Most of the money, about $5.5 trillion, comes from the Federal Reserve, which as an independent entity does not need congressional approval to lend money to banks or, in “unusual and exigent circumstances,” to other financial institutions.
<sarcasm> Too bad no one had the economic foresight to see this coming and try to warn the authorities. </sarcasm>
The Chicago Sun Times reports:
President-elect Barack Obama’s chief of staff, Rahm Emanuel, refused to take questions from reporters this morning about whether he was the Obama “advisor” named in the criminal complaint against Gov. Rod Blagojevich.
The complaint states Blagojevich wanted a promise of a high-level appointment or some other reward for Blagojevich in exchange for Blagojevich naming Obama’s friend Valerie Jarrett to replace him in the U.S. Senate.
Confronted in the lobby of City Hall later in the day Emanuel claimed he couldn’t answer the questions, because he was there to watch his kids preform in a recital.
Asked, “Can’t you do both?” Emanuel replied, “I’m not as capable as you. I’m going to be a father. I’m allowed to be a father,” and he pushed the reporter’s digital recorder away.
It is still unclear whether or not Governor Blagojevich actually refers to Rahm Emanuel by name on the tapes. The prosecution does seem to imply he knew what was going on.
Blagojevch was caught on tape saying that he wanted the Obama advisor in question to know what Blagojevich wanted in exchange for the Jarrett appointment.
Blagojevich said, “He asks me for the fifth CD thing, I want it to be in his head.” Emanuel represents the 5th Congressional District in Illinois.
Obama insists that no one in his staff has been named in the criminal complaint against the Governor, but how could no one have known if Blagojevich is charged with requesting bribes from people with in the Obama circle in order to send Valerie Jarrett to the Senate?
Peter Schiff discussing the consequences the bailout and our history of reckless spending will have on us and our currency.
“This is the first I’ve come across UK wide internet censorship, and I’m shocked. I had no idea until now that, like China, we too have built a great firewall - only we keep quiet about ours.”, user Hahnchen said, on the noticeboard.
This is all due to the fact an album cover hosted on Wikipedia may of may not be considered child porn.
The measures applied redirect traffic for a significant portion of the UK’s Internet population through six servers which can log and filter the content that is available to the end user. A serious side-effect of this is the inability of administrators on Wikimedia sites to block vandals and other troublemakers without potentially impacting hundreds of thousands of innocent contributors who are working on the sites in good faith.
Not all ISPs in the UK have adopted the measures that call for the censorship, but it will be precedents like this that the FCC will be using to base the future of the internet on.
“One of the two Indian men arrested for illegally buying mobile phone cards used by the gunmen in the Mumbai attacks was a counterinsurgency police officer who may have been on an undercover mission, security officials said Saturday, demanding his release.”
Events in the UK are set to be required to fill out form 696. An 8 page questionnaire that, among other things, asks what racial category the audience will fit into and the addresses, names, and other personal info regarding anyone involved with the show or party.
This blatant racial profiling is being met with the protest and outrage it warrants in spite of the empty statements made by Detective Chief Superintendent Richard Martin, head of the Metropolitan police’s pubs and vice squad. He claims it will only be enforced for large concerts even though the law is clearly written to be interpreted on a much broader level.
This article from the UK’s Independent claims the law can be applied to:
“…any licensed premises where there is live entertainment…”
That’s about as broad as it gets.
“If we want to have a vibrant automobile industry we need to allow the ones that fail to go out of business, so that more competent people can come in and run those plants more efficiently and employ those workers competently making cars profitably that people want to drive.”
“Who’s going to be denied capital because the government is directing it at Ford and General Motors? Remember the government doesn’t have any money. It only has money that they take from somebody else, so we end up punishing or destroying a profitable business in order to subsidize a non-profitable business and other people lose their jobs so people in Detroit can keep their jobs.”
Over half a million jobs were lost in November. Bringing the total job loss for 2008 to almost 2 million. According to Bloomberg this isn’t even close to over.
“We don’t get the job losses stopping until 2010,” Kurt Karl, chief U.S. economist at Swiss Re in New York, said in a Bloomberg Television interview.
The article also goes on to point out the obvious to anyone paying attention that the recession began last December.
At 12 months, the recession is already the longest since the 16-month slump that ended in November 1982.
The article is full of all these neat fun facts like:
How could this have happened?
“You are seeing the impact of the lack of credit feeding through to a lot of companies, who are very fearful,” said John Silvia, chief economist at Wachovia Corp. in Charlotte, North Carolina, and a former congressional staff economist. “Personal income numbers will be awful. It is going to be a difficult winter for a lot of people.”
Too bad the banks didn’t just get trillions of dollars to play with. They’d be able to issue loans and save christmas.
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