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POPSU.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says “The situation is they are losing gobs of money, up to $400 billion in mortgages,” Wallison said in a Bloomberg Television interview. The Treasury Department recognized last week that losses will be more than $400 billion when it raised its limit on federal support for the two government-sponsored enterprises, he said. Lax regulation of Fannie Mae and Freddie Mac led to the mortgage companies taking on too many risky loans, Wallison said. “It turns out it was impossible to regulate them,” he said. “They were too powerful.” He said no one knows how much will be needed to keep the companies solvent. U.S. to Lose $400 Billion on Fannie, Freddie, Wallison Says - Bloomberg.com http://bit.ly/8FhHPH
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POPSCongresswoman Dina Titus urges constituents to print their own money Earlier in the year, Treasury Secretary Tim Geithner unveiled a new program designed to combat falling prices, called the No Sales & Low Prices, or NOSLOP, program. The target is for consumer staples to rise at least four or five times wages. So far, the efforts have failed to make prices rise substantially. This failure has been blamed on inadequate money printing measures by the Fed. "The Treasury has a plurality of tools at its disposal to combat price deflation and prevent people from finding bargains. We all know that consumers get upset at low prices, so we started a new program called No Sales & Low Prices . We are asking consumers to report any store that is advertising anything as being on sale, or if they find anything on a store shelf that is marked down," said Treasury Secretary Geithner. It is now a federal felony to lower prices without the approval of President Obama's Consumer Price Czar.
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POPSMonopoly Capitalism Is the Root of All of America's Problems The indoctrination is that we live in a market economy that determines globalization and everything else. I don’t know why this generation of Americans was more gullible. I can’t understand that. But it’s just a fact and we need to wake up. This systemic risk is a result of monopolists preaching efficiency because they want to take cash out of the system. For example, let’s say they have two machines, and sell one. They get money for the machine they sell, and then the one left over will be more expensive to use so they can charge more for its use. They pocket the money from the machine they sell and get more money off the one machine they have left. The problem, though, is they only have one machine left. If something goes wrong, we can have huge systemic failures. Treasury to dole out USD 3.8 billion more for GMAC
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POPSWall Street=+10 *** Main Street= -20 Good article to help raise that blood pressure. Just in case you were concerned about the welfare of those poor, maligned execs and CEOs of our beleaguered and abused financial institutions, this will help to reassure those nagging worries.
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POPSHot Air: Welcome to the Obama Administration’s “New Transparency” I’m sure it is … for analysts and Fannie and Freddie workers, but I’m not sure taxpayers should share that optimism. The report states the U.S. Treasury will receive preferred stock paying 10% dividends and warrants to acquire nearly 80% of the common shares in Fannie and Freddie. However, the Treasury has already loaned $60 billion to Fannie and $51 billion to Freddie. At this point, it’s hard to believe more money is the answer. Maybe the New York Times was right: Democrats plan to talk about deficit reduction in 2010 but not do anything about it for now. Or as President Obama puts it: “Mr. Obama calls it “a false choice” to pit spending to spur the economy against reducing the deficit. His advisers say the president, and American voters, favor both " spending to create jobs in the short term, and commitment to spending discipline and deficit reduction over the long term.”
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POPSIn Hoc Anno Domini So the light came into the world
who heard strange voices or read strange manuscripts. There was enslavement of men whose tribes came not from Rome, disdain for those who did not have the familiar visage. And most of all, there was everywhere a contempt for human life. What, to the strong, was one man more or less in a crowded world? Then, of a sudden, there was a light in the world, and a man from Galilee saying, Render unto Caesar the things which are Caesar's and unto God the things that are God's. And the voice from Galilee, which would defy Caesar, offered a new Kingdom in which each man could walk upright and bow to none but his God. Inasmuch as ye have done it unto one of the least of these my brethren, ye have done it unto me. And he sent this gospel of the Kingdom of Man into the uttermost ends of the earth. So the light came into the world and the men who lived in darkness were afraid, and they tried to lower a curtain so that man would still believe salvation lay with the leaders.
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POPSObama Approves Giving at Least $30 Billion more to Israel The budget also pledges $500 million in American aid to the Fatah Party’s Palestinian Authority. This aid is contingent on certain requirements, including that the group recognize Israel. This funding is distinct from any funding the CIA may give the Palestinian Authority’s security forces, which would be secret. So the money goes from the taxpayer, to Israel and then back into the pockets of the US military industrial complex. What a sweet set up, eh? *Capitalism* at it's finest. They must be laughing all the way to the bank. *LOL* $30 Billion. Cough up, bend over and smile, USA. .:)
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POPSObama-Geithner Plan to Restart the Bubble Economy The new twist is a variant on the IMF “stabilization” plans that lend money to central banks to support their currencies – for long enough to enable local oligarchs and foreign investors to move their savings and investments offshore at a good exchange rate. The currency then is permitted to collapse, enabling currency speculators to rake in enough gains to empty out the central bank’s reserves. Speculators view these central bank holdings as a target to be raided – the larger the better. The IMF will lend a central bank, say, $10 billion to “support the currency.” Domestic holders will flee the currency at a high exchange rate. Then, when the loan proceeds are depleted, the currency plunges. Wages are squeezed in the usual IMF austerity program, and the economy is forced to earn enough foreign exchange to pay back the IMF.
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POPS“Don’t think we’re not keeping score, brother,” Obama told DeFazio 
Personal calls from Speaker Nancy Pelosi (D-Calif.) and former Vice President Al Gore couldn’t persuade him to vote for the Speaker’s climate change bill. He also opposed the $787 billion stimulus, citing concerns that only 7 percent was devoted to infrastructure spending. DeFazio was one of only two Democrats to vote against those measures and the $700 billion bank bailout. (The other was Rep. Gene Taylor (D-Miss.) a Blue Dog conservative.) Yet he’s also a pro-gun Democrat who has a B rating from the National Rifle Association. “I would have less of a voice and I would have less respect if I voted for things I didn’t believe in because of pressure from the leadership,” DeFazio told The Hill in an interview. Obama himself has taken notice. “Don’t think we’re not keeping score, brother,” Obama told DeFazio during a closed-door meeting of the House Democratic Caucus, according to members afterward. But poking a stick at those in power is what DeFazio does.
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POPS When the Charm Rubs Off denigration of his predecessor, aka "the last eight years." (Blighted by "a triumphant sense about war.") When Attorney General Eric Holder announced that five accused terrorists would be tried in federal courts, he said: "After eight years of delay. ..." When the U.S. Preventive Services Task Force made the controversial recommendation that women should get fewer mammograms, Secretary of Health and Human Services Kathleen Sebelius said: "This panel was appointed by the prior administration, by former President George Bush." In congressional testimony, Treasury Secretary Timothy Geithner almost deviated from the script. He said the Obama administration began after "almost a decade" -- slight pause -- "certainly eight years of basic neglect." Abroad, the fruits of the president's policy of "engagement" have been meager: Witness Iran continuing its nuclear program and China being difficult about carbon emissions. Here is a history lesson for an administration which .....
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POPSKeep Consumers Safe There is an obvious way to begin. Bring back the Glass-Steagall Act. That was the original law, passed in the Roosevelt administration, that created deposit insurance. To limit the risk to the Treasury, it forbade a bank holding company from owning other financial companies. The law was repealed during the Clinton administration in order to let Citibank buy an insurance company.
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POPSPeople In “Fat Cat”-Infested Houses Shouldn’t Throw Stones By Michelle Malkin Immediately after the speech, he headed to a campaign fundraiser at the Manhattan headquarters of Credit Suisse, one of the major investment companies caught up in the subprime lending debacle. In March 2009, Obama assailed the corporate bonuses handed out by bailout recipient AIG"which had been approved by his own handpicked Treasury Secretary and AIG bailout architect Tim Geithner. But let’s not get distracted. Obama blamed “the system and culture that made them possible"a culture where people made enormous sums of money, taking irresponsible risks that have now put the entire economy at risk.” The irresponsible risk-takers at AIG donated $104,332 to Barack Obama in the 2008 federal election cycle. Since 2004, AIG has donated 60 percent of its $2.6 million in political donations to Democrats. Obama kept the corrupted cash. But I digress. “We don’t need these house of cards, these Ponzi schemes, even when they’re legal, where a relatively few do spectacularly well ...
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POPSClipping Comments: Obama's Nobel Lecture - Short Arc of War. Long Arc of Peace Obama only points to the fact that the institutional landscape of Post World War II, "A decade into a new century, this old architecture is buckling under the weight of new threats." Yes, President Obama institutions have expiry dates. The institutions born of what Obama asked for in his plea for "the continued expansion of our moral imagination" arose because people of imagination in 1942 from the US Treasury and British Exchequer called together whole systems thinkers to ask the questions. The writ was to answer why the "War to end all Wars" had a demand performance thirty years latter and the world was suffering from the Great Depression. The writ was to create the new generation of institutions to change the game. This was in 1942 when neither nation knew whether they would be defeated and the "goose step" of Fascist troops would echo through London and Washington.
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POPSWhy you should care about government debt... so it starts. Congress has spent more money in the past 12 months then EVER has been spent by any Congress. And Pelosi was in charge the entire time. The House, Madam Speakers domain, has produced the largest budgets we have ever seen. And then spent more.
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POPSRUNNING OUT OF BULLETS “Why are we listening to any of those guys down there? They’re making our situation worse,” he said. “They said in writing yesterday the solution to our problem is to spend more money … that’s what got us into this problem: too much debt.” “That’s like saying to Tiger Woods, ‘you get another girlfriend and it will solve your problems’ or ‘five more girlfriends and you will solve your problems,’” he said. “We’re all going to pay the price for this in, one, two, three years,” Rogers added. “The next time that we have problems in the economy, which will not be too long, we don’t have any bullets left. We’ve shot everything we had to solve our problems.” “What are they going to do, quadruple the debt again? Print more money? We don’t have any trees left. We’re running out of trees.
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POPSKuber Yantra This Yantra is recommended for growth in business, career & profession as well as increase in income & wealth. It bestows wealth, prosperity and good fortune on the owner of this Yantra. Worship of Kuber Yantra gives the worshipper all these results. The owner of the Yantra will never be lacking money & material comforts - his house & treasury will always be . full, and he & his family never have shortage of resources. This Yantra is kept in house temple, Cash box, almirah and in offices where financial transactions are made.
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POPSWe Ain't Seen Nothing Yet FTA: "Next year’s tax hikes will be real and large..". " As these storm clouds gather, Congress bickers on Saturday nights about borrowing even more money for health-care reform, yet another federal entitlement." Are you ready for 2010??? (sigh)
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POPSObama's Decision on Afghanistan: Surge! OBushma policy: No 'change' here in this "war of necessity", per Obama. (Never blindly trust a government that uses this phrase, as if to shut down all opposition and end all questioning). This "war of necessity" is merely the parroting the same fear-mongering, unproven, baseless propaganda the GOP is claiming here too: President Barack Obama: "This is not a war of choice. This is a war of necessity. Those who attacked America on 9/11 are plotting to do so again. right...we heard the same fear-mongering from Bush. I thought this was all going to "change" (not really).
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POPSDemocracy This is why the United States of America was NEVER meant to be a democracy.
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POPSFed saved AIG to save Goldman More evidence of the timeless collusion between government, banks, and big business. Treasury Secretary Tim Geithner is a wholly-owned property of Goldman Sachs.
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