Free Republic

Dow Futures Live As on 28-Dec-2012 18:15:18 EDT 12,777 -226.00 -1.77%

WASHINGTON — In the first 48 hours after the deadly Sept. 11 attacks on U.S. diplomatic outposts in Libya, senior Obama administration officials strongly alluded to a terrorist assault and repeatedly declined to link it to an anti-Muslim video that drew protests elsewhere in the region, transcripts of briefings show. The administration’s initial accounts, however, changed dramatically in the following days, according to a review of briefing transcripts and administration statements, with a new narrative emerging Sept. 16 when U.S. ambassador to the United Nations Susan Rice asserted in a series of TV appearances that the best information available indicated...

Police and federal agents are searching for a man who threw a Molotov cocktail-like incendiary device inside the Ballston Common Mall. [Now found and arrested.] The man threw what was described as a “flaming bottle” from an upper level of the mall down to the food court. The device, said to be 40 ounce beer bottle, possibly containing gasoline or a similar substance, shattered on impact but did not explode, according to Arlington County Police spokesman Dustin Sternbeck. No one was injured.

Benghazi, Libya (CNN) -- Three days before the deadly assault on the United States consulate in Libya, a local security official says he met with American diplomats in the city and warned them about deteriorating security.

The latest Rasmussen Reports telephone survey of Likely Voters in Ohio shows Mandel and Brown each earning 44% support. Three percent (3%) favor some other candidate in the contest, and nine percent (9%) are undecided.

The latest Rasmussen Reports national telephone survey finds that 50% of Likely U.S. Voters now have a favorable opinion of Ryan, while 32% view him unfavorably. This includes 29% with a Very Favorable view of Romney’s vice presidential pick and 13% with a Very Unfavorable one. Only 13% are now unfamiliar with Ryan, and five percent (5%) are not sure about him.

President Obama remains marginally ahead of Mitt Romney in a new national CNN/ORC International poll released on Monday, although Romney leads Obama in the 15 states identified by the network as battleground states. Obama leads Romney nationally, 49 percent to 46 percent, with 4 percent of those surveyed saying they would vote for another candidate or neither candidate. That is inside the poll's margin of error, and it is identical to the 49 percent to 46 percent lead Obama had in the previous poll, conducted in late May. It is also similar to the latest Gallup tracking poll, which shows...

. . . . So why is Congress holding hearings? The answer is the bank's CEO: Jamie Dimon. He is a lifelong Democrat and big contributor to Democratic candidates. This is not a way to get Republicans to like you. Since 2008 Mr. Dimon has also become increasingly critical and vocal about Mr. Obama's mishandling of the economy, and financial regulation in particular. Not a way to get Democrats to like you. . . .

The Association of Community Organizations for Reform Now (ACORN) was a key architect of a law passed in 1992 that set Fannie Mae and Freddie Mac on the road to ruin, according to a new book by Robert Stowe England to be released September 30 by Praeger. The book, Black Box Casino, uncovers the myriad factors that led to the financial crisis of 2008, the worst financial implosion of modern times. This story is one of many threads woven into the book's narrative. ACORN was a key leader in clandestine negotiations among housing activists to shape new legislation that would...

http://www.youtube.com/watch?v=GTQnarzmTOc

Media Matters, the George Soros-backed legion of liberal agit-prop shock troops based in the nation's capital, has declared war on Fox News, and in the process quite possibly stepped across the line of legality. David Brock, MM's founder, was quoted Saturday by Politico promising that his organization is mounting "guerrila warfare and sabotage" against Fox News, which he said "is not a news organization. It is the de facto leader of the GOP, and it is long past time that it is treated as such by the media, elected officials and the public.”

WASHINGTON -(Dow Jones)- Loans sold to government-controlled mortgage giants Fannie Mae (FNMA) and Freddie Mac (FMCC) will be deemed "safe" under new rules designed to encourage responsible lending practices, according to a summary of a proposal developed by federal regulators.

In a way, it has become one of the great, unsolved mysteries. What really caused the financial crisis and panics of 2007 and 2008? That was the assignment for the Financial Crisis Inquiry Commission, which Congress authorized with great fanfare in 2009. The quest for the answer is not an idle pursuit. In fact, it is a vital, burning question that still commands wide public interest. The reason, of course, is because the aftermath of the financial crisis still is a considerable drag on the financial health and economic vitality of the nation.

The special inspector general for TARP discusses how and why the program has failed to meet some of its stated goals. . . . . Q: There have been statements since your audit report on the decision to pay 100 percent for the toxic assets in Maiden Lane III to AIG’s counterparties that said that the government and Federal Reserve Bank officials did not have the authority to require less than 100 percent payment. Yet, as you point out, the same officials did not have the authority to compel banks to accept the capital injections, yet they pressured them to...

The Seattle cartoonist whose artwork sparked the controversial "Everybody Draw Muhammad Day!" has gone into hiding at the advice of the FBI after being targeted by a radical Muslim cleric, according to the newspaper that published her comics. Molly Norris has moved and changed her name, the Seattle Weekly said Wednesday, after U.S.-born Yemeni cleric Anwar al-Awlaki placed her on an execution hit list.

A Treasury announcement Christmas Eve raises a lot of questions about the future of Fannie Mae and Freddie Mac. •Is the Administration planning a future where the two companies become permanent government agencies? •Is the Administration laying the groundwork to expand the capacity of the two agencies to retain more mortgages and buy more mortgage-backed securities? •Is the administration planning to ramp up loan modifications involving principal reductions, which would mean more near-term lossess for Fan and Fred? Those are some of the questions posed by mortgage industry consultant Ed Pinto.

Health Care Legisaltion: 1:01 am ET 1st procedure vote.

In the financial regulatory overhaul bill that passed the House December 11, insufficeint regulation of over-the-counter (OTC) derivatives 'renders impotent' the enhanced resolution powers aimed at making sure large financial institutions are not too big to fail, according to economist Robert Johnson

When the New York Fed renegotiated its original $85 billion deal to bail out AIG last year, it "effectively" transferred tens of billions dollars of cash from the federal government directly into the coffers of the AIG’s counterparties, according to an audit by TARP Inspector General Neil M. Barofsky.

Barack Obama flew into San Francisco last night for a fundraiser after spending 4 hours in New Orleans. He didn't expect this-- Hundreds of tea party protesters greeted the president at the St. Francis Hotel. The City Square has a report from San Francisco with several photos.

From 2002 to 2007, Fannie Mae and Freddie Mac loaded up on $1.73 trillion of subprime and $1.44 trillion of Alt-A loans and securities, taking a lion's share of these markets, according to mortgage market guru Ed Pinto. The agencies' share of loans and securities, then, was higher than the total for all private label mortgage-backed securities market held outside the agencies' purchases -- contrary to widely held views in the mortgage markets. The two agencies hid the level of risky lending and investment in securities by failing to classify the loans initially as subprime or Alt-A.

The Administration’s proposal on the resolution of systemically-important financial institutions, if adopted, would lead to the creation of ‘zombie banks’ that can neither die nor restructure sufficiently to be viable.

As Ramadan begins, the U.S. Department of the Treasury recognizes the particular importance of charitable giving throughout the holy month of Ramadan for Muslims in America and around the world. Charitable giving is a fundamental characteristic of many faiths, and zakat, one of the five pillars of Islam, is a sacred obligation for Muslims. Treasury underscores its support for the important work of the charitable sector in providing essential services to those in need, both at home and abroad. Treasury remains committed to strengthening its engagement with the donor community and the charitable sector to support their efforts while at...

Question: Do you think leverage requirements should be part of any financial regulatory reform in the United States, regardless of what happens to Basel II capital requirements? Sheila Bair: Although the intense public debate over Basel II seems like a thing of the distant past, I remain committed to the idea that leverage requirements are important for banks not just in the United States but around the world. By providing capital even when risk-based measures (erroneously, as it turned out) indicate minimal risk, the leverage ratio is a critical part of our overall approach to capital regulation. When we emerge...

Does health care reform mean socialized medicine? No. The pending legislation relies on the private insurance sector to provide coverage, with the mandate that individuals and most employers participate. Liberal Democrats, including President Obama, contend that a government entity should be created to sell health insurance and compete against private insurance companies. This is the “public plan” that proponents claim is needed to keep private insurance rates from going too high. Such a plan appears unlikely to win approval in any final legislation because of vociferous opposition from Republicans and conservative Democrats.

Would the pending legislation encourage euthanasia of senior citizens? No. There is a misconception on this point because Section 1235 of the House health care bill (“Consultation and Information Regarding End-of-Life Planning”) would expand Medicare coverage to include reimbursement for medical consultations in connection with an individual's preparation of “advance directives,” such as a living will.

BARACK OBAMA has been pushing leaders in both chambers of Congress to produce health-care bills before the August recess, with an eye to enacting reform before the end of the year. After weeks of wrangling among the three different House committees with partial jurisdiction over the matter, the House has pipped the Senate to the post. On Tuesday July 14th Nancy Pelosi, the speaker, unveiled a grand strategy for health reform that is so far to the left of American political discourse that even moderate Democrats in the Senate (never mind the incensed and irrelevant House Republicans) held their noses....

Congress should compel over-the-counter (OTC) derivatives dealers to publish monthly the pricing models they use or register the models with the Securities and Exchange Commission, says risk analyst Christopher Whalen. Disclosure will reduce the complexity of derivatives. Even so, an outright ban is preferable to eliminate the "horrible damage" they have inflicted on the global financial system, Whalen contends in his written answers to 33 questions submitted by a Senate panel following his testimony last month. Mind Over Market has obtained a copy of Whalen's letter containing the Senators' questions and his answers, and has published the entire text below....

WASHINGTON (AP) — A Democratic official says Roland Burris will not run for a full Senate term in 2010. The source says Burris has begun informing Democratic officials about his decision. The official spoke anonymously because Burris had yet to announce his decision publicly.

According to an analysis by the San Francisco Fed, the American economy may be facing a jobless recovery similar to the one after the 1991 recession. Two current trends suggest such an outcome: an increase in the rate at which workers settle for involuntary part-time employment and a decline in the rate of temporary layoffs. The San Francisco Fed’s earlier expectation was that unemployment could peak at 11 percent in mid-2010 -- significantly higher than the consensus forecast of 10 percent by early 2010. Given the accelerating pace of joblessness, the peak might be even higher at 11.5 percent or...

Are Bonds the New Stocks? Q&A with Robert D. Arnott This prominent financial analyst contends that the ‘cult of equities’ has obscured for many the importance of bonds, which can outperform equities for extended periods of time.

ENGLAND: What do you think of the Public-Private Investment Program (PPIP) recently announced by Treasury Secretary Timothy Geithner? MELTZER: This is another bailout because most of the money is coming from the government and not the private sector. So, while it’s called a public-private partnership, the costs of the partnership are heavily skewed to the taxpayers. ENGLAND: Yes. MELTZER: So, let’s go to the fundamentals first. The system that we have had cannot survive for very much longer if the bankers make the profits and the public, the taxpayers, take the losses. That’s a system that the Obama Administration, and...

STATEMENT ON THE GLOBAL ANGLICAN FUTURE Praise the LORD! It is good to sing praises to our God; for he is gracious, and a song of praise is fitting. The LORD builds up Jerusalem; he gathers the outcasts of Israel. (Psalm 147:1-2) Brothers and Sisters in Christ: We, the participants in the Global Anglican Future Conference, send you greetings from Jerusalem! Introduction The Global Anglican Future Conference (GAFCON), which was held in Jerusalem from 22-29 June 2008, is a spiritual movement to preserve and promote the truth and power of the gospel of salvation in Jesus Christ as we Anglicans...

NEW YORK — Six Muslim imams who were forcibly removed from a US Airways flight last year and are now suing the airline for discrimination may also be suing some passengers who were aboard the flight. . . . . . .

A CNBC News Alert streaming across the bottom of the screen stated the following, more or less, about 3 PM: "Senator Remains in Coma. Condition Still Critical."

Don't look now, but Virginia is seceding again. On Sunday nine Episcopal parishes in Virginia, including the one where George Washington served as a vestryman, announced that they had voted to up and leave the U.S. Episcopal Church to protest its increasingly equal treatment of homosexuals. In 2003 an overwhelming majority of the nation's Episcopal bishops ratified the selection of a gay bishop by the New Hampshire diocese. This past June the church's general convention elevated Nevada Bishop Katharine Jefferts Schori to the post of presiding U.S. bishop. Jefferts Schori is the first woman to head a national branch of...

. . . . From its paltry discussion of America's counterinsurgency in Iraq, to its recommendations about troop levels, to its scathing condemnation of American diplomacy under Condoleezza Rice and Iraqi politics under Prime Minister Nuri al-Maliki, to its embrace of "engagement" with Syria and Iran, and to its unstated but clear call for American pressure on Israel to concede more "land-for-peace" to the Palestinians, the ISG report is strong on assertions but weak on arguments. . . . . . And what does the Baker-Hamilton Commission recommend? More of the same, except faster. We are going to embed more...

Update: 5% of Virginia precincts have not reported! Latest numbers at 7:30 PM show only 94.81 percent of precincts reporting. Who knows how many votes that represents. But, if all precincts were the same size (a big if), it would represent 124,678 votes remain to be counted if the total vote of 2,493.567 represents 94.81%. Of course, these could all be small precincts. But, even so, 5% still not reporting. Is it conceivable this could change the outcome? Here are the numbers at 7:30 PM J H Webb Jr Democratic 1,173,805 49.55% G F Allen Republican 1,166,488 49.24% Shortfall: 7,317...

A retired priest committed suicide by setting himself on fire in a German monastery in protest at the spread of Islam and the Protestant Church’s inability to contain it. Roland Weisselberg, 73, poured a can of petrol over his head and set light to himself in the grounds of the Augustine monastery in the eastern city of Erfurt, where Martin Luther spent six years as a monk at the beginning of the 16th century.

09:40 am : In contrast to yesterday's sluggish start amid inflation jitters, some relief on the inflation front this morning, coupled with another batch of better than expected earnings reports (e.g. IBM +4.5%, INTC +2.8%), provides a floor of buying support at the onset of trading that has lifted the Dow past the psychological 12,000 level for the first time ever. Total CPI in September fell 0.5%, the biggest drop since November 2005 and more than economists' forecasts due to a 7.2% decline in energy prices. More notably, though, was a rise of just 0.2% on core CPI. Even though...

There has been an explosion of some sort near the White House, apparently a small one. I'm at a conference about one block from the White House and arrived at 9 AM. Half the people who were supposed to attend have not been able to get here. Those arriving report 17th Street closed traffic and other areas blocked off. Someone said they heard a transformer exploded. Others report fire and smoke. I can see no fire or smoke from here, but my view is to the west.

The American Anglican church is to be told to "repent" for consecrating a homosexual bishop and to remove him from his post or face exclusion from the Anglican Communion. A commission headed by . . . . Robin Eames[snip] Its report, to be published next month, is expected to recommend that the Episcopalian Church should be excluded from the Anglican Communion if the Bishop of New Hampshire, the Rt Rev Gene Robinson, a homosexual, does not step down from his present post. Many African Bishops are likely to call for Bishop Robinson's immediate resignation. The Nigerian Church is already founding...

Have you wondered why the public celebration of Christmas is an endangered tradition? Stroll into many retail stores and you will soon learn that most references to “Christmas” have been eliminated. Instead, what you’ll find is a not too subtle version of censorship that attempts to expunge any association of Christmas with the holiday season. Moreover, you will notice an aggressive marketing approach that substitutes traditional Christmas nomenclature with the term “Holiday.” Most of us like to visit the festive Christmas sections of department stores, specialty shops, and nurseries in hope of finding a Christmas ornament, lighting fixture, stocking stuffer...

The source URL will link you to a moving tribute to the seminal event that launched the harsh new world reality that now confronts America. It's titled "Remember the Blood of Heroes." It is a sequence of photographs, quotations, questions and sombre music that I found inspiring, chilling, even haunting. I don't know who created it. A friend emailed it to me. Open the following link to view: http://64.177.83.63/liberty/email.htm And Thank God for the Blood of Heroes.

I met friends in south Arlington (Crystal City) for an early dinner this afternoon. Since I live in north Arlington about a mile from Chain Bridge, the most direct route is the north-south road called Route 110 that goes by the Pentagon -- in fact it comes with 50 feet of its north side (my rough estimate). There were police officers with flashing blue lights posted every 200 to 300 feet on the south bound lanes when I drove down at 4:00 pm and also on the north bound lanes when I returned at about 5:45 pm. There are signs ...

ROME -- This is a live report from Rome to inform all of you who may be contemplating a trip during this Jubilee year. While I have to admit that a visit to the Vatican and the other Christian and pagan sites here is truly memorable, your trip may be completely ruined by crime that is running out of control. I hope you will all forgive this informative vanity post. I can speak with authority since I have been here less than a week and have been the victim of a crime twice. Today, an police officer at the Questura ...