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...next task at hand. This week President Obama said he plans to have a proposal on what to do with the mortgage insurers by early next year. Fannie and Freddie, which guarantee to pay lenders and investors in the event that a borrower defaults, were set up by Congress. But while they were run as private companies, it was long understood that if the companies ran into trouble, the government would step in to save them, which is exactly what happened. (Read "Will President Obama's New Housing Plan Work...
...addition to its multibillion-dollar deficit, California faces a severe cash-flow crisis and state controller John Chiang warns that the state could run out of money in July. California has the worst credit rating among the 50 states, so its leaders have pressed the Obama Administration and Congress to act as a co-signer on the state's borrowing. As with AIG, California officials argued, the state is too big to fail. "A fiscal meltdown by California ... would surely destabilize the U.S., if not worldwide financial markets," state treasurer Bill Lockyer wrote U.S. Treasury Secretary Timothy Geithner...
Davis, who served in the House of Representatives for seven terms before retiring last fall, is a Hill veteran with extensive experience in technology policy. He authored the Federal Information Security Management Act in 2002, chaired the Subcommittee on Technology and Procurement Policy and was a co-chair of Congress's Information Technology Working Group. (He also led the powerful House Committee on Oversight and Government Reform and is popular on both sides of the aisle in Congress.) Crucially, Davis also has good connections to the IT private sector. His district, the 11th, is bristling with technology companies. Since retiring...
...impossible to know how many firearms are illegally trafficked into Mexico in a given year, over 20,000, or around 87 percent, of firearms seized by Mexican authorities and traced over the past five years originated in the United States," the GAO's Ford said in testimony prepared for Congress...
Amid these difficulties, elected politicians appear increasingly useless at providing any solutions. TV bulletins have even shown federal lawmakers swinging at one another in fistfights in Congress. Voters are also furious at their representatives' six-figure salaries in a nation where the minimum wage is $5 a day. And while video evidence has shown prominent politicians stacking wads of dollar bills into briefcases or extorting businessmen, the same candidates keep beating the courts and getting back on the ballot. For the voto en blanco movement, Mexico has swung from dictatorship to a kleptocracy. One YouTube video for the campaign shows...