Making Money Quickly

From the Financial Times: Brazil warns of ‘currency war’

Guido Mantega, Brazil’s finance minister, said on Monday the world was in an “international currency war” ... Mr Mantega, who has made increasingly aggressive comments recently about the need to control Brazil’s currency, said governments around the world were trying to weaken their currencies to promote competitiveness.



"We’re in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness,” he said ...

excerpt with permission

It seems everyone wants to devalue to export more.



As a reminder, Bernanke touched on devaluation in his well known 2002 speech: Deflation: Making Sure "It" Doesn't Happen Here

Although a policy of intervening to affect the exchange value of the dollar is nowhere on the horizon today, it's worth noting that there have been times when exchange rate policy has been an effective weapon against deflation. A striking example from U.S. history is Franklin Roosevelt's 40 percent devaluation of the dollar against gold in 1933-34, enforced by a program of gold purchases and domestic money creation. The devaluation and the rapid increase in money supply it permitted ended the U.S. deflation remarkably quickly. Indeed, consumer price inflation in the United States, year on year, went from -10.3 percent in 1932 to -5.1 percent in 1933 to 3.4 percent in 1934.

Bernanke also said in 2002:

I want to be absolutely clear that I am today neither forecasting nor recommending any attempt by U.S. policymakers to target the international value of the dollar.

Of course a lower dollar only helps U.S. competitiveness with countries not pegged to the dollar - and not intervening in their currency. It sounds like Brazil might be intervening soon.

Yet Another Study Shows Musicians Making More Money

from the well,-look-at-that dept

We've made the argument repeatedly that saying unauthorized file sharing is hurting the music business lacks evidence. Instead, what we've seen, over and over again, is that more money is pouring into the music business, more music is being produced and (most importantly) that more musicians who embrace this new world are doing better than they would have otherwise. Now, we've pointed to research in the UK, Sweden and the US that have all shown aggregate growth for the music business, with some of the numbers suggesting more money going directly to musicians, rather than gatekeepers.



The latest study, highlighted by TorrentFreak takes a similar look at the Norwegian music market to show very similar findings and (of course) that musicians are, indeed, benefiting:



Like the UK and Swedish studies, this study, covering Norway, found that the aggregate amount going to the industry is up slightly (4% in real terms), mostly thanks to live shows more than making up for the decline in music sales (it's important to note that these researchers appear to have modeled their research on both the UK and Swedish studies, and made only slight changes, which they explain (and justify) in the report. The key finding is that musicians appear to be making significantly more these days than in the past:

Total artist revenues have gone from NOK 208 million in 1999 to NOK 545 million in 2009, which is an increase of about 162%. Excluding state subsidization, the income from 1999 to 2009 has increased with NOK 229 million, or 147%....



According to this, Norwegian artists have seen an increase in all four of their income sources during the past eleven years. This goes contrary to the common belief that artists have seen a decline in income because of the digitalization of the industry.



The loss of record sales because of consequences of the digitalization of the industry has not affected the Norwegian artists in the same brutal way as it has the record companies. Artists earn in general 20% or less from record sales, and a decrease in record sales would most likely be compensated by an increase in one or more of the other three income sources.

Now, it's worth pointing out -- as I learned when I attended Nordic Music Week last year -- that the Norwegian music industry is heavily subsidized by the government, which is one of the four revenue streams discussed above. However, that only represents about 30% of artist revenue in 2009. The largest single component -- again similar to what we've seen elsewhere -- is live revenue, which continues to grow. Even if you exclude state subsidies, the report found that Norwegian artists doubled their income in the past 11 years:

Adjusted for inflation, total artist revenue has gone from NOK 255 million in 1999 to NOK 545 million in 2009, an increase of about NOK 290 million or 114%. Excluding state subsidizations, the increase has changed from NOK 192 million to NOK 386 million, which is an increase of NOK 194 million or 101% This goes to show that the artists themselves, as a group, have seen tremendous more growth than the industry as a whole.

And, yes, there are more musicians out there to split the pie, but the growth rate in the industry has increased more quickly than the growth in musicians.

Since the total number of artists in 1999 and 2009 are available to the authors, it is possible to calculate an average income from music for artists in Norway. With 3200 artists in 1999 the average income from music would be about NOK 65 000. With 4100 artists in 2009 the average income from music is about NOK 133 000, creating an increase of NOK 68 000 or 105%. Adjusted for inflation the income has increased with from about NOK 80 000 to NOK 133 000, an increase of NOK 53 000, an increase of 66%.

Overall, the results, like those in Sweden and the UK, seem to clearly debunk the repeated claims from recording industry folks (and some musicians) that artists are somehow suffering under this new setup. Now, there may absolutely be cases where artists who fail to adapt are struggling, and there's no doubt that some labels that failed to adapt are struggling -- but there's increasingly little evidence that the overall music industry or artists as a whole are suffering. All of the evidence seems to suggest that it's not file sharing that's a problem at all. More money is going into the music business. The only problems are from those in the industry too stubborn or too clueless to adapt to capture the money that's flowing in.

27 Comments | Leave a Comment..

Fox <b>News&#39;s</b> Obama &#39;Loves Gangsta Rap&#39; Headline Is Pulled Down

Drop to the end of Jann Wenner's Rolling Stone interview with President Barack Obama, and you'll get to the part where Wenner asks the president to talk about the music he's been listening to lately. Here's Obama's answer, in its ...

Michelle Malkin » Good <b>News</b>: Dukakis Advising Democrats

Good News: Dukakis Advising Democrats. ... New Scapegoat for a Lousy Economy: Fox News is Hogging All the Success. September 28, 2010 04:34 PM by Doug Powers. 53 Comments | 2 Trackbacks ...

Weather HD comes to iPhone, iPod touch | iLounge <b>News</b>

iLounge news discussing the Weather HD comes to iPhone, iPod touch. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

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Fox <b>News&#39;s</b> Obama &#39;Loves Gangsta Rap&#39; Headline Is Pulled Down

Drop to the end of Jann Wenner's Rolling Stone interview with President Barack Obama, and you'll get to the part where Wenner asks the president to talk about the music he's been listening to lately. Here's Obama's answer, in its ...

Michelle Malkin » Good <b>News</b>: Dukakis Advising Democrats

Good News: Dukakis Advising Democrats. ... New Scapegoat for a Lousy Economy: Fox News is Hogging All the Success. September 28, 2010 04:34 PM by Doug Powers. 53 Comments | 2 Trackbacks ...

Weather HD comes to iPhone, iPod touch | iLounge <b>News</b>

iLounge news discussing the Weather HD comes to iPhone, iPod touch. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

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From the Financial Times: Brazil warns of ‘currency war’

Guido Mantega, Brazil’s finance minister, said on Monday the world was in an “international currency war” ... Mr Mantega, who has made increasingly aggressive comments recently about the need to control Brazil’s currency, said governments around the world were trying to weaken their currencies to promote competitiveness.



"We’re in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness,” he said ...

excerpt with permission

It seems everyone wants to devalue to export more.



As a reminder, Bernanke touched on devaluation in his well known 2002 speech: Deflation: Making Sure "It" Doesn't Happen Here

Although a policy of intervening to affect the exchange value of the dollar is nowhere on the horizon today, it's worth noting that there have been times when exchange rate policy has been an effective weapon against deflation. A striking example from U.S. history is Franklin Roosevelt's 40 percent devaluation of the dollar against gold in 1933-34, enforced by a program of gold purchases and domestic money creation. The devaluation and the rapid increase in money supply it permitted ended the U.S. deflation remarkably quickly. Indeed, consumer price inflation in the United States, year on year, went from -10.3 percent in 1932 to -5.1 percent in 1933 to 3.4 percent in 1934.

Bernanke also said in 2002:

I want to be absolutely clear that I am today neither forecasting nor recommending any attempt by U.S. policymakers to target the international value of the dollar.

Of course a lower dollar only helps U.S. competitiveness with countries not pegged to the dollar - and not intervening in their currency. It sounds like Brazil might be intervening soon.

Yet Another Study Shows Musicians Making More Money

from the well,-look-at-that dept

We've made the argument repeatedly that saying unauthorized file sharing is hurting the music business lacks evidence. Instead, what we've seen, over and over again, is that more money is pouring into the music business, more music is being produced and (most importantly) that more musicians who embrace this new world are doing better than they would have otherwise. Now, we've pointed to research in the UK, Sweden and the US that have all shown aggregate growth for the music business, with some of the numbers suggesting more money going directly to musicians, rather than gatekeepers.



The latest study, highlighted by TorrentFreak takes a similar look at the Norwegian music market to show very similar findings and (of course) that musicians are, indeed, benefiting:



Like the UK and Swedish studies, this study, covering Norway, found that the aggregate amount going to the industry is up slightly (4% in real terms), mostly thanks to live shows more than making up for the decline in music sales (it's important to note that these researchers appear to have modeled their research on both the UK and Swedish studies, and made only slight changes, which they explain (and justify) in the report. The key finding is that musicians appear to be making significantly more these days than in the past:

Total artist revenues have gone from NOK 208 million in 1999 to NOK 545 million in 2009, which is an increase of about 162%. Excluding state subsidization, the income from 1999 to 2009 has increased with NOK 229 million, or 147%....



According to this, Norwegian artists have seen an increase in all four of their income sources during the past eleven years. This goes contrary to the common belief that artists have seen a decline in income because of the digitalization of the industry.



The loss of record sales because of consequences of the digitalization of the industry has not affected the Norwegian artists in the same brutal way as it has the record companies. Artists earn in general 20% or less from record sales, and a decrease in record sales would most likely be compensated by an increase in one or more of the other three income sources.

Now, it's worth pointing out -- as I learned when I attended Nordic Music Week last year -- that the Norwegian music industry is heavily subsidized by the government, which is one of the four revenue streams discussed above. However, that only represents about 30% of artist revenue in 2009. The largest single component -- again similar to what we've seen elsewhere -- is live revenue, which continues to grow. Even if you exclude state subsidies, the report found that Norwegian artists doubled their income in the past 11 years:

Adjusted for inflation, total artist revenue has gone from NOK 255 million in 1999 to NOK 545 million in 2009, an increase of about NOK 290 million or 114%. Excluding state subsidizations, the increase has changed from NOK 192 million to NOK 386 million, which is an increase of NOK 194 million or 101% This goes to show that the artists themselves, as a group, have seen tremendous more growth than the industry as a whole.

And, yes, there are more musicians out there to split the pie, but the growth rate in the industry has increased more quickly than the growth in musicians.

Since the total number of artists in 1999 and 2009 are available to the authors, it is possible to calculate an average income from music for artists in Norway. With 3200 artists in 1999 the average income from music would be about NOK 65 000. With 4100 artists in 2009 the average income from music is about NOK 133 000, creating an increase of NOK 68 000 or 105%. Adjusted for inflation the income has increased with from about NOK 80 000 to NOK 133 000, an increase of NOK 53 000, an increase of 66%.

Overall, the results, like those in Sweden and the UK, seem to clearly debunk the repeated claims from recording industry folks (and some musicians) that artists are somehow suffering under this new setup. Now, there may absolutely be cases where artists who fail to adapt are struggling, and there's no doubt that some labels that failed to adapt are struggling -- but there's increasingly little evidence that the overall music industry or artists as a whole are suffering. All of the evidence seems to suggest that it's not file sharing that's a problem at all. More money is going into the music business. The only problems are from those in the industry too stubborn or too clueless to adapt to capture the money that's flowing in.

27 Comments | Leave a Comment..

bench craft company rip off

Fox <b>News&#39;s</b> Obama &#39;Loves Gangsta Rap&#39; Headline Is Pulled Down

Drop to the end of Jann Wenner's Rolling Stone interview with President Barack Obama, and you'll get to the part where Wenner asks the president to talk about the music he's been listening to lately. Here's Obama's answer, in its ...

Michelle Malkin » Good <b>News</b>: Dukakis Advising Democrats

Good News: Dukakis Advising Democrats. ... New Scapegoat for a Lousy Economy: Fox News is Hogging All the Success. September 28, 2010 04:34 PM by Doug Powers. 53 Comments | 2 Trackbacks ...

Weather HD comes to iPhone, iPod touch | iLounge <b>News</b>

iLounge news discussing the Weather HD comes to iPhone, iPod touch. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

bench craft company rip off bench craft company rip off

Fox <b>News&#39;s</b> Obama &#39;Loves Gangsta Rap&#39; Headline Is Pulled Down

Drop to the end of Jann Wenner's Rolling Stone interview with President Barack Obama, and you'll get to the part where Wenner asks the president to talk about the music he's been listening to lately. Here's Obama's answer, in its ...

Michelle Malkin » Good <b>News</b>: Dukakis Advising Democrats

Good News: Dukakis Advising Democrats. ... New Scapegoat for a Lousy Economy: Fox News is Hogging All the Success. September 28, 2010 04:34 PM by Doug Powers. 53 Comments | 2 Trackbacks ...

Weather HD comes to iPhone, iPod touch | iLounge <b>News</b>

iLounge news discussing the Weather HD comes to iPhone, iPod touch. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

benchcraft company scam benchcraft company scam

Fox <b>News&#39;s</b> Obama &#39;Loves Gangsta Rap&#39; Headline Is Pulled Down

Drop to the end of Jann Wenner's Rolling Stone interview with President Barack Obama, and you'll get to the part where Wenner asks the president to talk about the music he's been listening to lately. Here's Obama's answer, in its ...

Michelle Malkin » Good <b>News</b>: Dukakis Advising Democrats

Good News: Dukakis Advising Democrats. ... New Scapegoat for a Lousy Economy: Fox News is Hogging All the Success. September 28, 2010 04:34 PM by Doug Powers. 53 Comments | 2 Trackbacks ...

Weather HD comes to iPhone, iPod touch | iLounge <b>News</b>

iLounge news discussing the Weather HD comes to iPhone, iPod touch. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

benchcraft company scam

personal finance budgeting

It's hard to beat an excel spreadsheet for quickly shifting between a granular and top-level view of your personal finance situation. Here's reader Lauren's account balance spreadsheet she made to keep track of her expenditures, past, present, and future, and itemize her budget.

Download Lauren's Budgeter (XLS)

1. Scroll to the current month.

2. Enter your current balance in the "Starting Balance" box at the top left.

3. Enter your credits and debits on the appropriate dates they will hit your account. Use positive numbers for money getting added credits, and negative numbers for when it's getting taken away.

4. The green "Total" will change to reflect your total overall balance.

Use it as is, compare it to your own, or mod to fit your own needs.

Lauren says it's "quite nifty," and also uses it as a calendar.

Here's the excel code for the totaler for those who like to look under the hood:

TODAY();_8_10)

+SUMIF(_9_10d;"

• CEDIA: LG, JVC and Sony debut LCoS-based 3D front projectors
  
  



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• Daily Dispatch: Google NEW lists updates of all its products; Survey reveals people prefer colonoscopies to computer maintenance
  
  



• 2010 Distracted Driving Summit: What’s next for combating driver distractions?
  
  



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• Q&A: Short on salt
  
  



• Daily electronics deals
  
  



• 6 painless ways to cut your grocery bill
  
  



• Go green for school supplies
  
  

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Ngmoco releases We City | iLounge <b>News</b>

iLounge news discussing the Ngmoco releases We City. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

Can &#39;Fox <b>News</b> North&#39; win its next battle? - Canada - Macleans.ca

Sun TV's Canadian-content promise might be its best selling feature.

Michelle Williams Looks Really Skinny At Fashion Week - Starpulse.com

We spotted singer Michelle Williams out and about during London Fashion Week wearing a sparkly silver shift dress with matching heels. Does she look too thin? Her arms look like they could snap lik...

Ngmoco releases We City | iLounge <b>News</b>

iLounge news discussing the Ngmoco releases We City. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

Can &#39;Fox <b>News</b> North&#39; win its next battle? - Canada - Macleans.ca

Sun TV's Canadian-content promise might be its best selling feature.

Michelle Williams Looks Really Skinny At Fashion Week - Starpulse.com

We spotted singer Michelle Williams out and about during London Fashion Week wearing a sparkly silver shift dress with matching heels. Does she look too thin? Her arms look like they could snap lik...

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Ngmoco releases We City | iLounge <b>News</b>

iLounge news discussing the Ngmoco releases We City. Find more Apps + Games news from leading independent iPod, iPhone, and iPad site.

Can &#39;Fox <b>News</b> North&#39; win its next battle? - Canada - Macleans.ca

Sun TV's Canadian-content promise might be its best selling feature.

Michelle Williams Looks Really Skinny At Fashion Week - Starpulse.com

We spotted singer Michelle Williams out and about during London Fashion Week wearing a sparkly silver shift dress with matching heels. Does she look too thin? Her arms look like they could snap lik...

personal finance money management

If you are having a tough time understanding the nitty gritty of your mortgage, like the total interest you’ll end up paying and the monthly payments you’ll need to make, then you might as well use this simple web based tool called the AmortizationLoanCalculator.

It asks you for the principal loan amount, the loan term and the annual interest rate and returns a table that’s an amortization schedule showing your periodic payments, what part of it is going towards paying the principal and the interest, and the overall interest you pay in the lifetime of the mortgage.

As you can see in the above screenshot, the table is pretty easy understand. The C Prin and C Int stand for cumulative principal and cumulative interest respectively.

Features

• Online calculator for calculating loan payments and interest.
• Simple interface; no sign up required.
• Enter the principal amount, loan term and annual interest rate.
• Amortization schedule with cumulative rates and amounts displayed.

Check out AmortizationLoanCalculator @ amortizationloancalculator.net/index.php (By Abhijeet from Guiding Tech)

Ever since Jane Mayer's recent New Yorker piece earlier this month, much of the media has risen to debate how much influence conservative and libertarian-leaning businessmen David and Charles Koch, the owners of Koch Industries, have in American politics.

Some critics of the article argue that the media cries foul over the Koch brothers, yet largely ignores liberal George Soros, the Hungarian-American currency speculator and stock investor, who has spent millions of dollars on liberal and nonpartisan causes (including the Center for Responsive Politics).

OpenSecrets Blog is here to investigate the numbers behind these bold-faced names in our new feature, Capital Rivals.

For starters, both Soros and the brothers Koch (pronounced "coke") are incredibly rich. And their political endeavors are numerous.

Koch Industries, an oil refiner, is the nation�s second largest private company with about $100 billion in annual revenue. Soros is chairman of Soros Fund Management, a highly successful hedge fund that has provided financial and investment strategies to a variety of funds. As of June 30, 2009, the hedge fund had holdings valued at $4.2 billion.

David and Charles Koch are tied at No. 24 on Forbes top billionaires list with a personal fortunes of $17.5 billion each. Soros is No. 35 on the list with a net worth of $14 billion.

The Koch brothers, Soros and their respective companies have spent millions of dollars on politics, ranging from federal lobbying to candidate support to bankrolling political committees, according to a Center for Responsive Politics review of their political activity.

The Kochs and Soros have also funded think tanks, foundations and political organizations -- money that is sometimes notoriously difficult to track.

These individuals aren�t exactly flying under the radar as the Kochs hold leadership positions and are featured on the websites for the Cato Institute, Reason Foundation and the Mercatus Center among others. Soros also runs the Open Society Institute -- website Soros.org -- as well as the recently created Institute for New Economic Thinking.

Still these individuals have provided major funding to groups that aren't particularly transparent, such as Soros-backed Democracy Alliance, which doesn't provide information on the projects it funds.

David Koch's Americans for Prosperity Foundation has a more detailed website, but it is unclear why Koch is seemingly uninvolved in the similar organization, Americans for Prosperity. David Koch contends that no Koch foundations have provided funding to Americans for Prosperity, the citizen advocacy group organizing Tea Party events around the country. A Washington Post article from January of this year connects the Kochs with the Tea Party movement, citing records of their foundation giving $3.1 million to Americans for Prosperity, but according to the Kochs, this is false, as the money only went to the Americans for Prosperity Foundation.

Below is the Center for Responsive Politics' analysis federal political activity by Soros and the Kochs. Note that while direct political donations are relatively easily to track, it's difficult to create a full compilation of the political groups that these individuals are connected with due to secondary and indirect affiliations. Therefore, the groups listed at the end of the are the most well-known organizations linked to these three individuals.

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Diane Sawyer: ABC World <b>News</b> Goes Home: Looking for What Works in <b>...</b>

We at ABC's World News are heading out to search for innovative ideas that are helping turn the economy around. Real change is often born out of a simple act. And one ripple can lead to a powerful transformation.

MOH beta to &quot;clear up misunderstanding&quot; PC <b>News</b> - Page 1 <b>...</b>

Read our PC news of MOH beta to. ... Eurogamer tested the Medal of Honor single-player campaign earlier this month, and then sat down executive producer Greg Goodrich for a chat. Oh Tiery me. Got a tip? Email news@eurogamer.net. ...

<b>News</b> Roundup: &#39;Modern Family&#39; Wins the Ratings, Lifetime Renews <b>...</b>

Last night's big ratings winner also won big at the Emmys last month: The 'Modern Family' topped the night with its season 2 premiere, which.

Diane Sawyer: ABC World <b>News</b> Goes Home: Looking for What Works in <b>...</b>

We at ABC's World News are heading out to search for innovative ideas that are helping turn the economy around. Real change is often born out of a simple act. And one ripple can lead to a powerful transformation.

MOH beta to &quot;clear up misunderstanding&quot; PC <b>News</b> - Page 1 <b>...</b>

Read our PC news of MOH beta to. ... Eurogamer tested the Medal of Honor single-player campaign earlier this month, and then sat down executive producer Greg Goodrich for a chat. Oh Tiery me. Got a tip? Email news@eurogamer.net. ...

<b>News</b> Roundup: &#39;Modern Family&#39; Wins the Ratings, Lifetime Renews <b>...</b>

Last night's big ratings winner also won big at the Emmys last month: The 'Modern Family' topped the night with its season 2 premiere, which.

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Diane Sawyer: ABC World <b>News</b> Goes Home: Looking for What Works in <b>...</b>

We at ABC's World News are heading out to search for innovative ideas that are helping turn the economy around. Real change is often born out of a simple act. And one ripple can lead to a powerful transformation.

MOH beta to &quot;clear up misunderstanding&quot; PC <b>News</b> - Page 1 <b>...</b>

Read our PC news of MOH beta to. ... Eurogamer tested the Medal of Honor single-player campaign earlier this month, and then sat down executive producer Greg Goodrich for a chat. Oh Tiery me. Got a tip? Email news@eurogamer.net. ...

<b>News</b> Roundup: &#39;Modern Family&#39; Wins the Ratings, Lifetime Renews <b>...</b>

Last night's big ratings winner also won big at the Emmys last month: The 'Modern Family' topped the night with its season 2 premiere, which.

foreclosure

Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.

More from RealtyTrac:

Nevada, Florida, Arizona post top state foreclosure rates in August

Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.

Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.

One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.

One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.

Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.

Five states account for more than 50 percent of national total

California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.

Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.

Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.

Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).

Metro foreclosure hot spots continue downward trend

All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.

The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.

Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).

Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.

The news reports on GMAC Mortgage’s decision to halt evictions and foreclosure sales in 23 states, as originally reported by Bloomberg News, has generated keen interest in the mortgage and securitizaion communities. One reason is the oddly abrupt and broad nature of GMAC Mortgage’s action. GMAC Mortgage subsequently issued a rebuttal of sorts to the article. Not only did it fail to clairify matters, it is inconsistent with the actual notice it sent last week.

Various accounts have described how one officer of GMAC Mortgage’s servicing unit has admitted during testimony that, while he signs thousands of affidavits each month in order to affect steps in the foreclosure process, he does not have personal knowledge of certain critical facts in the affidavit which he asserts to be true. Reader Stupendous Man provided the text of Federal Rule 56 on affidavits (although the cases in question are in state courts, the same principles no doubt apply). Boldface ours:

A supporting or opposing affidavit must be made on personal knowledge, set out facts that would be admissible in evidence, and show that the affiant is competent to testify on the matters stated.

The key here is you can’t delegate creating affidavits to parties who weren’t close to relevant matter out of administrative convenience; you need to find people who were directly involved. And evidence in a number of foreclosure suits indicates that this problem not only extends well beyond GMAC, and is not a matter of matter of officers providing affidavits based on a review of copies of the paperwork in a transaction. As one attorney wrote:

It is beyond people signing things when they don’t see the “originals” These people don’t see shit. We have depositions from these folks, the only thing they are able to verify on the documents is what title they are supposed to use, from the particular servicer they are working for – Executive Secretary, Executive Vice President, Asst. Sec., etc…..

So there is evidence to support the notion GMAC was not alone in providing cooked up affidavits. The only question is how widespread this practice was at other servicers.

What are the implications of the GMAC Mortgage actions and how serious are the problems? GMAC Mortgage and similarly situated parties contend that there is nothing fundamentally wrong with their foreclosure process and this is simply a procedural issue which is readily curable. In contrast, advocates for borrowers in foreclosure have indicated that the questionable affidavits are only the “tip of the iceberg” and represent the beginning of the end for the foreclosure mills and the banks, servicers and trustees who have been seeking to exercise foreclosure under false pretenses. The heightened scrutiny and increasing interest by state attorneys general means we may finally get to the bottom of a long-running “he said-she said” dispute.

Let’s review the current state of play:

1. What is the problem with evictions and foreclosure sales that GMAC Mortgage is worried about?

Based on GMAC Mortgage’s press release, the action is limited to evictions and foreclosure sales in certain states, but its new foreclosures are not affected. It isn’t clear exactly what distinction they are making . Presumably, their concern relates to the affidavits they used to initiate the evictions in their foreclosure cases. If the affidavit is flawed, they want to get a new improved one in place before they take title to the property. Similarly, for properties where they have already taken title, if the affidavits which enabled the evictions were flawed, they may need to prepare a new affidavit that would allow them to demonstrate that they have good title prior to selling the property to third parties.

2. Is this problem curable? On the surface, concerns about flawed affidavits used in the eviction process of a foreclosure, seems a technical, legalistic issue. Certainly, GMAC Mortgage’s statements seem to give the impression that the issue is curable and will, in fact, soon be cured. Did GMAC Mortgage prepare the affidavits improperly due to weak procedural controls or economic expediency? If so, then it would seem like they would have to incur some additional cost and take some additional time to have the affidavits properly prepared and then the problem would not be fatal from a legal standpoint. The added expenses and longer time will cost the certificate holders in the MBS more money. Remember, securitizations have come to be modeled and price assuming a streamlined foreclosure process. Actually finding and involving the proper parties in the affidavit process will at a minimum be cumbersome, and could add meaningful costs.

Moroever, it is possible the affidavits were prepared improperly to remedy other problems in the related mortgage loan. If, for the purpose of the foreclosure, the servicer did not have the proper information but stated that they did anyway in the affidavit, this would be a far more serious problem. For instance, if the courts for a foreclosure required a particular party to be pursuing the foreclosure, but GMAC Mortgage did not have documentation supporting such ownership or right, was GMAC Mortgage misrepresenting the facts in the affidavit?

3. Is the problem limited to judicial foreclosure states? That does not seem credible, although GMAC may believe it needs only to remedy it in those states. GMAC Mortgage indicated that the action was only for states that use judicial foreclosure, or similar procedures.

In general, if the issue is limited to improperly documented affidavits, GMAC may be able to limit its response to the 23 states on its list. However, if the underlying documentation for its mortgages have problems in the chain of title, then the improper affidavits are just a manifestation of a deeper issue. By happenstance, I know of cases in a non-judicial foreclosure state not on GMAC’s list where GMAC took similar short cuts. Tom Adams and I have been in touch with a number of attorneys in the foreclosure world who have uncovered problems in non-judicial foreclosure states with inaccurate affidavits, including mis-statements about the parties to the foreclosure, the time of mortgage transfers, the status of the loan file and related issues. There is not good grounds to believe that GMAC had sufficiently different procedures in judicial versus non-judicial foreclosure states to believe their flawed procedures were limited to only judicial foreclosure states.

4. is the problem limited to GMAC Mortgage? GMAC Mortgage and other banks may hope to sell the story line that its problem is limited to a lone “rogue servicing officer.” Unfortunately, the servicing officer in question indicated in his testimony that he prepared 10,000 or more affidavits per month, so it strains credulity to think that GMAC management was ignorant of his actions.

So far, mainstream press accounts have been limited to issues at GMAC Mortgage, which is a large servicer, but only a modest portion of the overall market. However, it is possible, that the root of the problem lies not with the servicer, but started with the sellers and the trustees in the mortgage securitization process. If the mortgage loans were conveyed in the securitization process in a way that clouded the title, the problem could be widespread, and borrower attorneys can provide a large body of evidence from cases in many states. Although GMAC appears to be the party ultimately responsible, it also works very closely with the foreclosure outsourcing firm, Loan Processing Services, so they or the foreclosure mills they retain may also bear some responsibility.

5. Are foreclosure problems limited to this sort of technical issue? The conveyance of real estate has a long legal history and is governed by state law. Numerous checks and balances are written into both the sale and the foreclosure process to ensure that the transfers are conducted properly and disputes over ownership are minimized. Part of the appeal of mortgage loans as an asset, back before the financial crisis, was that the procedures and laws for mortgage loans was well establishes, so owners or investors could take comfort that their interests were well protected.

Unfortunately, there is increasing evidence that the mortgage loan industry went off the rails during the bubble years. And if the issues underlying GMAC Mortgage action are a result of bad origination and closing procedures, rather than poor servicing, the problems may be much larger than inaccurate affidavits.

We will be watching on the GMAC Mortgage situation and related issues. GMAC Mortgage’s remarks today did not clarify matters, and their failure to come clean, and the obvious conflict between the claims in their press release and their own memo suggests other shoes have yet to drop. If these issues extend beyond GMAC Mortgage and inaccurate affidavits, the mortgage industry will be facing some deep and difficult problems.

Small Business <b>News</b>: The Times They Are A Changing

In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.

Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride

We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.

<b>News</b> Anchor Barbie: &#39;A flair for journalism -- and power pink <b>...</b>

Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...

robert shumake

Small Business <b>News</b>: The Times They Are A Changing

In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.

Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride

We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.

<b>News</b> Anchor Barbie: &#39;A flair for journalism -- and power pink <b>...</b>

Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...

Diana Olick was right - the home price double dip is not only here, it is getting worse. RealtyTrac reported overnight that general foreclosure activity (i.e., default notices, scheduled auctions and bank repossessions) — were reported on 338,836 properties in August, a 4 percent increase from the previous month. One in every 381 U.S. housing units received a foreclosure filing during the month. The spin is that this was a modest decline (5%) from August 2009, but represents another inflection point in a trend which up to now had been declining. “The trend lines of decreasing default notices and increasing bank repossessions converged in August, with virtually the same number of new default notices and bank repossessions for the month — a clear indication that the clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers,” said James J. Saccacio, chief executive officer of RealtyTrac. “On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end the dammed-up inventory of properties already in foreclosure is moving to REO in steady stream rather than a flood — presumably to prevent further erosion of home prices.” Of course, banks are doing all in their power to prevent the realization by the consumer class of just how much lower home prices have still to go. Most notably, the bulk of the foreclosure action in August occurred in bank repossessions, which came at 95,364 U.S. properties in August, the highest monthly total in the history of the report and about 2 percent higher than the previous peak of 93,777 bank repossessions (REOs) in May 2010. August REO activity increased 3 percent from the previous month and was up 25 percent from August 2009 — the ninth straight month where REOs have increased on a year-over-year basis. In other news, we expect Jim Cramer to come out with another call, like his wrong summer 2009 pronouncement that the bottom of housing is here.

More from RealtyTrac:

Nevada, Florida, Arizona post top state foreclosure rates in August

Nevada continued to document the nation’s highest state foreclosure rate for the 44th straight month, with one in every 84 housing units receiving a foreclosure filing in August — 4.5 times the national average. Nevada maintained the nation’s highest state foreclosure rate despite a 25 percent year-over-year decrease in foreclosure activity in August — the 11th straight month where Nevada foreclosure activity has decreased on a year-over-year basis.

Florida foreclosure activity decreased on a year-over-year basis for the fifth straight month in August, but the state’s foreclosure rate still ranked second highest among all states. One in every 155 Florida housing units received a foreclosure filing in August — 2.5 times the national average.

One in every 165 Arizona housing units received a foreclosure filing in August, the nation’s third highest state foreclosure rate, and one in every 194 California housing units received a foreclosure filing in August, the nation’s fourth highest state foreclosure rate.

One in every 220 Idaho housing units received a foreclosure filing in August, the nation’s fifth highest state foreclosure rate. A total of 2,915 Idaho properties received a foreclosure filing in August, an increase of nearly 9 percent from the previous month and an increase of 11 percent from August 2009. Idaho was the only state with a top 5 foreclosure rate to document a year-over-year increase in foreclosure activity.

Other states with foreclosure rates ranking among the top 10 in August were Utah, Georgia, Michigan, Illinois and Hawaii.

Five states account for more than 50 percent of national total

California alone accounted for 20 percent of the national total in August, with 69,143 properties receiving a foreclosure filing during the month — a 3 percent increase from the previous month but a 25 percent decrease from August 2009.

Florida accounted for nearly 17 percent of the national total, with 56,877 properties receiving a foreclosure filing — a 10 percent increase from the previous month but a 9 percent decrease from August 2009. Florida default notices were down 46 percent from August 2009 but increased 2 percent from the previous month, ending five straight months of month-over-month decreases in Florida default notices.

Michigan, Illinois and Arizona each accounted for about 5 percent of the national total in August, with 17,764 Michigan properties receiving foreclosure filings, 16,808 Illinois properties receiving foreclosure filings, and 16,510 Arizona properties receiving foreclosure filings.

Other states with foreclosure activity totals among the nation’s 10 highest in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385), and Washington (6,760).

Metro foreclosure hot spots continue downward trend

All 10 metro areas with the nation’s highest foreclosure rates in August posted year-over-year decreases in foreclosure activity for the second month in a row.

The Las Vegas-Paradise, Nev., metro area documented the highest foreclosure rate among metropolitan areas with a population of 200,000 or more, with one in every 73 housing units receiving a foreclosure filing, despite a 25 percent decrease in foreclosure activity from August 2009.

Foreclosure activity in Modesto, Calif., decreased 10 percent from August 2009, but the city still documented the nation’s second highest metro foreclosure rate, with one in every 95 housing units receiving a foreclosure filing in August. Six other California metro areas had foreclosure rates ranking among the top 10: Stockton at No. 3 (one in every 100 housing units receiving a foreclosure filing); Merced at No. 6 (one in 111); Riverside-San Bernardino-Ontario at No. 7 (one in 113); Bakersfield at No. 8 (one in 120); Vallejo-Fairfield at No. 9 (one in 124); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 125).

Two Florida metro areas registered foreclosure rates among the top 10: Cape Coral-Fort Myers, Fla., at No. 3, with one in every 104 housing units receiving a foreclosure filing; and Miami-Fort Lauderdale-Pompano Beach at No. 5, with one in every 111 housing units receiving a foreclosure filing.

The news reports on GMAC Mortgage’s decision to halt evictions and foreclosure sales in 23 states, as originally reported by Bloomberg News, has generated keen interest in the mortgage and securitizaion communities. One reason is the oddly abrupt and broad nature of GMAC Mortgage’s action. GMAC Mortgage subsequently issued a rebuttal of sorts to the article. Not only did it fail to clairify matters, it is inconsistent with the actual notice it sent last week.

Various accounts have described how one officer of GMAC Mortgage’s servicing unit has admitted during testimony that, while he signs thousands of affidavits each month in order to affect steps in the foreclosure process, he does not have personal knowledge of certain critical facts in the affidavit which he asserts to be true. Reader Stupendous Man provided the text of Federal Rule 56 on affidavits (although the cases in question are in state courts, the same principles no doubt apply). Boldface ours:

A supporting or opposing affidavit must be made on personal knowledge, set out facts that would be admissible in evidence, and show that the affiant is competent to testify on the matters stated.

The key here is you can’t delegate creating affidavits to parties who weren’t close to relevant matter out of administrative convenience; you need to find people who were directly involved. And evidence in a number of foreclosure suits indicates that this problem not only extends well beyond GMAC, and is not a matter of matter of officers providing affidavits based on a review of copies of the paperwork in a transaction. As one attorney wrote:

It is beyond people signing things when they don’t see the “originals” These people don’t see shit. We have depositions from these folks, the only thing they are able to verify on the documents is what title they are supposed to use, from the particular servicer they are working for – Executive Secretary, Executive Vice President, Asst. Sec., etc…..

So there is evidence to support the notion GMAC was not alone in providing cooked up affidavits. The only question is how widespread this practice was at other servicers.

What are the implications of the GMAC Mortgage actions and how serious are the problems? GMAC Mortgage and similarly situated parties contend that there is nothing fundamentally wrong with their foreclosure process and this is simply a procedural issue which is readily curable. In contrast, advocates for borrowers in foreclosure have indicated that the questionable affidavits are only the “tip of the iceberg” and represent the beginning of the end for the foreclosure mills and the banks, servicers and trustees who have been seeking to exercise foreclosure under false pretenses. The heightened scrutiny and increasing interest by state attorneys general means we may finally get to the bottom of a long-running “he said-she said” dispute.

Let’s review the current state of play:

1. What is the problem with evictions and foreclosure sales that GMAC Mortgage is worried about?

Based on GMAC Mortgage’s press release, the action is limited to evictions and foreclosure sales in certain states, but its new foreclosures are not affected. It isn’t clear exactly what distinction they are making . Presumably, their concern relates to the affidavits they used to initiate the evictions in their foreclosure cases. If the affidavit is flawed, they want to get a new improved one in place before they take title to the property. Similarly, for properties where they have already taken title, if the affidavits which enabled the evictions were flawed, they may need to prepare a new affidavit that would allow them to demonstrate that they have good title prior to selling the property to third parties.

2. Is this problem curable? On the surface, concerns about flawed affidavits used in the eviction process of a foreclosure, seems a technical, legalistic issue. Certainly, GMAC Mortgage’s statements seem to give the impression that the issue is curable and will, in fact, soon be cured. Did GMAC Mortgage prepare the affidavits improperly due to weak procedural controls or economic expediency? If so, then it would seem like they would have to incur some additional cost and take some additional time to have the affidavits properly prepared and then the problem would not be fatal from a legal standpoint. The added expenses and longer time will cost the certificate holders in the MBS more money. Remember, securitizations have come to be modeled and price assuming a streamlined foreclosure process. Actually finding and involving the proper parties in the affidavit process will at a minimum be cumbersome, and could add meaningful costs.

Moroever, it is possible the affidavits were prepared improperly to remedy other problems in the related mortgage loan. If, for the purpose of the foreclosure, the servicer did not have the proper information but stated that they did anyway in the affidavit, this would be a far more serious problem. For instance, if the courts for a foreclosure required a particular party to be pursuing the foreclosure, but GMAC Mortgage did not have documentation supporting such ownership or right, was GMAC Mortgage misrepresenting the facts in the affidavit?

3. Is the problem limited to judicial foreclosure states? That does not seem credible, although GMAC may believe it needs only to remedy it in those states. GMAC Mortgage indicated that the action was only for states that use judicial foreclosure, or similar procedures.

In general, if the issue is limited to improperly documented affidavits, GMAC may be able to limit its response to the 23 states on its list. However, if the underlying documentation for its mortgages have problems in the chain of title, then the improper affidavits are just a manifestation of a deeper issue. By happenstance, I know of cases in a non-judicial foreclosure state not on GMAC’s list where GMAC took similar short cuts. Tom Adams and I have been in touch with a number of attorneys in the foreclosure world who have uncovered problems in non-judicial foreclosure states with inaccurate affidavits, including mis-statements about the parties to the foreclosure, the time of mortgage transfers, the status of the loan file and related issues. There is not good grounds to believe that GMAC had sufficiently different procedures in judicial versus non-judicial foreclosure states to believe their flawed procedures were limited to only judicial foreclosure states.

4. is the problem limited to GMAC Mortgage? GMAC Mortgage and other banks may hope to sell the story line that its problem is limited to a lone “rogue servicing officer.” Unfortunately, the servicing officer in question indicated in his testimony that he prepared 10,000 or more affidavits per month, so it strains credulity to think that GMAC management was ignorant of his actions.

So far, mainstream press accounts have been limited to issues at GMAC Mortgage, which is a large servicer, but only a modest portion of the overall market. However, it is possible, that the root of the problem lies not with the servicer, but started with the sellers and the trustees in the mortgage securitization process. If the mortgage loans were conveyed in the securitization process in a way that clouded the title, the problem could be widespread, and borrower attorneys can provide a large body of evidence from cases in many states. Although GMAC appears to be the party ultimately responsible, it also works very closely with the foreclosure outsourcing firm, Loan Processing Services, so they or the foreclosure mills they retain may also bear some responsibility.

5. Are foreclosure problems limited to this sort of technical issue? The conveyance of real estate has a long legal history and is governed by state law. Numerous checks and balances are written into both the sale and the foreclosure process to ensure that the transfers are conducted properly and disputes over ownership are minimized. Part of the appeal of mortgage loans as an asset, back before the financial crisis, was that the procedures and laws for mortgage loans was well establishes, so owners or investors could take comfort that their interests were well protected.

Unfortunately, there is increasing evidence that the mortgage loan industry went off the rails during the bubble years. And if the issues underlying GMAC Mortgage action are a result of bad origination and closing procedures, rather than poor servicing, the problems may be much larger than inaccurate affidavits.

We will be watching on the GMAC Mortgage situation and related issues. GMAC Mortgage’s remarks today did not clarify matters, and their failure to come clean, and the obvious conflict between the claims in their press release and their own memo suggests other shoes have yet to drop. If these issues extend beyond GMAC Mortgage and inaccurate affidavits, the mortgage industry will be facing some deep and difficult problems.

robert shumake

Small Business <b>News</b>: The Times They Are A Changing

In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.

Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride

We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.

<b>News</b> Anchor Barbie: &#39;A flair for journalism -- and power pink <b>...</b>

Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...

robert shumake

Small Business <b>News</b>: The Times They Are A Changing

In the 60's it was a song of revolution when change was just not as common. Today, it reflects a fact of life, at least for small business owners and.

Arrowheadlines: Chiefs <b>News</b> 9/23 - Arrowhead Pride

We're over the hump and headed into Sunday. The Kansas City Chiefs are seeing a lot of guarded love. For the most part, people can't ignore our record and at the same time can't ignore our offensive production. Here's today's news.

<b>News</b> Anchor Barbie: &#39;A flair for journalism -- and power pink <b>...</b>

Astronaut Barbie, Newborn Baby Doctor Barbie and Rock Star Barbie, get ready to answer some tough questions asked by journalist Barbie. The 125th -- and newest -- career path for Mattel's 51-year-old doll is news anchor, and she's ...

Making Money Easy

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world.

WASHINGTON/POLITICAL

For the latest political news:  www.CNNPolitics.com

CNN: Internal warfare in the Delaware Republican party

Nine-term Republican Congressman Mike Castle finds himself in a tight primary race with TV commentator and Tea Party favorite Christine O'Donnell in Delaware's Republican U.S. Senate primary on Tuesday. In the closing days of the primary campaign, O'Donnell has gotten a boost with an endorsement by former Alaska Gov. Sarah Palin and more than $150,000 in late spending from the Tea Party Express.

CNN: GOP colleagues seek distance from Boehner on tax issue

GOP colleagues of House Minority Leader John Boehner are distancing themselves from the Ohio Republican's recent remarks that he would support President Barack Obama's proposal to renew the expiring Bush tax cuts only for those making less than $250,000 if it were his only option.

CNN: Bill Clinton featured in 11th hour robocall for Rangel

Former President Bill Clinton has recorded an 11th hour robocall for 20-term New York Rep. Charlie Rangel, who is facing five Democratic challengers in a primary race Tuesday. The last-minute robocall underscores the fact that Rangel is facing in the toughest bid for re-election in his 40-year political career.

CNN: McCain breaks with Palin in Maryland

Republican Brian Murphy is heading into Tuesday's GOP gubernatorial primary in Maryland with a last minute robocall from conservative star Sarah Palin. Just hours earlier, Sen. John McCain – Palin's former presidential running mate – had announced his support for Murphy's primary opponent, former Gov. Robert Ehrlich in an interview with the AP, saying Ehrlich is "a fine guy."

New York Times: After Volatile Primary Season, G.O.P. Faces New Test

As the long and turbulent primary season of the midterm election campaign drew to a close on Monday, the Republican establishment was placing its confidence on hold and bracing for the prospect that voters in yet another state would send a message of defiance to party leaders in Washington. The Senate primary in Delaware on Tuesday was prompting anxiety among party officials, who feared that a victory by Christine O’Donnell, a candidate backed by the Tea Party, could complicate Republican efforts to win control of the Senate.

CNN: Delaware not the only Tea Party vs. GOP battle Tuesday

It may not be grabbing the national spotlight like the Republican Senate primary in Delaware, but the GOP Senate primary in New Hampshire shares a similar storyline: A hard-charging conservative candidate threatening to upset the candidate favored by establishment Republicans.

Politico: Dems plan for a future without Pelosi

For House Democrats, planning for a future without Speaker Nancy Pelosi is neither pleasant nor easy. But as poll results worsen and a Republican-controlled House looks more and more likely, Democrats are beginning to realize they face a top-to-bottom leadership shake-up if the powerful speaker steps aside in a Democratic minority.

Roll Call: Van Hollen: We Haven’t Lost the House Yet

After an August recess tour that included stops in 17 battleground districts around the country, Democratic Congressional Campaign Committee Chairman Chris Van Hollen (Md.) returned to Capitol Hill confident that predictions of a lost majority are premature.

CNN Money: Big business and Wall Street bet on GOP

Banks, investment firms and hedge funds are giving millions of dollars more to Republicans, and abandoning the Democrats they had been supporting just a year ago. The Center for Responsive Politics says the reversal began early this year, as the Senate started crafting tougher rules to crack down on Wall Street, and that it has become more pronounced.

CNN Money: New year, no federal budget

On Oct. 1, just three weeks after lawmakers return from their summer break on Tuesday, fiscal year 2011 will begin. But Congress will not have a new budget in place by then. And it may not materialize anytime soon. It won't be the first time. In fact, tardy federal budgets have been par for the course for most of the past 35 years.

CNN: Plouffe on Gingrich: 'Sad and reprehensible'

The architect of President Obama's 2008 presidential campaign Monday sharply criticized remarks made by former House Speaker Newt Gingrich over the weekend that President Obama follows a "Kenyan, anti-colonial" worldview. "Two words that come to mind are 'sad' and 'reprehensible,'" David Plouffe told CNN's John King on John King USA.

CNN: Obama to push kids to work hard in 'back-to-school' speech

President Barack Obama will deliver his second "back-to-school" message to the nation's students Tuesday, but this year, no one's complaining. The speech – to be delivered at Julia R. Masterman Laboratory and Demonstration School in Philadelphia, Pennsylvania – encourages students to make the most of their education opportunities.

CNN: Senate to take up 'don't ask, don't tell' repeal next week

A military spending bill that includes the repeal of the "don't ask, don't tell" policy banning openly gay and lesbian soldiers will come up for Senate debate next week, according to Senate Majority Leader Harry Reid's office.

CNN: D.C. mayoral primary may be felt far beyond the District

Mayor Adrian Fenty swept into office in 2006 promising to fix the District of Columbia's struggling schools. Now, Fenty is in the fight of his career in part because of how he's tried to reform the district's schools. …While this is a local election – the Democratic mayoral primary – the race is being closely watched far beyond the District because the outcome could carry significant implications for the national debate over education reform.

The Hill: Maine Republican lashes out at reporters during press conference

This definitely isn't the best way for a gubernatorial candidate to end a press conference. Maine Republican Paul LePage grew irate Monday after getting pressed by reporters on details about how his wife, Ann, had potentially "violated statutes by claiming property tax exemptions on homes in both Maine and Florida," according to the Bangor Daily News.

NATIONAL

For the latest national news:  www.CNN.com

CNN: U.S. preparing massive arms deal for Saudi Arabia, defense official says

The Obama administration is preparing to notify Congress of plans to sell $60 billion of military equipment to Saudi Arabia, according to a U.S. defense official. The official, who would not be identified because the proposal has not yet been sent to Congress, described the deal as "enormous."

CNN: Man accused of Christmas bombing attempt on plane to represent himself

Umar Farouk AbdulMutallab, the man accused of trying to blow up a plane last Christmas, said in court Monday that he no longer wants to be represented by federal defenders and would act as his own attorney. Judge Nancy Edmunds granted his request and appointed standby counsel for him. She also asked him a series of questions about his knowledge of law, the case and the charges he faces.

Washington Post: Legislation would federalize private guards who protect U.S. government buildings

Private security guards protecting the nation's federal buildings might one day earn a government paycheck and could face new national training and certification standards if legislation introduced Monday advances in the coming months.

Newark Star Ledger: N.J. town files lawsuit against imam behind controversial mosque near Ground Zero

A lawsuit filed by Union City charges that the landlord of two apartment buildings has repeatedly failed to address complaints by tenants and orders by the city on issues ranging from moldy bathrooms to fire hazards. Landlord-tenant disputes are nothing new, even those with municipalities entering the fray. Except in this case, city officials say the landlord is Feisal Abdul Rauf, the imam behind the controversial proposal to develop an Islamic cultural center and mosque near Ground Zero.

INTERNATIONAL

For the latest international news:  http://edition.cnn.com

CNN: Mideast peace talks a second chance for Hillary Clinton

Listen to Secretary of State Hillary Clinton talk about the Mideast peace talks during Bill Clinton's presidency, and you get the impression she feels the chance to secure a two-state solution eluded her as much as it did her husband. As first lady, though not a principal negotiator, she'd travel to the Mideast to meet with Israeli and Palestinian leaders in support of Bill Clinton's policies on the issue.

CNN: US: Government will not contribute to detained American's bail money

Half a million dollars bail stands between American Sarah Shourd and freedom from the Iranian prison where she has been held since July 2009. But the U.S. will play no role in paying it, a State Department spokesman said Monday.

CNN: 36 survive Venezuelan plane crash

More than two-thirds of the passengers survived an airplane crash Monday morning in southeastern Venezuela, government officials said. Fifteen people were confirmed dead and 36 survived when the plane, carrying 51 passengers and crew, crashed in the state of Bolivar, Gov. Francisco Rangel Gomez said.

New York Times: U.S. Koran Tensions Erupt in Kashmir

Kashmir erupted on Monday in the worst violence since separatist protests began sweeping through the disputed Himalayan region three months ago, with the authorities partly blaming reports of Koran desecration in the United States for the inflamed tensions.

CNN: Suspected U.S. drone kills nine in Pakistan

A suspected U.S. drone strike killed nine alleged militants in Pakistan's tribal region Tuesday morning, intelligence officials said. Two intelligence officials said three missiles were fired on the hideout of suspected militants in the Shawal area of North Waziristan, one of seven districts in Pakistan's tribal region bordering Afghanistan.

CNN: Cuba to lay off 500,000 in 6 months, allow private jobs

Cuba announced on Monday it would lay off "at least" half a million state workers over the next six months and simultaneously allow more jobs to be created in the private sector as the socialist economy struggles to get back on its feet. The plan announced in state media confirms that President Raul Castro is following through on his pledge to shed some one million state jobs, a full fifth of the official workforce - but in a shorter timeframe than initially anticipated.

CNN: Japan's ruling party set for leadership vote

When Japan's ruling party finishes its vote later Tuesday, the Asian island nation could have its third prime minister in a year. Ichiro Ozawa, a political heavy-weight in the ruling Democratic Party of Japan (DPJ), challenged Naoto Kan for the leadership role just three months into Kan's tenure.

BUSINESS

For the latest business news:  www.CNNMoney.com

CNN Money: Plan to end oil industry tax breaks draws fire

The debate over eliminating tax breaks for the oil and gas companies is heating up, with an industry group saying Monday that the move could cost the energy sector thousands of jobs. President Obama signaled last week that his administration could pay for $180 billion in recently proposed economic recovery measures by closing tax loopholes for major corporations, including tax breaks and subsidies for oil and gas producers.

USA Today: Gender pay gap is smallest on record

The earnings gap between men and women has shrunk to a record low, partly because many women are prospering in the new economy and partly because men have been hit hard by the recession. Women earned 82.8% of the median weekly wage of men in the second quarter of 2010, up from 76.1% for the same period a decade ago and the highest ever recorded, the Bureau of Labor Statistics reports.

Wall Street Journal: AIG Plots End to U.S. Aid

American International Group Inc. and its government overseers are in talks to speed up an exit plan designed to repay U.S. taxpayers in full while enabling the giant insurer to regain independence, according to people familiar with the matter. Under the plan, which could commence as early as the first half of 2011, the Treasury Department is likely to convert $49 billion in AIG preferred shares it holds into common shares, a move that could bring the government's ownership stake in AIG to above 90%, from 79.8% currently, the people familiar said.

In Case You Missed It

A political panel joins to weigh in on Newt Gingrich calling President Obama a 'con man' and 'authentically dishonest'.

http://www.cnn.com/video/#/video/politics/2010/09/14/ac.gingrich.kenyan.comments.cnn

Brian Todd reports on a now-heated Senate race in Delaware, where the Tea Party battles established GOP candidates.

http://www.cnn.com/video/#/video/politics/2010/09/13/pkg.todd.gop.v.tea.party.cnn

Subscribe to the CNN=Politics DAILY podcast at http://www.cnn.com/politicalpodcast

And now stay posted on the latest from the campaign trail by downloading the CNN=Politics SCREENSAVER at http://www.CNN.com/situationroom

"Flounder: You _______ up -- you trusted us."

-Otter in the movie Animal House.

Let's face it, we screwed up.

In the decade before 2008, the financial world was like a presidential inauguration ball.

On Inauguration day, there is a ball where only the closest insiders and Washington power players get invited.

There are also a lot of parties around town, so just about everybody in Washington feels like they were part of the event.

For a decade, Wall Street was playing funny money games. They were allowed to grant themselves multimillion dollar bonuses, and many Americans also felt like they were invited to the celebration.

Real estate prices were soaring. People were flipping houses and condos. People with lousy credit and no income were living in nice houses. Almost anyone could get a loan for anything.

Stock prices were going up and pension plans were getting fatter. State and local governments had a lot of money to throw around and could cut taxes without anyone really noticing.

We had easy money and reaped many benefits without hard work or sacrifice.

We were living in fantasy land.

The fantasy is over. We woke up to a nightmare.

A nightmare that our nation has not yet dealt with.

People with addictions go through a process called "bottoming out." They reach a point where they realize their actions are hurting themselves or others. They get help and dramatically change their lives.

Because of the Wall Street bailouts, America never got the chance to "bottom out."

Like a drunk who keeps "having a drink or two," America has not really dealt with the problems that got us in the mess.

Like an addict who keeps using, we are setting ourselves up for repeat failure.

I've been reading Maria Bartiromo's new book, The Weekend That Changed Wall Street. A better title might have been "The Weekend that Changed the World."

It was America's chance to bottom out. We didn't. To paraphrase Otter in Animal House, we screwed up. We mortgaged the future to make Wall Street happy today.

I liked Bartiromo's book. One of her insights jumped out at me.

In talking about the fall from grace that some Wall Street insiders felt, she noted "When the wealthy falter, there is a deep shame that the average person cannot grasp. In that world, you are either in or you're out."

That line explains everything. Wall Street was in. They had the right lobbyists and had an alumni association from Goldman Sachs, including Treasury Secretary Hank Paulson, doing their bidding in Washington.

Those who came from Wall Street looked out for their own. They made sure their Wall Street cronies were paid back, 100 cents on the dollar.

The rest of us were out. And we have stayed there.

Unemployment remains around 10% and underemployment is even more chronic. Sales of existing homes are at a 15-year low, despite some of the lowest mortgage rates in history. It's almost impossible for a Main Street business to get financing, and state and local government entities are looking at severe cuts in revenues and services.

We've spent trillions in bailout money and all we got was "one day older and deeper in debt."

Although it sounds gloomy, I'm not a gloomy person by nature. With focus, hard work and resilience, people can overcome any obstacle.

Including what Wall Street and Washington did to us.

People can solve problems by taking a hard look at themselves and making changes.

Washington is afraid to take that hard look or make real changes. Our political "leaders" won't do anything that cuts off the campaign contributions and lobbying money that Wall Street provides.

My next column will give a concrete plan for creating wealth without Wall Street. You can see signs of it. Concepts like Move Your Money are catching on. People are starting to pay down debt and look at creating their own businesses.

We weren't really invited to the big Wall Street party. But we sure wound up paying for it.

Now it is time to recover from the hangover.

Don McNay, CLU, ChFC, MSFS, CSSC of Richmond Kentucky is an award-winning financial columnist and Huffington Post Contributor.

You can read more about Don at www.donmcnay.com

McNay founded McNay Settlement Group, a structured settlement and consulting firm, in 1983, and Kentucky Guardianship Administrators LLC in 2000. You can read more about both at www.mcnay.com

McNay has Master's Degrees from Vanderbilt and the American College and is in the Hall of Distinguished Alumni of Eastern Kentucky University.

McNay has written two books. Most recent is Son of a Son of a Gambler: Winners, Losers and What to Do When You Win The Lottery

McNay is a lifetime member of the Million Dollar Round Table and has four professional designations in the financial services field.

Chemical industry <b>news</b>

Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…

The American Spectator : ABC <b>News</b>&#39; Credibility &#39;Lost in Translation&#39;

ABC News President David Westin is resigning and plans to leave the company before the end of the year, reportedly because of friction between him and executives at parent Walt Disney Company over the network's poor profits. ...

Scripting <b>News</b>: What kind of <b>news</b> system...?

And it's not okay that they're making a bid for exclusivity on the role of News System of the Future, and they can't even keep their servers running properly. Either you deliver the benefit of being the sole provider, or sorry (to ...

robert shumake

Chemical industry <b>news</b>

Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…

The American Spectator : ABC <b>News</b>&#39; Credibility &#39;Lost in Translation&#39;

ABC News President David Westin is resigning and plans to leave the company before the end of the year, reportedly because of friction between him and executives at parent Walt Disney Company over the network's poor profits. ...

Scripting <b>News</b>: What kind of <b>news</b> system...?

And it's not okay that they're making a bid for exclusivity on the role of News System of the Future, and they can't even keep their servers running properly. Either you deliver the benefit of being the sole provider, or sorry (to ...

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world.

WASHINGTON/POLITICAL

For the latest political news:  www.CNNPolitics.com

CNN: Internal warfare in the Delaware Republican party

Nine-term Republican Congressman Mike Castle finds himself in a tight primary race with TV commentator and Tea Party favorite Christine O'Donnell in Delaware's Republican U.S. Senate primary on Tuesday. In the closing days of the primary campaign, O'Donnell has gotten a boost with an endorsement by former Alaska Gov. Sarah Palin and more than $150,000 in late spending from the Tea Party Express.

CNN: GOP colleagues seek distance from Boehner on tax issue

GOP colleagues of House Minority Leader John Boehner are distancing themselves from the Ohio Republican's recent remarks that he would support President Barack Obama's proposal to renew the expiring Bush tax cuts only for those making less than $250,000 if it were his only option.

CNN: Bill Clinton featured in 11th hour robocall for Rangel

Former President Bill Clinton has recorded an 11th hour robocall for 20-term New York Rep. Charlie Rangel, who is facing five Democratic challengers in a primary race Tuesday. The last-minute robocall underscores the fact that Rangel is facing in the toughest bid for re-election in his 40-year political career.

CNN: McCain breaks with Palin in Maryland

Republican Brian Murphy is heading into Tuesday's GOP gubernatorial primary in Maryland with a last minute robocall from conservative star Sarah Palin. Just hours earlier, Sen. John McCain – Palin's former presidential running mate – had announced his support for Murphy's primary opponent, former Gov. Robert Ehrlich in an interview with the AP, saying Ehrlich is "a fine guy."

New York Times: After Volatile Primary Season, G.O.P. Faces New Test

As the long and turbulent primary season of the midterm election campaign drew to a close on Monday, the Republican establishment was placing its confidence on hold and bracing for the prospect that voters in yet another state would send a message of defiance to party leaders in Washington. The Senate primary in Delaware on Tuesday was prompting anxiety among party officials, who feared that a victory by Christine O’Donnell, a candidate backed by the Tea Party, could complicate Republican efforts to win control of the Senate.

CNN: Delaware not the only Tea Party vs. GOP battle Tuesday

It may not be grabbing the national spotlight like the Republican Senate primary in Delaware, but the GOP Senate primary in New Hampshire shares a similar storyline: A hard-charging conservative candidate threatening to upset the candidate favored by establishment Republicans.

Politico: Dems plan for a future without Pelosi

For House Democrats, planning for a future without Speaker Nancy Pelosi is neither pleasant nor easy. But as poll results worsen and a Republican-controlled House looks more and more likely, Democrats are beginning to realize they face a top-to-bottom leadership shake-up if the powerful speaker steps aside in a Democratic minority.

Roll Call: Van Hollen: We Haven’t Lost the House Yet

After an August recess tour that included stops in 17 battleground districts around the country, Democratic Congressional Campaign Committee Chairman Chris Van Hollen (Md.) returned to Capitol Hill confident that predictions of a lost majority are premature.

CNN Money: Big business and Wall Street bet on GOP

Banks, investment firms and hedge funds are giving millions of dollars more to Republicans, and abandoning the Democrats they had been supporting just a year ago. The Center for Responsive Politics says the reversal began early this year, as the Senate started crafting tougher rules to crack down on Wall Street, and that it has become more pronounced.

CNN Money: New year, no federal budget

On Oct. 1, just three weeks after lawmakers return from their summer break on Tuesday, fiscal year 2011 will begin. But Congress will not have a new budget in place by then. And it may not materialize anytime soon. It won't be the first time. In fact, tardy federal budgets have been par for the course for most of the past 35 years.

CNN: Plouffe on Gingrich: 'Sad and reprehensible'

The architect of President Obama's 2008 presidential campaign Monday sharply criticized remarks made by former House Speaker Newt Gingrich over the weekend that President Obama follows a "Kenyan, anti-colonial" worldview. "Two words that come to mind are 'sad' and 'reprehensible,'" David Plouffe told CNN's John King on John King USA.

CNN: Obama to push kids to work hard in 'back-to-school' speech

President Barack Obama will deliver his second "back-to-school" message to the nation's students Tuesday, but this year, no one's complaining. The speech – to be delivered at Julia R. Masterman Laboratory and Demonstration School in Philadelphia, Pennsylvania – encourages students to make the most of their education opportunities.

CNN: Senate to take up 'don't ask, don't tell' repeal next week

A military spending bill that includes the repeal of the "don't ask, don't tell" policy banning openly gay and lesbian soldiers will come up for Senate debate next week, according to Senate Majority Leader Harry Reid's office.

CNN: D.C. mayoral primary may be felt far beyond the District

Mayor Adrian Fenty swept into office in 2006 promising to fix the District of Columbia's struggling schools. Now, Fenty is in the fight of his career in part because of how he's tried to reform the district's schools. …While this is a local election – the Democratic mayoral primary – the race is being closely watched far beyond the District because the outcome could carry significant implications for the national debate over education reform.

The Hill: Maine Republican lashes out at reporters during press conference

This definitely isn't the best way for a gubernatorial candidate to end a press conference. Maine Republican Paul LePage grew irate Monday after getting pressed by reporters on details about how his wife, Ann, had potentially "violated statutes by claiming property tax exemptions on homes in both Maine and Florida," according to the Bangor Daily News.

NATIONAL

For the latest national news:  www.CNN.com

CNN: U.S. preparing massive arms deal for Saudi Arabia, defense official says

The Obama administration is preparing to notify Congress of plans to sell $60 billion of military equipment to Saudi Arabia, according to a U.S. defense official. The official, who would not be identified because the proposal has not yet been sent to Congress, described the deal as "enormous."

CNN: Man accused of Christmas bombing attempt on plane to represent himself

Umar Farouk AbdulMutallab, the man accused of trying to blow up a plane last Christmas, said in court Monday that he no longer wants to be represented by federal defenders and would act as his own attorney. Judge Nancy Edmunds granted his request and appointed standby counsel for him. She also asked him a series of questions about his knowledge of law, the case and the charges he faces.

Washington Post: Legislation would federalize private guards who protect U.S. government buildings

Private security guards protecting the nation's federal buildings might one day earn a government paycheck and could face new national training and certification standards if legislation introduced Monday advances in the coming months.

Newark Star Ledger: N.J. town files lawsuit against imam behind controversial mosque near Ground Zero

A lawsuit filed by Union City charges that the landlord of two apartment buildings has repeatedly failed to address complaints by tenants and orders by the city on issues ranging from moldy bathrooms to fire hazards. Landlord-tenant disputes are nothing new, even those with municipalities entering the fray. Except in this case, city officials say the landlord is Feisal Abdul Rauf, the imam behind the controversial proposal to develop an Islamic cultural center and mosque near Ground Zero.

INTERNATIONAL

For the latest international news:  http://edition.cnn.com

CNN: Mideast peace talks a second chance for Hillary Clinton

Listen to Secretary of State Hillary Clinton talk about the Mideast peace talks during Bill Clinton's presidency, and you get the impression she feels the chance to secure a two-state solution eluded her as much as it did her husband. As first lady, though not a principal negotiator, she'd travel to the Mideast to meet with Israeli and Palestinian leaders in support of Bill Clinton's policies on the issue.

CNN: US: Government will not contribute to detained American's bail money

Half a million dollars bail stands between American Sarah Shourd and freedom from the Iranian prison where she has been held since July 2009. But the U.S. will play no role in paying it, a State Department spokesman said Monday.

CNN: 36 survive Venezuelan plane crash

More than two-thirds of the passengers survived an airplane crash Monday morning in southeastern Venezuela, government officials said. Fifteen people were confirmed dead and 36 survived when the plane, carrying 51 passengers and crew, crashed in the state of Bolivar, Gov. Francisco Rangel Gomez said.

New York Times: U.S. Koran Tensions Erupt in Kashmir

Kashmir erupted on Monday in the worst violence since separatist protests began sweeping through the disputed Himalayan region three months ago, with the authorities partly blaming reports of Koran desecration in the United States for the inflamed tensions.

CNN: Suspected U.S. drone kills nine in Pakistan

A suspected U.S. drone strike killed nine alleged militants in Pakistan's tribal region Tuesday morning, intelligence officials said. Two intelligence officials said three missiles were fired on the hideout of suspected militants in the Shawal area of North Waziristan, one of seven districts in Pakistan's tribal region bordering Afghanistan.

CNN: Cuba to lay off 500,000 in 6 months, allow private jobs

Cuba announced on Monday it would lay off "at least" half a million state workers over the next six months and simultaneously allow more jobs to be created in the private sector as the socialist economy struggles to get back on its feet. The plan announced in state media confirms that President Raul Castro is following through on his pledge to shed some one million state jobs, a full fifth of the official workforce - but in a shorter timeframe than initially anticipated.

CNN: Japan's ruling party set for leadership vote

When Japan's ruling party finishes its vote later Tuesday, the Asian island nation could have its third prime minister in a year. Ichiro Ozawa, a political heavy-weight in the ruling Democratic Party of Japan (DPJ), challenged Naoto Kan for the leadership role just three months into Kan's tenure.

BUSINESS

For the latest business news:  www.CNNMoney.com

CNN Money: Plan to end oil industry tax breaks draws fire

The debate over eliminating tax breaks for the oil and gas companies is heating up, with an industry group saying Monday that the move could cost the energy sector thousands of jobs. President Obama signaled last week that his administration could pay for $180 billion in recently proposed economic recovery measures by closing tax loopholes for major corporations, including tax breaks and subsidies for oil and gas producers.

USA Today: Gender pay gap is smallest on record

The earnings gap between men and women has shrunk to a record low, partly because many women are prospering in the new economy and partly because men have been hit hard by the recession. Women earned 82.8% of the median weekly wage of men in the second quarter of 2010, up from 76.1% for the same period a decade ago and the highest ever recorded, the Bureau of Labor Statistics reports.

Wall Street Journal: AIG Plots End to U.S. Aid

American International Group Inc. and its government overseers are in talks to speed up an exit plan designed to repay U.S. taxpayers in full while enabling the giant insurer to regain independence, according to people familiar with the matter. Under the plan, which could commence as early as the first half of 2011, the Treasury Department is likely to convert $49 billion in AIG preferred shares it holds into common shares, a move that could bring the government's ownership stake in AIG to above 90%, from 79.8% currently, the people familiar said.

In Case You Missed It

A political panel joins to weigh in on Newt Gingrich calling President Obama a 'con man' and 'authentically dishonest'.

http://www.cnn.com/video/#/video/politics/2010/09/14/ac.gingrich.kenyan.comments.cnn

Brian Todd reports on a now-heated Senate race in Delaware, where the Tea Party battles established GOP candidates.

http://www.cnn.com/video/#/video/politics/2010/09/13/pkg.todd.gop.v.tea.party.cnn

Subscribe to the CNN=Politics DAILY podcast at http://www.cnn.com/politicalpodcast

And now stay posted on the latest from the campaign trail by downloading the CNN=Politics SCREENSAVER at http://www.CNN.com/situationroom

"Flounder: You _______ up -- you trusted us."

-Otter in the movie Animal House.

Let's face it, we screwed up.

In the decade before 2008, the financial world was like a presidential inauguration ball.

On Inauguration day, there is a ball where only the closest insiders and Washington power players get invited.

There are also a lot of parties around town, so just about everybody in Washington feels like they were part of the event.

For a decade, Wall Street was playing funny money games. They were allowed to grant themselves multimillion dollar bonuses, and many Americans also felt like they were invited to the celebration.

Real estate prices were soaring. People were flipping houses and condos. People with lousy credit and no income were living in nice houses. Almost anyone could get a loan for anything.

Stock prices were going up and pension plans were getting fatter. State and local governments had a lot of money to throw around and could cut taxes without anyone really noticing.

We had easy money and reaped many benefits without hard work or sacrifice.

We were living in fantasy land.

The fantasy is over. We woke up to a nightmare.

A nightmare that our nation has not yet dealt with.

People with addictions go through a process called "bottoming out." They reach a point where they realize their actions are hurting themselves or others. They get help and dramatically change their lives.

Because of the Wall Street bailouts, America never got the chance to "bottom out."

Like a drunk who keeps "having a drink or two," America has not really dealt with the problems that got us in the mess.

Like an addict who keeps using, we are setting ourselves up for repeat failure.

I've been reading Maria Bartiromo's new book, The Weekend That Changed Wall Street. A better title might have been "The Weekend that Changed the World."

It was America's chance to bottom out. We didn't. To paraphrase Otter in Animal House, we screwed up. We mortgaged the future to make Wall Street happy today.

I liked Bartiromo's book. One of her insights jumped out at me.

In talking about the fall from grace that some Wall Street insiders felt, she noted "When the wealthy falter, there is a deep shame that the average person cannot grasp. In that world, you are either in or you're out."

That line explains everything. Wall Street was in. They had the right lobbyists and had an alumni association from Goldman Sachs, including Treasury Secretary Hank Paulson, doing their bidding in Washington.

Those who came from Wall Street looked out for their own. They made sure their Wall Street cronies were paid back, 100 cents on the dollar.

The rest of us were out. And we have stayed there.

Unemployment remains around 10% and underemployment is even more chronic. Sales of existing homes are at a 15-year low, despite some of the lowest mortgage rates in history. It's almost impossible for a Main Street business to get financing, and state and local government entities are looking at severe cuts in revenues and services.

We've spent trillions in bailout money and all we got was "one day older and deeper in debt."

Although it sounds gloomy, I'm not a gloomy person by nature. With focus, hard work and resilience, people can overcome any obstacle.

Including what Wall Street and Washington did to us.

People can solve problems by taking a hard look at themselves and making changes.

Washington is afraid to take that hard look or make real changes. Our political "leaders" won't do anything that cuts off the campaign contributions and lobbying money that Wall Street provides.

My next column will give a concrete plan for creating wealth without Wall Street. You can see signs of it. Concepts like Move Your Money are catching on. People are starting to pay down debt and look at creating their own businesses.

We weren't really invited to the big Wall Street party. But we sure wound up paying for it.

Now it is time to recover from the hangover.

Don McNay, CLU, ChFC, MSFS, CSSC of Richmond Kentucky is an award-winning financial columnist and Huffington Post Contributor.

You can read more about Don at www.donmcnay.com

McNay founded McNay Settlement Group, a structured settlement and consulting firm, in 1983, and Kentucky Guardianship Administrators LLC in 2000. You can read more about both at www.mcnay.com

McNay has Master's Degrees from Vanderbilt and the American College and is in the Hall of Distinguished Alumni of Eastern Kentucky University.

McNay has written two books. Most recent is Son of a Son of a Gambler: Winners, Losers and What to Do When You Win The Lottery

McNay is a lifetime member of the Million Dollar Round Table and has four professional designations in the financial services field.

robert shumake

Chemical industry <b>news</b>

Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…

The American Spectator : ABC <b>News</b>&#39; Credibility &#39;Lost in Translation&#39;

ABC News President David Westin is resigning and plans to leave the company before the end of the year, reportedly because of friction between him and executives at parent Walt Disney Company over the network's poor profits. ...

Scripting <b>News</b>: What kind of <b>news</b> system...?

And it's not okay that they're making a bid for exclusivity on the role of News System of the Future, and they can't even keep their servers running properly. Either you deliver the benefit of being the sole provider, or sorry (to ...

robert shumake

Chemical industry <b>news</b>

Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…

The American Spectator : ABC <b>News</b>&#39; Credibility &#39;Lost in Translation&#39;

ABC News President David Westin is resigning and plans to leave the company before the end of the year, reportedly because of friction between him and executives at parent Walt Disney Company over the network's poor profits. ...

Scripting <b>News</b>: What kind of <b>news</b> system...?

And it's not okay that they're making a bid for exclusivity on the role of News System of the Future, and they can't even keep their servers running properly. Either you deliver the benefit of being the sole provider, or sorry (to ...