HEADLINES

Thursday, May 6, 2010

Fwd: Standing Up To Obamacare: What The States Can Do



  

Fix Health Care Policy

 

Standing Up To Obamacare: What The States Can Do
 

With the passage of the Patient Protection and Affordable Care Act (PPACA), the nation's health care system is on its way to undergoing a tremendous overhaul. The impact of the implementation process will be felt by all, but state and local governments will play a significant role.

As former Heritage senior fellow Dennis Smith writes in a recent paper, "While the White House would like to give the impression that the debate on health care is over, the truth is that it has just begun."

The Scoop

Obama Administration Glosses-over Key Concerns for Doctor Shortage
 
More Inconvenient Obamacare Truths
 
Side Effects: State Reluctant to Swim in National High-Risk Pools
 
The Debt Commission and Obamacare
 
The Roadmap for America's Future Could Solve the Long-Term Budget Problem

"Like welfare reform legislation in the past, there are really three phases to reform. An act of Congress is just the first; now reform passes to the state level and eventually to the local level, and it is at the state and local levels that the real impact on the country's citizens will become apparent."

According to Smith, the states stand to lose substantially due to the enactment of Obamacare. First of all, the new law will make a severe dent in the federalist system upon which the nation was founded, overriding states' authority. Second, Obamacare marks an enormous expansion of federal bureaucracy.

Writes Smith, "If HHS chooses to micromanage each particle of the exchanges, failure is all but guaranteed simply because the regulatory and procurement process will force states to miss deadlines." Finally, Obamacare will create a financial drain on the states, as certain provisions related to the expansion of Medicaid will expire after only a few years, leaving states to fill the hole.

So what can states do? Smith outlines the following suggestions:

  1. Hold Washington Accountable. "Federal officials obviously control the regulatory process, but states should demand, individually and collectively, that the federal government respond to their priorities."
  2. Insist of Rule-Making for Medicaid. "States should insist that, instead of issuing a single, mammoth Medicaid rule, HHS should issue separate rules so that all issues will receive proper attention."
  3. Protect State Interests Using the Courts. "States should challenge HHS whenever it undermines state authority."
  4. Keep Citizens Engaged Throughout. "State officials have an obligation to fully explain the impact of this new law on their citizens and create the public forum for holding federal officials accountable."

The PPACA thwarts the independent efforts of the states to enact and implement their own version of health care reform, but states should not go down without a fight. By continuing to actively engage the federal government as Obamacare is put into practice, states, along with their citizens, can continue to fight the battle against a Washington-run health care system.


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The White House has launched a taxpayer-funded Web site to "reality check" credible criticisms and arguments. Problem is the Obama administration's videos "debunking" each "myth" are low on facts. Click here to see our response.
 

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Fwd: MRC Alert: Shahzad's Motive 'Unclear' to CBS, Cites Money Pressure Since He 'Hasn't Realized Any American Dream'



 

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MRC CyberAlert

A daily compilation edited by Brent H. Baker, CyberAlert items are drawn from daily BiasAlert posts and distributed by the Media Research Center's News Analysis Division, the leader since 1987 in documenting, exposing and neutralizing liberal media bias.

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Tracking Liberal Media Bias Since 1996
Thursday May 06, 2010 @ 10:13 AM EDT

1. Shahzad's Motive 'Unclear' to CBS, Cites Money Pressure Since He 'Hasn't Realized Any American Dream'
Botched bomber Faisal Shahzad's failure to achieve the "American dream" may have been an important motive for his terrorist act, CBS's Bob Orr contended Wednesday night in a story in which he declared: "Shahzad's motive also remains unclear." After noting how Shahzad "told interrogators he's upset with U.S. policies which he feels unfairly target Muslims and he's angry over Predator strikes that have killed both terror leaders and civilians in his native Pakistan," Orr proposed: "Investigators say a quest for revenge seems to have played some role, but personal financial pressures may also have pushed Shahzad to act. He became a U.S. citizen just a year ago, but he has not realized any American dream. He quit his job, lost his house, and was separated from his family."

2. AP Humanizes Times Square Terror Suspect, Cites 'Unraveled' Life
John Christoffersen's article for the Associated Press on Tuesday night highlighted the life woes of Faisal Shahzad, the suspect in the failed Times Square bombing plot, citing how "his life seemed to unravel." Christoffersen also noted Shazad's "outspokenness about [former] President George W. Bush and the Iraq war." The AP writer's article, titled "Times Square bombing suspect's life had unraveled," first detailed the suspect's past "enviable life:" how he had become a U.S. citizen, his wealthy Pakistani family, his MBA, his "well-educated wife and two kids" and the house he owned "in a middle-class Connecticut suburb." Christoffersen then continued with the recent difficulties he faced : "In the past couple of years, though, his life seemed to unravel: He left a job at a global marketing firm he'd held for three years, lost his home to foreclosure and moved into an apartment in an impoverished neighborhood in Bridgeport. And last weekend, authorities say, he drove an SUV loaded with explosives into Times Square intent on blowing it up."

3. Matthews Tracks Down True Culprit in Oil Spill Mess – Dick Cheney
The Dick Cheney obsessed Chris Matthews, on Wednesday's Hardball, served up a softball to liberal Democratic Congressman Ed Markey as he pondered if the former vice president could, in any way, be blamed for the BP oil spill. Matthews, who it seems can't go a week without mentioning Cheney, even though he's no longer in office, questioned Markey if the oil spill occurred because of lax oversight by Cheney-installed regulators as he asked: "To what extent is the current regulatory regime, that governs people like BP, in place because of the previous administration, which was run by Cheney, based upon the Haliburton lifestyle that he came from?"

4. MSNBC and NYT Surprised Black GOP Candidates Aligned With 'Racist' Tea Parties
Near the end of Wednesday's 10AM ET hour of live coverage on MSNBC, correspondent Luke Russert highlighted a report in Tuesday's New York Times about the number of African-Americans running for Congress as Republicans and observed: "these candidates are actually soliciting support from the tea party, a group that a lot of folks have claimed to be racist against African-Americans." In the Times article, Jennifer Steinhauer noted how the Republican hopefuls were "insisting that the racial dynamics of that movement have been overblown."

5. Washington Post Cherry-picks Poll to Portray Tea Parties as on Defensive About Racism Charges
"Tea party groups battling allegations of racism," reads a May 5 page A3 Washington Post print headline. The online version header softened the word choice a tiny bit, substituting the word "perceptions" in for "allegations." The underlying poll data which prompted the story tells us more about the Post's prism through which it views the Tea Parties than how the public at large does.

6. MSNBC's Dylan Ratigan Gives 'Kudos' to Arizona Basketball Team for Protesting Immigration Law, 'a Slam Dunk'
MSNBC's Dylan Ratigan on Wednesday gave "kudos" to the Phoenix Suns basketball team for protesting Arizona's tough new policy on illegal immigration. The host touted, "The team is set to wear Los Suns jerseys tonight on Cinco de Mayo in response to Arizona's controversial [law]."

7. Flashback: Newsweek as Obamaweek; Might It Help Explain Their Downfall?
News today that the Washington Post Company has put the money-losing Newsweek up for sale reminded me of how during the last presidential campaign the "news" weekly repeatedly showcased their favorite candidate, Barack Obama, on the cover. Might such obvious blatant liberal advocacy, which anyone could see in the grocery store checkout line, help explain its decline in fortunes – in credibility followed by finances?






 

Shahzad's Motive 'Unclear' to CBS, Cites Money Pressure Since He 'Hasn't Realized Any American Dream'

 

Botched bomber Faisal Shahzad's failure to achieve the "American dream" may have been an important motive for his terrorist act, CBS's Bob Orr contended Wednesday night in a story in which he declared: "Shahzad's motive also remains unclear." After noting how Shahzad "told interrogators he's upset with U.S. policies which he feels unfairly target Muslims and he's angry over Predator strikes that have killed both terror leaders and civilians in his native Pakistan," Orr proposed:

Investigators say a quest for revenge seems to have played some role, but personal financial pressures may also have pushed Shahzad to act. He became a U.S. citizen just a year ago, but he has not realized any American dream. He quit his job, lost his house, and was separated from his family.

How about the hypothesis Shahzad became a U.S. citizen as a ruse to make it easier to carry out his Islamic jihad – and so quitting his job, moving his family to Pakistan and not paying his mortgage were not what drove him to terrorism, but were what he did to get training and rid himself of encumbrances.

Audio: MP3 clip

Earlier in his piece, Orr maintained "the crude nature of the device he left in the smoking SUV showed little evidence of training" and "sources say it's not consistent with the kind of bombs that we usually see from Islamic extremists."

So, Orr did at least utter the "Islamic extremist" term, if only to suggest the possibility Shahzad isn't one, or at least isn't a competent one.

Earlier:

"AP Humanizes Times Square Terror Suspect, Cites 'Unraveled' Life"

"ABC Sees Optimistic Terrorist: Wife Enjoys American Sit-Coms While He Dots 'i' with a Heart"

From Orr's lead story on the Wednesday, May 5 CBS Evening News:

BOB ORR: ...Shahzad claims he was schooled in explosives at a Pakistani terror camp, but sources say investigators have not been able to verify that. The crude nature of the device he left in the smoking SUV showed little evidence of training, and sources say it's not consistent with the kind of bombs that we usually see from Islamic extremists.

JUAN ZARATE, CBS NEWS NATIONAL SECURITY ANALYST: This individual may have been trained, be he wasn't trained very well. This was a sloppy, amateurish device that had multiple points of failure.

ORR: Shahzad's motive also remains unclear. He's told interrogators he's upset with U.S. policies which he feels unfairly target Muslims and he's angry over Predator strikes that have killed both terror leaders and civilians in his native Pakistan.

Investigators say a quest for revenge seems to have played some role, but personal financial pressures may also have pushed Shahzad to act. He became a U.S. citizen just a year ago, but he has not realized any American dream. He quit his job, lost his house, and was separated from his family.

While the FBI builds the criminal case...

— Brent Baker is Vice President for Research and Publications at the Media Research Center. Click here to follow him on Twitter.





AP Humanizes Times Square Terror Suspect, Cites 'Unraveled' Life

 

John Christoffersen's article for the Associated Press on Tuesday night highlighted the life woes of Faisal Shahzad, the suspect in the failed Times Square bombing plot, citing how "his life seemed to unravel." Christoffersen also noted Shazad's "outspokenness about [former] President George W. Bush and the Iraq war."

The AP writer's article, titled "Times Square bombing suspect's life had unraveled," first detailed the suspect's past "enviable life:" how he had become a U.S. citizen, his wealthy Pakistani family, his MBA, his "well-educated wife and two kids" and the house he owned "in a middle-class Connecticut suburb." Christoffersen then continued with the recent difficulties he faced : "In the past couple of years, though, his life seemed to unravel: He left a job at a global marketing firm he'd held for three years, lost his home to foreclosure and moved into an apartment in an impoverished neighborhood in Bridgeport. And last weekend, authorities say, he drove an SUV loaded with explosives into Times Square intent on blowing it up."

The writer seems to imply that these downturns lead directly to his alleged terror attack. While Christoffersen did mention how Shahzad "admitted getting explosives training in his native Pakistan" and how "[a]uthorities say Shahzad returned to Pakistan then came back to the United States," these were mentioned only in passing, compared to the 23 paragraphs dedicated to additional details on the suspect and his family's history, including his dislike for the former president:

Shahzad's behavior sometimes seemed odd to his neighbors, and he surprised a real estate broker he hardly knew with his outspokenness about President George W. Bush and the Iraq war. "He mentioned that he didn't like Bush policies in Iraq," said Igor Djuric, who represented Shahzad in 2004 when he was buying a home....

Shahzad, 30, is the son of a former top Pakistani air force officer, according to Kifyat Ali, a cousin of Shahzad's father. He came to the United States in late 1998 on a student visa, according to an official who spoke to The Associated Press on condition of anonymity due to the sensitive nature of the investigation into Saturday's failed car bombing.

He took classes at the now-defunct Southeastern University in Washington, D.C., then enrolled at the University of Bridgeport, where he received a bachelor's degree in computer applications and information systems in 2000.

"He was personable, a nice guy, but unremarkable," said William Greenspan, adviser for undergraduate business students at the University of Bridgeport. "He would just come in and take the course as needed so he could graduate in a timely manner."...

In 2004, he and his wife, Huma Mian, bought a newly built home for $273,000 at the height of the market in Shelton, a Fairfield County town that in recent years has attracted companies relocating to Connecticut's Gold Coast.

Like her husband, Mian was well educated. She graduated from the University of Colorado at Boulder in 2004 with a bachelor of science in business with an emphasis in accounting, the school said.

On her profile on the social networking site Orkut, she described herself as "not political" and said she spoke English, Pashto, Urdu and French. She listed her passions as "fashion, shoes, bags, shopping!! And of course, Faisal."...

Last year, the couple abandoned the home.

Neighbor Davon Reid and his girlfriend, Heatherlee Tyler, said they were puzzled that the couple moved out abruptly and left behind a mess of food, broken dishes and baby formula in the cabinets....He [Reid] said Shahzad was generally friendly but had some quirky habits, including jogging at night while wearing dark clothing.

Shahzad worked from mid-2006 to May 2009 as a junior financial analyst for the Affinion Group, a marketing firm in Norwalk. Company spokesman Michael Bush said Shahzad held a lower-level position dealing with the company's budget and projected income and left on good terms.

Still, Shahzad defaulted on a $200,000 mortgage on his Shelton home, and the property is in foreclosure, court records show. Shahzad took out the mortgage on the property in 2004, and he co-owned the home with Mian.

At the end of the article, the AP writer went so far to describe the tender messages an unidentified person once sent the suspect, which were found by The Connecticut Post and The New York Times outside his now foreclosed home: "The newspaper also found greeting cards, including one in which someone named Fayeza addressed him as 'sweetest Faisal.' 'Wish you happiness and joy now and always,' the card said. 'Praying for your bright future.'"

Earlier in the day on Tuesday, CNN's Jim Acosta also expressed sympathy for Shahzad after a former neighbor described the foreclosure: "One would have to imagine that that brought a lot of pressure and a lot of heartache on that family."

—Matthew Balan is a news analyst at the Media Research Center. You can follow him on Twitter here.





Matthews Tracks Down True Culprit in Oil Spill Mess – Dick Cheney

 

The Dick Cheney obsessed Chris Matthews, on Wednesday's Hardball, served up a softball to liberal Democratic Congressman Ed Markey as he pondered if the former vice president could, in any way, be blamed for the BP oil spill. Matthews, who it seems can't go a week without mentioning Cheney, even though he's no longer in office, questioned Markey if the oil spill occurred because of lax oversight by Cheney-installed regulators as he asked: "To what extent is the current regulatory regime, that governs people like BP, in place because of the previous administration, which was run by Cheney, based upon the Haliburton lifestyle that he came from?" [audio available here]

The following exchange was aired on the May 5 edition of Hardball:

CHRIS MATTHEWS: In the last administration, which put in place apparently a lot of these people that are regulators, these headless nails that are in there, supposedly regulating the oil industry, had a role. They got in there because Cheney was in there with his secret task force. They met at the White House. We never found out who, in the oil industry, was involved. To what extent is the current regulatory regime, that governs people like BP, in place because of the previous administration, which was run by Cheney, based upon the Haliburton lifestyle that he came from?

REP. ED MARKEY: Well, the Clinton administration recommended, for example, that an acoustical trigger that would have made it possible to shutdown the well by remote control be installed as an essential piece of equipment. But when the Bush/Cheney administration took over, they made a determination that it was too costly to build in that extra safety precaution. And, again, when there is an assumption that an accident cannot occur, $500,000, which is what that acoustical trigger would have cost, seems very expensive. But when 5,000 barrels of oil per day is spilling out into the Gulf destroying people's livelihoods it doesn't seem that costly at all. And so that was the ethos that existed inside the Bush/Cheney era, and I'm afraid we're now living with the consequences of those assumptions.

—Geoffrey Dickens is the Senior News Analyst at the Media Research Center. You can follow him on Twitter here





MSNBC and NYT Surprised Black GOP Candidates Aligned With 'Racist' Tea Parties

 

Near the end of Wednesday's 10AM ET hour of live coverage on MSNBC, correspondent Luke Russert highlighted a report in Tuesday's New York Times about the number of African-Americans running for Congress as Republicans and observed: "these candidates are actually soliciting support from the tea party, a group that a lot of folks have claimed to be racist against African-Americans."

In the Times article, Jennifer Steinhauer noted how the Republican hopefuls were "insisting that the racial dynamics of that movement have been overblown." She then cited evidence of the supposed racism of tea partiers: "Videos taken at some Tea Party rallies show some participants holding up signs with racially inflammatory language. A recent New York Times/CBS News poll found that 25 percent of self-identified Tea Party supporters think that the Obama administration favors blacks over whites, compared with 11 percent of the general public."

Steinhauer added: "The black candidates interviewed overwhelmingly called the racist narrative a news media fiction. 'I have been to these rallies, and there are hot dogs and banjos,' said Mr. [Allen] West, the candidate in Florida, a retired lieutenant colonel in the Army. 'There is no violence or racism there.'"

On MSNBC, anchor Peter Alexander introduced Russert's report by declaring: "A little bit of an odd political twist for you right now. More than a year after Barack Obama became America's first African-American president, today's New York Times reports that at least 32 black Americans are running for Congress this year as Republicans." Russert cited Obama as inspiration for the GOP candidates: "Kind of an ironic twist of fate, President Obama, when he was elected, a lot of folks close to him said this will now create a real surge in terms of African-American participation in politics....It has actually empowered African-Americans, to not only to run as Democrats, but also an unusually high number as Republicans."

Seeming to forget the number of black Republicans who ran for office in recent election cycles, Russert concluded: "I'll tell you what, after November of 2010, if we wake up with four African-American Republicans congressional House members, that is a huge story that nobody in Washington saw coming."

Here is a full transcript of Russert's report:

10:53AM

PETER ALEXANDER: A little bit of an odd political twist for you right now. More than a year after Barack Obama became America's first African-American president, today's New York Times reports that at least 32 black Americans are running for Congress this year as Republicans. NBC's Luke Russert saw this one for us and is joining us live right now. It wasn't since, what, seven years ago, J.C.Watts, the Republican from Oklahoma, the last African-American Republican to serve in the House, Luke.

LUKE RUSSERT: That is – that's true, indeed, Peter. And this 32 number of African-Americans running for Congress as Republicans is actually the highest number since Reconstruction. Kind of an ironic twist of fate, President Obama, when he was elected, a lot of folks close to him said this will now create a real surge in terms of African-American participation in politics, because folks will believe they can be elected. And no doubt it has. It has actually empowered African-Americans, to not only to run as Democrats, but also an unusually high number as Republicans.

Of these 32 Republicans, GOP sources I spoke to said about four have a clear path to victory. That's Mr. West of Florida, Mr. Parker of Arizona, Mr. Frazier of Colorado, Mr. Scott of South Carolina. And it's quite interesting, these candidates are actually soliciting support from the tea party, a group that a lot of folks have claimed to be racist against African-Americans. These folks actually see them as the ones they want in their tent as a path to victory. That being said, a very unique, interesting article. And Peter, I'll tell you what, after November of 2010, if we wake up with four African-American Republicans congressional House members, that is a huge story that nobody in Washington saw coming. Peter.

ALEXANDER: Certainly getting some inspiration from Michael Steele, the head of the RNC, as well. Luke Russert at the Capitol for us. Luke, thanks.

RUSSERT: Take care.



—Kyle Drennen is a news analyst at the Media Research Center. You can follow him on Twitter here.





Washington Post Cherry-picks Poll to Portray Tea Parties as on Defensive About Racism Charges

 

"Tea party groups battling allegations of racism," reads a May 5 page A3 Washington Post print headline. The online version header softened the word choice a tiny bit, substituting the word "perceptions" in for "allegations."

The underlying poll data which prompted the story tells us more about the Post's prism through which it views the Tea Parties than how the public at large does.

After three paragraphs pounding readers with the meme that "the [Tea Party] movement is struggling to overcome accusations of racism," the Post's Amy Gardner and Krissah Thompson quickly dispatched with the fact that most Americans see Tea Parties fueld by distrust of big government and opposition to the Obama/congressional Democratic agenda before highlighting how a minority of poll respondents think race is a motivating factor:

In a new Washington Post-ABC News poll, most Americans see the movement as motivated by distrust of government, opposition to the policies of Obama and the Democratic Party, and broad concern about the economy. But nearly three in 10 see racial prejudice as underlying the tea party. 

Of course, in the very next paragraph we learn that:





MSNBC's Dylan Ratigan Gives 'Kudos' to Arizona Basketball Team for Protesting Immigration Law, 'a Slam Dunk'

 

MSNBC's Dylan Ratigan on Wednesday gave "kudos" to the Phoenix Suns basketball team for protesting Arizona's tough new policy on illegal immigration. The host touted, "The team is set to wear Los Suns jerseys tonight on Cinco de Mayo in response to Arizona's controversial [law]."

Ratigan enthused that congratulations were in order and added, "Around here we call that a slam dunk." The cable anchor quoted the team's owner playing up the move as one to honor Hispanics.

Clearly, however, there is a political angle. The same Robert Sarver also derided the legislation as "a flawed state law." Suns point guard Steve Nash attacked the bill as "very misguided, and unfortunately, to the detriment of our society and our civil liberties."





Flashback: Newsweek as Obamaweek; Might It Help Explain Their Downfall?

 

News today that the Washington Post Company has put the money-losing Newsweek up for sale reminded me of how during the last presidential campaign the "news" weekly repeatedly showcased their favorite candidate, Barack Obama, on the cover.

Might such obvious blatant liberal advocacy, which anyone could see in the grocery store checkout line, help explain its decline in fortunes – in credibility followed by finances?

By July of 2008, the Weekly Standard had dubbed the magazine "ObamaWeek" in creating this graphic of six covers which had already featured Obama's image.





Fwd: Budget Bulletin: As Deficit Deepens, Congress Refuses to Enact a Budget Blueprint



  

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As Deficit Deepens, Congress Refuses to Enact a Budget Blueprint

By Brian Riedl

Congress has now missed its April 15 deadline for enacting a budget resolution. In fact, after spending the spring passing an expensive and unpopular health care bill, the House and Senate did not even complete a single mark-up of the budget resolution by the April 15 deadline for full enactment. And it is unclear if Congress even plans to bother completing a budget at all this year. Indications are that the Senate may pass one, yet the House likely will not—which would prevent a conference committee and final enactment of a binding budget.

Not only is Congress ignoring the immediate budget picture, but it has punted the long-term decisions to a deficit commission that is structured to avoid transparency and accountability.

Too Busy Spending to Pass a Budget

The budget resolution—which sets an annual framework for taxes and spending—is one of the few pieces of legislation that Congress must pass annually. Since the 1974 Congressional Budget Act created the modern budget process, Congress has failed to enact a budget resolution only four times. Not only would this year bring the fifth failure, but it risks being the first time the House does not make any attempt to pass the first version of a budget bill.

Several problems arise from not passing a budget. First, it prevents Congress from capping discretionary spending for fiscal year (FY) 2011. The House and Senate may "deem" spending targets for their appropriations committees, but the respective spending targets may not even match each other (which would create large problems when the spending bills reach the conference committee).

>> Click here to read Brian Riedl's full report

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Fwd: 37 Percent of All U.S. Deaths in Afghanistan War Have Occurred Since Obama?s Troop Surge




Today's Headlines

Thursday, May 6, 2010


  37 Percent of All U.S. Deaths in Afghanistan War Have Occurred Since Obama's Troop Surge
(CNSNews.com)
- More than a third of all U.S. casualties in the nearly nine-year-long war in Afghanistan have occurred since May 15, 2009, the day when the first major wave of President Barack Obama's troop surge arrived in that country.

Obama Freezes Budget for Program Designed to Stop Terrorists from Getting U.S. Visas
(CNSNews.com)
– Four months after the attempted Christmas Day bombing over Detroit and nine years after the Sept. 11 terrorist attacks, only 14 of the 57 U.S. consulates identified as being at "high risk" for potentially providing visas to terrorists have secure visa programs in place. President Obama, meanwhile, is planning to freeze the program's budget for fiscal 2011. According to a Congressional Research Service report, a lack of funding could hamper expansion of the Visa Security Program to the many high-risk consulates that still do not have a unit.

Record Number of Islamic Nations, Fewer 'Free' Countries, Coming to U.N. Human Rights Council
(CNSNews.com)
– Next week's election for new members of the U.N. Human Rights Council is expected to result in a greater share of seats going to the Organization of the Islamic Conference than ever before, while the number of countries deemed "free" falls to a new low. The Islamic group has been the driving force behind two items on the council's agenda that trouble human rights advocates and some Western governments – the campaign against religious "defamation" and repeated condemnations of Israel.

Reid: 'Someone' Should Offer Amendment to Prevent Treasury From Accessing Financial Records of Law-Abiding Citizens
(CNSNews.com)
- Senate Majority Leader Harry Reid (D-Nev.) says he wishes "someone" would offer an amendment to the financial regulatory bill to prevent the federal government from probing Americans' private financial records. A provision in the bill would allow a new Treasury Department agency to demand "any data or information" from any financial firm and use a subpoena to get that information if necessary. Reid, however, did not respond when asked whether he would personally support such an amendment.

Obama Administration Tries to Combat Growing Criticism From Right and Left Over Response to Oil Spill
(CNSNews.com)
– Amid mounting criticism of its response to the oil spill in the Gulf of Mexico, the Obama administration on Wednesday released a day-by-day account of its response, stressing that it was quick to take action. "We have compiled this chronology in the spirit of transparency so the American people can have a clear understanding of what their government has been and is doing to respond to the massive and potentially unprecedented environmental disaster," said the White House deputy homeland security adviser.

Franklin Graham: Christians Will Lose the Power to Pray Outside Church Walls 'Maybe in My Lifetime'
(CNSNews.com)
– Two top evangelical leaders sounded a defiant tone on the eve of National Day of Prayer -- warning that the American right to freedom of religion "is being eroded every day" and may be lost in an onslaught of secularism unless Americans "have the guts to stand up."

Republican Congressmen Urge Defense Department to Re-Invite Franklin Graham to National Day of Prayer Event
(CNSNews.com)
– Reps. Trent Franks (R-Ariz.) and Mike Pence (R-Ind.) are pressing Defense Secretary Robert Gates to reconsider the military's decision to revoke its invitation to Rev. Franklin Graham to participate in a National Day of Prayer event at the Pentagon. Their letter said the right to possess one's own religious beliefs and to express them freely was chief among the liberties the Founding Father's sought to protect.

Ariz. Immigration Law Identical to Federal Laws Requiring Alien Documentation, Attorney Who Helped Craft It Says
(CNSNews.com)
– One of the men who helped write Arizona's new immigration law said he's confident it will withstand legal challenges, because the law specifically addresses issues such as racial profiling, which are likely to be the basis of state or federal lawsuits.

Sen. Cornyn: 'More Boots on the Ground,' 'Better Technology' Needed to Secure U.S. Border
(CNSNews.com)
- "Clearly the border is still too porous and is being exploited for all sorts of criminal purposes," Sen. John Cornyn (R-Texas) told CNSNews.com. He said a combination of more manpower and technology such as drones and aerial radar would improve the situation.

Republican Senator Pushes for Completion of Double-Layer Border Fence
(CNSNews.com)
– Sen. Jim DeMint (R-S.C.) says he will introduce an amendment requiring the federal government to complete 700 miles of secure, double-layer fencing along the U.S.-Mexico border within one year. More than 600 miles of single-layer pedestrian fencing and vehicle barriers now exist, but critics say the current infrastructure is not secure enough.

Brits Go to the Polls Under an Electoral System Many Want Reformed
(CNSNews.com)
– After 13 years of Labor Party rule and a hard-fought, month-long campaign, Britain's voters are casting ballots Thursday with no clear picture of who will form their next government. While the Conservative Party looks set to win the popular vote, the size of its projected victory, combined with the quirks of Britain's "first past the post" system, may not give it the majority it needs in the House of Commons to form a government alone.

Times Square Bombing Attempt No Systemic Failure, White House Says
Washington (CNSNews.com)
– After the failed attempt to blow up a passenger jet over Detroit on Christmas Day, President Obama asserted, "A system failure has occurred." But the White House says there was no system failure in the Times Square bombing attempt, even though the suspect almost got away.


CNSNEWS.COM VIDEO

Actress Kim Kardashian: Fox News 'Very Reputable,' The 'Only News in the House'
(CNSNews.com)
- Actress and model Kim Kardashian turned down CBS's invitation to attend the White House Correspondents Dinner, but told CNSNews.com that she decided to attend as a guest of Fox News' Greta Van Susteren. Kardashian said Fox News Channel, which is often criticized by liberals, is "the only news in the house" where she resides.

NBC's Meredith Vieira: 'Real Shocker To Me' That Obama Hadn't Done National Press Conference for 7 Months
(CNSNews.com)
– Meredith Vieira, co-host of NBC's Today Show, also said that a president "should be available to the media as much as possible because that's the only way the public can get answers."

Actor and Activist Adrian Grenier: 'We May Starve To Death,' 'Something May Get Us Before Climate Change'


OTHER CNSNEWS.COM HEADLINES

Times Square Car Bomb Suspect Did A Trial Run
Federal Agency Allowed BP to Avoid Filing A Blowout Plan for Gulf Rig
TV News Employee in Los Angeles Hits Multi-Million-Dollar Lottery Jackpot
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NEWSPAPER ROUNDUP:

Freddie Mac asks U.S. for $10 billion as losses pile up
Five students sent home for wearing American flag T-shirts on Cinco de Mayo
Sharing the doctor: Group visits a growing trend in health care
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COMMENTARY

Risk: The New Four-Letter Word
By Ed Feulner
The risks we take often deliver the greatest rewards. We shouldn't surrender our great American spirit for the promise of safety that bureaucrats can never deliver.


 


Fwd: Morning Bell: Fannie and Freddie Failure Forever


Morning Bell
05/06/2010

Fannie and Freddie Failure Forever

Yesterday, Sen. Chris Dodd (D-CT) told reporters about his financial regulation bill, "We've ended the 'too big to fail' debate. So no longer do I expect any argument to be made that this bill exposes the American taxpayer." Really. Someone might want to tell Sen. Dodd that in other news yesterday, Freddie Mac announced that it lost another $6.7 billion in the first quarter of 2010 and therefore needed another $10.6 billion in cash from U.S. taxpayers. Since formally nationalizing Freddie in 2008, the federal government has already spent $50.7 billion bringing the Freddie bailout total to $61.3 billion so far. Combined with Fannie Mae's raid on the Treasury, the Congressional Budget Office estimates that the American people will spend $389 billion bailing out the two Government Sponsored Entities by 2019. So much for American taxpayers no longer being exposed to "too big to fail."

In fact, nothing in the Dodd bill does anything to reform Fannie Mae and Freddie Mac. This despite the fact that Fannie and Freddie were key components in causing the very financial crises Dodd claims his bill will forever prevent. Fannie and Freddie were both created for the specific purpose of making it easier for Americans to buy more expensive housing. Starting in 1993, political forces pushed Fannie and Freddie to loosen their once strict loan purchasing requirements. By 1996, regulations required that 40% of all Fannie and Freddie-bought loans must come from individuals with below median incomes. In 1995, Fannie and Freddie began buying subprime securities originally bought and bundled by private firms. One of these firms was Countrywide Financial who, thanks to their status as Fannie Mae's biggest customer, delivered investors a 23,000% return between 1985 and 2003. By 2004, Fannie and Freddie were purchasing $175 billion worth of subprime securities per year from Countrywide and their brethren...  a 44% share of the entire market. There are other factors that helped contribute to the 2008 financial crisis, but Fannie and Freddie's use of their "too big to fail" status to create and grow the subprime security market was essential.

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