Networks Ignore New Request for $15 Billion Bailout for Fannie Mae

Mortgage-backer has bled taxpayers for more than $75 billion, but is rarely criticized by the news media.

By Julia A. Seymour

Business & Media Institute
3/3/2010 1:47:06 PM


A business partly responsible for the economic downturn requested another $15.3 billion bailout last week.

It wasn’t one of the news media’s usual suspects, like the banks or insurance giant AIG – the ones they have repeatedly scorned and scrutinized for needing bailouts. It was government favorite and Democratic donor Fannie Mae, the Federal National Mortgage Association, created as a public-private hybrid in 1938 but taken over by the federal government in Sept. 2008.

There was no media outrage; in fact there was almost no coverage. Fannie Mae’s Feb. 26 request for more than $15 billion made few print headlines and was ignored entirely by ABC, CBS and NBC – despite the billions of taxpayers’ dollars that have gone to bail Fannie out in the past year and a half.

“The new request for aid will bring Fannie Mae’s total to more than $75 billion,” according to an Associated Press report that ran in the Los Angeles Times Feb. 27.

The only hint in that article about improper conduct leading to Fannie’s downfall was in the last sentence: “The two companies (Fannie Mae and Freddie Mac) loosened their lending standards for borrowers during the real estate boom and are reeling from the consequences.”


Troubled Times

SIC SEMPER TYRANNIS!!!

By Mark Matheny

Troubled times are certainly upon us. The bailouts never seem to be enough, while unemployment continues to escalate although our government chooses to downplay the facts. A Harvard study has determined recently that gasoline prices will go as high as 7-8 dollars before 2012, all while the derivatives bubble gets bigger and will at some point bring about a global meltdown as sovereign nations default- and they all will according to many of the economists.

With the elections coming up in the fall I want to remind everyone that it is important to do your research on the candidates for the House of Representatives, and vote for the ones who will stand for constitutional issues and legislation only. Whether Democrat or Republican, it is important to remember that several of the members in the Executive, Judicial, and Legislative Branches of our current government are also members of the Council on Foreign Relations, Trilateral Commision, and the Bilderberg Group - all of which are pushing for Global Government.

We therefore must be discerning and unrelenting as we fight to restore the Republic that has made our Country so Great! I would also like to remind all to go to Ron Paul's Website (Ron Paul.com) and encourage him to run for President in 2012. We know that the office of the President is controlled by the Globalists in their effort to destroy our sovereignty, and bring in a New World Order, but we must continue the fight regardless! Donate to his cause if you can as well.

Whether or not you choose to believe that even more tumultuous times are just around the corner, the facts are unavoidable so prepare by getting your house in order, both spiritually and financially. Stock up on food supplies that will last, and pay off as much debt as you can - as soon as you can!!! The Dollar is on its last leg and more than likely lose even more value in the months ahead!

Also remember that it is still important TO VOTE!!! We have more of a chance with the Republican Party than with the Democrats in office. I know they are both controlled ( a left / right Paradigm) but we must restore power to the people through the proper process that was instituted by the founding fathers in the Constitution and the Bill of Rights!!

Lastly, Don't be afraid to speak out and teach others!! We must break the false notion that "Politics and Religion" are subjects we shouldn't speak to others about. These are subjects that will affect the life you and your children live now, as well as the life to come for eternity!!!

 "In the world you shall have tribulation, but be of great courage for I have overcome the world." Yeshua (Jesus)

Let Freedom Ring - Loudly!!!!!!!!!!!!!!!!!!!!!!!

Mark Matheny

The Road to Dictatorship

Antiwar.com
by Justin Raimondo, March 01, 2010


 That 56 percent of all Americans "think the federal government’s become so large and powerful that it poses an immediate threat to the rights and freedoms of ordinary citizens" isn’t really all that surprising. After all, ever since the 9/11 terrorist attacks, the government’s "right" to read our e-mails, seize our property, hold us as "enemy combatants," and otherwise trample on the Constitution has been expanding at an exponential pace. What’s really shocking, however, is that, according to this CNN-Opinion Research Corporation poll, released on Feb. 28, most of the people who believe this are overwhelmingly … Republicans. That is, they are self-described supporters of the very same party which impaled the Constitution on the sword of the "war on terrorism." According to the poll, "only 37 percent of Democrats" believe this, as opposed to "63 percent of Independents and nearly 7 in 10 Republicans."


Is it just me, or was it only yesterday that the Democratic base was outraged by "Bushitler," and the "Cheney-PNAC" alleged neo-fascists who were taking over the country and driving dissent underground? How quickly they turn!

Adding to the irony, the poll was taken on the same weekend the extension of the PATRIOT Act passed the Democratic-controlled Congress – without debate, without a peep of protest from the "progressives" in Congress, and disguised as a vote in favor of a Senate amendment to the Medicare Physician Payment Reform Act. Bravery is not something we see much of in Washington, D.C. As one blogger put it:

"So, if you heard the news of a Patriot Act vote, and went looking for the roll call, you wouldn’t find it. You’d see roll call # 67 for this year, but would reasonably conclude that the vote is thoroughly unrelated to the Patriot Act. If you hadn’t heard of the Patriot Act extension, and just wanted to see what legislation had been voted on yesterday, you would come away still ignorant of what the House of Representatives had actually done."
Read the entire article


Washington Times Covers Richard Gage, 9/11

WASHINGTON TIMES

by Jennifer Harper INSIDE THE BELTWAY


EXPLOSIVE NEWS
A lingering technical question about the Sept. 11 terrorist attacks still haunts some, and it has political implications: How did 200,000 tons of steel disintegrate and drop in 11 seconds? A thousand architects and engineers want to know, and are calling on Congress to order a new investigation into the destruction of the Twin Towers and Building 7 at the World Trade Center.
"In order to bring down this kind of mass in such a short period of time, the material must have been artificially, exploded outwards," says Richard Gage, a San Francisco architect and founder of the nonprofit Architects & Engineers for 9/11 Truth.
Mr. Gage, who is a member of the American Institute of Architects, managed to persuade more than 1,000 of his peers to sign a new petition requesting a formal inquiry.
"The official Federal Emergency Management [Agency] and National Institute of Standards and Technology reports provide insufficient, contradictory and fraudulent accounts of the circumstances of the towers' destruction. We are therefore calling for a grand jury investigation of NIST officials," Mr. Gage adds.
The technical issues surrounding the collapse of the towers has prompted years of debate, rebuttal and ridicule.
He is particularly disturbed by Building 7, a 47-story skyscraper, which was not hit by an aircraft, yet came down in "pure free-fall acceleration." He also says that more than 100 first-responders reported explosions and flashes as the towers were falling and cited evidence of "multi-ton steel sections ejected laterally 600 ft. at 60 mph" and the "mid-air pulverization of 90,000 tons of concrete & metal decking."
There is also evidence of "advanced explosive nano-thermitic composite material found in the World Trade Center dust," Mr. Gage says. The group's petition at www. ae911truth.org is already on its way to members of Congress.
"Government officials will be notified that 'Misprision of Treason,' U.S. Code 18 (Sec. 2382), is a serious federal offense, which requires those with evidence of treason to act," Mr. Gage says. "The implications are enormous and may have profound impact on the forthcoming Khalid Shaikh Mohammed trial."
Stay tuned for more in this space.
JUST SO YOU KNOW
It's done broke. But given enough duct tape, Gorilla Glue and a few safety pins, we'll get by, perhaps.
Only 5 percent of Americans say our system of government is "broken and cannot be fixed," according to a CNN/Opinion Research Corp. survey of 1,023 adults released Sunday. The vast majority - 81 percent - say, yes, it's broken "but can be fixed." An optimistic 14 percent insist the government "isn't broken."
Some don't buy any of it, though.
"With metronomic regularity, we go through these moments in Washington where we complain about the government being broken. These moments have one thing in common: The left is having trouble enacting its agenda," George Will told ABC's "This Week" on Sunday. "No one, when George W. Bush had trouble reforming Social Security, said, 'Oh, that's terrible - the government's broken.' "
THINK ABOUT IT
"For years, we have had information stands about the war commanders. But the supreme commander was missing. We need to remember the man who led our country in the war."
- Vladimir Makarov, chief of Moscow's advertising and information committee, on his decision to decorate the city with posters of Josef Stalin on May 9, which Russia marks as the 65th anniversary of the Soviet defeat of Nazi Germany during World War II.
WHAT WORKS
Political operatives should remember that people still crave viable, timely content and friendly community that has not been sullied by technology's bells and whistles. Witness conservative goddess Michelle Malkin, who has sold Hotair.com - a spirited political blog she founded in 2006 - to Salem Communications, which syndicates such talk-radio heavyweights as Bill Bennett, Hugh Hewitt and Michael Medved, among other things.
Mrs. Malkin has emerged from her experience with insight about communications in the often chaotic media/political/ideological realm. For one thing, the "clean, simple, user-friendly format" has stayed the same, she says in a farewell message. And the answer to attracting a loyal audience did not lie in a burdensome multiplatform extravaganza, either.
"To survive, we needed to adapt, respond to market forces, and adjust the business focus to meet readers' revealed preferences. Like the teleprompter reader-in-chief always says, 'Change is never easy.' I made the decision to redirect our resources away from original video reluctantly," Mrs. Malkin says.
"But we looked at the metrics, we looked at the bottom line, and we listened to you. You wanted a 24/7, up-to-the-minute, one-stop, all-purpose conservative blog and aggregator. You wanted an Internet water cooler to hang out with your friends - a place where you could find all the political coverage you needed, but also a place where you could get comic relief, humpbot videos, the latest 'Duuudes' and 'Hmmms' and 'Heart-aches,' and off-beat stories of the day."

The Bankruptcy Boys


Published: February 21, 2010

O.K., the beast is starving. Now what? That’s the question confronting Republicans. But they’re refusing to answer, or even to engage in any serious discussion about what to do.

For readers who don’t know what I’m talking about: ever since Reagan, the G.O.P. has been run by people who want a much smaller government. In the famous words of the activist Grover Norquist, conservatives want to get the government “down to the size where we can drown it in the bathtub.”
But there has always been a political problem with this agenda. Voters may say that they oppose big government, but the programs that actually dominate federal spending — Medicare, Medicaid and Social Security — are very popular. So how can the public be persuaded to accept large spending cuts?

Read the entire article

Student claims school spied on him via computer webcam

Philly.com News
By Dan Hardy and Bonnie L. Cook

Inquirer Staff Writers




A Lower Merion family has set off a furor among students, parents, and civil liberties groups by alleging that Harriton High School officials used a webcam on a school-issued laptop to spy on their 15-year-old son at home.


In a lawsuit filed Tuesday in federal court, the family said the school's assistant principal had confronted their son, told him he had "engaged in improper behavior in [his] home, and cited as evidence a photograph from the webcam embedded in [his] personal laptop issued by the school district."

The suit contends the Lower Merion School District, one of the most prosperous and highest-achieving in the state, had the ability to turn on students' webcams and illegally invade their privacy.

While declining to comment on the specifics of the suit, spokesman Douglas Young said the district was investigating. "We're taking it very seriously," he said last night.

Read the entire story

Stripping away the disguise of derivatives

Satyajit Das

Financial Times
February 18, 2010

Reaction to revelations that Greece used derivatives to disguise its true level of borrowing is reminiscent of Captain Renault (played by Claude Rains) in Casablanca: “I am shocked, shocked to find that gambling is going on in here.”




Use of derivatives to disguise debt and arbitrage regulations and accounting rules is not new. In the 1990s Japanese companies and investors pioneered the use of derivatives to hide losses – a practice called “tobashi” – “to make fly away”. +



Derivatives, such as interest rate and currency swaps, are used to alter the interest rates and currency of the cash flows on existing assets or liabilities. Transactions entail exchanges of one stream of payments for another. At the commencement of the transaction, if the contract is priced at current market rates, then the current (present) value of the two sets of cash flows should be equal (ignoring any profit). The contract has “zero” value – in effect, no payment is required between the parties.

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