The government on Thursday made the largest bank seizure in American history, taking over Washington Mutual and selling pieces of it to J.P. Morgan Chase.
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Thursday, September 25, 2008
John McCain - GOP Colleagues Winced At 'Mighty Mouse' McCain
"Nobody mentioned him.The man's irrelevant to the whole process.No Republican mentioned his name.I'm the only one who raised his name.They winced when I did.He's been irrelevant to the process.I was afraid that his dropping in here like Mighty Mouse,"here I am to save the day", would slow things down.Republicans paid no attention to him whatsoever.
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AFC South Wk. 3 Wrap.
AFC SOUTH Week 3
Titans 31 Texans 12
By Rafael Garcia AFC South Insider
At the start of the season what was clear was that the Colts would be in first place. Then it should have been Jacksonville second. Well the power structure has changed a bit. After the Titans put a whipping on Houston it was they who were in first. With a 3-0 record they have a two game lead over the Colts and Jags (both 0-2). The defense has given up only 29 points total do far. Jags back Albert Haynesworth and Courtland Finnegan may be the best at their position in the league. Haynesworth had a sack and was a monster all day. Finnegan got his fourth pick of the year and ran it back 99 yards for a touchdown. Micheal Griffin had two interceptions of his own and the Titans defense held Houston scoreless in the second half. Kerry was solid going 14-26 for 189 yards and touchdown pass to Bo Scaife. The running game produced 154 yards and that was enough for the win. In the stands the crowd pounded on the seats. They stomped their feet and screamed like it was 1999 again. This team still has way to go before they start talking division title but with the Vince Young situation its not a bad start. In the other divisional game the Colts took it on the chin in a 23-21 loss to the Jags. Josh Scobee nailed a 51 yard field goal with four seconds left for the win. That came after Peyton Manning drove the Colts 77 yards for the apparent game winning score. Though looking better he threw an interception that was returned 61 yards for a touchdown. Penalties at crucial times hurt too. As for the Jags, they had 236 yards rushing but found the end zone just once offensively. They needed three Scobee field goals to get this win. These two teams along with Texans better get their act together quick. Any more slip-ups could be costly if the Titans get better as expected.
Titans 31 Texans 12
By Rafael Garcia AFC South Insider
At the start of the season what was clear was that the Colts would be in first place. Then it should have been Jacksonville second. Well the power structure has changed a bit. After the Titans put a whipping on Houston it was they who were in first. With a 3-0 record they have a two game lead over the Colts and Jags (both 0-2). The defense has given up only 29 points total do far. Jags back Albert Haynesworth and Courtland Finnegan may be the best at their position in the league. Haynesworth had a sack and was a monster all day. Finnegan got his fourth pick of the year and ran it back 99 yards for a touchdown. Micheal Griffin had two interceptions of his own and the Titans defense held Houston scoreless in the second half. Kerry was solid going 14-26 for 189 yards and touchdown pass to Bo Scaife. The running game produced 154 yards and that was enough for the win. In the stands the crowd pounded on the seats. They stomped their feet and screamed like it was 1999 again. This team still has way to go before they start talking division title but with the Vince Young situation its not a bad start. In the other divisional game the Colts took it on the chin in a 23-21 loss to the Jags. Josh Scobee nailed a 51 yard field goal with four seconds left for the win. That came after Peyton Manning drove the Colts 77 yards for the apparent game winning score. Though looking better he threw an interception that was returned 61 yards for a touchdown. Penalties at crucial times hurt too. As for the Jags, they had 236 yards rushing but found the end zone just once offensively. They needed three Scobee field goals to get this win. These two teams along with Texans better get their act together quick. Any more slip-ups could be costly if the Titans get better as expected.
BAILOUT PROPOSAL - LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.--The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.--The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and
(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.
Sec. 3. Considerations.
In exercising the authorities granted in this Act, the Secretary shall take into consideration means for--
(1) providing stability or preventing disruption to the financial markets or banking system; and
(2) protecting the taxpayer.
Sec. 4. Reports to Congress.
Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.
Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.
(a) Exercise of Rights.--The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.
(b) Management of Mortgage-Related Assets.--The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.
(c) Sale of Mortgage-Related Assets.--The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
(d) Application of Sunset to Mortgage-Related Assets.--The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.
Sec. 6. Maximum Amount of Authorized Purchases.
The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time
Sec. 7. Funding.
For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.
Sec. 8. Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
Sec. 9. Termination of Authority.
The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.
Sec. 10. Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
Sec. 11. Credit Reform.
The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.
Sec. 12. Definitions.
For purposes of this section, the following definitions shall apply:
(1) Mortgage-Related Assets.--The term "mortgage-related assets" means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.
(2) Secretary.--The term "Secretary" means the Secretary of the Treasury.
(3) United States.--The term "United States" means the States, territories, and possessions of the United States and the District of Columbia. 
Wednesday, September 24, 2008
SF Land Deal for Transbay Terminal Gets Record Price
San Francisco is enjoying an embarrassment of riches:
Wall Street is decimated, Main Street is angry and K Street is in an outright panic over the magnitude of thenation’s financial problems. But San Francisco’s Mission Street is in a parallel universe setting an all time record land price for the right to build San Francisco’s newest signature tower—the 1,000 ft Transbay Transit Tower being built in conjunction with the new Transbay Transit Center (transbaycenter.org)
The price is said to be over $4,900 per square foot. At that price, who needs more than 49 square miles of land?
See the below Hines release on the deal or visit the TJPA Web site http://transbaycenter.org/
When does a figther pilot run from an encounter?
Does John McCain really
think Americans buy that he can help develop a Wall Street solution when he's not only stood for deregulation for decades but also admitted recently he doesn't get the economy? A fighter pilot only turns tail when he's lost hope.
But even this stunt about "suspending his campaign" can be used to distract from the issues. So now when November comes around, if and when the savvy Senator comes up short he's built an excuse in advance, right? This isn't merely political maneuvering: Finally we're seeing some real strategic planning from the former Navy Pilot "Country Club First" McCain; shame it's resulted in a transparent tactic that's not helping others.
So let's talk about why his support of deregulation (and the deregulation itself) was such a fiasco, shall we? Let's not forget issues matter, let's not be drawn into wondering how old a guy has to be to be called "the original" maverick, and let's not fall for a ploy to reduce the amount of time the media devotes to issues by canceling a debate that everybody but Senator McCain seems to be looking forward to.
think Americans buy that he can help develop a Wall Street solution when he's not only stood for deregulation for decades but also admitted recently he doesn't get the economy? A fighter pilot only turns tail when he's lost hope.But even this stunt about "suspending his campaign" can be used to distract from the issues. So now when November comes around, if and when the savvy Senator comes up short he's built an excuse in advance, right? This isn't merely political maneuvering: Finally we're seeing some real strategic planning from the former Navy Pilot "Country Club First" McCain; shame it's resulted in a transparent tactic that's not helping others.
So let's talk about why his support of deregulation (and the deregulation itself) was such a fiasco, shall we? Let's not forget issues matter, let's not be drawn into wondering how old a guy has to be to be called "the original" maverick, and let's not fall for a ploy to reduce the amount of time the media devotes to issues by canceling a debate that everybody but Senator McCain seems to be looking forward to.
Are men allowed at "Women for Obama" meetings?
Absolutely, as the blog-post at this link documents. Pictures and video from a recent "Women for Obama" get-together near the Twin Cities (in Northfield, the home of late Senator Paul Wellstone) - the speaker of the Minnesota State House of Representatives, Margaret Anderson Kelliher, even called in.
More than just "Women for Obama."
I hope the name never keeps anybody from attending. Look at the pictures... there were children present. This was literally dozens of people, lots of energy, lots of ideas, lots of commitment, synergy, and even though it was mostly women, there were a few men, too.
The supply of beverages and treats seemed never-ending...
Obama Campaign: The Debate Is On! - Calls McCain's Bluff
BREAKING NEWS from ABC - Obama campaign calls the bluff of the McCain camp, says the debate is on.
Sarah Palin In Polling Free Fall - 49 Percent Say She's Not Qualified
And now we're bracing for the newest NBC News / Wall Street Journal poll to come out at 3:30 PM PST, which according to Andrew Sullivan , will show that while 40 percent think Gov. Sarah Palin is qualified to be vice president, 49 percent don't think so.
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