Author: Matthew G. Saroff

Prime Mortgages Going Bad Too

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The refrain of the NAR, and other people pimping for real estate has been that the meltdown will be confined to sub-prime mortgages.

Coffin, meet nail.

Countrywide feels pain of ailing mortgage market – Los Angeles Times
CEO reports that even ‘prime’ borrowers are having more trouble making payments. Company’s second-quarter profit slides 33%.
By Annette Haddad
Times Staff Writer

2:25 PM PDT, July 24, 2007

Shares of Countrywide Financial Corp. tumbled today after the nation’s biggest mortgage lender signaled that rising defaults and delinquencies were spreading beyond the troubled sub-prime market to higher-quality “prime” loans.

The Calabasas-based company reported a 33% drop in its second-quarter profit and slashed its outlook for the rest of the year, citing an “increasingly challenging” housing market.

“We expect difficult housing and mortgage market conditions to persist,” said Countrywide Chief Executive Angelo Mozilo.

During the quarter ended June 30, softening home prices in many areas of the country caused delinquencies and defaults to rise for Countrywide borrowers with all kinds of mortgages, Mozilo said.

…

People paid more than they could afford for houses because they were afraid that rising prices would lock them out forever, and they paid too much, and got mortgages that were too bkg.

More JASSM Shenanigans

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Aviation week has an article, USAF Needs A Year to Assess Jassm’s Progress(subscription Required), in which the USAF says that the JASSM needs more time.

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The Pentagaon will wait until at least spring 2008—a rare yearlong pause—to certify that its newest cruise missile is ready to move forward following myriad technical problems and a 42% failure rate this year.

The Lockheed Martin Joint Air-to-Surface Standoff (Jassm) missile fell under scrutiny again this year after the Air Force informed Congress it had breached cost expectations by more than 25%. USAF and company officials are still trying to assess how high the amount will soar above the current $5.8-billion mark. The program’s goal in the mid-1990s included a $400,000-per-unit charge.

Senior Pentagon officials had been considering terminating Jassm because of the escalating price. The technical problems, including a GPS dropout issue brought on by an interface with the Selective Availability Anti-Spoofing Module (Saasm) in the missile, have only increased the level of scrutiny facing the effort. In recent tests, the GPS problem contributed to three missiles missing targets by nearly 200 ft.

Because of the 25% cost increase, the Nunn-McCurdy law dictates that the Defense Dept. must certify to Congress the program is sound on several points before proceeding. These include: the program is deemed critical for national security; no alternatives providing equal or greater capability exist for equal or lesser cost; new program estimates are reasonable, and management for the program is adequate to control cost.

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Meanwhile, Taurus Systems GmbH. is working with its new U.S. partner, Textron, on how to market its KEPD-350 missile to the Pentagon. So far, Germany, Spain, Sweden and South Korea are either purchasing the missile or in discussions. The Taurus pitch for a niche in the U.S. market—offering the German/Swedish KEPD-350 for the hard and deeply buried target set—is already underway. Taurus can penetrate through concrete more than twice as far as Jassm. Some officials in the combatant commands have begun to show an interest in Taurus as a Jassm alternative, according to industry sources.

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This is not about making the missile work. This is about Air Force Generals who want to work at Lockheed after they retire.

The system does not work. It’s over budget. There is an alternative. This is throwing a defense contractor a lifeline so that the defense contractor can throw some lucrative consulting or executive gigs to the people supervising the program.

Russia Wants India to Dump Dollars and Use Euros for Future Arms Deals

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This is significant. Russia considers the protection of its remaining defense infrastructure to be a crucial part of both its economy and its military capabilities. The fact that it is willing to risk alienating India over this in the midst of a huge competition to replace the IAF’s MiG 21s, indicates that they have a very real concern about the dollar crashing.

A Euro Exchange for India’s Russian Accounts (Subscription Required)
Aviation Week & Space Technology
07/23/2007, page 36

Neelam Mathews
New Delhi

India considers shift from the dollar for its Russian military contracts

Printed headline: A Euro Exchange

A fallen dollar has pushed India into a corner on its Russian military contracts.

A recent Russian insistence that India must pay more for defense equipment—how much is not known—to offset the effects of a weaker dollar has unnerved the Indian defense ministry, which already faces demands for an additional $10 billion in procurement.

India, which wants to keep its Russian military purchases on track, has begun studying Russia’s suggestion to convert purchases to the euro. But if it chooses to do so, the bill would be high: The exchange rate is currently nearly $1.38 to €1.

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Is this another nail in the dollar’s coffin?

Disowning Rumsfeld

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There is an interesting article in the Military Times about the Pentagon rethinking the drawdown of troops in Europe.

The article claims that “The idea of cutting troops from 68,000 in 2001 to 28,000 by 2012 was part of an initiative by former Defense Secretary Donald H. Rumsfeld to transform the military into a leaner, more cost-effective force,” but it was really all spite.

Rumsfeld began this policy when the most of the governments of Europe were unwilling to follow him into Iraq. It’s a part and parcel of his “old Europe” slam.

Gates realizes that reality prevents this.

Republicans Hate Brown People More than They Value Their Word

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Republicans protest pensions for Filipinos
By Rick Maze – Staff writer
Posted : Tuesday Jul 24, 2007 15:46:17 EDT

Republicans on the House Veterans Affairs Committee are trying to scuttle a committee-passed plan to provide pensions for World War II-era Filipino Scouts by getting a major veterans’ service organization to question whether this is the highest priority for improved benefits.

In a letter, the 13 Republicans on the committee complain about being blocked on July 17 from offering amendments that would have redirected the $875 million being spent on disability pay and pensions for Filipino veterans, including those who are not American citizens and who don’t even live in the U.S.

…….

Filner said during the July 17 session in which the bill was passed that he was trying to fulfill a promise made at the end of World War II to provide benefits to people who fought on behalf of U.S. interests but were not part of the U.S. military.

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It should also be noted that they were citizens of the US when the fought. The Philippines were a US colony at the time.

This is all about another phony way to cast Democrats as N***** lovers.

Internet Radio Reprieve a Trojan Horse

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It appears that the olive branch that was offered by SoundExchange contained a hornet’s nest.It comes with a requirement that they use DRM (digital rights management)

Along with the myriad of software issues, particularly across operating systems, that come a DRM scheme, it also reflects a fundamental misunderstanding of the nature of Internet radio.

If people want to store songs on disk, the go with P2P solutions. They tune into Internet radio because they want to listen, not rip.

This is How Much George W. Bush is Hated

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If only the degenerate sots who spend their evening at Sally Quinn’s parties got it.

Harold Lischner, and anti-war protestor is suing for false arrest. The defense team for the Upper Darby Township asked the judge to prohibit any mention of George W. Bush, whom Mr. Lischner was protesting, because they fear that he is so unpopular that his name will prejudice the jury.

The judge turned it down. In fact, he turned it down more quickly than I would, because I’d be giggling hysterically for an hour or so.

Back to the Good Old Days of the Cold War

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Yet another benefit of the Bush admin’s boneheaded missile defense plan for Europe is that Russia has resumed bomber flights to gage the response of the air defense systems of NATO countries:

Fighter planes from Britain and Norway scrambled on Friday to keep watch on Russian bombers that were approaching the countries’ air space, officials said.

The incidents occurred amid high tensions between Britain and Russia, as each country ordered the expulsion of four diplomats from the other side. There was no indication the fighter plans were connected to the row.

A spokesman for Britain’s defense ministry said two Russian Tu-95 bombers briefly entered British air space in the first incident about 2 a.m. (0100 GMT), but turned back after British F-3s intercepted them. He did not specify where the interception took place.

…

This is making us so much safer.

Bush to Congress: Drop Dead

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The Bush admin has denied a congressman whose responsibility is to oversee homeland security access to the White House’s emergency plans.

Congressman Denied Access To Post-Attack Continuity Plans
By JEFF KOSSEFF
Image
Rep. Peter DeFazio, D-Ore. (Photo by Faith Cathcart)
c.2007 Newhouse News Service

WASHINGTON — Constituents called Rep. Peter DeFazio’s office, worried there was a conspiracy buried in the classified portion of a White House plan for operating the government after a terrorist attack.

As a member of the House Committee on Homeland Security, DeFazio, D-Ore., is permitted to enter a secure “bubbleroom” in the Capitol and examine classified material. So he asked the White House to see the secret documents.

On Wednesday, DeFazio got his answer: DENIED.

“I just can’t believe they’re going to deny a member of Congress the right of reviewing how they plan to conduct the government of the United States after a significant terrorist attack,” DeFazio said.

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This is how Bush and his Evil Minions™ operate. Even if congress has a constitutional right to review such things as a part of the budget process, give no information.

It’s a fundamentally unproductive policy, as this secrecy reinforces the idea that the Bush administration has plans for implementing martial law.

ONLY $2 Million???? ONLY?????

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The New York times has an article on the difficulties of finding a family sized apartment in New York.

In truth, they mean Manhattan, because they can be found in good neighborhoods Brooklyn and Queens, but generally it would be no never mind to be, but for this quote:

The elusiveness of these large apartments is hitting people with budgets of, say, $8 million just as hard as buyers with only $2 million to spend. And the fights for the apartments that are available are being won or lost in bidding wars.

Only $2 million? What the hell is up with that? Based on a simple rule of thumb, that means that these folks are making at around $700K/year.

Only in the Times real estate section is this poverty.

Spanish Satire Mag Closed for Speaking Truth

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The Regester reports that the Spanish satirical humor magazine El Jueves was been shut down because of a cartoon about the Spanish prince.

All existing copies were collected and destroyed, and the judge ordered the “printing plates” destroyed (not up on modern printing tech, I guess)

The Spanish government has decided to pay €2,500 (about $3500 US) for each child that Crown Prince Felipe and Princess Letizia have.

Well, El Jueves published a cartoon (No, you’ll have to find it on Google) with the Crown Prince and Princess in bed, with the caption, “Do you realise that if you get pregnant . . . It will be the closest thing to work I’ve done in my life?“.

Funny, and made even funnier by the banning.

BTW, there are copies of the magazine on Ebay when I last checked

Bush Admin Rules: The Poor Deserve Formaldehyde

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Lovely. This is certainly bringing back honor and dignity to the government.

FEMA knew of formaldehyde in trailers:
July 20, 2007

By David Goldstein McClatchy Newspapers

WASHINGTON — Federal officials knew that hurricane evacuees housed in temporary trailers were worried about dangerous levels of formaldehyde but took little action, government documents show.

Their primary concern was the legal fallout if the temporary housing presented a health hazard, according to records obtained by the House Committee on Oversight and Government Reform.

“Do not initiate any testing until we give the OK,” a lawyer for the Federal Emergency Management Agency wrote. “Once you get the results … the clock is running on our duty to respond to them.”

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When Christian Dominionists Get Jiggy

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He’s president of the Christian Action League of North Carolina, and he’s 74,so hew rented himself a prostitute.

At 74…I’m impressed…That being said, I’m not impressed that he paid the woman with a check.

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The 74-year-old Cabarrus County commissioner was arrested at his home in Kannapolis early Thursday. He appeared before a Rowan County magistrate on six misdemeanor charges and was released on a promise to appear in court Aug. 22. He did not return e-mails or calls to his cell and home phones, and no one answered the door at his Kannapolis home.

Privette, a prominent Republican with a 30-year career, is one of the state’s most vocal opponents against alcohol sales and legal gambling. He also serves on the State Baptist Convention of North Carolina and as president of the Christian Action League of North Carolina.
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Let There Be No Kings

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During the constitutional convention, there was much debate over the impeachment clauses.

It was finally settled when Ben Franklin said that these provisions were not there, the only way to remove a President who was attempting to install himself as king would be assassination.

Bush is now claiming that if the president wants it, it’s not contempt.

So he is claiming, as Nixon did to David Frost, and as Stalin and Mussolini did, that if he orders it, it is legal.

Impeach Dick Cheney today. Impeach George W. Bush tomorrow.