Though the government and Wall Street assure us that these bold moves will save the housing market, and the economy as a whole, from collapse, the reality is that the solution is far worse than the problem. As painful as the failure of Freddie and Fannie would have been, bailing them out will hurt even more. In other words, it's not the disease that will kill us but the cure. In his report "What goes up must come down? House price dynamics in the United States," IMF economist Vladimir Klyuev used several economic techniques to determine by how much U.S. home prices are overvalued. One in every 171 households was foreclosed on, received a default notice or was warned of a pending auction. That was an increase of 121 percent from a year earlier and 14 percent from the first quarter, RealtyTrac Inc. said today in a statement. Almost 740,000 properties were in some stage of foreclosure, the most since the Irvine, California-based data company began reporting in January 2005. Powered By
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NJ Cop Puts CBS 2 Cameraman In Chokehold
When CBS 2 HD's reporter on the scene, Christine Sloan, protested and said he couldn't arrest the cameraman, the officer said, "I can do whatever I want."
Murdoch says Obama win could worsen financial crisis: report
Global media tycoon Rupert Murdoch has warned that a win by Democratic hopeful Barack Obama in next week's US election could worsen the world financial crisis, a report said Saturday.
Will This Election Be Stolen?
As both parties battle over just how fraud could taint this election, two analysts with very different viewpoints look at voting abuses from the beginning of the republic to the present day.
White Collar Wall Street Fraud May Go Unpunished
If we rely on the Federal Bureau of Investigation to uncover the factors that led to our country’s House of Cards financial collapse, we may have a long wait. That is the assessment of the FBI as it reveals it is struggling to find enough agent to investigate financial criminal wrongdoing.
Obama-McCain Duel Spurs Charges of Voter Fraud, Suppression
The intensity of the presidential race between Barack Obama and John McCain has spurred legal maneuvering and a barrage of charges of fraud and voter suppression in states that may determine the result if the election is close.
GDP falls 0.3% in third quarter on dive in spending
The U.S. economy contracted at a 0.3% annualized rate in the third quarter, as consumer spending declined at the fastest rate in 28 years, the Commerce Department estimated Thursday.
U.S. Economy Contracts Most Since the 2001 Recession
The economy suffered its biggest decline since 2001 in the third quarter, ushering in what may be the worst recession in a quarter century and boosting the chances of Barack Obama and his fellow Democrats in next week's elections
Obama aunt from Kenya living in US illegally!
Barack Obama's aunt, a Kenyan woman who has been quietly living in public housing in Boston, is in the United States illegally after an immigration judge rejected her request for asylum four years ago.
US missile strikes kill 29 in Pakistan
Associated Press Writer= DERA ISMAIL KHAN, Pakistan (AP) - Suspected U.S. missiles slammed into two Pakistani villages close to the Afghan border, killing 29 people including several suspected foreign militants, intelligence officials said. Washington is suspected of launching at least 17 missile strikes inside northwestern Pakistan since August, an unprecedented surge that is straining its seven-year alliance with the nuclear-armed nation at a time of soaring violence and mounting economic problems.
U.S. agencies wait for bin Laden message
U.S. intelligence agencies expect al-Qaida to release a message from Osama bin Laden just before or after next week's presidential election, ABC News reports. Sources told ABC that intelligence analysts believe bin Laden's followers may consider him irrelevant if he is not heard from at such a critical time.
North Korea clamps down on mobile phones to stop news of food crisis
North Korea is clamping down on mobile phones and long distance telephone calls to prevent the spread of news about a worsening food crisis, according to the United Nations investigator on human rights for the isolated communist country
Obama could still lose election to McCain from GOP voter suppression or vote fraud
Senator Barack Obama is leading Senator John McCain in almost every national poll, yet Obama keeps telling his campaign workers not to be overconfident. Beyond McCain calling himself "the comeback kid," Democrats have good reasons to fear a Republic victory on election day.
First and foremost, Republicans are actively seeking to suppress the voter turnout among the youth and minorities and poor people likely to support Obama
Another Election Nightmare In Florida?
NORTH MIAMI, Fla. -- Sure, Ted Ravelo likes Barack Obama. But two hours is a long time to stand in line to vote, especially considering that it's still October. "This has to be remedied," Ravelo, 72, said Wednesday morning, shaking his head, as he gave up on voting early -- at least that day -- at the North Miami Public Library, where a couple of dozen voting machines and their operators were struggling in vain to keep pace with a flood of citizens. "Something has to be done." A line stretched two blocks from the building, as other voters doggedly stood -- or sat on the folding chairs many of them had brought along -- for up to two hours while waiting to cast their ballots.
Police fear riots if Obama loses US election
Amid rumours that Democratic supporters might indulge in civil disobedience and protests in case their party candidate Barack Obama is defeated in the Nov 4 presidential polls, the Police here fear riots and are preparing to control the same.
Daley: $2M Price Tag On Obama Election Night Party
CHICAGO (CBS) ? Mayor Richard Daley is putting an approximately $2 million price tag on the big Barack Obama election night rally in Grant Park. But the mayor is promising the Obama campaign will foot the entire bill, and taxpayers won't pay a dime.
Obama Chants in Spanish With Denver Crowd of 100,000
Oct. 26 (Bloomberg) -- Democratic presidential contender Barack Obama, working to win over Latino voters in Colorado, chanted ``si se puede,'' or ``yes we can,'' in Spanish along with an outdoor crowd in Denver estimated at more than 100,000.
Obama has a 12 percentage-point lead over Republican rival John McCain among likely voters in Colorado, according to a Rocky Mountain News/CBS4 News poll. The state hasn't picked a Democrat for president since 1992. Denver police chief Gerry Whitman estimated the crowd at more than 100,000, which campaign spokeswoman Jen Psaki said was Obama's largest U.S. turnout. A McCain speech two days ago in Denver drew 3,000 supporters.
Global economy talks call for greater role for IMF
Asian and European leaders today called for more international regulation and a stronger role for the International Monetary Fund in response to the worst financial crisis since the 1930s.
Dow Average May Sink to 5,000, Boockvar Says: Chart of the Day
Oct. 23 (Bloomberg) -- The Dow Jones Industrial Average may sink as low as 5,000 next year, a 41 percent decline from its current level, according to Peter Boockvar of Miller Tabak & Co. ``The market's going to overshoot on the downside,'' Boockvar said in a Bloomberg Radio interview yesterday. ``When that occurs, I'll be a raging bull.''
ES&S Touch-Screen Votes Now Flipping in TX Too! Obama/DNC Attorneys Still AWOL!
This is just getting worse and worse. Now it's happening in Texas. (And in MO, if you read to the end of the article). And the vaunted "thousands of attorneys" from the Obama campaign and the DNC are still nowhere to be found
America joins UK on brink of recession
Federal reserve chairman Ben Bernanke is poised to slash American interest rates to just 1 per cent this week, the lowest level since the depths of the dotcom crash, as government figures reveal the US has joined Britain on the cusp of recession.
Electoral College Box Scores 1789-1996
EVERYTHING YOU WANT TO KNOW ABOUT ELECTORAL COLLEGE!
A Texas small town is getting buzzed by UFO's again, Channel 8's Jim Douglas reports. VIDEO
U.S. on edge as bank crisis transforms Wall Street
The U.S. financial industry was gripped by a seismic transformation last night, as Lehman Brothers, one of Wall Street's most storied firms, appeared on the verge of collapse, and another troubled brokerage, Merrill Lynch, struck a last-minute deal to avoid a similar fate, agreeing to a $44-billion (U.S.) merger with Bank of America.
The Death Of Wall Street Part 1
Although not yet official, the verdict is on the way. Bear Stearns led the death march a few months ago. Now, Lehman's bankruptcy filing signals the halfway mark of what will end up being the death of Wall Street. Now Goldman Sachs stands alone as the sole remaining true Wall Street firm. (Written By regular show guest Mike Stathis) 1st and 3rd Thursdays EVERY MONTH on NEWSTALK 1310 KFKA
Predator drone being used to map hurricane damage
TUCSON, Ariz. — An unmanned drone equipped with sophisticated radar capabilities that's normally used to help guard the U.S.-Mexico border is being flown to help assess hurricane damage in the Southeast, officials said Friday.
The predator was brought to Corpus Christi to prepare for Hurricane Gustav's arrival in New Orleans
The surveillance plane, known as the predator, is collecting pictures of the Gulf Coast that will help the Federal Emergency Management Agency to respond in the storm's aftermath.
Report Finds New Concerns For Police Use Of Drone Aircraft
WASHINGTON, D.C. -- A government report raised new safety concerns over widespread use of unmanned aircraft by police departments around the country, Local 2 Investigates reported on Monday.
North Korea ‘uses doubles to hide death of Kim’
Is Kim Jong-il for real? The question has baffled foreign intelligence agencies for years but now a veteran Japanese expert on North Korea says the “dear leader” is actually dead – and his role is played by a double.
The expert says Kim died of diabetes in 2003 and world leaders including Vladimir Putin of Russia and Hu Jintao of China have been negotiating with an impostor
Underground Facility near Goshen, Arkansas?
Recently observed activity cannot be discounted any longer!
Global Cooling? Unprecedented Ice Storms In Kenya
But suspend your rational thought process for a moment - the WWF assures us that CO2 causes global warming and global cooling
UFO's Over St. Paul, Mn.?
Mars craft "touched and tasted" water says NASA
LOS ANGELES (Reuters) - NASA scientists said on Thursday they had definitive proof that water exists on Mars after further tests on ice found on the planet in June by the Phoenix Mars Lander.
"We have water," said William Boynton, lead scientist for the Thermal and Evolved-Gas Analyzer instrument on Phoenix.
Greenspan: Housing 'nowhere near the bottom'
Former Federal Reserve Chairman Alan Greenspan said Thursday that the U.S. housing market is “nowhere near the bottom” and that the U.S. economy is “right on the brink” of slipping into a recession. But he told CNBC the latest economic data don’t yet indicate that a recession is inevitable.
Last Ice Age happened in less than year say scientists
THE last ice age 13,000 years ago took hold in just one year, more than ten times quicker than previously believed, scientists have warned.
Rather than a gradual cooling over a decade, the ice age plunged Europe into the deep freeze, German Research Centre for Geosciences at
Potsdam said.
Cold, stormy conditions caused by an abrupt shift in atmospheric circulation froze the continent almost instantly during the Younger Dryas less than 13,000 years ago – a very recent period on a geological scale.
Authorities testing for bird flu after two dead birds found at Olympic equestrian site
HONG KONG — Two dead birds were discovered at the Olympic equestrian venue in Hong Kong, and authorities were testing whether the animals were infected with the dangerous H5N1 bird flu virus.
The birds were found last week, Mark Pinkstone, head of equestrian preparation operations and media services, said Monday. Bird flu doesn't pose a threat to horses, but it can make humans ill.
Dr. Edgar Mitchell (Apollo 14 astronaut) – Aliens and UFOs do exist!
In a recent interview with Kerrang radio (23rd of July), Edgar Mitchell, who walked on the moon in February 1971, stated that we have already had contact with aliens and that UFOs do exist.
Although this may not come as any surprise to those who have been involved in this subject (publishing UFO reports and writing articles about them), the interviewer appeared "shocked" at Mitchell´s revelations.
Credit Crunch Reaches Downward Spiral Critical Mass
Deutsche Bank AG and Credit Suisse Group, the Zurich-based bank that advised Dubai World last year when it invested $5.1 billion in MGM, are among the holdouts, bankers with knowledge of the matter said. Funding was supposed to be completed by the end of June, MGM Chief Financial Officer Daniel D'Arrigo told analysts in May. President James Murren said Frankfurt-based Deutsche Bank has been part of every MGM loan since 1998.
"Wall Street firms are scrutinizing their extension of credit, particularly to the gaming industry, where the sentiment is pretty weak," said Michael Paladino, an analyst at Fitch Ratings in New York.
Mystery Fatal Hemorrhagic Disease in Shandong China
"China reported that approximately 20 days ago, a man suddenly died from an unidentified disease in Wanjiakou Village, Xiaoguan Town, Wendeng City, Shandong Province. His entire body turned dark purple, and he bled from his mouth, nostrils, ears, and eyes just as he died.
Shortly after the man died, 2 other men who been in contact with him, died showing the same symptoms. Villagers who had left the village to work said "3 people died 10 days ago. 6 or 7 more are being treated in the Wendeng Central Hospital. People have been to the area to investigate, but they are unable to classify the disease."
Regulators take over two banks in Nevada, Calif.
WASHINGTON — Two banks operating in Nevada, Arizona and California — 1st National Bank of Nevada and First Heritage Bank N.A. — were closed Friday by federal regulators.
The 28 branches of the banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said.
US National Debt Limit Raised Ahead of Budget Busting Bailout Legislation
Once signed into law, the budget busting legislation will hand the Administration a blank check to prop up the ailing home lenders. The ultimate cost is anybody's guess. I believe that the price tag will be higher than just about anyone imagines. Paulson's Bazooka will be locked and loaded with enough fire power to blow what's left of our economy into the dustbin of history.
U.S. house prices overvalued by up to 20 percent: IMF paper
WASHINGTON (Reuters) - The downward spiral of U.S. housing prices still has a way to go and homes were overvalued by between 8 percent to 20 percent in the first quarter of this year, according to research by an International Monetary Fund economist published on Friday.
U.S. Foreclosures Double as House Prices Decline
July 25 (Bloomberg) -- U.S. foreclosure filings more than doubled in the second quarter from a year earlier as falling home prices left borrowers owing more on mortgages than their properties were worth.
Booz, Allen & Hamilton: The Army's Accomplice in Southeast Colorado
By Deanna Spingola
Booz, Allen & Hamilton (hereafter Booz Allen), a privately held corporation owned by about 300 senior executives, is the Army's accomplice in their attempted private property seizure in southeast Colorado. Their expertise, they declare, is strategy and public sector mission effectiveness.
China may artificially change unfavorable weather for Olympics
BEIJING, July 15 (Xinhua) -----
If bad weather threatens the August 8 opening of Beijing's Olympic Games, then meteorologists may change the weather, according to a Chinese meteorology official. Chen Zhenlin, a vice director with the China Meteorological Administration (CMA), made the statement Tuesday afternoon at a press conference held at the Beijing International Media Center. READ MORE!
FISA "Compromise" Completes Transformation of US into Full Police State
by Larry Chin
Global Research
On July 9, 2008, the US Congress overwhelmingly passed legislation permitting government spying, including immunity to telecommunications companies involved in secret domestic surveillance programs. With the stroke of George W. Bush’s pen, the US is now a police state by definition.
Virginia POW Camp That Does Not Exist
By Ted Twietmeyer
We will start with overview images of the POW camp and training facilities, and look at these in more detail later.
