American Dreams turn to nightmares...
Gerry Storm
austin-ghetto-list@pairlist.net
Thu Feb 26 21:26:11 2004
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<<That means that womens' ovulation is an act of murder?<<
Oh yeah, Bubba, those split-tails are the source of all humanity's =
problems. Just think of all the healthy sperm who die unnecessarily =
because the of the scarcity of eggs. How long are we going to stand by =
and allow this to happen? If there were more multiple births we could =
destroy the planet in half the time it is currently taking us. We will =
probably need a constitutional ammendment...
I'm still in somewhat of a state of shock after reading the on-line =
unauthorized biography of Papa Bush and the connected families of the =
Skull&Bones boys. Howard, I think, posted the link awhile back and I =
have been working my way through it. I'm glad they keep a roster of each =
class of 15 initiates per year, they will be at the front of the line =
when the guillotines begin again. Of course Kerry is one of them too, =
and although he hasn't taken the capitalist route, his ancestors are =
among the originals, the Forbes family. According to the book these =
families made their original fortunes in the opium trade with China. =
They were the Tory sympathizers who had a fit when Jefferson was =
elected. Just goes to show you that dope dealing can pay off big time =
when you have a captive market, and that behind every big fortune there =
is ton of misery.
G
----- Original Message -----=20
From: Wayne Johnson=20
To: austin-ghetto-list@pairlist.net=20
Sent: Thursday, February 26, 2004 5:38 PM
Subject: Re: American Dreams turn to nightmares...
Ohmigosh, Gerry, you have said the "C-W" words! How could you be so, =
so, so un-uh, Republican!
Next thing you will be saying is that the Vatican and Jerry Falwell =
have no right to dictate what women do with their own bodies.
You know, if "souls" arrive fairly soon after or even simultaneously =
with sperm-egg joining, then there must be some proto-souls locked up in =
those eggs! That means that womens' ovulation is an act of murder?
wj
----- Original Message -----=20
From: Gerry Storm=20
To: austin-ghetto-list@pairlist.net=20
Sent: Thursday, February 26, 2004 3:01 PM
Subject: Re: American Dreams turn to nightmares...
I believe Mr. Greenspan just assured Kerry's election. Never have =
liked the conniving little sack of dropping, never really believed he =
has a grasp on the economy and its fluctuations. Glad to see Kerry step =
up and challenge his logic. Sure, we need to keep the onerous tax cuts =
in place or it might threaten the economy, or to be more explicit, we =
need to protect the rich and fuck over those who need their SSI to =
survive or prices may go up at the Mall.
IT IS TIME FOR CLASS WAR!!!! THEY HAVE GONE TOO FAR!!!!
These bastards now believe that they can pull a fast one on the =
millions of boomers who are approaching retirement and on those of us =
who are collecting SSI as well (by changing the formula used to =
calculate cost of living adjustments). How dare they! I think we should =
begin by burning the suburbs and parking car bombs on Wall Street and in =
the parking lots of banks. Anyone have Greenspan's address? Where is =
Timothy McVey when we need him?
Just joking, of course, we don't really need Timothy, he left us his =
technology.
G
----- Original Message -----=20
From: Frances Morey=20
To: austin-ghetto-list@pairlist.net=20
Sent: Thursday, February 26, 2004 12:21 PM
Subject: Fwd: American Dreams turn to nightmares...
This is too horrible to even contemplate. Can this be happening at =
a time when the people on this list are on the cusp of retirement? I =
feel helpless as I witness the news that my social security has been =
sacrificed to homeland insecurity.
Frances
David Rubinson <rubinson@kab.com> wrote:
Date: Thu, 26 Feb 2004 08:27:47 -0500
To: (Recipient list suppressed)
From: David Rubinson=20
Subject: American Dreams
How much of this are we going to take ?
If there is a single immutable deal that exists between The USA =
and its people, it is that WE work our lives off, and WE contribute OUR =
share, and the USA provides money for our old age in return. That's the =
deal.
And now, if I can believe my eyes and ears, we are being told =
that the deal may be off.
Bill Graham used to say: "It's not the Money, it's the MONEY."
When you make a deal, you deliver. There is no other way.
I do what I say, you do what you say.
Period. Done.
In a marriage. love affair, or business deal- the moment that =
one of the partners decides to NOT live up to the deal, the wedding is =
OFF bro.
The test of a deal and of any relationship, is not when things =
are swell.
Anyone can live up to their commitments when things are swell.
Its when things are hard. It's when you may have another offer =
that is better- or when you have to actually give something up to =
fulfill your end of the bargain- that's when the true test comes.
George the Lesser knew the deal when he walked into the Saloon.
And he has betrayed us.
What amazes me most is that the ones he has most profoundly =
betrayed, support him most ardently.
Had he laid it all put to us, had he run on a platform of huge =
deficits, dollar devaluation, and dilution of our Social Security--
and given us the CHOICE- how many people would have voted for =
that ?
But- George does not believe in putting his cards on the table.
In this saloon, he is the one with the aces up his sleeve, and a =
marked deck.
We have not been given any choice-=20
We have been denied the fundamental rights of a Democracy.
The government has decided to spend our money on war, and not on =
us.
They have reneged on our deal.
They deserve to be treated like any other cheat at the table-
Thrown out into the dust, and shot in the ass.
Oh, and by the way- forget that mortgage you were going to get- =
=20
The War is going to go on for at least another milennium, so - =
ahhh, our money is a little low right now.
Maybe the in laws have a spare room ?
------------------------------------------------------------------------
washingtonpost.com=20
Fed Chief Urges Cut In Social Security=20
Future Benefits Must Be Curtailed, Greenspan Warns=20
excerpts. For complete text access:
=
http://www.washingtonpost.com/wp-dyn/articles/A7099-2004Feb25.html?referr=
er=3Demail
By Nell Henderson
Washington Post Staff Writer
Thursday, February 26, 2004; Page A01=20
Federal Reserve Chairman Alan Greenspan warned Congress =
yesterday that the federal government has promised more retirement =
benefits than it can pay for and must consider scaling back those =
commitments soon to avoid damaging the economy in the future.
"I am just basically saying that we are overcommitted at this =
stage," Greenspan told members of the House Budget Committee as they =
discussed the future costs of the Social Security and Medicare systems.
Greenspan, who supported President Bush's 2001 tax cuts, again =
endorsed Bush's proposal to make the cuts permanent. However, he said in =
response to questions that raising taxes would inevitably be part of any =
successful effort to reduce the growing federal budget deficit. He =
stressed that he prefers cutting government spending as much as possible =
before increasing taxes.=20
"You don't have the resources to do it all," Greenspan said.=20
To curtail future spending, Greenspan urged Congress, as he has =
in the past, to consider cutting promised Social Security benefits to =
future retirees. Otherwise, he said, the growing burdens would create =
long-term budget deficits that would drive up interest rates and depress =
economic growth, making it even harder for the government to pay its =
bills.
Greenspan said Congress should act as soon as it can because it =
would take several years to convince financial markets that the actions =
will be effective, and because future retirees deserve enough advance =
warning to plan their finances accordingly. About 20 percent of the =
elderly rely on Social Security for all their income, the government =
estimates.
=3D=3D=3D
Greenspan supports permanent tax cuts:=20
Federal Reserve chairman Alan Greenspan said - that Congress =
should make President Bush's tax cuts permanent and cover the $1 =
trillion price by trimming future benefits in Social Security and other =
entitlement programs.
=
http://www.boston.com/business/taxes/articles/2004/02/13/greenspan_suppor=
ts_permanent_tax_cuts/
=20
washingtonpost.com=20
Greenspan Warns Panel On Fannie, Freddie=20
Mortgage Giants' Size Poses Risk, He Says=20
=
http://www.washingtonpost.com/wp-dyn/articles/A3321-2004Feb24.html
By Kathleen Day
Washington Post Staff Writer
Wednesday, February 25, 2004; Page E01=20
Federal Reserve Board Chairman Alan Greenspan warned Congress =
yesterday that the rapid growth of mortgage giants Fannie Mae and =
Freddie Mac poses a threat to the stability of U.S. financial markets =
and urged lawmakers to address the issue while the companies are =
healthy, rather than wait for a crisis.
In his most expansive critique of the two government sponsored =
enterprises, or GSEs, Greenspan told members of the Senate Banking, =
Housing and Urban Affairs Committee that he favors "privatizing" the =
companies by ending the government subsidies they enjoy in the form of =
lower borrowing costs and tax breaks.
Acknowledging that such action is unlikely because of the =
companies' influence in Congress, Greenspan said lawmakers should =
consider limiting the multitrillion-dollar debt the enterprises take on =
each year, arguing that their below-market borrowing costs encourage the =
GSEs to grow faster than the housing market and contribute little to =
their mission of promoting home ownership.
And he said Congress must revamp the Office of Federal Housing =
Enterprise Oversight (OFHEO), the agency that regulates the companies, =
to give it powers equal to bank regulators. Unlike OFHEO, bank =
regulators can require a riskier institution to hold more cash. Banks =
can also be put into receivership and be liquidated if they become =
insolvent.
"One of the reasons why the issue of Fannie and Freddie didn't =
arise earlier is they weren't large enough and didn't create a potential =
significant problem for the overall financial system," Greenspan said. =
"But they will almost surely do [so] in years ahead unless some changes =
are made in the structure of how these organizations function."
Spokesmen for Fannie Mae and Freddie Mac, whose chairman will =
testify before the Senate committee today, said they welcome efforts to =
strengthen federal oversight but took issue with most of Greenspan's =
other remarks.
"We, of course, disagree with most of his conclusions, but =
appreciate that he has now made his strongly held views public," said =
Jayne Shontell, head of investor relations for Washington-based Fannie =
Mae.
A Freddie Mac spokesman said that "privatizing the housing GSEs =
would seriously damage the finest housing finance system in the world =
and, ultimately, the U.S. economy."
=3D=3D=3D
CIA chief predicts war with no end:=20
He offered the Senate intelligence committee a bleak vision of a =
war on terrorism without end, in which even the destruction of al-Qa'eda =
would not make America safe.
http://www.informationclearinghouse.info/article5761.htm
David Rubinson
,,,, ,,,,
\\\ ///
~~~~~~~~~~{=F4=BF=F4}~~~~~~~~~~~~~~~~~
~~~~~~~~~~( . ) ~~~~~~~~~~~~~~~~~
:::::::::::::::::: ooo:::ooo =
:::::::::::::::::::::::::::::::::::::::::::::
:::::::::::::::::: ( ) :::( =
)::::::::::::::::::::::::::::::::::::::::::::
( ) ( )
=20
in J A M A I C A=20
YAH !! MON !!=20
Quote of The Day
"As far as we're concerned, we've been entirely successful. Our =
objective has been achieved. That tyrant Saddam is gone, and the =
Americans are in Baghdad. What was said before is not important."=20
Ahmad Chalabi, President, Iraq Governing Council=20
-------------------------------------------------------------------------=
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<DIV><FONT size=3D2><<That means that womens' ovulation is an act =
of=20
murder?<<</FONT></DIV>
<DIV><FONT size=3D2></FONT> </DIV>
<DIV>Oh yeah, Bubba, those split-tails are the source of all humanity's=20
problems. Just think of all the healthy sperm who die =
unnecessarily=20
because the of the scarcity of eggs. How long are we going to stand by =
and allow=20
this to happen? If there were more multiple births we could destroy the =
planet=20
in half the time it is currently taking us. We will probably need a=20
constitutional ammendment...</DIV>
<DIV> </DIV>
<DIV>I'm still in somewhat of a state of shock after reading the on-line =
unauthorized biography of Papa Bush and the connected families of the=20
Skull&Bones boys. Howard, I think, posted the link awhile back and I =
have=20
been working my way through it. I'm glad they keep a roster of each =
class of 15=20
initiates per year, they will be at the front of the line when the =
guillotines=20
begin again. Of course Kerry is one of them too, and =
although he=20
hasn't taken the capitalist route, his ancestors are among the =
originals, the=20
Forbes family. According to the book these families made their original =
fortunes=20
in the opium trade with China. They were the Tory sympathizers who had a =
fit=20
when Jefferson was elected. Just goes to show you that dope dealing can =
pay off=20
big time when you have a captive market, and that behind every big =
fortune there=20
is ton of misery.</DIV>
<DIV>G</DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dcadaobh@shentel.net =
href=3D"mailto:cadaobh@shentel.net">Wayne=20
Johnson</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
title=3Daustin-ghetto-list@pairlist.net=20
=
href=3D"mailto:austin-ghetto-list@pairlist.net">austin-ghetto-list@pairli=
st.net</A>=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, February 26, =
2004 5:38=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: American Dreams =
turn to=20
nightmares...</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3DArial size=3D2>Ohmigosh, Gerry, you have said the =
"C-W"=20
words! How could you be so, so, so un-uh, =
Republican!</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Next thing you will be saying is that =
the Vatican=20
and Jerry Falwell have no right to dictate what women do with their =
own=20
bodies.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>You know, if "souls" arrive fairly =
soon after or=20
even simultaneously with sperm-egg joining, then there must be some=20
proto-souls locked up in those eggs! That means that womens' =
ovulation=20
is an act of murder?</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>wj</FONT></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dmesmo@gilanet.com href=3D"mailto:mesmo@gilanet.com">Gerry =
Storm</A>=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
title=3Daustin-ghetto-list@pairlist.net=20
=
href=3D"mailto:austin-ghetto-list@pairlist.net">austin-ghetto-list@pairli=
st.net</A>=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, February 26, =
2004 3:01=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: American Dreams =
turn to=20
nightmares...</DIV>
<DIV><BR></DIV>
<DIV>I believe Mr. Greenspan just assured Kerry's election. Never =
have liked=20
the conniving little sack of dropping, never really believed he has =
a grasp=20
on the economy and its fluctuations. Glad to see Kerry step up and =
challenge=20
his logic. Sure, we need to keep the onerous tax cuts in place or it =
might=20
threaten the economy, or to be more explicit, we need to protect the =
rich=20
and fuck over those who need their SSI to survive or prices may go =
up at the=20
Mall.</DIV>
<DIV> </DIV>
<DIV>IT IS TIME FOR CLASS WAR!!!! THEY HAVE GONE TOO FAR!!!!</DIV>
<DIV> </DIV>
<DIV>These bastards now believe that they can pull a fast one on the =
millions of boomers who are approaching retirement and on those of =
us who=20
are collecting SSI as well (by changing the formula used to =
calculate cost=20
of living adjustments). How dare they! I think we should begin by =
burning=20
the suburbs and parking car bombs on Wall Street and in the parking =
lots of=20
banks. Anyone have Greenspan's address? Where is Timothy McVey when =
we need=20
him?</DIV>
<DIV> </DIV>
<DIV>Just joking, of course, we don't really need Timothy, he left =
us his=20
technology.</DIV>
<DIV>G</DIV>
<DIV> </DIV>
<DIV> </DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- =
</DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dfrances_morey@yahoo.com=20
href=3D"mailto:frances_morey@yahoo.com">Frances Morey</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
title=3Daustin-ghetto-list@pairlist.net=20
=
href=3D"mailto:austin-ghetto-list@pairlist.net">austin-ghetto-list@pairli=
st.net</A>=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, February =
26, 2004=20
12:21 PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Fwd: American =
Dreams turn to=20
nightmares...</DIV>
<DIV><BR></DIV>
<DIV>This is too horrible to even contemplate. Can this be =
happening=20
at a time when the people on this list are on the cusp of=20
retirement? I feel helpless as I witness the news that my social =
security=20
has been sacrificed to homeland insecurity.</DIV>
<DIV>Frances</DIV>
<DIV><BR><BR><B><I>David Rubinson <<A=20
href=3D"mailto:rubinson@kab.com">rubinson@kab.com</A>></I></B>=20
wrote:</DIV>
<BLOCKQUOTE class=3Dreplbq=20
style=3D"PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #1010ff =
2px solid">Date:=20
Thu, 26 Feb 2004 08:27:47 -0500<BR>To: (Recipient list=20
suppressed)<BR>From: David Rubinson =
<RUBINSON@KAB.COM><BR>Subject:=20
American Dreams<BR><BR><FONT size=3D3>How much of this are we =
going to=20
take ?<BR>If there is a single immutable deal that exists =
between The=20
USA and its people, it is that WE work our lives off, and WE =
contribute=20
OUR share, and the USA provides money for our old age in =
return. =20
That's the deal.<BR>And now, if I can believe my eyes and ears, =
we are=20
being told that the deal may be off.<BR>Bill Graham used to say: =
"It's=20
not the Money, it's the MONEY."<BR>When you make a deal, you =
deliver.=20
There is no other way.<BR>I do what I say, you do what you=20
say.<BR>Period. Done.<BR>In a marriage. love affair, or business =
deal- the moment that one of the partners decides to NOT =
live up=20
to the deal, the wedding is OFF bro.<BR>The test of a deal and =
of any=20
relationship, is not when things are swell.<BR>Anyone can live =
up to=20
their commitments when things are swell.<BR>Its when things are =
hard.=20
It's when you may have another offer that is better- or when you =
have to=20
actually give something up to fulfill your end of the =
bargain- =20
that's when the true test comes.<BR>George the Lesser knew the =
deal when=20
he walked into the Saloon.<BR>And he has betrayed us.<BR>What =
amazes me=20
most is that the ones he has most profoundly betrayed, support =
him most=20
ardently.<BR>Had he laid it all put to us, had he run on a =
platform of=20
huge deficits, dollar devaluation, and dilution of our Social=20
Security--<BR>and given us the CHOICE- how many =
people would=20
have voted for that ?<BR>But- George does not believe in =
putting=20
his cards on the table.<BR>In this saloon, he is the one with =
the aces=20
up his sleeve, and a marked deck.<BR>We have not been given any =
choice-=20
<BR>We have been denied the fundamental rights of a =
Democracy.<BR>The=20
government has decided to spend our money on war, and not on =
us.<BR>They=20
have reneged on our deal.<BR>They deserve to be treated like any =
other=20
cheat at the table-<BR>Thrown out into the dust, and shot in the =
ass.<BR>Oh, and by the way- forget that mortgage you were =
going to=20
get- <BR>The War is going to go on for at least another =
milennium,=20
so - ahhh, our money is a little low right now.<BR>Maybe =
the in=20
laws have a spare room ?<BR>
<HR>
</FONT><FONT face=3Darial size=3D2><B>washingtonpost.com</B>=20
<BR></FONT><FONT size=3D5><B>Fed Chief Urges Cut In Social=20
Security</B></FONT><FONT size=3D3> <BR><B>Future Benefits Must =
Be=20
Curtailed, Greenspan Warns <BR></B>excerpts. For complete text=20
access:<BR><A=20
=
href=3D"http://www.washingtonpost.com/wp-dyn/articles/A7099-2004Feb25.htm=
l?referrer=3Demail"=20
=
eudora=3D"autourl">http://www.washingtonpost.com/wp-dyn/articles/A7099-20=
04Feb25.html?referrer=3Demail<BR><BR></A></FONT><FONT=20
size=3D2>By Nell Henderson<BR>Washington Post Staff =
Writer<BR>Thursday,=20
February 26, 2004; Page A01 <BR><BR></FONT><FONT =
size=3D3><B>Federal=20
Reserve Chairman Alan Greenspan warned Congress yesterday that =
the=20
federal government has promised more retirement benefits than it =
can pay=20
for and must consider scaling back those commitments soon to =
avoid=20
damaging the economy in the future.<BR><BR>"I am just basically =
saying=20
that we are overcommitted at this stage," Greenspan told members =
of the=20
House Budget Committee as they discussed the future costs of the =
Social=20
Security and Medicare systems.<BR><BR></B>Greenspan, who =
supported=20
President Bush's 2001 tax cuts, again endorsed Bush's proposal =
to make=20
the cuts permanent. However, he said in response to questions =
that=20
raising taxes would inevitably be part of any successful effort =
to=20
reduce the growing federal budget deficit. He stressed that he =
prefers=20
cutting government spending as much as possible before =
increasing taxes.=20
<BR><BR><B>"You don't have the resources to do it all,"</B> =
Greenspan=20
said. <BR><BR><B>To curtail future spending, Greenspan urged =
Congress,=20
as he has in the past, to consider cutting promised Social =
Security=20
benefits to future retirees. Otherwise, he said, the growing =
burdens=20
would create long-term budget deficits that would drive up =
interest=20
rates and depress economic growth, making it even harder for the =
government to pay its bills.<BR><BR></B>Greenspan said Congress =
should=20
act as soon as it can because it would take several years to =
convince=20
financial markets that the actions will be effective, and =
because future=20
retirees deserve enough advance warning to plan their finances=20
accordingly. About 20 percent of the elderly rely on Social =
Security for=20
all their income, the government =
estimates.<BR><BR>=3D=3D=3D<BR></FONT><FONT=20
size=3D4><B>Greenspan supports permanent tax cuts:=20
<BR><BR></B></FONT><FONT size=3D3>Federal Reserve chairman Alan =
Greenspan=20
said - that Congress should make President Bush's tax cuts =
permanent and=20
cover the $1 trillion price by trimming future benefits in =
Social=20
Security and other entitlement programs.<BR><A=20
=
href=3D"http://www.boston.com/business/taxes/articles/2004/02/13/greenspa=
n_supports_permanent_tax_cuts/"=20
=
eudora=3D"autourl">http://www.boston.com/business/taxes/articles/2004/02/=
13/greenspan_supports_permanent_tax_cuts/<BR></A> <BR></FONT><FONT=20
face=3Darial size=3D2><B>washingtonpost.com</B> =
<BR><BR></FONT><FONT=20
size=3D5><B>Greenspan Warns Panel On Fannie, =
Freddie</B></FONT><FONT=20
size=3D3> <BR>Mortgage Giants' Size Poses Risk, He Says <BR><A=20
=
href=3D"http://www.washingtonpost.com/wp-dyn/articles/A3321-2004Feb24.htm=
l"=20
=
eudora=3D"autourl">http://www.washingtonpost.com/wp-dyn/articles/A3321-20=
04Feb24.html<BR><BR></A></FONT><FONT=20
size=3D2>By Kathleen Day<BR>Washington Post Staff =
Writer<BR>Wednesday,=20
February 25, 2004; Page E01 <BR><BR></FONT><FONT =
size=3D3>Federal Reserve=20
Board Chairman Alan Greenspan warned Congress yesterday that the =
rapid=20
growth of mortgage giants Fannie Mae and Freddie Mac poses a =
threat to=20
the stability of U.S. financial markets and urged lawmakers to =
address=20
the issue while the companies are healthy, rather than wait for =
a=20
crisis.<BR><BR><B>In his most expansive critique of the two =
government=20
sponsored enterprises, or GSEs, Greenspan told members of the =
Senate=20
Banking, Housing and Urban Affairs Committee that he favors=20
"privatizing" the companies by ending the government subsidies =
they=20
enjoy in the form of lower borrowing costs and tax=20
breaks.<BR><BR></B>Acknowledging that such action is unlikely =
because of=20
the companies' influence in Congress, Greenspan said lawmakers =
should=20
consider limiting the multitrillion-dollar debt the enterprises =
take on=20
each year, arguing that their below-market borrowing costs =
encourage the=20
GSEs to grow faster than the housing market and contribute =
little to=20
their mission of promoting home ownership.<BR><BR>And he said =
Congress=20
must revamp the Office of Federal Housing Enterprise Oversight =
(OFHEO),=20
the agency that regulates the companies, to give it powers equal =
to bank=20
regulators. Unlike OFHEO, bank regulators can require a riskier=20
institution to hold more cash. Banks can also be put into =
receivership=20
and be liquidated if they become insolvent.<BR><BR>"One of the =
reasons=20
why the issue of Fannie and Freddie didn't arise earlier is they =
weren't=20
large enough and didn't create a potential significant problem =
for the=20
overall financial system," Greenspan said. "But they will almost =
surely=20
do [so] in years ahead unless some changes are made in the =
structure of=20
how these organizations function."<BR><BR>Spokesmen for Fannie =
Mae and=20
Freddie Mac, whose chairman will testify before the Senate =
committee=20
today, said they welcome efforts to strengthen federal oversight =
but=20
took issue with most of Greenspan's other remarks.<BR><BR>"We, =
of=20
course, disagree with most of his conclusions, but appreciate =
that he=20
has now made his strongly held views public," said Jayne =
Shontell, head=20
of investor relations for Washington-based Fannie =
Mae.<BR><BR><B>A=20
Freddie Mac spokesman said that "privatizing the housing GSEs =
would=20
seriously damage the finest housing finance system in the world =
and,=20
ultimately, the U.S. =
economy."<BR><BR></B>=3D=3D=3D<BR><BR><B>CIA chief=20
predicts war with no end: <BR><BR></B>He offered the Senate =
intelligence=20
committee a bleak vision of a war on terrorism without end, in =
which=20
even the destruction of al-Qa'eda would not make America =
safe.<BR><A=20
=
href=3D"http://www.informationclearinghouse.info/article5761.htm"=20
=
eudora=3D"autourl">http://www.informationclearinghouse.info/article5761.h=
tm<BR><BR></A><X-SIGSEP>
=
<P></X-SIGSEP>  =
;=20
</FONT><FONT face=3D"Lucida Handwriting" size=3D3><B>David=20
=
Rubinson<BR></B></FONT> &n=
bsp; &nb=
sp;=20
<B>,,,,=20
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size=3D3>~~~~~~~~~~~~~~~~~<BR>~~~~~~~~~~</FONT><FONT =
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size=3D4><B>( . )</B></FONT><FONT color=3D#800000 =
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</FONT><FONT color=3D#0000ff=20
size=3D3>~~~~~~~~~~~~~~~~~<BR> :::::::::::::::::: =
</FONT><FONT=20
color=3D#800000 size=3D2><B>ooo</B></FONT><FONT color=3D#0000ff=20
size=3D3>:::</FONT><FONT color=3D#800000 =
size=3D2><B>ooo</FONT><FONT size=3D2>=20
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size=3D3>:::::::::::::::::::::::::::::::::::::::::::::<BR> =
:::::::::::::::::: </FONT><FONT color=3D#800000 =
size=3D2><B>( =20
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size=3D3>:::</FONT><FONT color=3D#800000 size=3D2><B>( =
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color=3D#0000ff=20
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</FONT><FONT color=3D#800000 size=3D2><B>( )</B> </FONT><FONT=20
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<BR></FONT><FONT =
size=3D4> =20
in J A M A I C A=20
<BR> YAH =20
!! MON !!</B></FONT><FONT size=3D3> <BR><BR>Quote of =
The=20
Day<BR><BR><B>"As far as we're concerned, we've been entirely=20
successful. Our objective has been achieved. That tyrant Saddam =
is gone,=20
and the Americans are in Baghdad. What was said before is not=20
important." <BR><BR>Ahmad Chalabi, </B><I>President, Iraq =
Governing=20
Council</I> </FONT></P></BLOCKQUOTE>
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