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Fed Concludes Economic Woes Likely to Spill Into 2009
WASHINGTON — Federal policy makers have reached a consensus that the turmoil plaguing the housing and financial markets is likely to spill deep into 2009, becoming one of the most significant domestic problems to confront the next president when he steps into the Oval Office in January.
In a speech on Tuesday, Ben S. Bernanke, the chairman of the Federal Reserve, gave his strongest hint to date of an emerging consensus that problems will persist when he outlined a series of steps the Fed is considering taking in the coming months. One such step would extend into next year low-interest lending programs to Wall Street’s largest investment banks.
The programs, one of which was set to expire in September, can exist only if the Fed issues a finding that there are “unusual and exigent circumstances” that justify them.
Mr. Bernanke also recommended that Congress grant the Fed broader authority to monitor and supervise the financial markets to assure greater stability in the future. But with time running out on this session, lawmakers are unlikely to adopt such legislation before next year.
Treasury Secretary Henry M. Paulson Jr., also speaking Tuesday, said that the Bush administration was working to prevent as many home foreclosures as possible, but that “many of today’s unusually high number of foreclosures are not preventable.” Mr. Paulson said 1.5 million home foreclosures were started in 2007 and that an estimated 2.5 million more will take place this year.
Still, the markets seemed reassured that Washington officials were redoubling their efforts to resuscitate the weak housing sector, despite the downbeat comments. The Dow Jones industrial average closed up 1.4 percent, or 152 points.
Mr. Bernanke said that the Fed would issue next week long-awaited rules to restrict the issuance of new exotic mortgages and high-cost loans for people with weak credit. Such mortgages have been a central cause of the current market problems.
The Federal Housing Administration will also begin an expanded effort next week to help a larger group of troubled homeowners refinance their adjustable mortgages. Under the plan, homeowners are eligible to refinance even if they have missed up to three monthly mortgage payments over the last 12 months. Homeowners who have fallen behind on their payments because of job loss, declining wages and family illness will also be eligible, even if their rates have not increased. Homeowners are now eligible only if they were current on their mortgages before their interest rate was adjusted upward.
For its part, Congress is close to completing legislation on a $300 billion foreclosure-rescue plan that would help troubled borrowers refinance into more affordable loans insured by the federal government. The Senate is expected to approve a measure by next week.
... WASHINGTON — Federal policy makers have reached a consensus that the turmoil plaguing the housing and financial markets is likely to s... more -
Mount Shasta glaciers growing, despite warming
MOUNT SHASTA, Calif. - Global warming is shrinking glaciers all over the world, but the seven tongues of ice creeping down Mount Shasta's flanks are a rare exception: They are the only long-established glaciers in the lower 48 states that are growing.
Reaching more than 14,000 feet above sea level, Mount Shasta is one of the state's tallest peaks, dominating the landscape of high plains and conifer forests in far Northern California. Nearby Indian tribes referred to its glaciers as the footsteps made by the creator when he descended to Earth. Hikers flock to Shasta every summer to scale them.
With glaciers retreating in the Sierra Nevada, the Rocky Mountains and elsewhere in the Cascades, those on Mount Shasta — a volcanic peak at the southern end of the Cascade range — are actually benefiting from changing weather patterns over the Pacific Ocean.
MOUNT SHASTA, Calif. - Global warming is shrinking glaciers all over the world, but the seven tongues of ice creeping down Mount Shast... more -
UAE seeks to ditch oil for alternative energy
The previously negative attitude of the Organisation of the Petroleum Exporting Countries to climate change shifted in 2007, as the UAE led several members of the organisation to take a positive lead in developing alternative energies, and began investment in technologies like carbon capture and carbon storage. "Abu Dhabi is now selling an environmentally-conscious image and wants to be a leader in alternative energy,"the UAE has made a significant shift in its thinking when it ceased to be frightened of the consequences of both climate change and climate change mitigation.Up till 2007the UAE had focused on its vulnerability to climate change mitigation as world markets moved to accommodate the new measures to combat climate change.
These would impact the UAE mainly through a highly variable oil price, and possible long-term shift away from use of hydro-carbons, both damaging to the present economy of the UAE.The UAE had also has largely ignored the future impact of climate change on its national security, from the potential threats of rising temperatures, falling water resources, and potentially elevated sea levels.The old style of thinking was still present as recently as December 2007 when the UAE's address to the UN conference on climate change in Bali was mostly full of progressive thinkingexcept for the section that argued that the interests of economies based principally on fossil fuels had not been sufficiently addressed in the negotiations, and demanded that no additional obligations should be placed on developing countries that would impede their development.
In the last six months, however, the impact of the UAE's interest in alternative technologies has come to the fore, exemplified by the launch of Abu Dhabi's Masdar project earlier this year. Masdar is made up of various projects on alternative energy and carbon management, and included building a "totally green city" of 50,000 residents and 1,500 businesses by 2016.
The previously negative attitude of the Organisation of the Petroleum Exporting Countries to climate change shifted in 2007, as the UA... more -
U.S. exports weapons to Iran:
U.S. exports to Iran — including brassieres, bull semen, cosmetics and possibly even weapons — grew more than tenfold during President Bush's years in office even as he accused Iran of nuclear ambitions and helping terrorists. America sent more cigarettes to Iran, at least $158 million worth under Bush, than any other products.
Other surprising shipments to Iran during the Bush administration: fur clothing, sculptures, perfume and musical instruments. Top states shipping goods to Iran include California, Florida, Georgia, Louisiana, Michigan, Mississippi, New Jersey, North Carolina, Ohio and Wisconsin, according to an analysis by The Associated Press of seven years of U.S. government trade data.
Despite increasingly tough rhetoric toward Iran, which Bush has called part of an "axis of evil," U.S. trade in a range of goods survives on-again, off-again sanctions originally imposed nearly three decades ago. The rules allow sales of agricultural commodities, medicine and a few other categories of goods. The exemptions are designed to help Iranian families even as the United States pressures Iran's leaders.
"Our sanctions are targeted against the regime, not the people," said Adam Szubin, director of the Treasury Department's Office of Foreign Assets Control, which enforces the sanctions. The government tracks exports to Iran using details from shipping records, but in some cases it's unclear whether anyone pays attention.
Sanctions are intended in part to frustrate Iran's efforts to build its military, but the U.S. government's own figures show at least $148,000 worth of unspecified weapons and other military gear were exported from the United States to Iran during Bush's time in office. That includes $106,635 in military rifles and $8,760 in rifle parts and accessories shipped in 2004, the data shows.Also shipped to Iran were at least $13,000 in "aircraft launching gear and/or deck arrestors," equipment needed to launch jets from aircraft carriers, according to U.S. records. Iran's navy is not believed to own or operate any carriers.
Those numbers may seem small, but military items can sell for pennies on the dollar compared with what the Pentagon paid. Last year, federal agents seized four F-14 fighter jets sold to domestic buyers by an officer at Point Mugu Naval Air Station, Calif., for $2,000 to $4,000 each, with proceeds benefiting a squadron recreation fund. When F-14s were new, they cost roughly $38 million each.
Szubin said it was unlikely exports of military gear occurred, but added that the government was looking into it after the AP raised questions. He said shipping records are subject to human error, such as citing wrong commodity codes or recording "Iran" as the destination rather than "Iraq." The Treasury Department said Monday it was still checking to see whether it could offer an explanation.
" U.S. exports to Iran — including brassieres, bull semen, cosmetics and possibly even weapons — grew more than tenfold during President... more -
Group Proposes George W. Bush Sewage Plant
(SAN FRANCISCO) — A California group submitted a proposal Monday to rename a sewage treatment plant after President Bush, calling the initiative a fitting tribute to the outgoing chief executive and the "mess" he'll leave behind.
The Presidential Memorial Commission of San Francisco wants to switch the name of the Oceanside Water Pollution Control Plant to the George W. Bush Sewage Plant.
Supporters hoping to put the issue on the November ballot turned in more than 10,000 signatures to San Francisco election officials, organizer Brian McConnell said. The measure needs just over 7,000 valid names to qualify and McConnell expects to find out later this month whether they made it.
Proponents of the renaming plan see it as fitting tribute to a president they contend has plumbed the depths of incompetence.
"We think that it's important to remember our leaders in the right historical context," said McConnell, a member of the group that was formed after friends came up with the renaming idea.
"In President Bush's case, we think that we will be cleaning up a substantial mess for the next 10 or 20 years," he said. "The sewage treatment facility's job is to clean up a mess, so we think it's a fitting tribute."
The "mess," as supporters of the plan see it, includes the aftermath of the Iraq war and what they see as a neglect of domestic economic issues.
"What we're really doing is symbolizing the fact that as he leaves office, we'll begin the process of basically repairing damage and rebuilding our country's reputation," he said.
But others think the plan reeks.
The chairman of the San Francisco Republican Party has promised to fight the measure if it does make the ballot.
A call by The Associated Press to White House press officials was not returned. But Patrick Dorinson, a former spokesman for the California Republican Party now running a communications firm in Sacramento, called the measure "a horrible idea" that is "childish and it's stupid."
"This is why San Francisco is considered wacky," Dorinson said. "It makes me ashamed to be a San Franciscan if this is all they've got time to do."
San Francisco Public Utilities Commission spokesman Tony Winnicker says officials have bigger issues to deal with than the proposed initiative. He defended Oceanside as anything but a symbol of inadequacy.
"The plant that they're seeking to rename really offers extraordinary environmental benefits. Without it, raw sewage and storm water would flow into the bay and the oceans and the streets. That's not our understanding of what the authors of this initiative believe the current president has delivered," Winnicker said.
Still, he said, the commission is "trying to take it in stride and understand the humor behind it." (SAN FRANCISCO) — A California group submitted a proposal Monday to rename a sewage treatment plant after President Bush, calling the ... more -
Canada gives US deserter second chance
Canada’s refugee board was ordered by a judge to rehear an application by a US war resister to remain in Canada. Federal Court Justice Robert Barnes said that mistakes were made by Canada’a Immigration and Refugee Board when they turned down Joshua Key’s claim for asylum. In 2003, Key served eight months in Iraq as a combat engineer. On his return to the US on leave, he his wife and four young children moved to Canada to seek refuge. There are more than two hundred US war deserters in Canada avoiding service in Iraq. A recent poll shows that 64% of Canadians would let US war resisters stay in the country. On June 3rd the Canadian parliament passed a non binding resolution calling for deserters to be allowed to stay and to put a halt to deportations. So far Conservative Prime Minister Stephen Harper, a close ally of the Bush administration, has ignored the resolution.
U.S. deserter wins appeal in battle for refugee status
Janice Tibbetts, Canwest News Service
Published: Friday, July 04, 2008
OTTAWA - A Canadian court has sided for the first time with a military deserter who fled to Canada seeking refugee status, ruling Friday that the U.S. soldier witnessed enough human rights abuses during a stint in Iraq that he could qualify for asylum.
The decision also marked the first time that the Federal Court, which has heard a handful of cases involving deserters, concluded that military action against civilians in Iraq violates the 1949 Geneva Convention, an international prohibition against humiliating and degrading treatment.
Federal Court Justice Richard Barnes ordered the Immigration and Refugee Board to reconsider the failed refugee claim of Joshua Key, a soldier who entered Canada with his wife, Brandi, and their small children in March 2005.
Key, an army private, deserted during a two-week break from serving as a combat engineer in Iraq, where he spent eight months in 2003 and says he was involved in military-condoned home invasions against civilians.
"This is a real breakthrough," said Lee Zaslofsky of the Toronto-based War Resisters Support Campaign. "What excites us is this may also apply to other war resisters who took part in Iraq." Canada’s refugee board was ordered by a judge to rehear an application by a US war resister to remain in Canada. Federal Court Justice... more -
Angry Flier Uses Emergency Slide to Exit Jet
A first-class Delta Airlines passenger in grew so angry at seeing economy class passengers exit the plane before him that he pulled open the emergency exit door and jumped down the slide.
The man was arrested by police in Georgetown Guyana where the incident occurred. A first-class Delta Airlines passenger in grew so angry at seeing economy class passengers exit the plane before him that he pulled op... more -
Red Cross discrimination
The Red Cross, although a humanitarian organization, continues to openly discriminate against homosexuals and men who sleep with men in their effort to keep the blood supply "safe". Although the guidelines tend to appear quite outdated in today's society, there doesn't seem to be any effort to change or update the current system of blood screening.
Anyone who actively gives blood knows about the barrage of questions that the Red Cross nurses ask during the screening process. These safety measures are delegated by the Food and Drug Administration. Since safety of our blood supply is paramount, this is a necessary precaution. But, out of these questions, one question in particular stands out: "have you had sexual contact with a male, even once, since 1977?"
If you answer "yes" to this question, you will be refused the opportunity to give blood.
The American Red Cross, on their website (under "donor eligibility guidelines") describes these guidelines as "intended to protect the health and safety of the donor as well as the patient who will receive the transfusion". The guidelines go on to classify men who sleep with men in the same category of intravenous drug users and people who exchange money for sex, under the heading "HIV/AIDS". This representation alludes to the rumor that gay men and men who sleep with men, along with intravenous drug users and prostitutes are the only persons who can become infected with HIV/AIDS. This is false representation of a safety measure, and propagates the rumor that people in this classification are the only individuals who can contract or spread HIV/AIDS.
These guidelines can be found at: http://www.redcross.org/services/biomed/0,1082,0_557_,0...
It does not matter to the Red Cross if you are a monogamous gay male in a healthy relationship. It doesn't matter to the Red Cross if you've cheated on your spouse (straight or gay), it doesn't even matter if you've contracted syphilis or gonorrhea (as long as you wait 12 months before donating!)...but it does matter if you have "sex with men", or even fooled around with a man, even once in 30 years.
With all of our scientific knowledge about the spread of HIV/AIDS and other sexually transmitted diseases, it seems surprising that the Red Cross would continue to perpetrate false information about Homosexuals and the spread of HIV/AIDS in the name of safety. The Red Cross blames the Food and Drug Administration for this policy, and the FDA blames the Red Cross for not being discriminatory enough in protecting the blood supply. So we are left in a bind of open discrimination by our government and a world health organization.
The Red Cross and the FDA also fail to acknowledge that men (and women) who sleep with many partners are also at a high risk of becoming infected with HIV/AIDS. There is no question in the guidelines reflective of persons who have sexual contact with multiple partners, or persons who have unprotected sexual contact with others, or persons who engage in unsafe sexual practices. These persons, as long as they do not use intravenous drugs, charge for sex, or have sexual contact with men can still donate, and be a "hero".
Although our blood supply organizations should continue to carry out the highest standards of blood safety, the current guidelines must be revised to reflect our modern culture if organizations like the Red Cross intend to promote safety and well being. The truth about HIV/AIDS and other diseases must be reflective of scientific fact, and not old rumors. The truth about the safety of our blood supply is, if you look closely, a half truth riddled with discrimination.
The Red Cross, although a humanitarian organization, continues to openly discriminate against homosexuals and men who sleep with men i... more -
Herd of White Elephants Going Extinct
After high formaldehyde levels were found in travel trailers used to house the victims of Hurricane Katrina, the federal government said it would use them again only if it had no other choice.
Which raises the question — what should be done with the almost 100,000 trailers now sitting idly at sites around the country, at a cost to the government of $130 million a year?
It looks as though most could end up being sold for scrap.
FEMA has acknowledged that formaldehyde can be a health problem for people living in some trailers, but it has not said the same for people living near storage sites.
The agency says the ongoing litigation has stalled its efforts to dispose of the more than 94,000 travel trailers it now has sitting — empty and unused — around the country.
Taking care of the empty trailers costs money — $28 million a year, just in Mississippi.
FEMA had been selling the trailers but stopped last year because of the concerns about formaldehyde.
After high formaldehyde levels were found in travel trailers used to house the victims of Hurricane Katrina, the federal government sa... more -
Group seeks Bush sewage 'tribute'
A citizens group in San Francisco wants to pay an ironic tribute to President George W Bush when he leaves office - by naming a sewage plant after him.
The group, calling itself the Presidential Memorial Committee of San Francisco, wants the issue voted on at this November's election.
"It's important to remember our leaders in the right historical context," said petition organiser Brian McConnell.
The Republican Party thinks the plan stinks, and it will fight the measure.
Mr McConnell's group has submitted more than 12,000 signatures on a petition to the San Francisco Department of Elections.
If at least 7,168 of those signatures are found to be valid, the question of whether to rename Oceanside Water Pollution Control Plant after the outgoing president will be added to the ballot papers in November.
"In President Bush's case, we think that we will be cleaning up a substantial mess for the next 10 or 20 years," said Mr McConnell.
"The sewage treatment facility's job is to clean up a mess, so we think it's a fitting tribute." A citizens group in San Francisco wants to pay an ironic tribute to President George W Bush when he leaves office - by naming a sewage... more -
Temporary parks dominate parking spaces across the U.S.
PARK(ing) Day, a collaboration between San Francisco nonprofits Rebar and Public Architecture and the national Trust for Public Land is an event during which more than 40 cities across the country have seen countless groups take over parking spaces and turn them into an extremely wide variety of interpretations of the "public park."
PARK(ing) Day is a wonderful chance to spread the message that urban environments don't have to be a never-ending field of concrete and steel, and that even if you don't have a traditional garden, you shouldn't feel cut off from a life with green things.
On this third PARK(ing) Day--the first occurred in 2005 when Rebar set up a temporary park in a single San Francisco parking spot--the creative spirit is definitely in the air, and it's not just ordinary citizens who are getting involved.
In a way, PARK(ing) Day was a dress rehearsal for what Public Architecture hopes will be a series of permanent installations set up in urban streets.
Of course, even PARK(ing) Day had its rules. Those who had commandeered parking spaces had to pay the meters. At one point, at McLaughlin's sustainable rooftop garden, a couple of her colleagues noticed that a meter maid was coming.
"We'd better feed the meter," they said urgently.
But over at the temporary beauty salon, where there weren't any meters, but where the space was in a one-hour parking zone, Cara Buglil said the meter maid was simply driving by and honking happily at her and her fellow cosmetologists.
PARK(ing) Day, a collaboration between San Francisco nonprofits Rebar and Public Architecture and the national Trust for Public Land i... more -
Living with your garbage
Ecobloggers bring the landfill home.
Ari Derfel likes living with his garbage. He hasn't thrown anything away in more than a year, but he insists he doesn't suffer from any compulsive hoarding disorders.
Rather, Derfel views the bins of bottles, boxes, leaflets, cartons, and wrappers he's stacked in his Berkeley, Calif., home as fruits of a continued meditation about sustainability.
"Something inside me doesn't feel right every time I throw things away," said Derfel, who runs an organic catering company. "When I look around at the piles, it's like, 'Hey, man, here's your life. Here's what you spend your money on and put in your body.' It has a profound impact."
Derfel, 35, is joined by a handful of bloggers who are going to extremes to keep their trash out of the landfill. Motivated by global warming, they say they are fed up with promiscuously packaged, toxic products and other evils of conspicuous consumption they say are trashing the planet.
These pack rats are stashing their trash at home and then writing about, photographing, and even weighing it. They belong to a growing cadre of "green" lifestyle bloggers who provide a personal angle to broader issues covered by big-name ecoblogs such as Treehugger.com.
Seems a touch extreme to me... Ecobloggers bring the landfill home. ... more -
Shopping camp: just what the youth of America needs
Yes. You read that right. A camp to teach children how to shop. Is this our answer to the recession? Give me a break.
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UK to slow expansion of biofuels
The UK is to slow its adoption of biofuels amid fears they raise food prices and harm the environment, the transport secretary has said.
Ruth Kelly said biofuels had potential to cut carbon emissions but there were "increasing questions" about them.
"Uncontrolled" growing of fuel crops could destroy rainforest, she told MPs.
A government-commissioned report recommends ministers "amend not abandon" biofuel policies. The Tories said policy had to change "right now". The report calls for biofuels to be introduced more slowly than planned until controls are in place to prevent higher food prices and land being switched from forests or agriculture.
The UK is to slow its adoption of biofuels amid fears they raise food prices and harm the environment, the transport secretary has sai... more -
US and EU urged to cut biofuels
World Bank President Robert Zoellick has called for reform of biofuel policies in rich countries, urging them to grow more food to feed the hungry.
Speaking on the sidelines of the G8 summit on Hokkaido island, Mr Zoellick said biofuels - transport fuels made from crops - had made a contribution to food price rises.
He laid particular blame on fuels made from corn and rapeseed produced in the United States and the EU.
"The US and Europe also need to take action to reduce mandates, subsidies and tariffs benefiting grain and oil seed biofuels that take food off the table for millions," he said.
Protesters have been holding marches in Sapporo, the city closest to the G8 venue, to demand action on global warming, poverty and rising food prices.
World Bank President Robert Zoellick has called for reform of biofuel policies in rich countries, urging them to grow more food to fee... more -
Syria sees no Israel peace before Bush quits
Syrian President Bashar al-Assad has told a newspaper his country is unlikely to make peace with Israel while President George W. Bush remains in office.
However, in an interview published on the website of Le Figaro daily on Monday, Assad said he was betting that the next U.S. leader would get more involved in the peace process.
Assad said Syria and Israel were looking for common ground to start face-to-face negotiations, adding that it was vital to find the right country to mediate such talks.
"Frankly, we do not think that the current American administration is capable of making peace. It doesn't have either the will or the vision and it only has a few months left," he said.
Syrian President Bashar al-Assad has told a newspaper his country is unlikely to make peace with Israel while President George W. Bush... more -
Muslim-run organisation throws "Pizza for the hungry" parties!
The pizza parties -with live music- saw people of all faiths caming together across U.S. states which saw 15,000 pizza slices donated to the homeless & hungry at soup kitchens through eyeBLINK’s business (a not for-profit-organisation)!
The Muslim-run eyeBLINK’s business's manager and creator of 'Pizza for the Hungry: A Smile Brings Hope' Obai Kadwani said:
“It is a part of our religion to feed the hungry,”
“Charity is both encouraged and required in Islam. Muslims are encouraged to feed the hungry irrespective of the religions of the hungry. It is great to showcase such a great characteristic of Islam. As everyone knows, actions speak louder than words.”
http://www.free-press-release-center.info/pr00000000000...
The pizza parties -with live music- saw people of all faiths caming together across U.S. states which saw 15,000 pizza slices donated ... more -
NY State trooper caught issuing "revenge" tickets
A state trooper took road rage to a whole new level - writing up five phony traffic tickets to a Brooklyn man as payback after getting into a heated argument with him over a parking spot, authorities said yesterday.
Lester Hooper, 35, wrote the summonses - alleging traffic violations in three Westchester towns from Jan. 28 to Feb. 6 - without ever pulling over Derrick Perry, according to the Westchester County DA's Office.
The sham tickets , featuring Perry's name and license-plate number, were issued in retribution for a parking beef in Brooklyn, officials said.
The State Police Internal Affairs Bureau gave no details of the Jan. 26 quarrel - but Hooper's lawyer, Pat Bonanno, would only say it involved "offensive" contact between Perry and Hooper's wife...
... Hooper, a three-year State Police veteran based in Tarrytown with the task of patrolling Interstates 87, 95 and 287, has been suspended without pay.
(End of excerpt)
Full story at link by MURRAY WEISS and CLEMENTE LISI// New York Post
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A state trooper took road rage to a whole new level - writing up five phony traffic tickets to a Brooklyn man as payback after getting... more -
Bush-Medvedev: Getting to know you
The Associated Press reports:
"President Bush on Monday called new Russian President Dmitry Medvedev a "smart guy" who understands the issues. But the U.S. president would not go so far as to say he got a sense of Medvedev's soul, as he once famously said of Vladimir Putin after their first meeting.
"I'm not going to sit here and psychoanalyze the guy," Bush said after his first sit-down with Medvedev since the Russian president took office. "He's comfortable and confident, and I believe when he tells me something, he means it."
The two leaders met on the sidelines of the Group of Eight summit. They both emphasized that there were issues of agreement between their countries_ such as dealing with North Korea and Iran — but also areas of disagreement, such as U.S. plans for a European-based missile shield."
-Bush thinks he's(Medvedev) a smart guy..... interesting The Associated Press reports: ... more -
China Oilfield Plans $2.5 Billion Offer for Awilco
Bloomberg reports:
" China Oilfield Services Ltd., a unit of the nation's third-biggest oil producer, plans to offer $2.5 billion for Norwegian oil and gas drilling contractor Awilco Offshore ASA, said two people familiar with the matter.
The cash bid values Awilco at 19 percent more than its market value of 10.7 billion kroner ($2.1 billion) on July 4, the people said, asking not to be identified before an announcement scheduled for today.
China Oilfield would get seven rigs as record oil prices make previously uneconomic fields worth drilling. China, the second-largest energy user, has stepped up its search for oil and gas at home and abroad to sustain the fastest growth among the world's 10 biggest economies. "
-Let the drilling begin
Bloomberg reports: ... more
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