Author: JT

The Right-Wing AM Radio Universe Cries: "Socialism" Over Wall Street Bailout

Stories

US talk radio holds firm over ‘socialist’ bailout

R E U T E R S

Tue Sep 30, 2008 2:16pm EDT
By Matthew Bigg

ATLANTA, Sept 30 (Reuters) – Opposing the White House’s Wall Street bailout and letting stocks take a beating was a worthwhile price to pay to keep a “socialist bill” from meddling in the free market, conservative U.S. talk radio said on Tuesday.

Many of the influential hosts strongly oppose the rescue plan proposed last week by U.S. President George W. Bush, once a talk-radio favorite, as inappropriate government intervention in the free market likely to make the situation worse, not better.

Congress will live to regret it if the $700 billion bill were passed hastily, they said, urging lawmakers to spend more time on a search for a solution that adheres to conservative ideals.

“I shouldn’t say this, but I’m going to say it anyway. Screw the market! …. OK, I’ll take that back, not screw the market but let me tell you something,” conservative talk show host Rush Limbaugh said as part of his analysis of Monday’s events.

“When the government fails to pass a socialism bill and the market goes south, let it go south. I don’t want to pass a socialism bill just to protect the stock market,” said Limbaugh, by far the most popular host on U.S. radio.

“This raw deal would make things worse,” he said on Tuesday.

U.S. lawmakers in the House of Representatives rejected the bailout package on Monday after most of House Democrats supported it, but a majority of House Republicans opposed it.

The surprise failure sent the market into a record tailspin and prompted a flood of bickering and fingerpointing from both parties.

Stocks recovered somewhat on Tuesday and Congress will have a chance to vote again or change the bill when it reconvenes on Thursday.

While conservatives said they recognized the seriousness of the market’s fall, they would hold fast to their principles that on the economy include low taxes, small government and fiscal responsibility.

‘NOT PARTICULARLY DISTRESSED’

“I’m not particularly distressed that the bailout bill did not pass. I want to see this thing (the bill) flesh itself out a little over a period of days,” said talk show host Neal Boortz, who describes himself as a libertarian.

Hoping to win more support for the rescue plan, Bush said on Tuesday the U.S. economy was depending on decisive action or the economic damage could be “painful and lasting.”

But part of the problem for some conservatives was a lack of confidence in a president they once saw as a champion of their cause for his commitment to tax cuts and his firm response to the Sept. 11 attacks.

They blame the Democrats for the home mortgage crisis at the root of the problem, saying liberals put pressure on mortgage finance giants Fannie Mae and Freddie Mac to make housing loans to people who could not afford to repay them.

“I don’t trust you (Bush) and when you start screaming now of dire consequences if we don’t get a bailout bill, I don’t trust you. I need convincing and apparently there are a lot of members of Congress who feel the same way,” Boortz said, in a view echoed by several of his listeners.

Some callers to the shows said they did not appreciate what they saw as scare tactics used by Bush and Treasury Secretary Henry Paulson.

“It almost sounds like they are demagoguing and preaching that the sky is falling, which makes me skeptical,” one said.

Tens of millions of conservatives tune in to AM talk radio and trust its nationally syndicated hosts more than media outlets they say have a liberal bias.

Several of the hosts say they are engaged in a long struggle to persuade the Republican Party and the country to return to its conservative roots and they see the bailout bill as an important test of their strength. (Editing by Patricia Zengerle)

Fed Pumps Further $630 Billion Into Financial System

630 billion, Bernanke, Federal Reserve, Paulson, Wall Street

Sept. 29 (Bloomberg) — The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed’s emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed’s expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.

“Today’s blast of term liquidity will settle the funding markets down, and allow trust to slowly be restored between borrowers and lenders,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. On the other hand, “the Fed’s balance sheet is about to explode.”

The MSCI World Index of stocks in 23 developed markets sank 6 percent, the most since its creation in 1970. Credit markets deteriorated further as authorities tried to save more financial institutions from collapse.

European Rescue

European governments have rescued four banks in two days and the Federal Deposit Insurance Corp. said today it helped Citigroup Inc. buy the banking operations of Wachovia Corp. after its shares collapsed. The Standard & Poor’s 500 Index fell 3.8 percent and the cost of borrowing dollars for three months rose to the highest since January. The rate for euros hit a record.

“If people think the authorities may give in to fears, they are wrong,” Financial Stability Forum Chairman Mario Draghi said today in Amsterdam, where the international group of regulators and finance officials is meeting. “There is willingness and determination on winning the battle to restore confidence and stability.”

Banks and brokers have slowed lending as they struggle to restore their capital after $586 billion in credit losses and writedowns since the mortgage crisis began a year ago. The bankruptcy of Lehman Brothers Holdings Inc. also sparked fears among banks they wouldn’t be repaid by counterparties, driving up the cost of short-term loans between banks.

Funding Risk

“By committing to provide a very large quantity of term funding, the Federal Reserve actions should reassure financial market participants that financing will be available against good collateral, lessening concerns about funding and rollover risk,” the central bank said.

The Bank of England and the ECB will each double the size of their dollar swap facilities with the Fed to as much as $80 billion and $240 billion, respectively. The Swiss National Bank and the Bank of Japan will also double their dollar swap lines, while the central banks in Australia, Norway, Sweden, Denmark and Canada tripled theirs.

All the banks extended their facilities until the end of April 2009.

The Fed is also increasing the size of its three 84-day TAF sales to $75 billion apiece, from $25 billion. That means the Fed will make a total of $225 billion available in 84-day loans. The central bank will keep the sales of 28-day credit at $75 billion.

Special Sales

In addition, the Fed will hold two special TAF sales in November totaling $150 billion so banks can have funding available for one or two weeks over year-end. The exact timing and terms will be determined later, the Fed said. The TAF program began in December, totaling $40 billion.

The bank-rescue plan being debated by Congress today would give the Fed more power over short-term interest rates by providing authority as of Oct. 1 to pay interest on reserves held at the central bank by financial institutions. That would make it easier for the Fed to pump funds into the banking system.

Paying interest on reserves puts a “floor” under the traded overnight rate, which would allow a central bank “to provide liquidity during times of stress” without affecting the rate, New York Fed economists said in a paper last month.

To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.netCraig Torres in Washington at ctorres3@bloomberg.net.

Can You Find The Four Creepy Guys in This Screengrab?

Armstrong, CNS, Conservative News Service, David Duchovny, Dexter, Mark Levin, Six Feet Under

Michael Bloomberg is Seeking to Revise Law and Run Again For Mayor

Bloomberg, Michael Bloomberg, New York City
NEW YORK TIMES
October 1, 2008

Bloomberg Called Ready to Announce Third-Term Bid

By MICHAEL BARBARO and DAVID W. CHEN

After months of speculation about his political future, Mayor Michael R. Bloomberg plans to announce on Thursday morning that he will seek a third term as mayor, according to three people who have been told of his plans.

The extraordinary move promises to upend New York City’s political world.

Right now, Mr. Bloomberg is barred by law from seeking re-election. But he will propose trying to revise the city’s 15-year-old term limits law, which would otherwise force him and dozens of other elected leaders out of office in 2009, the three people said.

In his announcement, Mr. Bloomberg, a former Wall Street trader and founder of a billion-dollar financial data firm, is expected to argue that the financial crisis unfolding in New York City demands his steady hand and proven business acumen.

The move represents an about-face for Mr. Bloomberg, who has repeatedly said he supports term limits and once called an effort to revise the law “disgusting.” He will apparently try to do so through legislation in the City Council, rather than the ballot box.

Mr. Bloomberg’s gambit carries significant political risk. The city’s term limits law was passed twice by voters, in 1993 and 1996, and several polls show widespread popular support for keeping it in place. Under the plan Mr. Bloomberg has outlined to associates, those voters will have no say in the matter, raising the possibility of a backlash.

Mr. Bloomberg, 66, who in public statements in recent weeks has become equivocal about term limits, has discussed in detail with his friends and advisers the pros and cons of changing the law and running again. “This has been thoroughly thought out by the mayor,” said a person who has advised the mayor in the past.

The mayor’s press office, which had limited staffing because of Rosh Hashana, did not immediately return a phone call on Tuesday.

Over the last few weeks, Mr. Bloomberg has taken pains to showcase his financial experience, trading phone calls with the heads of struggling banks, like Lehman Brothers and Merrill Lynch and the nation’s top financial regulators at the Federal Reserve and the Securities Exchange Commission.

With his decision, Mr. Bloomberg is overruling the advice of this top three aides at City Hall — Edward Skyler, Patricia E. Harris and Kevin Sheekey — who have all told associates that they oppose a third term.

Those aides have told the mayor — at times forcefully — that any campaign to challenge the term limits law would look like an end run around voters, and could sully his strong legacy over the last eight years, according to people familiar with the conversations.

In the business community, however, the prospect of a Bloomberg third term is overwhelmingly positive. In dozens of private meetings and telephone calls over the last few months, executives ranging from the financier Steven Rattner to the chief executive of the News Corporation, Rupert Murdoch, have encouraged him to seek a third term.

As the city’s economy has become imperiled over the last two weeks, support for such a move has intensified.

“He has the confidence of the business community and the executive ability to run the city,” said Stephen M. Ross, the chief executive of the Related Companies, a major developer. “This is a good time for him to do this. People are scared.”

The chances of passing legislation in the City Council are strong, according to interviews. In August, a New York Times survey of council members — two-thirds of whom are scheduled to be forced out of office in 2009 — found that a majority were willing to amend the term limits law.

If successful, Mr. Bloomberg would be only the fourth New York mayor in modern history to win a third term.

Charles V. Bagli and Jim Dwyer contributed reporting.

Redskins New Head Coach Beats the Dallas Cowboys on His First Try

Cowboys, NFL, Redskins, Redskins Cowboys, Rono, T.O., Wade Phillips, Wasihington Redskins

Zorn Establishes Himself

WASHINGTON POST

By Thomas Boswell
Monday, September 29, 2008; E01

IRVING, Tex. Among the litmus tests passed down through generations of Redskins fans is the ability of new coaches to travel to hated Dallas and beat the Cowboys at Texas Stadium. For many, the first trip to Irving has been brutal, setting a tone that never changed. The last Redskins coach to win his first game in Dallas was George Allen in ’71. Even Vince Lombardi lost his only game here for Washington. And Joe Gibbs lost his first time here in both his regimes.

Washington Redskins running back Clinton Portis (26) is tackled by Dallas Cowboys safety Ken Hamlin (26) after a 31-yard run in the third quarter of an NFL football game, Sunday, Sept. 28, 2008, in Irving, Texas. (AP Photo/Tony Gutierrez)

Jim Zorn may not be a made man quite yet in this town. Seasons are long, much less entire coaching careers. But he’s moving up the ladder awfully fast after a 26-24 victory over a Dallas team that’s touted as one of the Cowboys’ best and a Super Bowl contender. His offense controlled the ball for 38 minutes 9 seconds, outgained Dallas in yardage, 381-344, and did not commit a turnover. Perhaps most important, his attack had such balance between passing and rushing, while the Cowboys threw 47 times out of desperation, that the Redskins actually dominated this game by more than the final margin.

“I don’t know whether I have a headache from calling plays or watching the clock at the end, wanting it to get down [to 0:00],” said Zorn, who sweated out the last 3:22 after a 29-yard Shaun Suisham field goal gave underdog Washington a 26-17 lead that hushed the huge crowd. “It’s good to see that everybody is responding to this style of leadership. We’re heading in the right direction. What does it mean as a [rookie] NFL coach? I mean, we just beat Dallas in Dallas.”

With that, Zorn just stopped and grinned at the thought. Not bad for a guy who, nine months ago when he was introduced as coach, thought the team’s colors were “maroon and black.”

Can we officially and forever forgive that one now? This win stamped Zorn as part of burgundy-and-gold lore.

Continue reading →

Tina Fey / Sarah Palin Interviewed by Katie Couric / Amy Poehler

Amy Poehler, Couric Palin Saturday Night Live, Couric Palin Snl Sketch, Couric Palin Snl Video, Fey Palin, Fey Palin Couric SNL, Fey Palin Snl, Katie Couric, Katie Couric Sarah Palin Snl Video, Media News, Palin Snl, Sarah Palin, Sarah Palin Katie Couric, Sarah Palin Snl, Saturday Night Live, Saturday Night Live Sarah Palin Katie Couric, Saturday Night Live Video Couric Palin, SNL, Snl Fey Palin, Snl Palin Interview, Snl Sarah Palin, Snl Tina Fey, Snl Tina Fey Palin, Snl Tina Fey Sarah Palin, Tina Fey, Tina Fey As Sarah Palin, Tina Fey As Sarah Palin Couric Interview, Tina Fey Palin, Tina Fey Palin Snl, Tina Fey Palin Video, Tina Fey Sarah Palin Snl, Tina Fey Sarah Palin Video, Tina Fey Snl Sarah Palin, Video

Some dialogue is taken from actual interview.Vodpod videos no longer available.

NEW YORK (Hollywood Reporter) –

“Saturday Night Live” continues to go on a ratings tear, thanks in part to another appearance by Tina Fey as Sarah Palin and Chris Parnell as presidential debate moderator Jim Lehrer.

“SNL” was the highest-rated program of the night on broadcast TV.

The show averaged a 6.0 overnight rating/15 share in the metered markets, Nielsen Media Research said Sunday afternoon. That’s up 46 percent from the 4.1/10 of the previous season’s third telecast, on October 13, 2007. It also marks a ratings gain of 52 percent compared with the first three episodes of last season, which began later than “SNL” did this year.

It’s been a hot season so far for the show, which three weeks ago scored its best premiere since 2001.

Saturday night’s host was actress Anna Faris (“The House Bunny”), and the musical guest was Welsh singer-songwriter Duffy.

Reuters/Hollywood Reporter

[LIVE] Redskins Radio | Redskins-Cowboys | September 28, 2008

Stories

THIS LINK WORKS NOW

Here’s the STREAM

From WCBC 1270 Cumberland, Maryland

First Presidential Debate | September 26, 2008 | Complete

Barack Obama, Bush, Congress, Duke Ziebert, Election 2008, Financial Crisis, Goldman Sachs, Iraq, Jim Lehrer, Joe Biden, John McCain, Merrill Lynch, Morgan Stanley, Mortgage Crisis, Politics, Video, Wall Street, Youtube

Paul Newman is Dead

ITV, Joanne Woodward, Long Beach G.P., Newman-Haas Racing, Paul Newman

ed note:

I’ll never forget seeing him zip around the Long Beach Grand Prix on his moped year after year.

He was a very quiet, personal guy it seemed to me.

R.I.P. Kind sir…

JT

ITV DOT COM

Hollywood legend Paul Newman has died at the age of 83 having lost his lengthy battle with cancer.

Newman – whose brilliant blue eyes, good looks and talent made him one of Tinseltown’s top actors over six decades – died on Friday at his farmhouse near Westport, Connecticut, surrounded by his family and close friends.

He appeared in some 60 films – including Cat on a Hot Tin Roof, The Hustler, Butch Cassidy and the Sundance Kid, and The Sting – earning him nine Oscar nominations for acting and the best actor honour for 1986’s The Color of Money.

The movie heart-throb created Newman’s Own Foundation, a private independent foundation, to carry on his commitment of donating to charity all profits and royalties he earns from the sale of Newman’s Own products.

The foundation’s vice-chairman, Robert Forrester, paid tribute, saying: “Paul Newman’s craft was acting. His passion was racing. His love was his family and friends. And his heart and soul were dedicated to helping make the world a better place for all.

“Paul had an abiding belief in the role that luck plays in one’s life, and its randomness. He was quick to acknowledge the good fortune he had in his own life, beginning with being born in America, and was acutely aware of how unlucky so many others were. True to his character, he quietly devoted himself to helping offset this imbalance.”

He continued: “An exceptional example is the legacy of Newman’s Own. What started as something of a joke in the basement of his home, turned into a highly-respected, multi-million dollar a year food company.

“And true to form, he shared this good fortune by donating all the profits and royalties he earned to thousands of charities around the world, a total which now exceeds $250 million.

“While his philanthropic interests and donations were wide-ranging, he was especially committed to the thousands of children with life-threatening conditions served by the Hole in the Wall Camps, which he helped start over 20 years ago.

“He saw the camps as places where kids could escape the fear, pain and isolation of their conditions, kick back, and raise a little hell. Today, there are 11 camps around the world, with additional programs in Africa and Vietnam.

“Through the camps, well over 135,000 children have had the chance to experience what childhood was meant to be.”

The actor himself said: “I wanted to acknowledge luck; the chance and benevolence of it in my life, and the brutality of it in the lives of others, who might not be allowed the good fortune of a lifetime to correct it.”

Mr Forrester went on: “Paul took advantage of what life offered him, and while personally reluctant to acknowledge that he was doing anything special, he forever changed the lives of many with his generosity, humour, and humanness.

“His legacy lives on in the charities he supported and the Hole in the Wall Camps, for which he cared so much.

“We will miss our friend Paul Newman, but are lucky ourselves to have known such a remarkable person.”

Newman was born in the Cleveland, Ohio, suburb of Shaker Heights. He briefly attended Ohio University before joining the US Navy, where he served as a radio operator and gunner in torpedo bombers in World War II.

After the war ended, he returned to college and graduated in 1949, when he enrolled at Yale University to study acting and subsequently joined Lee Strasberg’s Actors’ Studio in New York City.

Newman made his debut on Broadway and starred in his first movie in 1954 when he played boxer Rocky Graziano in Somebody Up There Likes Me, later followed by Cat on a Hot Tin Roof with Elizabeth Taylor.

His films The Hustler, in 1961, Harper in 1966 and Cool Hand Luke in 1967 made him a global superstar.

Newman teamed up with fellow actor Robert Redford for Butch Cassidy and the Sundance Kid in 1969 and they were reunited for The Sting in 1973.

Newman was twice married. He wed Jackie Witte in 1949 and the marriage ended in 1958. The couple had a son and two daughters. In 1978, his son Scott died of a drug overdose and the star opened the Scott Newman Centre for drug rehabilitation.

In 1958, Newman married actress and fellow Oscar-winner Joanne Woodward and they had three daughters together.

The couple had one of Hollywood’s rare long-term marriages. Asked if he had ever been tempted to stray, Newman told Playboy magazine: “I have steak at home, why go out for hamburger?”.

Newman and Woodward appeared in The Long Hot Summer, and he directed his wife in several films, including Rachel, Rachel and The Glass Menagerie.

New Rules | Bill Maher | September 26, 2008

Bernanke, Daly, Frank, Goldman, McCain, Nader, Obama, Paulson, Politics, Tullycast, Wall Street, Youtube Tags: Politics