The Greater War Continues

Posted by Tina

From the AP:

Islamabad – Militants battling security forces in a tribal region bordering Afghanistan have forced families to give up sons to fight alongside Islamist extremists, a Pakistani military official said. Meanwhile, new violence in the region Saturday reportedly killed 16 insurgents. *** All families were asked to give their one male child to this (militant) movement, and this was done forcibly, and if somebody doesn’t do it, his house would be destroyed

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BANKING BAILOUT POINTS

by Jack Lee

Congress is making progress on the bailout proposal and it looks like the deal will focus on the following key points:

1. Oversight – by a board of directors working directly with the secretary of the Treasury .
2. Transparency – clear reporting of where the money is going and why.
3. Accountablility – making the money go to where it’s needed most and avoid such things as Golden Parachutes.
4. Equity sharing – give taxpayers a stake in rescured companies with a chance for payback and profits as debt is repaid.

There are at least 15 other lesser points which are being hammered out now, such as mortgage insurance and foreclosure assistance to some homeowners. Progress looks good as bi-partisan committees seem to be working well together.A deal may be crafted as early as Sunday.

The concern of many Americans over this massive bailout was expressed in a brief statment by Rep. Louis Gohmert-R yesterday, “We don’t have to rush in with the greatest advance of socialism in the Western world.

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Super Banks Arise from Rubble

Posted by Jack

“Forced mergers are adding to the ranks of the U.S. superbanks, with Wachovia Corp. talking to bigger rival Citigroup Inc. about a combination after taking a pounding in the stock market, and JPMorgan Chase & Co. swallowing the assets of Washington Mutual Savings Bank after that lender imploded.” Wachovia shares plunged on Friday, at one point down over 34%, but rallied back toward the close. After hours trading caught wind of the proposed merger between Citi and Wachovia; both stocks took off. Look for them to make big gains on monday, especially if a banking bailout deal is announced. Wachovia was trading low $9 and just days ago it had hit as high at $22.45! When big bank stocks trade wildly like the former “dot.coms” you know the financial world is in the process of a whole new era…and it looks like the world now belongs to the new Super Banks!

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A LOOK AT ISSUES ON THE LEFT

by Jack

The left has been warning us that too much of America’s wealth was being concentrated in the hands of too few. They said the rich are becoming richer and the poor becoming more numerous and poorer. They used the headlines about Tyco, Bear Stearns, Enron, etc., and said the rampant, reckless greed by many of those both running and ruining corporate America has created a new class of criminal; A criminal with too much clout in politics and too much control over the working class.

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WAMU – LARGEST U.S. BANK FAILURE!

Posted by Jack Lee

DollarWings2.jpgWaMu is taken over by feds, investors stunned as another large U.S. bank fails! JPMorgan Chase acquired the deposits, loans and branches of Washington Mutual on Thursday.

Many Washington Mutual customers shaken by bank failures and persistent worries about WaMu’s ability to meet federal banking margins began jumping ship about a month ago and this depleated the company of about 12 billion dollars in assets. The sub-prime loan losses, the exposure to future losses and the liquidity problems was simply too much even for this banking giant. Now the feds have stepped in, seized WaMu, and it’s stock has fallen to zero. Another one bites the dust!.

The Feds quickly sold WAMU to Morgan-Chase for 1.9 billion. You can bet Morgan paid pennies on the dollar for the assets. This latest failure is now the nations largest banking collapse, eclipsing Lehman Bros, Bear Stearns and Indymac and exacerbating the dire situations at Fannie Mae and Freddie Mac.

All this begs the logical question, who’s next?

While uncertainty has held the stock market in check for nearly the entire session, the growing consensus is that a federal asset funding plan will be approved. Still, there is little clarity when political infighting will cease and a plan will be announced.

Need answers about your WaMu bank account or CD’s? Read on…

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Report Card – “No Child” Gets an “A”

free-apple_book.jpegPosted by Tina

No Child Left Behind: a maligned law that’s working, by Jay Ambrose

** Guess what? Because of the much-maligned No Child Left Behind law, fewer children are being left behind in America’s public schools, and you can thank the even more maligned president of the United States for that. **
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McCain * Palin Times Two

Posted by Tina

S. F. Examiner Endorses McCain*Palin

America is at war overseas and in an economic crisis here at home. Many of her citizens believe the country is on the wrong track. It is for times such as these that men like John McCain are made, to put country first so that it can be put right in its time of need. For this reason, The Examiner endorses McCain for president and his running mate, Alaska Gov. Sarah Palin, for vice president. S.F. Examiner

***

Comfortable Old Shoe Might Win in Landslide Zogby

The presidential election might be a tight race now, but one of the countrys top pollsters thinks the race will end in an electoral landslide. John Zogby, president of Zogby International, told a group of businesspeople today that its up to Democratic Sen. Barack Obama to convince voters to go with him. If hes not successful, the country will likely vote for a comfortable old shoe, that being Republican Sen. John McCain. Rochester Democrat and Chronicle

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Adult Stem Cell Breakthrough

Posted by Tina

Scientists are reporting today that they have overcome a major obstacle to using a promising alternative to embryonic stem cells, bolstering the prospects for bypassing the political and ethical tempest that has embroiled hopes for a new generation of medical treatments. The researchers said they found a safe way to coax adult cells to regress into an embryonic state, alleviating what had been the most worrisome uncertainty about developing the cells into potential cures. Washington Post

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GOP Mavericks Toss Alternate Plan into the Mix

Posted by Tina

GOP conservatives present rescue alternative, by Andrew Taylor Breitbart.com

* WASHINGTON (AP) – A group of conservative Republicans in the House on Thursday proposed a financial rescue package of tax breaks and a new government-sponsored insurance program for mortgage-backed securities as an alternative to President Bush’s proposed $700 billion bailout of Wall Street. *** Instead of the government buying the toxic mortgage securities, banks, financial firms and other investors holding them would pay premiums to the Treasury to finance the insurance coverage. *** Rep Eric Cantor, R-Va., said the plan would be to remove the burden of the bailout from taxpayers and instead place it, over time, on Wall Street. *** Under the House conservatives’ plan, institutions holding stronger assets would pay lower premiums for the government backing; higher-risk securities would require higher premiums. *** Robert Litan, an expert on banking and finance at the Brookings Institution, called the framework unworkable, saying it would not achieve the basic goal of creating a marketand establishing pricesfor mortgage securities no one’s willing to buy. * – Posted on Breitbart

Details of the plan are listed at the end of the article.

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Marine Will Sue Murtha on Haditha Comments

1292-ist1_3994351-gavel-flag.jpgPosted by Tina

A Marine from Washington County today plans to sue US Rep. John Murtha for publicly claiming his unit slaughtered innocent Iraqi civilians, according to the man’s attorney. A lawyer for Lance Cpl. Justin Sharratt, 24, of Canonsburg on Wednesday announced plans to sue Murtha…for comments he made to news outlets concerning the November 2005 killing of about two dozen people in Haditha. Pittsburgh Tribune-Review (emphasis mine)

I hope this Marine is successful. Murtha should have known better than to shoot off his mouth before investigations and trials were completed. Im not sure it was ethical for him to speak on this issue at all. I believe he did it for purely political reasons. Id appreciate comments from military persons.

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