Fannie Mae And Freddie Mac Worst Case Scenario Is $1 Trillion!

fannie-mae
Fannie Mae headquarters stands in Washington.((Bloomberg)

June 14 (Bloomberg) — The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history.

Fannie and Freddie, now 80 percent owned by U.S. taxpayers
, already have drawn $145 billion from an unlimited line of government credit granted to ensure that home buyers can get loans while the private housing-finance industry is moribund. That surpasses the amount spent on rescues of American International Group Inc., General Motors Co. or Citigroup Inc., which have begun repaying their debts.

“It is the mother of all bailouts,” said Edward Pinto, a former chief credit officer at Fannie Mae, who is now a consultant to the mortgage-finance industry.

Read moreFannie Mae And Freddie Mac Worst Case Scenario Is $1 Trillion!

BIS: Currency Collapse May Stimulate Economic Expansion

Wikipedia:

The BIS was formed in 1930, the main actors in the establishment of the BIS were the then Governor of The Bank of England, Montague Norman and his German colleague Hjalmar Schacht, later Adolf Hitler’s finance minister.

During the period 1933 – 1945, the board of directors of the BIS included Walter Funk a prominent Nazi official, and Emil Puhl, who were both convicted at the Nuremberg trials after World War II, as well as Herman Schmitz the director of IG Farben and Baron von Schroeder, the owner of the J.H.Stein Bank, the bank that held the deposits of the Gestapo. There were allegations that the BIS had helped the Germans loot assets from occupied countries during World War II.

Use ‘Google Translate’ for this:

Wikipedia (German):

In der Zeit des Nationalsozialismus von 1933 bis 1945 galt die BIZ als sehr „nazifreundlich“ mit einer einflussreichen „deutschen Gruppe“ innerhalb des Unternehmens. Zum Beispiel war Emil Puhl (der geschäftsführende Vizepräsident der Reichsbank) einer der BIZ-Präsidenten. Die BIZ übernahm 1938 nach dem „Anschluss“ Österreichs das österreichische Gold und war 1939 nach der NS-Besetzung der Tschechei auch bei der Überweisung eines Teils des tschechischen Goldes zugunsten der NS-Seite behilflich. Lord Montagu Norman, einer der Präsidenten der BIZ und gleichzeitig Leiter der Bank of England, verhinderte die Überweisung nicht. Ab April 1939 wurde der amerikanische Anwalt Thomas McKittrick in die BIZ eingegliedert, um eine demokratische Fassade vorzutäuschen. Während der Kriegszeit 1939 bis 1945 wickelte die BIZ alle notwendigen Devisengeschäfte für das Deutsche Reich ab. Es kam deshalb später zu dem offenen Vorwurf des Handels mit Raubgold (looted gold) der vom Deutschen Reich übernommenen Zentralbanken. Die Bestrebungen des US-Finanzministers Morgenthau und der norwegischen Exilregierung ab 1943, die BIZ wegen ihrer Nazifreundlichkeit aufzulösen, waren vergeblich. Der britische Finanzexperte Keynes argumentierte u.a. gegen Morgenthau, die BIZ werde für den „Wiederaufbau“ nach dem Krieg gebraucht. Erst im März 1945 wurden die Devisengeschäfte mit dem Deutschen Reich eingestellt, weil der amerikanische Druck auf die Schweiz nicht mehr abzuwenden war. Diese Nazi-Vergangenheit der BIZ wurde bis in die 1990er Jahre verschwiegen.

Show the following article to your economics Prof. and watch his facial expression!

More complete elite bullshit we can take a bath in!

(Read about the solution for Greece here. Instead this is what is really happening.)


Currency Collapse May Stimulate Economic Expansion, BIS Says

bis-bank-for-international-settlements-basel-switzerland
The BIS is the Central Bank of Central Banks and answers to no government on planet earth.

June 14 (Bloomberg) — Currency collapses tend to spur a resumption of economic growth rather than fueling a decline in gross domestic product, according to the Bank for International Settlements.

Currency collapses are associated with permanent output losses of about 6 percent of GDP, on average, though the drop tends to appear beforehand, the Basel, Switzerland-based BIS said in its quarterly review yesterday.

“This suggests that it may not be the currency collapse that reduces output, but rather the factors that led to the depreciation,” Camilo E. Tovar wrote in the study. “To gain a full understanding of the implications of currency collapses on economic activity it is important to carefully examine the full circle of events surrounding the episode.”

The positive effects of a weaker currency on GDP, including making local products cheaper than imported goods, may outweigh the negative ones, such as rising inflation. Currency collapses occur when the annual exchange rate drops by about 22 percent, according to the BIS, which identified 79 such episodes, “more commonly in Africa than in Asia or Latin America,” since 1960, Tovar said.

Read moreBIS: Currency Collapse May Stimulate Economic Expansion

Moody’s downgrades Greece’s credit rating to junk

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ATHENS, Greece — Moody’s Investors Service slashed Greece’s credit rating to junk status on Monday in a new blow to the debt-ridden country that is under intense international scrutiny after narrowly avoiding default last month.

A Moody’s statement said it was cutting Greece’s government bond ratings by four notches to Ba1 from A3, with a stable outlook for the next 12-18 months. It was the second of the three major agencies to accord Greek bonds junk status. Standard & Poor’s did the same in late April.

The downgrades reflect concern that the country could fail to meet its obligations to cut its deficit and pay down its debt — which the Greek government says is out of the question.

Read moreMoody’s downgrades Greece’s credit rating to junk

BP Blocking Media Access To Workers (Video)

Great interview from New Orleans TV station wdsu tv.


Added: 12. June 2010

More:

BP Official Admits to Damage BENEATH THE SEA FLOOR

BP Buys Search Term ‘Oil Spill’ From Google

BP CEO Tony Hayward sold £1.4 million of his shares weeks before Gulf blowout

Goldman Sachs Sold 44% Of Its BP Stock 3 Weeks Before Gulf Blowout

Feds and BP Withheld Videos Showing Massive Scope of Oil Spill

Read moreBP Blocking Media Access To Workers (Video)

Don’t Use Violence, we are civilians!!! Smuggled Gaza Footage Israel doesn’t want you to see

More Disturbing Images of Israeli Barbarism


Added: 10. Juni 2010

Source: Gilad Atzmon

More:

Israel rejects international probe, says it would be biased against the Jewish state; Egypt calls Gaza blockade a failure, border stays open (AP)

Iran Offers Military Protection To Gaza Aid Ships (RT)

Former US Marine Disarms Israeli Commandos, Describes Mass Murder By Israeli Soldiers (YouTube)

Autopsy Results Reveal That Gaza Flotilla Activists Were Shot In Head At Close Range (Guardian)

Robert Fisk: The Truth Behind The Israeli Propaganda (Independent)

Gilad Atzmon on Israeli collective madness: ‘The world sees now what Israel is all about’

American teenager among those killed in Israeli raid of aid flotilla; Israeli soldiers accused of refusing to treat the injured, letting them die (Washington Post/Al Jazeera)

President Abdullah Gul: Turkey will ‘never forgive’ Israel (Al Jazeera)

Ex-Mossad agent Victor Ostrovsky: Gaza flotilla raid ’so stupid it’s stupefying’ (The Raw Story)

Read moreDon’t Use Violence, we are civilians!!! Smuggled Gaza Footage Israel doesn’t want you to see

Kyrgyzstan: Violence spiralling ‘out of control’; Interim President Roza Otunbayeva asks Russia to send in troops

Related information:

Kyrgyzstan requested US military aid and rubber bullets but was turned down (Foreign Policy)

Russian military force in Kyrgyzstan grows to Medvedev’s order (ITAR-TASS)

Tens of thousands flee ethnic violence in Kyrgyzstan (BBC News)

Kyrgyzstan increases troops, authorizes killing rioters; death toll climbs to 100 (Los Angeles Times)


Kyrgyzstan begs Russia’s help to quell ethnic violence

kyrgyzstan-calls-for-russian-help-to-end-ethnic-riots
Uzbekistan soldiers and security officers help ethnic Uzbeks fleeing southern Kyrgyzstan to cross the border after attacks by Kyrgyz rioters in Osh. (AP)

(AFP) — Kyrgyzstan imposed a state of emergency in a second southern city as its interim leader warned ethnic violence is spiralling “out of control” and asked Russia to send in troops.

Interim President Roza Otunbayeva appealed to Moscow to intervene militarily after at least 75 people were killed and 977 wounded, according to the health ministry, in nearly three days of unrest.

“Since yesterday the situation has got out of control. We need outside military forces to halt the situation. For this reason we have appealed to Russia for help,” said Otunbayeva in a nationally televised address.

But while Moscow said it was rushing humanitarian aid to the former Soviet Central Asian republic, a spokeswoman for President Dmitry Medvedev said it would not yet send troops.

Read moreKyrgyzstan: Violence spiralling ‘out of control’; Interim President Roza Otunbayeva asks Russia to send in troops

President Obama Has Already Outdone Every Previous President In Prosecuting Whistleblowers

Obama Takes a Hard Line Against Leaks to Press

barack-obama1

WASHINGTON – Hired in 2001 by the National Security Agency to help it catch up with the e-mail and cellphone revolution, Thomas A. Drake became convinced that the government’s eavesdroppers were squandering hundreds of millions of dollars on failed programs while ignoring a promising alternative.

He took his concerns everywhere inside the secret world: to his bosses, to the agency’s inspector general, to the Defense Department’s inspector general and to the Congressional intelligence committees. But he felt his message was not getting through.

So he contacted a reporter for The Baltimore Sun.

Today, because of that decision, Mr. Drake, 53, a veteran intelligence bureaucrat who collected early computers, faces years in prison on 10 felony charges involving the mishandling of classified information and obstruction of justice.

The indictment of Mr. Drake was the latest evidence that the Obama administration is proving more aggressive than the Bush administration in seeking to punish unauthorized leaks.

In 17 months in office, President Obama has already outdone every previous president in pursuing leak prosecutions. His administration has taken actions that might have provoked sharp political criticism for his predecessor, George W. Bush, who was often in public fights with the press.

Mr. Drake was charged in April; in May, an F.B.I. translator was sentenced to 20 months in prison for providing classified documents to a blogger; this week, the Pentagon confirmed the arrest of a 22-year-old Army intelligence analyst suspected of passing a classified video of an American military helicopter shooting Baghdad civilians to the Web site Wikileaks.org.

Read morePresident Obama Has Already Outdone Every Previous President In Prosecuting Whistleblowers

Saudi Arabia: We will not give Israel air corridor for Iran strike

See also:

Saudi Arabia gives Israel clear skies to attack Iranian nuclear sites (Times):

Saudi Arabia has conducted tests to stand down its air defences to enable Israeli jets to make a bombing raid on Iran’s nuclear facilities, The Times can reveal.


Prince Mohammed bin Nawaf refutes Times of London report saying Saudi Arabia practiced standing down its anti-aircraft systems to allow an Israeli bomb run.

iran-bushehr
Satellite image of the Iranian nuclear reactor at Bushehr, January 3, 2002

Saudi Arabia would not allow Israeli bombers to pass through its airspace en route to a possible strike of Iran’s nuclear facilities, a member of the Saudi royal family said Saturday, denying an earlier Times of London report.

Earlier Saturday, the Times reported that Saudi Arabia has practiced standing down its anti-aircraft systems to allow Israeli warplanes passage on their way to attack Iran’s nuclear installations, adding that the Saudis have allocated a narrow corridor of airspace in the north of the country.

Prince Mohammed bin Nawaf, the Saudi envoy to the U.K. speaking to the London-based Arab daily Asharq al-Awsat, denied that report, saying such a move “would be against the policy adopted and followed by the Kingdom.”

According to Asharq al-Awsat report, bin Nawaf reiterated the Saudi Arabia’s rejection of any violation of its territories or airspace, adding that it would be “illogical to allow the Israeli occupying force, with whom Saudi Arabia has no relations whatsoever, to use its land and airspace.”

Earlier, the Times quoted an unnamed U.S. defense source as saying that “the Saudis have given their permission for the Israelis to pass over and they will look the other way.

“They have already done tests to make sure their own jets aren’t scrambled and no one gets shot down. This has all been done with the agreement of the [U.S.] State Department.”

Once the Israelis had passed, the kingdom’s air defenses would return to full alert, the Times said.

Despite tensions between them, Israel and Saudi Arabia share a mutual hostility to Iran.

“We all know this. We will let them [the Israelis] through and see nothing,” the Times quoted a Saudi government source as saying.

Read moreSaudi Arabia: We will not give Israel air corridor for Iran strike

Japan bribes small nations with cash and prostitutes to gain support for the mass slaughter of whales

Recommended: The Cove – Oscar Award Winner (’Best Documentary’)


Humpback Whale - two adults breaching
Japan is attempting to break the 24-year moratorium on commercial whaling

A SUNDAY TIMES investigation has exposed Japan for bribing small nations with cash and prostitutes to gain their support for the mass slaughter of whales.

The undercover investigation found officials from six countries were willing to consider selling their votes on the International Whaling Commission (IWC).

The revelations come as Japan seeks to break the 24-year moratorium on commercial whaling. An IWC meeting that will decide the fate of thousands of whales, including endangered species, begins this month in Morocco.

Japan denies buying the votes of IWC members. However, The Sunday Times filmed officials from pro-whaling governments admitting:

– They voted with the whalers because of the large amounts of aid from Japan. One said he was not sure if his country had any whales in its territorial waters. Others are landlocked.

– They receive cash payments in envelopes at IWC meetings from Japanese officials who pay their travel and hotel bills.

– One disclosed that call girls were offered when fisheries ministers and civil servants visited Japan for meetings.

Barry Gardiner, an MP and former Labour biodiversity minister, said the investigation revealed “disgraceful, shady practice”, which is “effectively buying votes”.

The reporters, posing as representatives of a billionaire conservationist, approached officials from pro-whaling countries and offered them an aid package to change their vote.

The governments of St Kitts and Nevis, the Marshall Islands, Kiribati, Grenada, Republic of Guinea and Ivory Coast all entered negotiations to sell their votes in return for aid.

Read moreJapan bribes small nations with cash and prostitutes to gain support for the mass slaughter of whales

BP Official Admits to Damage BENEATH THE SEA FLOOR

See also:

BP Blocking Media Access To Workers (Video)

BP Buys Search Term ‘Oil Spill’ From Google


As I noted Tuesday, there is growing evidence that BP’s oil well – technically called the “well casing” or “well bore” – has suffered damage beneath the level of the sea floor.

The evidence is growing stronger and stronger that there is substantial damage beneath the sea floor. Indeed, it appears that BP officials themselves have admitted to such damage. This has enormous impacts on both the amount of oil leaking into the Gulf, and the prospects for quickly stopping the leak this summer.

Read moreBP Official Admits to Damage BENEATH THE SEA FLOOR