The Federal Housing Administration revealed yesterday that it will likely need a government bailout. The results of an external audit (after being suddenly delayed for a week) showed the FHA’s capital cushion to be just 0.53% of its portfolio of insured mortgages. That’s way below the 2% mandated by Congress.In other words, the FHA has just $3.6 billion in reserves to back up a $679 billion book. That’s into the Fannie Mae stratosphere of leverage insanity, worse than anyone expected, and way, way beyond the Wall Street risk taking our government has so publicly vilified. Of course, a huge portion of these loans are easy-money, 3.5%-down mortgages designed to replace the subprime market and keep housing afloat during the last few years… and we’ve chronicled before their alarming rates of delinquency. The FHA’s auditors said that under adverse housing conditions, the administration could be out of money by 2011 and require a $1.6 billion injection. only off the actual reserves by about fivefold.
Monday, November 16, 2009
Obama Admin Slashed 60,000 Jobs From Recent Stimulus Report
http://abcnews.go.com/Business/abc-news-exclusive-obama-administration-slashed-60000-jobs/story?id=9095621
The Obama administration, under fire for inflating job growth from the $787 billion stimulus plan, slashed over 60,000 jobs from its most recent report on the program because the reporting outlets had submitted "unrealistic data," according to a document obtained by ABC News.
Opps.
The Obama administration, under fire for inflating job growth from the $787 billion stimulus plan, slashed over 60,000 jobs from its most recent report on the program because the reporting outlets had submitted "unrealistic data," according to a document obtained by ABC News.
Opps.
UK Health and Safety Snoops to Enter Family Homes
http://www.timesonline.co.uk/tol/news/uk/article6917328.ece
Health and safety inspectors are to be given unprecedented access to family homes to ensure that parents are protecting their children from household accidents.
New guidance drawn up at the request of the Department of Health urges councils and other public sector bodies to “collect data” on properties where children are thought to be at “greatest risk of unintentional injury”.
About 100,000 children are admitted to hospital each year for home injuries at a cost of £146m.
And in the last line we see why this is happening. Government run healthcare does not want to pay.
Health and safety inspectors are to be given unprecedented access to family homes to ensure that parents are protecting their children from household accidents.
New guidance drawn up at the request of the Department of Health urges councils and other public sector bodies to “collect data” on properties where children are thought to be at “greatest risk of unintentional injury”.
About 100,000 children are admitted to hospital each year for home injuries at a cost of £146m.
And in the last line we see why this is happening. Government run healthcare does not want to pay.
Sunday, November 8, 2009
House Narrowly Passes Landmark Health Care Bill
http://apnews.myway.com/article/20091108/D9BR59EO0.html
The bill was estimated to reduce federal deficits by about $104 billion over a decade, although it lacked two of the key cost-cutting provisions under consideration in the Senate, and its longer-term impact on government red ink was far from clear.
But abortion foes won far stronger restrictions that would rule out abortion coverage except in those three categories in any government-sold plan. It would also ban abortion coverage in any private plan purchased by consumers receiving federal subsidies.
The bill was estimated to reduce federal deficits by about $104 billion over a decade, although it lacked two of the key cost-cutting provisions under consideration in the Senate, and its longer-term impact on government red ink was far from clear.
But abortion foes won far stronger restrictions that would rule out abortion coverage except in those three categories in any government-sold plan. It would also ban abortion coverage in any private plan purchased by consumers receiving federal subsidies.
Saturday, November 7, 2009
China Brands US ‘Protectionist’
http://www.ft.com/cms/s/0/6b6956e6-cb01-11de-97e0-00144feabdc0.html
China on Friday accused the US of protectionist and biased trade policies less than a week before president Barack Obama’s first visit to Beijing.
In a stinging rebuke to Washington, China’s commerce ministry promised to take measures to protect its domestic industry after the US slapped anti-dumping duties on $2.6bn of Chinese steel pipe imports. The duties are part of a growing roster of trade conflicts between the two countries, despite a high-level meeting last week in China aimed at reducing tensions.
It would be wise to not piss off those that hold so much of our debt. They could bring us to our knees if they decided to cash out.
China on Friday accused the US of protectionist and biased trade policies less than a week before president Barack Obama’s first visit to Beijing.
In a stinging rebuke to Washington, China’s commerce ministry promised to take measures to protect its domestic industry after the US slapped anti-dumping duties on $2.6bn of Chinese steel pipe imports. The duties are part of a growing roster of trade conflicts between the two countries, despite a high-level meeting last week in China aimed at reducing tensions.
It would be wise to not piss off those that hold so much of our debt. They could bring us to our knees if they decided to cash out.
Report: 237 Millionaires in Congress
http://www.politico.com/news/stories/1109/29235.html
As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress.
Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.
As Washington reels from the news of 10.2 percent unemployment, the Center for Responsive Politics is out with a new report describing the wealth of members of Congress.
Among the highlights: Two-hundred-and-thirty-seven members of Congress are millionaires. That’s 44 percent of the body – compared to about 1 percent of Americans overall.
Obama Gives Shout Out to 'Congressional Medal of Honor Winner' Who Isn't
http://newsbusters.org/blogs/mike-bates/2009/11/06/obama-gives-shout-out-congressional-medal-honor-winner-who-isnt
Obama, often described as "cerebral" by the mainstream media, should know the difference between the Medal of Honor and the Medal of Freedom, especially since he personally awarded the latter to Crow. Don't expect his blunder to receive wide coverage. It's not something he can blame George Bush for.
Obama, often described as "cerebral" by the mainstream media, should know the difference between the Medal of Honor and the Medal of Freedom, especially since he personally awarded the latter to Crow. Don't expect his blunder to receive wide coverage. It's not something he can blame George Bush for.
Friday, November 6, 2009
Enumerated Powers Act, H.R. 2458
http://johnshadegg.house.gov/News/DocumentSingle.aspx?DocumentID=13333
http://www.govtrack.us/congress/billtext.xpd?bill=h110-1359
The Enumerated Powers Act, H.R. 2458, requires that all bills introduced in the U.S. Congress include a statement setting forth the specific constitutional authority under which the law is being enacted. This measure will force a continual re-examination of the role of the national government, and will fundamentally alter the ever-expanding reach of the federal government.
Respecting the Tenth Amendment, which reserves all powers not granted to the national government to the states, or the people, will ensure that the Constitution continues to truly guide our nation.
http://www.govtrack.us/congress/billtext.xpd?bill=h110-1359
The Enumerated Powers Act, H.R. 2458, requires that all bills introduced in the U.S. Congress include a statement setting forth the specific constitutional authority under which the law is being enacted. This measure will force a continual re-examination of the role of the national government, and will fundamentally alter the ever-expanding reach of the federal government.
Respecting the Tenth Amendment, which reserves all powers not granted to the national government to the states, or the people, will ensure that the Constitution continues to truly guide our nation.
Many California Jobs "Saved' by Stimulus Funds Weren't in Jeopardy
http://www.sacbee.com/topstories/story/2309303.html
Up to one-fourth of the 110,000 jobs reported as saved by federal stimulus money in California probably never were in danger.
Up to one-fourth of the 110,000 jobs reported as saved by federal stimulus money in California probably never were in danger.
Obama's Frightening Insensitivity Following Shooting
http://www.nbcchicago.com/news/politics/A-Disconnected-President.html
President Obama didn't wait long after Tuesday's devastating elections to give critics another reason to question his leadership, but this time the subject matter was more grim than a pair of governorships.
After news broke out of the shooting at the Fort Hood Army post in Texas, the nation watched in horror as the toll of dead and injured climbed. The White House was notified immediately and by late afternoon, word went out that the president would speak about the incident prior to a previously scheduled appearance. At about 5 p.m., cable stations went to the president. The situation called for not only his trademark eloquence, but also grace and perspective.
But instead of a somber chief executive offering reassuring words and expressions of sympathy and compassion, viewers saw a wildly disconnected and inappropriately light president making introductory remarks. At the event, a Tribal Nations Conference hosted by the Department of Interior's Bureau of Indian affairs, the president thanked various staffers and offered a "shout-out" to "Dr. Joe Medicine Crow -- that Congressional Medal of Honor winner." Three minutes in, the president spoke about the shooting, in measured and appropriate terms. Who is advising him?
President Obama didn't wait long after Tuesday's devastating elections to give critics another reason to question his leadership, but this time the subject matter was more grim than a pair of governorships.
After news broke out of the shooting at the Fort Hood Army post in Texas, the nation watched in horror as the toll of dead and injured climbed. The White House was notified immediately and by late afternoon, word went out that the president would speak about the incident prior to a previously scheduled appearance. At about 5 p.m., cable stations went to the president. The situation called for not only his trademark eloquence, but also grace and perspective.
But instead of a somber chief executive offering reassuring words and expressions of sympathy and compassion, viewers saw a wildly disconnected and inappropriately light president making introductory remarks. At the event, a Tribal Nations Conference hosted by the Department of Interior's Bureau of Indian affairs, the president thanked various staffers and offered a "shout-out" to "Dr. Joe Medicine Crow -- that Congressional Medal of Honor winner." Three minutes in, the president spoke about the shooting, in measured and appropriate terms. Who is advising him?
Pelosi Breaks Pledge to Put Final Health Care Bill Online for 72 Hours Before Vote
http://www.weeklystandard.com/weblogs/TWSFP/2009/11/pelosi_breaks_pledge_to_put_he.asp
On September 24, Speaker Nancy Pelosi told THE WEEKLY STANDARD that she was "absolutely" committed to putting the text of the final House bill online for 72 hours before the House votes:
TWS: Madam Speaker, do you support the measure to put the final House bill online for 72 hours before it's voted on at the very end?
PELOSI: Absolutely. Without question.
But tonight, when asked if Speaker Pelosi will leave the bill online for 72 hours after we see what's in the rule, Pelosi spokesman Brendan Daly replied in an email: "No; [the] pledge was to have manager’s amendment online for 72 hours, and we will do that."
On September 24, Speaker Nancy Pelosi told THE WEEKLY STANDARD that she was "absolutely" committed to putting the text of the final House bill online for 72 hours before the House votes:
TWS: Madam Speaker, do you support the measure to put the final House bill online for 72 hours before it's voted on at the very end?
PELOSI: Absolutely. Without question.
But tonight, when asked if Speaker Pelosi will leave the bill online for 72 hours after we see what's in the rule, Pelosi spokesman Brendan Daly replied in an email: "No; [the] pledge was to have manager’s amendment online for 72 hours, and we will do that."
U.S. Unemployment Rate Hits 10.2 %
http://finance.yahoo.com/news/US-jobless-rate-climbs-to-102-rb-2509177040.html?x=0&.v=9
The U.S. unemployment rate unexpectedly jumped to 10.2 percent in October, breaching the politically sensitive double-digit barrier for the first time in 26-1/2 years, even though the pace of job losses slowed.
A Labor Department report showed on Friday that employers cut 190,000 jobs last month, more than the 175,000 markets had expected. Economists had looked for the jobless rate to rise to only 9.9 percent from 9.8 percent the prior month.
The U.S. unemployment rate unexpectedly jumped to 10.2 percent in October, breaching the politically sensitive double-digit barrier for the first time in 26-1/2 years, even though the pace of job losses slowed.
A Labor Department report showed on Friday that employers cut 190,000 jobs last month, more than the 175,000 markets had expected. Economists had looked for the jobless rate to rise to only 9.9 percent from 9.8 percent the prior month.
Thursday, November 5, 2009
Health Plan Will Require a Monthly Abortion Premium
http://republicanleader.house.gov/blog/?p=666
On line 17, p. 110, section 222 under “Abortions for which Public Funding is Allowed” the Health and Human Services Secretary is given the authority to determine when abortion is allowed under the government-run plan. The Speaker’s plan also requires that at least one insurance plan offered in the Exchange covers abortions.
What is even more alarming is that a monthly abortion premium will be charged of all enrollees in the government-run plan. It’s right there on line 16, page 96, section 213, under “Insurance Rating Rules.” The premium will be paid into a U.S. Treasury account - and these federal funds will be used to pay for the abortion services.
On line 17, p. 110, section 222 under “Abortions for which Public Funding is Allowed” the Health and Human Services Secretary is given the authority to determine when abortion is allowed under the government-run plan. The Speaker’s plan also requires that at least one insurance plan offered in the Exchange covers abortions.
What is even more alarming is that a monthly abortion premium will be charged of all enrollees in the government-run plan. It’s right there on line 16, page 96, section 213, under “Insurance Rating Rules.” The premium will be paid into a U.S. Treasury account - and these federal funds will be used to pay for the abortion services.
Democrats' Plan to Help 'Uninsurables' Requires 6-Month Wait
http://www.foxnews.com/politics/2009/11/05/democrats-plan-help-uninsurables-questioned/
Under the health care bills in Congress, you could apply for coverage through a new high-risk pool that President Barack Obama promises would immediately start serving patients with pre-existing medical problems.
Wait a second. Read the fine print. You may have to be uninsured for six months to qualify.
Waiting lines, what waiting lines? There won't be any waiting in a government run healthcare plan.
Under the health care bills in Congress, you could apply for coverage through a new high-risk pool that President Barack Obama promises would immediately start serving patients with pre-existing medical problems.
Wait a second. Read the fine print. You may have to be uninsured for six months to qualify.
Waiting lines, what waiting lines? There won't be any waiting in a government run healthcare plan.
Obama to Shut Down Yucca Mountain
http://www.foxnews.com/politics/2009/11/04/tracking-taxes-high-price-nuclear-waste/?test=latestnews
After 30 years, five presidents and $13 billion dollars, the Obama administration is pulling the plug on Yucca Mountain, the federal government's proposed storage facility for America's nuclear waste.
For a candidate who said he wanted to get politics out of science, critics find the president's decision hypocritical and shortsighted, at a time when nuclear energy is making a comeback.
This is what comes of programs that the government runs. Years of wasted money only to be shut down. Obviously, increasing relance of nuclear power is now no longer a viable option, which is probably how Obama wants it.
After 30 years, five presidents and $13 billion dollars, the Obama administration is pulling the plug on Yucca Mountain, the federal government's proposed storage facility for America's nuclear waste.
For a candidate who said he wanted to get politics out of science, critics find the president's decision hypocritical and shortsighted, at a time when nuclear energy is making a comeback.
This is what comes of programs that the government runs. Years of wasted money only to be shut down. Obviously, increasing relance of nuclear power is now no longer a viable option, which is probably how Obama wants it.
Wednesday, November 4, 2009
ELEMENTARY EPIDEMIC: 11 Uncovered Videos Show School Children Performing Praises to Obama
http://bighollywood.breitbart.com/jjmnolte/2009/11/04/elementary-epidemic-11-uncovered-videos-show-school-children-performing-praises-to-obama/
This is about brainwashing our children into Leftist identity politics. Sure, the schools can argue that they had some kind of parental permission — which, if true, is somehow even more disturbing — but who even considers doing something like this with young minds? That’s a rhetorical question.
This is about brainwashing our children into Leftist identity politics. Sure, the schools can argue that they had some kind of parental permission — which, if true, is somehow even more disturbing — but who even considers doing something like this with young minds? That’s a rhetorical question.
Tuesday, November 3, 2009
New Evidence that Charter Schools Help Even Kids in Other Schools
http://online.wsj.com/article/SB10001424052748703574604574499592392782438.html
Stanford economist Caroline Hoxby recently found that poor urban children who attend a charter school from kindergarten through 8th grade can close the learning gap with affluent suburban kids by 86% in reading and 66% in math.
Stanford economist Caroline Hoxby recently found that poor urban children who attend a charter school from kindergarten through 8th grade can close the learning gap with affluent suburban kids by 86% in reading and 66% in math.
Half of US Kids Will Get Food Stamps, Study Says
http://www.breitbart.com/article.php?id=D9BNKH3O1&show_article=1
Where the hell are the parents? It's your responsibility. Don't give up and let the government do it. You should be ashamed!
Where the hell are the parents? It's your responsibility. Don't give up and let the government do it. You should be ashamed!
Proposed Law Would Require Pay for Sick Workers
http://www.reuters.com/article/healthNews/idUSTRE59J58H20091103
They are private companies. If they don't want you to work because you are sick, then that's their prerogative.
They are private companies. If they don't want you to work because you are sick, then that's their prerogative.
After Flurry of Stimulus Spending, Questionable Projects Pile Up...
http://www.washingtonexaminer.com/politics/After-a-flurry-of-stimulus-spending_-questionable-projects-pile-up-8474249-68709732.html
$300,000 for a GPS-equipped helicopter to hunt for radioactive rabbit droppings at the Hanford nuclear reservation in Washington state.
HA!
$300,000 for a GPS-equipped helicopter to hunt for radioactive rabbit droppings at the Hanford nuclear reservation in Washington state.
HA!
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