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Fannie Mae Announces $2.3 Billion Loss

August 13, 2008 By Godfadr Leave a Comment

Last year, profits of $1.97 billion. 

This year (so far) a net loss of  $2.3 billion. 

So, how bad is it going to get? 

As mortgage guarantors, Fannie Mae and Freddie Mac pay out when individuals default on their loans – and there has been a lot of that happening lately. 

Last month the federal government approved the financial bailout should Fannie Mae need it. They will need it and the taxpayers will be hit hard. 

Although Fannie Mae is now taking steps to correct the situation it is really too late. Here are two steps they are taking to try and right the ship… 

  • Fannie Mae lowered their dividend payout by 85% 
  • Fannie Mae will stop purchasing ‘Alt-A” loans (loans where people did not have to prove their income) 

Neither will help Fannie Mae currently and in any case, it will most likely cost the taxpayers $10 – 60 billion in what is already a tough economy. 

 

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Filed Under Economy Tagged With $2.3 billion loss, Fannie Mae, Fannie Mae announces loss, Mortgage Crisis

USS York

August 13, 2008 By Godfadr Leave a Comment

Was the USS York built with scrap steel from the World Trade Center’s twin towers? The answer is yes. 

I have received this one from several Slow Bleed readers. Most of them are wondering if this is indeed real so here you go. 

The ship was commissioned March 1, 2008. Here are a few stats as well as photos. 

  • Bow stem includes seven and a half tons of steel recovered from the World Trade Center’s twin towers
  • Construction with World Trade Center steel was encouraged by Governor George Pataki of New York and Mayor Michael Bloomberg of New York City
  • Name given by then Secretary of the Navy Gordon England
  • Keel was laid on August 2004
  • 1,200 Louisiana workers stayed to keep building the ship after Hurricane Katrina hit the shipyard in August 2005
  • Ship was christened at Northrop Grumman’s Avondale shipyard on March 1, 2008
  • Motto: “Strength forged through sacrifice. Never forget.”

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Filed Under Inspirational, Pride Tagged With Ship from World Trade Center, USS York, World Trade Center

Welcome to the White House…Here is Your Bill…

August 12, 2008 By Godfadr Leave a Comment

Whichever, Obama or McCain, walks into the White House in 2009 either will face the same problem; A record US deficit. 

The estimated US deficit for 2009 is now $482 billion. 

The slowing economy, increased government spending, and not raising (proportionally) taxes all add to the mix. 

It is important to note the $482bn represents about 3% of the total output of the US economy. This is well below some of the deficits seen in the 1980’s and 1990’s (percentage wise). However, these figures do not include any bailout of Freddie Mac or Fannie May (the federal housing bill that just passed in congress). 

In either case, I suspect neither candidate elected to office is going to be immediately inclined to lower any taxes or increase any government spending – and justly so. 

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Filed Under Economy Tagged With Deficit Spending, Obama or McCain face Deficit, Politics, US Deficit, US Government Spending

Red Cross Emblem Used in Colombian Rescue? I Hope Not!

August 11, 2008 By Godfadr Leave a Comment

The Colombian rescue was incredible but it may have also severely undermined the neutrality of the Red Cross. 

The International Committee of the Red Cross has voiced grave concern over Colombia’s apparent deliberate misuse of their symbol. 

If you recall, the rescuers tricked the rebels into releasing the French-Colombian hostages by posing as international aid workers. The Columbian President Alvaro Uribe acknowledged that a Red Cross symbol was worn by a member of the military taking part in the July 2 rescue. 

Mr. Uribe says it was an “error made by a nervous soldier.” 

Not to take anything away from the rescue, but if they intentionally used the Red Cross symbol for a military action it will certainly jeopardize the lives of legitimate peacekeepers moving forward. 

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Filed Under Culture, Pride Tagged With Colombian Hostage rescue, Columbian Hostage Rescue, Red Cross, Red Cross Symbol misused

Obama vs. McCain: Where do They Stand on Key Issues?

August 7, 2008 By Godfadr 7 Comments

Still trying to get past all the crud regarding who has the larger flag on their plane or the latest “celebrity” videos and get to the real issues? Here are some cliff notes you can share with friends that may help you decide on the best choice for your vote… 

The Economy 

McCain – Would cut taxes on middle-class families by abolishing the Alternative Minimum Tax. Wants to decrease government spending. Wants to reform Social Security. 

Obama – Wants to help middle-class struggling with rising cost but stagnant pay. Wants to reform healthcare and education. Wants to renegotiate free trade agreements.

War in Iraq

McCain – Voted for the 2003 invasion. Believes we should remain in Iraq. Says withdrawal could trigger genocide in the region.

Obama – Opposed the war in Iraq from the beginning. Wants phased removel of troops. Says there is “no military solution” in Iraq.

 

Iran

McCain – Would try to escalate economic sanctions. Won’t rule out military solution if necessary to prevent a nuclear-armed Iran.  

Obama – Would meet with Iranian leaders without preconditions. He says they may change behavior if they were given incentives. 

National Security

McCain – Has been a leading voice in efforts to prevent the CIA from resorting to “cruel, inhumane, or degrading treatment of prisoners.” 

Obama – He has criticized the Patriot Act, but voted to re-authorize it in 2006. 

Illegal Immigration 

McCain – Co-Sponsor of bill, which offered amnesty to illegal immigrants as well as tougher border controls. Says undocumented workers already in US should be given citizenship. 

Obama – Wants US-Mexico border to be better policed and impose stiffer penalties for employers that hire illegal immigrants. Believes that allowing illegal immigrants to gain citizenship is not amnesty if they pay a fine. 

Abortion Rights

McCain – Says that the 1973 Supreme Court ruling (Roe v Wade) should be overturned. Would appoint sympathetic new judges and aid state efforts to boost adoption. 

Obama – Says he trusts women to make their own choices in conjunction with their doctors or clergy. 

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Filed Under Culture, Economy, Pride Tagged With Abortion Rights, Candidates Key Issues, McCain, National Security, Obama, Obama and McCain, Politics, War in Iraq

Nope, Not a Quote from President Lincoln…

August 7, 2008 By Godfadr Leave a Comment

The following quote is often attributed to President Lincoln but was, in actuality, from William H. Beotchker, 1916….

During this political season lets be reminded of  these wise words.

You cannot help the poor by destroying the rich.  

You cannot strengthen the weak by weakening the strong. 

You cannot bring about prosperity by discouraging thrift. 

You cannot lift the wage earner up by pulling the wage payer down. 

You cannot further the brotherhood of man by inciting class hatred. 

You cannot build character and courage by taking away men’s initiative and independence. 

You cannot help men permanently by doing for them, what they could and should do for themselves.

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Filed Under Culture, Inspirational Tagged With Cannot quote, famous quotes, Not a Lincoln Quote, Politics, William Beotchker quote, You cannot help the poor by destroying the rich

Paris Hilton and John McCain’s “Celebrity” Ads.

August 6, 2008 By Godfadr 3 Comments

John McCain ran his now famous “Celebrity” ad against Obama (which the jury is still out on whether it helped or hurt Obama). Now, Paris Hilton, featured in McCain’s ad returns the favor. *Special Note: the videos may take a minute to load – getting a lot of views.

First, this is the original McCain advertisement…

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Filed Under Culture, Humor Tagged With John McCain and Paris Hilton ad, John McCain Celebrity ad, McCain Campaign, McCain commercial, McCain compares Obama to Britney, Obama advertisement, Obama commercial, Obama responds with Paris Hilton, Paris Hilton, Politics
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