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Resolved Question: Obama's Plan to Transform Fed... What is your take on this?

http://news.yahoo.com/s/ap/20090618/ap_on_go_co/us_financial_overhaul WASHINGTON – President Barack Obama's plan to transform the Federal Reserve into a super-regulator ran into skepticism Thursday from lawmakers who worry that the central bank is not the best suited to keep an eye on firms deemed so big and influential that their demise could hurt the economy. Democrats and Republicans voiced misgivings as Treasury Secretary Timothy Geithner began a marathon day of selling Obama's financial regulatory plan to give the Fed more authority, create a new consumer protection agency and bring unregulated sectors of the financial markets under government oversight. "I do not believe that we can reasonably expect the Fed or any other agency to effectively play so many roles," said Sen. Richard Shelby, R-Ala., noting that it also sets monetary policy, regulates banks and handles an array of other functions. Some lawmakers have called for a council of regulators, not a single agency, to oversee and regulate large institutions. The administration did propose a council to watch for products and trends that could pose widespread risks, but chose not to give it regulatory power to supervise specific institutions. "You cannot convene a committee to put out a fire," Geithner said. Sen. Mark Warner, D-Va., argued that a council represented by the Fed, the Treasury and regulators could be better equipped than the Fed alone to recognize and act on institutional risks that could harm the financial markets. "I don't believe it would have to be a debating society," he said, adding that the council proposed by the administration is "emasculated." Committee Chairman Christopher Dodd, D-Conn., also raised questions about the use of the Fed for such an overarching task over the financial system and blamed it for "dropping the ball" on consumer protections. But he applauded the administration for including a new agency to protect consumers in their banking transactions. Noting that banking interests already are criticizing the new agency, Dodd said: "The very people who created the damn mess are the ones now arguing that consumers ought not to be protected." Geithner said that in setting up the consumer protection agency, the administration was taking power away from the Fed even as it was adding to its authority. "That is a substantial diminishment of authority, preoccupation and distraction," he said. It is likely the Fed itself will mount a defense to keep its consumer oversight duties. Fed officials believe their oversight of mortgages, credit cards and other products fits well with their duties to regulate banks, and that they have the right mix of experts — economists and lawyers — already on hand to do the job. However, the Fed's failure to crack down on shady mortgage practices during the housing boom has irked Congress and consumer groups. So has its decision not to speed up implementation of new rules providing consumers with better protections from abusive credit card practices. Democrats and Republicans challenged Geithner on other details of the plan. Democratic Sens. Charles Schumer of New York and Jon Tester of Montana pressed Geithner to explain why the administration did not seek greater consolidation of regulatory agencies. "A multiplicity of regulators tends to produce less oversight overall," Schumer said. Geithner conceded the regulatory system is not ideal. But he said it was not necessary to streamline the system to address the financial crisis that hit Wall Street, and he suggested it would have been a politically difficult task. "We did not want to put you in a position of having to spend a lot of time on changes that may be desirable, that may leave us with a neater system, maybe a more efficient system, but were not central to the cause of the problem," he said. The Senate hearing also revealed philosophical cracks between lawmakers who believe the Fed is too independent and those who believe the Obama plan diminishes its independence. Several lawmakers said they were taken aback by a proposed administration requirement that the Treasury approve emergency loans from the Fed to a troubled financial institution. The Fed can now take such emergency steps on its own. "All of a sudden the Fed is acting more like a department of the government than an independent bank," said Sen. David Vitter, R-La. Sen. Bob Corker, R-Tenn., cheekily asked Geithner whether the administration would assure Congress in writing that no one at the White House or in the administration involved in creating the regulatory plan would be in the running to be a new Fed chairman. Corker seemed to have in mind Obama's top economic adviser, Lawrence Summers, who is often mentioned as a potential successor to Fed Chairman Ben Bernanke, whose term expire at the end of next January. "No," Geithner replied. "I don't think that would be appropriate, nor do I think it w more

Voting Question: Can a house be marketed as having "LOW TAXES!!!" then reaccessed months after the sale and the taxes doubling?

Our good friend purchased a home a few years ago which had just been renovated. The word later was that the renovation job went on for years. In fact, one bathroom still needed to be tiled while they were negotiating and then in the process of purchasing the place. The house was listed by a well known real estate company. It was marketed as having "LOW TAXES!!!" which was printed as such in it's MLS. After moving into her new home, problems were discovered by family and friends, several of these problems needed to be corrected immediately due to potential safety issues. First on the list was the flue off the furnace being to small which could have been deadly. Another problem was a radiant heat system (the only heat source) which turned out to be inadequate in heating the house. Hot water lines needed to be tied into the central air handlers for forced hot air. One air handler is in a tight attic space against the rafters and was clearly closed in after it was installed. If there is ever a problem, it would be impossible to service the handler, and if it ever needed to be replaced - the ceiling would have to be ripped out. It took quite a bit of money to make the house safe to live in, where it was believed to be ready to move into. To top things off - sometime in that first year, assessors came to the house - those "LOW TAXES!!!" nearly doubled. My questions are - How can a house have major renovation work, end up with issues like this and yet pass final inspection to have a CO issued? This woman has gone through much of her savings to make corrections on the house, the tax increase made things worse, the mortgage payments went up, and now with the economic situation - the value of the house has dropped drastically. Selling the place now would be insane. Does this woman have a case against the real estate company who marketed this house as having low taxes, only to be doubled several months later? Or the Town for that matter, for what seems a bit shady in the case of inspection, time and issue of CO, and timing of assessment. I would appreciate any advice on these issues... Thanks more

Resolved Question: Zimbabwe praises the U.S. bailout and monetary policy because it's similar to their policies. Good sign?

Especially given the fact that this is the country that has presided over an inflation rate of 165,000% (that's not a typo). Now they want to congratulate us for taking the same steps they did: http://www.rbz.co.zw/pdfs/2008%20MPS/Apr... Does this make anyone feel better about the so-called stimulus package? Here are some excerpts: 1.15 As Monetary Authorities, we have been humbled and have taken heart in the realization that some leading Central Banks, including those in the USA and the UK, are now not just talking of, but also actually implementing flexible and pragmatic central bank support programmes where these are deemed necessary in their National interests. 1.16 That is precisely the path that we began over 4 years ago in pursuit of our own national interest and we have not wavered on that critical path despite the untold misunderstanding, vilification and demonization we have endured from across the political divide. 1.17 Yet there are telling examples of the path we have taken from key economies around the world. For instance, when the USA economy was recently confronted by the devastating effects of Hurricanes Katrina and Rita, as well as the Iraq war, their Central Bank stepped in and injected life-boat schemes in the form of billions of dollars that were printed and pumped into the American economy. 1.18 A few months ago, the USA economy confronted a severe mortgage crisis, which threatened to spark an economy-wide recession. 1.19 The USA Central Bank again responded by injecting over US$160 billion between December, 2007 and March, 2008, to provide impetus to the American economy and prevent a worse crisis from happening.No, LovingLife, I'm not comparing them (and their machetes) to us. I'm comparing their ECONOMIC POLICIES to our own proposed stimulus program. As they themselves have pointed out, there are striking similarities. And...actually..."we the people" will have little say in the matter. Now that we have voted, Congress seems to think they have a mandate to spend our money however they want to.Riaz, I understand that the U.S. is nothing like Zimbabwe. However, we are going down a similar path in terms of economic policy. The government may not be seizing land (yet), but it is busily seizing control of the economic engines of the U.S. and spending our money in accordance with its whims. Just because there are 536 elected criminals looking to seize control in the U.S. instead of just one dictator, doesn't make it a better policy. more

Resolved Question: When the Bank of Zimbabwe praises the U.S. bailout and monetary policy because it's similar to theirs...?

...shouldn't we think twice about whether it's a good idea? After all, this is the country that has presided over an inflation rate of 165,000% (that's not a typo). Now they want to congratulate us for taking the same steps they did: http://www.rbz.co.zw/pdfs/2008%20MPS/AprilMPS2008.pdf Does this make anyone feel better about the so-called stimulus package? Here are some excerpts: 1.15 As Monetary Authorities, we have been humbled and have taken heart in the realization that some leading Central Banks, including those in the USA and the UK, are now not just talking of, but also actually implementing flexible and pragmatic central bank support programmes where these are deemed necessary in their National interests. 1.16 That is precisely the path that we began over 4 years ago in pursuit of our own national interest and we have not wavered on that critical path despite the untold misunderstanding, vilification and demonization we have endured from across the political divide. 1.17 Yet there are telling examples of the path we have taken from key economies around the world. For instance, when the USA economy was recently confronted by the devastating effects of Hurricanes Katrina and Rita, as well as the Iraq war, their Central Bank stepped in and injected life-boat schemes in the form of billions of dollars that were printed and pumped into the American economy. 1.18 A few months ago, the USA economy confronted a severe mortgage crisis, which threatened to spark an economy-wide recession. 1.19 The USA Central Bank again responded by injecting over US$160 billion between December, 2007 and March, 2008, to provide impetus to the American economy and prevent a worse crisis from happening. more

Resolved Question: Is this proof that Sarah Palin just doesn't know what she's talking about?

She was speaking before voters in Colorado Springs when she claimed that lending giants Fannie Mae and Freddie Mac had "gotten too big and too expensive to the taxpayers." BUT the companies aren't taxpayer funded but operate as private companies. Here's the video: http://www.youtube.com/watch?v=eO4k1fIjivg&eurl=http://www.huffingtonpost.com/2008/09/08/palin-makes-her-first-gaf_n_124792.html Economists and analysts pounced on the misstatement. "You would like to think that someone who is going to be vice president and conceivable president would know what Fannie and Freddie do," said Dean Baker, co-director of the Center for Economic and Policy Research. "These are huge institutions and they are absolutely central to our country's mortgage debt. To not have a clue what they do doesn't speak well for her, I'd say." http://www.mcclatchydc.com/227/story/51940.html http://www.huffingtonpost.com/2008/09/08/palin-makes-her-first-gaf_n_124792.html more

Resolved Question: Desperate need for home loan help ?

This question is for my sis. She and her now dead husband bought a home together about 20yrs ago. 4yrs after his death she met a man whom also owned his own home. Little did my sister know that he owed a great deal of money in back taxes ($200,000.) So he decides they should buy this little farm in central coast which is near where she already has her home. So they went to a private lender and got a sizeable loan against both their homes. They split up and she never once moved into the farm or lived with him but the loan still has her as a co-signer and she is worried because he did not make his last payment and wants legal help but cannot afford it so I said I will post this question 4 her. She makes the payments off her share of the house but now that he has stopped can they take her home that she lives in and has never left off her ? She felt pressurised by her bf and the lender as they were both men and the lender would not give her advice without her ex being there but will give him advice without her being there. The lender will not release her to go to another bank or lender for the rest of her mortgage on her home that she lives in now. Does anyone know or have any experiences with the same sort of thing. It would be a great help as we are worried about her and her kids as she says her husband would've wanted her children to be left the home in their will. The ex bf has a new woman about 3mths after he and my sis split and this other woman has been living at the farm as well. Thankyou for any help and please no saying how stupid she is as she already knows this but cant turn back the clock.No she cannot put the house in her kids names as the lender holds the deeds to her home now. They got her at a vulnerable time while she was lonely and her husband dying, and please no more answers saying about giving loans as she has tried a lot of banks and other ways but cannot get the lender to give her papers back. She did see a solicitor and even he was baffled what to do for her. He went home and tried a lot of things but still to no avail.We are in Australia not the USA so please no more offers or names of lenders from the USA or any other country besides aussie help. Thanx again. more

Resolved Question: my g/f and me want to buy a house.?

she has a 700 + credit score and makes approx. 20,000 and i have poor credit about a 600-615 and make 35,000. we live in central ny. what can we afford for a house and how would a bank determin that? also how can we sign for the mortgage. me sign her co-sign or vice-versa. btw little down, like $1000.00. more

Resolved Question: Will the Republican instigated sub prime mortgage crisis result in another Great Depression?

The Bank for International Settlements (BIS), the organization that fosters cooperation between central banks thinks so enough to warn us. http://www.bankingtimes.co.uk/09062008-central-bank-body-warns-of-great-depression/I'm in Ohio, I know... more

Resolved Question: Can we trust McCain with the economy if campaign chair wrote the law central to the mortgage crisis?

In 1999, the Gramm-Leach-Bliley Act, which McCain voted for, broke down the decades-old wall separating commercial banks, heavily regulated… from the wild and woolly world of investment banking… a wall erected in 1933 to prevent a repeat… of the Great Depression. http://www.crooksandliars.com/2008/05/27/breaking-mccain-campaign-general-co-chair-at-heart-of-foreclosure-crisis/ more

Resolved Question: Interested in USCG reserve NJ, can someone help answer a few questions?

I want to find out a few questions before I go and waste a recruiters/myself's time. I want to join, am 30 years old, and married. I own my home (mortgaged). My wife is fine with me joining as reserve, but don't want to be permanently away from where we live now, in central NJ. I got mixed answers on the web as well as here so I am very confused. I live in southern Middlesex Co NJ. Here is my questions: 1. If I join as reserve, can I ever go in active at later point? 2. I am interested in ET Electronics Tech, is there any information I can research this more in? I have been in field for 10+ years. 3. If I was to be reserve for 20 years, can I retire in USCG with any pay? If so, roughly how much? (I know rank and job will have effect, but curious ballpark) 4. I work fulltime now, will my company be required to keep my position? 5. After bootcamp, as reserve, do I get sent to specialty school right after, or do I get break to be with family? How long etc. Thank you for any info more

Resolved Question: What is the best mortgage co. for first time home buyers in FL?

I am located in central florida (cocoa) more

Resolved Question: can anybody findout howmuch reality is there in this attachment.?

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Resolved Question: All Job Seekers - More Job Sites?

A A7-Eleven Inc. www.7-eleven.com Albertson’s www.albertsons.com American Library Association www.ala.org/hrdr Anthem Blue Cross and Blue Shield www.anthem.com Aramark www.aramark.com Argent Mortgage Co. www.argentcareers.com Audit Bureau of Circulations www.accessabc.com Barclays Capital www.barclayscapital.com/campusrecruitment BB&T Corporation www.bbandt.com Best Buy http://careers.bestbuy.com Burlington Northern Santa Fe www.bnsf.com C.H. Robinson World Wide www.chrwjobs.com Central Intelligence Agency www.cia.gov Cintas Corporation www.cintas-corp.com Commodity Futures Trading Commission www.cftc.gov Compass Group, NAD www.cgnad.com CVS/Pharmacy www.cvc.com Deloitte and Touche USA LLP www.deloitte.com Edward Jones www.edwardjones.com/greatstart Enterprise Rent-A-Car www.erac.com/jobchoices Ferguson Enterprise Inc. www.ferguson.com Fitch Ratings www.fitchratings.com Ford Motor Company www.mycareer.ford.com Franklin Templeton Investments www.franklintempleton.com more