Where Is My Bail-Out?

h/t RumpRoast

B’Man’s Patriot Watch: Dennis Kucinich

Bailout Plan Will Fail to Keep Families in Their Homes:

Treasury will own troubled assets without any control

Terms of bad mortgages cannot be changed absent controlling share of underlying securities

Dear Colleague:

If you are tempted to vote for this legislation because you think it will keep people in their homes, think again: in fact, Treasury will not be able to change the terms of bad mortgages because the Act does not require Treasury to purchase a controlling share in the underlying mortgage backed securities and collateralized debt obligations. The Secretary will be powerless to make any real and substantive change in the terms of mortgage. The Secretary will have NO power to avoid foreclosures and keep families in their homes.

I commend to your attention a letter I received last night from Frank Alexander, Professor of Law at Emory University. Professor Alexander testified before my Subcommittee on Domestic Policy on targeting federal assistance to help neighborhoods affected by the foreclosure crisis. He is an expert on housing law and community development.

Professor Alexander clearly demonstrates that the Emergency Economic Stabilization Act will not fulfill its stated goal of preserving homeownership. Unless the Secretary of the Treasury is required to prioritize assets that will give the Treasury a controlling share in the underlying whole mortgage, the Secretary will hold bad assets with no power to make them solid again.

Because the rule prohibits amendments, and we do not have the opportunity to correct this terrible oversight, I must encourage you to oppose this bill so that it can be reworked and the oversight addressed. To be sure, the recent past has taught us the valuable lesson that action in haste can be more destructive than delayed action.

Sincerely,

Dennis J. Kucinich

Member of Congress

Good Morning America! It’s Monday 9/29/08

Good morning! Welcome to Monday September 29, 2008 – day 273. Have a great week out there and be safe in whatever you do.
History on this day September 29

1789: A regular army was established by the U.S. War Department with several hundred men.

1829: The first public appearance by London’s re-organized police force was met with jeers from political opponents. The force became known as Scotland Yard.

1849: 1st passenger train service to Peekskill NY (New Haven Railroad)

1930: Lowell Thomas made his debut on CBS Radio. He was in the radio business for the next 46 years.

1953: “Make Room for Daddy” premiered on ABC-TV.

1960: “My Three Sons” debuted on ABC-TV.

1963: “My Favorite Martian” premiered on CBS-TV.

1963: “The Judy Garland Show” premiered on CBS-TV.

1983: The War Powers Act was used for the first time by the U.S.Congress when they authorized President Reagan to keep U.S. Marines in Lebanon for 18 more months.

1994: The U.S..House voted to end the practice of lobbyist buying meals and entertainment for members of Congress.

September 29, 1982
The Tylenol murders

On this day, a sick 12-year-old girl in Elk Grove Village, Illinois, unwittingly takes an Extra-Strength Tylenol capsule laced with cyanide poison and dies later that day. She would be one of seven people to die suddenly after taking the popular over-the-counter medication, as the so-called Tylenol murders spread fear across America. The victims, all from the Chicago area, ranged in age from 12 to 35 and included three members of the same family. Johnson & Johnson, the maker of Tylenol, launched a massive recall of its product and offered a $100,000 reward for information leading to the arrest of the person or people responsible.

Investigators soon determined that the tainted Tylenol capsules hadn’t been tampered with at the factories where they were produced. This meant that someone had taken the bottles from store shelves, laced them with poison and then returned them to grocery stores and pharmacies, where the victims later purchased the tampered bottles.This led drug makers to develop tamper-proof packaging, which had been largely nonexistent before the Tylenol Terrorist struck.

Birthdays:

1547: Miguel de Cervantes Saavedra – author: Don Quixote

1904: Greer Garson actress – Mrs. Miniver [ Pride and Prejudice, Goodbye, Mr. Chips

1907: Gene Autry - "The Singing Cowboy" actor: 100+ cowboy westerns; singer: Rudolph the Red-Nosed Reindeer only person to have 5 Hollywood Walk of Fame stars

1913: Trevor (Wallace) Howard - actor: Gandhi, Mutiny on the Bounty, The Count of Monte Cristo

1913: Stanley Kramer - director:Guess Who’s Coming to Dinner, It’s a Mad, Mad, Mad, Mad World

1935: Jerry Lee Lewis - singer: Whole Lot of Shakin’ Going On, Great Balls of Fire

1942: Madeline Kahn - actress: Blazing Saddles, Young Frankenstein

1943: Lech Walesa (Nobel Peace prize-winner [1983]: founder of Polish solidarity

1948: Mark Farner – singer: Grand Funk Railroad

Notable deaths:

1822 – 1895 Louis Pasteur dies at 73.
A French chemist and microbiologist, he is best known for remarkable breakthroughs in the causes and prevention of disease. His experiments supported the germ theory, also reducing mortality from (childbed fever), and he created the first vaccine for rabies. He was best known to the general public for inventing a method to stop milk and wine from causing sickness; this process came to be called pasteurization. Pasteur is regarded as one of the three main founders of microbiology, together with Ferdinand Cohn and Robert Koch.

Chart toppers:

1971: Go Away Little Girl – Donny Osmond
Maggie Mae/Reason to Believe – Rod Stewart
The Night They Drove Old Dixie Down – Joan Baez
The Year That Clayton Delaney Died – Tom T. Hall

1979: My Sharona – The Knack
Sad Eyes – Robert John
Rise – Herb Alpert
It Must Be Love – Don Williams

Ponderable for the day: If you keep looking back, you’ll soon be going that way.

Word of the day: Zeitgeist \TSYT-guyst; ZYT-guyst\, noun – The spirit of the time; the general intellectual and moral state or temper characteristic of any period of time.

Quote of the day: “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

- Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin

Stuff……….you should know.

- Actor Charlie Chaplin made 81 movies over a career that spanned 50 years.
- Actor Jim Carrey’s favorite cartoon character is Deputy Dawg.
- Actor Sylvester Stallone once had a job as a lion cage cleaner.
- Actress Grace Kelly’s movies are banned in Monaco by order of Prince Ranier.
- Actress Lillian Entwistle committed suicide by jumping from the ‘H’ of the Hollywood sign.
- American actor Jack Nicholson, and American singer Bobby Darrin were raised believing their grandmothers were their mothers and their mothers were their older sisters.
- Bruce Lee was so fast, that they actually had to slow a film down so you could see his moves.
- Elizabeth Taylor has appeared on the cover of Life magazine more than anyone else.
- Famous actor Leonardo DiCaprio appeared on the educational children’s program “Romper Room” when he was three years old.
- Humphrey Bogart was related to Princess Diana.
- In 1916, Charlie Chaplin was making $10,000 a week, making him the highest paid actor of his time.
- The oldest actor to win a Best Actor Oscar is Henry Fonda. He was 76 when he won it.