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Front Page: Congress May Add Stimulus, South Africa's Mbeki Resigns, Militants Kidnap 155 in Afghanistan

Front Page: Congress May Add Stimulus, South Africa's Mbeki Resigns, Militants Kidnap 155 in Afghanistan

  • Congress May Add Stimulus:
    Congress is likely to raise the cost of the $700 billion rescue deal by adding more economic stimulus for taxpayers, according to Chairman of the House Financial Services Committee Barney Frank. The cost of the current plan could reach $1 trillion. Senate Banking Chairman Chris Dodd urged caution this morning and praised Treasury Secretary Henry Paulson as "the right man."
  • South Africa's Mbeki Resigns:
    South Africa's President Thabo Mbeki resigned yesterday after his political party demanded that he step down. He gave a brief speech saying, “I would like to say that gloom and despondency have never defeated adversity. Trying times need courage and resilience.” Mbeki has been temporarily replaced by Kgalema Motlanthe.

  • Militants Kidnap 155 in Afghanistan:
    Three buses carrying Afghan laborers were stopped by militants and all 155 people on board were kidnapped. No one has yet claimed responsibility and the Interior Ministry spokesman says, "What demand might they have from the government? They are poor and innocent laborers who are traveling far distances for work." Though kidnappings and ransoms are routine in Afghanistan, this instance is the first time militants have attempted to abduct and hold such a large group.


Join The Conversation
ilanac13 ilanac13 8 years
see all these mortgage bailouts really upset me since i had to bust my butt to get one on a place that i CAN afford and with the way that the economy is going, i have a feeling that i'm going to be in a sucky place in a few years. i'm all for helping the economy if there's a way to do it but i think that a LOT of people wanted to get more than they could realistically get and they were greedy and that's how everything went downhill. i don't think that it should be our responsibility to pay for their mistakes... what kind of example are we setting for our children when things like this happen? we all grew up in a time that aside from a recession in the 80's, we've had stability. people understood that you can't really expect to make money THAT fast or have things that you can't afford THAT easily without consequence, and this is EXACTLY what the youngest generation is going to see. they will see that the federal reserve will bailout people who stretch themselves too far and that's not really a lesson that should be taught.
stephley stephley 8 years
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." We should write and call Congress and make sure they take this language out of Section 8 of the Bailout or we're screwed.
bellaressa bellaressa 8 years
unDave- it may be both.
UnDave35 UnDave35 8 years
It's amazing that there is no rage agains the people who kidnapped 155 workers.... Is it because there is no American involvement, or because the Americans aren't at fault?
Michelann Michelann 8 years
Wait, so the people who just wanted more house than they could afford (or in a nicer neighborhood than they could afford) didn't make bad deals? I mean, I just don't know what you mean by saying they didn't make bad deals. Clearly they did, or they wouldn't be in this mess.
yesteryear yesteryear 8 years
some homeowners, who speculated and tried to flip homes, yes... of course. but i don't think that's the majority in some parts of the country. i happen to live in one of the areas hit hardest - this is a really awful situation thats ruining neighborhoods and running cities broke. and i'm not saying bail them out! i'm saying renegotiate the loans. that's all.
Michelann Michelann 8 years
YY, it's not "equal", but they both made bad deals and they should both have to pay for them. Nobody should be bailed out. But I think we agree that we need the Federal Reserve to stop setting interest rates so low (Of course I don't think they should be setting them at all).
yesteryear yesteryear 8 years
oh ok, yes... i wasn't thinking of fannie mae, i was still thinking about the investment firms. he should have said "affordable home loans" not "affordable housing" -fannie mae doesn't build homes. anyway, the irony of that statement isn't lost on me... as it stands, home prices are at their lowest level in years and yet most people still can't qualify for loans. we are in deep doo doo, to put it lightly.
yesteryear yesteryear 8 years
and michelin, sorry for not being clear, i'll try again. i don't see how someone making a stupid investment in their home, and then losing it (and their savings), is equal to the heads of a few gigantic investment firms OK'ing ridiculous schemes to make more money, gutting our entire financial system in the process, and then walking away with multi-million dollar severance packages.
organicsugr organicsugr 8 years
Fannie Mae's Community Lending mortgage products and options help borrowers overcome lack of down payment funds and too little income.
yesteryear yesteryear 8 years
im sorry organic, i don't get the bit about affordable housing, can you please explain.
organicsugr organicsugr 8 years
I'm just glad we didn't listen to Bush in 2003 when he called for tighter regulation of the Fannie Mae and Freddie Mac. Fortunately we have people like Barney Frank to tell us: "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Michelann Michelann 8 years
You said "especially" those who profited. But I'm at least glad you agree that the Federal Reserve is partly to blame.
yesteryear yesteryear 8 years
i said everyone who profited. i'd say losing your home is punishment enough for a bad investment, wouldn't you? but if we want to prevent it from happening to more people, banks need to work with homeowners to reevaluate the terms of their loans and continue paying at only slightly increased interest rates. the low interest rates of the last 7 or so years led to the risky loans being taken out in the first place! so no, i'm not saying buy someone's house and let them live there for free, which is essentially what we are doing with the bailout. if we don't clean house and remove all of the executives who made these STUPID decisions, they are profiting from the lost savings and investments of many, many people.
piper23 piper23 8 years
Is that the same Chris Dodd that was the top recipient of campaign contributions from Fannie Mae with Obama and Clinton coming in a close second and third?
organicsugr organicsugr 8 years
I love a good stimulus plan. Depending on how you look at it, you take either money that doesn't exist (yet), and charge the tax payers for it through inflation and debt. Or, you take the tax money paid by people and filter it through the federal government, put it in checks, and then mail them back out instead of just giving them a tax break. It's probably the most efficient way to jump start an economy. I'm just glad we have people in charge who know what's best.
Michelann Michelann 8 years
YY, I hope you're sending those defaulting homeowners to your debtor's prison, too.
organicsugr organicsugr 8 years
"let's send everyone at fault - especially those who profited - to a debtor's prison where they can spend their entire lives digging ditches and making bricks, working to repay those debts to the american people." How dare you say that we should send people who took out mortgages they couldn't afford and the chairman of the federal reserve to a debtors prison! That's just absurd.
yesteryear yesteryear 8 years
this is unbelievable. we are looking at THOUSANDS of dollars per tax payer to give back to the idiots who created this whole nightmare? yes, it's an emergency, and we have to do something to stem the immediate crisis. but just buying the bad debt to prevent a meltdown doesn't seem like enough to me. let's send everyone at fault - especially those who profited - to a debtor's prison where they can spend their entire lives digging ditches and making bricks, working to repay those debts to the american people. in the linked article shelby states that we need more regulation (and he even owns up to needing more taxation on those making over $1 mil!!), but then he says we shouldnt be capping executive compensation for the firms we're buying out? um, yes we should. and then paulson says he doesn't want this relief plan to get hung up by the decision whether or not to assist homeowners in foreclosure?! thats the whole problem! if this whole mess doesn't include a foreclosure relief angle i hope that the people of america will wake up and start marching on the capitol building. what a load of garbage.
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