Barney Franks thinks ratings agencies have been too tough.
The U.S. government's $700 billion market rescue plan could assist automakers such as General Motors Corp (GM.N) by buying up distressed auto loans, a top lawmaker said on Tuesday. "Under the buying up of assets, they could buy up automobile loans," said Barney Frank, a Massachusetts Democrat who chairs the House Financial Services Committee.
Why am I not surprised that Barney's got his hands in this? He's been trying to undermine the banks and capital systems since day one ...
Frank also said U.S. banks receiving capital injections under a U.S. Treasury plan to infuse $250 billion into the troubled sector are expected to use the funds to support lending activities.
No, they're supposed to shore up their balance sheets ...
On Tuesday morning the Treasury Department unveiled more details of how it plans to implement the $700 billion bailout plan passed earlier this month, saying it would directly inject capital into U.S. financial institutions. It said nine banks have already signed on to the program; it did not name the nine.
Frank said the nine are "relatively healthy" and do not appear to be at risk of sustaining large losses from credit default swaps, insurance-like products that protect a bigger investment.
He also said he hoped private capital would follow the government funds. "There's a good chance that in at least some of these cases it will work well, and that would encourage private capital," Frank said. "We have to be careful not to insist on instantaneous results."
He said reforms will follow quickly, including global restrictions on leveraging and risk-taking, along with reform of credit rating agencies, which he said "made the mistake of telling us what they didn't know."
The rating agencies were near-fraudulent in their activities, but Frank isn't the fellow to call them on it.
While Frank has been a critic of rating agencies being too lax in the past, he said on Tuesday they now seem to be leaning too far the other way. "Now I think rating agencies in some cases have been too tough," he said. He was speaking following a meeting of the Urban Land Institute, a nonprofit research and education organization.
#9
Since I'm broke I guess I should go out and buy an new F-350 Diesel four-door dually with the Centurion custom package and ostrich skin seats. Then I can be gettin me some bailouts.
And 40 acres and a mule.
And a pony.
#13
It's now a certainty - Barney Frank is the biggest Idiot in Congress. I know it took a lot of hard work to get there, but good ol' Barney has never stopped digging.
Frank also said U.S. banks receiving capital injections under a U.S. Treasury plan to infuse $250 billion into the troubled sector are expected to use the funds to support lending activities.
Of course, what Barney really meant to say is that the banks receiving the support should continue to engage in the fraudulent lending processes that got them into the mess in the first place. Good ol' reliable Barney Frank - never met a government program he couldn't screw up.
Posted by: Old Patriot ||
10/14/2008 14:57 Comments ||
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#15
While the song came from another annoying Barney, perhaps this Barney could use it to seranade his Wall Street butt buddies:
"I love you, you love me
We saved your ass with the Treasury
With a huge amount of pork and gigantic IOU
The masses might be broke,
But who else you gonna screw"
#16
Paulson, won't you by me a Mercedes Benz
My friends all by Porches, I must make amends.
Worked hard all my life time
No help from my friends
Oh Paulson wont you by me a Mercedes Benz.
Posted by: Deacon Blues ||
10/14/2008 16:24 Comments ||
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#18
It may be coming to this soon: Just stop paying your mortgage
"When a financial institution holds a mortgage, homeowners must live with the fear of foreclosure. Private institutions only have obligations to shareholders. In the case of a defaulting borrower, they will look to recover as much of their principal as possible. If foreclosure is their best option, they will take it in a heartbeat.
The government has no such obligations. Its only goal is to keep voters happy. After supposedly bailing out the fat cats on Wall Street, no politician wants to be accused of evicting struggling families. Once you understand this, all of your anxiety should melt away. Why pay your mortgage if foreclosure is off the table, and if you know that lower payments, and possibly a reduced loan amount, would result? A tarnished a credit rating is a small price to pay for such a benefit.
Unfortunately, this boon will not extend to those foolish individuals who either made large down payments or resisted the temptation of cashing out equity. The large amount of home equity built up by these suckers, I mean homeowners, means that in the case of default foreclosure remains a financially attractive option. As a result, these loans will be much less likely to be turned over to the government.
If your mortgage does become the property of Uncle Sam, the growingly popular impulse to “just walk away” should be replaced by “just stay and stop paying.” No one will throw you out. After a few months, or years, of living payment free, you will get a call from a motivated government agent eager to adjust your loan into something affordable."
#20
I'd like to know where the Government was in late '91, early '92 when I was unemployed for 7 months, staring an eviction notice in the face, and just wanting some help feeding my family. I was told I'd have to sell my car because it eas worth 4500 bucks. I asked how the hell was I supposed to get anywhere without a vehicle and was told, "Those are the rules. Either sell the car or you don't get food stamps".
Posted by: Deacon Blues ||
10/14/2008 18:53 Comments ||
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#21
Is there anything they won't bail out?
Posted by Cornsilk Blondie
Yes - Honest, productive, hardworking, Americans who act responsibly.
In other words us.
My wife mentioned the other day (while watching Barney Frank and Friends) that its seems to be just as corrupt here as in the Philippines.
(Xinhua) -- Zimbabwe's opposition leader Morgan Tsvangirai has threatened to pull out of a national unity government if President Robert Mugabe's party controls all the key ministries, local media reported on Monday.
I'm guessing that's Bob's plan ...
Tsvangirai told his supporters at Zimbabwe Grounds a rally on Sunday that his Movement for Democratic Change party would rather pull out of the power-sharing accord than accept a bad deal. Tsvangirai said he hopes South African mediator Thabo Mbeki will pressure Mugabe to respect the agreement to share power signed in September.
Mbeki arrives in Harare on Monday to try to break the deadlock in talks over Cabinet seats. The official Herald newspaper on Saturday published a list of ministries to be controlled by Mugabe' s party, including all the key ones.
Posted by: Fred ||
10/14/2008 00:00 ||
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(Xinhua) -- Zimbabwe President Robert Mugabeon Monday took the second major step towards forming a cabinet when he swore in the country's two vice presidents at the State House.
The two sitting Vice Presidents Joseph Msika and Joyce Mujuru took oaths of office and loyalty before the president in terms of section 31 of the Zimbabwean Constitution, local media New Ziana reported. Vice President Joseph Msika is the first to take the oaths during a brief ceremony that was witnessed by several cabinet ministers and deputies. The vice presidents pledged to "well and truly serve Zimbabwe" in their offices.
Speaking to the media soon after the swearing in ceremony, Justice, Legal and Parliamentary Affairs Minister Patrick Chinamasa, who is also a member of the Zimbabwe ruling ZANU-PF negotiating team to the power sharing agreement, said the move was the second step towards forming a cabinet to drive the country which has not had a properly constituted government since the March 29 harmonised elections.
Posted by: Fred ||
10/14/2008 00:00 ||
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Senior Joint Secretary of Khulna City Awami League (AL) Khan Ibne Zaman was hacked to death yesterday at his residence at Khalishpur in the city.
Police said the murderers entered Zaman's three-storey house scaling boundary wall at about 8:15pm during a power cut in the area. They tied the hands and legs of the AL leader who was taking rest at his bedroom on the first floor of the house after returning from the party office.
They hacked him to death and escaped through the main gate in presence of security guards Makbul and Tufani. Police arrested the two security guards.
The murderers disconnected the telephone line and ransacked Zaman's bedroom, police added.
Khulna City Corporation Mayor Talukder Abdul Khaleque and AL leaders visited the spot. They demanded fair investigation into the murder and immediate arrest of the killers. City AL General Secretary Mizanur Rahman also demanded immediate arrest of the killers and the mastermind behind the murder.
Posted by: Fred ||
10/14/2008 00:00 ||
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Oh. There's a note with it. It says, "Enjoy the sushi! It's marvelous! Love, Vlad"
MOSCOW (Reuters) - A Russian human rights lawyer whose clients have included leading Kremlin opponents said on Tuesday she had found poisonous mercury in her car in France and believed it may have been a warning to her. Karina Moskalenko told Russia's Ekho Moskvy radio station the incident had prevented her from traveling to Moscow to take part in the trial of three suspected accomplices in the 2006 murder of journalist and Kremlin critic Anna Politkovskaya.
"People do not put mercury in your car to improve your health," Moskalenko, who spends much of her time in the French city of Strasbourg, told the radio station. "I am very concerned because there were children in that car. I think it may have been a demonstration because there was lots of it (mercury.) How could you not notice it?" She did not say who she thought might have been responsible. Any guesses, Muldoon?
I'm stumped, sarge. Stumped, I tells ya!
The two-day first Intergovernmental Economic Conference of Caspian littoral states, held Oct. 3 to 5 in the southern Russian city of Astrakhan on the Volga delta, drew surprisingly little coverage in the Western press, despite its potential importance. Russian delegates floated a proposal that the Caspian coastal nations of Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan establish a Caspian Economic Cooperation Organization. If the organization comes to fruition, it could solve one of the most complex diplomatic stalemates stymieing the unbridled development of the Caspian's offshore waters and seabed -- an equitable division of the inland sea's assets.
#2
The Caspian Sea is already terribly polluted, I understand. Adding Russian-efficiency oil rigs to the mix...not so good for children and other living things.
#3
Ex-yougoslavia ethnic cleasing didn't involve lotsa dead bodies, just lotsa rapes (as a terror weapon), and mass forced population movements. Tell the inhabitant they have five minutes to pack out, brutalize them enough to make them understand you mena business, and burn the houses so they can't come back.
#4
Another post awhile ago mentioned the real reason the Russsians invaded was because Israel was installing structures they could target Iran from without violating ME airspace. Maybe some button pushing from Nevada should clease some Russian structures, especially those to be built in Venezuela?
#5
Ahhhh, those subtle Russkies! Can't wait for the Chosen One to begin representing our interests with people like this...or, maybe, kindred spirits really don't need to represent anyone?!
#6
ION TOPIX > ARMENIAN NEWS NETWORK - AZERBAIJAN PRESIDENT: ALL-OUT OFFENSIVE AGZ ARMENIA. Political, Diplomatic, Econ, Military, Information,.....@etc. in full spectrum as long as Armenia occupies "one inch" of Azerbaijan = Azeri, etc. ethnic-historical territory.
Also from ARMENIAN NES NETWORK > GUAM [Georgia, Ukraine, Azerbaijan, Moldavia] HAS NO FUTURE UNLESS MEMBER STATES ARE RICH AND POWERFUL. Member-States + Alliance also have NO UNDERLYING OR COMMON FOUNDATION, RARELY OR DON'T INTERACT EITHER LOCALLY OR AS A COOPER ALLIANCE, and ARE NOT REGIONAL LEADERS, etc.
(AKI) - Thirteen illegal immigrants aboard a people-smuggler's boat were thrown overboard off Sicily's coast for 'bringing bad luck'. Somebody certainly had bad luck...
Five Nigerians have been detained over the incident and accused of multiple aggravated homicide. Looks like they tossed the wrong ones, huh?
Twelve of the immigrants were Nigerian and one was of Ghanaian nationality. They were all males and are presumed dead. Media reports quoted the people-smugglers as claiming the men were 'interfering' with the navigation of the boat as it sailed towards Italy. "How do you mean 'interfering?'"
"We were using a compass. They'd been magnetized."
"It is a horrendous incident. The 13 people were thrown to the water while they were still alive only because of superstition," said Syracuse's public prosecutor Ugo Rossi. And now they're 'believed dead'....
The incident took place on 11 September near Portopalo di Capo Passero on the Sicilian coast, where the boat landed with 59 people on board, among them women and children. Media reports say the illegal immigrants aboard the boat told the Italian authorities the people smugglers had thrown the 13 passengers overboard while still alive.
Posted by: Fred ||
10/14/2008 00:00 ||
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#2
Greek captain I read about pitched two Tanzanian stowaways overboard with only a pallet somewhere off Somalia. Where they went overboard is known to be shark-infested.
One of his crew turned him in and he was charged with manslaughter in Greece. When asked about how he could possibly have done such a thing, he replied that "everyone knows that sharks don't eat black people."
LOS ANGELES — If Sen. John McCain has more to say publicly about his time in a North Vietnamese prison before next month's election, it will not be with help from Warner Brothers.
The studio moved quietly over the last few weeks to block any promotional showing of an interview — tied to the release of the first DVD version of the 1987 film Hanoi Hilton — in which McCain spoke of his imprisonment in the Hoa Lo prison during the Vietnam War. The studio is concerned that any pre-election showing might embroil the project in electoral politics.
"It's just us trying to be cautious and not affect the election one way or the other," said Ronnee Sass, a spokeswoman for the studio's home entertainment division.
The prohibition came amid a rising tide of politically edged entertainments, from Michael Moore's Fahrenheit 9/11, a Lions Gate Films release that presented an unflattering portrait of President Bush in the last presidential election, to Tina Fey's more recent barbed portrayals of Gov. Sarah Palin on NBC's Saturday Night Live.
The interview was recorded in May by the filmmaker and well-known Hollywood conservative Lionel Chetwynd for inclusion on the Hanoi Hilton DVD, which is set for release on Nov. 11.
"Finding someone in Hollywood who says they don't want to affect the election is like finding a virgin in a brothel," Chetwynd said Monday. He noted that studios were plugging movies with far more potential political impact, Oliver Stone's Bush biography W. among them.
Chetwynd wrote and directed Hanoi Hilton, a drama, which starred Michael Moriarty and made only a modest impression at the box office in its original release but became a favorite among veterans and others who warmed to its sympathetic portrayal of American prisoners of war. He had planned to promote the DVD among veterans groups and on Web sites and was preparing to screen the film at the Creative Artists Agency, where he is represented, until Warner called a halt, according to Sass and others.
When queried initially Sass said the studio had blocked showings out of concern that it might violate campaign finance law. After conferring with company lawyers, however, she said Warner was concerned not about legal violation but possible accusations that it was electioneering. "It could have gotten some objections," she said.
Daniel P. Tokaji, an associate professor at the Ohio State University law school, said promotional showings of the McCain interview would present no obvious legal issue. "I don't immediately see what law they would violate," said Tokaji, who specializes in election law.
Uh-huh...
WASHINGTON - Sen. Hillary Rodham Clinton puts the chances of her running for president again at near zero -- slightly higher than the chances she gives for becoming Senate majority leader or a Supreme Court justice. Joe Biden: "I am not running for vice president!"
In an interview aired Tuesday on "Fox & Friends" on the Fox News Channel, Clinton, D-N.Y., was asked the chances, on a scale of 1 to 10, that she would be the next majority leader in the Senate. "Oh, probably zero," she said. "I'm not seeking any other position than to be the best senator from New York that I can be."
Lioness of the Senate and all that ...
Being nominated to the Supreme Court? "Zero," Clinton said. "I have no interest in doing that." Running for president again? "Probably close to zero," she said. "There's an old saying: Bloom where you're planted."
Shoulda stayed at the Rose law firm ...
The former first lady, who was elected to the Senate in 2000 and re-elected in 2006, said she looked forward to working as a senator with a Barack Obama administration. Oh, I'll bet...
#2
Leaving out HC's ambition (for a change), the national situation is unprecedented and will undergo a lot of change between now & the election of 2012. Asking pols what they will be doing in 4 years is ridiculous.
#5
"I need that job like a hole in the head" to quote Vince Foster.
Posted by: regular joe ||
10/14/2008 17:36 Comments ||
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#6
IIRC, TOPIX [old] > WAR [Wars + World Order] IS ON THE AGENDA FOR AMERICA'S NEXT PRESIDENT, or title to that effect.
* 2008-2012 [2016] Post-Dubya Period . IOW, AMERICA = AMERIKA, USSA = USR/Global SSR, ON THE NATIONAL-GLOBAL DEFENSE. I strongly doubt NUCLEAR-AMBITIOUS IRAN = ISLAMISM is gonna wait to 2016 to conduct an indigenous nuke test(s) - even 2012 maxima is "pushing it" as per SAVING THE JIHAD = ISLAMIST ASIA!?
#6
I think I'm going to prepare myself for he spectacle if O wins. 12% of the country running around making an ass of themselves. Now the senate could go 60-40 dem which would give them enough votes to manhandle their way out of any argument. This place will look like cuba within a year if these assholes take the white house and the senate. We'll be building ramshackle rafts and trying to make it out into the shipping lanes in hopes of being picked up by Chilean warships or something.
I guess with them in the white house and with a majority in both houses of congress they finally cant blame the Republicans for a change.
What am I saying?
Of course they will, and the dumb bastards that keep voting for them will still believe it.
#17
I had just been thinking that the usual suspects had been pretty quiet the last few weeks. I thought they had been put on slowboats to Fiji with a pack of whores and barrelfuls of booze to keep them quiet & out of the Zero's hair until after the election.
Posted by: Mitch H. ||
10/14/2008 13:15 Comments ||
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#18
I think you are right Mitch. But they came back and can't contain themselves.
#19
The One has many deciples. We'll be seeing more and more of Jesse, AL, and Louis as they begin queuing up for the government cheese and political appointments.
#20
Actually, boys, it looks like they were trying...
Dateline: EVIAN, FRANCE
Prepare for a new America: That's the message that the Rev. Jesse Jackson conveyed to participants in the first World Policy Forum, held at this French lakeside resort last week.
So I take it that the World Policy Forum has Budweiser distributorships? I mean, why else would he be there?
#25
Maybe the Rev is trying to undercut BO in w/the Zionist community...
Posted by: regular joe ||
10/14/2008 17:48 Comments ||
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#26
I believe that Obama will throw Israel under the bus. And I believe the Israelis know that too.
Israel, alone and with no one to count on, WILL pull the trigger if Obama gets elected.
Posted by: Minister of funny walks ||
10/14/2008 18:32 Comments ||
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#27
sigh . . . I miss anti-war and the greek guy . . but here goes . . .
TODD is a troll.
TODD is a troll.
TODD is a troll.
TODD is a troll.
His link is to a Dem activist website. He is here to attempt to discourage Republicans or Independents who are thinking of voting Republican (" I'm leaning . . ." says Todd. Yeah, and I have some prime ocean front property in Florida for $32/acre, too). Anyway, Todd is a leftist operative. He has no intention of gaining an open mind or holding discussion. His aim is to infiltrate and influence for the left. He uses the same stupid “polite” social norming in his exchanges to deflect discovery of his identity and to deflect criticism. I’m not sure Todd is a “he” and I haven’t had enough time reading Todd’s posts to determine that yet.
Nevertheless, let's take a look at the "evil" sign Todd is linking to in order to make his point and aim, which is to "help" posters at rantburg think something along the lines of "gee, as a Republican I sure don't want to be associated with stupid, bad racist guys like the one with the sign . . . I guess I'll vote Obama instead, or maybe I just won’t vote at all”.
Moving on . . .
The actual sign reads:
"Christians Against Baby-Killing Muslims for President"
LetÂ’s analyze.
First, the guy says he's a Christian. Okay. Don't know about that, but let's suppose he is a Christian. According to the Dems, the guy is in the same "camp" as Obama, religiously speaking, so they should have something in common and should be treated with the same respect. As one of millions of Christians in the US, the man has the same legal and constitutional rights (for now) regarding political free speech as any other citizen, so the man can say he is a Christian, whether or not he is a Christian. His religious identity is protected and his free speech is protected, (though we can say he might have a fundamental disagreement with Obama in terms of Christian identity).
At this point, we can conclude:
1.) The man in the photo is, or is not, a Christian.
Next, the man is saying he is against something.
SO:
2.) The man is expressing an opinion.
He is specifying that he is against a baby-killing Moslem, in particular. I share the sentiment, as do others here. The fact is, Moslems around the world kill quite a number of babies, young women, and boys, for a variety of political and pathological reasons.
But of course we all know the man is referring to Obama's PRO-ABORTION stance and record which supports even partial birth abortion. (Abortion is the putting to death of a living human in (whatever) stage of development he or she is at, when his or her life is terminated. For those who doubt (and doubting in this case would be a religious belief, not scientific, researched information) that a human child is not that which defines a pregnancy--terminated or not terminated--there is always the nasty problem of the disposal of the body which proves the point. Some of the dead bodies are put in trash cans, some are burned in little ovens imported from Austria, some are put down garbage disposals, and some are buried. Partial-Birth Abortion is a procedure in which the abortionist pulls a living baby feet-first out of the womb and into the birth canal (vagina), except for the head, which the abortionist purposely keeps lodged just inside the cervix (the opening to the womb). The abortionist punctures the base of the babyÂ’s skull with a surgical instrument, such as a long surgical scissors or a pointed hollow metal tube called a trochar. He then inserts a catheter (tube) into the wound, and removes the baby's brain with a powerful suction machine. This causes the skull to collapse, after which the abortionist completes the delivery of the now-dead baby.) Â
But back to the point. The man is against baby-killing first off, and that opinion is tied to the current Democrat candidate for president, who supports said baby-killing/abortion.
SO:
3.) The man is against baby-killing (abortion).
The man also is expressing that he is against certain baby-killer or pro-abortion persons, which would be Barack Obama, in this case.
4.) The man identifies Obama as a Moslem.
Interestingly, so does most of the rest of the Middle-East and Africa. Whether or not Obama is a “closet” Moslem, it is still true that he clearly supports Moslems around the world, and is very sympathetic toward their “plight.” In any case, Obama is a Marxist aligned with the Black Liberation Theology crowd.
SO:
In summary, the “terrible, racist, stupid” man with the sign is saying that,
as a Christian (however he defines that) he is AGAINST
a baby-killing (or PRO-ABORTION)
moslem (or ISLAMO-FACIST SYMPATHIZER)
for PRESIDENT
Well, I say BFD. I'm against that too.
About Jesse Jackson. The Jewish community is being idiotic to support Obama. He has no commitment to the Jews, Israel, and considers them, like Jackson, to be, for the most part Zionists who need to be eliminated along with Republicans or anyone who does not ascribe to Emperor Obama.
#28
well now, ex-lib and Todd(who I'm sure, is an 'undecided Christian Conservative who was leaning McCain, but now that I've heard about X, I'm looking at Obama and like his positions)... I was "leaning Obama" but I certainly changed my mind now. Thanks Ex-lib, and Todd(?) ....bite me
Todd is is the David Axelrod Astroturf (fake grassroots) program in "living color". Post-election you'll not see "Todd" posting again
Posted by: Frank G ||
10/14/2008 19:40 Comments ||
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U.S. presidential race front-runner Barack Obama on Monday rolled out what his campaign called a four-part "economic rescue plan" for the middle class. "First, we're gonna give everybody money. Then we're gonna take it from them. Then we're gonna give a part of what we took to 95 percent of the people. Then we're gonna take it back..."
Posted by: Fred ||
10/14/2008 00:00 ||
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#1
"Obama outlines economic rescue plan"
They misspelled "We're gonna f*ck over and steal from everyone who produces anything - except our donors friends."
That's their real plan. :-(
Posted by: Barbara Skolaut ||
10/14/2008 0:09 Comments ||
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#2
Proof positive... "Everyone who smiles at you, is not your friend."
OPEC countries talk a good game about Third World solidarity, but their predatory pricing policy has thrown Third World countries like Pakistan into economic crisis.
Credit default swap spreads [on Pakistani debt] on Tuesday blew out to 3,084 basis points, according to Markit, up from 520 basis points in January. This is just the latest setback for Asif Ali Zardari, who took up the presidential reins after Pervez Musharraf stepped down in August. The Pakistan stock market, as represented by the Karachi 100 Index, has shed 46 per cent year to date in dollar terms, even though it barely traded in the weeks that global markets were trashed. Efforts to stem the falls have never risen above the level of talk. The currency, reflecting jitters about the external financial position, has slumped 22 per cent against the dollar this year. Pakistan’s position is clearly precarious. Political stability is fragile. High inflation exacerbates social tensions and makes the necessary macroeconomic reforms tougher to implement. Fiscal consolidation has petered out, as evidenced by a deficit of 7 per cent of gross domestic output. Largely due to oil, Pakistanis import roughly double what they export; unsurprisingly the current account deficit has ballooned out to some 9 per cent of GDP. Pakistan has deployed its foreign exchange reserves to try and prop up the rupee, and in doing so has almost halved its total kitty since the end of 2007 to just over $8bn at end September, or not much more than a couple of months’ import cover. Clearly it will be a struggle to roll over the upcoming $3bn of debt falling due – witness Mr Zardari’s pleas for a soft loan from Beijing. Alas, it will take a lot more than that for Pakistan to join the global cheer.
(Xinhua) -- UN Secretary-General Ban Ki-moon on Monday called for "deep and systemic reforms" of the global financial system amid an ongoing financial crisis that has engulfed major markets around the world.
"The ad hoc manner in which governments have had to respond to the management of this crisis is reflective of serious lacunae in the current world financial system," Ban said in a statement.
"To ensure continued stability and protect the economic gains of both developed and developing countries, we need to consider deep and systemic reforms based on an inclusive multilateralism for a global financial system that can better meet the challenges of the 21st century," he said.
Ban expressed deep concern about the impact of the crisis on the developing world, particularly on the "poorest of the poor," saying that it was likely to render serious setback on efforts to meet major development goals.
"The initiatives by the World Bank and the IMF (the International Monetary Fund) to provide new emergency liquidity provisioning to poor countries could help them counteract some of the consequences of this crisis. But more needs to be done," Ban noted.
At the United Nations, the world needs to consider "urgent multilateral action to alleviate the impact of recent events on the development agenda of the organization, covering the entire gamut of issues from the implementation of the Millennium Development Goals to the food and energy crises, as well as the challenges of climate change," he said.
Posted by: Fred ||
10/14/2008 00:00 ||
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#1
Harrrrumph harrumph harrumph...
Posted by: Ban Ki-moon ||
10/14/2008 9:47 Comments ||
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#2
Bite me, Ban. You loons get enough of my money now, you sure as hell ain't gonna control the global supply.
#3
The United Nations is especially irrelevant in this matter; even with all the international meetings, the various affected nations are sorting it out on their own.
#4
Then the grown-ups told little Ban to go back to the children's table and finish his spinach.
Posted by: Mitch H. ||
10/14/2008 18:47 Comments ||
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#5
"UN chief calls for reform of global financial system"
I suppose I should be polite, but I'm way past that point, so....
Fuck you, Ban, and the camel you rode in on. Get your hands out of our friggin' pockets.
The only money I want to give the Useless Nitwits is help moving them lock, stock, and thief to another country. Darfur, Somalia, or Zimbob come to mind.... >:-(
Posted by: Barbara Skolaut ||
10/14/2008 19:22 Comments ||
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Israel's Kadima and Labor parties on Monday reached an agreement in principle that could pave the way for the formation of a new government headed by Foreign Minister Tzipi Livni, media reports said. The agreement was signed by MPs from both sides following a marathon 19-hour negotiating session.
Posted by: Fred ||
10/14/2008 00:00 ||
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Cambodia's Prime Minister, Hun Sen has warned Thailand to immediately withdraw troops from a disputed border area or risk large-scale armed conflict. He warned visiting Thai foreign minister, Sompong Amornviwat, that without a quick pullout, Thai troops could face armed opposition.
Tensions have been high since July when around 1,000 soldiers from both countries took up positions near the 900 year-old Preah Vihear temple. The temple was awarded world heritage status by the United Nations cultural body UNESCO, angering nationalists in Thailand who still claim ownership of the site.
Mr Hun Sen says Thai troops must withdraw this week.
Soon after returning to Bangkok, Mr Sompong announced he will discuss the Cambodian request with the Thai prime minister before taking any action. He says more meetings between the two countries are the best way to solve the stand-off.
Posted by: Steve White ||
10/14/2008 00:00 ||
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#1
ION WORLD MILITARY FORUM > IIUC, CHINA + VIETNAM are getting into a brouhaha over territorial encroachment vee the PARACELS + SPRATLEYS.
#2
Cambodia needs Thailand a whole lot more than Thailand needs Cambodia.
In a freeze of traffic - goods, services, and tourists - between the two, Thailand would not even notice a deficit - but Cambodia would suffer greatly.
One interesting aspect is that the U.S. Military Academy at West Point plays a certain background role. The current Supreme Commander of the Thai Armed Forces, GEN Boonsrang Niumpradit, is a West Point graduate, Class of 1971. Hung Manet, who is a son of Cambodian Prime Minister Hung Sen, is a Colonel in the Cambodian Army - and a 1999 graduate of West Point.
COL Hun Manet was a guest of GEN Boonsrang at the 2008 West Point Founders Day dinner held this past March by the West Point Society of Thailand.
So - whatever the political leaders of the two countries decide, there is a friendly military "back channel" through which communications can also flow between the two nation's military arms.
#3
Cambodia may be in the right here but going balistic and threatening armed conflict is just foolish. I don't know the border areas but I suspect they are primarily triple canopy jungles which make it impossible for serious large-scale warfare. That would leave air and sea as the primarily battlefields and I would think Thailand would have a massive advantage in those areas seeing as the Khmer Rouge probably killed nearly every pilot and most boats that could sale left in the 70s.
#4
OK, This year there was a bumper crop of Opium in Afghanistan. Each year the warlord generals fight for control over the trafficking of the Opium. This year is nothing different, not politics, not ideology, just drugs.
Posted by: 49 Pan ||
10/14/2008 20:08 Comments ||
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#5
you hit the nail on the head 49 pan
Posted by: chris ||
10/14/2008 21:18 Comments ||
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WASHINGTON (AP) -- The tough economy could make it easier to sign up soldiers. Fewer civilian jobs mean less competition for military recruiters.
"We do benefit when things look less positive in civil society," David Chu, the Pentagon's personnel chief, told a news conference Friday. "I don't have the Dow Jones banner running up behind me here this morning, but that is a situation where more people are willing to give us a chance."
For several years, as the Army in particular struggled to meet its recruiting needs, military officials have cited a strong economy as one obstacle to attracting young people looking at their employment options. It is one reason that over the past year the Army and Marine Corps felt compelled to pay more than $600 million, combined, in bonuses and other financial incentives to entice recruits.
Another negative factor: Parents and others who influence the decisions of enlistment-age men and women have, since the outset of the Iraq war, become less inclined to recommend military service.
In announcing that the Army, Marine Corps, Navy and Air Force all met their recruiting goals for the budget year ended Sept. 30, Chu said the economic downturn offers new possibilities for recruiters.
"What more difficult economic times give us, I think, is an opening to make our case to people (potential enlistees) that we might not otherwise have," Chu said. "And if we make our case, I think we can be successful."
The military needs any break it can get on recruiting, particularly since it is in the midst of a push to substantially increase the size of the nation's ground forces -- a decision driven by an urgent need to reduce the strain on troops and their families from repeated deployments to Iraq. Plans are to boost the active-duty Army by 65,000 soldiers to a total of 547,000 by 2010. The Marines are aiming to grow from 175,000 to 202,000 by 2011.
Posted by: Steve White ||
10/14/2008 00:00 ||
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#1
yadda, yadda, yadda. The military met recruiting goals [much to the MSM dismay] during the war and 'good' economic times these last 8 years. Ignoring the year during the Clinton era it did not when everything was golden by the MSM measure.
#3
That's why Obama will reinstate the draft for his Peoples' Militia. You're daughter to be a member of the elite Sandra Bernhart Peoples' Shock Brigade.
Restore the Readiness of the National Guard and Reserves
Barack Obama and Joe Biden will provide the National Guard with the equipment it needs for foreign and domestic emergencies and time to restore and refit before deploying. They will make the head of the National Guard a member of the Joint Chiefs of Staff to ensure concerns of our citizen soldiers reach the level they mandate.
#5
No matter how bad the economy, who would want to enlist to serve under CinC Obama?
What do our fellow 'Burgers who are currently serving or have recently served say about this...do you anticipate a serious downturn in enlistments and reenlistments/mass resignations of officers if the media putsch carries The One into the Oval Office?
Posted by: Ricky bin Ricardo (Abu Babaloo) ||
10/14/2008 12:39 Comments ||
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#6
i look for The One (if elected) and Harry and Nan to gut the defense budget, thus resulting in a RIF action, in both the uniformed and civilian segments.
#7
I left the active military during the Carter administration, but not just because Jimmah Kahtuh was elected president. I joined the Reserves shortly after my discharge. I pulled at least one 6-month active duty tour before Ronald Reagan was elected president, and I was convinced I was right to have left. For a lot of people, the CINC doesn't matter - at least, not at first. It's not until the promotion freezes, the inane stupidity, and all the rest coming from the top trickles down that people begin considering leaving. It's just one more matter to consider, but it's frequently the tipping point. If there's another Clinton-style purge, things could get really difficult for the average soldier, and he'll bail. It's one thing to serve when you know the people support you. It's another thing to serve when the most important people in the chain of command consider you just another piece of sh$$.
Posted by: Old Patriot ||
10/14/2008 16:04 Comments ||
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#8
No matter how bad the economy, who would want to enlist to serve under CinC Obama?
Somebody not familiar with the story of Uriah the Hittite?
Oct. 14 (Bloomberg) -- Treasuries fell the most in two weeks as the government prepared to announce a plan to acquire stakes in major banks, giving investors confidence to buy stocks and corporate bonds. Two-year yields approached the highest level this month as Asian stocks gained, following the biggest U.S. stock rally in seven decades. The U.S. plans to invest in Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley, State Street Corp., and Bank of New York Mellon Corp., according to people briefed on the matter.
Two-year note yields rose 30 basis points to 1.94 percent as of 9:59 a.m. in Tokyo, according to BGCantor Market Data. The price of the 2 percent security due September 2010 fell 18/32, or $5.63 per $1,000 face amount, to 100 3/32. The MSCI Asia Pacific Index of regional shares rallied 6.1 percent. Ten-year yields climbed 15 basis points to 4.03 percent, pushing above 4 percent for the first time since August.
The difference between two- and 10-year yields shrank to 2.1 percentage points from 2.38 percentage points yesterday.
The Bank of Japan added 1 trillion yen ($9.71 billion) to the financial system as central banks around the world boost liquidity to help counter a worsening global financial crisis.
Interest-rate derivatives imply banks are becoming more willing to lend. The difference between the rate banks charge for three-month dollar loans relative to the overnight indexed swap rate, the so-called Libor-OIS spread, narrowed to 3.54 percentage points from 3.66 percentage points last week.
Posted by: Steve White ||
10/14/2008 00:00 ||
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#1
Torn between fear of economic collapse and fear of runaway inflation.
#3
Looks to me like nothing more than improving expectations for equity investments.
Posted by: Mike N. ||
10/14/2008 10:10 Comments ||
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#4
If we have economic collapse, we won't have runaway inflation. Can't have runaway inflation when just about every economy in the world is propping up its banks. Including the economies of the oil rich states. What we are seeing is the deflation of a massive and global credit bubble and the destruction of individual and corporate balance sheets, both abetted by unsound lending practices of the past.
#6
Thanks, Zhang. I was wondering how Zimbabwe was able to avoid runaway inflation all these years, now I know why.
Zimbabwe didn't borrow money. It just printed it. That's why it had hyper-inflation. Zimbabwe also had a non-functioning economy because of Mugabe's policy of confiscating farmland from white owners who knew how to make it productive, and handing it to cronies who did not. This policy of confiscation (essentially a 100% tax) also induced capital flight.
We're not going to get either inflation or hyper-inflation. Uncle Sam doesn't print money; he borrows it. And cuts the budget. And raises taxes.
#7
An important side not to ZFs comment. Debt doesn't cause inflation, spending does.
Also western economies are all so tied together that one country would really have to do something tricky to collapse the way Zimbob did. I can't imagine how they could pull it off.
Also, with the Euro and Brit bailout looking to be bigger than Uncle Sams, the dollar will continue to strengthen against those currencies and help keep inflation in check.
Posted by: Mike N. ||
10/14/2008 11:21 Comments ||
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#8
I was wondering how Zimbabwe was able to avoid runaway inflation all these years Why has the price of gasoline been falling? Why isn't gold selling at $10,000 an ounce? Why are interest rates in single digits? How can central banks cut rates? Look at the entire picture.
#9
Also western economies are all so tied together that one country would really have to do something tricky to collapse the way Zimbob did.
It's not just the Western economies. All of the world's economies have been feeding money to their banks. We just don't pay as much attention to the other economies because they're not as important in the overall scheme of things.
#10
GOld isn't selling at 10k an ounce becuase that 20 times what it's worth.
Gold, as touted as an inflation hedge or a safety investment in bad times is highly overrated. It does not move countrary to inflation or GDP, it is nothing more than a global commodity. The price of gold is not a meaningful economic indicator.
Posted by: Mike N. ||
10/14/2008 11:33 Comments ||
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#11
ZF, I wouldn't argue with you on that one bit. I guess more accurate would be to say that the western economies are the ones big ebough to make a major difference. A country like Goergia could stop producing completely and it wouldn't ruin the system.
Posted by: Mike N. ||
10/14/2008 11:40 Comments ||
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#12
The price of gold is not a meaningful economic indicator. Once more, look at the entire picture.
#13
The big picture tells me that the panic is starting to weaken. They flight to safety and away form profit is beginning to reverse course and banks are beginning to do more lending (at least to each other).
I suspect Morgan not getting killed in the market has to some degree assuaged fears of another major bank failure.
Posted by: Mike N. ||
10/14/2008 12:39 Comments ||
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#14
ZF--
O. Rilly?
And just how does the market absorb the new trillion dollars--and more on the way--that is being injected into the market? And hasn't Treasury just assured us of infinite shorts against Financials? And since the trillion injected in the short-term is going to have effects, what are the effects on capital markets going to be? No sense of crowding-out? And nine banks that cannot fail?
You may be right. Nothing about nationalising our banks is inherently wrong. Nothing about nationalising our banks changes the market's fundamental view of financials. It could be I'm just a nit-picker.
.
#15
> Uncle Sam doesn't print money; he borrows it.
Normally Yes, buy you're only one failed treasury auction away from printing. Also the Inter central bank currency swaps could be argued as being printing...
#16
what are the effects on capital markets going to be? No sense of crowding-out?
Crowding out might be a problem. But that's not the same as printing money. Crowding out simply means that private sector rates shoot up sky high due to competition from too much government debt.
#17
With the dollar on the rise, an auction failure is highly unlikely here.
Posted by: Mike N. ||
10/14/2008 13:37 Comments ||
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#18
The big picture tells me the Panic will stumble along for years, requiring a rebuild of financial institutions & the system of checks & balances that regulate them. Housing will either be supported by taxpayer dollars (i.e., a Zombie housing market) or will fall to prices that the population can afford on its own (i.e., about 3X median annual income = median house price in an area). Some institutions, practices, beliefs and attitudes are completely outmoded & will be replaced eventually, although not without a lot of kicking & screaming on the part of the financial Pig Men. I suspect the Panic will be prolonged by the fact that former employees of the Pig Men are currently being hired by the gov't to manage the transition. The stock market will fluctuate.
#19
Okay...let's say there's some pressure on interest rates.
We're still dealing with gross domestic product. Could a disconnect between commercial rates and interbank rates signal another business cycle? Or, instead, is there going to be a big boost in productivity that will actually shift the GDP growth curve?
#20
I doubt it's going to cause much of a productivity improvement, so.... Maybe a new business cycle, but I'm not willing to bet the rate disconnect means a new business cycle. At least not yet.
Posted by: Mike N. ||
10/14/2008 17:17 Comments ||
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#21
"Uncle Sam doesn't print money; he borrows it. And cuts the budget. And raises taxes."
Agree with #1 & #3, ZF.
#2? HAHAHAHAHAHAHAHAHAHAHAHAHA. FFC of that.
Oh, wait - did you mean the military budget? That I'll agree on.
Posted by: Barbara Skolaut ||
10/14/2008 18:58 Comments ||
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#22
ION TOPIX > ARMENIA NEWS NETWORK = THE UN-DMEOCRATIC FACE OF US CAPITALISM IS SHOWING + CHOMSKY: US HEGEMONY WILL CONTINUE.
#23
From the WSJ: "Government investments in financial institutions could crimp executive pay on Wall Street, at least for a while, and hinder firms' ability to attract and retain top talent."
I have been closely following the current disaster, brought to us courtesy of highly-paid "top talent." I'd settle for someone with common sense, for a change.
World stock markets staged spectacular gains Monday as governments pumped billions of dollars into markets crippled by the credit crunch, coaxing newly confident investors into buying shares. Wall Street skyrocketed at the opening, with the Dow Jones Industrial Average 6.19 percent in positive territory at 8,974.56 by mid-day.
Posted by: Fred ||
10/14/2008 00:00 ||
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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.
LOS ANGELES — If Sen. John McCain has more to say publicly about his time in a North Vietnamese prison before next month's election, it will not be with help from Warner Brothers.
U.S. presidential race front-runner Barack Obama on Monday rolled out what his campaign called a four-part "economic rescue plan" for the middle class.
