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World leaders continued meeting today to explore what might amount to drastic solutions to stem the
fallout from the worst global financial crisis in decades, CNNMoney reports. European Union
officials are gathering in Paris at an emergency meeting in an effort to outline immediate steps to
help breathe life into battered world economies. pa
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World leaders continued meeting Sunday to explore what might amount to drastic solutions to stem
the fallout from the worst global financial crisis in decades. pa
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PARIS (Reuters) - Leaders of euro zone countries hold an emergency meeting in Paris on Sunday
hoping to agree on specific, pan-European measures to prevent market panic from triggering the most
severe global downturn in decades. pa
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When I was in college Prince used to sing “we are going to party like it´s
1999“. That´s what the markets are singing now. The problem is that 1999 was
almost a decade ago. But the value of stocks now is the value of stocks in 1999. If you had kept
a 1999 newspaper it would do now. The world however has grown around 40% since then. World GDP
that is. So what are the markets saying? That we are going to shrink to the levels of 1999? I
don´t think so.
I think we will have a bad recession, negative growth, a rise in unemployment. But I don´t
think we are going back to 1999. That´s why I started buying stocks last week. And I am
down 21% on around 20% of my portfolio, the rest is still in cash. What did I buy? Not C and BAC,
I sold banks and those account for most of my loss now. I was shocked to see that Citigroup and
Bank of America shares collapsed after the bailout. Banks may turn around but buying them is for
government watchers. They are the epicenter of this hurricane and so subject to the whim of some
ex GS employees that traditional business logic does not apply to them. Why did Lehman go under
and Bear Stearns was helped? I think what Paulson is doing has no logic and I was wrong in
thinking that I could understand him or the markets as they relate to government intervention.
Instead last week I bought utilities, huge pharmaceutical companies like Merck or Lilly, and
Dell, Microsoft, Apple, Nokia and some other very large tech stocks. And if this week they go
down another 10%, I will buy more. My rule now is that for every 10% stocks go down I put another
10% of my portfolio in top stocks. And my objective is to keep those stocks for my 4 children.
Looking back a month ago when I started buying some stocks of course I wish that I had resisted
my instinct for hunting for bargains and waited. I would be 21% better off today. Still I am sure
that we are now or in the next months in the buying opportunity of their generation. And then we
can party, buying in 2008 at prices of 1999.
http://www.ipost.com- iPost uses the leading edge to help you today. As email marketing has
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Four decades after its short run concluded in controversy, Patrick McGoohan's brilliant
sci-fi miniseries The Prisoner remains one of television's most influential shows. But
its speculative tentacles reach deeper, inspiring user-generated music videos as well as songs
from superstars.
My favorite clip so far comes from DRFaustusAU, who has recombined Patrick's McGoohan mad
intensity with The Rolling Stones' mellow single "2000 Light Years From Home," from
the band's 1967 psychedelic smash Their Satanic Majesties Request. It's a fitting match:
According to legend, Jagger wrote the tune while in a Brixton prison on drug charges.
Of course, The Prisoner's
musical shadow stretches further into pop culture. The criminally underrated McGoohan, who
created the series and wrote or directed many of its finest episodes, ironically sampled The
Beatles' "All You Need Love" for the show's explosive finale. Artists as different as Iron
Maiden, Supergrass, Roy Harper, The Clash, Michael Penn, XTC, Dhani Harrison and more have riffed
directly or indirectly off of The Prisoner. That also includes Wagon Christ aka Luke
Vibert, whose homage inspired the second coolest user-generated
Prisoner video online.
And that's just music: Its influence on television, film, comics and gaming has yet to
be fully measured. It probably will once the new iteration of The Prisoner, in production in Namibia as you read, drops in 2009. It
stars both Jesus (James Caveziel) and Gandalf (Ian McKellen), so you'll hear it coming.
While we wait, we might as well create some more mashed soundtracking in its honor. I'm going to
mash Autolux's "Angry Candy" with Prisoner footage, as the lyrics and urgent riffage
just match the show too
well. Got musical suggestions of your own? Post a comment. Be seeing you!
Today is October 11, 2008. I just updated from Leopard 10.5.3 to
10.5.4
[Although I have seen Mac experts refer to it as v**d** I, nonetheless, REPAIRED PERMISSIONS after
backing up my machine with 2 different software packages --> restarted --> restarted into
safe mode --> shutdown --> unplugged ALL peripherals --> restarted --> shutdown my
firewall --> shutdown my antivirus --> installed the combo 10.5.4 update
--> restarted --> restarted --> repaired permissions --> restarted into safe mode
--> restarted --> shutdown --> plugged ALL my peripherals back in --> restarted]
I am, however, generally dismayed at how, every time Leopard updates are released, significant
numbers of users who apply the Leopard update end up with serious problems. ...although I tend to
prefer it over using my XP machines, I am not aware of significant numbers of, say, XP users
experiencing such serious issues SOLELY as a result of updating XP.
Just as I am doing now, with my Mac, I have, for years, searched forums, etcetera, for user
experiences with operating system updates BEFORE applying updates to my Windows 95, 98, 2000, XP
machine(s). I have never, in at least a couple decades, or so, of Microsoft operating system use,
been able to virtually guarantee that I would find, in user forums, account after account of users
whose machines have broken after an update the way I can with Leopard.
And, in my own opinion, what is, possibly, worse is the fact that Apple users, predominantly, seem
to try to find some way to dismiss the issue; at least with Leopard they do. I have literally read
posts where a Mac owner was complaining about a Leopard update thoroughly incapacitating his/her
machine, yet, by the end of the post, the very same user, who still had a machine broken by the
Leopard update, was writing how great some upcoming Apple OS release was going to be and how he/she
could not wait. Now remember, this is the same person with a machine, presumptively, trashed SOLELY
as a result of a Leopard update.
If I did not know better I would call Apple a *ul*.
Anyway, just take these wonderful macintouch.com reader reports and DO THE MATH.
The percentage of users with significant usability problems after a Leopard update make up, I
believe you will find, the greatest majority of these reader reports. And, even more disturbing to
me, the majority of people who make macintouch.com reader reports about serious Leopard update
related issues seem to be more experienced and knowledgeable users.
Also striking, to me, is the fact that, in the XP world, users with a similar level of knowledge
and experience usually appear to resolve most issues themselves, or find a resolution on the forums
or at micro****'s support pages. However, with Leopard the vast majority of users, by my account,
end their posts with statements along the lines of "...hope this gets fixed in the next
update."
Now maybe all the previous Apple operating systems were different just like I believe all the
previous micro**** operating systems, before **sta, which I do not want to touch with the
proverbial 10 foot pole, were different, but, after I DO THE MATH, I can not escape coming to a
conclusion very similar to Robert Rydberg's.
"This is the 3rd update for Leopard, just a month after 10.5.3. That one broke a number of Macs,
judging from the 'Net traffic on it. 10.5.4 seems to be headed in the same direction.
Leopard has been the worst OS release I have seen in 25 years. Did Apple hire whoever ran Vista at
Microsoft? [...]"
Looks like Robert Rydberg has payed attention to the math by calculating the "Net traffic on it"
and the math does not lie. Not usually at least. Nice going Robert.
Anyway, my own personal feeling is that no company that has gotten as far as Apple or Micro****
could possibly be full of dumb software engineers that, after years of building software that did
not break on 6.8 out of 10 updates, suddenly can not manage such a track record. Personally, I
believe they know exactly what they are doing and, further, that is how a company with a meager 5%
of the market, or so, makes record profits, besides hiring "experts in the psychology of *ul*
creation" maybe and a pricing structure that dwarfs Olympus Mons.
Almost everything used to be made better and made without an emphasis on "planned obsolescence";
cars, refrigerators, dryers, you name it. ...and computer operating systems.
I guess there is no money in quality and reliability anymore.
That is mostly why I wait, on average, 2.75 months before doing a Leopard OS update, or even an XP
update. Watch early adopters break their systems and, then, hopefully, not make the same
mistake(s).
Again, just DO THE MATH.
The percentage of users with significant usability problems after a Leopard update make up, I
believe you will find, the greatest majority of these macintouch reader reports.
Well, I do not see any compelling reason why I "can't wait to do the 10.5.5
update" A MONTH OR TWO FROM NOW.
Do you?
I suppose Adam has updated by now, though. {I checked
http://www.macintouch.com/readerreports/leopard/topic4805.html#d08oct2008 . Looks like he did and,
just as I would have predicted, is having more problems with the second consecutive update in a
row.}
I also suppose that nobody, if any, is ever going to read this post because they have also updated
to 10.5.5 by now.
Wait. I will go over to mac****** forums and post it. They will read it. They will read
anything. I think.
Rishi Patel had an epiphany when he saw "Toy Story" more than a decade ago. The Smyrna,
Ga., resident has long been interested in merging science and art -- he graduated with a physics
degree from the University of Georgia and enjoyed making clay models as a child -- and the Pixar
movie drove the point home. "When I saw that, I really saw the potential for 3-D," he said. Now a
designer at IBM, Patel headed a 12-member team that recently finished an ambitious two-year
project: a virtual recreation of China's Forbidden City that opened to the public Oct. 10.
WASHINGTON/ COLOMBEY-LES-DEUX-EGLISES, France (Reuters) - The IMF warned on Saturday that the
global financial system was on the brink of meltdown, while France and Germany pushed ahead with a
pan-European crisis response to try to prevent the worst global downturn in decades. pa
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http://alternativefuelstips.comWhy is alternative energy good for our environment? Alternative
energy belongs to a clean energy that gives little to none of the dangerous emissions that come
from other energy sources like burning coal or wood. One of the most frequently asked questions
from a consumer just learning about alternative energy benefits would be, “Why is
alternative energy good for people?” ?Then the answer would be,” Alternative energy
may be the only way to create energy in the near future”. There are fossil Fuels such as
coal or natural gas, which have limitations to what is already reachable. How much we can process
from deep within the Earth plays a big role in how long these fossil fuels will be consumed by
people. In the next decades to come we may need to use alternative energy if we run out of fossil
fuels.http://alternativefuelstips.com
pFiled under: a href="http://www.autoblog.com/category/sports/" rel="tag"Sports/GTs/a, a
href="http://www.autoblog.com/category/misc-auto-shows/" rel="tag"Misc. Auto Shows/a, a
href="http://www.autoblog.com/category/holden/" rel="tag"Holden/a, a
href="http://www.autoblog.com/category/australia/" rel="tag"Australia/a/pp align="center"a
href="http://www.autoblog.com/photos/elfin-type-5-clubman-1/1092180/"img vspace="4" hspace="4"
border="1" src="http://www.blogcdn.com/www.autoblog.com/media/2008/10/elfintype5_web.jpg" alt=""
//astrongemsmallbr /Click above for high-res gallery of the Elfin Type 5 Clubman/small/em/strong/p
pFans of the original Lotus 7 will undoubtedly be familiar with Elfin. Others who, like Lotus
itself, have come to realize that automotive development has advanced in the past few decades, may
be less so. The Australian sportscar-maker is right up there with the likes of Caterham and
Westfield, only from the land of reverse-flushing toilettes and leaf-eating marsupials. The company
is under the care of Tom Walkinshaw, a legend in the motorsports and tuning communities who has
leveraged his close ties with GM's Holden subsidiary for the vehicle you see here, called the a
href="http://www.autoblog.com/2008/07/23/elfin-releases-sketch-details-on-upcoming-type-5-roadster/"Type
5 Clubman/a. a
href="http://www.autoblog.com/2008/07/01/elfin-to-unveil-all-new-sportscar-in-august/"Replacing the
discontinued Type 3/a, the new Type 5 joins the line-up alongside the a
href="http://www.autoblog.com/2006/07/05/elfin-ms8-gets-green-light-from-aussie-authorities/"MS8
Streamliner/a and was recently unveiled at the ongoing Sydney Motor Show./p pThe new roadster
features the same 260-hp turbo four from the Pontiac Solstice GXP and Saturn Sky Redline, only in a
much lighter frame of just 750kg (about 1,650 lbs). The combination of generous power and low
weight means the Type 5 is pegged to hit 100 km/h (62mph) in a rapid 3.7 seconds while commanding a
sticker price comparable Down Under to a Nissan 350Z or Mazda RX-8, only without frivolities like a
roof or doors. /p p div class="postgallery"pstrongGallery: a
href="http://www.autoblog.com/photos/elfin-type-5-clubman-1/"Elfin Type 5 Clubman/a/strong/pa
href="http://www.autoblog.com/photos/elfin-type-5-clubman-1/1092180/"img
src="http://www.blogcdn.com/www.autoblog.com/media/2008/10/elfintype5_2_thumbnail.jpg" alt=""
title="" //aa href="http://www.autoblog.com/photos/elfin-type-5-clubman-1/1092182/"img
src="http://www.blogcdn.com/www.autoblog.com/media/2008/10/elfintype5_4_thumbnail.jpg" alt=""
title="" //aa href="http://www.autoblog.com/photos/elfin-type-5-clubman-1/1092183/"img
src="http://www.blogcdn.com/www.autoblog.com/media/2008/10/elfintype5_5_thumbnail.jpg" alt=""
title="" //aa href="http://www.autoblog.com/photos/elfin-type-5-clubman-1/1092184/"img
src="http://www.blogcdn.com/www.autoblog.com/media/2008/10/elfintype5_6_thumbnail.jpg" alt=""
title="" //aa href="http://www.autoblog.com/photos/elfin-type-5-clubman-1/1092179/"img
src="http://www.blogcdn.com/www.autoblog.com/media/2008/10/elfintype5_1_thumbnail.jpg" alt=""
title="" //a/divbr /[Source: a href="http://www.elfin.com.au/elfin/2008/type5/"Elfin/a]/ph6
style="clear: both; padding: 8px 0 0 0; height: 2px; font-size: 1px; border: 0; margin: 0; padding:
0;"/h6a href=http://www.elfin.com.au/elfin/2008/type5/Read/anbsp;|nbsp;a
href="http://www.autoblog.com/2008/10/11/australias-eflin-debuts-type-5-clubman-in-sydney/"
rel="bookmark" title="Permanent link to this entry"Permalink/anbsp;|nbsp;a
href="http://www.autoblog.com/forward/1337672/" title="Send this entry to a friend via email"Email
this/anbsp;|nbsp;a
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title="View reader comments on this entry"Comments/a pa
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Four decades after its short run concluded in controversy, Patrick McGoohan's brilliant sci-fi
miniseries The Prisoner remains one of television's most influential shows. But its speculative
tentacles reach deeper, inspiring user-generated music videos as well as songs from artists as
varied as The Rolling Stones and Wagon Christ. br/ br/ Wired.com pa
href="http://feeds.wired.com/~a/wired/index?a=Ve8Zox"img
src="http://feeds.wired.com/~a/wired/index?i=Ve8Zox" border="0"/img/a/pimg
src="http://feeds.wired.com/~r/wired/index/~4/418671816" height="1" width="1"/
At first glance, The Beatles' legend and populist Venezuelan leader may seem like they are worlds
apart. But ask them how they feel about Big Macs, and the gap narrows. Significantly.
Evidently, the former is hoping mad that images of The Beatles are being used in Liverpool-area
McDonald's to sell fast food. Meanwhile, the latter has shut down 118 of the golden arches
over tax irregularities.
"What sort of morons do McDonald's think Beatles fans are?" McCartney spokesman Geoff Baker complained to
New Musical Express on Saturday. "It's ridiculous and insulting to use images to peddle
hamburgers. Fans should boycott McDonald's -- and not just in Liverpool."
McCartney probably has the biggest beef, pardon the pun: He has been a stone-cold vegetarian for
decades. As for Chavez, he has been waging a campaign to deemphasize American business within his
geopolitical domain: He has shut down McDonald's before for failing to follow Venezuela's tax
rules, as well as Coca-Cola and Pepsi. But if you think that Chavez is trying to sever financial
ties with America, think again. Last year, trade between Venezuela and the United States grew to
$50 billion, the majority of which were oil sales to America. It seems that we need Chavez's
fossil fuels more than he needs our Big Macs.
As for Macca, McDonald's defended its promotional strategies to the NME as an attempt to
"acknowledge the outstanding contribution The Beatles made to both local and global culture." Um,
do fries go with that shakedown?
Obviously, when someone is as strong and as tough as Superman is, to see him getting punched by
someone (and having it actually be felt) is quite a sight! That’s why it’s been seen
so much on covers over the years.
An amusing thing about it, though, is that it was NOT used for the first couple of decades of
Superman’s career - I think you could make the argument that this cover theme really does
not work until Superman is COMPLETELY set as a paragon of strength and toughness - otherwise,
it’s seen as an ACTUAL sign of weakness, and not “Wow, that guy just punched
Superman! What the heck is going on in THIS comic?!? I must find out now!”
In any event, here are ten cool comic covers of Superman showing off his “oh man, I just
got punched hard” face
Enjoy!
This 60s cover is one of the first uses of the theme…
Jerry Ordway homaged it 20-odd years later…
Born on a Monday, Punched Superman on a Saturday…
Martian Manhunter? More like Martian SUPERManhunter!!
And now the rest of the League!
Not a good day for Superman!!
Obsession is supposed to love Superman! She shouldn’t punch him!
Blockhouse was probably the greatest Superman villain creation of the 1990s…
That Kandorian packed a mean punch, too!
Et tu, Bibbo?!?!
Finally, “Why are you punching yourself? Why are you punching yourself? Why are you
punching yourself? Why are you punching yourself? Why are you punching yourself? Why are you
punching yourself? Why are you punching yourself? Why are you punching yourself?”
So there you go!
Ten cool comic covers with people punching Superman!
Yep.
That’s it.
Okay, you know I couldn’t do this without a “Batman punching Superman” cover!
So here it is…
Which of these covers is your favorites?
Any other cool comic covers with Superman getting punched that you like?
This article has been published at RLSLOG.net - visit our
site for full content.
Here is episode four of season three of Fox’s Don’t Forget the Lyrics. Bought to
you by FQM. The show is pretty fun to watch if your a fan of music, with a good host as well.
Enjoy the release!
Dont Forget the Lyrics S03E04
Hosted by Wayne Brady, contestants choose songs from different genres and decades. At first, the
lyrics are displayed on a screen as the studio band plays the song, but when the music stops and
the words disappear, contestants must sing the next verse with 100% accuracy. After singing the
next words correctly, contestants can “Stay & Play” or “Take the Money
& Run.” If 9 songs are sung correctly, they are given a #1 hit to sing and one final
lyric to correctly sing for the grand prize.
This article has been published at RLSLOG.net - visit our
site for full content.
Here is a rock/metal compilation pre’d from
C4. Looks to have several big bands on it, including Nickelback, Weezer, Linkin
Park, and more. So if this seems like your thing, check it out.
Kerrang! The Album ‘08 - a 42 track compilation of the most essential and hardest rocking
tracks of 2008 - hits stores on Monday.
“Green Day, Nickelback, My Chemical Romance and Linkin Park are the biggest bands of the
decade,” states Kerrang! editor Paul Brannigan. “Kid Rock has scored the soundtrack
to the summer. Rock is back? Nope, rock never went away actually! Kerrang! has driven the rock
scene in the UK for the past 27 years and here’s our state-of-the-rockin’-nation
address for 2008. Turn it up loud and prepare to have your mind blown by the hottest bands in the
world.”
CD1
Kid Rock - All Summer Long
Nickelback - Rock Star
Weezer - Pork And Beans
Biffy Clyro - Saturday Superhouse
Good Charlotte - Keep Your Hands Off My Girl
Pendulum - Propane Nightmares
Slipknot - PsychoSocial
Enter Shikari - Sorry, You’re Not A Winner
Linkin Park - Given Up
Serj Tankian - Empty Walls
Airbourne - Runnin’ Wild
Black Tide - Warriors Of Time
Killswitch Engage - Holy Diver
Dillinger Escape Plan - Black Bubblegum
Scars On Broadway - They Say
Bullet For My Valentine - Waking The Demon
Slaves To Gravity - Mr Regulator
The Gaslight Anthem - The ‘59 Sound
The Nightmarchers - I Wanna Deadbeat You
Coheed And Cambria - Feathers
30 Seconds To Mars - The Kill
CD2
Green Day - American Idiot
My Chemical Romance - Welcome To The Black Parade
Fall Out Boy - This Ain’t A Scene, It’s An Arms Race
Elliot Minor - Parallel Worlds
Simple Plan - When I’m Gone
Panic At The Disco - Nine In The Afternoon
Alkaline Trio - Love Love Kiss Kiss
The Blackout - Spread Legs, Not Lies
Funeral For A Friend - Waterfront Danceclub
Madina Lake - House Of Cards
You Me At Six - If I Were In Your Shoes
Billy Talent - Red Flag
Fighting With Wire - Everyone Needs A Nemesis
HIM - Wings Of A Butterly
Avenged Sevenfold - Afterlife
Machine Head - Aesthetics Of Hate
Atreyu - Falling Down
Kids In Glass Houses - Give Me What I Want
Kill Hannah - Lips Like Morphine
Cancer Bats - Hail Destroyer
Gallows - Orchestra Of Wolves
Label................: warner Genre................: Rock StoreDate............: 00-00-2008 Source...............: CDDA Size.................: 250,2 MB Total Playing Time...: 159:46
Conservative and other media figures, echoing a reported strategy on the part of Republicans,
have attempted to deflect blame for the financial crisis onto proponents of the expansion of
affordable housing and legislation and institutions created to effect that expansion.
Newsweek senior editor Daniel Gross wrote in an October 7 Slate commentary:
On the Republican side of Congress, in the right-wing financial media (which is to say the
financial media), and in certain parts of the op-ed-o-sphere, there's a consensus emerging that
the whole mess should be laid at the feet of Fannie Mae and Freddie Mac, the failed mortgage
giants, and the Community Reinvestment Act, a law passed during the Carter administration. The
CRA, which was amended in the 1990s and this decade, requires banks -- which had a long,
distinguished history of not making loans to minorities -- to make more efforts
to do so.
Recent attacks have turned personal, with conservative media -- along with congressional
Republicans and Sen. John McCain -- targeting Rep. Barney Frank (D-MA) directly as a purported
culprit in the financial crisis, falsely representing his decades-long advocacy of increased
affordable housing as advocacy of lax oversight over Fannie and Freddie.
The attacks are premised on several myths and falsehoods and, in the case of CRA and attacks on
minority lending, have taken on a racial tinge.
MYTH: The 1977 Community Reinvestment Act forced lenders into irresponsible
lending
In a September 28 Boston Globe column, Jeff Jacoby asserted:
The roots of this crisis go back to the Carter administration. That was when government
officials, egged on by left-wing activists, began accusing mortgage lenders of racism and
"redlining" because urban blacks were being denied mortgages at a higher rate than suburban
whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories)
became relentless. Congress passed the Community Reinvestment Act, empowering regulators to
punish banks that failed to 'meet the credit needs' of 'low-income, minority, and distressed
neighborhoods.' Lenders responded by loosening their underwriting standards and making
increasingly shoddy loans."
Jacoby is not alone in his reference to "minority" lending. On the September 18 edition of Fox
News' Your World, host Neil Cavuto asked Rep. Xavier Becerra (D-CA), "[W]hen
you and many of your colleagues were pushing for more minority lending and more expanded lending
to folks who heretofore couldn't get mortgages, when you were pushing homeownership ... Are you
totally without culpability here?" Cavuto later said, "I'm just saying, I don't remember a
clarion call that said, 'Fannie and Freddie are a disaster. Loaning to minorities and risky folks
is a disaster.' "
But the suggestion that the financial crisis was caused by banks lending irresponsibly to comply
with the CRA is widely discredited. According to housing
experts, a large number of subprime loans were not made under the CRA, which applies only to
depository institutions. A study released earlier this year by a law firm specializing in CRA
compliance estimated that in the 15 most populous metropolitan areas, 84.3 percent of
subprime loans in 2006 were made by financial institutions not governed by the CRA. Moreover,
Janet Yellen, president and CEO of the Federal Reserve Bank of San Francisco, stated in a March
2008 speech that "studies have shown that the CRA has increased the volume
of responsible lending to low- and moderate-income households" [emphasis added].
In testimony before the House Financial Services Committee, University of Michigan law professor
Michael Barr
stated:
Despite the fact that CRA appears to have increased bank and thrift lending in low- and
moderate-income communities, such institutions are not the only ones operating in these areas. In
fact, with new and lower-cost sources of funding available from the secondary market through
securitization, and with advances in financial technology, subprime lending exploded in the late
1990s, reaching over $600 billion and 20% of all originations by 2005. More than half of subprime
loans were made by independent mortgage companies not subject to comprehensive federal
supervision; another 30 percent of such originations were made by affiliates of banks or thrifts,
which are not subject to routine examination or supervision, and the remaining 20 percent were
made by banks and thrifts. Although reasonable people can disagree about how to interpret the
evidence, my own judgment is that the worst and most widespread abuses occurred in the
institutions with the least federal oversight.
The housing crisis we face today, driven by serious problems in the subprime lending, suggests
that our system of home mortgage regulation, including CRA, is seriously deficient. We need to
fill what my friend, the late Federal Reserve Board Governor Ned Gramlich aptly termed, "the
giant hole in the supervisory safety net." Banks and thrifts are subject to comprehensive federal
regulation and supervision; their affiliates far less so; and independent mortgage companies, not
at all. Moreover, many market-based systems designed to ensure sound practices in this
sector-broker reputational risk, lender oversight of brokers, investor oversight of lenders,
rating agency oversight of securitizations, and so on -- simply did not work. Conflicts of
interest, lax regulation, and "boom times" covered up the extent of the abuses -- at least for a
while, at least for those not directly affected by abusive practices. But no more.
Others who have advanced this or similar claims include guest Jonathan
Hoenig during the September 25 edition of The Radio Factor with Bill O'Reilly, radio
host Laura Ingraham during the September 25 edition of Fox News' The O'Reilly Factor,
and a September 25 Investor's Business Daily
editorial claiming that the CRA "forced banks to make many more subprime loans."
MYTH: Excessive lending to undocumented immigrants is responsible for the financial
crisis
On the October 9 edition of CNN's Lou Dobbs Tonight, San Diego radio host Roger
Hedgecock claimed that "[w]e have a
situation where today HUD [the Department of Housing and Urban Development] was talking about 5
million illegal alien home mortgage loans that have gone bad." Radio host Joe Madison responded,
"You see, this really angers me, because I'm sitting here ... and wondering, how is it that
people who are illegal get loans when people in my community who are legal have a difficulty
getting loans, and if they do get them, they're often from predators?" Neither Hedgecock nor
Madison cited a source for the purported HUD statistic. On October 9, the Drudge Report linked to
an article on the
Phoenix radio station KFYI website under the headline,
"HUD: Five Million Fraudulent Mortgages Held by Illegals..." However, according to an October 9
Phoenix Business Journal
article posted at 3:15 pm MT (more than an hour before Lou Dobbs Tonight aired), HUD
"says there is no basis to news reports that more than 5 million bad mortgages are held by
illegal immigrants" and "a HUD spokesman said ... his agency has no data showing the number of
illegal immigrants holding foreclosed
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and reject those that you are not interested in
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lamico165
Here is a rock/metal compilation pre’d from
C4. Looks to have several big bands on it, including Nickelback, Weezer, Linkin
Park, and more. So if this seems like your thing, check it out.
