Bank of America to cut 35,000 jobs.......sm

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Nope, let's spend a few million and buy new furniture for homeland security and a few million more to buy hybrids for congress.

Can they not deduce that keeping corporate America from offshoring jobs will actually create more jobs, thereby lower the unemployment rate, and put more money in American's pocket for them to spend? Cut all tax cuts given to companies for offshoring and give the tax cuts to companies to strive to keep jobs in America?

And here's another V8 moment -- how about we buy American? Maybe increase tariffs on imported goods to discourage American companies from importing so much crapy and thereby necessitating said crap be sold at higher prices in an effort to discourage Americans from buying imports?

The ONLY way to help the American economy is to employ Americans and buy American! It's that simple!

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.

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.)

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

Keep on ranting about the stupid b/c like as if you are smarter than Hillary and McCain. If there'd been even a SNIFF of wrongdoing in the b/c, they would have drug it out and already drug it through the mud. Personally I don't think a lot of the nut jobs who hang out here are even MTs. I think they are professional political pot stirers!!!

being created. Guess what DH reminded me of? There are millions more unemployed than the 3M (he said 10M, but I'm not sure on that), plus most of these jobs will not happen until 2011. How's that going to help?

I'm serious. That will leave 7M still on the unemployment rolls. We are really in for a long haul here. Thank heavens I don't live in a city. At least we can grow our own food.

why aren't we drilling for oil? Why aren't we getting wind farms going? If our government would take more money to look into alternative fuels, not only would that stop our dependency on foreign oil but we will need workers to maintain those things, etc. Those will be jobs that will last. It won't be like construction work like Obama wants. Once the roads are repaired and bridges fixed, etc....then what? I just think we are going in the wrong direction and I just don't understand why. We need to tap our resources with offshore drilling. We need to drill Alaska. While we are doing that, we need to look for alternatives to oil. The sooner they do that, the sooner car companies can make environmentally safer cars and vehicles. I mean....come on.

created would only be temporary. Don't forget, road and bridge construction only lasts in the summer in the northern states, and when those road and bridge jobs are done, what's next?

The money being doled out for infrastructure is definitely not enough. There are many, many roads and bridges that have to be built/rebuilt in the country and any one of them would cost $1 million and up. PA is getting $2.7M for roads. Is that going to take care of the roads? Doubt it. Headlines recenty in our paper stated PA was going to get $6B. I checked the charts and don't see where he gets that figure.

they have people out there like Lamepuke and Billo the Clown pandering to these crazy loons. Some people would sell out their own mother for ratings and to put more millions of dollars into their own pockets. It's pretty pathetic that these two despicable TV/radio man sluts have to resort to attracting the lunatics of the world to boost their ratings.