CyberAlert for September 23 2008
1. Couric Has Cushy Chat with Biden, Will She Be as Warm with Palin? If Katie Couric is to be consistent and treat Republican vice presidential candidate Sarah Palin, whom Couric is scheduled to interview this week, as gently as she did Democratic VP nominee Joe Biden in her day with him Thursday in Ohio which became a story on the Monday night CBS Evening News, she will (Couric quotes from the Biden story in the parentheses): Not apply any ideological label: ("We decided to take a closer look at the 65-year-old Senator from Delaware"); Hail her outspokenness: ("You say what's on your mind and I think people appreciate that"); Ignore obvious factual/historical flubs: (Biden: "When the stock market crashed, Franklin Roosevelt got on television...") FDR was not in office at the time of the 1929 crash and his "fireside chats" were on the radio; Relay as reality positive campaign spin about her attributes: ("Relating to the fears of the average American is one of Biden's strong suits"); Cue up campaign rally attendees to praise her: ("What was it about what he said that really resonated with you in particular?" Answers: "I think he expressed what most working Americans feel at the moment. He seems to relate to our pain" and "I want him in office because I believe he will do things for women.")
2. CNN's Jim Acosta: Palin 'Still Very Much on Script, Teleprompter' On Monday's American Morning, CNN correspondent Jim Acosta tried to throw a bit of cold water on the news that tens of thousands showed up in central Florida for a Sarah Palin campaign rally on Sunday. When co-host John Roberts asked about the high turnout, Acosta replied: "[T]his was an enormous crowd out here in Florida. She is still very much on script, John -- still very much on that teleprompter, talking mainly in generalities." Roberts, besides asking about the Palin rally, asked if the Alaska Governor had mentioned the proposed financial bailout during her speech, since the two of them had discussed Barack Obama and John McCain's responses to the proposal and how it may affect how the two will campaign on the issue of the economy. Besides mentioning the "enormous crowd," he referenced how the campaign stop was located in "that central Florida -- critical I-4 corridor area," and how Palin played up McCain's credentials with economic issues.
3. NYT: Palin 'Petty'; McCain Guilty of 'Demonstrable Falsehoods' New York Times Public Editor Clark Hoyt evaluated two tough political stories in the Sunday Week in Review, one anti-McCain, the other anti-Palin. While he found the McCain piece fair, he faulted the anti-Palin piece. In both cases, Times reporters and editors rallied to the defense of the pieces. Political editor Richard Stevenson found McCain guilty of "demonstrable falsehoods" and Executive Editor Bill Keller accused Sarah Palin of "sometimes petty, peremptory" political leadership in Alaska.
4. Cokie Roberts Links McCain's Fannie Mae Plans to Herbert Hoover On Sunday's This Week, journalist Cokie Roberts indicated that, in regards to John McCain's reaction to the ongoing financial problems on Wall Street, "...He's a Republican and whenever Republicans get into this kind of mess, everybody, even people who were not born or close to being born, the specter of Herbert Hoover comes out to, to haunt them." Roberts didn't clarify just who the "everybody" is that would connect McCain and the Depression era President. Roberts, who appeared on the ABC program's panel to discuss last week's Fannie Mae meltdown and the government's planned bailout, also asserted a "stark contrast" between the economic advisors of Senators McCain and Barack Obama. She then added that the Democrat's liberal advisors reassure her: "I mean, the Obama advisers, with, looking at Bob Rubin and Warren Buffett and Paul Volcker in there, you know, you do feel a sense of security there."
A usually-daily report, edited by Brent H. Baker, CyberAlert is distributed by the Media Research Center, the leader since 1987 in documenting, exposing and neutralizing liberal media bias.
The 2,734th CyberAlert. Tracking Liberal Media Bias Since 1996 7:10am EDT, Tuesday September 23, 2008 (Vol. Thirteen; No. 179)
20080923 CyberAlert for September 23 2008
Journalist @baltimoresun writer artist runner #amwriting Chaplain PIO #partylikeajournalist
Journalist @baltimoresun writer artist runner #amwriting Md Troopers Assoc #20 & Westminster Md Fire Dept Chaplain PIO #partylikeajournalist
Wednesday, September 24, 2008
Westminster Eagle: “Westminster mayor says MML convention spending was worth it” By Katie V. Jones
Westminster Eagle: “Westminster mayor says MML convention spending was worth it” By Katie V. Jones
Posted on http://www.explorecarroll.com/ 9/17/08
As for a $1,500 dinner bill, Ferguson is adamant that he picked up the expenses for the meal. "I paid for that," Ferguson said of the meal, adding, "The city doesn't pick up a dime for me and my wife to go [to the convention]. I pay for my registration and our hotel."
Posted on http://www.explorecarroll.com/ 9/17/08
As for a $1,500 dinner bill, Ferguson is adamant that he picked up the expenses for the meal. "I paid for that," Ferguson said of the meal, adding, "The city doesn't pick up a dime for me and my wife to go [to the convention]. I pay for my registration and our hotel."
------
Westminster Mayor Tom Ferguson this week defended sending 15 appointed and elected officials to the Maryland Municipal League Convention this past summer despite a price tag of $19,000 and a dinner bill that totaled $1,500.
The four-day convention held in Ocean City offers symposiums and seminars dealing with a variety of issues and subjects pertinent to municipalities, Ferguson said.
The governor and his cabinet also attend one day, hosting roundtable meetings to allow discussions about such topics as transportation and the environment, he said.
"There is no way I can put a dollar value..." on the event, Ferguson said. "It is an opportunity to have interaction with peers around... Maryland... to pick up new ideas."
The issue of the expense was raised in a story that appeared in the Carroll County Times.
Ferguson said the convention is typically attended by council members, the mayor and department heads. This year, three additional people attended because Larry Bloom, superintendent of Westminster's street department, was honored as the MML employee of the year, Ferguson said. Bloom's wife and his immediate boss, Jeff Glass and his wife, attended the event.
"It is quite an honor and one he clearly deserves," Ferguson said of Bloom. "It speaks well of the city and him personally to get that type of recognition."
As for a $1,500 dinner bill, Ferguson is adamant that he picked up the expenses for the meal.
"I paid for that," Ferguson said of the meal, adding, "The city doesn't pick up a dime for me and my wife to go [to the convention]. I pay for my registration and our hotel."
*****
Related: Recent Westminster Eagle and Sunday Carroll Eagle columns by Kevin Dayhoff
Be critical of spending, but MML has been worthwhile
Published September 17, 2008 by Westminster Eagle
There has been a fair amount of discussion of late regarding published accounts of the June trip by 15 appointed and elected officials from Westminster...
http://kevindayhoffwestgov-net.blogspot.com/2008/09/recent-westminster-eagle-and-sunday_23.html
20080923 Recent Westminster Eagle and Sunday Carroll Eagle columns
NBH: http://kbetrue.livejournal.com/60014.html
20080917 Westminster mayor says convention spending worth it KJones
Westminster Mayor Tom Ferguson this week defended sending 15 appointed and elected officials to the Maryland Municipal League Convention this past summer despite a price tag of $19,000 and a dinner bill that totaled $1,500.
The four-day convention held in Ocean City offers symposiums and seminars dealing with a variety of issues and subjects pertinent to municipalities, Ferguson said.
The governor and his cabinet also attend one day, hosting roundtable meetings to allow discussions about such topics as transportation and the environment, he said.
"There is no way I can put a dollar value..." on the event, Ferguson said. "It is an opportunity to have interaction with peers around... Maryland... to pick up new ideas."
The issue of the expense was raised in a story that appeared in the Carroll County Times.
Ferguson said the convention is typically attended by council members, the mayor and department heads. This year, three additional people attended because Larry Bloom, superintendent of Westminster's street department, was honored as the MML employee of the year, Ferguson said. Bloom's wife and his immediate boss, Jeff Glass and his wife, attended the event.
"It is quite an honor and one he clearly deserves," Ferguson said of Bloom. "It speaks well of the city and him personally to get that type of recognition."
As for a $1,500 dinner bill, Ferguson is adamant that he picked up the expenses for the meal.
"I paid for that," Ferguson said of the meal, adding, "The city doesn't pick up a dime for me and my wife to go [to the convention]. I pay for my registration and our hotel."
*****
Related: Recent Westminster Eagle and Sunday Carroll Eagle columns by Kevin Dayhoff
Be critical of spending, but MML has been worthwhile
Published September 17, 2008 by Westminster Eagle
There has been a fair amount of discussion of late regarding published accounts of the June trip by 15 appointed and elected officials from Westminster...
http://kevindayhoffwestgov-net.blogspot.com/2008/09/recent-westminster-eagle-and-sunday_23.html
20080923 Recent Westminster Eagle and Sunday Carroll Eagle columns
NBH: http://kbetrue.livejournal.com/60014.html
20080917 Westminster mayor says convention spending worth it KJones
Tuesday, September 23, 2008
Recent Westminster Eagle and Sunday Carroll Eagle columns by Kevin Dayhoff
Recent Westminster Eagle and Sunday Carroll Eagle columns by Kevin Dayhoff
Be critical of spending, but MML has been worthwhile
Published September 17, 2008 by Westminster Eagle
There has been a fair amount of discussion of late regarding published accounts of the June trip by 15 appointed and elected officials from Westminster...
League of extraordinary gentlemen (and women) serving Maryland
Published September 14, 2008 by Sunday Carroll Eagle
Between scholarships, the cost of conferences and its plan to create geocache sites in local municipalities, the Maryland Municipal League has been the...
Appreciating the composed chaos of the GOP Convention
Published September 10, 2008 by Westminster Eagle
I spent last week at the Republican National Convention at the Xcel Energy Center in St. Paul, Minn. The Xcel Center is a hockey arena...
For many years, the convention 'party' came to Baltimore
Published September 5, 2008 by Sunday Carroll Eagle
This past week I was fortunate to have the opportunity to travel with the Maryland Delegation to the 2008 Republican National Convention at...
Power of art contributes to a community's vibrancy
Published September 3, 2008 by Westminster Eagle
This week's column is a bit of a travel log, but one that relates to life here in Westminster. Recently I had an opportunity to...
A town divided found purpose and prosperity as a unified Westminster
Published August 31, 2008 by Sunday Carroll Eagle
EAGLE ARCHIVE Last Sunday we looked at the early history of the western end of Westminster. It was a little more than 80 years ago...
Economic development will revitalize Pennsylvania Avenue
Published August 27, 2008 by Westminster Eagle
At a recent meeting of the Westminster Common Council, it was announced that Councilman Greg Pecoraro will chair another Pennsylvania Avenue initiative, and that Councilwoman...
Years ago, folks celebrated sticking The Forks in Westminster
Published August 24, 2008 by Sunday Carroll Eagle
The City of Westminster has recently been working to form a group to study the Pennsylvania Avenue of town. In that context, it's interesting that back...
I speak today in favor of adventures in 'behindular zone'
Published August 20, 2008 by Westminster Eagle
Well, I did it. Come a little closer, and I'll tell you all about it. All right, maybe not all about it. After all, this...
20080923 Recent Westminster Eagle and Sunday Carroll Eagle columns
NBH: http://kbetrue.livejournal.com/60014.html
Be critical of spending, but MML has been worthwhile
Published September 17, 2008 by Westminster Eagle
There has been a fair amount of discussion of late regarding published accounts of the June trip by 15 appointed and elected officials from Westminster...
League of extraordinary gentlemen (and women) serving Maryland
Published September 14, 2008 by Sunday Carroll Eagle
Between scholarships, the cost of conferences and its plan to create geocache sites in local municipalities, the Maryland Municipal League has been the...
Appreciating the composed chaos of the GOP Convention
Published September 10, 2008 by Westminster Eagle
I spent last week at the Republican National Convention at the Xcel Energy Center in St. Paul, Minn. The Xcel Center is a hockey arena...
For many years, the convention 'party' came to Baltimore
Published September 5, 2008 by Sunday Carroll Eagle
This past week I was fortunate to have the opportunity to travel with the Maryland Delegation to the 2008 Republican National Convention at...
Power of art contributes to a community's vibrancy
Published September 3, 2008 by Westminster Eagle
This week's column is a bit of a travel log, but one that relates to life here in Westminster. Recently I had an opportunity to...
A town divided found purpose and prosperity as a unified Westminster
Published August 31, 2008 by Sunday Carroll Eagle
EAGLE ARCHIVE Last Sunday we looked at the early history of the western end of Westminster. It was a little more than 80 years ago...
Economic development will revitalize Pennsylvania Avenue
Published August 27, 2008 by Westminster Eagle
At a recent meeting of the Westminster Common Council, it was announced that Councilman Greg Pecoraro will chair another Pennsylvania Avenue initiative, and that Councilwoman...
Years ago, folks celebrated sticking The Forks in Westminster
Published August 24, 2008 by Sunday Carroll Eagle
The City of Westminster has recently been working to form a group to study the Pennsylvania Avenue of town. In that context, it's interesting that back...
I speak today in favor of adventures in 'behindular zone'
Published August 20, 2008 by Westminster Eagle
Well, I did it. Come a little closer, and I'll tell you all about it. All right, maybe not all about it. After all, this...
20080923 Recent Westminster Eagle and Sunday Carroll Eagle columns
NBH: http://kbetrue.livejournal.com/60014.html
Art Econ Benefits of Art, Dayhoff Media Sun Carroll Eagle, History Westminster, Medicine Health colonoscopy, MML Municipal League, MML Municipal League Dayhoff articles, People Pecoraro-Greg, Westminster Council Pecoraro G, Westminster File PA Ave
Charlie Gibson's Gaffe By Charles Krauthammer
Charlie Gibson's Gaffe By Charles Krauthammer
For whatever reason, the matter of the “Bush Doctrine” continues to resurface in conversations about the gotcha Charles Gibson interview with Alaska Gov. Sarah Palin almost two week’s ago.
Of course, had Mr. Gibson been interviewing Illinois Sen. Barack Obama or Delaware Sen. Joe Biden, we could be certain that his tone and mood would have been considerably less arrogant and condescending.
Let’s face it; Gov. Palin does not come from the elite ranks of Washington, the East Coast or New York. She’s actually someone to which many of us can relate. The elite media and many Democrats have come unglued that a PTA Mom from a small town in Alaska could possibly – gasp – become vice president.
On September 13, Charles Krauthammer weighed into the fray:
Charlie Gibson's Gaffe By Charles Krauthammer
Saturday, September 13, 2008; A17
"At times visibly nervous . . . Ms. Palin most visibly stumbled when she was asked by Mr. Gibson if she agreed with the Bush doctrine. Ms. Palin did not seem to know what he was talking about. Mr. Gibson, sounding like an impatient teacher, informed her that it meant the right of 'anticipatory self-defense.' " -- New York Times, Sept. 12
Informed her? Rubbish.
The New York Times got it wrong. And Charlie Gibson got it wrong.
There is no single meaning of the Bush doctrine. In fact, there have been four distinct meanings, each one succeeding another over the eight years of this administration -- and the one Charlie Gibson cited is not the one in common usage today. It is utterly different.
He asked Palin, "Do you agree with the Bush doctrine?"
She responded, quite sensibly to a question that is ambiguous, "In what respect, Charlie?"
Sensing his "gotcha" moment, Gibson refused to tell her. After making her fish for the answer, Gibson grudgingly explained to the moose-hunting rube that the Bush doctrine "is that we have the right of anticipatory self-defense."
Wrong.
I know something about the subject because, as the Wikipedia entry on the Bush doctrine notes, I was the first to use the term. In the cover essay of the June 4, 2001, issue of the Weekly Standard entitled, "The Bush Doctrine: ABM, Kyoto, and the New American Unilateralism," I suggested that the Bush administration policies of unilaterally withdrawing from the ABM treaty and rejecting the Kyoto protocol, together with others, amounted to a radical change in foreign policy that should be called the Bush doctrine.
[…]
Presidential doctrines are inherently malleable and difficult to define. The only fixed "doctrines" in American history are the Monroe and the Truman doctrines which come out of single presidential statements during administrations where there were few other contradictory or conflicting foreign policy crosscurrents.
Such is not the case with the Bush doctrine.
Yes, Sarah Palin didn't know what it is. But neither does Charlie Gibson. And at least she didn't pretend to know -- while he looked down his nose and over his glasses with weary disdain, sighing and "sounding like an impatient teacher," as the Times noted. In doing so, he captured perfectly the establishment snobbery and intellectual condescension that has characterized the chattering classes' reaction to the mother of five who presumes to play on their stage.
The rest of Mr. Krauthammer’s commentary is a must read: Charlie Gibson's Gaffe By Charles Krauthammer
Related: 20080912 ABC’s Bungles by Kirsten Powers
20080918 Charles Gibson’s Palin Double Standard
20080912 Obama’s Race to lose and he might by Charles Krauthammer
20080911 Palin Derangement Watch by Blake Dvorak
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/12/AR2008091202457.html
20080913 Charlie Gibson's Gaffe By Charles Krauthammer
Charles Gibson's Palin Double Standard by Brent Bozell III
Charles Gibson's Palin Double Standard by Brent Bozell III
Thursday, September 18, 2008
The McCain campaign went looking for a major anchor to be awarded the blessing and the curse of the first Sarah Palin interview -- a blessing for ratings and a curse from all the competitors who would accuse the winners of being soft on Republicans. At CBS, Katie Couric had wallowed in fan-club-president questions to Hillary Clinton about her "pure stamina," so she couldn't be first. NBC's Brian Williams kept asking Barack Obama those hardballs about how his late mother would swoon over the latest glowingly positive "news" magazine cover. How hard was it to pick Charlie Gibson on ABC?
Of the three anchors, Gibson is the one with the longest career in the hard-news trenches. The McCain people knew Gibson was not a "friendly." They knew Palin's first interview was going to be a grilling -- not just because the media saw her as untested, but because of the enormous liberal-media peer pressure to puncture her popularity.
[...]
Read the entire column here: Charles Gibson's Palin Double Standard by Brent Bozell III
20080918 Charles Gibson’s Palin Double Standard
Related: 20080912 ABC’s Bungles by Kirsten Powers
Thursday, September 18, 2008
The McCain campaign went looking for a major anchor to be awarded the blessing and the curse of the first Sarah Palin interview -- a blessing for ratings and a curse from all the competitors who would accuse the winners of being soft on Republicans. At CBS, Katie Couric had wallowed in fan-club-president questions to Hillary Clinton about her "pure stamina," so she couldn't be first. NBC's Brian Williams kept asking Barack Obama those hardballs about how his late mother would swoon over the latest glowingly positive "news" magazine cover. How hard was it to pick Charlie Gibson on ABC?
Of the three anchors, Gibson is the one with the longest career in the hard-news trenches. The McCain people knew Gibson was not a "friendly." They knew Palin's first interview was going to be a grilling -- not just because the media saw her as untested, but because of the enormous liberal-media peer pressure to puncture her popularity.
[...]
Read the entire column here: Charles Gibson's Palin Double Standard by Brent Bozell III
20080918 Charles Gibson’s Palin Double Standard
Related: 20080912 ABC’s Bungles by Kirsten Powers
Monday, September 22, 2008
The secret to a long life?
The secret to a long life?
Hat Tip: JCM
The 100 year-old and the cigarette.
20080922 The secret to a long life
Hat Tip: JCM
The 100 year-old and the cigarette.
20080922 The secret to a long life
Westminster mayor and council meeting agenda for Sept. 22, 2008
Westminster mayor and council meeting agenda for Sept. 22, 2008
City Council
City Council Members Minutes of City Council Meetings
CITY OF WESTMINSTER, MARYLAND
Mayor and Common Council Meeting of September 22, 2008
City Hall Coucil (sic) chambers- 1838 Emerald Hill Lane
AGENDA
1. CALL TO ORDER – 7:00 P.M.
Mayor’s Proclamation – National Community Planning Month
City Survey – Thomas Beyard
2. MINUTES OF THE MEETING OF SEPTEMBER 8, 2008
3. CONSENT CALENDAR:
August 2008 Departmental Operating Reports
4. REPORTS FROM THE MAYOR
5. REPORTS FROM STANDING COMMITTEES
6. ORDINANCES:
Ordinance No. 787 – Sale of 18A Union Street – Thomas Beyard
7. UNFINISHED BUSINESS:
a. None as of September 18, 2008
8. NEW BUSINESS:
a. Recommendations for Fees and Charges – Thomas Beyard
9. DEPARTMENT REPORTS
10. CITIZEN COMMENTS
11. ADJOURN
20080922 Westminster mayor and council meeting agenda
City Council
City Council Members Minutes of City Council Meetings
CITY OF WESTMINSTER, MARYLAND
Mayor and Common Council Meeting of September 22, 2008
City Hall Coucil (sic) chambers- 1838 Emerald Hill Lane
AGENDA
1. CALL TO ORDER – 7:00 P.M.
Mayor’s Proclamation – National Community Planning Month
City Survey – Thomas Beyard
2. MINUTES OF THE MEETING OF SEPTEMBER 8, 2008
3. CONSENT CALENDAR:
August 2008 Departmental Operating Reports
4. REPORTS FROM THE MAYOR
5. REPORTS FROM STANDING COMMITTEES
6. ORDINANCES:
Ordinance No. 787 – Sale of 18A Union Street – Thomas Beyard
7. UNFINISHED BUSINESS:
a. None as of September 18, 2008
8. NEW BUSINESS:
a. Recommendations for Fees and Charges – Thomas Beyard
9. DEPARTMENT REPORTS
10. CITIZEN COMMENTS
11. ADJOURN
20080922 Westminster mayor and council meeting agenda
Constellation Energy To Host Conference Call
Constellation Energy To Host Conference Call
BALTIMORE, Sep 22, 2008 (BUSINESS WIRE) -- Constellation Energy (NYSE: CEG) will host a conference call at 11:00 a.m. (EDT) today (Monday, Sept. 22, 2008) to discuss the proposed merger with MidAmerican Energy Holdings Company announced on Sept. 19, 2008.
To participate, analysts, investors, media and the public in the U.S. may dial (888) 455-2894 shortly before 11:00 a.m. The international phone number is (773) 681-5899. The conference password is ENERGY. A replay will be available for 90 days approximately one hour after the end of the call by dialing (800) 778-9714 or (402) 220-2072 (international). No password is required to listen to the replay.
A live audio webcast of the conference call and presentation slides will be available on the Investor Relations page of Constellation Energy's Web site (http://www.constellation.com). A webcast replay, as well as a replay in downloadable MP3 format, will also be available on the Constellation Energy's Web site shortly after the completion of the call. The call will also be recorded and archived on the site.
About Constellation Energy
Constellation Energy (http://www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 83 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.
Forward-Looking Statements and Additional Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the proposed transaction between Constellation Energy and MidAmerican Energy Holdings Company and the expected timing and completion of the transaction. Words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions are intended to identify forward looking statements. Such statements are based upon the current beliefs and expectations of our management and involve a number of significant risks and uncertainties, many of which are difficult to predict and generally beyond the control of Constellation Energy and MidAmerican. Actual results may differ materially from the results anticipated in these forward-looking statements. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by Constellation Energy's shareholders; the ability to obtain governmental approvals of the transaction or to satisfy other conditions to the transaction on the terms and expected timeframe or at all; transaction costs; economic conditions; and the effects of disruption from the transaction making it more difficult to maintain relationships with employees, customers, other business partners or government entities. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in the 2007 Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission and in the proxy statement Constellation Energy intends to file with the Securities and Exchange Commission and mail to its shareholders with respect to the proposed transaction, each of which are or will be available at the Securities and Exchange Commission's Web site (http://www.sec.gov) at no charge.
This communication is being made in respect of the proposed merger transaction involving Constellation Energy and MidAmerican Energy Holdings Company. In connection with the proposed transaction, Constellation Energy will file with the Securities and Exchange Commission a proxy statement and will mail the proxy statement to its shareholders. Shareholders are encouraged to read the proxy statement regarding the proposed transaction when it becomes available because it will contain important information. Shareholders will be able to obtain a free copy of the proxy statement, as well as other filings made by Constellation Energy regarding Constellation Energy, MidAmerican Energy Holdings Company and the proposed transaction, without charge, at the Securities and Exchange Commission's Internet site (http://www.sec.gov). These materials can also be obtained, when available, without charge, by directing a request to Constellation Energy per the investor relations contact information below.
Constellation Energy, MidAmerican Energy Holdings Company and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Constellation Energy's directors and executive officers is available in Constellation Energy's notice of annual meeting and proxy statement for its most recent annual meeting and Constellation Energy's Annual Report on Form 10-K for the year ended December 31, 2007, which were filed with the Securities and Exchange Commission on February 27, 2008 and April 29, 2008, respectively. Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the Securities and Exchange Commission.
SOURCE: Constellation Energy
Constellation Energy
Media:
Robert L. Gould/Debra Larsson
410-470-7433
or
Investor:
Kevin Hadlock, 410-470-3647
Janet Mosher, 410 470-1884
Copyright Business Wire 2008
News Provided by COMTEX
SEC Filing Alert
Constellation Energy Group has filed the following document(s) with the United States Securities and Exchange Commission.
Sep 22, 2008
Form 8-K / Current Report HTML PDF
Form Defa14a / Definitive Proxy Statement
HTML PDF
View all SEC Filings
20080922 Constellation Energy To Host Conference Call
BALTIMORE, Sep 22, 2008 (BUSINESS WIRE) -- Constellation Energy (NYSE: CEG) will host a conference call at 11:00 a.m. (EDT) today (Monday, Sept. 22, 2008) to discuss the proposed merger with MidAmerican Energy Holdings Company announced on Sept. 19, 2008.
To participate, analysts, investors, media and the public in the U.S. may dial (888) 455-2894 shortly before 11:00 a.m. The international phone number is (773) 681-5899. The conference password is ENERGY. A replay will be available for 90 days approximately one hour after the end of the call by dialing (800) 778-9714 or (402) 220-2072 (international). No password is required to listen to the replay.
A live audio webcast of the conference call and presentation slides will be available on the Investor Relations page of Constellation Energy's Web site (http://www.constellation.com). A webcast replay, as well as a replay in downloadable MP3 format, will also be available on the Constellation Energy's Web site shortly after the completion of the call. The call will also be recorded and archived on the site.
About Constellation Energy
Constellation Energy (http://www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 billion, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of 83 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland.
Forward-Looking Statements and Additional Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the proposed transaction between Constellation Energy and MidAmerican Energy Holdings Company and the expected timing and completion of the transaction. Words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," and other similar expressions are intended to identify forward looking statements. Such statements are based upon the current beliefs and expectations of our management and involve a number of significant risks and uncertainties, many of which are difficult to predict and generally beyond the control of Constellation Energy and MidAmerican. Actual results may differ materially from the results anticipated in these forward-looking statements. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by Constellation Energy's shareholders; the ability to obtain governmental approvals of the transaction or to satisfy other conditions to the transaction on the terms and expected timeframe or at all; transaction costs; economic conditions; and the effects of disruption from the transaction making it more difficult to maintain relationships with employees, customers, other business partners or government entities. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in the 2007 Annual Report on Form 10-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission and in the proxy statement Constellation Energy intends to file with the Securities and Exchange Commission and mail to its shareholders with respect to the proposed transaction, each of which are or will be available at the Securities and Exchange Commission's Web site (http://www.sec.gov) at no charge.
This communication is being made in respect of the proposed merger transaction involving Constellation Energy and MidAmerican Energy Holdings Company. In connection with the proposed transaction, Constellation Energy will file with the Securities and Exchange Commission a proxy statement and will mail the proxy statement to its shareholders. Shareholders are encouraged to read the proxy statement regarding the proposed transaction when it becomes available because it will contain important information. Shareholders will be able to obtain a free copy of the proxy statement, as well as other filings made by Constellation Energy regarding Constellation Energy, MidAmerican Energy Holdings Company and the proposed transaction, without charge, at the Securities and Exchange Commission's Internet site (http://www.sec.gov). These materials can also be obtained, when available, without charge, by directing a request to Constellation Energy per the investor relations contact information below.
Constellation Energy, MidAmerican Energy Holdings Company and their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Constellation Energy's directors and executive officers is available in Constellation Energy's notice of annual meeting and proxy statement for its most recent annual meeting and Constellation Energy's Annual Report on Form 10-K for the year ended December 31, 2007, which were filed with the Securities and Exchange Commission on February 27, 2008 and April 29, 2008, respectively. Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the Securities and Exchange Commission.
SOURCE: Constellation Energy
Constellation Energy
Media:
Robert L. Gould/Debra Larsson
410-470-7433
or
Investor:
Kevin Hadlock, 410-470-3647
Janet Mosher, 410 470-1884
Copyright Business Wire 2008
News Provided by COMTEX
SEC Filing Alert
Constellation Energy Group has filed the following document(s) with the United States Securities and Exchange Commission.
Sep 22, 2008
Form 8-K / Current Report HTML PDF
Form Defa14a / Definitive Proxy Statement
HTML PDF
View all SEC Filings
20080922 Constellation Energy To Host Conference Call
NPR: Writer David Foster Wallace Found Dead
NPR: Writer David Foster Wallace Found Dead
September 14, 2008
Remembrances
Rolling Stone: A Profile of John McCain by David Foster Wallace
Wallace's Work In Harper's Magazine
Listen Now [1 min 46 sec] add to playlist
All Things Considered, September 14, 2008 · David Foster Wallace, author of the critically acclaimed 1996 novel Infinite Jest, was found dead in his Claremont, Calif., home on Friday.
Wallace's wife told police that he'd hanged himself. He was 46.
Wallace developed a cult following in the 1980s with his early works, but it was Infinite Jest that gained him widespread attention. The novel was set in the future, in an era of hyper-commercialism. It revolved around a fictional film that was so entertaining, anyone who watched it could die — because they wouldn't want to do anything but watch it.
Infinite Jest featured a massive cast of characters, sprawled across more than 1,000 pages. And there were hundreds of footnotes.
In 2005, Time magazine named Infinite Jest one of the 100 best English-language novels since 1923. But Wallace told PBS's Charlie Rose that he found the attention a little strange.
"I didn't read a lot of the reviews, but a lot of positive ones seemed to misunderstand the book. I wanted it to be extraordinarily sad and not postmodern or fractured, and most of the reviewers that really liked it seemed to like it because it was funny, or it was erudite, or it was interestingly fractured," Wallace said.
A year after Infinite Jest was published, the MacArthur Foundation awarded Wallace a "genius grant."
Wallace's later work included nonfiction, short-story collections and essays on filmmaker David Lynch, tennis star Roger Federer and Sen. John McCain.
Related NPR Stories
Sep. 15, 2008
Wallace Invented 'New Style, New Comedy'
Aug. 19, 2006
David Foster Wallace's 'Federer Moment'
Sep. 15, 2008
'Infinite Jest' Author David Foster Wallace
Sep. 15, 2008
Remembering David Foster Wallace's Dark Irony
July 3, 2006
An Author Asks That You 'Consider the Lobster'
Oct. 13, 2003
Wallace's 'Compact History Of Infinity'
Remembrances
Wallace Invented 'New Style, New Comedy'
by David Lipsky
Listen Now [3 min 45 sec] add to playlist
All Things Considered, September 15, 2008 · To read David Foster Wallace was to feel your eyelids pulled open. Some writers specialize in the away-from-home experience — they've safaried, eaten across Italy, covered a war. Wallace offered his alive self cutting through our sleepy aquarium — our standard TV, stores, political campaigns.
Writers who can do this, like Salinger and Fitzgerald, forge an unbreakable bond with readers. You didn't slip into the books looking for story, information, but for a particular experience. The sensation, for a certain number of pages, of being David Foster Wallace.
He invented a new style and a new comedy. The style — sharp, loaded with footnotes and asides — was the unedited camera. The feed before the director in the van starts picking cuts and themes. The comedy was of a brain so big, careful and kind it kept tripping over its own lumps.
In stories and essays, Wallace was drawn to a conflict: How can you live well, and how do you do it without damaging other people, embarrassing yourself? This comedy was the difference between the benign airbrush we put to experience, and the messes we actually generate.
Reporting on a lobster festival, he didn't review the food, the crowds. His attention went to the shellfish in the pot. For all his humor, what seemed to interest and trouble Wallace was that no matter how wide we smile, there's always a little meat sticking to our teeth.
I spent a week interviewing Wallace, after the 1,000-page novel Infinite Jest made his name. He was faultlessly polite. He lived alone with two dogs. He told me the best books were "a conversation about loneliness." He said, "If a writer does his job right, what he basically does is remind the reader of how smart they are. Wake the reader up to stuff that reader's been aware of all the time."
For someone whose trademark became brilliance, his sense of himself was modest, workmanlike. "I am probably not the smartest writer going," he said, "but I work really, really hard. You give me 24 hours in a room by myself, alone? Then I can be really, really smart."
[…]
Read more: NPR: Writer David Foster Wallace Found Dead
More On David Foster Wallace
Sep. 15, 2008
Remembering David Wallace's Dark Irony
Sep. 15, 2008
'Infinite Jest' Author David Foster Wallace
Aug. 19, 2006
David Foster Wallace's 'Federer Moment'
http://www.npr.org/templates/story/story.php?storyId=94629055
20080914 Writer David Foster Wallace Found Dead
September 14, 2008
Remembrances
Rolling Stone: A Profile of John McCain by David Foster Wallace
Wallace's Work In Harper's Magazine
Listen Now [1 min 46 sec] add to playlist
All Things Considered, September 14, 2008 · David Foster Wallace, author of the critically acclaimed 1996 novel Infinite Jest, was found dead in his Claremont, Calif., home on Friday.
Wallace's wife told police that he'd hanged himself. He was 46.
Wallace developed a cult following in the 1980s with his early works, but it was Infinite Jest that gained him widespread attention. The novel was set in the future, in an era of hyper-commercialism. It revolved around a fictional film that was so entertaining, anyone who watched it could die — because they wouldn't want to do anything but watch it.
Infinite Jest featured a massive cast of characters, sprawled across more than 1,000 pages. And there were hundreds of footnotes.
In 2005, Time magazine named Infinite Jest one of the 100 best English-language novels since 1923. But Wallace told PBS's Charlie Rose that he found the attention a little strange.
"I didn't read a lot of the reviews, but a lot of positive ones seemed to misunderstand the book. I wanted it to be extraordinarily sad and not postmodern or fractured, and most of the reviewers that really liked it seemed to like it because it was funny, or it was erudite, or it was interestingly fractured," Wallace said.
A year after Infinite Jest was published, the MacArthur Foundation awarded Wallace a "genius grant."
Wallace's later work included nonfiction, short-story collections and essays on filmmaker David Lynch, tennis star Roger Federer and Sen. John McCain.
Related NPR Stories
Sep. 15, 2008
Wallace Invented 'New Style, New Comedy'
Aug. 19, 2006
David Foster Wallace's 'Federer Moment'
Sep. 15, 2008
'Infinite Jest' Author David Foster Wallace
Sep. 15, 2008
Remembering David Foster Wallace's Dark Irony
July 3, 2006
An Author Asks That You 'Consider the Lobster'
Oct. 13, 2003
Wallace's 'Compact History Of Infinity'
Remembrances
Wallace Invented 'New Style, New Comedy'
by David Lipsky
Listen Now [3 min 45 sec] add to playlist
All Things Considered, September 15, 2008 · To read David Foster Wallace was to feel your eyelids pulled open. Some writers specialize in the away-from-home experience — they've safaried, eaten across Italy, covered a war. Wallace offered his alive self cutting through our sleepy aquarium — our standard TV, stores, political campaigns.
Writers who can do this, like Salinger and Fitzgerald, forge an unbreakable bond with readers. You didn't slip into the books looking for story, information, but for a particular experience. The sensation, for a certain number of pages, of being David Foster Wallace.
He invented a new style and a new comedy. The style — sharp, loaded with footnotes and asides — was the unedited camera. The feed before the director in the van starts picking cuts and themes. The comedy was of a brain so big, careful and kind it kept tripping over its own lumps.
In stories and essays, Wallace was drawn to a conflict: How can you live well, and how do you do it without damaging other people, embarrassing yourself? This comedy was the difference between the benign airbrush we put to experience, and the messes we actually generate.
Reporting on a lobster festival, he didn't review the food, the crowds. His attention went to the shellfish in the pot. For all his humor, what seemed to interest and trouble Wallace was that no matter how wide we smile, there's always a little meat sticking to our teeth.
I spent a week interviewing Wallace, after the 1,000-page novel Infinite Jest made his name. He was faultlessly polite. He lived alone with two dogs. He told me the best books were "a conversation about loneliness." He said, "If a writer does his job right, what he basically does is remind the reader of how smart they are. Wake the reader up to stuff that reader's been aware of all the time."
For someone whose trademark became brilliance, his sense of himself was modest, workmanlike. "I am probably not the smartest writer going," he said, "but I work really, really hard. You give me 24 hours in a room by myself, alone? Then I can be really, really smart."
[…]
Read more: NPR: Writer David Foster Wallace Found Dead
More On David Foster Wallace
Sep. 15, 2008
Remembering David Wallace's Dark Irony
Sep. 15, 2008
'Infinite Jest' Author David Foster Wallace
Aug. 19, 2006
David Foster Wallace's 'Federer Moment'
http://www.npr.org/templates/story/story.php?storyId=94629055
20080914 Writer David Foster Wallace Found Dead
Groundbreaking for the Babylon Community Building slated for Wednesday September 24, 2008 at 3:30 PM
Groundbreaking for the Babylon Community Building on the Westminster Playground slated for Wednesday September 24, 2008 at 3:30 PM
The Mayor and Common Council of Westminster cordially invite you to attend the Groundbreaking ceremony for the David S. Babylon Memorial Community Building to be held at 3:30 p.m. on September 24, 2008 on the grounds of the historic Westminster City Park.
The building is being named in honor of David S. Babylon who served the citizens of Westminster for twenty-five years as a distinguished member and President of the Westminster Common Council, was a life member of the Westminster Fire Department, and was a well-respected and successful Westminster businessman.
This new two-story building will replace the current outdated structure and is designed to continue to function as a snack shack and storage facility, but will also include a community meeting room and office facilities for Westminster Fallfest Inc.
The building will be owned by The City of Westminster and will be operated and maintained through a partnership with The City of Westminster, Westminster Fallfest, Inc., and The Westminster Optimist Club.
Funding for this exciting project was made possible by a lead private sector gift of $50,000.00 from the family of David Babylon, along with A State of Maryland Project Open Space grant of $59,470 and matching grants from Carroll County Government and The City of Westminster of $3,304.00 each.
Councilwoman Suzanne Albert and the Westminster based architectural firm of Dean Camlin & Associates, the Westminster based engineering firm of CLSI, and the Board of Directors of Westminster Fallfest, Inc. each have made important contributions to this endeavor.
Please contact Mr. Ron Schroers, Director of Recreation and Parks, at 410 848-6962 by September 15th to confirm your attendance.
For more information go to: 20080414 A History and overview of The David S. Babylon Jr. Community Building project
Babylon Fam Babylon Bldg Playground
http://kevindayhoff.blogspot.com/search/label/Babylon%20Fam%20Babylon%20Bldg%20Playground
The Mayor and Common Council of Westminster cordially invite you to attend the Groundbreaking ceremony for the David S. Babylon Memorial Community Building to be held at 3:30 p.m. on September 24, 2008 on the grounds of the historic Westminster City Park.
The building is being named in honor of David S. Babylon who served the citizens of Westminster for twenty-five years as a distinguished member and President of the Westminster Common Council, was a life member of the Westminster Fire Department, and was a well-respected and successful Westminster businessman.
This new two-story building will replace the current outdated structure and is designed to continue to function as a snack shack and storage facility, but will also include a community meeting room and office facilities for Westminster Fallfest Inc.
The building will be owned by The City of Westminster and will be operated and maintained through a partnership with The City of Westminster, Westminster Fallfest, Inc., and The Westminster Optimist Club.
Funding for this exciting project was made possible by a lead private sector gift of $50,000.00 from the family of David Babylon, along with A State of Maryland Project Open Space grant of $59,470 and matching grants from Carroll County Government and The City of Westminster of $3,304.00 each.
Councilwoman Suzanne Albert and the Westminster based architectural firm of Dean Camlin & Associates, the Westminster based engineering firm of CLSI, and the Board of Directors of Westminster Fallfest, Inc. each have made important contributions to this endeavor.
Please contact Mr. Ron Schroers, Director of Recreation and Parks, at 410 848-6962 by September 15th to confirm your attendance.
For more information go to: 20080414 A History and overview of The David S. Babylon Jr. Community Building project
Babylon Fam Babylon Bldg Playground
http://kevindayhoff.blogspot.com/search/label/Babylon%20Fam%20Babylon%20Bldg%20Playground
20080924 Groundbreaking for the Babylon Community Building
Eyesore slated to house civic groups by Bryan Schutt
Eyesore slated to house civic groups by Bryan Schutt
By Bryan Schutt, Carroll County Times Staff Writer Saturday, September 13, 2008
The Westminster Playground Community Building will be demolished in the coming months and a new building will be built that’ll serve as the headquarters for two community organizations.
The new building will become the joint headquarters for the Optimist Club of Westminster and Westminster Fallfest Inc., according to Ron Schroers, Westminster’s director of parks and recreation. He said the project should be done by next year’s Fallfest and it will allow both groups to have a central location amid the heart of activity in the city.
Schroers said the majority of the $149,000 needed to pay for the project will come from Maryland Project Open Space grant money and fundraising by Fallfest. The ongoing electric costs will be covered by the Optimist Club.
A face-lift for the fixture wouldn’t have been practical, according to Schroers, so the building, which is located between the basketball court and baseball field at the city park, will be torn down and a new two-story structure will be erected.
The first floor will be the home of the Optimist Club. It will have a meeting room and a new concession area so the Optimist Club can operate a snack shack again during events. The current concession stand is inoperable, so the club abandoned the use of it.
The second floor will be the home to Fallfest, and it’ll have an office and multipurpose room. The building will also have a basement, which will serve as storage rooms for both groups.
Schroers said the fundraising took off after a donation from the Babylon family. The family donated $50,000 during the Fallfest Gala last April. Because of that, the new playground building will be renamed the David S. Babylon Memorial Community Building, in honor of Babylon and his contributions to the city.
Babylon, a lifelong Westminster activist, passed away in August 2006. He served as a councilman in Westminster for 25 years, was a volunteer in the Westminster fire company and was involved with several other community organizations.
Darlene Dorsey, president of the Optimist Club of Westminster, said she was floored when the idea was floated to her, and she still gets energized when she thinks about the project.
“That building now is an eyesore and needed so many repairs … we haven’t really used that shack for years,” Dorsey said. “It’s going to be useful again and that, in itself, is wonderful.
“I’m really excited. This is a great thing and the area will look much nicer, too.”
The Optimist Club used the building for years, but it’s mainly used as a storage shed now because it is so run down, she said.
Dorsey said that with all the club does, operating a good-looking building in the park will serve as a reminder to the community of their services and they hope it will further their outreach to the community’s children. Tom Canon, board member for Fallfest in charge of the capital campaign for the project, said he believes in the project’s practicality.
He said the groundbreaking will take place Sept. 24, the day of the Fallfest parade, and people will be able to see the redesign concept then.
“Making it bigger will enhance its service to the community,” Canon said. “Certainly, city [officials] and citizens take great pride in the facilities and [the area]. That’s what’s getting this done and it’ll be a nice thing to finish.”
Reach staff writer Bryan Schutt at 410-857-7886 or
bryan.schutt@carrollcountytimes.com.
20080913 Eyesore slated to house civic groups by Bryan Schutt
By Bryan Schutt, Carroll County Times Staff Writer Saturday, September 13, 2008
The Westminster Playground Community Building will be demolished in the coming months and a new building will be built that’ll serve as the headquarters for two community organizations.
The new building will become the joint headquarters for the Optimist Club of Westminster and Westminster Fallfest Inc., according to Ron Schroers, Westminster’s director of parks and recreation. He said the project should be done by next year’s Fallfest and it will allow both groups to have a central location amid the heart of activity in the city.
Schroers said the majority of the $149,000 needed to pay for the project will come from Maryland Project Open Space grant money and fundraising by Fallfest. The ongoing electric costs will be covered by the Optimist Club.
A face-lift for the fixture wouldn’t have been practical, according to Schroers, so the building, which is located between the basketball court and baseball field at the city park, will be torn down and a new two-story structure will be erected.
The first floor will be the home of the Optimist Club. It will have a meeting room and a new concession area so the Optimist Club can operate a snack shack again during events. The current concession stand is inoperable, so the club abandoned the use of it.
The second floor will be the home to Fallfest, and it’ll have an office and multipurpose room. The building will also have a basement, which will serve as storage rooms for both groups.
Schroers said the fundraising took off after a donation from the Babylon family. The family donated $50,000 during the Fallfest Gala last April. Because of that, the new playground building will be renamed the David S. Babylon Memorial Community Building, in honor of Babylon and his contributions to the city.
Babylon, a lifelong Westminster activist, passed away in August 2006. He served as a councilman in Westminster for 25 years, was a volunteer in the Westminster fire company and was involved with several other community organizations.
Darlene Dorsey, president of the Optimist Club of Westminster, said she was floored when the idea was floated to her, and she still gets energized when she thinks about the project.
“That building now is an eyesore and needed so many repairs … we haven’t really used that shack for years,” Dorsey said. “It’s going to be useful again and that, in itself, is wonderful.
“I’m really excited. This is a great thing and the area will look much nicer, too.”
The Optimist Club used the building for years, but it’s mainly used as a storage shed now because it is so run down, she said.
Dorsey said that with all the club does, operating a good-looking building in the park will serve as a reminder to the community of their services and they hope it will further their outreach to the community’s children. Tom Canon, board member for Fallfest in charge of the capital campaign for the project, said he believes in the project’s practicality.
He said the groundbreaking will take place Sept. 24, the day of the Fallfest parade, and people will be able to see the redesign concept then.
“Making it bigger will enhance its service to the community,” Canon said. “Certainly, city [officials] and citizens take great pride in the facilities and [the area]. That’s what’s getting this done and it’ll be a nice thing to finish.”
Reach staff writer Bryan Schutt at 410-857-7886 or
bryan.schutt@carrollcountytimes.com.
20080913 Eyesore slated to house civic groups by Bryan Schutt
Westminster Eagle: Be critical of spending, but MML has been worthwhile by Kevin Dayhoff
Westminster Eagle: Be critical of spending, but MML has been worthwhile by Kevin Dayhoff
Posted on http://www.explorecarroll.com/opinion-talk/ 9/17/08
There has been a fair amount of discussion of late regarding published accounts of the June trip by 15 appointed and elected officials from Westminster to attend the annual Maryland Municipal League summer convention -- which city officials acknowledge cost approximately $19,000 in taxpayer money.
The reaction on the street and in the grocery store checkout line was, to be polite, outrage. "Where were their heads when they made this harebrained decision?" asked an acquaintance while I was munching on fries and a roast beef sandwich at Baugher's.
Well, have a seat and take a deep breath. For you see, I can't entirely go along with the populist rabble on this one.
Yes, I enjoy my reputation as a tightwad penny pincher, for which I have endured eloquent criticism in the past -- criticism that comes from those who believe tax and spend big government is the answer to all the challenges in our community.
At a time when city officials are, to the best of my knowledge, for the first time in Westminster history laying off employees due to budget constraints, raising taxes and actively discussing curtailing city services; was it really wise to spend $19,000 on a convention -- which included a $1,500 "team-building dinner?"
Probably not. As one person said to me, it doesn't meet the smell test.
City officials have defended the expense of attending the MML convention, as well they should, by saying in affect that the conference is cost effective.
However, by all accounts, they missed the big picture in defense of the expenditure in that the real challenge facing Westminster is a community conversation over the growth of city government and the spending priorities and policies of the current administration.
The cost of the MML convention served as a lightning rod for the frustration of many folks in the community concerning the past several years when conflicting messages have been telegraphed to the public about city finances. For example, in the last several years the city has added new administrative positions at a cost of more than $200,000 a year -- all the while pleading poverty.
If you want to be upset over the spending priorities and the lack of fiscal discipline of the current administration; have at it.
However, I would leave the MML out of it. For my money, MML is actually part of the solution.
To be fair, the current administration campaigned on the need for increased spending, taxes, bureaucracy and larger government. To now be angry because they've been true to their word is disingenuous at best.
When I was an elected official with the city, I attended six conferences in Ocean City and I continue to keep in touch with MML officials and stay current with MML initiatives, programs, conferences and seminars.
The annual summer convention has grown over the years into a must-attend event for statewide elected leaders as well as municipal officials. Even though it's held in Ocean City, it is a far cry from a vacation at the beach. It's a great deal of work crammed into too few days.
What city officials ought to have done is give a "show me the money" report on what an invaluable service the MML and the summer convention provides our community. There really is bang for that buck, but it's hard to hear that bang over the sound of public protest.
Kevin Dayhoff writes from Westminster. E-mail him at kdayhoff@carr.org.
http://www.explorecarroll.com/opinion/1005/be-critical-spending-but-mml-has-been-worthwhile/
20080917 WE Be critical of spending but MML has been worthwhile
(564 words)
White House Weekly Review for September 15-19, 2008
White House Weekly Review for September 15-19, 2008
September 15-19, 2008
Monday, September 15, 2008
President and Mrs. Bush participated in an arrival ceremony for President John Kufuor of the Republic of Ghana, and Mrs. Kufuor for a state visit. President and Mrs. Bush visited Ghana in February 2008 and welcome the opportunity to return the generous hospitality that President and Mrs. Kufuor and the Ghanaian people extended to them during the visit. The visit celebrated the United States' growing partnership with Ghana and a shared commitment to promote peace and prosperity in Africa and throughout the world. The two Presidents discussed efforts to combat malaria and neglected tropical diseases, as well as Ghana's efforts to promote democratic values, peace, and stability in Africa.
Afterwards, President Bush met with President Kufuor and the two leaders made a joint statement. Later, President Bush met with the 2008 Boys and Girls Clubs of America Regional Finalists and Youth of the Year. In the evening, President and Mrs. Bush greeted the President and Mrs. Kufuor, participated in a photo opportunity, and hosted a state dinner.
President Bush and President Kufuor of Ghana Participate in Arrival Ceremony
President Bush Participates in Joint Statement with President Kufuor of Ghana
President Bush and President Kufuor of Ghana Exchange Toasts
Welcoming the President of the Republic of Ghana
President Bush Receives Update on Hurricane Ike Response and Relief Efforts
Fact Sheet: Increasing Fuel Supply in the Aftermath of Hurricanes Gustav and Ike
In Focus: Hurricane Preparedness
Tuesday, September 16, 2008
President Bush visited Texas to express the Federal Government's support and sympathy in the recovery and rebuilding effort following Hurricane Ike. He participated in a briefing on damage from Hurricane Ike in Houston, followed by an aerial tour of the hurricane damage, and then a briefing at the Galveston Emergency Operations Center.
Later, President Bush was briefed on financial market conditions by members of the President's Working Group (PWG) on Financial Markets. PWG is composed of the Secretary of the Treasury, who chairs the group, the Chairman of the Federal Reserve, the Chairman of the Securities and Exchange Commission, and the Chairman of the Commodity Futures Trading Commission. Created by Executive Order in 1987, the PWG meets regularly to consider market issues and appropriate regulatory responses.
President Bush Receives a Briefing on Hurricane Ike Damage
In Focus: Hurricane Preparedness
Wednesday, September 17, 2008
President Bush met with General David Petraeus, former Commander of the Multi-National Force in Iraq. Then, President Bush met with President Martin Torrijos of the Republic of Panama, an important friend and ally of the United States. The leaders discussed a range of issues, including our common commitment to the United States-Panama Trade Promotion Agreement, expanding free trade and strengthening democracy throughout the region, enhancing security cooperation, and strengthening cooperation in international fora.
Later, President Bush attended an Iftaar dinner with ambassadors and Muslim leaders. Each year of this Administration, President Bush has hosted an Iftaar dinner. This year's dinner highlighted American Muslims who have made significant technological, artistic, or innovative contributions to our Nation.
President Bush Meets with President Torrijos of Panama
In Focus: Global Diplomacy
President Bush Meets with Former Multi-National Force-Iraq Commander General David Petraeus
President Bush Attends Iftaar Dinner
Thursday, September 18, 2008
President Bush discussed the economy.
"Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence."
President Bush Discusses Economy
In Focus: Economy
Ask the White House
Sandy K. Baruah, Acting Administrator, U.S. Small Business Administration,discussed small businesses and Health Savings Account (HSAs).
Friday, September 19, 2008
In the morning, President Bush made a statement on the economy. President Bush welcomed His Highness Sheikh Nasser Al-Sabah, Prime Minister of the State of Kuwait, to the White House. The two discussed the strong bilateral relationship between the United States and Kuwait, our joint efforts in the War on Terror, and a range of regional issues. Later, President Bush met with recipients of the 2008 Secretary of Defense Employer Support Freedom Award. Afterwards, President Bush participated in a photo opportunity and made remarks to NBA Champions the Boston Celtics.
President Bush Meets with Prime Minister Nasser Al-Sabah of Kuwait
In Focus: Global Diplomacy
President Bush Discusses Economy
In Focus: Economy
Monday, September 15, 2008
Press Briefing by Dana Perino and Secretary of the Treasury Henry Paulson
Statement by Press Secretary Dana Perino
Nominations Sent to the Senate
Personnel Announcement
Tuesday, September 16, 2008
Press Gaggle by Scott Stanzel and FEMA Administrator David Paulison
Statement on Additional Federal Disaster Assistance for Texas
Statement by Press Secretary Dana Perino
Memorandum for the Secretary of State
Nominations Sent to the Senate
Personnel Announcement
Wednesday, September 17, 2008
Press Briefing by Dana Perino
Constitution Day and Citizenship Day, Constitution Week, 2008
National POW/MIA Recognition Day, 2008
Statement on the ADA Amendments Act of 2008
Statement by Press Secretary Dana Perino
Statement on the Second Amendment Enforcement Act
Thursday, September 18, 2008
Press Briefing by Dana Perino
President Bush Signs S.2403 Into Law
President Bush Saddened by Death of Carlos Marin
Memorandum for the Chairman of the Council on Environmental Quality
Statement on Federal Disaster Assistance for Arkansas
Notice: Continuation Of The National Emergency With Respect To Persons Who Commit, Threaten To Commit, Or Support Terrorism
Message to the Congress of the United States
Memorandum for the Secretary of State and the Secretary of the Treasury
Friday, September 19, 2008
Press Gaggle by Tony Fratto and Julie Goon, Special Assistant to the President for Economic Affairs
Saturday, September 20, 2008
President's Radio Address Embargoed until 10:06 AM ET
For more information from this week please visit http://www.whitehouse.gov/news/
Subscribe to receive White House E-mail Updates.
20080919 White House Weekly Review for September 15 19 2008
Carroll County Board of Commissioners agenda for the week of September 22 2008
Carroll County Board of Commissioners agenda for the week of September 22 2008
Board of County Commissioners
Julia W. Gouge, President
Dean L. Minnich, Vice President
Michael D. Zimmer, Secretary
Carroll County Government
225 North Center Street
Westminster, Maryland 21157
410-386-2043; 1-888-302-8978
fax 410-386-2485; TT 410-848-9747
Agenda for the Week of September 22, 2008
Please Note: This weekly agenda is subject to change. Please call 410-386-2043 to confirm a meeting you plan to attend. All meetings will be held at the Carroll County Office Building Room 311. (Unless otherwise noted)
Indicates Outside Activities
Monday September 22, 2008
10:00 a.m.
Marada Industries, Inc. Tour
Westminster, Maryland
Commissioners Gouge & Zimmer
7:00 p.m.
Union Bridge Community Meeting
Union Bridge, Maryland
Commissioners Gouge, Minnich & Zimmer
Tuesday September 23, 2008
9:00 a.m.
Ribbon Cutting Ceremony for Old New Windsor School
County Government Offices & Presentation of Proclamation
for the Carroll County Public Library’s 50th Anniversary
New Windsor, Maryland
Commissioners Gouge, Minnich & Zimmer
11:00 a.m.
Board of County Commissioners Open Session
County Office Building Room 311
2009/2010 Budget Challenges
County Commissioners Office Mr. Steve Powell/
Department of Management & Budget Mr. Ted Zaleski
FOLLOWED BY:
Board of County Commissioners Administrative Session Closed
Westminster, Maryland
1:00 p.m.
Board of Education Meeting
Westminster, Maryland
Commissioner Zimmer
4:00 p.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
Wednesday September 24, 2008
8:00 a.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
10:00 a.m.
Issues & Insights with Mayor McCarron
Taneytown, Maryland
Commissioner Gouge
3:30 p.m.
Groundbreaking Ceremony for David Babylon Community
Building @ Westminster City Playground
Westminster, Maryland
Commissioners Gouge & Minnich
Thursday September 25, 2008
8:00 a.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
8:30 a.m.
Economic Development Commission Meeting
County Office Building Room 105
Commissioner Minnich
10:00 a.m.
Board of County Commissioners Roundtable Discussion
County Office Building Room 003
Commissioners Gouge & Minnich
11:00 a.m.
Board of County Commissioners Open Session
County Office Building Room 311
Commissioners Gouge & Minnich
Request Approval Town/County Agreements
Towns of Sykesville & Mt. Airy
Department of Management & Budget Mr. Ted Zaleski
Exercise Option to Purchase Daniel Shaffer Property
Greenwood Campus Option -
Department of Public Works Mr. J. Michael Evans
Department of General Services Mr. Tom Rio
Update on Carroll County Food Sunday -
Carroll County Food Sunday Mr. David Taylor
BCC signing of Bond documents for Issuance of Economic
Development Revenue Bonds for Fairhaven, Inc. and
Copper Ridge, Inc. -
County Attorney's Office Kim Millender, County Attorney
Request Approval of the Carroll County Sheriff's Department
FY 2009 Violence Again Women Act (VAWA) Award and
Operating Budget Resolution O-03 to Transfer Funds -
Carroll County Sheriff's Department Sheriff Tregoning/
Department of Management & Budget Mr. Ted Zaleski
Chief of Staff Time Mr. Steve Powell
Administrative Session Closed
Friday September 26, 2008
8:00 a.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
7:00 p.m.
Induction of Filipino Americans of Carroll County
Westminster, Maryland
Commissioner Minnich
Saturday September 27, 2008
Sunday September 28, 2008
8:05 a.m.
“The Commissioners’ Report” – WTTR
Commissioner Gouge
20080922 CCBOC agenda
Board of County Commissioners
Julia W. Gouge, President
Dean L. Minnich, Vice President
Michael D. Zimmer, Secretary
Carroll County Government
225 North Center Street
Westminster, Maryland 21157
410-386-2043; 1-888-302-8978
fax 410-386-2485; TT 410-848-9747
Agenda for the Week of September 22, 2008
Please Note: This weekly agenda is subject to change. Please call 410-386-2043 to confirm a meeting you plan to attend. All meetings will be held at the Carroll County Office Building Room 311. (Unless otherwise noted)
Indicates Outside Activities
Monday September 22, 2008
10:00 a.m.
Marada Industries, Inc. Tour
Westminster, Maryland
Commissioners Gouge & Zimmer
7:00 p.m.
Union Bridge Community Meeting
Union Bridge, Maryland
Commissioners Gouge, Minnich & Zimmer
Tuesday September 23, 2008
9:00 a.m.
Ribbon Cutting Ceremony for Old New Windsor School
County Government Offices & Presentation of Proclamation
for the Carroll County Public Library’s 50th Anniversary
New Windsor, Maryland
Commissioners Gouge, Minnich & Zimmer
11:00 a.m.
Board of County Commissioners Open Session
County Office Building Room 311
2009/2010 Budget Challenges
County Commissioners Office Mr. Steve Powell/
Department of Management & Budget Mr. Ted Zaleski
FOLLOWED BY:
Board of County Commissioners Administrative Session Closed
Westminster, Maryland
1:00 p.m.
Board of Education Meeting
Westminster, Maryland
Commissioner Zimmer
4:00 p.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
Wednesday September 24, 2008
8:00 a.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
10:00 a.m.
Issues & Insights with Mayor McCarron
Taneytown, Maryland
Commissioner Gouge
3:30 p.m.
Groundbreaking Ceremony for David Babylon Community
Building @ Westminster City Playground
Westminster, Maryland
Commissioners Gouge & Minnich
Thursday September 25, 2008
8:00 a.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
8:30 a.m.
Economic Development Commission Meeting
County Office Building Room 105
Commissioner Minnich
10:00 a.m.
Board of County Commissioners Roundtable Discussion
County Office Building Room 003
Commissioners Gouge & Minnich
11:00 a.m.
Board of County Commissioners Open Session
County Office Building Room 311
Commissioners Gouge & Minnich
Request Approval Town/County Agreements
Towns of Sykesville & Mt. Airy
Department of Management & Budget Mr. Ted Zaleski
Exercise Option to Purchase Daniel Shaffer Property
Greenwood Campus Option -
Department of Public Works Mr. J. Michael Evans
Department of General Services Mr. Tom Rio
Update on Carroll County Food Sunday -
Carroll County Food Sunday Mr. David Taylor
BCC signing of Bond documents for Issuance of Economic
Development Revenue Bonds for Fairhaven, Inc. and
Copper Ridge, Inc. -
County Attorney's Office Kim Millender, County Attorney
Request Approval of the Carroll County Sheriff's Department
FY 2009 Violence Again Women Act (VAWA) Award and
Operating Budget Resolution O-03 to Transfer Funds -
Carroll County Sheriff's Department Sheriff Tregoning/
Department of Management & Budget Mr. Ted Zaleski
Chief of Staff Time Mr. Steve Powell
Administrative Session Closed
Friday September 26, 2008
8:00 a.m.
Maryland Association of Boards of Education Conference
Ocean City, Maryland
Commissioner Zimmer
7:00 p.m.
Induction of Filipino Americans of Carroll County
Westminster, Maryland
Commissioner Minnich
Saturday September 27, 2008
Sunday September 28, 2008
8:05 a.m.
“The Commissioners’ Report” – WTTR
Commissioner Gouge
20080922 CCBOC agenda
Sunday, September 21, 2008
Sykesville Council Agenda for September 22, 2008
Sykesville Council Agenda for September 22, 2008
Update: The Sykesville Mayor and Town Council meeting and public forum scheduled for Monday, September 22, 2008 at 7:00 p.m. at the Sykesville Town House will be held on that same date at 7:30 p.m. in the Cafeteria at the Sykesville Middle School, 7301 Springfield Avenue, Sykesville, MD. The public forum is regarding the transfer of Rosewood patients to Springfield Hospital. Questions, call 410-795-8959, or email driley AT sykesville.net.
MAYOR AND TOWN COUNCIL OF SYKESVILLE
AGENDA FOR
MONDAY, SEPTEMBER 22, 2008, 7:30 P.M.
SYKESVILLE MIDDLE SCHOOL CAFETERIA
7301 SPRINGFIELD AVENUE, SYKESVILLE, MD
QUORUM: Mayor
MINUTES: Town Clerk
TREASURER’S REPORT: Town Treasurer
PUBLIC CONCERNS
BUSINESS
Parks and Events Committee - Appointment
Transfer of Rosewood Patients to Springfield Hospital – Public Forum
Public Safety Report – Chief Williams
Curfew Ordinance – Proposed Amendment – Introduction
Carroll County Chapter of MML Dinner – Thursday, October 9, 2008 in Hampstead
Statement of Support for the Guard and Reserve
Reschedule next meeting date
OTHER:
CLOSED SESSION:
1. Legal Consultation – None
2. Property Acquisition – None
3. Personnel –None
Sykesville 35th Annual Fall FestivalDowntown Main StreetSaturday October 11, 2008 9 am to 5 pmMoon Bounce, Pumpkin Painting, Crafters, Food, Live Entertainment MODEL RAILROAD DISPLAYSKIDS CAN RIDE THE LITTLE SYKES RAILROADFACE PAINTING AND OTHER MERRIMENT BYSILLY WILLY THE CLOWNLive Music by CruiseTri Star Demonstrations50/50 and Gift Raffles
2008 SYKESVILLE APPLE BUTTER MARKET
Location: The Apple Warehouse Grounds on West Friendship Road,
right across the bridge from Downtown Sykesville.
Also known as Howard County’s South Branch Park.
Market Dates: The last Sunday of the months June through October
September 28, and October 26
Time: 10 am to 3 pm
Contact: 410-795-8959
20080922 Sykesville Council Agenda for September 22, 2008
President Bush Discusses Economy
President Bush Discusses Economy
For Immediate Release Office of the Press Secretary September 19, 2008
Rose Garden
Video (Windows) /news/releases/2008/09/20080919-2.wm.v.html
Presidential Remarks
Audio
En Español
Fact Sheet: Confronting Economic Challenges Head On
In Focus: Economy
THE PRESIDENT: Good morning. I thank Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox for joining me today.
This is a pivotal moment for America's economy. Problems that originated in the credit markets -- and first showed up in the area of subprime mortgages -- have spread throughout our financial system. This has led to an erosion of confidence that has frozen many financial transactions, including loans to consumers and to businesses seeking to expand and create jobs. As a result, we must act now to protect our nation's economic health from serious risk.
There will be ample opportunity to debate the origins of this problem. Now is the time to solve it. In our nation's history, there have been moments that require us to come together across party lines to address major challenges. This is such a moment. Last night, Secretary Paulson and Chairman Bernanke and Chairman Cox met with congressional leaders of both parties -- and they had a very good meeting. I appreciate the willingness of congressional leaders to confront this situation head on.
Our system of free enterprise rests on the conviction that the federal government should interfere in the marketplace only when necessary. Given the precarious state of today's financial markets -- and their vital importance to the daily lives of the American people -- government intervention is not only warranted, it is essential.
In recent weeks, the federal government has taken a series of measures to help promote stability in the overall economy. To avoid severe disruptions in the financial markets and to support home financing, we took action to address the situation at Fannie Mae and Freddie Mac. The Federal Reserve also acted to prevent the disorderly liquidation of the insurance company AIG. And in coordination with central banks around the world, the Fed has injected much-needed liquidity into our financial system.
These were targeted measures designed primarily to stop the problems of individual firms from spreading even more broadly. But more action is needed. We must address the root cause behind much of the instability in our markets -- the mortgage assets that have lost value during the housing decline and are now restricting the flow of credit. America's economy is facing unprecedented challenges, and we are responding with unprecedented action.
Secretary Paulson, Chairman Bernanke, and Chairman Cox have briefed leaders on Capitol Hill on the urgent need for Congress to pass legislation approving the federal government's purchase of illiquid assets, such as troubled mortgages, from banks and other financial institutions. This is a decisive step that will address underlying problems in our financial system. It will help take pressure off the balance sheets of banks and other financial institutions. It will allow them to resume lending and get our financial system moving again.
Additionally, the federal government is taking several other steps to address the trouble of our financial markets.
The Department of the Treasury is acting to restore confidence in a key element of America's financial system -- money market mutual funds. In the past, government insurance was not available for these funds, and the recent stresses on the markets have caused some to question whether these investments are safe and accessible. The Treasury Department's actions address that concern by offering government insurance for money market mutual funds. For every dollar invested in an insured fund, you will be able to take a dollar out.
The Federal Reserve is also taking steps to provide additional liquidity to money market mutual funds, which will help ease pressure on our financial markets. These measures will act as grease for the gears of our financial system, which were at risk of grinding to a halt. They will support the flow of credit to households and businesses.
The Securities and Exchange Commission has issued new rules temporarily suspending the practice of short selling on the stocks of financial institutions. This is intended to prevent investors from intentionally driving down particular stocks for their own personal gain. The SEC is also requiring certain investors to disclose their short selling, and has launched rigorous enforcement actions to detect fraud and manipulation in the market. Anyone engaging in illegal financial transactions will be caught and persecuted [sic].
Finally, when we get past the immediate challenges, my administration looks forward to working with Congress on measures to bring greater long-term transparency and reliability to the financial system -- including those in the regulatory blueprint submitted by Secretary Paulson earlier this year. Many of the regulations governing the functioning of America's markets were written in a different era. It is vital that we update them to meet the realities of today's global financial system.
The actions I just outlined reflect the considered judgment of Secretary Paulson, Chairman Bernanke, and Chairman Cox. We believe that this decisive government action is needed to preserve America's financial system and sustain America's overall economy. These measures will require us to put a significant amount of taxpayer dollars on the line. This action does entail risk. But we expect that this money will eventually be paid back. The vast majority of assets the government is planning to purchase have good value over time, because the vast majority of homeowners continue to pay their mortgages. And the risk of not acting would be far higher. Further stress on our financial markets would cause massive job losses, devastate retirement accounts, and further erode housing values, as well as dry up loans for new homes and cars and college tuitions. These are risks that America cannot afford to take.
In this difficult time, I know many Americans are wondering about the security of their finances. Every American should know that the federal government continues to enforce laws and regulations protecting your money. Through the FDIC, every savings account, checking account, and certificate of deposit is insured by the federal government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit -- and this will not change.
America's financial system is intricate and complex. But behind all the technical terminology and statistics is a critical human factor -- confidence. Confidence in our financial system and in its institutions is essential to the smooth operation of our economy, and recently that confidence has been shaken. Investors should know that the United States government is taking action to restore confidence in America's financial markets so they can thrive again.
In the long run, Americans have good reason to be confident in our economic strength. America has the most talented, productive, and entrepreneurial workers in the world. This country is the best place in the world to invest and do business. Consumers around the world continue to seek out American products, as evidenced by record-high exports. We have a flexible and resilient system that absorbs challenges and makes corrections and bounces back.
We've seen that resilience over the past eight years. Since 2001, our economy has faced a recession, the bursting of the dot-com bubble, major corporate scandals, an unprecedented attack on our homeland, a global war on terror, a series of devastating natural disasters. Our economy has weathered every one of these challenges, and still managed to grow.
We will weather this challenge too, and we must do so together. This is no time for partisanship. We must join to move urgently needed legislation as quickly as possible, without adding controversial provisions that could delay action. I will work with Democrats and Republicans alike to steer our economy through these difficult times and get back to the path of long-term growth. Thank you very much.
END 10:54 A.M. EDT
http://www.whitehouse.gov/news/releases/2008/09/20080919-2.html
20080919 President Bush Discusses Economy
For Immediate Release Office of the Press Secretary September 19, 2008
Rose Garden
Video (Windows) /news/releases/2008/09/20080919-2.wm.v.html
Presidential Remarks
Audio
En Español
Fact Sheet: Confronting Economic Challenges Head On
In Focus: Economy
THE PRESIDENT: Good morning. I thank Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and SEC Chairman Chris Cox for joining me today.
This is a pivotal moment for America's economy. Problems that originated in the credit markets -- and first showed up in the area of subprime mortgages -- have spread throughout our financial system. This has led to an erosion of confidence that has frozen many financial transactions, including loans to consumers and to businesses seeking to expand and create jobs. As a result, we must act now to protect our nation's economic health from serious risk.
There will be ample opportunity to debate the origins of this problem. Now is the time to solve it. In our nation's history, there have been moments that require us to come together across party lines to address major challenges. This is such a moment. Last night, Secretary Paulson and Chairman Bernanke and Chairman Cox met with congressional leaders of both parties -- and they had a very good meeting. I appreciate the willingness of congressional leaders to confront this situation head on.
Our system of free enterprise rests on the conviction that the federal government should interfere in the marketplace only when necessary. Given the precarious state of today's financial markets -- and their vital importance to the daily lives of the American people -- government intervention is not only warranted, it is essential.
In recent weeks, the federal government has taken a series of measures to help promote stability in the overall economy. To avoid severe disruptions in the financial markets and to support home financing, we took action to address the situation at Fannie Mae and Freddie Mac. The Federal Reserve also acted to prevent the disorderly liquidation of the insurance company AIG. And in coordination with central banks around the world, the Fed has injected much-needed liquidity into our financial system.
These were targeted measures designed primarily to stop the problems of individual firms from spreading even more broadly. But more action is needed. We must address the root cause behind much of the instability in our markets -- the mortgage assets that have lost value during the housing decline and are now restricting the flow of credit. America's economy is facing unprecedented challenges, and we are responding with unprecedented action.
Secretary Paulson, Chairman Bernanke, and Chairman Cox have briefed leaders on Capitol Hill on the urgent need for Congress to pass legislation approving the federal government's purchase of illiquid assets, such as troubled mortgages, from banks and other financial institutions. This is a decisive step that will address underlying problems in our financial system. It will help take pressure off the balance sheets of banks and other financial institutions. It will allow them to resume lending and get our financial system moving again.
Additionally, the federal government is taking several other steps to address the trouble of our financial markets.
The Department of the Treasury is acting to restore confidence in a key element of America's financial system -- money market mutual funds. In the past, government insurance was not available for these funds, and the recent stresses on the markets have caused some to question whether these investments are safe and accessible. The Treasury Department's actions address that concern by offering government insurance for money market mutual funds. For every dollar invested in an insured fund, you will be able to take a dollar out.
The Federal Reserve is also taking steps to provide additional liquidity to money market mutual funds, which will help ease pressure on our financial markets. These measures will act as grease for the gears of our financial system, which were at risk of grinding to a halt. They will support the flow of credit to households and businesses.
The Securities and Exchange Commission has issued new rules temporarily suspending the practice of short selling on the stocks of financial institutions. This is intended to prevent investors from intentionally driving down particular stocks for their own personal gain. The SEC is also requiring certain investors to disclose their short selling, and has launched rigorous enforcement actions to detect fraud and manipulation in the market. Anyone engaging in illegal financial transactions will be caught and persecuted [sic].
Finally, when we get past the immediate challenges, my administration looks forward to working with Congress on measures to bring greater long-term transparency and reliability to the financial system -- including those in the regulatory blueprint submitted by Secretary Paulson earlier this year. Many of the regulations governing the functioning of America's markets were written in a different era. It is vital that we update them to meet the realities of today's global financial system.
The actions I just outlined reflect the considered judgment of Secretary Paulson, Chairman Bernanke, and Chairman Cox. We believe that this decisive government action is needed to preserve America's financial system and sustain America's overall economy. These measures will require us to put a significant amount of taxpayer dollars on the line. This action does entail risk. But we expect that this money will eventually be paid back. The vast majority of assets the government is planning to purchase have good value over time, because the vast majority of homeowners continue to pay their mortgages. And the risk of not acting would be far higher. Further stress on our financial markets would cause massive job losses, devastate retirement accounts, and further erode housing values, as well as dry up loans for new homes and cars and college tuitions. These are risks that America cannot afford to take.
In this difficult time, I know many Americans are wondering about the security of their finances. Every American should know that the federal government continues to enforce laws and regulations protecting your money. Through the FDIC, every savings account, checking account, and certificate of deposit is insured by the federal government for up to $100,000. The FDIC has been in existence for 75 years, and no one has ever lost a penny on an insured deposit -- and this will not change.
America's financial system is intricate and complex. But behind all the technical terminology and statistics is a critical human factor -- confidence. Confidence in our financial system and in its institutions is essential to the smooth operation of our economy, and recently that confidence has been shaken. Investors should know that the United States government is taking action to restore confidence in America's financial markets so they can thrive again.
In the long run, Americans have good reason to be confident in our economic strength. America has the most talented, productive, and entrepreneurial workers in the world. This country is the best place in the world to invest and do business. Consumers around the world continue to seek out American products, as evidenced by record-high exports. We have a flexible and resilient system that absorbs challenges and makes corrections and bounces back.
We've seen that resilience over the past eight years. Since 2001, our economy has faced a recession, the bursting of the dot-com bubble, major corporate scandals, an unprecedented attack on our homeland, a global war on terror, a series of devastating natural disasters. Our economy has weathered every one of these challenges, and still managed to grow.
We will weather this challenge too, and we must do so together. This is no time for partisanship. We must join to move urgently needed legislation as quickly as possible, without adding controversial provisions that could delay action. I will work with Democrats and Republicans alike to steer our economy through these difficult times and get back to the path of long-term growth. Thank you very much.
END 10:54 A.M. EDT
http://www.whitehouse.gov/news/releases/2008/09/20080919-2.html
20080919 President Bush Discusses Economy
Declaraciones del Presidente Sobre la Economía
Declaraciones del Presidente Sobre la Economía
19 de septiembre de 2008
Para su publicación inmediata
Oficina del Secretario de Prensa
Rose Garden
10:45 A.M. EDT
EL PRESIDENTE: Buenos días. Les agradezco al secretario del Tesoro, Hank Paulson, al presidente de la Reserva Federal, Ben Bernanke, y al presidente de la Comisión de Valores y Cambio Bursátil (Security and Exchange Commission), Chris Cox, por acompañarme hoy.
Éste es un momento importante para la economía de Estados Unidos. Problemas que se originaron en el mercado de crédito -y se presentaron inicialmente en el sector de préstamos hipotecarios no preferenciales- se han propagado por todo nuestro sistema financiero. Esto ha llevado a una pérdida de confianza que ha congelado muchas transacciones financieras, entre ellas préstamos a consumidores y a empresas con planes de expandirse y generar empleo. Como resultado, debemos tomar medidas ahora para proteger de serios peligros el bienestar económico de nuestra nación.
Habrá abundantes oportunidades de debatir el origen de este problema. Éste es el momento de resolverlo. En la historia de nuestra nación, ha habido ocasiones que han requerido que nos unamos, independientemente de partido, para hacerles frente a desafíos importantes. Ésta es una ocasión tal. Anoche, el secretario Paulson y el presidente Bernanke y el presidente Cox se reunieron con líderes del Congreso de ambos partidos... y tuvieron una muy buena reunión. Agradezco que los líderes del Congreso estén dispuestos a hacerle frente directamente a esta situación.
Nuestro sistema de libre empresa se basa en la convicción de que el gobierno federal debe interferir en el mercado sólo cuando es necesario. Dada la situación precaria de los mercados financieros de hoy -y su vital importancia en la vida cotidiana del pueblo estadounidense- la intervención del gobierno no sólo se justifica; es esencial.
En semanas recientes, el gobierno federal ha tomado una serie de medidas para ayudar a promover la estabilidad en la economía en general. A fin de evitar alteraciones severas en el mercado financiero y apoyar la financiación de viviendas, tomamos medidas para hacerle frente a la situación en Fannie Mae y Freddie Mac. La Reserva Federal también dio pasos para evitar la liquidación desordenada de la compañía de seguros AIG. Y en coordinación con bancos centrales en todo el mundo, la Reserva ha inyectado liquidez muy necesaria en nuestro sistema financiero.
Esas fueron medidas específicas y concebidas principalmente para evitar que los problemas de firmas individuales se propagaran más extensamente. Pero es necesario hacer más. Debemos abordar la causa de gran parte de la inestabilidad de nuestro mercado: los activos hipotecarios que se devaluaron durante la desaceleración del sector de vivienda y que ahora restringen el flujo de crédito. La economía de Estados Unidos enfrenta desafíos sin precedente, y estamos respondiendo con medidas sin precedente.
El secretario Paulson, el presidente Bernanke y el presidente Cox les han informado a los líderes en el Capitolio de la urgente necesidad de que el Congreso apruebe legislación que dé el visto bueno a que el gobierno federal les compre a bancos y otras instituciones financieras activos ilíquidos como malos préstamos hipotecarios. Éste es un paso decisivo que abordará los problemas subyacentes de nuestro sistema financiero. Ayudará a disminuir la presión en los balances de los bancos y otras instituciones financieras. Permitirá que reanuden sus préstamos y que nuestro sistema financiero se vuelva a poner en marcha.
Además, el gobierno federal está dando pasos adicionales para abordar los problemas de nuestro mercado financiero.
El Departamento del Tesoro está tomando medidas para reestablecer la confianza en un elemento clave del sistema financiero de Estados Unidos: los fondos mutuos de inversión (en activos) del mercado del dinero. En el pasado, no había seguro gubernamental para estos fondos, y las recientes presiones en el mercado han causado que algunos se pregunten si estas inversiones son seguras y asequibles. Las medidas del Departamento del Tesoro abordan esa inquietud ofreciendo seguro gubernamental para los fondos mutuos de inversión en el mercado de dinero. Por cada dólar invertido en un fondo asegurado, podrán sacar un dólar.
La Reserva Federal también está tomando medidas para proporcionar liquidez adicional a los fondos mutuos de inversión en el mercado de dinero, lo que ayudará a disminuir la presión en nuestro mercado financiero. Estas medidas servirán como la grasa de los engranajes de nuestro sistema financiero, que corrían el peligro de detenerse completamente. Contribuirán al flujo de crédito a hogares de familia y empresas.
La Securities and Exchange Commission ha emitido normas nuevas de forma temporal que suspenden la práctica de venta al descubierto de acciones de instituciones financieras. Esto tiene como propósito evitar que los inversionistas reduzcan el valor de ciertas acciones para lucro personal. La SEC también está requiriendo que ciertos inversionistas divulguen sus ventas al descubierto y ha puesto en práctica estrictas medidas de control para detectar el fraude y la manipulación en el mercado. Cualquier persona que participe en transacciones financieras ilegales será detectada y perseguida [sic].
Finalmente, mi gobierno está deseoso de, una vez superados los desafíos inmediatos, cooperar con el Congreso en medidas para darle mayor transparencia y fiabilidad a largo plazo al sistema financiero, entre ellas las incluidas en el plan normativo presentado por el secretario Paulson anteriormente este año. Muchas de las reglamentaciones que rigen el funcionamiento del mercado estadounidense fueron redactadas en otra era. Es de vital importancia que las actualicemos para que conformen con la realidad actual del sistema financiero mundial.
Las medidas que acabo de describir reflejan el buen criterio del secretario Paulson, el presidente Bernanke y el presidente Cox. Creemos que es necesario que el gobierno tome medidas decisivas para resguardar el sistema financiero de Estados Unidos y sustentar la economía en general de Estados Unidos. Estas medidas requerirán que arriesguemos una cantidad significativa de dinero de los contribuyentes. Estas medidas, de hecho, implican riesgo. Pero tenemos previsto que este dinero se devuelva, a fin de cuentas. Los activos que el gobierno está planeando comprar, en su gran mayoría, retienen su valor con el tiempo, porque los propietarios de vivienda, en su gran mayoría, continúan pagando sus préstamos hipotecarios. Y el peligro de la inacción sería mucho mayor. Presión adicional en nuestros mercados financieros causaría la pérdida masiva de empleos, devastaría las cuentas para la jubilación y devaluaría más el sector de vivienda, además de hacer que se agoten los préstamos para casas y autos nuevos, y matrículas universitarias. Estos son peligros que Estados Unidos no puede darse el lujo de correr.
En este difícil momento, sé que muchos estadounidenses se preguntan sobre la seguridad de sus finanzas. Todos los estadounidenses deben saber que el gobierno federal continúa velando por el cumplimiento de las leyes y las normas que protegen su dinero. Por medio de la Corporación de Seguro Federal para Depósitos (Federal Deposit Insurance Corporation o FDIC), todas las cuentas de ahorro, cuentas corrientes y certificados de depósito están asegurados hasta $100,000 por el gobierno federal. El FDIC existe desde hace 75 años, y nadie jamás ha perdido un centavo de un depósito asegurado, y eso no cambiará.
El sistema financiero de Estados Unidos es intrincado y complejo. Pero detrás de toda la terminología técnica y los datos estadísticos está un factor humano muy importante: la confianza. La confianza en nuestro sistema financiero y sus instituciones es esencial para que nuestra economía opere sin trabas, y recientemente esta confianza ha flaqueado. Los inversionistas deben saber que el gobierno de Estados Unidos está tomando medidas para reestablecer la confianza en el mercado financiero de Estados Unidos de modo que podamos volver a prosperar.
A largo plazo, los estadounidenses tienen buen motivo para tener seguridad en nuestra solidez económica. Estados Unidos cuenta con los trabajadores más hábiles, productivos y emprendedores del mundo. Este país es el mejor lugar del mundo para invertir y hacer negocios. Consumidores alrededor del mundo continúan escogiendo productos estadounidenses, como lo prueba el nivel récord de exportaciones. Tenemos un sistema flexible y resistente que absorbe desafíos y hace correcciones y rebota.
Hemos visto esa resistencia durante los últimos ocho años. Desde el 2001, nuestra economía ha enfrentado una recesión, el reventón de la burbuja de los puntocom, grandes escándalos empresariales, un ataque sin precedente contra nuestro territorio nacional, una guerra mundial contra el terrorismo, una serie de desastres naturales devastadores. Nuestra economía ha resistido cada uno de estos desafíos y aun así, ha logrado crecer.
También resistiremos este desafío y debemos hacerlo juntos. No es momento de partidismo. Debemos unirnos para lograr cuanto antes la aprobación de legislación urgentemente necesaria, sin agregar estipulaciones polémicas que podrían postergar una decisión. Trabajaré con tanto demócratas como republicanos para dirigir nuestra economía durante este momento difícil y retomar el camino hacia el crecimiento a largo plazo. Muchísimas gracias.
END 10:54 A.M. EDT
20080919 Declaraciones del Presidente Sobre la Economía
19 de septiembre de 2008
Para su publicación inmediata
Oficina del Secretario de Prensa
Rose Garden
10:45 A.M. EDT
EL PRESIDENTE: Buenos días. Les agradezco al secretario del Tesoro, Hank Paulson, al presidente de la Reserva Federal, Ben Bernanke, y al presidente de la Comisión de Valores y Cambio Bursátil (Security and Exchange Commission), Chris Cox, por acompañarme hoy.
Éste es un momento importante para la economía de Estados Unidos. Problemas que se originaron en el mercado de crédito -y se presentaron inicialmente en el sector de préstamos hipotecarios no preferenciales- se han propagado por todo nuestro sistema financiero. Esto ha llevado a una pérdida de confianza que ha congelado muchas transacciones financieras, entre ellas préstamos a consumidores y a empresas con planes de expandirse y generar empleo. Como resultado, debemos tomar medidas ahora para proteger de serios peligros el bienestar económico de nuestra nación.
Habrá abundantes oportunidades de debatir el origen de este problema. Éste es el momento de resolverlo. En la historia de nuestra nación, ha habido ocasiones que han requerido que nos unamos, independientemente de partido, para hacerles frente a desafíos importantes. Ésta es una ocasión tal. Anoche, el secretario Paulson y el presidente Bernanke y el presidente Cox se reunieron con líderes del Congreso de ambos partidos... y tuvieron una muy buena reunión. Agradezco que los líderes del Congreso estén dispuestos a hacerle frente directamente a esta situación.
Nuestro sistema de libre empresa se basa en la convicción de que el gobierno federal debe interferir en el mercado sólo cuando es necesario. Dada la situación precaria de los mercados financieros de hoy -y su vital importancia en la vida cotidiana del pueblo estadounidense- la intervención del gobierno no sólo se justifica; es esencial.
En semanas recientes, el gobierno federal ha tomado una serie de medidas para ayudar a promover la estabilidad en la economía en general. A fin de evitar alteraciones severas en el mercado financiero y apoyar la financiación de viviendas, tomamos medidas para hacerle frente a la situación en Fannie Mae y Freddie Mac. La Reserva Federal también dio pasos para evitar la liquidación desordenada de la compañía de seguros AIG. Y en coordinación con bancos centrales en todo el mundo, la Reserva ha inyectado liquidez muy necesaria en nuestro sistema financiero.
Esas fueron medidas específicas y concebidas principalmente para evitar que los problemas de firmas individuales se propagaran más extensamente. Pero es necesario hacer más. Debemos abordar la causa de gran parte de la inestabilidad de nuestro mercado: los activos hipotecarios que se devaluaron durante la desaceleración del sector de vivienda y que ahora restringen el flujo de crédito. La economía de Estados Unidos enfrenta desafíos sin precedente, y estamos respondiendo con medidas sin precedente.
El secretario Paulson, el presidente Bernanke y el presidente Cox les han informado a los líderes en el Capitolio de la urgente necesidad de que el Congreso apruebe legislación que dé el visto bueno a que el gobierno federal les compre a bancos y otras instituciones financieras activos ilíquidos como malos préstamos hipotecarios. Éste es un paso decisivo que abordará los problemas subyacentes de nuestro sistema financiero. Ayudará a disminuir la presión en los balances de los bancos y otras instituciones financieras. Permitirá que reanuden sus préstamos y que nuestro sistema financiero se vuelva a poner en marcha.
Además, el gobierno federal está dando pasos adicionales para abordar los problemas de nuestro mercado financiero.
El Departamento del Tesoro está tomando medidas para reestablecer la confianza en un elemento clave del sistema financiero de Estados Unidos: los fondos mutuos de inversión (en activos) del mercado del dinero. En el pasado, no había seguro gubernamental para estos fondos, y las recientes presiones en el mercado han causado que algunos se pregunten si estas inversiones son seguras y asequibles. Las medidas del Departamento del Tesoro abordan esa inquietud ofreciendo seguro gubernamental para los fondos mutuos de inversión en el mercado de dinero. Por cada dólar invertido en un fondo asegurado, podrán sacar un dólar.
La Reserva Federal también está tomando medidas para proporcionar liquidez adicional a los fondos mutuos de inversión en el mercado de dinero, lo que ayudará a disminuir la presión en nuestro mercado financiero. Estas medidas servirán como la grasa de los engranajes de nuestro sistema financiero, que corrían el peligro de detenerse completamente. Contribuirán al flujo de crédito a hogares de familia y empresas.
La Securities and Exchange Commission ha emitido normas nuevas de forma temporal que suspenden la práctica de venta al descubierto de acciones de instituciones financieras. Esto tiene como propósito evitar que los inversionistas reduzcan el valor de ciertas acciones para lucro personal. La SEC también está requiriendo que ciertos inversionistas divulguen sus ventas al descubierto y ha puesto en práctica estrictas medidas de control para detectar el fraude y la manipulación en el mercado. Cualquier persona que participe en transacciones financieras ilegales será detectada y perseguida [sic].
Finalmente, mi gobierno está deseoso de, una vez superados los desafíos inmediatos, cooperar con el Congreso en medidas para darle mayor transparencia y fiabilidad a largo plazo al sistema financiero, entre ellas las incluidas en el plan normativo presentado por el secretario Paulson anteriormente este año. Muchas de las reglamentaciones que rigen el funcionamiento del mercado estadounidense fueron redactadas en otra era. Es de vital importancia que las actualicemos para que conformen con la realidad actual del sistema financiero mundial.
Las medidas que acabo de describir reflejan el buen criterio del secretario Paulson, el presidente Bernanke y el presidente Cox. Creemos que es necesario que el gobierno tome medidas decisivas para resguardar el sistema financiero de Estados Unidos y sustentar la economía en general de Estados Unidos. Estas medidas requerirán que arriesguemos una cantidad significativa de dinero de los contribuyentes. Estas medidas, de hecho, implican riesgo. Pero tenemos previsto que este dinero se devuelva, a fin de cuentas. Los activos que el gobierno está planeando comprar, en su gran mayoría, retienen su valor con el tiempo, porque los propietarios de vivienda, en su gran mayoría, continúan pagando sus préstamos hipotecarios. Y el peligro de la inacción sería mucho mayor. Presión adicional en nuestros mercados financieros causaría la pérdida masiva de empleos, devastaría las cuentas para la jubilación y devaluaría más el sector de vivienda, además de hacer que se agoten los préstamos para casas y autos nuevos, y matrículas universitarias. Estos son peligros que Estados Unidos no puede darse el lujo de correr.
En este difícil momento, sé que muchos estadounidenses se preguntan sobre la seguridad de sus finanzas. Todos los estadounidenses deben saber que el gobierno federal continúa velando por el cumplimiento de las leyes y las normas que protegen su dinero. Por medio de la Corporación de Seguro Federal para Depósitos (Federal Deposit Insurance Corporation o FDIC), todas las cuentas de ahorro, cuentas corrientes y certificados de depósito están asegurados hasta $100,000 por el gobierno federal. El FDIC existe desde hace 75 años, y nadie jamás ha perdido un centavo de un depósito asegurado, y eso no cambiará.
El sistema financiero de Estados Unidos es intrincado y complejo. Pero detrás de toda la terminología técnica y los datos estadísticos está un factor humano muy importante: la confianza. La confianza en nuestro sistema financiero y sus instituciones es esencial para que nuestra economía opere sin trabas, y recientemente esta confianza ha flaqueado. Los inversionistas deben saber que el gobierno de Estados Unidos está tomando medidas para reestablecer la confianza en el mercado financiero de Estados Unidos de modo que podamos volver a prosperar.
A largo plazo, los estadounidenses tienen buen motivo para tener seguridad en nuestra solidez económica. Estados Unidos cuenta con los trabajadores más hábiles, productivos y emprendedores del mundo. Este país es el mejor lugar del mundo para invertir y hacer negocios. Consumidores alrededor del mundo continúan escogiendo productos estadounidenses, como lo prueba el nivel récord de exportaciones. Tenemos un sistema flexible y resistente que absorbe desafíos y hace correcciones y rebota.
Hemos visto esa resistencia durante los últimos ocho años. Desde el 2001, nuestra economía ha enfrentado una recesión, el reventón de la burbuja de los puntocom, grandes escándalos empresariales, un ataque sin precedente contra nuestro territorio nacional, una guerra mundial contra el terrorismo, una serie de desastres naturales devastadores. Nuestra economía ha resistido cada uno de estos desafíos y aun así, ha logrado crecer.
También resistiremos este desafío y debemos hacerlo juntos. No es momento de partidismo. Debemos unirnos para lograr cuanto antes la aprobación de legislación urgentemente necesaria, sin agregar estipulaciones polémicas que podrían postergar una decisión. Trabajaré con tanto demócratas como republicanos para dirigir nuestra economía durante este momento difícil y retomar el camino hacia el crecimiento a largo plazo. Muchísimas gracias.
END 10:54 A.M. EDT
20080919 Declaraciones del Presidente Sobre la Economía
Statement by Secretary Henry M. Paulson, Jr. on Comprehensive Approach to Market Developments
Statement by Secretary Henry M. Paulson, Jr. on Comprehensive Approach to Market Developments
From the Press Room of the U.S. Department of the Treasury
September 19, 2008
Washington, DC-- Last night, Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox and I had a lengthy and productive working session with Congressional leaders. We began a substantive discussion on the need for a comprehensive approach to relieving the stresses on our financial institutions and markets.
We have acted on a case-by-case basis in recent weeks, addressing problems at Fannie Mae and Freddie Mac, working with market participants to prepare for the failure of Lehman Brothers, and lending to AIG so it can sell some of its assets in an orderly manner. And this morning we've taken a number of powerful tactical steps to increase confidence in the system, including the establishment of a temporary guaranty program for the U.S. money market mutual fund industry.
Despite these steps, more is needed. We must now take further, decisive action to fundamentally and comprehensively address the root cause of our financial system's stresses.
The underlying weakness in our financial system today is the illiquid mortgage assets that have lost value as the housing correction has proceeded. These illiquid assets are choking off the flow of credit that is so vitally important to our economy. When the financial system works as it should, money and capital flow to and from households and businesses to pay for home loans, school loans and investments that create jobs. As illiquid mortgage assets block the system, the clogging of our financial markets has the potential to have significant effects on our financial system and our economy.
As we all know, lax lending practices earlier this decade led to irresponsible lending and irresponsible borrowing. This simply put too many families into mortgages they could not afford. We are seeing the impact on homeowners and neighborhoods, with 5 million homeowners now delinquent or in foreclosure. What began as a sub-prime lending problem has spread to other, less-risky mortgages, and contributed to excess home inventories that have pushed down home prices for responsible homeowners.
A similar scenario is playing out among the lenders who made those mortgages, the securitizers who bought, repackaged and resold them, and the investors who bought them. These troubled loans are now parked, or frozen, on the balance sheets of banks and other financial institutions, preventing them from financing productive loans. The inability to determine their worth has fostered uncertainty about mortgage assets, and even about the financial condition of the institutions that own them. The normal buying and selling of nearly all types of mortgage assets has become challenged.
These illiquid assets are clogging up our financial system, and undermining the strength of our otherwise sound financial institutions. As a result, Americans' personal savings are threatened, and the ability of consumers and businesses to borrow and finance spending, investment, and job creation has been disrupted.
To restore confidence in our markets and our financial institutions, so they can fuel continued growth and prosperity, we must address the underlying problem.
The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy. This troubled asset relief program must be properly designed and sufficiently large to have maximum impact, while including features that protect the taxpayer to the maximum extent possible. The ultimate taxpayer protection will be the stability this troubled asset relief program provides to our financial system, even as it will involve a significant investment of taxpayer dollars. I am convinced that this bold approach will cost American families far less than the alternative – a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.
I believe many Members of Congress share my conviction. I will spend the weekend working with members of Congress of both parties to examine approaches to alleviate the pressure of these bad loans on our system, so credit can flow once again to American consumers and companies. Our economic health requires that we work together for prompt, bipartisan action.
As we work with the Congress to pass this legislation over the next week, other immediate actions will provide relief.
First, to provide critical additional funding to our mortgage markets, the GSEs Fannie Mae and Freddie Mac will increase their purchases of mortgage-backed securities (MBS). These two enterprises must carry out their mission to support the mortgage market.
Second, to increase the availability of capital for new home loans, Treasury will expand the MBS purchase program we announced earlier this month. This will complement the capital provided by the GSEs and will help facilitate mortgage availability and affordability.
These two steps will provide some initial support to mortgage assets, but they are not enough. Many of the illiquid assets clogging our system today do not meet the regulatory requirements to be eligible for purchase by the GSEs or by the Treasury program.
I look forward to working with Congress to pass necessary legislation to remove these troubled assets from our financial system. When we get through this difficult period, which we will, our next task must be to improve the financial regulatory structure so that these past excesses do not recur. This crisis demonstrates in vivid terms that our financial regulatory structure is sub-optimal, duplicative and outdated. I have put forward my ideas for a modernized financial oversight structure that matches our modern economy, and more closely links the regulatory structure to the reasons why we regulate. That is a critical debate for another day.
Right now, our focus is restoring the strength of our financial system so it can again finance economic growth. The financial security of all Americans – their retirement savings, their home values, their ability to borrow for college, and the opportunities for more and higher-paying jobs – depends on our ability to restore our financial institutions to a sound footing.
20080919 Sec Paulson st on Comprehensive Approach to Mrkt Dev
Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox, U.S. Department of the Treasury Secretary Henry M. Paulson, Jr.
People Bernanke-Ben, Business Econ Wall St SEC, People Cox-Chris, US Dept Treasury, People Paulson-Henry, Bus Econ Subprime Mortgage Market Crisis
Business Econ Wall St SEC Cox qv People, Business Econ Bernanke-B qv People, Business Econ US Dept Treasury qv US, Business Econ Paulson qv People, Subprime Mortgage Mrkt Crisis qv Bus, 2007 2008 Subprime Mort Crisis qv Bus
From the Press Room of the U.S. Department of the Treasury
September 19, 2008
Washington, DC-- Last night, Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox and I had a lengthy and productive working session with Congressional leaders. We began a substantive discussion on the need for a comprehensive approach to relieving the stresses on our financial institutions and markets.
We have acted on a case-by-case basis in recent weeks, addressing problems at Fannie Mae and Freddie Mac, working with market participants to prepare for the failure of Lehman Brothers, and lending to AIG so it can sell some of its assets in an orderly manner. And this morning we've taken a number of powerful tactical steps to increase confidence in the system, including the establishment of a temporary guaranty program for the U.S. money market mutual fund industry.
Despite these steps, more is needed. We must now take further, decisive action to fundamentally and comprehensively address the root cause of our financial system's stresses.
The underlying weakness in our financial system today is the illiquid mortgage assets that have lost value as the housing correction has proceeded. These illiquid assets are choking off the flow of credit that is so vitally important to our economy. When the financial system works as it should, money and capital flow to and from households and businesses to pay for home loans, school loans and investments that create jobs. As illiquid mortgage assets block the system, the clogging of our financial markets has the potential to have significant effects on our financial system and our economy.
As we all know, lax lending practices earlier this decade led to irresponsible lending and irresponsible borrowing. This simply put too many families into mortgages they could not afford. We are seeing the impact on homeowners and neighborhoods, with 5 million homeowners now delinquent or in foreclosure. What began as a sub-prime lending problem has spread to other, less-risky mortgages, and contributed to excess home inventories that have pushed down home prices for responsible homeowners.
A similar scenario is playing out among the lenders who made those mortgages, the securitizers who bought, repackaged and resold them, and the investors who bought them. These troubled loans are now parked, or frozen, on the balance sheets of banks and other financial institutions, preventing them from financing productive loans. The inability to determine their worth has fostered uncertainty about mortgage assets, and even about the financial condition of the institutions that own them. The normal buying and selling of nearly all types of mortgage assets has become challenged.
These illiquid assets are clogging up our financial system, and undermining the strength of our otherwise sound financial institutions. As a result, Americans' personal savings are threatened, and the ability of consumers and businesses to borrow and finance spending, investment, and job creation has been disrupted.
To restore confidence in our markets and our financial institutions, so they can fuel continued growth and prosperity, we must address the underlying problem.
The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy. This troubled asset relief program must be properly designed and sufficiently large to have maximum impact, while including features that protect the taxpayer to the maximum extent possible. The ultimate taxpayer protection will be the stability this troubled asset relief program provides to our financial system, even as it will involve a significant investment of taxpayer dollars. I am convinced that this bold approach will cost American families far less than the alternative – a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.
I believe many Members of Congress share my conviction. I will spend the weekend working with members of Congress of both parties to examine approaches to alleviate the pressure of these bad loans on our system, so credit can flow once again to American consumers and companies. Our economic health requires that we work together for prompt, bipartisan action.
As we work with the Congress to pass this legislation over the next week, other immediate actions will provide relief.
First, to provide critical additional funding to our mortgage markets, the GSEs Fannie Mae and Freddie Mac will increase their purchases of mortgage-backed securities (MBS). These two enterprises must carry out their mission to support the mortgage market.
Second, to increase the availability of capital for new home loans, Treasury will expand the MBS purchase program we announced earlier this month. This will complement the capital provided by the GSEs and will help facilitate mortgage availability and affordability.
These two steps will provide some initial support to mortgage assets, but they are not enough. Many of the illiquid assets clogging our system today do not meet the regulatory requirements to be eligible for purchase by the GSEs or by the Treasury program.
I look forward to working with Congress to pass necessary legislation to remove these troubled assets from our financial system. When we get through this difficult period, which we will, our next task must be to improve the financial regulatory structure so that these past excesses do not recur. This crisis demonstrates in vivid terms that our financial regulatory structure is sub-optimal, duplicative and outdated. I have put forward my ideas for a modernized financial oversight structure that matches our modern economy, and more closely links the regulatory structure to the reasons why we regulate. That is a critical debate for another day.
Right now, our focus is restoring the strength of our financial system so it can again finance economic growth. The financial security of all Americans – their retirement savings, their home values, their ability to borrow for college, and the opportunities for more and higher-paying jobs – depends on our ability to restore our financial institutions to a sound footing.
20080919 Sec Paulson st on Comprehensive Approach to Mrkt Dev
Federal Reserve Chairman Ben Bernanke, SEC Chairman Chris Cox, U.S. Department of the Treasury Secretary Henry M. Paulson, Jr.
People Bernanke-Ben, Business Econ Wall St SEC, People Cox-Chris, US Dept Treasury, People Paulson-Henry, Bus Econ Subprime Mortgage Market Crisis
Business Econ Wall St SEC Cox qv People, Business Econ Bernanke-B qv People, Business Econ US Dept Treasury qv US, Business Econ Paulson qv People, Subprime Mortgage Mrkt Crisis qv Bus, 2007 2008 Subprime Mort Crisis qv Bus
Saturday, September 20, 2008
No Slots Bishop Schol
No Slots Bishop Schol
September 20, 2008
http://www.youtube.com/watch?v=hY1Dl0qUGJY
20080920 No Slots Bishop Schol
September 20, 2008
http://www.youtube.com/watch?v=hY1Dl0qUGJY
20080920 No Slots Bishop Schol
Records show McCain more bipartisan
Records show McCain more bipartisan
Stephen Dinan (Contact) Monday, September 15, 2008
ANALYSIS:
Sen. John McCain's record of working with Democrats easily outstrips Sen. Barack Obama's efforts with Republicans, according to an analysis by The Washington Times of their legislative records.
Whether looking at bills they have led on or bills they have signed onto, Mr. McCain has reached across the aisle far more frequently and with more members than Mr. Obama since the latter came to the Senate in 2005.
In fact, by several measures, Mr. McCain has been more likely to team up with Democrats than with members of his own party. Democrats made up 55 percent of his political partners over the last two Congresses, including on the tough issues of campaign finance and global warming. For Mr. Obama, Republicans were only 13 percent of his co-sponsors during his time in the Senate, and he had his biggest bipartisan successes on noncontroversial measures, such as issuing a postage stamp in honor of civil rights icon Rosa Parks.
With calls for change in Washington dominating the campaign, both Mr. Obama, the Democrats' presidential nominee, and Mr. McCain, his Republican opponent, have claimed the mantle of bipartisanship.
But since 2005, Mr. McCain has led as chief sponsor of 82 bills, on which he had 120 Democratic co-sponsors out of 220 total, for an average of 55 percent. He worked with Democrats on 50 of his bills, and of those, 37 times Democrats outnumber Republicans as co-sponsors.
Mr. Obama, meanwhile, sponsored 120 bills, of which Republicans co-sponsored just 26, and on only five bills did Republicans outnumber Democrats. Mr. Obama gained 522 total Democratic co-sponsors but only 75 Republicans, for an average of 13 percent of his co-sponsors.
An Obama campaign spokesman declined to comment on The Times analysis.
McCain campaign surrogate Sen. Lindsey Graham, though, said the numbers expose a difference between the two candidates.
Read the rest of Stephen Dinan’s analysis here: Records show McCain more bipartisan
http://www.washtimes.com/news/2008/sep/15/records-show-mccain-more-bipartisan/
Union attacks McCain with TV ad on economy
Clinton tries to win back women for Obama
Obama raises a record $66 million in August
Trail Times blog
20080915 Records show McCain more bipartisan
Stephen Dinan (Contact) Monday, September 15, 2008
ANALYSIS:
Sen. John McCain's record of working with Democrats easily outstrips Sen. Barack Obama's efforts with Republicans, according to an analysis by The Washington Times of their legislative records.
Whether looking at bills they have led on or bills they have signed onto, Mr. McCain has reached across the aisle far more frequently and with more members than Mr. Obama since the latter came to the Senate in 2005.
In fact, by several measures, Mr. McCain has been more likely to team up with Democrats than with members of his own party. Democrats made up 55 percent of his political partners over the last two Congresses, including on the tough issues of campaign finance and global warming. For Mr. Obama, Republicans were only 13 percent of his co-sponsors during his time in the Senate, and he had his biggest bipartisan successes on noncontroversial measures, such as issuing a postage stamp in honor of civil rights icon Rosa Parks.
With calls for change in Washington dominating the campaign, both Mr. Obama, the Democrats' presidential nominee, and Mr. McCain, his Republican opponent, have claimed the mantle of bipartisanship.
But since 2005, Mr. McCain has led as chief sponsor of 82 bills, on which he had 120 Democratic co-sponsors out of 220 total, for an average of 55 percent. He worked with Democrats on 50 of his bills, and of those, 37 times Democrats outnumber Republicans as co-sponsors.
Mr. Obama, meanwhile, sponsored 120 bills, of which Republicans co-sponsored just 26, and on only five bills did Republicans outnumber Democrats. Mr. Obama gained 522 total Democratic co-sponsors but only 75 Republicans, for an average of 13 percent of his co-sponsors.
An Obama campaign spokesman declined to comment on The Times analysis.
McCain campaign surrogate Sen. Lindsey Graham, though, said the numbers expose a difference between the two candidates.
Read the rest of Stephen Dinan’s analysis here: Records show McCain more bipartisan
http://www.washtimes.com/news/2008/sep/15/records-show-mccain-more-bipartisan/
Union attacks McCain with TV ad on economy
Clinton tries to win back women for Obama
Obama raises a record $66 million in August
Trail Times blog
20080915 Records show McCain more bipartisan
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