|
 |
|
|
|
;-) |
History News, Historical News, Historic News |
|
|
|
- 
 Archives
Recent US History  2003
US HISTORY
2002
US HISTORY
2001
US HISTORY
Recent World History 2003
World History
2002
World History
2001
World History
A-Z Books+ BusinessNews Censorship Comics / Links ComputerNews Consumer Education Energy Entertainment Environment Free-Speech Government.gov Health Medical Intelligence Labor Law / Legal >Law Enforcement Media Military NEWS-STAND NoteWorthy Opinion Parents People Politics Privacy Reference Science & Tech Seniors Terrorism US American Women World |
HISTORY News:
 Sarah
Palin -  John
McCain -  Financial
- Crisis
-  Politics
-  Government
-  Law
-  Alaska
- 2008
Election
"Palin: US could face another Great Depression." ... "[2008 Election] Republican vice presidential candidate Sarah Palin said Wednesday that the United States could be headed for another Great Depression if Congress doesn't act on the financial crisis." ... "Asked whether there's a risk of another Great Depression if Congress doesn't approve a $700 billion bailout package, Palin said, "Unfortunately, that is the road that America may find itself on."" ... "Couric pressed Palin on examples of how McCain, a 26-year congressional veteran, had led the charge for more oversight." ... "The Alaska governor cited [2008 Election Republican Presidential Candidate John] McCain's warnings about Fannie Mae and Freddie Mac two years ago as well as image as a maverick. Questioned again for examples, and reminded that McCain had been chairman of the Commerce Committee, Palin said, "I'll try to find you some and I'll bring them to you."" ... "McCain has insisted Palin is ready to take over as president, but he made no mention of including her in the meetings he wants in Washington to deal with the financial crisis." -By Sara Kugler -AP via -Yahoo 
 Henry
Paulson
- Corporate
- Government
- Illegal
-  Accounting
- Politics
- History
-  US
-  Global
"Can you trust a Wall Street veteran with a Wall Street bailout?" ... "Making the rounds on the Sunday morning talk shows, [Republican President Bush's] Treasury Secretary Henry Paulson repeatedly said today's financial problems were long in the making. He should know. He was part of the Gold Rush that has brought the global financial system to the brink of collapse." ... "Paulson presided over one of the most profitable runs on Wall Street as chairman and chief executive officer of investment banking titan Goldman Sachs & Co. from 1999 until [Republican] President Bush nominated him on May 30, 2006 to take over the Treasury Department." ... "But with Paulson now seeking virtually unfettered authority to administer the largest bailout of the financial industry in U.S. [United States] history, many are wondering whether Paulson also doesn't come with enormous potential conflicts of interest." ... "Paulson has surrounded himself with former Goldman executives as he tries to navigate the domino-like collapse of several parts of the global financial market. And others have gone off to lead companies that could be among those that receive a bailout." ... "The administration's draft law also would preclude court review of steps Paulson might take, something Joshua Rosner, managing director of economic researcher Graham Fisher & Co. in New York, said could be used to mask previous illegal activity." ... "The Treasury proposal sent to Congress also offers no process to hire asset managers in an open and competitive process. That's particularly questionable given that Wall Street players are now hiring Wall Street players, Rosner said." ... ""This seems to invite a risk of collusion between sellers and buyers to the detriment of the taxpayer," he wrote." ... "At a minimum, there's irony in Paulson being in charge of so large a bailout." ... "In the last annual report at Goldman that Paulson signed off on in November 2005, a year in which he received $38 million in compensation, investors were clearly told that the federal government wouldn't be there to save them from bad investments." ... "In 2002, Paulson received $12.1 million in compensation, including a $6.3 million bonus — an improvement over the previous three years when Wall Street accounting scandals unsettled investment banks, including a $1.5 billion settlement Goldman and other banks paid for issuing overly bullish research reports that promoted deals the banks themselves were involved in." ... "Published reports said Paulson received $30 million in compensation and salary in 2003." -By Kevin G. Hall -McClatchyDC.com 
Money
- Politics
-  Jobs
- Federal
- History
"Democrats are better for the economy than Republicans." ... "The figures below are all from the annual Economic Report of the President, and the analysis is primitive. Nevertheless, what these numbers show almost beyond doubt is that Democrats are better at virtually every economic task that is important to Republicans." ... "This exercise implicitly assumes that lower taxes are always good and higher government spending is always bad. " ... "The only point is that if you find the Republican mantra of lower taxes and smaller government appealing, and if you care only about how fast the economy is growing, not how that growth is shared, you should vote Democratic." ... "On average, in years when the president is a Democrat, the economy grows faster; inflation is lower; fewer people can't find a job; the federal government spends a smaller share of GDP, whether or not you include defense spending; and the deficit is lower (or—sweet [Democratic President] Clinton-years memory—the surplus is higher)." -By Michael Kinsley -Slate 
Noteworthy
- Emergency
- Money
- Politics
- Legal
- History
- AIG
"U.S. to Take Over AIG in $85 Billion Bailout; Central Banks Inject Cash as Credit Dries Up: Emergency Loan Effectively Gives Government Control of Insurer; Historic Move Would Cap 10 Days That Reshaped U.S. [Unijted States] Finance." ... "[Under Republican President Bush] The U.S. government seized control of American International Group Inc. -- one of the world's biggest insurers -- in an $85 billion deal that signaled the intensity of its concerns about the danger a collapse could pose to the financial system." ... "The step marks a dramatic turnabout for the federal government, which had been strongly resisting overtures from AIG for an emergency loan or some intervention that would prevent the insurer from falling into bankruptcy. Just last weekend, the government essentially pulled the plug on Lehman Brothers Holdings Inc., allowing the big investment bank to go under instead of giving it financial support. This time, the government decided AIG truly was too big to fail." ... "Under terms hammered out Tuesday night, the Fed will lend up to $85 billion to AIG, and the U.S. government will effectively get a 79.9% equity stake in the insurer in the form of warrants called equity participation notes. The two-year loan will carry an interest rate of Libor plus 8.5 percentage points. (Libor, the London interbank offered rate, is a common short-term lending benchmark.)" ... "The loan is secured by AIG's assets, including its profitable insurance businesses, giving the Fed some protection even if markets continue to sink. And if AIG rebounds, taxpayers could reap a big profit through the government's equity stake." ... "It puts the government in control of a private insurer -- a historic development, particularly considering that AIG isn't directly regulated by the federal government. The Fed took the highly unusual step using legal authority granted in the Federal Reserve Act, which allows it to lend to nonbanks under "unusual and exigent" circumstances, something it invoked when Bear Stearns Cos. was rescued in March." ... "The U.S. on Sept. 6 took over mortgage-lending giants Fannie Mae and Freddie Mac as they teetered near collapse." ... "In bailing out AIG, the Federal Reserve appeared to be motivated in part by worries that Wall Street's financial crisis could begin to spill over into seemingly safe investments held by small investors, such as money-market funds that invest in AIG debt." ... "Indeed, on Tuesday the $62 billion Primary Fund from the Reserve, a New York money-market firm, said it "broke the buck" -- that is, its net asset value fell below the $1-a-share level that funds like this must maintain. Breaking the buck is an extremely rare occurrence. The fund was pinched by investments in bonds issued by now collapsing Lehman Brothers." ... "Money-market funds are supposed to be among the safest investments available. No fund in the $3.6 trillion money-market industry has lost money since 1994, when Orange County, Calif., went bankrupt. A number of money-market funds own securities issued by AIG. The firm is also a big insurer of some money-market instruments." -By Matthew Karnitschnig, Deborah Solomon, Liam Pleven and Jon E. Hilsenrath with contributions by Diya Gullapalli, Serena Ng, Damian Paletta and Ashby Jones-WSJ.com 
Federal
- Law
- Politics
- History
"Wall Street crisis is culmination of 28 years of deregulation." ... "On Monday, one Wall Street bank, Lehman Brothers, filed for bankruptcy protection and another, Merrill Lynch, sought comfort by selling itself to Bank of America for $50 billion. Earlier this year, the government helped enable the sale of faltering investment bank Bear Stearns to J.P. Morgan Chase, and more recently took over mortgage giants Fannie Mae and Freddie Mac." ... "Such troubles were supposed to have been prevented, or at least mitigated, by regulatory systems that the nation began to put in place after the banking system collapsed at the start of the Great Depression." ... "Many banks at the time were badly wounded by their personal and financial ties to securities trading. The 1933 Glass-Steagall Act, and later the 1956 Bank Holding Company Act, mandated the separation of banks, insurance companies and securities firms." ... "Those and many other federal laws stabilized the banking and securities markets, but by the 1970s, a stumbling U.S. [United States] economy led to a change in America's political-economic values. [Republican President] Ronald Reagan led a movement that came to power in 1980 proclaiming faith in free markets and mistrust of government. That conservative philosophy has dominated America for the past 28 years." ... "Even after taxpayers had to rescue deregulated savings and loans, or S&Ls, with a $200 billion bailout in the late 1980s, the push to loosen regulation paused only briefly." ... "In 1999, [Democratic] President Clinton signed the Financial Services Modernization Act, which tore down Glass-Steagall's reforms by removing the walls separating banks, securities firms and insurers." -By David Lightman -McClatchyDC.com
 Gordon
Smith - Illegal
- Immigration
- Business
-  Food
- Workers
- Politics
-  Agriculture
-  Property
- History
-  Oregon
-  Md
-  Hawaii
-  Utah
-  Wash
"Señor Smith: Low-wage Latino workers keep [Oregon Republican Senator] Sen. Gordon Smith’s family business humming. Not all of them are legal." ... "Up on a hill overlooking this Eastern Oregon town of 701 people, Smith Frozen Foods turns raw produce from the surrounding fields into ready-to-eat products." ... "Smith’s goods appear in grocery stores under other brand names. But in tiny Weston [Oregon], a water tank emblazoned with the capital letters S-M-I-T-H sits like a sentry greeting travelers on nearby Highway 11." ... "Gordon Smith, a United States senator from Oregon and the only Republican senator representing a West Coast state, has owned the plant his grandfather founded in 1919 for nearly 30 years." ... "“Son,” father Milan Smith once said, according to Gordon Smith’s 2006 memoir, “you can sell ice to Eskimos and coals to Newcastle.”" ... "Today, Smith Frozen Foods generates millions in income for the senator, according to Smith’s 2007 financial disclosure report." ... "And in this town, Smith’s wealth looms large, even though the 56-year-old lawmaker seldom visits and calls nearby Pendleton [Oregon] his home. According to the Center for Responsive Politics, Smith is the 12th-richest member of the U.S. [United States] Senate, with an estimated net worth between $8 million and $39 million—wealth that’s allowed him to buy a $3.5 million mansion in Bethesda, Md. [Maryland], property on the Hawaiian island of Kauai, a Park City, Utah, condominium and—more famously—four antique golf clubs worth $1.25 million." ... "The workers at Smith Frozen Foods, who clean the machinery, monitor production and pack upward of 50 million pounds of produce each year, earn about $80 a day, four or five days a week, 10 months a year—if they’re lucky." ... "One other thing—some of them appear to be illegal immigrants." ... "WW recently spent several days in Weston, and the nearby cities of Milton-Freewater [Oregon] and Walla Walla, Wash. [Washington], where most of Smith’s employees live. WW spoke to dozens of current and former Smith workers, Latino advocates, court personnel, public defenders, educators, police administrators, church officials, social service agents and business owners and determined that some portion of Smith’s workforce comprises undocumented immigrants." ... "It’s a revelation that may not be newsworthy around Weston, where most people this reporter interviewed knew, or assumed, that the agricultural processing plant hired illegal immigrants." ... "Additional interviews and review of public records reveal that Smith’s company appears to have employed illegal immigrants for decades, stretching back as far as the 1980s." -By Beth Slovic -WWeek.com 
 Karl
Rove - John
McCain - Palin
-  SC
-  Arizona
-  Colorado
- Legislative
- History
- 2008
Election
"Eight years after S.C., Karl Rove works with Sen. McCain’s camp." ... "Eight years after helping [Republican President] George Bush defeat [Republican Presidential Candidate] John McCain in a [2000 Election] bitter primary, Karl Rove appears to be playing a significant role in helping the Arizona Republican win the presidency." ... "Rove has downplayed his contact with the McCain campaign, but the former adviser to President Bush met with GOP [GOP=Grand Old Party=Republican] delegates from Colorado last Wednesday. Rove, who is now a Fox News analyst, told reporters after the meeting that he has friends in the McCain organization who occasionally seek his advice." ... "He said the campaign “carefully vetted” [2008 Election Republican Vice Presidential Candidate Sarah] Palin, claiming it was aware of all the revelations that have come out since she was announced as the running mate." ... "“They knew all of it. … They weren’t bothered by it,” Rove said." ... "A GOP operative said Rove has had a consistent, “medium”-sized role with the McCain campaign." ... "[During the 2000 election] Rove said of the Arizona senator, “You cannot become a leader of the United States and hope to achieve things by, basically, irritating everybody around you. … And his legislative accomplishments are few and far between because he cannot work well and bring people together.”" (1, 2) -By Jackie Kucinich and Bob Cusack with contributions by Sam Youngman -TheHill.com
Henry
Paulson
- Government
- Money
- Housing
- Politics
- Historic
"U.S. seizes Fannie and Freddie: Treasury chief Paulson unveils historic government takeover of twin mortgage buyers. Top executives are out." ... "Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back." ... "The move, which extends as much as $200 billion in Treasury support to the two companies, marks Washington's most dramatic attempt yet to shore up the nation's housing market, which is suffering from record foreclosures and falling prices." ... "The sweeping plan, announced by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a "conservatorship" to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing." ... "Freddie CEO Richard Syron and Fannie CEO Daniel Mudd will no longer run the agencies, while the FHFA will assume control of the boards." ... "The government, in agreeing to backstop the firms, said it would receive $1 billion in each company's senior preferred stock. The government will also receive a quarterly dividend payment and the right to own 79.9% of each company." ... "Fannie and Freddie have become virtually the only source of funding for banks and other home lenders looking to make home loans. Their ability to do so is crucial to the recovery of the battered home market and the broader U.S. economy." ... "The two firms buy loans, attach a guarantee, then sell securities backed by the loans' income stream. All told, they own or back $5.4 trillion worth of home debt - half the mortgage debt in the country." ... "The cost of the government intervention remains unclear however. Experts argue that it will depend in large part on the structure of the rescue, the direction of home prices and mortgage default rates." ... "Still it seems almost certain it will run into the billions and will most likely eclipse such other high-profile government bailouts including than the Federal Reserve's $29 billion backing of Bear Stearns assets when it was taken over by J.P. Morgan Chase." -By David Ellis with contributions by Tami Luhby and Patricia Sellers -CNN |
|
Search History News: News Search <History> in: Search Google: <History News> in: <News History>in: <Historical News> in:  2003
Health News
2002
Health News
2001
Health News
 2005
Law News
2004
Law News
2003
Law News
2002
Law News
 Memorial
Day
2005
Military News
2004
Military News
2003
Military News
2002
Military News
2005
Politics News
2004
Politics News
2003
Politics News
2002
Politics News
2008
Election
2006
Election
2004
Election
2002
Election
2002
World History
|
|||||
|
. |
Sarah
Palin - History
- 
Sports
- 
Journalism
- 
Television
- 
Idaho
- Alaska
- 2008
Election
John
McCain - 
Military
- Politics
- Ads
- US
- 
Vietnam
- History
- 2008
Election
Watch
- "Former
POW says McCain is "not cut out to be President"."
... "[2008 Election Republican Presidential Candidate] John McCain has
been exploiting his prisoner of war experience every chance he gets. He
has used this story to justify everything from not knowing how many homes
he has to his healthcare plan to his marital infidelities to his taste
in music. The McCain campaign is even using his POW story in paid ads.
But now a veteran who was a prisoner with McCain in Vietnam is explaining
loud and clear that being a POW does not qualify McCain to lead our country."
... "We are sure this video will draw an onslaught of right-wing attacks,
but we bring it to you because it is our job to continue to convey the
truth together and give these issues national attention. As Dr.
Butler has said, McCain does not have the temperament to have his
finger near the red button. Get this video to everyone you know—friends,
family members, coworkers, and especially those who don't share your political
views. The video is designed to reach them. Get it on your social networking
sites like Digg. And get it to every blog, newspaper, and TV station that
has ever overplayed McCain's POW story. It is time to fight back with truth!"
... "The mainstream press has already begun to call out McCain for overusing
his POW story. And it's cut across all political persuasions. * "Whether
he's deflecting criticism over his health-care plan or mocking a tribute
to the Woodstock music festival, Senator John McCain has a trump card:
the Hanoi Hilton. — Edwin Chen, Bloomberg * "Noun, Verb, POW" — Andrew
Sullivan, The Atlantic Monthly * "The McCain campaign's constant invocation
of the candidate's POW past is weird bordering on irrational..." — Ana
Marie Cox, TIME * "I think they are going to it way too many times." —
Howard Fineman, Newsweek" ... "Remember how Joe Biden got the press to
refer to Rudy Giuliani as "A noun, a verb, and 9/11"? Well, let's actually
take Andrew Sullivan's lead here and get the media to boil McCain down
to a similar phrase: "A noun, a verb, and POW." Considering how often the
McCain campaign invokes his POW story, isn't that what they're already
doing?" -BraveNewPac
-BraveNewFilms.org
Sarah
Palin - John
McCain - 
Ted
Stevens - Money
- Politics
-Government
- Alaska
- 
Transportation
- 
Construction
- History
- 
Ohio
- 2008
Election
McCain
- Palin
- Alaska
- Newspaper
- History
- 2008
Election
John
McCain - 
Joe
Biden - 
Barack
Obama - 
Hillary
Clinton - Hurricane
Katrina - 
Weather
- Emergency
- 
Investigation
- Legislation
- Politics
-History
- Federal
- 
NY
- New
Orleans - 
Louisiana
- 
Communications
- Funds
- 
Children
- Transportation
- 2008
Election
John
McCain - Sarah
Palin - 
Science
- 
Education
- Politics
- Law
- History
- 2008
Election - Alaska
- 
Tennessee
John
McCain - Sarah
Palin - Science
- Politics
- 
Oil
- Money
- 
Wildlife
- History
- Global
- Climate
- 
Ice
- Law
- Alaska
- Arizona
-2008
Election - US
- 
Canada
Global
- Climate
- Ice
- Science
- History
Money
- History
WATCH
- 2008
Election - Politics
- Noteworthy
- US
- 
Iraq
- Military
- Global
- Climate
- 
Environment
- Fiscal
- History
- 
Iowa
