Like the proverbial thief in the night, the US federal government snuck in Friday night and bailed out Fannie Mae and Freddie Mac. I hate to say I told you so, but I wasn't surprised. They didn't really have a choice:
The Ministry of Finance and the Federal Reserve had no choice but to intervene due to one single reason: The collapse of Fannie Mae and Freddie Mac could have precipitated a core meltdown of the American bank and stock market systems, dragging the rest of the world with it into the abyss.
That is because these two banks are responsible for $5.3 billion (3.7 billion euros) of America's $12 billion (8.4 billion euro) total mortgage debt. That corresponds to one third of America's gross domestic product.
But never fear, the CEOs of the collapsing companies are safe:
Richard F. Syron, the departing chief executive of Freddie Mac, could receive an exit package of at least $14.1 million, largely because of a clause added to his employment contract in mid-July as his company's troubles deepened. He has taken home $17.1 million in pay and stock option gains since becoming chief executive in 2003.
Meanwhile more than one half of the state governments in the U.S. are running massive deficits too, but no bailout is in store for them.
As I've been posting for a while, the money being spent on bail outs for financial entities is larger than the combined deficit of all the states. This report from the Center on Budget & Policy Priorities shows that the states are now being hit hard by the same hard economic times that dropped Bear Sterns and now Fannie and Freddie:
At least twenty-seven states, including several of the nation's largest, face budget shortfalls in fiscal year 2009. Of these 27 states, specific estimates are available for 22 states and the District of Columbia; the combined deficits of these 22 states plus the District of Columbia are expected to total at least $39 billion for fiscal 2009 -- which begins July 2008 in most states. Another 3 states expect budget problems in fiscal year 2010, although some of those gaps may occur earlier than expected.
...
The 22 states in which revenues are expected to fall short of the amount needed to support current services in fiscal year 2009 are Alabama, Arizona, California, Florida, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New Jersey, New York, Ohio, Oklahoma, Rhode Island, South Carolina, Vermont, Virginia, and Wisconsin. In addition, the District of Columbia is expecting a shortfall in fiscal year 2009. The budget gaps total $39.1 to $40.8 billion, averaging 8.9 - 9.3 percent of these states' general fund budgets.
During the 2008 legislative session, the Georgia House and Senate passed a bill (Senate Bill 387) that changed Georgia's election law to allow for in-person, no-excuse absentee voting 45 days prior to the election.
What this means is that beginning Monday, September 22nd, any registered voter could walk into their county elections office and vote early without providing a reason. All any voter has to do is walk into their local elections office, say "I want to vote," get a ballot, vote, and they'll be done with the process weeks ahead of time.
The early voting period begins Monday, September 22nd and ends Friday, October 24th.
The advanced voting period begins Monday October 27th and ends Friday, October 31st; my birthday.
And of course, the big day is Tuesday, November 4th from 7AM to 7PM.
With all this opportunities to vote, there is no reason why anyone should miss out on this election.
During the 2008 legislative session, the Georgia House and Senate passed a bill (Senate Bill 387) that changed Georgia's election law to allow for in-person, no-excuse absentee voting 45 days prior to the election.
What this means is that beginning Monday, September 22nd, any registered voter could walk into their county elections office and vote early without providing a reason. All any voter has to do is walk into their local elections office, say "I want to vote," get a ballot, vote, and they'll be done with the process weeks ahead of time.
The early voting period begins Monday, September 22nd and ends Friday, October 24th.
The advanced voting period begins Monday October 27th and ends Friday, October 31st; my birthday.
And of course, the big day is Tuesday, November 4th from 7AM to 7PM.
With all this opportunities to vote, there is no reason why anyone should miss out on this election.
Click here to locate your local county elections office.
According to the AP:
Democrat Barack Obama says he would delay rescinding President Bush's tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.This is really depressing. Obama has just validated the Republican talking points on the economy. He's shying away from raising taxes and yet talking up his tax cut plan. Earth to Obama: we are in massive debt. If we don't raise taxes, how are we going to pay it off, let alone afford the necessary progressive reforms like universal health care. Sigh.Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their expiration date, as Republican John McCain advocates. Instead, Obama wants to push for his promised tax cuts for the middle class, he said in a broadcast interview aired Sunday.
"Even if we're still in a recession, I'm going to go through with my tax cuts," Obama said. "That's my priority."
What about increasing taxes on the wealthy?
"I think we've got to take a look and see where the economy is. I mean, the economy is weak right now," Obama said on "This Week" on ABC. "The news with Freddie Mac (FRE) and Fannie Mae (FNM), I think, along with the unemployment numbers, indicates that we're fragile."
Obama was referring to the two mortgage companies taken over by the federal government Sunday in what could become a huge taxpayer bailout. The nation's unemployment rate climbed to 6.1 percent in August from 5.7 percent the month before, the government said last week. It was the first time in five years that the unemployment rate had topped 6 percent.
KTVA Alaska reports that "Not all Alaskans believe Palin's speech is accurate". This from the very people who would know the difference.
Please use this information to tell the country the truth.
The more I listen to Sarah Palin, the more I realize that she is just more of the same.
Don't you think so?
Shouldn't we be scouring web sites finding what Sarah Palin says (including her speech at the Republican Convention).
John McCain has co-opted Obama's message of change. It is already begun to stick. Remember, McCain is known as the Maverick. Picking Palin re-inforced the message to low-information voters.
So... MSNBC "dropped" Olbermann and Matthews as anchors.
Well... Olbermann, for one, has NO BUSINESS being a news anchor.
He might as well be wearing an Obama t-shirt on the air every night.
He knows it, we know it and everyone else knows it.
I'm pretty sure that's why he excused himself from Minneapolis.
Matthews CANNOT anchor a news desk; he doesn't have the skill set, and I'm pretty damned sure he knows it -- god knows the rest of the world does. God knows the person who washes his drool-covered shirts does (I'm sorry, Tweety; I do sort of like you, but you DO sort of drop spittle more than an arthritic halfback drops shovel passes.)
This wasn't a fucking FIRING.
The one who should be fired... is Tom Brokaw.
Greetings everyone, I hope your weekend was fantastic. Welcome to another edition of Manufacturing Monday! Some exciting and interesting stuff to cover this week. First the big time strike happening at Boeing. Then theres computer maker Dell looking to sell of ALL of it's factories, and finally could Saudi Arabia claim to be Mecca of solar energy beside crude oil??
I know that many of you will dismiss the following diary as premature, but with all of the uproar about Sarah Palin, there is a point that has been lost here. We, in the Democratic Party, remain the more favorable party for female candidates in politics by almost any measure. And we, the Democratic Party, have numerous up-and-coming female candidates that will absolutely be in the running for our Presidential nomination in 2016.
Some are better known than others; most will be well-known within a decade. But we, as a Party, should recognize that gender equality in politics is not the politics of tokenism, of appointing someone hopelessly overmatched for the position solely on the basis of gender. Rather, gender equality in politics is a Senate and Congress composed of equal parts men and women. Gender equality is a slate of Presidential candidates comprised of equal numbers of men and women.
· Right-wing Extremist Welcomes McCain-Palin to Virginia (lowkell)
· OR-Sen: Senate Guru's Exclusive Interview with Speaker Jeff Merkley (Senate Guru)
· Ron Paul to Appear on MT Ballot (Left in the West)
· Liveblog from inside a McCain/Palin Rally (fbihop)
· Schweitzer to headline Harkin Steak Fry (desmoinesdem)
· Saturday Cartoons (Josh Orton)
· NY-26: Jack Davis' Fake 3rd Party Kicked Off Ballot (lipris)
· Texas Voter Registration Rates Nearing Records (KTinTX)
· THIS is how Democrats Fight Back (lowkell)
· Clinton Advisors Wishy-Washy on Palin (Bob Brigham)
· GOP Rep. Lynn Westmoreland Defends His Own Racism (HellofaSandwich)
· 16,000 to Attend National Anti-Poverty Convention on Saturday (Mathew Gross)
