A great segment on the Daily Show about the similarities between Bush and Obama. Is this really change?
http://www.thedailyshow.com/video/index.jhtml?videoId=220241&title=mess-opotamia-the-iraq-war-is
Saturday, March 21, 2009
To Celebrate the 6th year of American occupation Iraq's burn American Flags
Protesters marched through the streets, burning American flags and chanting “no, no for occupation.” It was yet another reminder of just how much resentment remains in Iraq over the American military presence.
The supporters of Shi’ite cleric Moqtada al-Sadr took to the streets in numerous Iraqi cities after Friday prayers, calling on US and Iraqi forces to release detained members of their faction who “were not involved in acts of violence against Iraqis in accordance with the directives of Sayyid Moqtada al-Sadr.”
The protests come in the wake of the six-year anniversary of the American invasion of Iraq, at a time when many are wondering how much longer the American presence will continue and how much longer the Iraqi populace will have to wait for a return to normalcy.
The supporters of Shi’ite cleric Moqtada al-Sadr took to the streets in numerous Iraqi cities after Friday prayers, calling on US and Iraqi forces to release detained members of their faction who “were not involved in acts of violence against Iraqis in accordance with the directives of Sayyid Moqtada al-Sadr.”
The protests come in the wake of the six-year anniversary of the American invasion of Iraq, at a time when many are wondering how much longer the American presence will continue and how much longer the Iraqi populace will have to wait for a return to normalcy.
Wednesday, March 18, 2009
The Fed is essentially printing money to try and prop up the economy
By JON HILSENRATH and BRIAN BLACKSTONE
The Federal Reserve ramped up its efforts to resuscitate the sagging economy, saying it would purchase up to $300 billion of long-term U.S. Treasury securities in the next few months and hundreds of billions of dollars more in mortgage-backed securities.
By buying long-term government bonds and mortgage-backed securities, officials hope to push up their prices and bring down their yields, and thereby energize the economy. Interest rates on many corporate bonds and consumer loans are benchmarked to U.S. Treasury debt. (Read the Fed's statement.)
MORE
Economists React: 'Huge Step Forward'
Real Time Econ: Turnaround on Treasurys
Fed Data Show Banks Are Lending
The move was a bold statement of force from the central bank, which during months of internal debate on the issue had been hesitant to begin buying long-term government bonds as the Bank of England recent began to do.
The Fed action underscores the central bank's ability to move aggressively to combat the financial crisis without any action by Congress, an important attribute at a time when the political firestorm ignited by bonuses made to employees of American International Group Inc. Other rescue efforts have made Congress hostile to approved any more taxpayer money.
Prices on U.S. Treasury bonds soared on the news and the yield fell sharply. Yields on 10year treasury notes dropped. Stock prices also rose sharply and the dollar sank.
The Fed's steps came against a gloomy economic backdrop. "Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending," the Fed said in a statement after its two-day meeting. "Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment. U.S. exports have slumped as a number of major trading partners have also fallen into recession"
The Federal Open Market Committee, the Fed's policy making arm, voted 10-0 to hold the target federal-funds rate for interbank lending in a range between zero and 0.25% and to continue using credit programs financed by an expansion of the Fed's balance sheet to stabilize markets. Richmond Fed President Jeffrey Lacker, who dissented in January, went along this time. He had wanted the Fed to focus on buying Treasury purchases as opposed to targeting its lending on various corners of the credit markets. The discount rate that the Fed charges on direct loans to banks was unchanged at 0.5%.
With rates near zero, the Fed is now essentially printing money to increase the supply of credit in the economy.
The Fed said will buy up to $300 billion in long-term Treasurys over next six months. The purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac will push the maximum to as $1.25 trillion, up from the previous $750 billion. The Fed also said it would increase the size of its potential purchases of the mortgage giants' debt to $200 billion from $100 billion.
The Fed's strategy appears to be to double down on the programs that it thinks work. In addition to commercial paper and money market mutual fund facilities, which appear to have stabilized those sectors, Mr. Bernanke has repeatedly highlighted the decline in mortgage rates in response to the agency and mortgage-backed securities facilities, calling it one of the "green shoots" evident in some markets.
By expanding its securities purchase programs, the Fed also is effectively ramping up efforts they can control. The commercial paper program and a new consumer lending program that commences Thursday are driven by how much demand there is in the markets.
Demand has waned for the commercial paper program in recent weeks, a sign that market is returning to health. Meantime, the new consumer lending program the Term Asset Backed Securities Loan Facility, or TALF, has gotten off to a slow start.
The U.S. economy is expected by economists to decline at an annual rate of 5% or more in the current quarter. It plunged at a 6.2% rate in the fourth quarter of 2008, the steepest in a quarter century. The economy is now shedding more than 650,000 jobs per month, pushing the unemployment rate to 25-year highs. One nugget of good news is that consumer spending figures signaled some stabilization since the start of the year.
The Federal Reserve ramped up its efforts to resuscitate the sagging economy, saying it would purchase up to $300 billion of long-term U.S. Treasury securities in the next few months and hundreds of billions of dollars more in mortgage-backed securities.
By buying long-term government bonds and mortgage-backed securities, officials hope to push up their prices and bring down their yields, and thereby energize the economy. Interest rates on many corporate bonds and consumer loans are benchmarked to U.S. Treasury debt. (Read the Fed's statement.)
MORE
Economists React: 'Huge Step Forward'
Real Time Econ: Turnaround on Treasurys
Fed Data Show Banks Are Lending
The move was a bold statement of force from the central bank, which during months of internal debate on the issue had been hesitant to begin buying long-term government bonds as the Bank of England recent began to do.
The Fed action underscores the central bank's ability to move aggressively to combat the financial crisis without any action by Congress, an important attribute at a time when the political firestorm ignited by bonuses made to employees of American International Group Inc. Other rescue efforts have made Congress hostile to approved any more taxpayer money.
Prices on U.S. Treasury bonds soared on the news and the yield fell sharply. Yields on 10year treasury notes dropped. Stock prices also rose sharply and the dollar sank.
The Fed's steps came against a gloomy economic backdrop. "Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending," the Fed said in a statement after its two-day meeting. "Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment. U.S. exports have slumped as a number of major trading partners have also fallen into recession"
The Federal Open Market Committee, the Fed's policy making arm, voted 10-0 to hold the target federal-funds rate for interbank lending in a range between zero and 0.25% and to continue using credit programs financed by an expansion of the Fed's balance sheet to stabilize markets. Richmond Fed President Jeffrey Lacker, who dissented in January, went along this time. He had wanted the Fed to focus on buying Treasury purchases as opposed to targeting its lending on various corners of the credit markets. The discount rate that the Fed charges on direct loans to banks was unchanged at 0.5%.
With rates near zero, the Fed is now essentially printing money to increase the supply of credit in the economy.
The Fed said will buy up to $300 billion in long-term Treasurys over next six months. The purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac will push the maximum to as $1.25 trillion, up from the previous $750 billion. The Fed also said it would increase the size of its potential purchases of the mortgage giants' debt to $200 billion from $100 billion.
The Fed's strategy appears to be to double down on the programs that it thinks work. In addition to commercial paper and money market mutual fund facilities, which appear to have stabilized those sectors, Mr. Bernanke has repeatedly highlighted the decline in mortgage rates in response to the agency and mortgage-backed securities facilities, calling it one of the "green shoots" evident in some markets.
By expanding its securities purchase programs, the Fed also is effectively ramping up efforts they can control. The commercial paper program and a new consumer lending program that commences Thursday are driven by how much demand there is in the markets.
Demand has waned for the commercial paper program in recent weeks, a sign that market is returning to health. Meantime, the new consumer lending program the Term Asset Backed Securities Loan Facility, or TALF, has gotten off to a slow start.
The U.S. economy is expected by economists to decline at an annual rate of 5% or more in the current quarter. It plunged at a 6.2% rate in the fourth quarter of 2008, the steepest in a quarter century. The economy is now shedding more than 650,000 jobs per month, pushing the unemployment rate to 25-year highs. One nugget of good news is that consumer spending figures signaled some stabilization since the start of the year.
Sunday, March 8, 2009
Beneficiary Builds $500 000 property portfolio
http://www.stuff.co.nz/national/2079935/Beneficiary-builds-500-000-property-portfolio
Christchurch company director and owner of three houses Lindsay Ralph Cox was spotted by Sunday News popping into a real estate agency on Thursday and checking out its latest catalogue.
The 64-year-old has been able to build up his own property portfolio while on an invalid's benefit "for more years" than he can remember.
Cox told Sunday News the reason for the visit was "just to check the market and talk about a few things".
Any income he receives from selling his houses could affect his invalid's benefit but he is just months away from receiving government superannuation which is not income-tested.
If he were to sell now, any income he received from a sale could jeopardise his eligibility for the invalid's benefit.
Sunday News spoke to Cox after being told he had built up the property portfolio, worth nearly $500,000, while being on various benefits for 30 years.
Cox had also previously owned an additional house but had transferred it into his mother's name.
She lives in a rest home.
Cox said he couldn't remember exactly how long he'd been on the benefit.
"More years than I can remember," he said.
Inquiries have confirmed the 64-year-old who lives with his girlfriend Sandra Hilleard in the Christchurch suburb of Linwood is entitled to a benefit of around $200 a week because he suffers from deep-vein thrombosis, caused by the formation of blood clots in major veins.
His three houses are empty and have not been maintained one had shrubbery overgrowing it.
Neighbours said Cox and Hilleard visited every few weeks to check on the houses.
Asked by Sunday News why he didn't sell any of his three properties and stop receiving taxpayer-funded handouts, Cox said: "Why should I?"
"It's a depressed market out there at the moment and it would be hard to get a buyer," he said. "I'm not a bloody criminal. I'm not doing anything wrong."
Unlike Australia, New Zealand does not asset-test beneficiaries.
If Cox lived across the Tasman he would probaby not be eligible for their invalid's benefit equivalent, the disability support pension.
The total value of property a beneficiary living with a partner can own in Australia is $243,500.
But our government has no plans to introduce asset-testing for benefits.
"I have to be honest with you, this is not a priority of ours at the moment," Social Development Minister Paula Bennett told Sunday News.
"We are focused on keeping people in the job market at the moment."
Bennett described the issue as "tough and complex" but hoped people only used benefit assistance "when they really needed it".
"Benefits are supposed to be there for those who can't help themselves," the minister said.
Bennett said asset-testing benefits could prove difficult.
"Would we then be telling people they need to sell their car?" she asked.
Ministry of Social Development deputy chief executive Patricia Reade said Cox was presently the subject of an investigation but she would not elaborate.
"Until this investigation is completed it would be wrong for us to discuss details of it in the media," Reade said.
But Hilleard said the investigation was likely to relate to Cox receiving the accommodation supplement while he was living with her.
"And I was working at the time," Hilleard said.
Cox is listed as a director of Milroy Courts Ltd. Sunday News has been unable to establish what the company does.
Christchurch company director and owner of three houses Lindsay Ralph Cox was spotted by Sunday News popping into a real estate agency on Thursday and checking out its latest catalogue.
The 64-year-old has been able to build up his own property portfolio while on an invalid's benefit "for more years" than he can remember.
Cox told Sunday News the reason for the visit was "just to check the market and talk about a few things".
Any income he receives from selling his houses could affect his invalid's benefit but he is just months away from receiving government superannuation which is not income-tested.
If he were to sell now, any income he received from a sale could jeopardise his eligibility for the invalid's benefit.
Sunday News spoke to Cox after being told he had built up the property portfolio, worth nearly $500,000, while being on various benefits for 30 years.
Cox had also previously owned an additional house but had transferred it into his mother's name.
She lives in a rest home.
Cox said he couldn't remember exactly how long he'd been on the benefit.
"More years than I can remember," he said.
Inquiries have confirmed the 64-year-old who lives with his girlfriend Sandra Hilleard in the Christchurch suburb of Linwood is entitled to a benefit of around $200 a week because he suffers from deep-vein thrombosis, caused by the formation of blood clots in major veins.
His three houses are empty and have not been maintained one had shrubbery overgrowing it.
Neighbours said Cox and Hilleard visited every few weeks to check on the houses.
Asked by Sunday News why he didn't sell any of his three properties and stop receiving taxpayer-funded handouts, Cox said: "Why should I?"
"It's a depressed market out there at the moment and it would be hard to get a buyer," he said. "I'm not a bloody criminal. I'm not doing anything wrong."
Unlike Australia, New Zealand does not asset-test beneficiaries.
If Cox lived across the Tasman he would probaby not be eligible for their invalid's benefit equivalent, the disability support pension.
The total value of property a beneficiary living with a partner can own in Australia is $243,500.
But our government has no plans to introduce asset-testing for benefits.
"I have to be honest with you, this is not a priority of ours at the moment," Social Development Minister Paula Bennett told Sunday News.
"We are focused on keeping people in the job market at the moment."
Bennett described the issue as "tough and complex" but hoped people only used benefit assistance "when they really needed it".
"Benefits are supposed to be there for those who can't help themselves," the minister said.
Bennett said asset-testing benefits could prove difficult.
"Would we then be telling people they need to sell their car?" she asked.
Ministry of Social Development deputy chief executive Patricia Reade said Cox was presently the subject of an investigation but she would not elaborate.
"Until this investigation is completed it would be wrong for us to discuss details of it in the media," Reade said.
But Hilleard said the investigation was likely to relate to Cox receiving the accommodation supplement while he was living with her.
"And I was working at the time," Hilleard said.
Cox is listed as a director of Milroy Courts Ltd. Sunday News has been unable to establish what the company does.
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