291-127, with all the Bush Dogs, and in fact all the Democrats, supporting it.
It will make mortgages harder to get, which will depress the housing market, but the loans in question are those that never should have been made in the first place.
Author: Matthew G. Saroff
Army Beats Air Force on Joint Combat Aircraft (JCA) Program
This was a relatively small (1/2 the size of a C-130) cargo aircraft, with the C-27J Spartan winning the competition.
The conflict was that TheHill.com – Army poised to win fight over cargo aircraft
They got it because the USAF is cutting everything in an effort to get more bling like F-22s and C-17s.
The Army and Air Force National Guard are slated to fly the C-27J, the aircraft selected for the JCA program.
Had the Army lost responsibility for the program, more Air National Guard units would have flown the C-27J in support of homeland defense missions. But Army supporters argued that the Air Force did not have the necessary staffing or processes in place to take over the program in a timely manner. Had that takeover occurred, the Army argued, it could have wound up delaying the program by at least a year.
And then there is the US Army experience with what happens when the USAF takes over small STOL cargo aircraft. They have restrictions that greatly reduce the utility of the aircraft to the ground troops.
Being Forced to Price Radioactive Toxic Waste at Market Values
Sometimes, someone writes something that captures the totality of a situation in just a few words. In this case, it is my favorite bear, Nouriel Roubini on FASB 157, which, as I’ve mentioned before, requires more stringent evaluations of exotic financial instruments.
It really is forcing people to price assets that they thought had value, but are now viewed with the enthusiasm of a radioactive toxic waste sandwich.
Sounds like a job for Troma Films.
Judge U.S. Can Use Asset Forfeiture on Ken Lay’s Estate
Since he died while appealing, he is technically, though clearly not morally, innocent of any criminal offense, a judge has said that he can go after his assets in a civil proceeding where the standard of proof is far lower.
As a matter of principle, I am opposed to taking a second bite at the apple this way, but nonetheless, I do feel a bit of glee at this.
So Cal Home Prices Drop 20 2005 Levels
Additionally, home sales are at a 20 year low. Of interest is the reports of some “bargain hunters” returning to the market.
When one looks at crashes, whether real-estate, or other assets, I think that this qualifies as a whistling in the dark.
We’ll have some more of that, and at least one dead cat bounce* before this is over.
*It refers to a short term spike in values during a bear market. It comes from the expression that “even a dead cat will bounce if it falls from a great height”.
Sensitive Guantanamo Bay Day to Day Gulag Manual Leaked
The 238+ page document, “Camp Delta Standard Operating Procedures”, dated March 2003, was leaked and the whole document (pdf) is now at available at wikileaks.org.
Among the revelations:
- Detainees prohibited access (or possibly concealed, it is unclear) to the Red Cross in violation of US treaty obligations, and the word of George W. Bush and senior members of his cabinet.
- Control of the availability toilet paper as a disciplinary tool. (WTF????)
- Routine use of dogs in the compound soley for the purpose of intimidation.
Nice gulag you have there, Bushie.
Giuliani Has Been Fox’s Bitch for Over a Decade
And I’m not referring to the former President of Mexico. I am referring to Rupert Murdoch’s broadcast and cable empire.
It’s a story of payback to political friends, lawbreaking with the management of the New York cable system, and lucrative cable consulting gigs for Giuliani after he left office.
It’s why Fox is playing touch on his use of their debate footage, and that Fox has been so supportive of him, even when compared to other Republican candidates.
Ron Paul Already Has More than $8 Million Raised this Quarter
My congratulations to him and his campaign.
His goal is $12million for the quarter, and he is 2/3 of the way there at the halfway mark.
I’m still not voting for him though.
Merrill Chose Different CEO After Candidate Demands Full Accounting
Un-dirtyword-bleievable.
Merrill Lunch had a new CEO selected, but they chose someone else because he wanted a full accounting of the subprime losses.
This says something about the general level of ethics in US financial markets, and it is not good.
Maryland State House Ways and Means Committee Passes Slots Referendum to the Floor
It’s almost certain to get the votes to go on the ballot now.
Personally, I’m voting against it. I don’t approve of “Sin” taxes. It creates the meme that only bad people pay taxes. Everyone should pay taxes.
Who Lent Harry Reid Some Balls?
It looks like Harry Reid will keep the Senate in session over the weekend to force a vote on the Iraq withdrawal plan.
Good for him. To paraphrase Rob Reiner’s mom, “I’ll have what he’s having.”
State Dept Backs Backtracks on Forced Assignments
They are now claiming that they have found enough volunteers.
Yeah, right.
[img]http://img144.imageshack.us/img144/3149/604nilees6.jpg[/img]
Barry Bonds Indicted
My comment on this entire affair is the following:
Whether one wants to consider his home run record real or not is up to them, but with, or without steroids, Bonds deserves to be in the hall of fame.
I have no clue as to whether race plays into this, but the fact that he never kissed sports writer butt appears to have made the coverage far more hostile than, for example the big wet kiss that the press continues to give Mark McGuire, and no one ever talked about an asterisk with him.
Report: FISA Bill Does Not Contain Telco Immunity
This is very good news, if true. Here is the report:
Here’s a bit more detail on what happened on the Judiciary Committee today. Sources say Senator Russ Feingold offered an amendment that would have stripped telecom immunity from the bill, but it was defeated. Then Senator Arlen Specter, the ranking GOPer on the committee, offered a “compromise” amendment saying that in these lawsuits the Federal government, and not the telecoms, would be the defendants.
But because of a procedural difficulty Specter’s amendment wasn’t voted on — and Senator Patrick Leahy, the chair of the committee, essentially went around Specter’s amendment and moved to have a vote to report the bill out of committee without any telecom immunity in it. That passed along strictly party lines. And that’s where we are.
The interesting thing is that this is a fight that Bush can’t win, if the Dems show some backbone.
If nothing passes, we are back to the old FISA bill. If he vetos over this, he has to explain why.
Housing Contageon Infects Commercial Real Estate
The decrease in commercial/multifamily lending activity during the third quarter was driven by decreases in originations for most property types. When compared to the third quarter of 2006, the overall decrease included a 31 percent decrease in loans for office properties, a 20 percent decrease in loans for retail properties, an 18 percent decrease in loans for hotel properties, an 8 percent decrease in loans for industrial properties, as well as a 149 percent increase in loans for health care properties and a 14 percent increase in loans for multifamily properties.
So the things that increased were our tremendously inefficient health care system, and apartments for people who are no longer buying homes.
Brkk: Dems Work to Foil White House Recess Ploys, Again
Remember when I wrote that Harry Reid had decided to keep the senate in pro forma session to prevent recess appointments?
He backed off after cutting a deal with Bush, but it now appears to be breaking down, so it looks like the Senate will stay in pro forma session over the Thanksgiving recess.
Considering where Mukulski, Cardin and Webb live, and that you only need one of them to hold a pro forma session, why deal with the Avignon president at all?
Jobless Claims Jump
Jobless claims hits 339,000, they were expecting about 10,000 less.
Schadenfreude, It’s All David Vitter, All the Time
The rumors were something involving him in diapers.
Vote Democratic….Our perverts are far less disturbing.
House Looks to Pass Only Mildly Nauseating Wiretap Bill
It extends wiretapping further than I would like, but it requires at least some court review, and has no Telco immunity.
It looks like it will pass, the rule for the bill just passed, largely on party lines 224-192.
Attorney General Calls for Veto if no Telco Immunity
Pat Leahy has an ammendment stripping out the telco immunity from the FISA update. Michael Mukasey and DNI Michael McConnell, who believes that any discussion of intelligence will kill us all, have authored a letter to the Juciciary committee opposing the change:
“We strongly oppose the proposed substitute amendment. If the substitute is part of a bill that is presented to the president, we and the president’s other senior advisers will recommend that he veto the bill.
Who the hell cares if Bush vetos this bill?
If nothing gets passed, we go back to the old law, and the old restrictions, in a few months.