The subprime mess sm and iraq too

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Check out the mortgage failures.
Tell me which failed more, prime or subprime
Tell me what is the rate of failures under the CRA or even Bush's ADDI (which i attack alll the time)
Once again, REALITY AND THE DATA doesn't fit ya'lls claims.

Basically what happened was.. we reformed bankruptcy laws.. so that people who ran into dire straights could not restructure.

We packaged the loans into commodity derivatives. These are sorta mirror bets on the loans. Sorta..as the same loan will be sold many times in many derivative packages.. that's why the housing derivatives are worth more than all the real estate in the US. Derivatives are actually not that bad.. when a market is stable and only has to deal with natural forces. The housing market was bubbled.. partially due to low interest rates that encouraged everyone to buy, even the rich, and partially due to the CRA and the ADDI.. which did add customers to the market (helping form the bubble was the extent the CRA and the ADDI had in this mess)

All it took was a few failures to pop the bubble..and make real estate prices drop,. and mind you, it was mainly prime loans (READ not loans given to poor people and not loans under the CRA) that failed. The derivative market.,.which like I said, is really mirrors of the same loans.. cause the defaults to explode with ten times the ferocity, because one loan could effect the price of dozens of derivatives.

Really the poor and even irresponsible people .. simply did not have the economic ability to cause this mess. Pool all their money together and waste it on hookers.. it would have zero effect without help from the rich elites and their magnifying packaged derivatives.

THE CRA and ADDI both had stricter requirements than loans you got from normal banks.. both required income data.. where many prime loans did not.. they also greatly limited you on how much home you could purchase..whereas private banks did not care if you tried to buy something you could not afford.
Don't believe me?.. Look in the phone book.. call your own housing authority - you can get a loan for 106% the purchase price of a home even today.. if you're poor enough.

Ask to hear the red tape and hoops you must go through.. Heck, it is probably easier to just get a real job and earn real money than go through the FHA.

instead of talk radio or Gore's electrice bill. I am referring to Libby's trial,

Well....he was convicted of perjury and if he in fact did lie under oath to the grand jury, he should go to jail. That being said...why not pardon him? Clinton was cited for exactly the same things...lying under oath (perjury) before a grand jury and obstruction of justice. He is free as a bird, finished his term as President, making money hand over fist....yes, for that reason alone I think Libby should be pardoned to level the playing field again. If liberals were happy that Clinton walked, they should not scream bloody murder if Bush does pardon Libby. Because it is the very same thing and would expose the hypocrisy BIG time. But, that has never stopped them before, has it?

I am having a hard time finding much usable information about this. What I can find are various blogs that lean hard right or hard left and not much fact. I saw where it was stated that they were fired for cause, citing one refused to file death penalty cases, one refused to file immigration cases, yada yada. But I did not really find anything compelling and not in a blog that compelled me to fall either way on this. I don't see any reason to think they were not fired for cause...don't see anything in writing to convince me either.

If you are talking about the firing of David Iglesias, I am not much buying it that the administration fired him because of something he did or did not do back during the presidential election. I can't find any evidence to prove that. It is of concern to me that Iglesias held that information all this time, and now that he has been fired brings it forward. He said himself, or at least was quoted as saying, he had no proof that his firing was related to that. It sounds like sour grapes for being fired to me. Typical, human reaction to being fired. But because it is a political position, the sour grapes are made public.

the unnecessary and ever rising numbers of dead - everywhere, 40 towns in Vermont calling for impeachment (of course this won't go anywhere but the gesture is telling),

Nothing much to say about this. Wars kill people. Most of the Iraqi deaths are at the hands of other Arabs. You can blame that on America if you wish. I choose not to. More Iraqis are coming forward and fingering the bad guys, and that is what it is going to take. We have had a lot of successes. Of course, you have to watch Fox to see them. CNN studiously ignores such things as it does not fit their agenda. As do the networks. I hope you are not going to suggest that Fox has a soundstage where they fake the reports.

a pardon for Libby (and does he have to admit guilt to be pardoned which he has not done), the fact that Libby was the attorney to the much maligned Marc Rich who was pardoned by Clinton, which was also much maligned. Was Scooter as evil as Clinton for having defended him in his dealings with Iran and his tax evasion as Clinton was for pardoning him ?? If all this was just about infighting between the FBI and the administration and George Tenet, then why did Libby lie at all; wouldn't be important enough to lie about, IMHO. Throwing it out there.

This whole thing smacks of getting back, to me. More interesting to me than Scooter and Marc, is Fitzgerald and Comey. Fitzgerald and Comey were both prosecutors working on the Marc Rich case. Obviously they were not happy when they were on the eve of an indictment when Rich ran (wonder who leaked to him that the indictment was imminent) and were even more UNhappy when Clinton pardoned him. And who should be now prosecuting Scooter? And who did most of the investigation? Why, that would be Fitzgerald and Mr. Comey. Which is why I think they went for Scooter's throat and did not indict the man who REALLY leaked the information, Richard Armitage. Payback in politics is hael, my friend!!

I will have to admit though that I don't know that much about that aspect of it. I do know there is some controversy surrounding the whole Hezbullah vs Hamas and Lebanon vs Gaza. I obviously have some catching up to do on that one...LOL.

I do think, however, that Hamas kind of got a bad rap because they couldn't keep up with the demands for food, housing, etc, and particularly the distribution of aid....? However, I also think that it's kind of hard to keep that flow of aid going when Israel is attacking incoming ships that carry that aid. With that and the constant bombardment from Isreal in a military sense on the ground, I think it kind of put them on shaky ground to begin with.

I think in the end the success of whoever wins will be very dependent upon us being able to control Israel.

the economy. Cooporations starting to lay off and anticipate many more lay offs next year, affecting local and state governments, police, fire and rescue operations due to a fall in tax revenues, precipitating more foreclosures. Wow, all frowning faces and gloom and doom. I really think we are on a runaway train into the second great depression, something we have no idea about other than stories from our parents and grandparents. Very scary. I think that we MTs are pretty secure in our jobs but so many people's jobs are at risk.

To top it all off, the treasury department has decided to not use our tax bailout money they way they promised, rather are taking a different tactic without telling any of us or congress. I sure hope they know what they are doing because I sure don't understand it.

Who lost Iraq? Someday, as a fragmented Iraq spirals further into religious madness, terrorism and civil war, there will be a bipartisan inquiry into this blundering intrusion into another people's history.

The crucial question will be why a preemptive American invasion - which has led to the deaths of nearly 2,000 Americans, roughly 10 times as many Iraqis, the expenditure of about $200 billion and incalculable damage to the United States' global reputation - has had exactly the opposite effect predicted by its neoconservative sponsors. No amount of crowing over a fig leaf Iraqi constitution by President Bush can hide the fact that the hand of the region's autocrats, theocrats and terrorists is stronger than ever.

The U.S. now has to recognize that [it] overthrew Saddam Hussein to replace him with a pro-Iranian state, said regional expert Peter W. Galbraith, the former U.S. ambassador to Croatia and an advisor to the Iraqi Kurds. And, he could have added, a pro-Iranian state that will be repressive and unstable.

Think this is an exaggeration? Consider that arguably the most powerful Shiite political party and militia in today's Iraq, the Supreme Council for the Islamic Revolution in Iraq and its affiliated paramilitary force, the Badr Brigade, was not only based in Iran but was set up by Washington's old arch-foe, Ayatollah Ruhollah Khomeini. It also fought on the side of Iran in the Iran-Iraq war and was recognized by Tehran as the government in exile of Iraq.

Or that former exile Ahmad Chalabi is now one of Iraq's deputy prime ministers. The consummate political operator managed to maintain ties to Iran while gaining the devoted support of Donald Rumsfeld's Pentagon, charming and manipulating Beltway policymakers and leading U.S. journalists into believing that Iraq was armed with weapons of mass destruction.

Chalabi is thrilled with the draft constitution, which, if passed, will probably exponentially increase tension and violence between Sunnis and Shiites. It is an excellent document, said Chalabi, who has been accused by U.S. intelligence of being a spy for Iran, where he keeps a vacation home.

What an absurd outcome for a war designed to create a compliant, unified and stable client state that would be pro-American, laissez-faire capitalist and unallied with the hated Iran. Of course, Bush tells us again, this is progress and an inspiration. Yet his relentless spinning of manure into silk has worn thin on the American public and sent his approval ratings tumbling.

Even supporters of the war are starting to realize that rather than strengthening the United States' position in the world, the invasion and occupation have led to abject humiliation: from the Abu Ghraib scandal, to the guerrilla insurgency exposing the limits of military power, to an election in which our guy - Iyad Allawi - was defeated by radicals and religious extremists.

In a new low, the U.S. president felt obliged to call and plead with the head of the Supreme Council for the Islamic Revolution, Abdelaziz Hakim, to make concessions to gain Sunni support. Even worse, he was summarily rebuffed. Nevertheless, Bush had no choice but to eat crow and like it.

This is a document of which the Iraqis, and the rest of the world, can be proud, he said Sunday, through what must have been gritted teeth. After all, this document includes such democratic gems as Islam is the official religion of the state and is a basic source of legislation, and No law can be passed that contradicts the undisputed rules of Islam, as well as socialist-style pronouncements that work and a decent standard of living are a right guaranteed by the state. But the fact is, it could establish Khomeini's ghost as the patron saint of Iraq and Bush would have little choice but to endorse it.

Even many in his own party are rebelling. I think our involvement there has destabilized the Middle East. And the longer we stay there, I think the further destabilization will occur, said Nebraska Sen. Chuck Hagel last week, one of a growing number of Republicans who get that we should start figuring out how we get out of there.

Not that our what-me-worry? president is the least bit troubled by all this adverse blowback from the huge, unnecessary gamble he took in invading the heart of the Arab and Muslim worlds. What is important is that the Iraqis are now addressing these issues through debate and discussion, not at the barrel of a gun, Bush said.

Wrong again, George. It was the barrel of your gun that midwifed the new Iraq, which threatens to combine the instability of Lebanon with the religious fanaticism of Iran.

I agree that we should stay OUT of this, though I fear the timing of this all was purposely designed to drag us into it right before Inauguration Day.

Gaza truce broken as Israeli raid kills six Hamas gunmen

A four-month ceasefire between Israel and Palestinian militants in Gaza was in jeopardy today after Israeli troops killed six Hamas gunmen in a raid into the territory.

Hamas responded by firing a wave of rockets into southern Israel, although no one was injured. The violence represented the most serious break in a ceasefire agreed in mid-June, yet both sides suggested they wanted to return to atmosphere of calm.

Israeli troops crossed into the Gaza Strip late last night near the town of Deir al-Balah. The Israeli military said the target of the raid was a tunnel that they said Hamas was planning to use to capture Israeli soldiers positioned on the border fence 250m away. Four Israeli soldiers were injured in the operation, two moderately and two lightly, the military said.

One Hamas gunman was killed and Palestinians launched a volley of mortars at the Israeli military. An Israeli air strike then killed five more Hamas fighters. In response, Hamas launched 35 rockets into southern Israel, one reaching the city of Ashkelon.

"This was a pinpoint operation intended to prevent an immediate threat," the Israeli military said in a statement. "There is no intention to disrupt the ceasefire, rather the purpose of the operation was to remove an immediate and dangerous threat posted by the Hamas terror organisation."

In Gaza, a Hamas spokesman, Fawzi Barhoum, said the group had fired rockets out of Gaza as a "response to Israel's massive breach of the truce".

"The Israelis began this tension and they must pay an expensive price. They cannot leave us drowning in blood while they sleep soundly in their beds," he said.

The attack comes shortly before a key meeting this Sunday in Cairo when Hamas and its political rival Fatah will hold talks on reconciling their differences and creating a single, unified government. It will be the first time the two sides have met at this level since fighting a near civil war more than a year ago.

Until now it had appeared both Israel and Hamas, which seized full control of Gaza last summer, had an interest in maintaining the ceasefire. For Israel it has meant an end to the daily barrage of rockets landing in southern towns, particularly Sderot. For Gazans it has meant an end to the regular Israeli military raids that have caused hundreds of casualties, many of them civilian, in the past year. Israel, however, has maintained its economic blockade on the strip, severely limiting imports and preventing all exports from Gaza.

Ehud Barak, the Israeli defence minister, had personally approved the Gaza raid, the Associated Press said. The Israeli military concluded that Hamas was likely to want to continue the ceasefire despite the raid, it said. The ceasefire was due to run for six months and it is still unclear whether it will stretch beyond that limit.

Houston: Two years before the September 11 attacks, presidential candidate George W. Bush was already talking privately about the political benefits of attacking Iraq, according to his former ghost writer, who held many conversations with then-Texas Governor Bush in preparation for a planned autobiography.

�He was thinking about invading Iraq in 1999,� said author and journalist Mickey Herskowitz. �It was on his mind. He said to me: �One of the keys to being seen as a great leader is to be seen as a commander-in-chief.� And he said, �My father had all this political capital built up when he drove the Iraqis out of Kuwait and he wasted it.� He said, �If I have a chance to invade�.if I had that much capital, I�m not going to waste it. I�m going to get everything passed that I want to get passed and I�m going to have a successful presidency.�

Herskowitz said that Bush expressed frustration at a lifetime as an underachiever in the shadow of an accomplished father. In aggressive military action, he saw the opportunity to emerge from his father�s shadow. The moment, Herskowitz said, came in the wake of the September 11 attacks. �Suddenly, he�s at 91 percent in the polls, and he�d barely crawled out of the bunker.�

That President Bush and his advisers had Iraq on their minds long before weapons inspectors had finished their work � and long before alleged Iraqi ties with terrorists became a central rationale for war � has been raised elsewhere, including in a book based on recollections of former Treasury Secretary Paul O�Neill. However, Herskowitz was in a unique position to hear Bush�s unguarded and unfiltered views on Iraq, war and other matters � well before he became president.

In 1999, Herskowitz struck a deal with the campaign of George W. Bush about a ghost-written autobiography, which was ultimately titled A Charge to Keep : My Journey to the White House, and he and Bush signed a contract in which the two would split the proceeds. The publisher was William Morrow. Herskowitz was given unimpeded access to Bush, and the two met approximately 20 times so Bush could share his thoughts. Herskowitz began working on the book in May, 1999, and says that within two months he had completed and submitted some 10 chapters, with a remaining 4-6 chapters still on his computer. Herskowitz was replaced as Bush�s ghostwriter after Bush�s handlers concluded that the candidate�s views and life experiences were not being cast in a sufficiently positive light.

According to Herskowitz, who has authored more than 30 books, many of them jointly written autobiographies of famous Americans in politics, sports and media (including that of Reagan adviser Michael Deaver), Bush and his advisers were sold on the idea that it was difficult for a president to accomplish an electoral agenda without the record-high approval numbers that accompany successful if modest wars.

The revelations on Bush�s attitude toward Iraq emerged recently during two taped interviews of Herskowitz, which included a discussion of a variety of matters, including his continued closeness with the Bush family, indicated by his subsequent selection to pen an authorized biography of Bush�s grandfather, written and published last year with the assistance and blessing of the Bush family.

Herskowitz also revealed the following:

-In 2003, Bush�s father indicated to him that he disagreed with his son�s invasion of Iraq.

-Bush admitted that he failed to fulfill his Vietnam-era domestic National Guard service obligation, but claimed that he had been �excused.�

-Bush revealed that after he left his Texas National Guard unit in 1972 under murky circumstances, he never piloted a plane again. That casts doubt on the carefully-choreographed moment of Bush emerging in pilot�s garb from a jet on the aircraft carrier USS Abraham Lincoln in 2003 to celebrate �Mission Accomplished� in Iraq. The image, instantly telegraphed around the globe, and subsequent hazy White House statements about his capacity in the cockpit, created the impression that a heroic Bush had played a role in landing the craft.

-Bush described his own business ventures as �floundering� before campaign officials insisted on recasting them in a positive light.

Throughout the interviews for this article and in subsequent conversations, Herskowitz indicated he was conflicted over revealing information provided by a family with which he has longtime connections, and by how his candor could comport with the undefined operating principles of the as-told-to genre. Well after the interviews�in which he expressed consternation that Bush�s true views, experience and basic essence had eluded the American people �Herskowitz communicated growing concern about the consequences for himself of the publication of his remarks, and said that he had been under the impression he would not be quoted by name. However, when conversations began, it was made clear to him that the material was intended for publication and attribution. A tape recorder was present and visible at all times.

Several people who know Herskowitz well addressed his character and the veracity of his recollections. �I don�t know anybody that�s ever said a bad word about Mickey,� said Barry Silverman, a well-known Houston executive and civic figure who worked with him on another book project. An informal survey of Texas journalists turned up uniform confidence that Herskowitz�s account as contained in this article could be considered accurate.

One noted Texas journalist who spoke with Herskowitz about the book in 1999 recalls how the author mentioned to him at the time that Bush had revealed things the campaign found embarrassing and did not want in print. He requested anonymity because of the political climate in the state. �I can�t go near this,� he said.

According to Herskowitz, George W. Bush�s beliefs on Iraq were based in part on a notion dating back to the Reagan White House � ascribed in part to now-vice president Dick Cheney, Chairman of the House Republican Policy Committee under Reagan. �Start a small war. Pick a country where there is justification you can jump on, go ahead and invade.�

Bush�s circle of pre-election advisers had a fixation on the political capital that British Prime Minister Margaret Thatcher collected from the Falklands War. Said Herskowitz: �They were just absolutely blown away, just enthralled by the scenes of the troops coming back, of the boats, people throwing flowers at [Thatcher] and her getting these standing ovations in Parliament and making these magnificent speeches.�

Republicans, Herskowitz said, felt that Jimmy Carter�s political downfall could be attributed largely to his failure to wage a war. He noted that President Reagan and President Bush�s father himself had (besides the narrowly-focused Gulf War I) successfully waged limited wars against tiny opponents � Grenada and Panama � and gained politically. But there were successful small wars, and then there were quagmires, and apparently George H.W. Bush and his son did not see eye to eye.

�I know [Bush senior] would not admit this now, but he was opposed to it. I asked him if he had talked to W about invading Iraq. �He said, �No I haven�t, and I won�t, but Brent [Scowcroft] has.� Brent would not have talked to him without the old man�s okaying it.� Scowcroft, national security adviser in the elder Bush�s administration, penned a highly publicized warning to George W. Bush about the perils of an invasion.

Herskowitz�s revelations are not the sole indicator of Bush�s pre-election thinking on Iraq. In December 1999, some six months after his talks with Herskowitz, Bush surprised veteran political chroniclers, including the Boston Globe�s David Nyhan, with his blunt pronouncements about Saddam at a six-way New Hampshire primary event that got little notice: �It was a gaffe-free evening for the rookie front-runner, till he was asked about Saddam�s weapons stash,� wrote Nyhan. �I�d take �em out,� [Bush] grinned cavalierly, �take out the weapons of mass destruction�I�m surprised he�s still there,� said Bush of the despot who remains in power after losing the Gulf War to Bush Jr.�s father�It remains to be seen if that offhand declaration of war was just Texas talk, a sort of locker room braggadocio, or whether it was Bush�s first big clinker. �

The notion that President Bush held unrealistic or na�ve views about the consequences of war was further advanced recently by a Bush supporter, the evangelist Pat Robertson, who revealed that Bush had told him the Iraq invasion would yield no casualties. In addition, in recent days, high-ranking US military officials have complained that the White House did not provide them with adequate resources for the task at hand.

Herskowitz considers himself a friend of the Bush family, and has been a guest at the family vacation home in Kennebunkport. In the late 1960s, Herskowitz, a longtime Houston Chronicle sports columnist designated President Bush�s father, then-Congressman George HW Bush, to replace him as a guest columnist, and the two have remained close since then. (Herskowitz was suspended briefly in April without pay for reusing material from one of his own columns, about legendary UCLA basketball coach John Wooden.)

In 1999, when Herskowitz turned in his chapters for Charge to Keep, Bush�s staff expressed displeasure �often over Herskowitz�s use of language provided by Bush himself. In a chapter on the oil business, Herskowitz included Bush�s own words to describe the Texan�s unprofitable business ventures, writing: �the companies were floundering�. �I got a call from one of the campaign lawyers, he was kind of angry, and he said, �You�ve got some wrong information.� I didn�t bother to say, �Well you know where it came from.� [The lawyer] said, �We do not consider that the governor struggled or floundered in the oil business. We consider him a successful oilman who started up at least two new businesses.� �

In the end, campaign officials decided not to go with Herskowitz�s account, and, moreover, demanded everything back. �The lawyer called me and said, �Delete it. Shred it. Just do it.� �

�They took it and [communications director] Karen [Hughes] rewrote it,� he said. A campaign official arrived at his home at seven a.m. on a Monday morning and took his notes and computer files. However, Herskowitz, who is known for his memory of anecdotes from his long history in journalism and book publishing, says he is confident about his recollections.

According to Herskowitz, Bush was reluctant to discuss his time in the Texas Air National Guard � and inconsistent when he did so. Bush, he said, provided conflicting explanations of how he came to bypass a waiting list and obtain a coveted Guard slot as a domestic alternative to being sent to Vietnam. Herskowitz also said that Bush told him that after transferring from his Texas Guard unit two-thirds through his six-year military obligation to work on an Alabama political campaign, he did not attend any Alabama National Guard drills at all, because he was �excused.� This directly contradicts his public statements that he participated in obligatory training with the Alabama National Guard. Bush�s claim to have fulfilled his military duty has been subject to intense scrutiny; he has insisted in the past that he did show up for monthly drills in Alabama � though commanding officers say they never saw him, and no Guardsmen have come forward to accept substantial �rewards� for anyone who can claim to have seen Bush on base.

Herskowitz said he asked Bush if he ever flew a plane again after leaving the Texas Air National Guard in 1972 � which was two years prior to his contractual obligation to fly jets was due to expire. He said Bush told him he never flew any plane � military or civilian � again. That would contradict published accounts in which Bush talks about his days in 1973 working with inner-city children, when he claimed to have taken some of the children up in a plane.

In 2002, three years after he had been pulled off the George W. Bush biography, Herskowitz was asked by Bush�s father to write a book about the current president�s grandfather, Prescott Bush, after getting a message that the senior Bush wanted to see him. �Former President Bush just handed it to me. We were sitting there one day, and I was visiting him there in his office�He said, �I wish somebody would do a book about my dad.� �

�He said to me, �I know this has been a disappointing time for you, but it�s amazing how many times something good will come out of it.� I passed it on to my agent, he jumped all over it. I asked [Bush senior], �Would you support it and would you give me access to the rest of family?� He said yes.�

That book, Duty, Honor, Country: The Life and Legacy of Prescott Bush, was published in 2003 by Routledge. If anything, the book has been criticized for its over-reliance on the Bush family�s perspective and rosy interpretation of events. Herskowitz himself is considered the ultimate �as-told-to� author, lending credibility to his account of what George W. Bush told him. Herskowitz�s other books run the gamut of public figures, and include the memoirs of Reagan aide Deaver, former Texas Governor and Nixon Treasury Secretary John Connally, newsman Dan Rather, astronaut Walter Cunningham, and baseball greats Mickey Mantle and Nolan Ryan.

After Herskowitz was pulled from the Bush book project, the biographer learned that a scenario was being prepared to explain his departure. �I got a phone call from someone in the Bush campaign, confidentially, saying �Watch your back.� �

Reporters covering Bush say that when they inquired as to why Herskowitz was no longer on the project, Hughes intimated that Herskowitz had personal habits that interfered with his writing � a claim Herskowitz said is unfounded. Later, the campaign put out the word that Herskowitz had been removed for missing a deadline. Hughes subsequently finished the book herself � it received largely critical reviews for its self-serving qualities and lack of spontaneity or introspection.

So, said Herskowitz, the best material was left on the cutting room floor, including Bush�s true feelings.

�He told me that as a leader, you can never admit to a mistake,� Herskowitz said. �That was one of the keys to being a leader.�

URL: http://www.gnn.tv/articles/article.php?id=761

The subprime mess sm and iraq too

I agree that we should stay OUT of this, though I fear the timing of this all was purposely designed to drag us into it right before Inauguration Day.

Gaza truce broken as Israeli raid kills six Hamas gunmen

Exclusive: Bush Wanted To Invade Iraq If Elected in 2000