Friday, August 13, 2010

(WSJ) Housing bust fuels Section 8 rentals in empty middle class areas.

I have no love lost for section 8 housing and never seen an area that has been made better with it. This will hamper housing prices in areas you wouldn't expect as value and reputation will stop many peopl from buying into these communities.

Thursday, August 12, 2010

$700 billion U.S. bailout program worked!...for other countries.

This did not turn out remotely like Obama and company planned it...or did it? Hmmmmmm?
The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.

Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department's program, the Congressional Oversight Panel says in a new report issued Thursday.

The U.S. program aimed to stabilize the financial system by injecting money into as many banks as possible, including those with substantial operations overseas. Most other countries, by contrast, focused their efforts more narrowly on banks in their nations that usually lacked major U.S. operations.

But the report says that if the U.S. had gotten more data on which foreign banks would benefit the most, the government might have been able to ask those countries to share some of the cost.

"There were no data about where this money was going," panel chair Elizabeth Warren said in a conference call with reporters on Wednesday. "The American people have a right to know where the money went."

Borrowers refusing to pay back home equity loans

I consider most of these people who treated their homes like an ATM machine morons who deserve what they get but it seems they are beating the system.

".....Utah Loan Servicing is a debt collector that buys home equity loans from lenders. Clark Terry, the chief executive, says he does not pay more than $500 for a loan, regardless of how big it is.

“Anything over $15,000 to $20,000 is not collectible,” Mr. Terry said. “Americans seem to believe that anything they can get away with is O.K.”

But the borrowers argue that they are simply rebuilding their ravaged lives. Many also say that the banks were predatory, or at least indiscriminate, in making loans, and nevertheless were bailed out by the federal government. Finally, they point to their trump card: they say will declare bankruptcy if a settlement is not on favorable terms.

“I am not going to be a slave to the bank,” said Shawn Schlegel, a real estate agent who is in default on a $94,873 home equity loan. His lender obtained a court order garnishing his wages, but that was 18 months ago. Mr. Schlegel, 38, has not heard from the lender since. “The case is sitting stagnant,” he said. “Maybe it will just go away.”

Mr. Schlegel’s tale is similar to many others who got caught up in the boom: He came to Arizona in 2003 and quickly accumulated three houses and some land. Each deal financed the next. “I was taught in real estate that you use your leverage to grow. I never dreamed the properties would go from $265,000 to $65,000.”

Am I supposed to feel sorry for Schlegel because he was wrong about the old saying what goes up must come down?

Classless Keith Olbermann uses child abuse claims to score political points.

I see this as raising the bar, it basically gives carte blanche for anyone else to attack Olbermann using family members, dead or alive and whatever personal events happened in his life as a legit tactic.

Its the worst kind of tactic but Olbermann put it out there for all to see what makes up his character which is nothing.

This is why I am happy this pathetic c**t is off Sunday Night Football.

Illegal Immigrants account for 8% of births.

Another mark against the lack of immigration controls in this country. The percentage is going to rise in the next couple of years.
One in 12 babies born in the U.S. in 2008 were offspring of illegal immigrants, according to a new study, an estimate that could inflame the debate over birthright citizenship.

Undocumented immigrants make up slightly more than 4% of the U.S. adult population. However, their babies represented twice that share, or 8%, of all births on U.S. soil in 2008, according to the nonpartisan Pew Hispanic Center's report.

"Unauthorized immigrants are younger than the rest of the population, are more likely to be married and have higher fertility rates than the rest of the population," said Jeffrey Passel, a senior demographer at Pew in Washington, D.C.

The report, based on Pew's analysis of the Census Bureau's March 2009 Current Population Survey, also found that the lion's share, or 79%, of the 5.1 million children of illegal immigrants residing in the U.S. in 2009 were born in the country and are therefore citizens.

(NYTIMES) Top Dems party with Charles Rangel at his birthday.

Whats a couple of ethics charges.
It was a dramatic but fitting start to an evening that brimmed with political defiance. About 5:45 p.m. Wednesday, as guests began strolling into the Plaza Hotel to celebrate Representative Charles B. Rangel’s 80th birthday, former Mayor David N. Dinkins turned to confront a heckler.

“You know you are attending a party for a crook,” the man yelled.

At that, Mr. Dinkins, a paragon of statesmanship and dignity, raised his middle finger at the man, displaying it for all to see, according to witnesses, whose accounts were confirmed by the former mayor.

In the past few weeks, Mr. Rangel’s birthday fund-raiser, billed by its organizers as a splashy tribute to a titan of New York politics, seemed to have become an embarrassing debacle.

Democratic lawmakers agonized about showing up. Republicans threatened to turn an R.S.V.P. into a campaign issue. And Mr. Rangel, whose actual birthday is June 11, all but pleaded with would-be guests to make an appearance.

But in the end, the party was a potent display of support and loyalty for the lawmaker, who faces numerous ethics charges, including accusations that he hoarded rent-stabilized apartments and dodged taxes on a Dominican villa.

The big names that mingled amid heaping plates of roast beef, goat cheese and onion rings vastly outnumbered those who bailed out. And a raucous, at times celebratory, mood prevailed as Dionne Warwick belted out her famous pop ballad “That’s What Friends Are For” and Harry Belafonte rubbed elbows with Mayor Michael R. Bloomberg.

Mr. Rangel seemed to capture the down-but-not-out spirit of the event when he looked out at the packed Grand Ballroom and shouted, “This damn sure ain’t no funeral, is it?”

Washington's DC's 7th Street corridor sounds like a war zone.

This is part of the tourist section of DC?
Employees at other businesses along the 7th Street corridor between Penn Quarter and Chinatown said they also routinely see minor fights or thefts involving young people.

Tom Hughes, owner and manager of the Smoothie King and Häagen Dazs shops next to the Regal cineplex, said he sees some kids stealing snacks, especially when he leaves the doors open in nice weather. Just up the block, Charles Cook, a security guard at Urban Outfitters, says in his one month on the job, kids have been caught stealing sunglasses and small jewelry; he has also watched packs of kids -- ages 13 or 14 -- roaming up and down 7th Street NW, picking fights, or riding their bicycles while tossing objects and expletives at strangers.

And at Clyde's restaurant, two hostesses -- who declined to give their names for fear of violating their company's policies -- said the unaccompanied teens impose a threatening vibe. "They shout at people and intimidate them. They block the doors to get in here," said one Clyde's hostess.

Back at the McDonald's, Johnson, the security guard, worries how long he can maintain order.

"You know, it's pandemonium. It's ugly," said Johnson, dressed in his all-black Abraham Security and Training Services uniform. "When I came down to this store, it was gang members' headquarters: E Street Bangers. Uptown mob. Lynch mob," he said, naming some of the crews that have dominated D.C. police and school officials' concerns about youth violence for many years.


The police too busy to clean up the area? Then officials wonder why DC has such a horrible reputation.

Obama reduces tariffs for US manufacturers

Hey look, a pro business move done by the Dem Congress and Obama.
President Barack Obama on Wednesday signed into law an act that reduces or suspends tariffs paid by American companies on certain imports needed to manufacture their products.

The Manufacturing Enhancement Act easily passed both chambers of Congress earlier this year.

At the White House signing ceremony, Obama thanked Democrats and Republicans for working together on the measure and called for similar bipartisan support for an additional $5 billion in clean-energy tax credits.

"Don't let politics get in the way of doing what's right for our economy and for our future," said Obama, who was joined by Commerce Secretary Gary Locke and U.S. Trade Representative Ronald Kirk at the ceremony.

Wednesday, August 11, 2010

Obama and the Dems pass $26 billion bail out for teachers union and broke states.

All this does is again use taxpayers money to paper over budget holes that need to be fixed. What happens next year? Another bailout? Nothing more than a gift to the teachers union and irresponsible states who refuse to cut spending.
The House of Representatives on Tuesday approved, and President Barack Obama promptly signed into law, an election-year bill providing $26 billion to struggling states by closing tax loopholes for multinational companies and cutting food aid to the poor.

The Democratic-controlled House of Representatives gave final congressional approval to the bill on a largely party-line vote of 247 to 161.

Democratic House Speaker Nancy Pelosi took the rare step of summoning House members back to Washington during their summer recess for a final vote on the measure after the Senate approved the legislation last week.

The bill will give states, hard-hit by the U.S. economic downturn, $16 billion more for Medicaid, the health insurance program for the poor, and $10 billion for education in the hopes they can avoid making steep cuts in already-lean budgets.

Tuesday, August 10, 2010

Freddie Mac to get another $1.8 Billion bailout.

Too big to fail and shut down part whatever.
Freddie Mac reported a second-quarter net loss of $4.7 billion and asked the U.S. Treasury to provide a $1.8 billion infusion, raising the government's tab for its rescue of the mortgage-finance company to $63.1 billion.

The second-quarter loss, the 11th in the last 12 quarters, compared with a year-earlier net profit of $300 million.

Credit losses at Freddie remained high, at $5 billion, though that was down slightly from past quarters as borrowers fell behind on their mortgages at a slower pace and as home prices improved. But low interest rates led to a $3.8 billion loss on derivatives and the company posted a $900 million charge due to an error in how it had been accounting for its backlog of delinquent loans.

Jetblue's Steven Slater is a hero damn it.

I have taken Jetblue over the years, three times this summer and the dregs of society who have found out how to purchase a ticket totally justifies Slater going off on this dumb prick of a passenger who was trying to get her probably large overstuffed carryon.
A flight attendant ran out of patience on a plane that just landed at JFK on Monday afternoon, so he allegedly cursed a blue streak over the p.a. system, grabbed some beers, pulled the emergency chute, slid down and ran from the plane, sources said.

Jet Blue employee Steven Slater, 38, was working on Flight 1052 from Pittsburgh to Kennedy Airport, which landed at around 12 p.m., when he got into a verbal altercation with a passenger, law-enforcement sources said.

Following a heated exchange, the flight attendant told off the entire plane on the public address system, activated an emergency chute near the back of the plane and jumped down the evacuation slide and ran for it.

.....The argument began when one of the 100 passengers on the flight, got up early to get her luggage from an overhead compartment, according to sources. Slater told the passenger to sit back down -- but, as he approached, the woman continued to pull her belongings down and struck him in the head with her bag, authorities said.

Slater asked for an apology but the woman cursed him out, saying in effect "go f--k yourself" and calling him a "mo-fo," according to law enforcement sources who are still sorting out the specifics. Then Slater got on the flight's announcement system and allegedly cursed out everyone on the plane -- especially the person who mouthed off to him, according to law enforcement sources.

When his tirade was through, he then took a some beers from the galley and pulled the emergency chute and slid off the Embraer 190 plane. According to police sources, he threw his luggage down first and said something to the effect of "there goes 28 years," before he took the plunge.

Monday, August 9, 2010

Two groups of Mexican cops clash over corruption charges.

Not with the corrupt, just each other.
Hundreds of Mexican federal police officers from two opposing groups clashed in Ciudad Juarez over the weekend over allegations of corruption within their ranks.

On Saturday, a three-day protest turned into a riot between two opposing groups of the federal police department. The confrontation was triggered by corruption allegations against federal police Cmdr. Salomon Alarcon Romero. Alarcon's critics say the commander has participated in kidnappings, killings and extortion in Juarez, which borders U.S. city El Paso, Texas.

The protest started Thursday after the arrest of an officer who critics say was falsely accused for drug crimes, the state-run news agency Notimex reported.

Local media said about 200 heavily armed officers -- some wearing ski masks -- demonstrated in front of the La Playa hotel, which houses some federal police offices. The group denounced Alarcon and other commanders as corrupt, while calling for a full investigation by the Mexican military into Alarcon's alleged ties with drug traffickers. More than 100 supporters of Alarcon pushed back against the accusers, defending their commanders and deflecting misconduct allegations, local media reported.