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[ Monday, July 14, 2008 08:33 ]

Legacy Journal: High Finance, Bad Loans, and Banking Reform

Section:
None

Summary:
Fannie Mae and Freddie Mac are Depression Era hybrid twins that were originally created to extend easy housing credit to individuals, create construction jobs, and bring the power of the federal government to the needs of the poor. Reduced regulatory and reporting standards, minimal reserve requirements, access to low interest funds, no taxes on “profits”, and a presumption of federal protection, if necessary lead to a powerful competitive advantage and a dominant home mortgage market share. Years of increasing size, a Washington, D.C. power base of lobbyists, administration appointments, Congressional inaction , and a looming economic moral hazard contributed to a stock market meltdown of their share prices.

Raines and other friends of Angelo Mozilo, including Chris Dodd, Kent Conrad, and James Johnson, are reported to have received favorable loans from Countrywide. A California Mozilo company, IndyMac is today officially “failed” and in Fed hands.

Main:
Meanwhile, former Freddy MAC chairman and CEO Franklin Raines and his ilk appear to have escaped tainted but largely beyond the reach of the law. Raines, of Harvard, Oxford, the Clinton OMB, and Lazar Freres, had his mismanagement errors and losses partially covered by insurance.

More:

Footnotes:

Posted by: webscribe2 on 07/14 at 08:33 AM
Banking on It: • Business and Trade: • Calendar: • Monday: • Data: • Dollars and Cents: • Follow the Money: • Funny Money: • IT3 Tech: • Internet Tech: • Google: • Calendar: • Missing Parts: • Moral Jeopardy: • Political Watch: • Washington Watch: • (0) Comments: • (0) Trackbacks: • Permalink:

[ Friday, January 25, 2008 12:59 ]

Legacy Journal: Science on the Run, Media Muddle, and the Local Weather

Section:
Environment

Summary:
* New junkies are getting whiplash. First ABC evening news nice guy, Charlie Gibson, polishes his exit with a pretty picture of the first sign of spring. It is a brief view of the sun peaking over the horizon at Pt Barrow Alaska. Then the ABC GMA sunrise crew chirps in with a full light clip on the use of mobile Arctic Norwhales being tagged by a research team with temperatures sensors. The sensors record realtime water temperatures as the pod cruises for food in the open Arctic channels off the west coast of Greenland. The team is assisted by noble and knowledgeable native kayak builders, paddlers, and hunters. Franz Boas of Baffin Bay fame must be smiling. Yet another early morning weekend crew the recent California rain, snow and avalanche deaths to yet further evidence of AGW . They almost came unglued over pictures of a cute Zoo born Polar bear cub.

The disconnect is the light. Most fifth graders know that the Arctic regions are cold and dark in winter. Yet, the GMA report fails to date and time their picture. Is there a problem here?

Meanwhile, primary politics is piling up and piling on. It is five men standing on the Republican side. One woman, two men and one proxy standing on the
Democrat side. The good news is that one field of candidates appear to be serious about civility and putting their best public faces, feet, and voices forward. The controversy focused media is not pleased, but voters are ecstatic.

* Today the D&C and ABC WHAM, weather guy, Glenn Johnson explains that space satellites can report images, infrared date, and atmospheric water vapor information. That data can report on jet engine contrails and open ocean water channels through the summer Arctic Ocean ice packs. Apparently, satellites are not able to accurately report the temperature on the earth side of clouds. Nor are they able to take photographs of the North Pole in the dark of winter.

Main:

: Meanwhile, Revkin of the nytimes Dot Earth blog has a piece that outlines the scientific framework of his views. His lead is begins, The world’s largest group of earth scientists says “the human footprint on Earth is apparent.” The UGS, incorporated in Washington, D.C., and its active 12 subgroup leadership including the Atmosphere group are examples. Revkin also mentions the AGS and includes part of their October 2006 policy statement.

“The Geological Society of America (GSA) supports the scientific conclusions that Earth’s climate is changing; the climate changes are due in part to human activities; and the probable consequences of the climate changes will be significant and blind to geopolitical boundaries. Furthermore, the potential implications of global climate change and the time scale over which such changes will likely occur require active, effective, long-term planning. GSA also supports statements on the global climate change issue made by the joint national academies of science (June 2005), American Geophysical Union (December, 2003), and American Chemical Society (2004). GSA strongly encourages that the following efforts be undertaken internationally:

(1) adequately research climate change at all time scales,
(2) develop thoughtful, science-based policy appropriate for the multifaceted issues of global climate change,
(3) organize global planning to recognize, prepare for, and adapt to the causes and consequences of global climate change,
(4) organize and develop comprehensive, long-term strategies for sustainable energy, particularly focused on minimizing impacts on global climate.”

:: TimeInc has a Climate Change piece called Winds of Change. It is not serious science. Sadly, the article is sophomoric in style, superficial in analysis, and scant in originality. Here is an example.

“You have Republicans and Democrats getting on board with this,” says Eileen Claussen, president of the Pew Center on Global Climate Change, “and the reason why is because the public is increasingly there already.” Think about the logic and the grammar: “ increasingly there already”. As Mrs Van taught in the fourth grade, “ Either we have arrived at the station, or we have not.” End of story.

::: Finally, a very cool blog. Snow biking in Alaska. Now there is something that Californians transplanted to western upstate New York can identify with.

More:

Footnotes:

Posted by: webscribe2 on 01/25 at 12:59 PM
Bright Lights: • Calendar: • Friday: • Chances are ---: • Certainty: • Cherry Picking: • Climate: • Climate Change: • Critical Questions: • Northern Exposure: • Counter Currents: • Data: • Numbers: • Earth Sciences:: • Environment: • Advocacy: • Studies: • Fact vs Fiction: • Features: • Graphic: • Image: • Have a Good Day!: • Hot and Cold: • Lights Out: • Media Watch: • Smarter than a 5th Grader?: • TV Journalism: • Missing Parts: • Nature: • News: • Good News: • Northern Lights: • Political Watch: • Really? A Reality Check: • Science and Technology: • Natural Sciences: • Physical Sciences: • Show and Tell: • Snow Flakes: • Tall Tales: • Filling in the Blanks: • Tenure: • Truth Telling: • Winter Watch: • (0) Comments: • (0) Trackbacks: • Permalink:

[ Saturday, January 12, 2008 08:11 ]

Legacy Journal: Saturday Breeze

Section:
Climate Change

Summary:
Concerned about:

Winter Tornados in Wisconsin, Whiteouts in the southern Rockies, Frost in Florida, Floods in the Pacific Northwest? African Desert Drought? Clan violence in Pakistan ? Snow is Bagdad.? The cause is fossil fuels and AGCC. The cure? Crisis and Fear driven Action. The Agenda? Education to influence the young , general public opinion and the polls , emergency civic duty advocacy and political activism, and fund raising.

Main:
Meanwhile, the media rush and gush is fixated on events South Carolina. Temperature records from there are interesting. No evidence of warming according to local records.

More:

Footnotes:

Posted by: webscribe2 on 01/12 at 08:11 AM
Burden of Proof: • Calendar: • Saturday: • Chances are ---: • Cause & Effect: • Climate: • Climate Change: • Climate Chronicles: • Southern Comfort Zone: • Data: • By the Numbers: • Dollars and Cents: • Follow the Money: • Environment: • Movements: • Features: • Permalinks: • Hot and Cold: • IT3 Tech: • Internet Tech: • Google: • Calendar: • Missing Parts: • News: • Good News: • Running Scared: • Voice: • Tribal Chant: • (0) Comments: • (0) Trackbacks: • Permalink:

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