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Excerpt... The legislation the administration is promoting would allow the government to buy bad mortgages and other sour assets held by investors, most of them financial companies. That should make those companies more inclined to lend and lift a major weight off the national economy that is already sputtering. But a significant number of lawmakers, including many House conservatives, say they're against such heavy federal intervention. Under their plan, the government would insure the distressed securities rather than buy them. Tax breaks would provide additional incentives to invest. ...

J.P. Morgan Chase & Co. was expected to announce as early as Thursday night a deal to acquire the bulk of Washington Mutual Inc.'s operations in a deal that would mark the end of independence for what once was the largest U.S. thrift. Federal regulators have been heavily involved in orchestrating the transaction, which comes as WaMu was besieged by a mountain of bad mortgage loans. Seattle-based WaMu has been scrambling to find a solution and put itself on the auction block last week. A number of interested parties have been poring over WaMu's books, but the bank didn't receive...

Excerpt... 1. Counter-party risk has risen dramatically and is the most significant. ISDAs have to be renegotiated (especially in light of the market disruptions like short-selling). Credit lines have to be reviewed with almost every client. Risk officers are preventing larger trades from being completed and demanding higher collateral levels from clients. Most important are the huge risks of counter-parties blowing up and not being able to pay their obligations. ...

Congress is about to pass legislation on Friday that will have a major effect on our country's economy. What is this bailout all about? And what effect will it have on our current economic problems? Let's follow this through in the form of a story. Jimmy Jones (no, not THAT Jimmy Jones) wants to buy a house. He and his wife find the perfect one and purchase it through their local mortgage lender. After closing, the mortgage lender turns around and sells the loan "up the tree" and it eventually ends up being bought by Fannie Mae (or Freddie Mac)...

WASHINGTON (AP) -- The Federal Reserve, in coordinated action with foreign central banks, plowed $30 billion into money markets overseas Wednesday, part of an ongoing effort to fight a global credit crisis. The Fed's action -- taken at 1 a.m. EDT -- sets up temporary "swap" arrangements to supply dollars to the central banks of Australia, Denmark, Norway and Sweden in exchange for their currencies.

... "These Credit Default Swaps have been written (as insurance is written) as private contracts. There is nil government regulation of them. Who writes these policies? Banks. Investment banks. Insurance companies. They now owe the buyers of these Credit Default Swaps on junk mortgage debt trillions of dollars. It is this liability that is the bottomless pit of liability for the financial institutions of America." ...

Excerpt: Not simple loans, but complex investments created by pooling millions of mortgages together and then slicing them into pieces. These were the investments that Wall Street bought, sold and borrowed against in cooking up the money it poured into housing. ...

...other additions the Democrats are asking to the administration package, according to a draft of the plan ... -- Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments.

Exerpt: Over the weekend, members of my Administration and congressional leaders worked on legislation to address the crisis in our Nation’s financial markets. They made good headway toward a bill that can pass the House and Senate in a timely manner, and the American people appreciate their efforts. ...

Excerpt... The plan offered to Congress also gives the Treasury legal immunity from any lawsuits. "Decisions by the secretary pursuant to the authority are non-reviewable … and may not be reviewed by any court of law or any administrative agency," the proposal says.

General Motors Corp. said it intends to draw down the remaining $3.5 billion of an existing $4.5 billion secured revolving credit facility to boost its liquidity amid uncertainty in the capital markets. The move reflects concern at GM about the effect tight credit markets are having on the company's cash cushion. GM's liquidity has been drained by falling sales in the U.S. and restructuring charges recorded in recent years. The $4.5 billion secured revolving credit facility was put in place in July 2006 with a consortium of banks and provides liquidity that GM can draw on to fund working capital...

http://www.youtube.com/watch?v=usvG-s_Ssb0 Explosive CEO calling Obama and Dems the "Family" "Conscience" of Fannie Mae The Banking Failures are because of the Housing Crisis, which was caused by mortgage lenders handing out bad loans and the biggest offenders: Fannie Mae and Freddie Mac The Democrats have been taking PAYOFFS from Fannie and Freddie to look the other way FOR DECADES! NOW VIDEO FOUND of the CEO of Fannie Mae in 2005 explaining the "FAMILY" connection with Democrats And specifically Barack Obama and the Congressional Black Caucus

When government officials surveyed the flailing American financial system this week, they didn't see only a collapsed investment bank or the surrender of a giant insurance firm. They saw the circulatory system of the U.S. economy -- credit markets -- starting to fail. Huddled in his office Wednesday with top advisers, Treasury Secretary Henry Paulson watched his financial-data terminal with alarm as one market after another began go haywire. Investors were fleeing money-market mutual funds, long considered ultra-safe. The market froze for the short-term loans that banks rely on to fund their day-to-day business. Without such mechanisms, the economy would...

NEW YORK (AP) -- Wall Street surged higher Thursday, with the Dow Jones industrials up more than 400 points after a report that the federal government is considering creation of a repository for banks' bad debt. CNBC said Treasury Secretary Henry Paulson is considering creation of an entity like the Resolution Trust Corp. that was formed after the failure of savings and loan banks in the 1980s.

Here's a picture that should put the lamestream media's lies to rest:

Hello fellow FReepers, Are you tired of Barack Obambi and the lamestream media tearing apart our SarahCuda? Barack Obama has just presented us with a GOLDEN opportunity to destroy his Get Out The Vote efforts - all from the comfort of our computer chair. Do you have 5 minutes to spare? You will be anonymous - and HIGHLY EFFECTIVE! Here are the details: Barack Obama has just started an on-line way for his "supporters" to actively participate in his Get Out The Vote drive. It is called "Neighbor-to-Neighbor". Essentially, you "register" on his web site and they provide you with...

Greetings, Please take a moment today to thank Senator Hollis French – our pro-choice champion! It was an intense legislative session in Juneau. We battled two bills, House Bill 301 and House Bill 364, that would have had disastrous affects on the state of reproductive health in Alaska. Thanks to our champion, Senator Hollis French, we were able to stop these bad bills in the Senate. Please take a moment today and thank him and his staff for supporting the reproductive health and rights of thousands of women, men and teens across this great state. It has been a tough...

Please see the previous threads detailing Barack Obama's failed efforts in the 90th and 91st General Assemblies of the Illinois Legislature: Barack Obama's failed "accomplishments" in the 90th GA of the Illinois Legislature (1997-1998) Barack Obama learns to "get help" - and fails in the 91st GA of the Illinois Legislature (1999-2000) Barack Obama decided to spend his last two years in the Illinois Senate going after peoples guns. Its interesting how he was willing to do this, but thought it was okie dokie for his best bud Bill Ayers to have bombs and explosives. Anyways, here is a link...

Please see the previous thread detailing Barack Obama's failed efforts in the 90th General Assembly of the Illinois Legislature: http://www.freerepublic.com/focus/f-news/2075119/posts Here are the bills that Mr. Obama was associated with during the 91st General Assembly of the Illinois Legislature: http://www.ilga.gov/legislation/legisnet91/sponsor/OBAMA.html Mr. "Community Organizer" quickly learned, after his disastrous first two years in the Illinois legislature, that he needed to "join hands" with other comrades if he was going to write (and pass) a successful bill. Barack Obama wrote and introduced 36 bills during the 91st General Assembly (1999-2000). Of these, 33 bills were failures, and 3 became law. The first...

Barack Obama is one heck of a community organizer - that is, if you count organizing a directory of Community College graduating students. This was Barack's sum total of TWO YEARS spent in the Illinois Senate. Here is a link to Mr. Obama's activity during the 90th General Assembly (1997-1998): http://www.ilga.gov/legislation/legisnet90/sponsor/OBAMA.html You can see from the link that Barack Obama sponsored (wrote and introduced) 31 bills over the two year period. Of these, 28 died on the vine - leaving only 3. The first, SB0574, provided that "a municipality may provide for a system of administrative adjudication of violations of...