Obama refuses to present an official

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G-20 summit is now living proof that Obama has kissed everyone's butts and sold this county down the river......... Now, all European socialists will make ALL regulatory rules for ALL U.S. firms................

Thanks to all the Obama lovers and fools out there who thought he was your savior!! You better really have a savior because you're gonna need it now!!!

SORRY..... YOU CAN'T BLAME BUSH FOR THIS ONE!! OBAMA SWAGGERED HIS WAY THROUGH THIS ONE AND THERE WAS NO BUSH IN SIGHT!!!

Dec. 12 (Bloomberg) -- The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it's allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

"If they told us what they held, we would know the potential losses that the government may take and that's what they don't want us to know," said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets.

The Fed stepped into a rescue role that was the original purpose of the Treasury's $700 billion Troubled Asset Relief Program. The central bank loans don't have the oversight safeguards that Congress imposed upon the TARP.

Total Fed lending exceeded $2 trillion for the first time Nov. 6. It rose by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that weren't rated AAA.

Congress is demanding more transparency from the Fed and Treasury on bailout, most recently during Dec. 10 hearings by the House Financial Services committee when Representative David Scott, a Georgia Democrat, said Americans had "been bamboozled."

Bloomberg News, a unit of New York-based Bloomberg LP, on May 21 asked the Fed to provide data on collateral posted from April 4 to May 20. The central bank said on June 19 that it needed until July 3 to search documents and determine whether it would make them public. Bloomberg didn't receive a formal response that would let it file an appeal within the legal time limit.

On Oct. 25, Bloomberg filed another request, expanding the range of when the collateral was posted. It filed suit Nov. 7.

In response to Bloomberg's request, the Fed said the U.S. is facing "an unprecedented crisis" in which "loss in confidence in and between financial institutions can occur with lightning speed and devastating effects."

The Fed supplied copies of three e-mails in response to a request that it disclose the identities of those supplying data on collateral as well as their contracts.

While the senders and recipients of the messages were revealed, the contents were erased except for two phrases identifying a vendor as "IDC." One of the e-mails' subject lines refers to "Interactive Data -- Auction Rate Security Advisory May 1, 2008."

Brian Willinsky, a spokesman for Bedford, Massachusetts- based Interactive Data Corp., a seller of fixed-income securities information, declined to comment.

"Notwithstanding calls for enhanced transparency, the Board must protect against the substantial, multiple harms that might result from disclosure," Jennifer J. Johnson, the secretary for the Fed's Board of Governors, said in a letter e-mailed to Bloomberg News.

"In its considered judgment and in view of current circumstances, it would be a dangerous step to release this otherwise confidential information," she wrote.

New York-based Citigroup Inc., which is shrinking its global workforce of 352,000 through asset sales and job cuts, is among the nine biggest banks receiving $125 billion in capital from the TARP since it was signed into law Oct. 3. More than 170 regional lenders are seeking an additional $74 billion.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would meet congressional demands for transparency in a $700 billion bailout of the banking system.

The Freedom of Information Act obliges federal agencies to make government documents available to the press and public. The Bloomberg lawsuit, filed in New York, doesn't seek money damages.

"There has to be something they can tell the public because we have a right to know what they are doing," said Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press.

"It would really be a shame if we have to find this out 10 years from now after some really nasty class-action suit and our financial system has completely collapsed," she said.

The Fed lent cash and government bonds to banks that handed over collateral including stocks and subprime and structured securities such as collateralized debt obligations, according to the Fed Web site.

Borrowers include the now-bankrupt Lehman Brothers Holdings Inc., Citigroup and New York-based JPMorgan Chase & Co., the country's biggest bank by assets.

Banks oppose any release of information because that might signal weakness and spur short-selling or a run by depositors, Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, a Washington trade group, said in an interview last month.

"Americans don't want to get blindsided anymore," Mendez said in an interview. "They don't want it sugarcoated or whitewashed. They want the complete truth. The truth is we can't take all the pain right now."

The Bloomberg lawsuit said the collateral lists "are central to understanding and assessing the government's response to the most cataclysmic financial crisis in America since the Great Depression."

In response, the Fed argued that the trade-secret exemption could be expanded to include potential harm to any of the central bank's customers, said Bruce Johnson, a lawyer at Davis Wright Tremaine LLP in Seattle. That expansion is not contained in the freedom-of-information law, Johnson said.

"I understand where they are coming from bureaucratically, but that means it's all the more necessary for taxpayers to know what exactly is going on because of all the money that is being hurled at the banking system," Johnson said.

The Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporters on this story: Mark Pittman in New York at mpittman@bloomberg.net;

This again from the McClatchy news group, which is not conservative by any means:

What we have all been thinking for months has finally been confirmed by "the experts." We are officially in a recession and have been for the past year. Why did it take them so long to finally figure it out?

http://www.reuters.com/article/topNews/idUSN02ELLSNA20081201?feedType=RSS&feedName=topNews

as being right and more knowledgeable than anyone on this board about almost everything that you address; much more important than *keeping things real.** You want all of us to make note that you are right, more informed, more well read, more educated on just about everything that is discussed here...OKAY, you got it!!!, Enjoy it.

I still believe my friend, not because the cost of gas in CA is really that important, but because she is my friend and I have no reason not to believe her and even more, she has no reason to make it up, we were not discussing anything remotely related to energy or conservation; it was just a passing comment on her part as we drove past the local Chevron. But it seems to be quite important to you so, as I said, I will defer to you and all of your many resources in the future. No prob.

Completed vetting process. I think BC had to agree to withdraw from "day-to-day" involvement in his foundation to avoid conflict of interest.

I propose that from here out, we all quit with the bellyachin' and become part of the solution, instead of continuing to be part of the problem.

There hasn't been a SINGLE PRESIDENT willing to address the borders. I wish Bush would get off his duff about the border too, but if he did put a military clamp down on our border, you'd have a huge uproar from the civil liberties camp. You can never make everybody happy.

As for spending... Most Democrats never met a dollar they didn't want to spend. Wanna have your hair stand on end? Read a synopsis of The Big Dig in Boston, a la Kennedy and Kerry. Talk about a money pit at the taxpayers expense. If only it were a perfect world, but it never will be.

Bush Official Arrested in Corruption Probe

The Bush administration's top federal procurement official resigned Friday and was arrested yesterday, accused of lying and obstructing a criminal investigation into Republican lobbyist Jack Abramoff's dealings with the federal government. It was the first criminal complaint filed against a government official in the ongoing corruption probe related to Abramoff's activities in Washington.

The complaint, filed by the FBI, alleges that David H. Safavian, 38, a White House procurement official involved until last week in Hurricane Katrina relief efforts, made repeated false statements to government officials and investigators about a golf trip with Abramoff to Scotland in 2002.

Procurement chief David H. Safavian was connected to probe of lobbyist Jack Abramoff. (Melina Mara/twp - Twp)

It also contends that he concealed his efforts to help Abramoff acquire control of two federally managed properties in the Washington area. Abramoff is the person identified as Lobbyist A in a 13-page affidavit unsealed in court, according to sources knowledgeable about the probe.

Until his resignation on the day the criminal complaint against him was signed, Safavian was the top administrator at the federal procurement office in the White House Office of Management and Budget, where he set purchasing policy for the entire government.

The arrest occurred at his home in Alexandria. A man who answered the phone there yesterday hung up when a reporter asked to speak to Safavian.

Abramoff was indicted by federal prosecutors in Miami last month on unrelated charges of wire fraud and conspiracy. He remains the linchpin of an 18-month probe by a federal task force that includes the Internal Revenue Service, the Interior Department and the Justice Department's fraud and public integrity units. His lawyer did not respond to phone calls seeking comment.

Abramoff's allegedly improper dealings with Indian tribes -- which netted him and an associate at least $82 million in fees -- prompted the federal probe. But investigators have found that his documents and e-mails contain a trove of information about his aggressive efforts to seek favors for clients from members of Congress and senior bureaucrats.

Accompanying Safavian and Abramoff on the 2002 trip to Scotland, for example, were Rep. Robert W. Ney (R-Ohio), chairman of the House Administration Committee, lobbyist and former Christian Coalition leader Ralph Reed and Neil Volz, a lobbyist with Abramoff at the Washington office of Greenburg Traurig.

Like Abramoff, Safavian is a veteran Washington player. He is a former lobbying partner of anti-tax crusader Grover Norquist and previously worked with Abramoff at another firm. Both he and Abramoff have represented gambling clients and Indian tribes with gambling interests.

At the time of the golf trip, Safavian was chief of staff at the General Services Administration, where ethics rules flatly prohibited the receipt of a gift from any person seeking an official action by the agency. When Safavian asked GSA ethics officers for permission to go on the trip, he assured them in writing that Abramoff has no business before GSA, according to the affidavit signed by FBI special agent Jeffrey A. Reising.

Reising alleged, however, that Abramoff had by then already secretly enlisted Safavian in an effort to buy 40 acres of land that GSA managed in Silver Spring for use as the campus of a Hebrew school Abramoff founded. Safavian also allegedly tried to help Abramoff lease space for Abramoff's clients in an old post office building downtown.

On July 22, 2002, Abramoff sent Safavian an e-mail with a proposed draft letter that at least two members of Congress could send to GSA supporting the lease, according to the affidavit. Does this work, or do you want it to be longer? Abramoff asked.

Three days later, Safavian forwarded Abramoff an e-mail describing how an employee at OMB was resisting Abramoff's plan to lease space at the post office. I suspect we'll end up having to bring some Hill pressure to bear on OMB, Safavian messaged Abramoff.

On the same day Safavian discussed the golf trip with the ethics office, he sent an e-mail to Abramoff from his home computer, advising him how to lay out a case for this lease. Abramoff subsequently wrote in an e-mail to his wife and two officials of the school that Safavian had shown him a map of the property at his GSA office but had cautioned that Abramoff should not visit again given my high profile politically.

Safavian nonetheless arranged a meeting for Abramoff's wife and business partner with officials at GSA on the day before he departed for Scotland aboard Abramoff's chartered jet. The trip cost more than $120,000 and was paid for mostly by a charity founded and run by Abramoff, the Capital Athletic Foundation.

When Safavian was questioned by The Washington Post about the trip in January, he said he paid his share of the expenses and took unpaid leave. The trip was exclusively personal; I did no business there. . . . Jack is an old friend of mine, Safavian said.

But the complaint alleges that Safavian lied about his contacts with Abramoff on three occasions after his initial false pledge to the GSA ethics officer. The first was during a 2003 investigation by GSA's inspector general, who was responding to an anonymous tipster's hotline complaint; the second was in a March 17, 2005, letter to the Senate Committee on Indian Affairs; and the third was during an FBI interview on May 26, 2005.

FSM: Considering this situation we find ourselves in today, do you think presidential candidates should be vetted more before they are allowed even to run for their party's nomination?

BR: Well that's very difficult to say how you would do that - no elected official - senator or congressman or the vice president or president - goes through a security clearance process. The very election process itself is considered vetting.

Obama has shown great judgment in the people who surround him. He picked a great VP choice, and his wife is impeccable as a helpmate and is a fantastic role model for the American children.

I believe Obama has an awesome political future. He sure is a bright light, and he would be someone I would seriously consider voting for.

Someone I like even better is Rep. Harold Ford from Tennessee. Every time I hear this man speak, I like him more and more and more.

I think there are lots of good candidates out there who don't fit the profiles you outlined, which I also believe to be true, and I think we're well overdue in considering those candidates because, in my opinion, what we've been offered in the last several elections -- on BOTH sides -- has been pretty pitiful. The "box" isn't working, and it's time to look outside of it.

Obama refuses to present an official

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