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...free-market guru. Like President George W. Bush, Greenspan's belief in free markets blinded him to the dangers inherent in the subprime-mortgage market. How else can one explain his failure to respond to early and repeated warnings from the late Edward Gramlich, a member of the Fed board who recognized the dangers and addressed the matter (perhaps in frustration) last year in his book Subprime Mortgages: America's Latest Boom and Bust? Kim Gardey, President, Gardey Financial Advisors, Saginaw, Michigan...
...Fed's arranged sale of about-to-fail Bear Stearns in mid-March and its subsequent decision to extend credit to other investment banks over which it has no regulatory say have been major prods to discussion. Both House Financial Services Committee chairman Barney Frank and Treasury Secretary Hank Paulson have since suggested that the Fed be given power to snoop around such institutions in search of market-endangering risks. Frank and presidential candidate Barack Obama have also talked of replacing the hodgepodge of federal and state regulatory agencies with a simpler and less loophole-ridden structure--and on March...
...than it was about race. Michelle Obama's unfortunate comment that the success of the campaign had made her proud of America "for the first time" in her adult life and the Senator's own decision to stow his American-flag lapel pin - plus his Islamic-sounding name - have fed a scurrilous undercurrent of doubt about whether he is "American" enough...
...trip is unconventional, from his choice of towns that he is focusing on - Clinton strongholds like Scranton, Altoona, Wilkes-Barre, mostly working-class and white with lots of Catholics - to his quirky events. The Illinois Senator has scarfed down a hot dog and then gone bowling in Altoona, fed a baby cow in State College, sloshed back a beer and watched college basketball in Burnham, sampled the fares at a chocolate factory in Reading and, oh yeah, led some town halls and rallies as well. "I've been having a good time," Obama told an audience...
...Transparency International ranked Afghanistan 172nd out of the 179 countries surveyed last year on its corruption-perceptions Index. Hardly surprising, then, that despite thousands more troops on the ground and billions of dollars in aid, the Taliban insurgency has only grown stronger. Ordinary Afghan people are fed up with a government that has squandered their faith and hope by pillaging whatever small treasures remain after 27 years at war. Yet they also resent the international forces that put that government in power but look away when it doesn't fulfill its duties. And the distance between the people...