via Flyertalk: A housing crusade that went awry
Today, administration officials say it is fair to ask whether Bush’s ownership push backfired. Paulson said the administration, like others before it, “over-incented housing.”
Keith B. Hennessey, Bush’s current chief economics adviser, put it this way: “I would not say too much emphasis on expanding homeownership. I would say not enough early focus on easy lending practices.”
Also, another good site to look at is the Doctor Housing Bubble/ blog.
What the real crisis is like!
No quote: the linked-to site is billed as “humor”, and the lead-in and text are minimal, but it’s fascinating to put some pictures to the facts.
Latest news seems to be on $200M notes.
via AmericaBlog:
Somali Pirates in Discussions to Acquire Citigroup
November 20 (Bloomberg) — The Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup.
The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned most recently from hijacking numerous ships, including most recently a $200 million Saudi Arabian oil tanker. The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier today. The negotiations have entered the final stage, Ali said.
“You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood to offer the shareholders anything,” said Ali.
The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS’s are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody’s and S&P have already issued their top investment grade ratings for the PRBS’s.
Head pirate, Ubu Kalid Shandu, said: “We need a bank so that we have a place to keep all of our ransom money. Thankfully, the dislocations in the capital markets has allowed us to purchase Citigroup at an attractive valuation and to take advantage of TARP capital to grow the business even faster.”
Shandu added, “We don’t call ourselves pirates. We are coastguards and this will just allow us to guard our coasts better.”
Continue reading “Somali Pirates in Discussions to Acquire Citigroup”
Congratulations to the new President Elect.
I hope that we’ll be able to heal the divide in this country, but at the same time it’s time to start holding the Democratic party’s feet to the fire on progressive issues - if Bush could claim a mandate after the squeaker in 2004, this is a landslide, and we should take advantage of it.
1) PA called early, had figured Obama would probably get it but to have it close instantly was a huge surprise.
2) VA not called early. I figured it was the bellwether for Obama, and at this rate he may make it to 270 without VA called yet.
8:02pm Pacific time - MSNBC called the national election for Obama after CA, HI, OR, and WA closed. A little skeptical of how early the PA and OH polls closed earlier, but too many outstanding he could still win.
It’s a proud day to be an American.
8:19pm - McCain’s concession speech, showing quite a bit of class so far.
San Mateo county is expecting 82% turnout, half of which (thus 41% total) is vote by mail.
As for the results, VA is still too close to call. My bet is that it’s the bellweather this year.
If you haven’t voted yet, and are registered, go vote.
I don’t care who you vote for — good turnout and healthy democracy is more important than any partisan victory.
The following statement can be found here
Permanent Mission of the Russian Federation to the United Nations
136 East 67th Street
New York, NY 10065
STATEMENT
20 October 2008
ON FUNDRAISING LETTER FROM JOHN MCCAIN ELECTION CAMPAIGN
We have received a letter from Senator John McCain requesting financial contribution to his Presidential campaign.
In this connection we would like to reiterate that Russian officials, the Permanent Mission of the Russian Federation to the United Nations or the Russian Government do not finance political activity in foreign countries.
via Flyertalk, although you may need to be signed in there to see it.
Krugman on McCain’s healthcare plan vs. Obama’s:
Health Care Destruction
Skipping to the punchline:
I agree: the McCain plan would do for health care what deregulation has done for banking. And I’m terrified.
Jumping back:
Barack Obama offers incremental reform: regulation of insurers to prevent discrimination against the less healthy, subsidies to help lower-income families buy insurance, and public insurance plans that compete with the private sector. His plan falls short of universal coverage, but it would sharply reduce the number of uninsured.
Better than nothing.
via Atrios.
from AmericaBlog:
CONFIDENTIAL BUSINESS PROPOSAL
(and with both apologies and compliments, reproduced in its entirety below, as this is too funny and too sad…)
Dear Mr. American,
Good day and compliments.
I am HENRI PAULSON, the Ministry of the Treasury of the Republic of America, and the personal financial adviser to GEORGE W. BUSH (the eldest son of the former dictator of America, GENERAL GEORGE HUSSEIN WALKER BUSH).
This letter will definitely come to you as a huge surprise, but I implore you to take the time to go through it carefully as the decision you make will go off a long way to determine the future and continued existence of the entire members of my country.
Continue reading “Too close to the truth”
