After seeing what happened when the last administration's bank bailout.....

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I don't want a check either but wouldn't be nice if they would give us the money instead of coming up with all these carppy bogged down packages?

What would you do if they would give us $30K or more? That would probably cost less than what they are proposing and you know darn well, that money would go into the economy faster than their plan.

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

WASHINGTON (AFP) �� The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States.

The proposed New York City branch of CCB "would engage in wholesale deposit-taking, lending, trade finance, and other banking services," the Fed said in a statement.

The US central bank recalled that China Construction Bank Corporation (CCB) is 57.0 percent owned by the Chinese state, 19.7 percent by US banking group Bank of America and 5.7 percent by Temasek Holdings, a sovereign wealth fund owned by the government of Singapore. The remainder of the capital is publicly traded.

CCB is the second-largest bank in China, with total assets of approximately 1.1 trillion dollars, it noted.

The Fed said it had determined that CCB had adequate anti-money laundering safeguards and had committed to respect US laws on money laundering.

CCB's own funds exceed the minimum set by the 1998 Basel Capital Accord and "is considered equivalent to capital that would be required of a US banking organization," the US central bank said.

CCB would be the fourth mainland Chinese bank -- excluding banks in Hong Kong -- to open operations in the US, after the Agricultural Bank of China, the Bank of China and the Bank of Communications.

The Industrial and Commercial Bank of China (ICBC), China's top bank, also has asked the Fed for authorization to open a branch in New York.

http://news.yahoo.com/s/afp/20081208/pl_afp/uschinabankregulatebankingcompanyccb

Former Chairman of the Federal Reserve Alan Greenspan has come out in favor of nationalizing some banks. (Photo: Reuters Pictures)

The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times.

In an interview, Mr Greenspan, who for decades was regarded as the high priest of laisser-faire capitalism, said nationalisation could be the least bad option left for policymakers.

"It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring," he said. "I understand that once in a hundred years this is what you do."

Mr Greenspan's comments capped a frenetic day in which policymakers across the political spectrum appeared to be moving towards accepting some form of bank nationalisation.

"We should be focusing on what works," Lindsey Graham, a Republican senator from South Carolina, told the FT. "We cannot keep pouring good money after bad." He added, "If nationalisation is what works, then we should do it."

Speaking to the FT ahead of a speech to the Economic Club of New York on Tuesday, Mr Greenspan said that "in some cases, the least bad solution is for the government to take temporary control" of troubled banks either through the Federal Deposit Insurance Corporation or some other mechanism.

The former Fed chairman said temporary government ownership would "allow the government to transfer toxic assets to a bad bank without the problem of how to price them."

But he cautioned that holders of senior debt - bonds that would be paid off before other claims - might have to be protected even in the event of nationalisation.

"You would have to be very careful about imposing any loss on senior creditors of any bank taken under government control because it could impact the senior debt of all other banks," he said. "This is a credit crisis and it is essential to preserve an anchor for the financing of the system. That anchor is the senior debt."

Mr Greenspan's comments came as President Barack Obama signed into law the $787bn fiscal stimulus in Denver, Colorado. Mr Obama will announce on Wednesday a $50bn programme for home foreclosure relief in Phoenix, Arizona. Meanwhile, the White House was working last night on the latest phase of the bailout for two of the big three US carmakers.

In his speech after signing the stimulus, which he called the "most sweeping recovery package in our history", Mr Obama set out a vertiginous timetable of federal decisions in the coming weeks that included fixing the US banking system, submission next week of the 2009 budget and a bipartisan White House meeting to address longer-term fiscal discipline.

"We need to end a culture where we ignore problems until they become full-blown crises," said Mr Obama. "Today does not mark the end of our economic troubles� but it does mark the beginning of the end."

PROVIDENCE, R.I. -- Walter Soehnge is a retired Texas schoolteacher who traveled north with his wife, Deana, saw summer change to fall in Rhode Island and decided this was a place to stay for a while.

So the Soehnges live in Scituate now and Walter sometimes has breakfast at the Gentleman Farmer in Scituate Village, where he has passed the test and become a regular despite an accent that is definitely not local.

And it was there, at his usual table last week, that he told me that he was madder than a panther with kerosene on his tail.

He says things like that. Texas does leave its mark on a man.

What got him so upset might seem trivial to some people who have learned to accept small infringements on their freedom as just part of the way things are in this age of terror-fed paranoia. It's that everything changed after 9/11 thing.

But not Walter.

We're a product of the '60s, he said. We believe government should be way away from us in that regard.

He was referring to the recent decision by him and his wife to be responsible, to do the kind of thing that just about anyone would say makes good, solid financial sense.

They paid down some debt. The balance on their JCPenney Platinum MasterCard had gotten to an unhealthy level. So they sent in a large payment, a check for $6,522.

And an alarm went off. A red flag went up. The Soehnges' behavior was found questionable.

And all they did was pay down their debt. They didn't call a suspected terrorist on their cell phone. They didn't try to sneak a machine gun through customs.

They just paid a hefty chunk of their credit card balance. And they learned how frighteningly wide the net of suspicion has been cast.

After sending in the check, they checked online to see if their account had been duly credited. They learned that the check had arrived, but the amount available for credit on their account hadn't changed.

So Deana Soehnge called the credit-card company. Then Walter called.

When you mess with my money, I want to know why, he said.

They both learned the same astounding piece of information about the little things that can set the threat sensors to beeping and blinking.

They were told, as they moved up the managerial ladder at the call center, that the amount they had sent in was much larger than their normal monthly payment. And if the increase hits a certain percentage higher than that normal payment, Homeland Security has to be notified. And the money doesn't move until the threat alert is lifted.

Walter called television stations, the American Civil Liberties Union and me. And he went on the Internet to see what he could learn. He learned about changes in something called the Bank Privacy Act.

The more I'm on, the scarier it gets, he said. It's scary how easily someone in Homeland Security can get permission to spy.

Eventually, his and his wife's money was freed up. The Soehnges were apparently found not to be promoting global terrorism under the guise of paying a credit-card bill. They never did learn how a large credit card payment can pose a security threat.

But the experience has been a reminder that a small piece of privacy has been surrendered. Walter Soehnge, who says he holds solid, middle-of-the-road American beliefs, worries about rights being lost.

If it can happen to me, it can happen to others, he said.

(Bob Kerr is a columnist for The Providence Journal. E-mail bkerr@projo.com.)

(Distributed by Scripps Howard News Service, www.shns.com.)

Bush supporter, but you can't blame Bush for this economic mess. Perhaps you should do a little more research before you go off like a screaming meemie. It was Bill Clinton who proposed everyone should have a mortgage in every pot, whether they could afford it or not, especially minorities, and the chickens came home to roost. Do a little research, kiddo.

LOL, you can't blame Bush for everything. I think the time is coming when all Americans will realize what a decent man he is, the last decent one we will have as a president. If Americans can vote in an illegal ursurper and think he is the Messiah, they sure won't vote for an honorable, Constitution-abiding successor, assuming we even have another election in this country with Comrade Obama in charge along with his Marxist cabinet.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&partner=permalink&exprod=permalink

I was taught in school if the economy is doing bad now, it was due to the president 6-8 years ago. If the economy is doing well, it is also due to the president who was in office 6-8 years ago.

Since it's almost Income Tax time, here's some interesting facts about the Democrat and Republican tax policies. Just compare - and, while you're at it, use these facts the next time you hear that President Bush only "cut taxes for the rich". Looks to me like someone single and making $30K, or a couple making $60K, got a 46% tax break under the Republicans. That's what I would call taking care of the "middle class".

And remember, the truth only comes out when we refuse to be silent....
Source: www.taxfoundation.org/publications/show/151.html

There will be ZERO help for the average Americans who need it. It's like a reverse "Robin Hood." Take from the less fortunate and give to the wealthy.

This is Bush's policy (more like fascism than socialism), and we don't hear a whimper of protest, yet when Obama even hints at helping struggling Americans, everyone yells and screams SOCIALISM.

Bush can still do a lot of damage in the weeks he has remaining. That's what worries me more than anything.

I knew it was a mistake to pick Clinton for SOS. The person who said she had no problems obliterating Iran if they didn't do what she wants (or something like that). How do you think the current administration to include Hillary will handle this one.

has gone out of its way to be FAIR to everyone (including Republicans), right down to Eric Holder (the Attorney General) taking a look at Republican Ted Stevens' case (prosecuted under the Bush administration) and dismissing the charges against this REPUBLICAN because of mistakes made by the Bush administration.

They're trying to reach out to everyone, but most Repubicans and their followers are returning his outstretched hand of conciliation with a clenched fist.

This is truly sad and does nothing to help strengthen our country. What is comforting is that the "party of no" and their followers represent the minority of Americans.

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.

WASHINGTON, Sept. 30 - Federal auditors said on Friday that the Bush administration violated the law by buying favorable news coverage of President Bush's education policies, by making payments to the conservative commentator Armstrong Williams and by hiring a public relations company to analyze media perceptions of the Republican Party.

In a blistering report, the investigators, from the Government Accountability Office, said the administration had disseminated covert propaganda in the United States, in violation of a statutory ban.

The contract with Mr. Williams and the general contours of the public relations campaign had been known for months. The report Friday provided the first definitive ruling on the legality of the activities.

Lawyers from the accountability office, an independent nonpartisan arm of Congress, found that the administration systematically analyzed news articles to see if they carried the message, The Bush administration/the G.O.P. is committed to education.

The auditors declared: We see no use for such information except for partisan political purposes. Engaging in a purely political activity such as this is not a proper use of appropriated funds.

The report also sharply criticized the Education Department for telling Ketchum Inc., a public relations company, to pay Mr. Williams for newspaper columns and television appearances praising Mr. Bush's education initiative, the No Child Left Behind Act.

When that arrangement became public, it set off widespread criticism. At a news conference in January, Mr. Bush said: We will not be paying commentators to advance our agenda. Our agenda ought to be able to stand on its own two feet.

But the Education Department has since defended its payments to Mr. Williams, saying his commentaries were no more than the legitimate dissemination of information to the public.

The G.A.O. said the Education Department had no money or authority to procure favorable commentary in violation of the publicity or propaganda prohibition in federal law.

The ruling comes with no penalty, but under federal law the department is supposed to report the violations to the White House and Congress.

In the course of its work, the accountability office discovered a previously undisclosed instance in which the Education Department had commissioned a newspaper article. The article, on the declining science literacy of students, was distributed by the North American Precis Syndicate and appeared in numerous small newspapers around the country. Readers were not informed of the government's role in the writing of the article, which praised the department's role in promoting science education.

The auditors denounced a prepackaged television story disseminated by the Education Department. The segment, a video news release narrated by a woman named Karen Ryan, said that President Bush's program for providing remedial instruction and tutoring to children gets an A-plus.

Ms. Ryan also narrated two videos praising the new Medicare drug benefit last year. In those segments, as in the education video, the narrator ended by saying, In Washington, I'm Karen Ryan reporting.

The television news segments on education and on Medicare did not state that they had been prepared and distributed by the government. The G.A.O. did not say how many stations carried the reports.

The public relations efforts came to light weeks before Margaret Spellings became education secretary in January. Susan Aspey, a spokeswoman for the secretary, said on Friday that Ms. Spellings regarded the efforts as stupid, wrong and ill-advised. She said Ms. Spellings had taken steps to ensure these types of missteps don't happen again.

The investigation by the accountability office was requested by Senators Frank R. Lautenberg of New Jersey and Edward M. Kennedy of Massachusetts, both Democrats. Mr. Lautenberg expressed concern about a section of the report in which investigators said they could not find records to confirm that Mr. Williams had performed all the activities for which he billed the government.

The Education Department said it had paid Ketchum $186,000 for services performed by Mr. Williams's company. But it could not provide transcripts of speeches, articles or records of other services invoiced by Mr. Williams, the report said.