Free Republic

NEW YORK (Reuters) – Freddie Mac, the second-largest provider of funding for U.S. residential mortgages, said on Friday it lost $25.3 billion in the third quarter as it wrote down a tax-related asset that had buoyed its capital and the housing slump took a significant turn for the worse. Freddie Mac's loss equaled $19.44 per share, compared with a loss, before preferred dividend payments, of $1.24 billion, or $2.07 per share, a year earlier. The loss pushed the company's net worth to a negative $13.7 billion at the end of the third quarter, and shareholder equity to a negative $13.8...

Miami -- In an interview after her speech at the Republican Governors' Association meetings here today, Alaska Governor Sarah Palin criticized the Bush administration for exacerbating voter "distrust" by shifting money from the $700 billion bailout from buying bad bank assets to purchasing additional stock in banks. In response to the proposed changes, announced yesterday by Treasury Secretary Henry Paulson, Palin expressed frustration on behalf of a weary electorate and offered a stern warning. "No more surprises," she said. "I think the surprises make the electorate distrust elected officials and their ability to appoint people who are to be looking...

WASHINGTON — Democratic leaders in Congress asked the Bush administration on Saturday to provide more aid to the struggling auto industry, which is bleeding cash and jobs as sales have dropped to their lowest level in a quarter-century. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson that the administration should consider expanding the $700 billion bailout to include car companies. "A healthy automobile manufacturing sector is essential to the restoration of financial market stability, the overall health of our economy, and the livelihood of the automobile sector's work force,"...

Not so long ago, corporate giants with names like PanAm, ITT and Montgomery Ward roamed the earth. They faded and were replaced by new companies with names like Microsoft, Southwest Airlines and Target. The U.S. became famous for this pattern of decay and new growth. Over time, American government built a bigger safety net so workers could survive the vicissitudes of this creative destruction — with unemployment insurance and soon, one hopes, health care security. But the government has generally not interfered in the dynamic process itself, which is the source of the country’s prosperity. But this, apparently, is about...

WASHINGTON -- Finally, the outlines of a coherent debate on the federal bailout. This comes as welcome relief from a campaign season that gave us the House Republicans' know-nothing rejectionism, John McCain's mindless railing against "greed and corruption" and Barack Obama's detached enunciation of vacuous bailout "principles" that allowed him to be all things to all people. Now clarity is emerging. The fault line is the auto industry bailout. The Democrats are pushing hard for it. The White House is resisting. Underlying the policy differences is a philosophical divide. The Bush administration sees the $700 billion rescue as an emergency...

The G-20’s Secret Debt Solution by Larry Edelson 11-13-08 If you think this weekend’s G-20 meetings in Washington are only about designing short-term fixes to the financial system and regulatory reforms for banks, hedge funds, brokers, mortgage companies and investment banks … think again. Behind the scenes, a far more fundamental fix is being discussed — the possible revaluation of gold and the birth of an entirely new monetary system. I’ve been studying this issue in great depth, all my life. And given the speed at which the financial crisis is unfolding, I would be very surprised if what I’m...

My syndicated column this week rips Hapless Hank Paulson and his flock of sheeple in Washington. The latest headlines suggest that the auto bailout is in trouble. But don’t get your hopes up too high. Politicians will cave. And no matter what euphemism they use, you will pay for it. ******************* Hank Paulson, naked emperorby Michelle MalkinCreators SyndicateCopyright 2008 Treasury Secretary Hank Paulson finally confirmed what lonely bailout opponents tried to tell the American public all along: The man doesn’t know what the hell he’s doing. Paulson held a bazooka to taxpayers’ heads. He groveled on his knees in front...

According to Granholm a congressional bailout of the Big 3 is in urgent need. She also indicated that any strings attached to a congressional bailout that impacts union contracts would be difficult.

"...American interest in the system at a time of economic crisis is opening the door to increased Islamic influence in the American banking system. Worse yet, some fear the banks may be helping to finance international terrorism..."