller and weaker countries to bow to the wishes of militarily stronger states," Mugabe added.
Posted by: Fred ||
09/28/2008 00:14 ||
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#1
Condition 1: Shoot Mugabe.
Condition 2: Shoot his cronies.
I'm not picky, though - hanging's good too.
I wouldn't give Zim-Bob a goddam dime until that entire crew is gone.
Posted by: Barbara Skolaut ||
09/28/2008 1:43 Comments ||
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#2
How about relief and aid for the the American taxpayer?
The Election Commission's (EC) efforts to ensure registration of the political parties before the December 18 polls have run into difficulties with Jamaat-e-Islami and Islami Oikya Jote (IOJ) of the BNP-led alliance opposing some of the criteria.
Despite the EC's latest move to ease the registration procedure, BNP continues to be in a quandary over the issue for its allies' strong objections to the conditions that restrict registration of the religion-based organisations, sources in the four-party alliance said.
It was the opposition of Jamaat and IOJ that led to retreat from Tuesday's announcement that BNP would get registered on meeting the criteria stipulated in the revised Representation of the People Order (RPO), added the sources.
Against this backdrop, secretaries general of the four parties might meet today to decide on the next course of action.
The uncertainty over registration of the major political parties before the national election might go only if BNP manages to make Jamaat and IOJ change their mind.
According to the EC's new proposals unveiled last week, the political parties will not have to organise national councils to amend their constitutions to meet the criteria for registration, now mandatory for the parties seeking election to parliament.
Those unable to hold councils at this time can still register by amending their constitutions provisionally. However, they must have the changes ratified at their national councils within six months since the first sitting of the ninth parliament.
Awami League (AL), Jatiya Party and some other political parties have already agreed with the proposals and announced they would apply for registration after Eid.
Given a relaxed registration process, BNP too does not face any major problems in fulfilling the criteria. But Jamaat and IOJ will have to bring major changes to their constitutions to get registered as political parties.
Posted by: Fred ||
09/28/2008 00:00 ||
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Acids are sold freely at the city's Tantibazar, only a quarter of a kilometre away from Deputy Commissioner's (DC) office which is responsible for controlling production, transport, storage, usage and sale of acids. Taking advantage of the authorities' inactivity, the acid market s running rampant increasing incidents of acid crimes in the country.
"You only have to pay Tk 30 for a pound of sulphuric acid and Tk 40 for a pound of nitric acid. As you have not brought any bottle, you can take this jar for Tk 200," said an acid seller of Goalnagar in Tantibazar showing a little jar capable of containing five pounds of sulphuric acid. He said the price of acid is not fixed and they charge as much as they can from people. He does not face any problem selling acids to those who do not have a licence to use acids or buy acids as the government monitoring is poor.
So there's always a way to retaliate against an uppity ex-girlfriend ...
Sources said like Tantibazar, acids are also sold at Armanitola and Hatkhola in the city and a number of places in the country. Neither a licence nor cash memos are necessary to buy acids from any market.
NEW YORK (MarketWatch) -- U.K. authorities are working with Bradford & Bingley PLC to consider the firm's future, as the beleaguered lender grapples with a loss of investor and ratings agencies' confidence, The Wall Street Journal reported in its online edition on Saturday.
Citing a spokesman, the report said the treasury and the Financial Services Authority and the Bank of England are assisting Bradford & Bingley to consider the implications of the recent financial turmoil on the business. Shares of B&B , which is facing a loss of confidence in the wake of profit warnings and twice restructuring a capital raising plan, have hit new lows in recent days. Its problems were made worse by the recent downfall of Lehman Brothers Holdings Inc. and by renewed rating downgrades, calling into question its ability to fund itself, the Journal reported.
The report said more details on the talks would be announced before Monday's market open, citing a person familiar with the situation.
Options for the lender include nationalizing the bank, taking it over and selling off parts or all of its assets or finding a private sector solution, which is thought to be the government's favored option, the Journal reported.
Media reports have said the government could merge Bradford & Bingley with Northern Rock, the U.K. lender that was nationalized in February, the Journal reported.
Posted by: Steve White ||
09/28/2008 00:00 ||
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LA PAZ, Bolivia (AP) - President Evo Morales says a second Bolivian region has asked the United States to withdraw its aid programs as diplomatic relations between the two countries continue to sour.
Morales on Saturday congratulated local indigenous groups in the southern Bolivia province of Chuquisaca for becoming "territory free of ... American imperialism" after deciding this week to expel the U.S. Agency for International Development, or USAID. He did not offer futher details.
Earlier this year Bolivian farmers asked USAID to leave the coca-growing Chapare region. Morales expelled the U.S. ambassador earlier this month, accusing him of encouraging the leftist leader's conservative opposition. The U.S. ambassador has denied the allegations.
Posted by: Steve White ||
09/28/2008 00:00 ||
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#1
First one has to ask just who's shit list Goldberg found him self on to get sent to La Paz in the first place
The country's two far-Right parties, which campaigned on anti-immigrant and anti-European Union platforms, took almost 30 per cent of the vote to deliver a stunning blow to Austria's political establishment.
The Freedom Party, headed by Heinz-Christian Strache, who was accused of xenophobia during the election campaign, took 18 per cent of the vote.
A new far-Right party, the Alliance for the Future of Austria, founded by Jorg Haider, Mr Strache's former mentor before a 2005 split from the Freedom Party, won 11 per cent of the vote.
The election has been a catastrophe for Austria's moderate parties, with the centrist Social Democrats capturing only 29.5 percent and the conservative People's Party taking only 26 per cent of the vote.
Both parties, which have ruled Austria either alone or in coalition since the end of the Second World War, faced the worst election results in their history as their votes dropped under 30 per cent each for the first time.
Austrians went to the polls after a "grand coalition" between the Social Democrats and the People's Party collapsed after 18 months of a government that was paralysed by constant disputes and rifts.
Most Austrian commentators expect that the Social Democrats will try tod form a new government by either attempting to revive the grand coalition or by entering into a deal with the far-Right, a move that could provoke international condemnation.
Many Austrians still have bitter memories of the international isolation and pariah status Austria faced eight years ago, including European Union sanctions, when the far-Right Freedom Party - then led by Mr Haider - participated in a conservative coalition government.
Mr Strache, 39, has proved to be a popular figure with younger voters but he has been tainted by alleged links to the neo-Nazi scene, which he denies.
Mr Strache rose to prominence as the protégé of Mr Haider, 58, but fell out with him after a series of election defeats. The younger far-Right leader blamed Mr Haider for turning off nationalist voters by making compromises to form a coalition with the People's Party in 2000.
He has allegedly been pictured in his youth at militant gathering of far-Right groups dressed in uniforms and bearing guns.
After Mr Haider left the Freedom Party, Mr Strache has put it back on a hard-Right track, demanding a halt to immigration, a ministry for repatriating foreigners and the return of powers conceded to the EU.
Mr Strache has campaigned for a ban on Islamic dress which, he said, made women look like "female ninjas". He also seeks to overturn strict Austrian laws banning the display of Nazi symbols, such as the swastika.
Senior Freedom Party officials used the elections to mourn the days when immigration turned Austria's sausage stands into kebab shops and to lament the good old days when Austrians ate schnitzel instead of "falafel, couscous or whatever that stuff is called".
Austria introduced two constitutional novelties for the elections: the age limit for voting was lowered to 16 years, a move that might have benefited the far-Right, while the new parliament will be elected for five years instead of four.
#1
Far Right? Great, they're no better than the far left. Far anything gets old real quick. By far right I suppose europeans mean nationalist. Nationalism is a splendid thing, when not taken to excess.
An Istanbul court on Saturday charged six more people with membership of an alleged terrorist organisation suspected of plotting to overthrow Turkey's Islamic-oriented government.
The court ordered the six, including prominent former officials, to be detained. They are the latest of about 100 people facing trial for alleged involvement with a shadowy nationalist group, or of plotting an armed uprising. The opposition say the criminal case is an act of political revenge by the ruling party against the secularist opposition, which has accused the government of trying to increase the role of Islam in Turkey.
Turkey's Constitutional Court in July narrowly voted against disbanding Prime Minister Recep Tayyip Erdogan's Justice and Development Party over accusations it was plotting to impose Islamic rule. But judges still cut off millions of dollars in state aid to the party. Police detained the six, who included a former senior policeman and an ex-mayor, on Tuesday and the court ordered them held Saturday to await trial.
They are accused of being part of a nationalist network called Ergenekon, which takes its name from a legendary valley in Central Asia believed to be the ancestral homeland of Turks. Arrests of alleged members and plotters began last year, and included two former military generals, prominent government critics, a politician and a best-selling author. The first of a series of trials is due to start Oct. 20.
Many of the suspects are known as fierce opponents of Erdogan's government and organised anti-government rallies attended by hundreds of thousands of secular Turks. Some of the suspects are charged with attacks or attempted attacks on institutions and prominent Turks to create chaos and lead to the government's overthrow.
Posted by: Fred ||
09/28/2008 00:07 ||
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The House overwhelmingly gave final approval yesterday to a landmark civil nuclear agreement with India, putting the Bush administration in reach of a substantial foreign policy achievement. The legislation, which passed 298 to 117, still faces obstacles in the Senate, where it has been approved by the Senate Foreign Relations Committee but several senators have blocked it from coming to the floor for debate. The administration has pressed for final action before Congress adjourns, even though the 2006 bill that gave preliminary approval to the deal called for a much longer period of discussion and debate.
"I urge the Senate to quickly take up and pass this important piece of legislation before their October adjournment," President Bush said yesterday. "Signing this bipartisan bill will help strengthen our partnership with India."
Senate Majority Leader Harry M. Reid (D-Nev.) promised a vote on the agreement in his chamber perhaps as soon as tomorrow.
Posted by: Steve White ||
09/28/2008 14:05 ||
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#1
I'm not sure what all that means, but at least the giveaways to the democrat political machine have been removed from the bill. Does Pelosi know this ? She will never go along without a dollup of democrat corruption to smooth out the voting.
Don't these donkeys know that we are watching them ?
#2
It is not you Lollypop, these government folks are still using double-speak of financese and governmentese language. Part of the same problem we got into with the "invented" investment instruments that ended up having no value. Which resulted in a few getting very rich by trading worthless paper for worthless paper and then leaving after the company started into a downward spiral. Wall Street and Washington weasels.
#4
Agreed, the voters need to have the option of retribution at the ballot box. Whoever is President should have to defend his actions up to that point in responding to the fiscal mess. Three years would be good.
YANGON, Myanmar (AP) -- About 100 Buddhist monks in a western Myanmar city staged a peaceful protest march Saturday to mark the anniversary of last year's bloody crackdown on pro-democracy demonstrators.
Meanwhile, in the country's biggest city, Yangon, recently released political prisoners helped celebrate the 20th anniversary of the founding of the party led by detained pro-democracy leader Aung San Suu Kyi, while police and other security personnel kept a close watch. No protests directly related to the crackdown anniversary were noted in Yangon, where last year's demonstrations attracted up to 100,000 people. The junta put down the protests with force, killing at least 31 people and detaining thousands.
But in the western port city of Sittwe, about 100 Buddhist monks marched peacefully in a heavy rain for about 30 minutes, according to witnesses who asked not to be named for fear of being harassed by the authorities. The monks' march took the form of their morning round of begging for alms, but it is widely understood that such a large number of monks marching in an organized fashion represents a veiled protest.
Thein Hlaing, vice chairman of the dissident National League for Democracy Arakan, said one of the monks who organized the march told him it was staged to mark the anniversary of the crackdown and to recall those people killed or detained during it. Buddhist monks spearheaded last year's protests.
Sittwe, the capital of Rakhine state in western Myanmar, is known for its strong anti-military sentiment. It was the city where Buddhist monks first joined anti-junta rallies that swelled into nationwide protests last September.
In Yangon, witnesses said three to six members of the National League for Democracy who were walking to the party's headquarters for its founding anniversary celebration were detained by a vigilante group that acts as security auxiliaries for the ruling military junta. Party officials said the members were forced into a truck and taken to their homes.
Posted by: Steve White ||
09/28/2008 00:00 ||
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OpenSecrets.org has many, many resources for anyone interested in following the money as Washington policymakers craft their solution to the shakeout that continues on Wall Street. Here's a guide to what we at the Center for Responsive Politics have for you online:
* Overviews of federal campaign contributions and lobbying by the finance, insurance and real estate sector
* Within that sector, we have similar data for the two industries getting the most attention right now: the securities and investment industry (contributions, lobbying) and commercial banks (contributions, lobbying)
* How much have members of Congress received from these industries? OpenSecrets.org can show you: securities/investment, banking. Play around with the dropdowns and slider menu to change the timeframe or see totals to specific members of the House and Senate.
* Which companies are the biggest contributors within these industries and how do they split their money between Democrats and Republicans? Banking. Securities/investment.
* For the biggest givers in American politics, which would include most of the major investment firms and commercial banks in the news right now, OpenSecrets.org has detailed "Heavy Hitter" profiles. You can review their contributions and lobbying over time and see how much they've contributed to particular politicians. Here's the full list, and here's direct access to Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Merrill Lynch, Bank of America and American International Group (AIG).
* Don't forget Fannie Mae and Freddie Mac. We have a list of politicians who've received contributions from their PACs and employees. And we have profiles of contributions and lobbying by the mortgage banking industry.
* In addition to all that's linked above, we've posted a number of other analyses in our Capital Eye blog over the last couple of weeks. You can find these posts here.
#3
Thanks 3dc, I've been looking for something like this to try to make sense out of the influence peddling going on in Washington in other words who gets what?
#4
Am I correct in assuming the heavy hitter monies went largely to the blue state recipients--than would be the donks. Unions, real estate, lawyers association, etc.; the usual suspects in the base of donks.
#5
Nancy Pelosi had some serious holdings in AIG. Would it be correct to say that because of the bailout that her losses are, er, ah diminished now? Talk about conflicts of interest.
As for foreclosure prevention measures, Pelosi's office said the legislation would allow the Treasury to work with cash-strapped homeowners whose mortgages are purchased by the federal government to refinance into a more affordable mortgage.
Other foreclosure-prevention measures include an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks that held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month.
Is this the means for the Democrats to fund ACORN and other similar entities by using them as proxies or contractors to execute these policies? In addition, there is no detail as to the policies for new/affordable mortgages. Are new appraisals made and the Taxpayer eats the loss for difference in the appraisals?
Just these two paragraphs look to be possible deal breakers to fiscal conservatives.
#3
This is a way for donks to buy votes from scoundrels who take out mortgages they can't afford and then want me to pay for the privilege. Screw 'em and the bank that lent it.
Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession.
House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.
"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.
"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.
The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.
At the insistence of House Republicans, some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.
The legislation would place "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan, said a senior administration official who was authorized to speak only on background. It would affect fired executives of financial firms, and executives of firms that go bankrupt. Some of the provisions would be retroactive and some prospective, the official said.
The proposed legislation also calls for the financial sector to help make up the difference if the government does not recoup its investment in five years, the official said, but details were unclear.
Also, the government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.
To help struggling homeowners, the plan would require the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes.
The measure's main elements were proposed a week ago by the Bush administration, with Paulson heading efforts to push it through the Democratic-controlled Congress. Democrats insisted on greater congressional oversight, more taxpayer protections, help for homeowners facing possible foreclosure, and restrictions on executives' compensation.
To some degree, all those items were added.
At the insistence of House Republicans, who threatened to sidetrack negotiations at midweek, the insurance provision was added as an alternative to having the government buy distressed securities. House Republicans say it will require less taxpayer spending for the bailout.
But the Treasury Department has said the insurance provision would not pump enough money into the financial sector to make credit sufficiently available. The department would decide how to structure the insurance provisions, said Sen. Kent Conrad, D-N.D., one of the negotiators.
It was not immediately clear how many House Republicans might vote for the measure. With the election five weeks away, Democrats have said they would not push a plan that appeared sharply partisan in nature.
Some members of the US Republican Party are opposing to the bailout plan due to be signed by President Bush to save the country's economy. Republicans in the House of Representatives object to the cost of the president's bailout plan and they want an expanded insurance system to cover failing mortgage-backed securities, VOA reported Saturday.
Insurance makes no sense. You buy insurance for things that might happen, not for things that have already happened or are very, very likely to happen.
Though most Democrats and Republicans in the Senate signaled that they are willing to accept a modified version of the president's bailout and said they agree to the broad principles of the bill, a group of conservative Republicans insisted on significant changes to the USD 700b bill.
The US Treasury wants to spend up to USD 700b to buy broken mortgage-backed bonds from banks and dump them into a vast government portfolio, betting that the move will help thaw out frozen capital markets.
Some House Republicans argue that the plan is a risky approach that may rain down blame on the Republicans if the bailout collapses and the markets go sharply even further south.
The chief negotiator for the House Republicans Roy Blunt of Missouri said they still wish to see Wall Street pay more of the cost, adding they want to solve the problem as soon as possible.
The longer we wait, the more it costs. Keep the credit markets frozen and the investors panicked and on the sidelines, keep the banks sitting on cash, keep the money market funds from being able to roll over paper, and we'll see bank runs and pension fund collapses. Guess who'll get blamed for that?
One-third of the Senate and the whole House are facing re-election on the 4th of November and some US lawmakers said they were facing a grass-roots reaction to the plan seen as providing a safety net for powerful banks.
In a radio speech on Saturday, Bush said "the entire US economy is endangered" and added he understands why taxpayers may not want to foot the bill.
Many Americans are upset with the situation and feel it is unfair to pay for mistakes by Wall Street investors when many taxpayers are struggling to meet mortgage payments.
In New York, dozens of noisy foolsrubessimpletons protesters rallied from Times Square waving banners that read "No Money for Wall Street, No Money for War, bailout the Workers and the Poor."
Posted by: Fred ||
09/28/2008 00:00 ||
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#1
The trunks in Teh House confuse me. Opposing the bailout because it's unpopular makes sense from a political perspective, but when pension funds go bust, it's far worse for their chances. That only needs to happen to one pension, just one and the MSM will pound it until the election.
If any house trunks are reading this, I would advise you to remember how long they dragged out Enron.
Posted by: Mike N. ||
09/28/2008 0:16 Comments ||
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#2
Opposing the bailout because it's unpopular makes sense from a political perspective, but when pension funds go bust, it's far worse for their chances. Although I'm afraid of a potential economic crash, I am kind of enjoying the spectacle of a real important national issue intruding on the national entertainment spectacle called the election. The politicians are stumbling all over themselves.
#3
Jittery Money-Market Investors Await Treasury Guarantee Details
"Murali Iyer and his wife haven't slept much since Sept. 17. That's when they got a call from TD Ameritrade Holding Corp. that made them worry about their life savings.
Iyer, who thought his $400,000 at the brokerage was in a government-insured bank account, learned that it was really in the Reserve Primary Fund" -- RPF, a non-FDIC money market fund, is now frozen after a run on it. If Mr. Iyer had studied the paperwork associated with RPF or searched on the internet, he would have easily been able to learn the truth. Diversification of savings is important, do not put all your eggs in one basket.
"Consumers have been using money-market mutual funds for three decades as a kind of bank account. The funds aren't FDIC- insured, but they do follow rules enforced by the U.S. Securities and Exchange Commission designed to keep them in conservative investments. Alongside bank accounts and U.S. Treasury bonds, they are considered one of the safest places to put money. I doubt this will be the case any longer.
Like other investors in the Primary Fund, TD Ameritrade customers will have to wait until the Reserve permits withdrawals. Money-market funds are usually allowed up to seven days to honor requests for cash. In this case, because of the credit market freeze, the company received a waiver from the SEC for a longer delay. ``We anticipate that the SEC order will remain in effect until sufficient liquidity returns to the markets,'' said the Reserve's spokeswoman, Ming Hatch, in an e-mailed response to questions. "
#4
Sausage-making in Congress this weekend: Republicans, under pressure from Democrats to deliver 70 to 100 votes from their side, were scouring the ranks and focusing on the two dozen Republicans who were retiring this year...Both parties were also scouring the political map to identify lawmakers who face little or no opposition for re-election in November, knowing they would be more willing to vote yes. Democratic officials warned that Democrats in potentially tough races could not be counted on to provide the votes to put the package over the top when, and if, it reaches the floor. Sen. Conrad D-ND, said in a speech on the floor: Its not just going to be Wall Street. The chairman of the Federal Reserve has told us if the credit lockup continues, three million to four million Americans will lose their jobs in the next six months.
#5
"Iyer, who thought his $400,000 at the brokerage was in a government-insured bank account"
Ummmm, NO.
I don't have $400,000 or a brokerage account, but I do know that (1) brokerage accounts - "money market" or otherwise - ain't secured by the FDIC, and (2) deposits in actual FDIC-secured accounts are only insured up to $100,000.
Bzzzzzzt. Nice try, Mr. Iyer. Thanks for playing. Next time, read the not-so-fine print.
Posted by: Barbara Skolaut ||
09/28/2008 1:39 Comments ||
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I cant tell you how many members of Congress were stunned at that news, and were stunned that none of their local bankers were calling them. And then they called their local bankers, as I called my local bankers, and my local bankers said, I think things are just fine. I talked to one banker who said, Gosh, weve got money, and were liquid, and were making a profit. And were in the market selling loans, and weve got competitors trying to sell loans against us.
So, at that point, theres a disconnect. Secretary Paulson is claiming that this is a catastrophe of generational proportions that could go worldwide. And none of what we were hearing back home matches that. And Im not speaking just for myself, but also for many of my colleagues who were making similar calls. They werent being called by their bankers, or by any of the businesses back home saying, I cant borrow any money.... If, in fact, Paulson had struck a chord with the American banking community, wouldnt you think that after he announced on Friday that there was a crisis of liquidity that threatens the entire nations financial solvency and Americans jobs from coast to coast, that my community bankers in Arizona wouldnt have been picking up the phone by Monday morning, if not over the weekend, to say that I share the Secretarys concerns?
#13
the House Reps are trying to remove some of Chris Dodd's pork for ACORN, and keep taxpayers protected by paying off the debt with profits, rather than fund Donk special interests. If this bill was so great, the Donks would pass it without Republican votes or cover
Posted by: Frank G ||
09/28/2008 7:36 Comments ||
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#14
If I need a loan, I must make proper application. I don't go to my Congressman for the money. Where are the Wallstreet loan applicants? The "punishment" for failed CEO's and firms should come in the way of NO MORE INVESTEMENTS. NO MORE MONEY!
#16
If we punish who it seems we should it might throw us into a serious recession or worse. That would probably drag the rest of the world into recession.
This is a shit sandwich and we're all going to get a bit.
#19
My question is...why is virtually NO ONE in Congress screaming to the heavens about all the pork being attaced to this bail out by both Dimocrats and RINO's??? Just curious, ya' know?
Crude-oil futures dropped Friday on concerns that a U.S. bailout of financial firms wouldn't be enough to reverse declining oil demand. Light, sweet crude for November delivery settled $1.13, or 1%, lower at $106.89 a barrel on the New York Mercantile Exchange.
Oil futures, like other commodity and currency markets, were in limbo Friday as traders waited for congressional leaders and President George W. Bush to settle on a final bailout package for troubled financial firms. Investors see the $700 billion plan as the best hope of avoiding a full economic meltdown, a fear punctuated by the seizure of Washington Mutual Inc. by regulators.
Traders nervously bid crude lower in the absence of a deal, though few were willing to take bets on a big price move in either direction. "The prospect that a deal gets done helped support the market," said Andy Lebow, senior vice president for energy at brokerage MF Global Ltd. in New York. "It doesn't mean the price is going to rally...the market is still grappling with near-term demand issues."
Posted by: Steve White ||
09/28/2008 00:00 ||
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#1
Traders nervously bid crude lower in the absence of a deal,
Does this mean as soon as "the deal" is signed oil prices will skyrocket? Lovely second-order effect.
#2
So basically the middle class is screwed no matter what happens. Deal, no deal, good deal, bad deal, we get the shit end of the stick. The richest 1% and poorest 5% come out fine.
#4
Congress is probably the most culpable, as they enacted the legislation then enabled the irresponsible financing. Then Wall Street and their buddies ran with it.
The problem is that members of Congress have little accountability, other than getting turned out of office. But even with that, their bennies are secure. How many of you Rantburgers have that kind of cushy deal with your employers?
I just see no real way out of this in the long term until we start doing the public business based upon sound financial principles, and that will not happen until present members of congress are removed and independents come into office.
Then you can reform congress and the rules under which it operates. Once that is done, then you can attack the federal bureaucracy.
But you cannot get good people to run for office because it is nothing but a massive slimey environment that you would not want to put your family through, witness the Palins.
So we middle class taxpayers are all f*cked, which can lead to #3. And violent revolution does not work in the long run very often.
Posted by: Alaska Paul ||
09/28/2008 15:16 Comments ||
Top||
#5
Actually, #3 is sort of the conventional Pakistani approach. We don't need that.
We need term limits. Two terms max in the Senate (12 years max) would clear it for some useful folks to serve. There should be no way to be a career politician at the federal level.
Posted by: Alaska Paul ||
09/28/2008 17:45 Comments ||
Top||
#9
Problem is, how do you convince sitting members to essentially vote away their own cushy jobs?
There is one way to make it happen Constitutionally. It still is the United States of America. Consequently if the smaller states call for a Constitutional Convention to avoid the utterly corrupt big ones, you can convene a body to write amendments which would then be sent back to the states for ratification. That way the few large states, beyond redemption, can not inhibit change through their numbers in the House of Representatives. Thus the political machines of IL, MA, NY, CA, NJ, and the like can not stop such a movement to remove their pawns from the game. The mechanism exists, just lacks the will.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
Selling continues freely despite 'stringent' law
YANGON, Myanmar (AP) -- About 100 Buddhist monks in a western Myanmar city staged a peaceful protest march Saturday to mark the anniversary of last year's bloody crackdown on pro-democracy demonstrators.
Crude-oil futures dropped Friday on concerns that a U.S. bailout of financial firms wouldn't be enough to reverse declining oil demand. Light, sweet crude for November delivery settled $1.13, or 1%, lower at $106.89 a barrel on the New York Mercantile Exchange.
