The waves of change are indeed around the proverbial bend.
As CSN said: “It’s been a long time coming. . .”
Stay tuned.
BZ
Waves
Monthly Archives: October 2010
10:10
BZ
Juan Wiliams: Fired From NPR; Given A Bigger Contract At Fox
NPR fired Juan Williams because, on the Bill O’Reilly show, he had the temerity to actually express an opinion. Mr Williams said, regarding Muslims:
Look, Bill, I’m not a bigot. You know the kind of books I’ve written about the civil rights movement in this country. But when I get on the plane, I got to tell you, if I see people who are in Muslim garb and I think, you know, they are identifying themselves first and foremost as Muslims, I get worried. I get nervous.”
The official statement from the NPR site:
Late Wednesday night, NPR issued a statement praising Williams as a valuable contributor but saying it had given him notice that it is severing his contract. “His remarks on The O’Reilly Factor this past Monday were inconsistent with our editorial standards and practices, and undermined his credibility as a news analyst with NPR,” the statement read.
You know, NPR — where there are “All Things Considered.” Apparently you can consider all things, you simply can’t verbally express them in terms of your opinion.
And isn’t it odd, I might posit (during my college days this might be the time where a professor would ask me to “contrast and compare” in my blue book), that Mr Williams is fired for expressing an opinion whereas other NPR associates have not; for example:
– Andrei Codrescu, who was on contract with NPR at the time, said in 1995 that “The evaporation of four million people who believe this crap [the Rapture] would leave the world an instantly better place.” He later apologized, and NPR left it at that.
– In 1995, Nina Totenberg said “I think [Sen. Jesse Helms] ought to be worried about what’s going on in the Good Lord’s mind, because if there is retributive justice, he’ll get AIDS from a transfusion, or one of his grandchildren will get it.”
– In 1994 Sunni Khalid, an NPR reporter, said “I think there’s a big difference when people told Father Aristide to sort of moderate his views, they were concerned about people being dragged through the streets, killed and necklaced. I don’t think that is what Newt Gingrich has in mind. I think he’s looking at a more scientific, a more civil way of lynching people.”
– This year Sarah Spitz, who has contributed a number of pieces to NPR’s biggest magazine programs “Morning Edition” and — get this — “All Things Considered,” claimed to her fellow liberals on JournoList she would “Laugh loudly like a maniac and watch his eyes bug out” if Rush Limbaugh were dying in front of her.
Hey, good times eh?
But perhaps the largest shard of irony, in new and improved Chunky Size:
Fired from NPR, Fox just awarded Juan Williams a new contract because of this incident — for $2 million dollars.
Mr Williams, in his Thursday opinion piece for Fox News wrote that he was “fired for telling the truth.”
I’d say: why yes, he was. And he said it in a much kinder way than I.
BZ
US Banks: At The Tipping Point?
The stock market lost 200 points on Tuesday the 19th.
And it has to do with American banking.
Myself and other Conservative bloggers made our voices heard last year, this year and continuously. We collectively said: there isn’t anything quite too large to fail. GM should not have been saved. The banks and other monetary institutions should not have been saved. There would have been a fiscal hit; given. But by now we likely would have impacted actual bottom and then begun a real recovery.
Now, because of demands made by Pimco, Black Rock and the New York Federal Reserve Bank — up to and including suit — I fear the entire US banking scheme is truly on the precipice of a potential national systemic failure.
Yet you’ve likely not heard of this or had it framed quite this way for you.
From CNBC.com:
The New York Federal Reserve Bank is part of a consortium of eight large institutional investment firms that is demanding that Bank of America repurchase loans included in mortgage securities.
Bloomberg reported earlier Tuesday that the New York Fed had joined with the Pacific Investment Management Company, better known as Pimco, and investment management firm BlackRock in an attempt to force BofA to buy back $47 billion in mortgage bonds.
Kathy Patrick, lead attorney for the consortium, confirmed in a statement Tuesday that the group holds more than 25 percent of the voting rights in more than $47 billion worth of Bank of America securities.
Pimco and BlackRock had no comment when contacted by CNBC.
Shares of Bank of America [BAC 11.80
-0.54 (-4.38%)
], a component of the Dow Jones Industrial Average [.DJIA 10978.62
A law firm on Tuesday sent a notice alleging failures by Countrywide Financial to properly service loans that were part of certain mortgage-backed securities. Countrywide was acquired by Bank of America in 2008.
“We want to enforce the holders’ contract rights,” Kathy Patrick, the lead attorney representing the bond holders, told CNBC. “Today’s action begins the clock ticking … If these issues of non-performance are not addressed and cured, then our clients will be able to enforce their rights in court.”
The demand revolves around what is called “put-backs.” And the demand is for a full 100-cents on the dollar. No discount.
The immediate exposure, as you read, is $47 billion dollars on the part of B of A.
More useless detail? you ask. More “inside baseball” that doesn’t apply to me? you ask.
No, ladies and gentlemen; I submit this is The Real Earth Shaker making an appearance before both you and me, front and center.
The NY Fed is jumping in (the bank regulator in the northeast) with these other major investment firms wanting to sue Bank of America regarding mortgage securities and the investments made in these mortgages, essentially saying that B of A sold them a “bill of goods” — in which B of A doesn’t even possess the requisite records or notes.
The firms are saying to B of A: you don’t even have the note; you sold us something you don’t even own. How do you sell a security if you don’t have a secured interest in the investment in the mortgage, if you don’t have the note?
A “put-back,” by the way, is the process of a bank admitting a selling error, saying “so we’ll buy it back from you.”
The potential size of the problem is the key issue; an issue I have yet to see addressed sufficiently by any media outlet — and a situation of which you need to be made aware. A situation I am addressing here and now on BZ:
JP Morgan Chase has now indicated that, in a proverbial “worst-case scenario” estimate, the banking industry could be forced to buy back $120 billion dollars worth of mortgages.
But in truth, this is simply way too low. That estimate falls much short.
Some Fox business analysts estimate that, if Countrywide alone (B of A agreed to purchase Countrywide, if you recall, in January of 2008) is on the hook for $47 billion dollars, then it appears the $120 billion initial estimate appears to be remarkably minuscule.
The bottom line, at least at this point, is: no one knows the true exposure/liability for American banks in this mess. Not yet.
And this certainly does nothing for the credibility of American banks, and the confidence that people can have in said banks.
The US government already owns Fannie Mae and Freddie Mac; and they in turn own 95% of American mortgages — so what is their exposure/liability?
Will the US government — meaning the US Taxpayer — have to shell out more billions upon billions in order to “save” these financial entities again, at the order-by-fiat of Mr Obama?
If the suit goes through, banks will absolutely be crippled. This is about banks failing to service their mortgages and taking them cavalierly.
The potentially-suing investors carry $16.5 billion dollars worth of mortgages.
And, further, do you have mutual funds that invest in mortgages? If so, what shall be your personal exposure?
Questions posed; answers pending.
Be aware, ladies and gentlemen.
Be aware.
You read it here first on:
BZ
P.S.
Due to its importance, this post may exist for a few more days in the digital ether.
Obama & Demorats: The Truth MUST Be Told, And They MUST Be Opposed!
Mr Obama and his shallow “ideas” are crashing in record time.
Compared to GW Bush, whose popularity tanked late in his second term, Mr Obama’s wings are on fire and he’s about to bank right into the ground. Taking this country with him.
I submit that the gap between what Mr Obama says and reality widens almost daily.
This reality is beginning to catch up to him:
Ladies and gentlemen: BE AWARE — and VOTE on November 2nd!
Unopposed, this administration will herald the true death of our great nation. As goes America, so goes the rest of the world as well.
Most everyone has said this in the past, but I posit now:
This truly is the most important election in America’s past two hundred years.
BZ
P.S.