NAIROBI (AFP) Pirates on Thursday seized a Ukrainian cargo ship off the coast of Somalia while it was en route to the Kenyan port of Mombasa, a maritime official told AFP.
The hijackers commandeered the Belize-flagged Faina to a yet unknown location, said Andrew Mwngura who runs the Kenya chapter of the Seafarers Assistance Programme. "It was sailing from the Baltics and was expected in Mombasa on September 27," he added. "As usual, the pirates were armed on a speedboat when they seized the ship, but we do not know where they have taken it." Somali pirates often take ships to Eyl, a pirate den in the country's northern breakaway region of Puntland.
On Monday, the International Maritime Bureau's Piracy Reporting Centre chief Noel Choong said the pirates had changed tactics by attacking further out to sea and on two fronts to evade international security. He said the attackers now operate simultaneously in the Gulf of Aden and on the eastern coast of Somalia and extending their range by operating from larger vessels.
Some pirates have justified their actions by claiming that, in the absence of a functional central authority in Somalia, they were battling illegal fishing and toxic waste dumping by foreign countries. Ahhhh... they're "environmentalist" pirates.
GAROWE, Somalia Sep 18 (Garowe Online) - A mysterious gentleman who called Somalia-based Radio Garowe on Thursday claimed to be the spokesman for a self-titled group called the Somali Youth Coastguard.
Identifying himself only as Mr. Wadani (nationalist, in Somali), he read an eight-point press release that included a grave warning to the French government. "We will give a clear answer to the French government's action," Mr. Wadani said, while referring to French commandos who killed one suspected pirate, arrested six others and freed two French citizens who were being held hostage off of Somalia's Puntland coast. Mr. Wadani demanded that the French government "immediately release the Somali youth," referring to the six suspected pirates arrested during last Tuesday's military operation. He warned that any attempt at further military action "will harm the safety of the hostages" aboard some 10 ships currently being held for ransom near Somali waters.
Foreign governments and ship owners were warned to "reach an immediate decision within 48 hours" so the ships and hostages can be freed or the pirates "will take an unexpected step," Mr. Wadani said while reading the press statement.
Further, the statement said that the Somali Youth Coastguard "will not accept the dumping of toxic waste or the robbing of natural resources" along the Somali coast. All foreign vessels caught in Somali territorial waters illegally "will be fined," Mr. Wadani warned.
He distanced the group from any religious or political movement in Somalia, while describing the group as "a popular uprising" against years of international neglect that allowed the dumping of toxic waste along the Somali coastline.
#3
What the hell is wrong with these cargo ships? Why are they sailing anywhere close to Somalia.
Posted by: Barbara Skolaut ||
09/25/2008 18:46 Comments ||
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#4
Because the alternative to transiting the Suez canal is to go around Africa, one suspects. And ships that go through the canal end up passing the horn, i.e. Somalia.
#6
I know what the map looks like. I wonder why anyone thinks it's worthwhile sailing anywhere near Somalia - particularly since the ships apparently refuse to arm themselves. Yes, going around the Horn is longer, but you miss the pirates. Is it really worthwhile to take the chance?
I'm betting the insured owner telling them to take the short route isn't on board to meet the pirates....
Posted by: Barbara Skolaut ||
09/25/2008 20:36 Comments ||
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#7
They could avoid these problems by staying close to the Yemeni coast. I suspect they're just trying to save fuel and time (hours) by running the gauntlet. Most times, it works out fine. But other times...
In a move contrary to an apparent understanding with the Awami League (AL), the government yesterday strongly opposed a bail prayer of Sheikh Hasina at the High Court (HC) in an extortion case filed by businessman Noor Ali.
Posted by: Fred ||
09/25/2008 00:00 ||
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The High Court (HC) yesterday extended bail for four months to over 500 people accused in different criminal cases filed under the Emergency Power Rules (EPR).
Posted by: Fred ||
09/25/2008 00:00 ||
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Russia has allocated 3 trillion rubles ($127.7 billion) to support the country's financial markets.
Posted by: Fred ||
09/25/2008 00:00 ||
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#1
Standard & Poor's warned Russia that if they did this, their credit rating would be lowered from BBB+. It will be interesting to see if they follow through, or if times have changed.
#3
First TURKEYS = HOLIDAY MEALS, most recently CHOCOLATE [Valentine's Day] + CANDY {Halloween] + Greeting Cards, now TV TOONS.
AL BUNDY hasn't eaten in the 20 years he's been married to PEG, since before his Wedding + Honeymoon, and now RUSSIA = VLADVEDEV WANTS TO MAKE SURE HE STAYS THAT WAY???
#5
Russia desperately needs a take-charge, country first kind of guy. The thugs will drown in their own self interest. We have the white haired knight from Arizona who does take charge and does put country first. We're not sharing him with the Russians. Sorry, guys. You're on your own.
Posted by: Richard of Oregon ||
09/25/2008 12:59 Comments ||
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#6
AH9418, Seems like more and more of the world is meeting that definition.
The entire ME sans Israel, China, most of LA etc.
And if it's left up to 0 then we'll be well on our way too. It's the Chicago way.
Just days after Moscow dispatched a Navy squadron to Venezuela, the Latin American country's president will touch down in Orenburg for a meeting with President Dmitry Medvedev on Friday.
Hugo Chavez, an outspoken ally of Moscow, is stopping over during a flight from China to France, officials from the Venezuelan Embassy and Orenburg regional administration said Tuesday.
The choice of Orenburg, capital of a region stretching along the border with Kazakhstan, is connected solely to Medvedev's schedule, a Venezuelan Embassy official said on condition of anonymity because she was not authorized to speak to the media.
Alxei Likhtin, deputy information minister in the Orenburg regional government, confirmed that the two presidents were expected to meet later this week but refused to elaborate. "Apparently yes, but we do not know what sort of visit this will be, whether in the city of Orenburg or outside," Likhtin said by telephone.
The Kremlin declined to comment. A spokesman, Andrei Solesnikov, merely said that no official announcement would be made Tuesday.
The presidents will sign a bilateral cooperation agreement on energy, science and technology, Itar-Tass reported, citing a television address by Chavez last week.
It was also unclear whether Chavez would meet Prime Minister Vladimir Putin. Putin's spokesman Dmitry Peskov said Tuesday that he could not comment yet.
Last week, Deputy Prime Minister Igor Sechin led a delegation of ministers and business executives to Caracas, where he oversaw deals to develop offshore gas fields with state-owned Petroleos de Venezuela. Sechin also is chairman of state-controlled oil giant Rosneft.
Moscow has intensified trade ties with Caracas in recent years, but after this summer's military campaign in Georgia, which sent relations with the West plummeting, the Kremlin stepped up military cooperation with the government of Chavez, a fiery leftist and critic of the United States.
Posted by: Fred ||
09/25/2008 00:00 ||
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#1
ION WAFF > RUSSIA TO MODERNIZE NICARAGUA'S ARSENAL [aging Soviet weponry].
* SINO-DEFENSE > RIAN - US VULNERABLE TO TU160'S AND KH-555 CRUISE MISSLES.
* WORLD MIL FORUM [China] > DEFENSE NEWS - CHINA PLANS TO DEPLOY NEW LONG-RANGE ICBM CAPABLE OF HITTING WASHINGTON DC; + CHINA IS THE NEUTRON BOMB TERROR. Milyuhns and Zilyuhns of low-yield, Personnel-only killing nukes, + CHINESE PLA HEAD ZHENFENG TO MEET WID PAKISTAN ARMY CHIEF ON MAGNITUDE OF CHIN MILITARY AID [e.g. AIR DEFENSE SYS], + CHINA SUCCESSFULLY DEPLOYS SOSUS-TYPE SUB DETECTION NETWORK TO DEFEAT US NAVY, + CHINA INTO THE GLOBAL MILITARY THREAT UNTIL AT LEAST 2050, Chin better off being strong than weak, and should seek closer National-Military Econ Cooper wid JAPAN to offset US-NATO advantages and empower pan-Asian independence [Asia for Asians], + SOUTH CHINA SEA: CHINA's PLAN USES 12 OF MOST ADVANCED SUBS IN ANTI-TAIWAN, US NAVAL EXERCISE [9 AIP + 3 Nuke Subs].
Posted by: Fred ||
09/25/2008 00:00 ||
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#1
Are they really that difficult for an army to shoot down or otherwise disable? Seems like short range missles could be taught to focus in on small, slow moving objects that fly up to about 20,000 feet. Can't knock them down with AK-47's by guerill's, to be sure, but if you have even a bit of the gear of a modern army, they seem vulnerable.
Posted by: Richard of Oregon ||
09/25/2008 12:51 Comments ||
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#2
Can't knock them down with AK-47's by guerill's,
I'd think that soviet/russian 14.5mm would do just the trick, and they're both cheap and plentiful in the third world and in ex-soviet republics.
#3
Why would you announce you'd done it? Far better to keep it quiet and just pick off as many of them as you can. Don't give the Russians free intel about what happens to their drones.
#5
ION GEORGIA, TOPIX > US has warned RUSSIA it will take strong punitive measures iff Russia does NOT withdraw all of its troops from ABKHAZIA + SOUTH OSSETIAN SECURITY ZONES by OCTOBER 10th.
Also from TOPIX > SCHROEDER [Germany]: GEORGIAN ADMISSION INTO NATO MAY SPARK WAR WITH RUSSIA; + BELGIAN MP'S DEMAND NATO NOT ADMIT GEORGIA [at this time] + BEIJING ORDERS WEST CHINA MILITARY FORCES ON HEIGHTENED ANTI-TERROR ALERT.
A popular Turkish transsexual singer who infuriated the country's powerful armed forces by questioning a military campaign against Kurdish separatists told a court on Wednesday she would rather die than be silent.
Bulent Ersoy is on trial on charges of "turning the people against military service" in a case that has raised concerns about free speech in the European Union candidate, where criticizing the armed forces is taboo. Ersoy, one of Turkey's most famous singers, caused a stir in February by saying that were she able to give birth to a son she would not allow him to fight in neighboring Iraq, where the military had launched operations against Kurdish rebels.
Dressed in white flowing linen, golden gem-studded sandals and matching accessories, the flamboyant Ersoy struck a defiant tone at the court in Istanbul. "I spoke completely on behalf of humanity. I will continue to speak and say the same things even if they execute me," she was quoted as telling the judge by state-run Anatolian news agency.
Outside the courthouse, a group of fans held signs in Kurdish reading "Long Live the Diva!"
Insulting the military, a powerful and respected institution, is a crime in Turkey. Found guilty, she could face up to 2 1/2 years in prison.
Ersoy made her comments on a television show at a time when the Turkish army was conducting a major operation against Kurdistan Workers Party (PKK) rebels in northern Iraq.
Posted by: Fred ||
09/25/2008 00:00 ||
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#1
That's a creepy headline. Surprised it didn't go to Roadside America.
(AKI) - A Muslim member of Bosnia's rotating presidency has provoked a controversy after demanding the abolition of the Serb entity, Republika Srpska, and correcting what he called 'war errors', during his speech before the United Nations.
Haris Silajdzic, who currently chairs Bosnia's three-man rotating state presidency, told the General Assembly on Tuesday that the RS was "created by genocide in Bosnia-Herzegovina".
Silajdzic also added that the "UN should correct the errors made during the war in Bosnia and send a clear message that the genocide will not be rewarded".
The statement provoked immediate condemnation by Bosnian Serb leaders who called for an emergency meeting of the RS Parliament to take a position on Silajdzic's speech. The session was set for 7 October, but RS opposition parties said it was an intolerably late date.
According to the Dayton peace accords which ended the 1992-1995 civil war, Bosnia was divided into two entities, the RS and a Muslim-Croat Federation with most state prerogatives. But majority Muslims and the international community have been pushing for the abolition of entities and the creation of a strong central government.
RS Prime Minister Milorad Dodik said Silajdzic's speech represented his own views, and not those of the presidency, comprising Muslim, Serb and Croat representatives. Dodik accused Silajdzic of "trying to devalue any attempts of a consensus in Bosnia-Herzegovina", saying Muslim political parties have started "an orchestrated campaign to destroy the Dayton agreement and the RS".
Silajdzic has spearheaded the campaign since the International Court of Justice ruled last year that Bosnian Serb forces committed genocide in the eastern town of Srebrenica in July 1995, when up to 8,000 Muslims were killed.
Dodik responded that Bosnian Serbs would not accept the abolition of the RS or revision of the Dayton accords, but would sooner resort to a referendum on independence.
Silajdzic, on the other hand, said that the present situation amounted to "ethnic apartheid in Bosnia-Herzegovina" and was intolerable.
The high representative of the international community in Bosnia, Miroslav Lajcak, criticised Bosnian political leaders of tending only to their parties' interests, instead of those of the state. "I have seen only twice in my life the atmosphere like the one between Sarajevo and Banja Luka (RS's capital)," said the Slovak diplomat. "The first time it was in relations between Bratislava and Prague, and the second between Belgrade and Podgorica," Lajcak said, referring to the separation of the Czech Republic and Slovakia and Serbia and Montenegro.
"We all know how it ended," Lajcak concluded.
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09/25/2008 00:00 ||
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Posted by: Alaska Paul ||
09/25/2008 22:13 Comments ||
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#2
I bought my first gun this past May and go to the local shooting range every week for two reasons: fear of rioting if Obama loses and fear of Obama banning guns if he doesn't.
Posted by: Scott R ||
09/25/2008 22:38 Comments ||
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#4
Probably reflects that people are worried that BO might get elected. Despite what Obama says, I don't believe he is a 2nd Amendment advocate. The 2nd Amendment was put in the Bill of Rights by the founding fathers with good reason. They were worried about a government running amok and they wanted to insure the rights of the people.
Might have to buy a reloader to get ammo price down some.
'cause, they didn't like her answers! Silly questions, too
Sarah Palin fielded four questions from a small group of reporters Thursday after touring several Sept. 11-related sites, articulating a forceful approach to the war on terror but offering mostly evasive answers to specific questions.
She also wouldn't say whether she supports the reelection bids of embattled Alaska Republicans Sen. Ted Stevens and Rep. Don Young. "Ted Stevens' trial started a couple days ago. We'll see where that goes," she told reporters in what amounted to her first press conference since accepting the Republican vice presidential nomination.
She ignored a follow-up question on whether she would vote for Stevens and Young and wouldn't say whether she would have done anything differently than the Bush administration in its war on terror. Anything different? Hundreds of dissertations will be written about Bush's administration in this war, and they want an on-the-spot answer.
"I agree with the Bush administration that we take the fight to them," she said. "We never again let them come onto our soil and try to destroy not only our democracy but communities like the community of New York. Never again. So, yes, I do agree with taking the fight to the terrorists and stopping them over there."
She deflected a follow-up question about whether she felt the continued U.S. military presence in Iraq and Afghanistan has inflamed Islamic extremists. And please tell me, what does that have to do with price of tea in China? They followed her around all week, to ask that?
"I think our presence in Iraq and Afghanistan will lead to further security of our nation, again, because the mission is to take the fight over there. Do not let them come over here and attempt again what they accomplished here, and that was some destruction, terrible destruction on that day. But since Sept. 11, Americans are uniting and rebuilding and committing to never letting that happen again."
In response to a question about the bailout package before Congress, she said, "I don't support that until the provisions that Sen. McCain has offered are implemented in [Treasury Secretary Henry] Paulson's proposals."
Palin broke her campaign trail media silence after touring several Sept. 11-related sites and delivering a brief statement on the lessons of Sept. 11 in front of a firehouse that lost many of its firefighters in the World Trade Center disaster.
"Every American student needs to come through this area so that, especially this younger generation of Americans, to be in a position of never forgetting what happened here and never repeating, never allowing a repeat of what happened here. I wish every American would come through here. I wish every world leader would come through here and understand what it is that took place here and, more importantly, how America came together and united to commit to never allowing this to happen again. And just to hear from and see these good New Yorkers who are rebuilding not just this but are helping to rebuild America has been very, very inspiring and encouraging. These are the good Americans who are committed to peace and security, and it's been an absolute honor getting to meet these folks today."
Before that, Palin took a 20-minute tour of the Tribute WTC 9/11 museum, took in a firefighters memorial, spent 25 minutes in a center for families of victims of the terrorist attacks, then met with New York City firefighters.
Palin was ushered into the museum by Lee Ielpi, president of the board of directors of the September 11th Families Association, which maintains the private museum. Ielpi's son, a firefighter, died on Sept. 11, and Jennifer Adams, CEO of the tribute museum, said Palin was moved when Ielpi showed her his son's picture as well as his bunker jacket.
Palin told her guides that her parents came to New York after the attacks and worked in the Staten Island landfill. Just a tid-bit that reporters didn't vet from their digging
After the tour, Palin observed a memorial wall with John Morabito, a firefighter with Ladder Company 10. "She was actually a little emotional because of the firefighters memorial wall," Morabito said. "I think she was sincere with it. She was friendly. I think she actually is a decent person."
"She seems to be up to date [with] current events and everything that happened on 9/11. She's been given enough information. I'm sure she knows as much as the common American."
#1
"Im sure she knows as much as the common American. They buried that line??? I can't believe it wasn't the headline.
Why should she talk to these wolves? All they want to do is rip her apart. Biden can verbally vomit all over the floor and they won't care, but one misstep by Gov. Palin and they will slaughter her. Screw em.
#2
Future Vice President Palin is going to have to deal with a vicious press throughout her term in office. It's better if she doesn't wait until after she's sworn in.
HARTFORD, Conn. -- Connecticut Democrats, angry that Sen. Joe Lieberman is campaigning for the Republican presidential candidate and criticizing his own party's nominee, agreed Wednesday to circulate a resolution to censure the veteran politician but won't consider acting on it until after Election Day.
The state party's central committee Wednesday agreed to send copies of the resolution to every Democratic town committee in the state. The resolution condemns Lieberman for speaking at the Republicans' convention and backing John McCain.
Party officials said the group plans to get input from the town officials and revisit the issue in December. "When we have someone who is our elected senator, as a Democrat, standing in front of not only a national, but an international audience, speaking in support of Sen. McCain, it was the final straw for me personally," said Audrey Blondin, a 30-year party veteran who helped to put together the resolution.
Lieberman was re-elected to the Senate as an independent after losing the Democratic primary in 2006 to businessman Ned Lamont. While he calls himself an "independent Democrat" in the Senate, he remains a registered Democrat and has said he has no plans to change his party affiliation.
Lieberman was the Democratic nominee for vice president in 2000 and ran for the party's presidential nomination in 2004.
Lieberman and independent Sen. Bernie Sanders of Vermont have been caucusing with Democrats in Washington, giving the party control of the Senate with what is effectively a 51-49 majority -- even though each party has 49 members. Democrats, in turn, have made Lieberman chairman of the Homeland Security and Governmental Affairs Committee.
Blondin said Lieberman's speech at the Republican National Convention, in which he praised McCain and criticized Democrat Barack Obama, convinced her that state Democrats needed to take a stand. "Our point is not that Joe should in some way be prohibited from supporting McCain or speaking at the National Republican Convention. That's not the issue," Blondin said. "The issue is, he's a Democrat. And Joe, in our opinion, needs to reconsider membership in our party."
Lieberman, speaking earlier Wednesday to a radio station, said that he was surprised by the move to censure him. "Honestly, I thought that was the kind of thing that happened only in the former Soviet Union. I understand that people are unhappy, but, you know, I'm doing something that I really believe," Lieberman told WICH-AM. "I thought in this country you don't get punished for that. So, I hope that in the end, my colleagues will understand and life will go on either way."
#1
What would the Republican Party be without a token RINO Senator from southern New England? I'm sure they'll accept Joe in the same spirit as they used to tolerate Lincoln Chaffee and Bernie Sanders.
Posted by: Mitch H. ||
09/25/2008 16:39 Comments ||
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#2
Shows how smart the Democrats are. They apparently have forgotten how they drummed him out of the party. Even the article contradicts the premise.
He's not a member of the party. Your censure means nothing.
#3
Hmmm...treating Joe like the muzzies treat an former muslim, now apostate. And you wonder why some people post that the Donks share values with them. [rhetorical question]
Another classic from Paul Krugman, who's a far left moonbat politically (like 80% of economists), but a Nobel caliber economist. He's out of his depth on politics, but his economic essays are just brilliant.
The initial Treasury stance on the bailout was one of sheer demand for authority: give us total discretion and a blank check, and we'll fix things. There was no explanation of the theory of the case -- of why we should believe the proposed intervention would work. So many of us turned to our own analyses, and concluded that it probably wouldn't work -- unless it amounted to a huge giveaway to the financial industry.
Now, under duress, Ben Bernanke (not Paulson!) has offered an explanation of sorts about the missing theory. And it is, in effect, a metastasized version of the "slap-in-the-face" theory that has failed to resolve the crisis so far.
#1
ION TOPIX > UZBEKISTAN.net - REPUBLIC OF IRELAND FALLS INTO RECESSION [FIRST EUROZONE NATION To allegedly fall victim due to US Financial-Wall Street Crisis]; + KOREA BRACES FOR US RECESSION.
That SSSSHHHHHHH OWG-NWO term again - "EUROZONE/
EURO-ZONE", as opposed to simply "EUROPE" or even "EU".
Also from TOPIX > AS US FINANCIALLY STRUGGLES, ADVERSARIES RISE.
ABC News' Teddy Davis Reports: Florida Democratic Congressman Alcee Hastings pointed to Sarah Palin on Wednesday to rally Jews to Obama.
"If Sarah Palin isnt enough of a reason for you to get over whatever your problem is with Barack Obama, then you damn well had better pay attention," said Hastings. "Anybody toting guns and stripping moose dont care too much about what they do with Jews and blacks. So, you just think this through."
Hastings, who is a member of the Congressional Black Caucus, made his comments in Washington, D.C., while participating in a panel discussion sponsored by the National Jewish Democratic Council.
Asked what the congressman meant, Hastings spokesman David Goldenberg told ABC News that he was trying to argue that Palin is an "extremely conservative woman who is out of touch with mainstream America."
After saying that Palin "don't care too much" about Jews and blacks, Hastings argued that African Americans and Jews should come together behind Obama because there are many issues on which they agree.
"Just like Jews, blacks care about affordable health care, energy independence, and the separation of church and state," said Hastings. "And just like blacks, Jews care about equal pay for equal work, investment in alternative energy, and a woman's right to choose."
Asked about the Hastings criticism, Palin spokeswoman Maria Comella said, "Were taking a pass."
#3
Palin cares about those Jews who are going to be nuked by Irabn and about those Blacks who are being massacred and raped by Arabs in Sudan, you don't ,racist bastard.
#4
"If Sarah Palin isn't enough of a reason for you to get over whatever your problem is with Barack Obama,
I did not nor will I ever need Governor Palin to get over Stalin, Mandela, Castro, Nikita Khrushchev, Che Guevara, Mugabe, The Congressional Black Caucus, Jesse Jackson, Sharpton or any other communist bastard. Just like Obama, they are what they are.
#5
There they go with that "A" word again. They talk like there should be enough affordable health care for everybody in the whole wide world who wants to move here. And watch it lead to another mess like the one we're in with housing now.
#6
More dis-information that the cock roaches in MSM jumped on immediately, regardless of the fact that a picture of Palin in the Governors office shows her to have a flag of Israel on her cradenza...
#7
Hastings, a former federal judge, was impeached and removed from the bench in 1989 for perjury and corruption. Elected to Congress in 1992, he supported Hillary Clinton during the primaries until she conceded the race.
The difference between a minority Congress critter and the rest of Congress is the rest have not been convicted of a crime, yet.
#4
wow. Isn't this is a 100% beltway liberal rag? I'm shocked. I think liberals who aren't completely deranged are beginning to understand that Obama is far too dangerous of a choice to allow petty partisan bickering put him in charge of their freedom and future.
#3
The two means used to stop financial problems in the post-WWII economy are growth and inflation.
Neither will work this time, because both use credit to overcome problems in credit. Like using one credit card to pay another maxed out credit card's bill, yet still spending like a drunken sailor.
Bush is trying to get around the problem with growth. Obama wants to use inflation by spending huge amounts of money.
In other news today, the FDIC has announced it needs $170B right now to insure savings accounts because of dozens of anticipated bank failures.
And China has directed all its banks to stop interbank loans with any US banks.
Nobody has yet proposed that the US must immediately have a balanced budget, and that to pay for economic recovery, they must have at from $100-$500B annual revenue surplus.
The cuts must either come from Medicare, Medicaid, Social Security, Defense, or every other part of the government which when put together about equals one of these big four.
Perhaps 25% of the federal expenditures will have to be stopped.
#6
W looked like a naughty little boy who'd gotten his pecker caught in a ringer. He might be right about the $700 billion but it makes me furious that he let it get to this point. Of course, it's not all his fault. There is plenty of blame to go around for all the crooks in Congress. They should have seen this coming. It didn't take a psychic to see that all those loans were gonna go south. But they were all too busy riding the gravy train.
#7
I commented on this last night, but will repeat here that I think Bush's domestic record is abysmal. He not only let this stuff happen under his watch, he did nothing to set an example of limiting expenditures for his first 6 years in office. Cripes, he didn't veto a thing during his first term. Then he introduces the largest new entitlement program in 40 years. Just nuts, especially during a time of war.
I admire what he has done in the war on islamo-nuts. But, other than lowering taxes, he has done nothing on the domestic front that any big government democrat wouldn't do.
#8
President Bush has been submitting proposals to fix this thing for years. Congress, especially dear Barney Franks and some others who have gotten lots of money from Fannie and Freddie, have buried Bush's proposals. Remember that since 9/11 President Bush has been spending his political capital making sure the military can fight the war on terror, which left him precious little for demonstrably unwinnable fights. Also remember, he's been fighting the Democrats, the media, and the Conservatives angry that he didn't impose every single one of their desires.
What I saw last night was the Cassandra who'd been ignored, the afternoon of the day after the Trojan Horse had been pulled by the cheering crowd through Troy's gates.
#9
TW, I agree that there were lots of cards stacked against him, but Bush did not make this a priority back when it could have been dealt with. He did not hold one or several national broadcasts on the subject and specifically call socialist fools like Barney Frank to task. He did not get on Greenspan to tighten the money supply and raise interest rates. Bottom line is he could have done a whole lot more and did not do it.
#10
Yeah, he had a real war to fight and these were the same bastards who were trying to defeat him and the nation in that war. He could only do so many things. Thanks to 9/11 and the donks, he got to do only NCLB.
#11
As I said, there's blame enough to go around and Barney Frank deserves special mention. But Bush had the bully pulpit. Sure, he was busy with two separate wars and God knows what else. But it's gonna be a lot tougher paying for those wars now and it's gonna be a lot harder for McCain to win this election. And Bush's Treasury secretary kept telling us everything was fine. You'd think he'd have spent a little more time considering all the ramifications of sub prime mortgages for illegal immigrants. Maybe the first thing Bush should've done was to fire the guy. Hell, even I could see this coming. I didn't know it'd be as bad as it is. I didn't know it was nationwide because I'm not the Treasury secretary. I thought it was just a San Diego thing where the cost of an average home is half a million bucks. Nobody makes enough to pay that kind of a mortgage. That's insane.
#13
Bush spoke many times in public -- just because the media wouldn't cover what he said, doesn't mean he did not take it before the people --
I heard him lots of times, but that's because I either watch most of his major speeches, press conferences or read them, cause I know the press will not report what he has said --
Just like they haven't reported that Iraq has agreed on elections (one of those major benchmarks they so demanded)
And I'll bet, I'm like most Americans, I heard it, but since all this is not one of my "issues" I didn't really hear. Yea, I knew housing was in a slump, it's been there before. Even hearing what I heard, it never crossed my mind this could happen, and I lived through the bust in the 80's and the dot com mess.
I'm pretty sure if Bush had screamed to me, it probably wouldn't have had me standing on the street corner, yelling for someone to do something. I'm just not wired into the economy, so again, not an issue for me.
Most Americans, don't focus on "the economy" until it's election time, and someone has to say, "It's the economy, stupid," and then it becomes an issue.
So I'm not sure I can blame Bush, cause I wasn't listening to him when he brought it up.
Chris Dodd and Barney Franks really do need to be mention right along with Bush...
#14
I don't trust anyone in Washington or Wall Street anymore. I don't trust Congress. I don't trust the main stream media. I don't trust our educational institutions. I don't trust our insurance companies. I don't trust any of the lobbyists. I don't trust regulation. And the current people in government don't trust its citizens anymore.
Bush has tried to bring about reform but there were too many Democrats blocking him at every turn in Congress. Harry Reid, Barney Frank, Chris Dodd, and Nancy Pelosi ought to be tried for treason. There are others to blame too.
The military is about the only group I trust and respect.
This country has the greatest economic engine in the world if the friggin politicians would get out of the way. Please unshackle this economic engine. If they got out of the way, you would see an economic resurgence the likes of which has not been seen. There would be plentiful, good jobs again in this country. They wouldn't be outsourced. We have too much regulation that is strangling our growth. There ought to be a freeze on any new bills that require new spending for about five years. Earmarks should be eliminated altogether. Instead of Biden saying it is patriotic to pay taxes we ought to be saying it is patriotic for Congress to not be spending our hard-earned money. We truly have reached a point where we don't have taxation with any kind of representation. We just have a bunch of self-serving politicians having a feeding frenzy at the public trough.
Washington is greedy for both money and power. Money seems to bring power.
If reform is going to come it is going to have to come via the vote.
#15
We need to get some of the taxes off our backs too. Obviously Washington doesn't know better than we do what to do with citizens' money.
Would it be any worse if we (the voters) voted directly for what money gets spent in D.C. and eliminated Congress. We seldom notice when the government is shut down for several days. The technology is probably here to do that.
#16
JohnQC, I agree wholeheartedly re regulation and government spending. The big non-defense spending items are Medicare and Social Security. Those have to be reigned in/cut back. Not going to be pretty or popular, but it has to be done.
We have to get a handle on medical costs too. The friggin trial lawyers have to be reigned in. They certainly add to the costs. I would argue that the patent protection for pharmaceuticals need to be extended, with the caveat that advertising to the general public for these drugs ceases. That way the pharma companies don't need to recoup their R&D costs so quickly and can accept a lower margin/lower price in the drugs. We should also enable health insurance to go national, not state by state, each with its own rules. There has to be a benefit to economy of scale with paperwork, with pools of those covered etc.
Anyway, time for some real change, none of which Obambi is going to bring.
#17
Congress and their little slimy cousins in the financial sector have almost succeeded in sinking the US economy, which, by the way, was one of the objectives of Bin Laden's 9-11 attacks.
We have enemies foreign, and we have enemies domestic. They are both equal danger to the survival of the Republic. I am not being funny in this one.
Posted by: Alaska Paul ||
09/25/2008 22:33 Comments ||
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#18
I'm a retiree. I've worked all my life and paid into Social Security and since the mid-1960s into Medicare. I still do some consulting and I pay income taxes on the income. I also pay a self-employment tax that is about 13% of the earned income. I still pay a fair chunk of change every month for Medicare and a Medicare supplement. I pay taxes on income earned and now I pay taxes on income, thanks to Clinton on retirement funds (invested funds) as I withdraw the money. This is double taxation. When I hear that Social Security is an entitlement, I don't know why that term is used. If the government cannot manage these funds, I'll suggest that I keep my money and I'll mange my own health care. One problem is that government has looted the Social Security trust fund for other things and now it is going broke. The Medicare prescription drug benefit was a bad decision. That was a costly sop to older Americans and elderly lobby groups.
There is considerable room for reform in the insurance company, drug company, doctor interface. Doctors tend to push the new high priced drugs whereas an old inexpensive drug would work just as good or better. Some doctors in Kentucky were fined for taking perks in sweetheart arrangements with the drug companies a couple of years ago. The doctors were receiving perks from the drug companies for prescribing Lupron, an expensive drug used control the spread of prostate cancer. The drug was thought to control testosterone which was thought to be linked to the spread of prostate cancer. Now it's not clear that testosterone is linked to PC. Lupron has some considerable risks and some nasty side effects.
* Government will continue to function once the new fiscal year begins Oct. 1.
* Funds most government programs at fiscal 2008 levels until March 6.
* Exceptions include fiscal 2009 funding for military construction, DoD, DHS, VA.
* If enacted, it would make a lame-duck session unlikely.
* No extension of the moratorium on offshore drilling, allowing the ban to lapse.
* Text of the measure not released until late Tuesday.
Posted by: Steve White ||
09/25/2008 00:00 ||
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Yes, but we had all sorts of time for hearings and investigations of nothing. So why haven't the appropriations bills made it to the floor and out by 30 September? If you think Obama is THE threat to the Republic, think again. The abject failure of the legislative body to perform its fundamental duty, regardless of party control, will in the end kill the republic just as much as any perceived or real tyrant, for it gives the tyrant the basis to act.
#4
Maybe we could form a betting pool (just for fun) on the %-age of incumbents being re-elected in 2008. Unless the economic roof caves in by Election Day, I think it will be re-elections as usual, despite the vocal minority against the MOAB. The electorate tends to hate Congress but love their incumbent.
#5
We had a serious problem with our county commission; violating the State sunshine law, nepotism, there was no transparency in our government, decisions make out of self interest, ignoring term-limits, abuses in spending, voters ignored, cronyism, closed-door politics, etc. Needless to say, the voters were very angry. We finding cleaned house and we were successful in get these jokers term-limited and changing the county charter. We finally got these jokers to obey the law rather than to be the law. We finally got our county charter changed. We finally got term limits enforced in the courts.
Our country commission was a microcosm of our Federal Government. We need similar reform in our Federal Government. We need reform in our Federal Government today. We have the vote. Our founding fathers had a lot of wisdom. We need to return to our roots. Our Constitution has an on-going revolution built into it. We need to keep the spirit of our Constitution alive. Partisan politics has to go. Our country needs to come first. If the old politicians need to go to bring about reform so be it.
Personally, I am betting on the lesser of two evils and that is McCain. BO is a big spender, big taxer, and big socialist.
#6
Congratulations to your county, JohnQC. Unfortunately, most citizens are content to let others run things, regardless how corrupt the party machine might be.
Separately, with regard to letting the ban on offshore drilling lapse, I read via Lucianne.com that Representative Reid is working to sneak through a ban on extraction from oil shale. One step at a time, I suppose.
#7
TW: Harry Reid did try to slip through the oil-shale legislation. Al Gore has suggested that peaceful protests should be used to try to affect coal mining. The Congress has let the limits on off-shore drilling expire but Pelosi then put forth legislation that would limit drilling to 50-100 miles offshore. Meanwhile, China is drilling 50-100 miles off our shores. The Democrats are engaging in fraud on the American people. Brazil's economy is taking off with new offshore finds. They have energy and they are creating jobs. The right and left in Brazil have been marginalized. They are becoming an economic powerhouse.
Less than it appears to be. The investigation folds when the House adjourns and would have to be re-authorized by the next House in January. If the Dhimmis make the gains they're hoping for, expect this to be buried as 'old news'.
WASHINGTON (CBS) ― CBS 2 has learned the House of Representatives will conduct an inquiry into Rep. Charles Rangel, the Chairman of the House Ways and Means Committee. The ethics committee of Congress announced they established a subcommittee to investigate Rangel, who has already been in plenty of hot water recently.
One stunning part of the determination is that the committee decided to investigate his use of congressional stationery in three separate years to seek donors for a public policy institute in his name at City College. The committee will also investigate Rangel's use of four rent-stabilized apartments leased in the Lenox Terrace apartment complex in Harlem, the financing of the beachfront villa leased in the Dominican Republic, and his questionable storage of a late-model Mercedes Benz in the house garage.
In a statement the committee said it will determine whether Rangel "violated the Code of Official Conduct, or any law, rule, regulation or other standard of conduct applicable to his conduct in the performance of his duties." The committee gave no indication of how long the probe will take.
Long enough to die quietly.
Posted by: Steve White ||
09/25/2008 00:00 ||
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Keep playing dumb, Charlie. They'll buy it.
And it's such an easy sell.
WASHINGTON -- With extraordinary stakes on the line, President Bush has invited both presidential candidates and the leaders of the House and Senate to the White House on Thursday in hopes of securing a bill to rescue the economy.
Bush took the unusual step Wednesday night of calling Democratic Sen. Barack Obama directly to invite him to the meeting, White House press secretary Dana Perino said. An Obama spokesman said the senator would attend. The White House has also invited Republican Sen. John McCain. Perino said the goal of the session is to make progress -- fast -- on a bipartisan solution to the biggest economic crisis in decades.
Shortly after the announcement was made that Obama would attend the meeting, the presidential candidates issued a joint statement Wednesday night in which they said the American people are facing a moment of economic crisis. Moments before Bush's scheduled address to the nation, the Republican and Democratic candidates said now is the time for both political parties to come together in the spirit of cooperation for the sake of the American people. They said the $700 billion plan the administration has proposed to bail out the financial industry is flawed, but that the effort to protect the U.S. economy must not fail.
Perino said the call between Bush and Obama lasted several minutes and was "a good conversation."
Obama spokesman Bill Burton said the Democratic presidential contender "will continue to work in a bipartisan spirit and do whatever is necessary to come up with a final solution."
Posted by: Steve White ||
09/25/2008 00:00 ||
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"Skin me, Brer Fox, 'snatch out my eyeballs, t'ar out my yeras by de roots, en cut off my legs, but do please, Brer Fox, don't fling me in dat brier-patch...Washington mess."
A controversial video about the dangers of radical Islam that has been distributed to millions of American homes in key electoral swing states as part of their daily newspaper bundle has become the target of a formal complaint to the Federal Election Commission (FEC) Wednesday.
The 2006 DVD "Obsession: Radical Islam's War Against the West" has been distributed free-of-charge in 70 newspapers, including the New York Times, reaching 28 million people in battleground states in a campaign that a national Islamic civil rights group has said may violate federal election law.
Produced by the non-profit Clarion Fund, the DVD claims to claims to give "an 'insider's view' of the hatred the Radicals are teaching, their incitement of global jihad, and their goal of world domination" using Arabic television footage "rarely seen in the West."
'The threat of Radical Islam is the most important issue facing us today,'' the sleeve of the DVD Americans received in their newspapers over the past week and a half reads. ''But it's a topic that neither the presidential candidates nor the media are discussing openly. It's our responsibility to ensure we can all make an informed vote in November.''
The Washington D.C.-based Council on American-Islamic Relations (CAIR) filed a complaint with the FEC Wednesday asking it to investigate whether the organization violated election rules governing the contributions of charitable organizations and foreign nationals to a presidential campaign. According to U.S. law, 501(c)(3) organizations may not engage in political activity, endorse campaigns or conduct campaign activities that seek to influence elections.
According to the Patriot News in Pennsylvania an article on the group's Web site, www.radicalislam.org explicitly backed Republican presidential candidate John McCain: "McCain's policies seek to confront radical Islamic extremism and terrorism and roll it back while [Barack] Obama's, although intending to do the same, could in fact make the situation facing the West even worse."
Gregory Ross, communications director for the Clarion Fund, was quoted as saying the article "crossed the line" and would be removed.
Ninety-five percent of the papers containing the DVD were sent to 10 key swing states in what CAIR Communications Director Ibrahim Hooper called "an unprecedented, mindboggling campaign" by a non-profit organization that has refused to reveal the funding source for the mailing.
Despite several attempts by AlArabiya.net to contact the Clarion Fund no calls were returned. "This is typical right-wing pro-Israel stuff," Hooper told AlArabiya.net in an interview.
Posted by: Fred ||
09/25/2008 00:00 ||
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CAIR apparently thinks that the Obama-Biden campaign's interests are coterminous with their own. Wonder what Biden thinks of that?
Posted by: Mitch H. ||
09/25/2008 8:52 Comments ||
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#2
CAIR must be between indictments right now, cause they sound awful uppity lately.
Posted by: Barbara Skolaut ||
09/25/2008 11:11 Comments ||
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#6
Received the DVD by mail, watched it with my wife, have no gripe with it based on my years of reading here at the burg, and saw absolutely nothing in it about any presidential candidates or the election. It looks like protected free speech to me.
It could. Or maybe not.
The quarter-century struggle between India and Pakistan for control over the Siachen Glacier along their disputed border in Kashmir is setting up a environmental catastrophe that will devastate the region's water supply, according to environmental scientists.
By stationing toxin-leaking military equipment and between 6,000 and 25,000 combined troops atop the glacier, and by landing flights daily on the world's highest helipad, India and Pakistan have made the Siachen the world's dirtiest glacier and one of the world's fastest-receding glaciers -- it currently loses roughly 100 meters (328 feet) per year. That dirties the water tank for some of Asia's largest rivers, which together provide drinking water for half of humanity. I ain't a mathematician, and don't even play one on TV, but that seems a little high for one glacier.
"If Siachen and other glaciers Oh - now it's expanded to "other glaciers" - kinda like the gerbil wormening thing....
are not preserved, the impacts on human health, water resources and food production will be colossal," said Abid Suleri, director of the Sustainable Development Policy Institute, a think tank in Pakistan. "Think tank" "Pakistan" - DoesnotcomputeDoesnotcomputeDoesnot compute
Crop yields could be reduced by up to 20 percent in East and Southeast Asia and by up to 30 percent in South and Central Asia by 2050, he added. It's always could. And it's always 2050. Did the global catastrophe prognosticators get a half-price special on that year?
Comfortably close enough to scare people and comfortably far away enough so that the experts are dead and buried before Armageddon arrives ...
"Due to military exercises and battles, toxic wastes are buried in the ice, and these find their way into the Indus water basin and affect the lifeline of Pakistan," And no other country in the region gets their water from the India Indus water basin, Kahlid? Of course not.
said glacier specialist Khalid Rashid, who taught math and physics at Islamabad's Quaid-i-Azam University. "Math & physics" "Islamabad" - DoesnotcomputeDoesnotcomputeDoesnot compute (Are they trying to make my head explode?
"The whole area is being polluted with toxic waste, and it will pollute your children and your grandchildren. If we do not want to leave behind the harmful effects of human activity, we must withdraw troops now." By "we" he means INDIA, of course. Tell ya' what - y'all go first and show India how it's done, m'kay?
Posted by: Barbara Skolaut ||
09/25/2008 10:37 ||
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Environmentalists must go to that glacier and protest - to save the world. Now! And don't come back until the job is done.
Posted by: Richard of Oregon ||
09/25/2008 13:06 Comments ||
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#2
All of a sudden a paki is concerned about his family. yet they will shoot their own son and cut their daughters throat at the word of dishonor
#4
The solution to pollution is dilution. Sorta works for the Ganges, don't know about the Indus. Lifeline of Pakistan, ya say? Wellll, that puts things in a whole new light.
Posted by: Alaska Paul ||
09/25/2008 22:25 Comments ||
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Okay. Is this cleared up now? Or do we gotta hear from some other loony tunes holy man?
An Egyptian Muslim scholar has called for an end to risible religious edicts after a Saudi cleric said Mickey Mouse was an agent of Satan who should die, local media reported on Wednesday. Kill her!!!
Sheikh Mohamed al-Munajid, a cleric who often appears on Saudi television and who is also a former Saudi diplomat in the United States, said last week that mice were "agents of Satan" and should be killed. "Sharia (Islamic law) calls for the extermination of all mice. That includes the rodents as well as 'the famous cartoon mouse'," he said. He blamed Mickey Mouse for causing people to become soft on mice. FILTHY INFIDEL CARTOON RODENT!!!
However, Suad Saleh, a woman preacher who hosts a popular television programme on fatwas, or religious edicts, told the English-language daily Egyptian Gazette that Munajid's ruling "tarnishes Islam's image." ...and we all know how hard that is to do. And notice he didn't say it to an Arabic-language newspaper ...
"An edict should be based on knowledge, logic and reason," she said. "Yes, mice should be killed when seen according to Islam's teachings. But it is illogical to deal with a cartoon character as a live mouse and kill it." ...and Disney plays rough. Remember how they dealt with Farfour?
In 2005, the former dean of Egypt's Al-Azhar University, the world's oldest Islamic seat of learning, said in a widely criticised ruling that nudity during sex annuls a couple's marriage. Even if the lights are out?
Saleh said Muslim clerics should learn to become more media savvy. Mo wasn't "media savvy", INFIDEL WENCH! A fatwa on you!!
Earlier this month, another Saudi cleric said owners of satellite television channels that broadcast "immoral" content deserved to die. Geez, most people just threaten to go to cable for a break on their rate...
Iran is drawing groundwater faster than it can be replenished, causing large chunks of farmland to sink and rocking buildings off their foundations, according to a new study. But on the bright side, we're going to be a nuclear nation soon!
Satellite radar observations indicate the water table has sunk an average of 1.5 feet annually during the past 15 years, sinking the unsupported soil above it. Probably being used for all those centrifuges.
The loose, shaky soil exacerbates earthquake damage, No, really? Hooda thunk it!
according to study author Mahdi Motagh from GFZ, the German Research Centre for Geosciences based in Potsdam, Germany.
The overdraws come from a growing population and an explosion Insert bad pun here....
in industry and farming. Half of Iran's water comes from aquifers.
"This can only be mitigated by finding water elsewhere For once, I don't think they mean Israel, which is also a desert. Anyway, if ImaDinnerJacket has his way, any water stolen taken from Israel will be slightly radioactive.
or by drastically reducing water use for agriculture, industry and personal use but not for the Mad Mullahs, the Army, and ImaNutCase, of course, neither of which will be easy in Iran or many other countries facing similar water crises," said Roland Burgmann, from the University of California-Berkeley, who was not involved with the study. So of course he's an expert on it.
Iran's groundwater troubles -- as well as its subsequent sinking -- mirror problems faced worldwide, including in the U.S., where groundwater is in increasingly short supply in the arid Western states. Yep, it's All Our Fault. I'm surprised they didn't blame the Jooooooooos.
Posted by: Barbara Skolaut ||
09/25/2008 10:24 ||
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Sorry, mods - thought I put this in non-WOT.
On the other hand....
Posted by: Barbara Skolaut ||
09/25/2008 10:35 Comments ||
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#2
Before 9/11, it was predicted that war over water supplies was going to cause the next world-wide convulsion. There's a long list of simple, low-cost conservation techniques that could put the problem off for a while (fix leaking pipes being the first item) that a large part of the world, including the U.S., have not bothered to implement. After all, water falls from the sky.
#4
It was around my third year of engineering school when we learned how to calculate how much a well can safely put out. Safely as in sustainably. If you overtax an aquifer it compacts, permanently, thus reducing its hydraulic conductivity. That's just engineering talk for the speed water moves through a permeable layer of earth, the point is it is permanently decreased with overuse.
#7
So, we got Al Goreacle telling us we are all gonna drown because of rising sea levels. At the same time, these augifers are being depleted. Seems like we need to build a slew of desalination plants to suck water out of the ocean instead of from the ground. They can be powered by tidal/wave energy right off shore. Problem solved...bingo, bango, bongo.
#8
There is a new nanotech filter that only passes through water molecules, nothing larger. Plus it only uses 1/4th the power of conventional reverse osmosis, and is both scalable and low maintenance.
#11
Can't count on solar power as much if the solar wind continues to wind down. No solar wind = more cloud cover = global cooling.
Posted by: Richard of Oregon ||
09/25/2008 15:17 Comments ||
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#12
Moose, what is this, do you have a link? I ask because I use a lab grade RO/DI and the rejection rate is 4:1 - that's alot to spew off for a clean gallon.
Happy days are here again...
WASHINGTON - Warned of a possible financial panic, key Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry and said they would present it to the Bush administration in hopes of a vote within days.
Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., the Banking Committee chairman said, "We are very confident that we can act expeditiously." Jesus. Could they pick a better spokesman then "Friend of Angelo", Chris Dodd?
"I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president," said Sen. Bob Bennett, R-Utah.
The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.
Tony Fratto, the White House deputy press secretary said the announcement was "a good sign that progress is being made. We'll want to hear from Secretary Paulson, and take a look at the details. We look forward to a good discussion at the meeting this afternoon," he said.
On Wall Street, financial markets grew more upbeat as the Dow Jones industrial average at times rose more than 300 points.
Key lawmakers in Washington said at midday that few difficulties actually remained, although no details of their accord were immediately available. "There really isn't much of a deadlock to break," said Rep. Barney Frank, D-Mass, chairman of the House Financial Services Committee. Another guy who should keep his mouth shut.
But there were fresh signs of trouble in the House Republican Caucus. A group of GOP lawmakers circulated an alternative designed to attract private capital back into the credit markets with less government intrusion. Under the proposal, the government would provide insurance to companies that agree to buy frozen assets, rather than purchase them directly as envisioned under the administration's plan. The firms would have to pay insurance premiums to the Treasury Department for the coverage."The taxpayers haven't done anything wrong," said Rep Eric Cantor, R-Va., adding that rather than require them to bear the cost of the bailout, the alternative "pretty much puts the burden on Wall Street over time."
Rep. John A. Boehner, R-Ohio, the minority leader, was huddling with McCain on the rescue. Earlier, asked whether the GOP presidential nominee could corral restive Republicans to support the plan, Boehner said, "Who knows?"
And Rep. Spencer Bachus of Alabama, the only House Republican in the bargaining meeting, did not directly say he agreed with the other lawmakers who emerged describing an imminent deal."There was progress today," said Bachus, the senior Republican on the Financial Services panel.
Bush told the nation in a televised address Wednesday night that passage of the package his administration has proposed is urgently needed to calm the markets and restore confidence in the reeling financial system. His top spokeswoman, Dana Perino, had told reporters earlier Thursday that "significant progress" was being made.
House Speaker Nancy Pelosi, D-Calif., said Bush's agreement with Democrats on limiting pay for executives of bailed out financial institutions and giving taxpayers an equity stake in the companies cleared a significant hurdle.
The core of the plan envisions the government buying up sour assets of shaky financial firms in a bid to keep them from going under and to stave off a potentially severe recession.
It was not yet clear how lawmakers had resolved lingering differences over how to phase in the eye-popping cost a measure demanded by Democrats and some Republicans who want stronger congressional control over the bailout without spooking markets. A plan to let the government take an ownership stake in troubled companies as part of the rescue, rather than just buying bad debt, also was a topic of intense negotiation.
Bush acknowledged Wednesday night that the bailout would be a "tough vote" for lawmakers. But he said failing to approve it would risk dire consequences for the economy and most Americans. "Without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold," Bush said as he worked to resurrect the unpopular bailout package. "Our entire economy is in danger."
#3
But there were fresh signs of trouble in the House Republican Caucus. A group of GOP lawmakers circulated an alternative designed to attract private capital back into the credit markets with less government intrusion. Under the proposal, the government would provide insurance to companies that agree to buy frozen assets, rather than purchase them directly as envisioned under the administration's plan. The firms would have to pay insurance premiums to the Treasury Department for the coverage."The taxpayers haven't done anything wrong," said Rep Eric Cantor, R-Va., adding that rather than require them to bear the cost of the bailout, the alternative "pretty much puts the burden on Wall Street over time."
I'm no financial wizard, but this looks MUCH better to me than the "Blank Check" strategy.
#6
Cavuto was SPOT ON! His message was essentially, 'no need to rush into anything.' Obama is tossing accusations, blaming McCain. Dodd and Reid are very, very upset. Knowing these buggers are upset would indicate things went well at today's Whitehouse meeting.
#7
There are some details about what the Boehner-led House Republicans are negotiating for here. The posts are in reverse chronological order, so either start at the bottom or keep scrolling down, depending on your preferred temporal orientation.
#8
Republican House plan is to do full mortgage insurance. 1/2 now insured.
Require Wall Street to pay premiums on the insurance.
No other money related bail out.
Under 10 billion repair cost.
attachment of golden parachutes etc.
#9
I have heard of up toward 2000 trillion $ in derivatives based in part on the sub-prime loan bundles are out there. The US GDP is 12 to 18 trillion so it is an impossible number.
If the loans are just insured the derivatives could collapse on PMI costs alone.
That's why MorganGoldmanSax wants the full bail out.
However they have to face up to the derivatives being imaginary not representing anything but monopoly money and burn them in the end anyway.
They just can't bear to burn the paper.
Tuff titties...
#10
700 billion quick deal. It is paramount that McCain not run with the herd on this. This is a defining moment for him and his candidacy. Are you an outside reformer or are you a bloodsucking parasite like the rest of the Congress, Mr. McCain. We need to know. And BTW, taxpaying citizens are bloody fighting mad about this.
Posted by: Alaska Paul ||
09/25/2008 22:22 Comments ||
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#11
The deal apparently includes a handout for ACORN. Very nice... Maybe Joe Biden will throw in $200m for Iran, as well.
Note the date... By STEPHEN LABATON
Published: September 11, 2003 And some of the comments... ''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
#1
A new government agency to handle the situation?
Just the ticket.
I now feel ever so much better about the outcome
Posted by: Kelly ||
09/25/2008 11:17 Comments ||
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#2
Affordable housing was the mantra of all the developers and their pet politicians here in San Diego. They talked like there should be enough affordable housing for everybody in the whole wide world who wanted to live here. I remember one story in the Union Tribune where they were crying about immigrants from Somalia who had to move to Utah because they couldn't afford to live here. Sniff. It was sooo sad. /sarc Meanwhile their bulldozers were running roughshod all over the county and they were building McMansions that were going for a million bucks or more. Traffic got so bad on the freeways that a commute that took half an hour in 1993 took up to two hours in 2003. They ruined the place.
Thanks, Barney. We were all bent over and you gave it to us.
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.
(AKI) - A Muslim member of Bosnia's rotating presidency has provoked a controversy after demanding the abolition of the Serb entity, Republika Srpska, and correcting what he called 'war errors', during his speech before the United Nations. 
