Free Republic

The Washington Post: "In 2006, John McCain pushed for Fannie and Freddie Regulation while Obama was notably silent. In 2006, he pushed for stronger regulation of Fannie Mae and Freddie Mac - while Mr. Obama was notably silent. 'If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole,' Mr. McCain warned at the time." Washington Post, "Always For Less Regulation?" The Washington Post, 9/19/08

The city of Houston's main pension program has a billion-dollar funding shortfall because benefits have been boosted so high that many employees will earn more in retirement than they received while working, according to a report obtained by the Chronicle. A few will retire as millionaires. To properly reduce the shortfall, taxpayers would have to put nearly $100 million extra into the fund next year, according to an analysis prepared for the pension's board. Further, the city cannot reduce the benefits for any employee who already has worked five years, thanks to a Texas constitutional amendment passed by voters last...

Nortel gets $1B government boost Export Development Canada offers line of credit to bolster stock price Nortel Networks Corp., still struggling to stabilize its finances during a protracted slump, has received a billion-dollar safety net from the federal government. The Brampton-based maker of telephone gear revealed yesterday that Export Development Canada -- a controversial lending agency -- has agreed to provide the company with a credit line worth as much as $750 million U.S. Nortel also provided details of a plan to cancel some 3.8 billion outstanding shares. At its annual general meeting in April, the firm plans to ask...