Drudge Retort: Phoenix's blog

For Cat Lovers Only

Phoenix — Sat, 29 Nov 2008 15:11:59 -0500

After a year in the wild, a lion remembers the people who raised him.

Obama trumpets third New Deal

Phoenix — Sat, 22 Nov 2008 10:46:06 -0500

President-elect Barack Obama promoted an economic plan Saturday he said would create 2.5 million jobs by rebuilding roads and bridges and modernizing schools while developing alternative energy sources and more efficient cars.

"These aren't just steps to pull ourselves out of this immediate crisis. These are the long-term investments in our economic future that have been ignored for far too long."

Treasury Spreads Your Wealth to Banks

Phoenix — Mon, 27 Oct 2008 18:31:13 -0400

The government will begin doling out $125 billion to nine major banks this week as part of its effort to contain a growing financial crisis, a top Treasury official said Monday. Assistant Treasury Secretary David Nason said the deals with the nine banks were signed Sunday night and the government will make the stock purchases this week. The deals are designed to bolster the banks' balance sheets so they will begin more normal lending. The action will mark the first deployment of resources from the government's $700 billion financial rescue package passed by Congress on Oct. 3.

JPMorgan: Bailout Money will be Used for Acquisitions

Phoenix — Mon, 27 Oct 2008 11:00:12 -0400

In point of fact, the dirty little secret of the banking industry is that it has no intention of using the money to make new loans.

Bailout May Help Banks Buy Banks

Phoenix — Sun, 26 Oct 2008 08:31:03 -0400

First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets. Then it was about using $250 billion of it to buy stakes in banks. But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.

Fed Buying $900 Billion in Bank Debt

Phoenix — Tue, 07 Oct 2008 11:30:00 -0400

The Federal Reserve is invoking Depression-era power to buy massive amounts of short-term debts in a dramatic effort to break through the credit clog. The Fed will buy "commercial paper," a short-term financing mechanism that many companies rely on to finance their day-to-day operations.

Senate Bailout Bill to Include Mental Health Care

phoenix — Wed, 01 Oct 2008 01:02:53 -0400

Who needs comedy writers when you've got Congress?

The bailout bill the Senate is schedule to vote on tomorrow addresses NONE of the failings of the bill the house voted down yesterday -- no regulatory reform, inadequate oversight, and no guarantee the taxpayers will be repaid.

It does, however, require health insurance companies to cover mental illness at parity with physical illness.

Foreclosures Hitting Wealthy's Second Homes

phoenix — Sat, 20 Sep 2008 10:53:17 -0400

The crisis on Wall Street is shrinking net worths and erasing nest eggs. Next on the block: multimillion-dollar homes...

"...Not only are average Americans defaulting on subprime loans, wealthier individuals who were relying on bonuses that never came through or who took out option adjustable-rate mortgages and must now face the skyrocketing monthly rates have also had to flee.

Pakistan Could End Cooperation in War on Terror

Phoenix — Sat, 13 Sep 2008 16:33:16 -0400

The furor intensified Friday over Washington's decision to pursue Islamic militant targets inside Pakistan, with opposition lawmakers threatening the country could pull out of the war on terror if the U.S. refuses to respect its borders. "America is daily deepening the well of resentment against itself that no amount of aid or pious diplomatic platitudes will ever fill," The News daily said in an editorial Friday.

Man Blames Bad Driving on Spilled Beer

Phoenix — Wed, 10 Sep 2008 21:31:09 -0400

A New Mexico man with four previous drunken driving convictions had an excuse for police after weaving in and out of traffic on Interstate 40: his passenger spilled his beer.

Obama recruits women pols to combat Palin

Phoenix — Fri, 05 Sep 2008 11:31:42 -0400

Barack Obama's campaign plans to employ high-profile female supporters in an effort to blunt GOP vice presidential candidate Sarah Palin's potential to persuade women to vote Republican.

Sen. Hillary Rodham Clinton of New York, Arizona Gov. Janet Napolitano and Kansas Gov. Kathleen Sebelius all were scheduled to campaign for Obama in the coming weeks.