I had a lot of work to do today and I really wasn’t in the mood of writing anything, but, after I finished my work I went searching the internet about the Gaza massacre, trying to find out other opinions than Al-Jazeera and CNN, when I came across a headline on the heraldsun.com.au it was taken from the news agency Thomson Reuters, the headline says “Arab emergency meeting delayed” after that I couldn’t help but go and look up the word emergency and see what it really means, maybe I was confusing it with another word, anyway, here is what I found:
Dictionary.com said:
a sudden, urgent, usually unexpected occurrence or occasion requiring immediate action.
merriam-webster.com said:
1 : an unforeseen combination of circumstances or the resulting state that calls for immediate action.
2 : an urgent need for assistance or relief.
I think the previous two are enough, and if you look it in more dictionaries you’ll get the same, which means that I was not wrong, the two words emergency and delayed can’t come together.
Congratulations Arabs, we’ve just hit rock bottom.
Conclusion: What Muslims and Arabs can do for Palestinians!
At ease. Leave you pens, your keyboards. Drop your flags and
microphones. Don't marsh. Don't wear black ribbons, or change your
status on Facebook. Don't join groups for support.
microphones. Don't marsh. Don't wear black ribbons, or change your
status on Facebook. Don't join groups for support.
YOU ARE CHANGING NOTHING!
Go back to your TV sets. Watch American Idol, you think you can dance,
Rotana, Melody, Porn, Cartoons, Football and Bab Elhara.
Run for your money, resume your diet, plan your New Year's Eve, go
shopping and jogging.
Campaign for Bahai's, women's, whales', seals', sharks', pandas' and
homosexuals' rights.
Get your PhD in Metaphysics or Horoscopes.
You might make a difference for a life, even if it was just yours.
In few years time we reach the bottom. Some dead, some numb, some
illiterate, some high, some drugged, some drunk, some whores, some
pimps, some thieves, some thugs, some rotten and overused rugs.
Dancers, strippers, honor brokers, and backstabbers. We'll live on
credit cards and the world' left overs. We'll fade away until there is
nothing.
Then we'll be flushed out, and a new batch will come that will make us
more oblivion and insignificant.
They'll take on the world and take us off its feet! Rotten and stinky!
Leave them alone! Let them die. We all will.. But we do it after we
can no longer keep our beds dry! While they do it with their heads
held up high!
This is beyound desparation! It's a new level hopelessness and helplessness!
Long live Palestine, and to hell with the rest of us.
--
Sent from my mobile device
This Is What The American Government Think
The following is a part of an article written by Deb RIECHMANN on the Associated Press yesterday.
“US urges Hamas to cease rocket attacks on Israel”
“CRAWFORD, Texas – The U.S. on Saturday blamed the militant group Hamas for breaking a cease-fire and attacking Israel, which retaliated with strikes of its own during what became the single bloodiest day of fighting in years.
The White House called for the cease-fire to be restored, yet there were few indications that the violence, which has left more than 200 people dead and nearly another 400 wounded, was waning. Israeli Defense Minister Ehud Barak warned that the operation in Gaza would widen if necessary.
It was "completely unacceptable" for Hamas, which controls Gaza, to launch attacks on Israel after a truce lasting several months, said Gordon Johndroe, a spokesman for the National Security Council.
"These people are nothing but thugs, so Israel is going to defend its people against terrorists like Hamas that indiscriminately kill their own people," Johndroe said in Texas as President George W. Bush was spending the week before New Year's at his ranch here. "They need to stop. We have said in the past that they have a choice to make. You can't have one foot in politics and one foot in terror."”
It’s funny how rude they are and how they ignore us completely, please write you comments and let me know how you felt after reading the article. I tagged it under history, because this is the history we are making now, and that our children will be spitting on later.
You can find the full article on http://news.yahoo.com/s/ap/20081228/ap_on_go_pr_wh/us_mideast
“US urges Hamas to cease rocket attacks on Israel”
“CRAWFORD, Texas – The U.S. on Saturday blamed the militant group Hamas for breaking a cease-fire and attacking Israel, which retaliated with strikes of its own during what became the single bloodiest day of fighting in years.
The White House called for the cease-fire to be restored, yet there were few indications that the violence, which has left more than 200 people dead and nearly another 400 wounded, was waning. Israeli Defense Minister Ehud Barak warned that the operation in Gaza would widen if necessary.
It was "completely unacceptable" for Hamas, which controls Gaza, to launch attacks on Israel after a truce lasting several months, said Gordon Johndroe, a spokesman for the National Security Council.
"These people are nothing but thugs, so Israel is going to defend its people against terrorists like Hamas that indiscriminately kill their own people," Johndroe said in Texas as President George W. Bush was spending the week before New Year's at his ranch here. "They need to stop. We have said in the past that they have a choice to make. You can't have one foot in politics and one foot in terror."”
It’s funny how rude they are and how they ignore us completely, please write you comments and let me know how you felt after reading the article. I tagged it under history, because this is the history we are making now, and that our children will be spitting on later.
You can find the full article on http://news.yahoo.com/s/ap/20081228/ap_on_go_pr_wh/us_mideast
Shame On All Of You!!
Complete silence.. something I couldn't really explain. Five years ago when I had vertually no contact with Non-arabs it would've made sense to me. But now, I have many of them as friends and colleagues! On my facebook I have around 130+ friends, 40% of those are non-arabs. I noticed something interesting when I looked at the status updates of my friends!! Almost 90% of the arabs had shown some kind of interest in what is going in Gaza! However, none of the non-arabs wrote a single word. No condemnation, no sympathy, no empathy!! Nothing to show the least interest in 200 people dead in Gaza! They are not humans. They are not worthy of a kind word.
It's weird. Aren't they victims of some type of terrorism?! Aparently not!
Something else I don't understand is how thick faced people can get! How can they be so useless and irrelevant and at the same time act if they were the exact opposite!! Arab leaders have proved to me and millions that they are the most thick-faced people on the face of the Earth! Hated by their own people, looked at as dictators by their allies, and as useless even by Israel!! Nobody thinks they add value to human history except maybe their equally useless and destructive entourage!
Question for Hosni Mubarak. What are you still doing? Don't you feel ashamed? Don't you feel hated beyound imagination? Don't you feel sterile?! If I were you, I'd leave! Resign! quit! I think in almost quarter of a century you have managed to steal enough money to live as a GOD for the rest of your miserable life somewhere in this world! So leave! You and all your likes! All the species of sub-pigs and sub-humans!
I believe we've reached a point beyound diplomacy! No kind words can be said on those silent sheeps and equally silent monsters! 229 martyrs so far! and all I can hear is condemnation!
Congratulations to Israel. They've made history today! They have conducted one of their unique UN-sponsored massacres while the world watched!
Congratulations to Israel. They've just militarized millions of arabs now! And from now on, I won't apologize for or sympathize with any single casualty I see on TV! You've earned it.
It's so sad to have so much hatred inside you. But everything has a limit, and I've reached that limit. Israel have given me and millions like me an overdose of hatred enough to hate the world for a century to come!
Shame on the world... Shame on you...
It's weird. Aren't they victims of some type of terrorism?! Aparently not!
Something else I don't understand is how thick faced people can get! How can they be so useless and irrelevant and at the same time act if they were the exact opposite!! Arab leaders have proved to me and millions that they are the most thick-faced people on the face of the Earth! Hated by their own people, looked at as dictators by their allies, and as useless even by Israel!! Nobody thinks they add value to human history except maybe their equally useless and destructive entourage!
Question for Hosni Mubarak. What are you still doing? Don't you feel ashamed? Don't you feel hated beyound imagination? Don't you feel sterile?! If I were you, I'd leave! Resign! quit! I think in almost quarter of a century you have managed to steal enough money to live as a GOD for the rest of your miserable life somewhere in this world! So leave! You and all your likes! All the species of sub-pigs and sub-humans!
I believe we've reached a point beyound diplomacy! No kind words can be said on those silent sheeps and equally silent monsters! 229 martyrs so far! and all I can hear is condemnation!
Congratulations to Israel. They've made history today! They have conducted one of their unique UN-sponsored massacres while the world watched!
Congratulations to Israel. They've just militarized millions of arabs now! And from now on, I won't apologize for or sympathize with any single casualty I see on TV! You've earned it.
It's so sad to have so much hatred inside you. But everything has a limit, and I've reached that limit. Israel have given me and millions like me an overdose of hatred enough to hate the world for a century to come!
Shame on the world... Shame on you...
2 New Cell-Phone Uses
Once again cell phones prove to be useful for more than just making late night calls or sending funny messages. Scientists have added to more uses to the cell-phones.
The first invention was what the inventors called Key2safty. This new feature in the cell-phones, connects the car key and the phone using the Bluetooth and the wireless technologies to prevent talking or texting using the cell-phone while driving.
The second one is a system that gives people the ability to turn the street lights on when they need it, in order to save electricity costs. Three German towns have already started testing it by turning off street light late at night and require people to make a chargeable call to turn it on; the town of Legmo is one of these towns.
Isn’t that amazing? Whenever you wonder what’s next, the scientists are ready to answer your question. I just hope one day one of our scientists will be able to answer one of these questions, not working in the USA or Europe, but from one of the Arab universities.
The first invention was what the inventors called Key2safty. This new feature in the cell-phones, connects the car key and the phone using the Bluetooth and the wireless technologies to prevent talking or texting using the cell-phone while driving.
The second one is a system that gives people the ability to turn the street lights on when they need it, in order to save electricity costs. Three German towns have already started testing it by turning off street light late at night and require people to make a chargeable call to turn it on; the town of Legmo is one of these towns.
Isn’t that amazing? Whenever you wonder what’s next, the scientists are ready to answer your question. I just hope one day one of our scientists will be able to answer one of these questions, not working in the USA or Europe, but from one of the Arab universities.
Fun Facts
1- According to an old English system of time units, a moment is one and a half minutes.
2- By raising your legs slowly and lying on your back, you can't sink in quicksand.
3- Ten minutes of one hurricane contains enough energy to match the nuclear stockpiles of the world.
4- Hawaii is moving toward Japan 4 inches every year.
5- Hummingbirds are the only animals able to fly backwards.
6- A cockroach can live for several weeks without its head.
7- Ants do not sleep.
For more, please visit
http://www.hightechscience.org/funfacts.htm
2- By raising your legs slowly and lying on your back, you can't sink in quicksand.
3- Ten minutes of one hurricane contains enough energy to match the nuclear stockpiles of the world.
4- Hawaii is moving toward Japan 4 inches every year.
5- Hummingbirds are the only animals able to fly backwards.
6- A cockroach can live for several weeks without its head.
7- Ants do not sleep.
For more, please visit
http://www.hightechscience.org/funfacts.htm
It's all Christmassy in Dubai!!
In a world struck by a financial crisis, hunger, famine, war, and environmental decay it's nice to celebrate an occassion even if you don't directly relate to it!!
But then again, Christmas is like Eid. It's all about family, feeling blessed, giving gifts and receiving some if you are lucky! Never forgetting of course that during these occassions you can't fly anywhere unless you've made your booking a year ago!
In Dubai, Christmas is special! It is so because Dubai is, by definition, a Muslim city! Granted that 90% are expats, but the fact that Dubai like all other Gulf cities and states makes sure none of those lives the crazy dream of being a national, makes the freedom they have here exceptional!!
There is no census that gives you a breakdown of population by religion here, but you definitely can not call Muslims a minority here. Despite all of that, Christmas is being celebrated, and given so much attention that you can not find a single shoppiing mall that doesn't sport a HUGE and sparkling Christmas tree. It gives you a warm feeling. It makes "Merry Christmas" that you say to your Christian friends more meaningful.
Finally, I think the past couple of years, and the coming couple of years should be the perfect time to bring us together. December has been and will continue to be in few years to come a festive season for everyone! Starts with Eid Al Adha, then Christmas, then Islamic new year, and the The New Year!! You can hardly get any work done during this period, but it would be wonderful to see different people greeting each other, and wishing each other a blessed Eid or Christmas. Making new year's resolutions together, and exchanging gifts! Dubai is being underestimated and reduced into a wannabe business hub and a shopping destination! I personally think that it can do a great job breaking down the barriers and bridging the gaps! Make people see beyond the haze! Beyond Fox & Sky. Beyond Bush & Bin Lden.
MERRY CHRISTMAS EVERYONE.
Toyota Reports Its First Operational Loss In 70 years
Toyota, the largest carmaker in the world is reporting its first operational losses in 70 years. But why is that happening?
It’s not because Toyota cars suck like the American made cars, or because it consumes a lot of gas; it’s because their biggest market – the American market- is not big anymore, I think that is telling us why the American carmakers are about to go bankrupt.
Corolla and Camry are the top selling Toyota cars in the U.S.
It’s not because Toyota cars suck like the American made cars, or because it consumes a lot of gas; it’s because their biggest market – the American market- is not big anymore, I think that is telling us why the American carmakers are about to go bankrupt.
Corolla and Camry are the top selling Toyota cars in the U.S.
Today’s Dose of Wisdom: Businessmen
Buy land, they're not making it anymore.
Mark Twain
A man always has two reasons for doing anything: a good reason and the real reason.
J. P. Morgan
The conventional definition of management is getting work done through people, but real management is developing people through work.
Agha Hasan Abedi
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
Warren Buffett
Quality means doing it right when no one is looking.
Henry Ford
Mark Twain
A man always has two reasons for doing anything: a good reason and the real reason.
J. P. Morgan
The conventional definition of management is getting work done through people, but real management is developing people through work.
Agha Hasan Abedi
We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
Warren Buffett
Quality means doing it right when no one is looking.
Henry Ford
Madoff the $50 Billion Fraud
Bernard Madoff, a 70 years old money manager and a former NASDAQ chairman was arrested over a fraud case in Wall Street, this fraud scheme has hit the biggest American and European banks and charities.
Now, as mentioned the Madoff ponzi has hit the banks with $50 billion dollars, these banks are; HSBC, PNB Paripas, Spain’s Santander, Fortis Bank, Royal Bank of Scotland, the UK-based Hedge Fund Man Group, and many charities.
Bernard Madoff has founded his firm (Bernard L. Madoff Investment Securities LLC) in 1960 and it was one of the biggest market makers in Wall Street and had an investment management arm.
It was said the he didn’t have real investments; he was taking money from the new investors and paying it as profits to the old investors, for almost 50 years, he managed to fool all those “professional” investors with a firm started with only $5000 as an initial investment.
This guy is even a genius or had some of SEC (The U.S. Securities and Exchange Commission) employees on his payrolls, either way, I think an inside investigation should be carried on in the SEC, because everything about the financial crisis has proved that there is corruption in the US regulations and regulatory bodies.
Now, as mentioned the Madoff ponzi has hit the banks with $50 billion dollars, these banks are; HSBC, PNB Paripas, Spain’s Santander, Fortis Bank, Royal Bank of Scotland, the UK-based Hedge Fund Man Group, and many charities.
Bernard Madoff has founded his firm (Bernard L. Madoff Investment Securities LLC) in 1960 and it was one of the biggest market makers in Wall Street and had an investment management arm.
It was said the he didn’t have real investments; he was taking money from the new investors and paying it as profits to the old investors, for almost 50 years, he managed to fool all those “professional” investors with a firm started with only $5000 as an initial investment.
This guy is even a genius or had some of SEC (The U.S. Securities and Exchange Commission) employees on his payrolls, either way, I think an inside investigation should be carried on in the SEC, because everything about the financial crisis has proved that there is corruption in the US regulations and regulatory bodies.
What an Ending
I wanted to start by saying "he should have seen it coming" but it would be appropriate because obviously he did see it coming that's why he was able to dodge it, watch below;
Now you might think that i posted this video out of my hate to America, but that's not true, i don't hate America or the American, not even bush as a person, it's just that it's funny, and it carries a message, What You Seed Is What You Harvest.
The World Food Crisis
In the past few days there were a lot of talking about the world going, in addition to financial crisis, in a food crisis. It wasn’t just a breaking headline, news TV’s were focusing on that subject big time, and were interviewing experts to find a solution for this crisis.
Now let’s look at some facts a got from the World Food Program’s (WFP) site:
* Top international experts say millions of people are being pushed deeper into poverty and hunger by high food prices. According to the World Bank, the number is at least 100 million. WFP’s research indicates that it could be as high as 130 million.
* On international commodity markets, food prices have gone up 54 percent over the last year, with cereal prices soaring 92 percent. (Source: FAO – World Food Situation).
* Over the first four months of 2008 WFP paid an average of US$430 for a metric ton of wheat, compared to US$207 for the same period of 2007, an increase of 108 percent.
* WFP is also paying more for other key elements in its food basket: 33 percent more for maize, 50 percent more for rice, 73 percent more for vegetable oil and 61 percent more for pulses.
* World cereal reserves are expected to fall 5 percent this year, to their lowest point for 25 years. (Source: FAO - Crop Prospects).
* Approximately 1 billion people still live on less than US$ 1 dollar a day, the threshold defined by the international community as absolute poverty, below which survival is in question.
In the interviews there were a lot of reasons causing the crisis mentioned, the developing countries’ economics growth, higher energy prices, the growth of bio-fuel production, and the climatic conditions resulting in flooding the crops. But out of this darkness I still can find something to laugh at, in the matter of fact it’s even extremely funny or extremely sad, that thing was, non of the experts interviewed, or at least those I watched, came to mention the civil wars in the hungry countries.
Let’s look at the most affected countries by the crisis and see if the civil wars have anything to do with that or not. These countries are, Somalia, Central Africa, Afghanistan, and Bangladesh. Other countries like Philippines, Sudan, India, and Sri Lanka, have got their shares of poverty too.
Now let’s try to find the solution, in my opinion, stopping the emerging countries from developing will not solve the problem, although this is the “first world” target, but it’s just stupid. Higher energy prices have something to do with the solution that I’m going to propose. Bio-fuel production takes only 5% of the world cereal production, so stop stressing that point just because Brazil is the world largest producer not the USA.
In the end, I think that the solution is stopping the civil wars, so Europe and America, stop feeding your dogs of war, they will die, and innocent people will live.
Now let’s look at some facts a got from the World Food Program’s (WFP) site:
* Top international experts say millions of people are being pushed deeper into poverty and hunger by high food prices. According to the World Bank, the number is at least 100 million. WFP’s research indicates that it could be as high as 130 million.
* On international commodity markets, food prices have gone up 54 percent over the last year, with cereal prices soaring 92 percent. (Source: FAO – World Food Situation).
* Over the first four months of 2008 WFP paid an average of US$430 for a metric ton of wheat, compared to US$207 for the same period of 2007, an increase of 108 percent.
* WFP is also paying more for other key elements in its food basket: 33 percent more for maize, 50 percent more for rice, 73 percent more for vegetable oil and 61 percent more for pulses.
* World cereal reserves are expected to fall 5 percent this year, to their lowest point for 25 years. (Source: FAO - Crop Prospects).
* Approximately 1 billion people still live on less than US$ 1 dollar a day, the threshold defined by the international community as absolute poverty, below which survival is in question.
In the interviews there were a lot of reasons causing the crisis mentioned, the developing countries’ economics growth, higher energy prices, the growth of bio-fuel production, and the climatic conditions resulting in flooding the crops. But out of this darkness I still can find something to laugh at, in the matter of fact it’s even extremely funny or extremely sad, that thing was, non of the experts interviewed, or at least those I watched, came to mention the civil wars in the hungry countries.
Let’s look at the most affected countries by the crisis and see if the civil wars have anything to do with that or not. These countries are, Somalia, Central Africa, Afghanistan, and Bangladesh. Other countries like Philippines, Sudan, India, and Sri Lanka, have got their shares of poverty too.
Now let’s try to find the solution, in my opinion, stopping the emerging countries from developing will not solve the problem, although this is the “first world” target, but it’s just stupid. Higher energy prices have something to do with the solution that I’m going to propose. Bio-fuel production takes only 5% of the world cereal production, so stop stressing that point just because Brazil is the world largest producer not the USA.
In the end, I think that the solution is stopping the civil wars, so Europe and America, stop feeding your dogs of war, they will die, and innocent people will live.
Illinois governor arrested
The west and especially the USA keeps accusing the Arab governments of corruption and faulty acts, while it looks they are more corrupted than our governments, in the matter of fact I believe that you will not be able to be a big player in any government unless you are a big liar and prove that you can fool anyone at any time, I mean after all that’s what politics is all about.
The governor of Illinois was arrested on Tuesday and accused of trying to sell Obama’s senate seat. If you have enough money to buy the seat, you will be a player in the team, and if you show good skills and pay more money, who knows what position you might end up filling, maybe the “president”.
This incident brings to my mind the old saying “If you are living in a house of glass, don’t through stones on your neighbors’ windows”. But after all I have to be fair to the Americans, at least this guy has got arrested, will he be convicted? Depends on his relationships with the higher powers, which doesn’t seem to be strong as far as I read. But, how many of those got arrested in our countries? I’ve never heard of any. Who knows? Maybe we don’t have corruption….!!!!!!!
The governor of Illinois was arrested on Tuesday and accused of trying to sell Obama’s senate seat. If you have enough money to buy the seat, you will be a player in the team, and if you show good skills and pay more money, who knows what position you might end up filling, maybe the “president”.
This incident brings to my mind the old saying “If you are living in a house of glass, don’t through stones on your neighbors’ windows”. But after all I have to be fair to the Americans, at least this guy has got arrested, will he be convicted? Depends on his relationships with the higher powers, which doesn’t seem to be strong as far as I read. But, how many of those got arrested in our countries? I’ve never heard of any. Who knows? Maybe we don’t have corruption….!!!!!!!
Oil price hits a low of $40.5 pb.
On Friday’s trading session the West Texas Light Sweet Crude Oil price has hit a low of $40.5 pb, a price that was people’s nightmare 5 years ago and the sweetest dream of all just 6 months ago.
Now, let’s go back in history and find out why crude oil prices has raised to more than $140 pb and why did it fall back to these levels.
When the prices were raising the annalists said it’s because of China’s and India’s economic growth, which was true actually. Other annalists added the political uncertainty in the Middle East, which in my opinion is partly true, because political uncertainty proved to be a short term driver, while we have seen a 5 year rally for the crude oil prices, the political uncertainty still exists and the prices keep falling. The most interesting analysis, the one that I don’t buy, is that we are running out of oil, it’s not that it’s unlikely to happen, it’s just the way this analysis was presented, it was never clear how they got to the numbers they presented to us. And we shouldn’t forget the most important short term market players, brokers and scalpers.
It’s important to distinguish between the long term drivers and the short term ones. In my opinion, economic growth and oil reserves are the most important factors to look at, if we are talking about investing or strategic planning.
I personally wish that oil prices fall even more, I don’t know it just makes life sound easier when oil prices are low.
Now, let’s go back in history and find out why crude oil prices has raised to more than $140 pb and why did it fall back to these levels.
When the prices were raising the annalists said it’s because of China’s and India’s economic growth, which was true actually. Other annalists added the political uncertainty in the Middle East, which in my opinion is partly true, because political uncertainty proved to be a short term driver, while we have seen a 5 year rally for the crude oil prices, the political uncertainty still exists and the prices keep falling. The most interesting analysis, the one that I don’t buy, is that we are running out of oil, it’s not that it’s unlikely to happen, it’s just the way this analysis was presented, it was never clear how they got to the numbers they presented to us. And we shouldn’t forget the most important short term market players, brokers and scalpers.
It’s important to distinguish between the long term drivers and the short term ones. In my opinion, economic growth and oil reserves are the most important factors to look at, if we are talking about investing or strategic planning.
I personally wish that oil prices fall even more, I don’t know it just makes life sound easier when oil prices are low.
Top former Fannie, Freddie excutives to testify
4 former Fannie, Freddie executives to be grilled at House hearing on companies' collapse
Alan Zibel, AP Real Estate Writer
Tuesday December 9, 2008, 12:02 am EST
WASHINGTON (AP) -- Lawmakers are poised to trade barbs Tuesday about who deserves most of the blame for the collapse and government takeover of mortgage finance titans Fannie Mae and Freddie Mac.
The two companies, which were seized by federal regulators in September, have become highly charged political targets in the debate over what caused the U.S. housing crisis and the resulting financial fallout.
Four former top executives are scheduled to be grilled at the hearing, which is being led by Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee. But there are doubts about whether the hearing will produce any solid conclusions or will just devolve into partisan bickering.
"I think we're going to get a lot of finger-pointing, which will be totally unproductive," said Bert Ely, a banking industry consultant in Alexandria, Va.
Fannie and Freddie, which own or guarantee around half the $11.5 trillion in U.S. outstanding home loan debt, long used their lobbying muscle in Washington to thwart efforts to impose tighter regulation.
Washington-based Fannie and McLean, Virginia-based Freddie are the engines behind a complex process of buying, bundling and selling mortgages as investments.
They traditionally backed the safest loans, 30-year fixed rate mortgages that required a down payment of at least 20 percent. But in recent years, they lowered their standards, matching a decline fueled by Wall Street banks that backed the now-defunct subprime lending industry.
Republicans blame Fannie and Freddie, and the effort to promote homeownership under the Clinton administration for sowing the seeds of the financial meltdown. Democrats defend the companies' role in encouraging homeownership and note that Wall Street banks -- not Fannie and Freddie -- led a dramatic decline in lending standards.
Both companies have been asked to turn over a long list of documents and e-mail messages concerning the risks they took in their mortgage investments, accounting, and compensation for the companies' former CEOs.
For full story please visit http://finance.yahoo.com/news/Top-former-Fannie-Freddie-apf-13778762.html
Alan Zibel, AP Real Estate Writer
Tuesday December 9, 2008, 12:02 am EST
WASHINGTON (AP) -- Lawmakers are poised to trade barbs Tuesday about who deserves most of the blame for the collapse and government takeover of mortgage finance titans Fannie Mae and Freddie Mac.
The two companies, which were seized by federal regulators in September, have become highly charged political targets in the debate over what caused the U.S. housing crisis and the resulting financial fallout.
Four former top executives are scheduled to be grilled at the hearing, which is being led by Rep. Henry Waxman, D-Calif., chairman of the House Oversight and Government Reform Committee. But there are doubts about whether the hearing will produce any solid conclusions or will just devolve into partisan bickering.
"I think we're going to get a lot of finger-pointing, which will be totally unproductive," said Bert Ely, a banking industry consultant in Alexandria, Va.
Fannie and Freddie, which own or guarantee around half the $11.5 trillion in U.S. outstanding home loan debt, long used their lobbying muscle in Washington to thwart efforts to impose tighter regulation.
Washington-based Fannie and McLean, Virginia-based Freddie are the engines behind a complex process of buying, bundling and selling mortgages as investments.
They traditionally backed the safest loans, 30-year fixed rate mortgages that required a down payment of at least 20 percent. But in recent years, they lowered their standards, matching a decline fueled by Wall Street banks that backed the now-defunct subprime lending industry.
Republicans blame Fannie and Freddie, and the effort to promote homeownership under the Clinton administration for sowing the seeds of the financial meltdown. Democrats defend the companies' role in encouraging homeownership and note that Wall Street banks -- not Fannie and Freddie -- led a dramatic decline in lending standards.
Both companies have been asked to turn over a long list of documents and e-mail messages concerning the risks they took in their mortgage investments, accounting, and compensation for the companies' former CEOs.
For full story please visit http://finance.yahoo.com/news/Top-former-Fannie-Freddie-apf-13778762.html
Today’s dose of wisdom: Motivational Quotes
Take a lesson from the mosquito. It never waits for an opening; it makes one.
When we wake up in the morning, we have two simple choices: go back to sleep and dream, or wake up and chase those dreams.
Success is not permanent and failure is not final! So, never stop working after success and never stop trying after failure!
Investment in people brings the highest return in life.
Life is an experiment. It could end in disaster one day, puts you on top of the world the next day and will leave you wondering what happens, the next. The challenge is to turn the experiment into a life, well experimented.
Push yourself past your own expectations and those of others. Once you think you have had enough, push a little harder.
The best compliment a leader can receive is not from their leader, but from those they lead.
for more please visit
http://www.motivateus.com/
When we wake up in the morning, we have two simple choices: go back to sleep and dream, or wake up and chase those dreams.
Success is not permanent and failure is not final! So, never stop working after success and never stop trying after failure!
Investment in people brings the highest return in life.
Life is an experiment. It could end in disaster one day, puts you on top of the world the next day and will leave you wondering what happens, the next. The challenge is to turn the experiment into a life, well experimented.
Push yourself past your own expectations and those of others. Once you think you have had enough, push a little harder.
The best compliment a leader can receive is not from their leader, but from those they lead.
for more please visit
http://www.motivateus.com/
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