Ramblings of the Dazed and Confuzed one. Some insightful, some meaningless and some just downright stupid. Fact or Fiction is for you to decide.
"Reality sucks and Life goes on." ~Dazdnconfzd
And so another year has passed leaving a trail of new beginnings and a cloud of loss. Such is life and we can only hope that 2009 will change our perceptions of reality and alleviate the thin veil of mistaken ideology.
First and foremost, I am alive. There can be no greater victory any thought conscious being can ever be awarded. To rise each day and to bed down each night is truly a victory we take for granted. I, for one, do not take this victory for granted. I am witnessing my son maturing into a young man. And while the trials and tribulations raising a child can bring, there are no words for the overwhelming pride one is consumed with on a daily basis. For a 12 year old boy, he has been my crutch at times throughout the year. And for this I am thankful.
I have also made many a new friendship and rekindled friendships from years gone by. Whether the friendship is real life or a virtual person, the friendship is important nonetheless. And just recently a few of those virtual friendships have become real life. And for that I am truly blessed. These friends have blessed me with daily conversations that while some will debate they are only words, those words somehow bring about a comfort. A comfort of knowing that no matter what hand life deals me, I can always find emotions, resolution and understanding within their words. People can read words and understand the content, but for a person to read and understand the person is a gift.
This years resolution is quite simple. I decided since my list was rather long and somewhat boring(and trivial to most people), I am making a general resolution. My resolution this year is to live a better life. That resolution seems to cover all the topics of resolutions and keeps it simple.
And as tradition here at Dazd Central, I am doing some housecleaning. Many have desecrated and dishonored the Golden Rule: Do unto others as you would have them do unto you. And so it shall be written and declared on this day, December 31st of the year 2008 that those who wish to be treated like royalty, friends and family shall reciprocate lest ye be banished from my kingdom.
And others have desecrated the Ten Commandments. I am lenient on many subjects and levels of these commandments. But there is one in particular that remains steadfast within my morals and practices. And so it shall be written and declared on this day, December 31st of the year 2008 that those who wish to be treated like family and friends shall adhere to these commandments lest ye be banished from my kingdom. Henceforth and forevermore, those privileged to be within my circle of trust shall remain as given by these rules declared on this day, December 31st of the year 2008.
There is so much good in the worst of us, And so much bad in the best of us, That it hardly becomes any of us To talk about the rest of us. ~Edward Wallis Hoch
And don’t worry dear friends and readers, if you’re reading this you shall remain apart of my kingdom, unless you give me a reason! lol
I think over again my small adventures. My fears. Those small ones that seemed so big.
For all the vital things I had to get and to reach.
And yet there is only one great thing. The only thing.
To live to see the great day that dawns And the light that fulfills the world.
Somewhat embarrassing to admit, Christmas is tight this year. I will be making bedroom slippers for you as gifts. Please let me know your sizes. You'll most likely agree that it's a splendid idea, and should you wish to do the same, I've included instructions below.
How to make bedroom slippers out of maxi pads:
You need four maxi pads to make a pair. Two of them get laid out flat, for t he foot part. The other two wrap around the toe area to form the top. Tape or glue each side of the top pieces to the bottom of the foot part. Decorate the tops with whatever you desire, silk flowers (this is most aesthetically appealing), etc.
These slippers are: * Soft and Hygienic * Non-slip grip strips on the soles * Built in deodorant feature keeps feet smelling fresh * No more bending ove r t o mop up spills * Disposable and biodegradable * Environmentally safe * Three convenient sizes: (1.) Regular, (2.) Light and (3.) Get out the Sand Bags.
I've attached a photo of the first pair I made so that you can see the nifty slippers for yourself....
Awaiting your response. It's crucial that I get the right size for each one of you.
Oh come on! LAUGH out loud with me! This is too good!
It's snowing daintily here at Dazd Central. Beautiful, serene and mesmerizing as it soothes the soul. I am reminded of a poem I wrote some years ago and posted here a couple of times.
Snowy Daydream
So beautiful yet so concise Always unique and never two alike Free to travel with the wind Finding one another in the end Swirls of wind give them flight Well into the day and through the night Continually they fall from the heaven above Gently floating as if on wings of a dove Sunlight through the clouds at last Radiant perceptions the sun has cast Creating a wonderland from the barren and cold A beautiful scene before my eyes does unfold Millions have arrived covertly with the night Seemingly nonchalant with their impending plight The sun warms the surrounding air Forthwith delivering destiny without a care Memories of this morning will appease my fears Wondrous joys the snow yields each year.
MARKLE, Ind. -- Five deer that wandered onto a highway overpass jumped to their deaths onto Interstate 69, one of them crashing through a tractor-trailer's windshield, police said.
After the animals' fatal plunge, their mangled carcasses littered the expressway to the horror of motorists who approached Friday's scene in the northbound lanes of I-69.
The 20- to 30-foot fall killed all five deer about 12:30 p.m. Friday, said Brian Jenks, a dispatcher with the Huntington County Sheriff's Department.
The last of the five deer went through the windshield of a tractor-trailer rig, but the driver was not injured, police said.
BBQ anyone? I wonder if this is related to the epidemic seen at the Christmas Place recently with wild hogs.
Its not clear whether the INDOT will be installing one of these at every interchange.
Some fun and interesting facts about Thanksgiving.
*The pilgrims arrived in North America in December 1620. *During the first winter in 1621, 46 of the 102 pilgrims died. *By the fall of 1621 only half of the pilgrims, who had sailed on the Mayflower, survived. The survivors, thankful to be alive, decided to give a thanksgiving feast. *They celebrated the first Thanksgiving Day in the fall of 1621. *The feast was all prepared by the four women settlers and two teenage girls. *52 Pilgrims attended the 'First Thanksgiving' in 1621 including: John Alden, William Bradford, Priscilla Mullins and Miles Standish *The Pilgrim leader, Governor William Bradford, had organized the first Thanksgiving feast in the year 1621 and invited the neighboring Wampanoag Indians also to the feast. *The first Thanksgiving celebration lasted three days. *According to Edward Winslow, a participant in the First Thanksgiving, the feast consisted of: Corn, Barley, Fowl including Wild Turkeys and Waterfowl and Venison and the celebration lasted for three days and included games and food. *Approximately 50 Native Americans attended the 'First Thanksgiving' including: Massasoit and Squanto - the Pilgrim's Translator. *President George Washington issued the first national Thanksgiving Day Proclamation in the year 1789 and again in 1795. *The state of New York officially made Thanksgiving Day an annual custom in 1817. *Sarah Josepha Hale, an editor with a magazine, started a Thanksgiving campaign in 1827 and it was result of her efforts that in 1863 Thanksgiving was observed as a day for national thanksgiving and prayer. *Abraham Lincoln issued a 'Thanksgiving Proclamation' on third October 1863 and officially set aside the last Thursday of November as the national day for Thanksgiving. Whereas earlier the presidents used to make an annual proclamation to specify the day when Thanksgiving was to be held. *President Franklin D. Roosevelt restored Thursday before last of November as Thanksgiving Day in the year 1939. He did so to make the Christmas shopping season longer and thus stimulate the economy of the state. *Congress passed an official proclamation in 1941 and declared that now onwards Thanksgiving will be observed as a legal holiday on the fourth Thursday of November every year. *The National Turkey Federation estimated that 46 million turkeys—one fifth of the annual total of 235 million consumed in the United States in 2007—were eaten at Thanksgiving. *The average weight of turkeys purchased for Thanksgiving is 15 pounds, which means some 690 million pounds of turkey were consumed in the U.S. during Thanksgiving in 2007. *The first time the Detroit Lions played football on Thanksgiving Day was in 1934, when they hosted the Chicago Bears at the University of Detroit stadium, in front of 26,000 fans. The NBC radio network broadcast the game on 94 stations across the country--the first national Thanksgiving football broadcast. Since that time, the Lions have played a game every Thanksgiving (except between 1939 and 1944); in 1956, fans watched the game on television for the first time. *3 is the number of places nationwide named after the holiday's tasty gobbler. Turkey, Texas, is the most populous, with 496 residents; followed by Turkey Creek, La. (357); and Turkey, N.C. (267). There also are 16 townships around the country named "Turkey," three of them in Kansas. *690 million pounds - The forecast for U.S. cranberry production in 2007, essentially unchanged from 2006 and 11 percent more than 2005. Wisconsin is expected to lead all states in the production of cranberries, with 390 million pounds, followed by Massachusetts (180 million). New Jersey, Oregon and Washington are also expected to have substantial production, ranging from 18 million to 52 million pounds. *Benjamin Franklin wanted the turkey to be the national bird of the United States. But it was Thomas Jefferson who opposed him. It is believed that Franklin then named the male turkey as 'tom' to spite Jefferson.
The First Thanksgiving When the Pilgrims first gathered together to share with their Indian friends in the mild autumn air, they lifted the voices in jubilant praise for the bread on the table, the berries and maize, for field and for forest, for turkey and deer, for the bountiful crops they were blessed with that year. They were thankful for these as they feasted away, and as they were thankful we're thankful today. Author Unknown
Happy Thanksgiving to all of my friends, both in real life and virtual.
Just think...if the Indians had given the Pilgrim Fathers a donkey instead of a turkey we would all be having a piece of ass for Thanksgiving!
H/T: LaSal
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You know what they call the new brand of currying rags for donkeys? Asswipes.
The new competitor uniform for the donkey show event is the beret. It's an asshat.
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An old man, a boy & a donkey were going to town. The boy rode on the donkey & the old man walked. As they went along they passed some people who remarked it was a shame the old man was walking & the boy was riding.
The man & boy thought maybe the critics were right, so they changed positions.
Later, they passed some people that remarked, "What a shame, he makes that little boy walk."
They then decided they both would walk! Soon they passed some more people who thought they were stupid to walk when they had a decent donkey to ride. So, they both rode the donkey.
Now they passed some people that shamed them by saying how awful to put such a load on a poor donkey.
The boy & man said they were probably right, so they decide to carry the donkey. As they crossed the bridge, they lost their grip on the animal & he fell into the river and drowned.
The moral of the story?
If you try to please everyone, you might as well...Kiss your ass good-bye
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Q: What do you get when you cross a donkey with an onion?
A: Most of the time you simply get an onion with long ears, but every once in a while, get lucky and find a piece of ass that brings tears to your eyes.
Old Toad started asking independent artists for songs to put on a compilation CD to support troops in 2004, they sent out 50 copies. The summer CD 2008 shipped 2580 copies. A lady in North Carolina with Soldiers Angels contacted Old Toad, this lady runs Operation Santa Claus with soldiers angels. She WISHED for 30,000 copies to send in packs to troops.
Our operating budget is our own money as we need to buy CD's. However 30,000 is way above our means financially BUT WE WILL TRY! They are asking anybody to send BLANK CDR PRINTABLE CD's, as many as they can to help. They are not asking for money, only CD's.
They are also trying to find a corporate sponsor but they are not incorporated as a non charitable organization so naturally they won't deal with them.
FREEDOM is not just a word , AND being THANKFUL, now that requires action.
They make the CD's in their basement with a Pioneer CD Duplicator and 2 printers. They accomplish these feats by themselves without asking for anything. Just like our troops, giving and not asking for anything in return. Have you ever spent a holiday away from home? No family or even a phone call? I have and its damn lonely. These CD's are a way to bring a moment of comfort from home.
Here are a few FAQ's:
CD's are NOT for sale, ever! They are sent to the troops, free of charge. CD's are also sent to artists who perform at Legion halls or Veteran organizations. Only stipulation to receiving these CD's is they must be given away for FREE. We do not sell the music or make it available for download anywhere. Artists retain all rights to their music they submit plus receive a free copy of the compilation CD. We do not want any monetary rewards or special recognition for our effort
If you'd like to assist in the project, please send me an email at quietontheset01 at g mail dot com and I'll pass along your email to these folks. Or you can email them directly at meoldtoad at hot mail dot com
On Veterans Day, November 11th, we pause to remember and to honor the men and women who selflessly and bravely served in America’s armed forces to keep our nation strong and our freedoms secure.
Veterans Day traditionally is a day of celebration when communities large and small demonstrate their respect and appreciation for the soldiers, sailors, airmen and marines who have sacrificed so much for the cherished causes of liberty and peace.
This Veterans Day, however, will be a more somber occasion as we pay tribute to not only those who served in past wars, but honor America’s sons and daughters on active duty in Iraq and in the war against terrorism being waged around the world.
Observance of Veterans Day – or Armistice Day as it was known then -- began 84-years ago, in 1919, when Americans gathered to celebrate the first anniversary of the peace agreement that ended the first world war – the war to end all wars.
Today, many wars and conflicts later, we continue this tradition of paying tribute to those who have worn the uniforms of our armed forces. Our servicemen and women have freely given of themselves throughout our history to preserve the precious liberties and freedoms enjoyed today by Americans and people worldwide. We are the fortunate beneficiaries of their vigilance and determination.
The courage of America’s veterans has been passed down from generation to generation. Our veterans have proudly and bravely battled tyranny and oppression in the world wars, Korea, Vietnam, and the Middle East.
And, today, our men and women in uniform once again are at war, bringing freedom to the people of Iraq and standing vigilant against brutal and ruthless terrorists who kill innocent people in their blind hatred of America and our special way of life.
Through their service, today’s veterans have joined a long line of patriots willing to risk all to preserve our freedom and the American way of life.
To the families of others who have made the supreme sacrifice – we extend our heartfelt gratitude, acknowledging we cannot measure the value of the freedoms secured by their supreme sacrifice. Their losses, however, will not be in vain, as our nation will emerge victorious in these wars and the world will be a better and safer place.
We are a nation blessed with an abundance of citizens willing to take up arms to secure, defend and maintain the principles put forth by our forefathers. Since the founding of our nation, nearly 50 million men and women have served America in uniform.
Half of them – some 25 million – are living today. They are our grandparents, parents, sons and daughters, co-workers, friends and neighbors – ordinary citizens who have served in extraordinary ways to preserve the greatness of America.
It is our duty as citizens of this great nation to remember the service of our veterans, their sacrifices and their commitment to America and its citizens. We should do so, not just on Veterans Day, but every day of the year.
That is the least we can do in recognition of the inestimable debt we owe for what they have done for us, and continue to do to make a better and safer tomorrow for generations of Americans, who will enjoy the promise of freedom and happiness as the legacy of the selfless service of countless patriots.
A few years after the end of World War I, President Calvin Coolidge cautioned Americans that “The nation which forgets its defenders will itself be forgotten.” The admonition is as timely today as it was then.
On Veterans Day 2006 let us join together in remembering our veterans and giving thanks for all they have done for us and our great nation. And, let us pray for the safety and well being of our men and women in uniform, and wish them success as they fight for the cause of freedom and peace.
Two little words that mean a lot, "THANK YOU." Remember November 11th is Veterans Day.
"It is the soldier, not the reporter, Who has given us freedom of the press. It is the soldier, not the poet, Who has given us freedom of speech. It is the soldier, not the campus organizer, Who has given us the freedom to demonstrate.
It is the soldier, Who salutes the flag, Who serves beneath the flag, and whose coffin is draped by the flag, Who allows the protester to burn the flag."
Father Denis Edward O'Brien, USMC
For those of you who follow this blog, you may remember my buddy "Smoke" is currently serving in Iraq. Unofficial rumor has it "Smoke" is on his way home! God speed Smoke, God Speed.
The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Pretty scary opening paragraph.
Total Fed lending topped $2 trillion for the first time last week and has risen by 140 percent, or $1.172 trillion, in the seven weeks since Fed governors relaxed the collateral standards on Sept. 14. The difference includes a $788 billion increase in loans to banks through the Fed and $474 billion in other lending, mostly through the central bank's purchase of Fannie Mae and Freddie Mac bonds.
Oh this is a money quote here:
``I talk to Geithner and he was pretty sure that they're OK,'' said Frank, a Massachusetts Democrat. ``If the risk is that the Fed takes a little bit of a haircut, well that's regrettable.'' Such losses would be acceptable, he said, if the program helps revive the economy.
This has a potential of not only reducing our economy to lows not seen in 70 some years but also to allow other foreign interests to take-over our economy.
The Fed has lent at least $81 billion to American International Group Inc., the world's largest insurer, so that it can pay obligations to banks. AIG today said it received an expanded government rescue package valued at more than $150 billion.
When will the bleeding stop? When is enough bailouts enough? Who and HOW are we going to pay for all this? I'm not suggesting a conspiracy is at hand (as some have emailed me in the past)nor am I advocating anything other than keeping you informed. It's sad that while we give our government an allowance we have to babysit them like a 5 year old. This is all being done in the name of GREED folks.
I'd appreciate hearing your comments and ideas on this topic. Source
Something to ponder: As late as 1938, after almost a decade of governmental "pump priming," almost one out of five workers remained unemployed.
I will be taking an extended break from posting. Here are some parting thoughts that after writing, have left me somewhat depleted. I will still visit everyones blog and try to stay current with your posts.
Quality of life is my demand. I have no current projects or true life ambitions. The only ambition I have is to wake each day and proudly announce I am an American. And this demands, on an intellectual and spiritual level, that I fight hard for the things I believe in. Sometimes my peers voice and corroborate my beliefs which assists to fortify my conviction. This is merely my spoken manifesto of how I live my daily life. I put my heart and soul into being the best that I can be, I am satisfied at the end of every day that I've accomplished a goal and proven to myself I am an asset. I'm not all about myself, I'm for my family, my neighborhood, this country, mankind and the good mother earth. You've got people from every imaginable walk of life here in the United States, and they all live like I live, in variations thereof.
But being an American includes a craving and drive to be the best. To sit at the dining room table with other proud hard working Americans. People with massive amounts of work ethic and who want to do the right thing. We don't ask for anyone to give us crap, but rather demand of those who dispute our way of life to produce to their maximum capability. It's time to repel those that wish to live here in America without contributing to society. It's time to repel those that wish nothing but civil disobedience and wishing to hide behind the curtain of "its not my fault or responsibility". Why are we shielding those that cause our very future as a free America to become so clouded with rhetoric and lies we can't tell the tail from the head? Why are we idling sitting by and writhing in pain but we don't seek any alleviation? It's time to shine the spotlight on the pride in America while also spotlighting the bad and the ugly, so that those that care about our American way of life can continue living that dream by eliminating those that thrive on the bad and ugly. Get out and vote!
I would literally alter my pursuit of happiness if I saw that it compromised yours. But what I can't compromise or alter is that I'm an American first, above everyone else, and that my country comes first, above all.
The very concept of a bailout, as a rule, is to encourage irresponsible behavior because someone is there to bail you out. I'm no economist, but I'm now cognizant of my income and I'm now cognizant of my expenses. I only purchase a home and a vehicle with credit. I lived the nightmare of using a credit card to the degree that I can't pay it off the minute it became due. I've been in that nightmare and I can't even wish this scenario upon my worst enemy. Get out and vote!
So when I see the politicians of the world literally rewarding irresponsible and deadly behavior, I cringe every time I receive a paycheck with taxes taken out. It's not the Democrats fault. It's not the Republicans fault. It's our fault for allowing BOTH parties to succumb to greed. Our political system, both Republican and Democrat, have handed out welfare checks to those companies that sought to bleed us working Americans for every pennies worth through penalties of late payments, mortgage schemes and fraudulent salesmanship. Just because the "law doesn't say its unlawful" doesn't make it morally correct. And our very Government is entertaining the thought of bailing out foreign companies. This deadly game of political maneuvering during a Presidential election is the costliest in history. The open-ended authority to write bailout checks in irresponsible and giving away our hard earned money. Don't think its open-ended? Read here. Obviously you've not read my blog recently.
The biggest curse is Americans who know better and do nothing about it. It's the apathy that is strangling this great country. Get out and vote!
Don't vote on emotions. Vote on facts! I don't care if your Republican. I don't care if you're Democrat. I don't care if you're Independent. I don't care who you're voting for and all the facts that go with the decision. I don't need to hear all the rhetoric, lies, misinformation and any other form of why I'm wrong. I am a person with intelligence, maybe not genius levels, but intelligence nonetheless. Either you're with me or against me. Yes...I've laid down the gauntlet and challenge each and every American citizen who reads this post.
Either you're an American or you're not.
To those Americans that try and challenge my American status by reading more into this post or because I didn't side with a politcal party of your liking and simply cannot read the simple statement of "Proud to be an American", I simply respond: Fuck you.
Remember, quality of life is certainly my modus operandi. Get out an vote!
US Ag Sec.: USDA may assist ethanol plants that suffered losses by speculating
This is a prime example of a government program being created to tackle the unintended consequences of bad public policy…
The U.S. Department of Agriculture may use its rural development money to assist ethanol plants that have suffered losses in the volatile corn futures markets, Agriculture Secretary Ed Schafer said Friday in Des Moines.
"Some plants are under pressure because they've been speculating on corn," Schafer told reporters after speaking at the World Food Prize symposium breakfast.
The secretary said the department wouldn't buy or sell grain or cover trading losses. Rather, he said, money could come from the USDA's Rural Development office, which can provide up to $25 million to keep rural businesses operating.
This next part is revealing…
The ethanol industry was rocked last month with the news that publicly traded VeraSun Energy of Sioux Falls, S.D., which has ethanol production plants at Fort Dodge, Albert City, Hartley and Dyersville, would take a quarterly loss of up to $103 million because of losses in the corn futures market.
This is rather interesting. Speculators are blamed and demonized for increases in oil prices so we’re supposed to find alternative energies. In fact, we’re supposed to publically fund boondoggles like ethanol. Ethanol plants are projects that very few individuals will invest in. Because of that fact, taxpayers are forced to invest in ethanol schemes.
So what do we do to ethanol plants that speculated and lost hundred of millions of dollars? We bail them out of course!
It’s good politics to throw away money by giving it to ethanol plants. Because of that fact, don’t expect public policy to change anytime soon.
Not much going on here at Dazd Central. My premiere show at RadioNC Online went relatively well considering it wasn't decided until that morning to air. So I've been burning brain cells forging new material and solidifying the format. Rock and roll is where its at baby! A Seriously Weird news segment from Shelly Ryan and feeble attempts at humor by yours truly. So tune in damnit!
Something that just popped into my head a couple of weeks ago. Still working on it and not sure where its going. But here ya go...
a man when I walked into the world home is where inside I ran taught myself to be a man head held high where I stand
If I died tomorrow wouldn't be a funeral Not that they don't love me but that they don't know me
I feel alone just lonely on life's path all by myself, no one to lead me wish I could see someone walking the road just to be sure I'm not alone
walking through life no one knowing who I am forced to walk a lonely path denying the world who I am
I fear being alone loving and trusting someone enough to let them in open myself risking pain walking the lonely path again
Dazed at Night - Brilliant insanity with a dash of confusion. Playing classic rock from the 70's 80's 90's and today. Weekly Indie Artist spotlight featuring up and coming artists.
Coming tonight to your Internet base of operations! Thursday nights at 8:00 pm est!
Visit RadioNC.com to tune into all the music 24/7. Also make sure to join the RadioNC Community to stay current on all the RadioNC features. You can also interact during live shows with the host and make new friends too!
Futility: No matter how determined you may be, no matter how great your patience, true wisdom comes with the acceptance that some goals will forever remain beyond your abilities...like teaching a blonde to play chess.
The House Resolution 1424, commonly referred to as the Bailout Bill, has some interesting conditions buried within the bill. I've not read the entire Engrossed HR 1424 and with my schedule its very unlikely that'll happen in the near future. So what I've done is highlight those issues I deem important AND kept form the common people. Yes, we should all be ashamed that our elected officials, of all parties, races, religions, etc.. underestimated the intelligence of a very large crowd of people. Even I, the Dazd One, has the ability to read and write/type. I also can perform mathematics and have a decent analytical thought process.
It doesn't matter of your Republican, Democrat or Independent in your political views. It all boils down to we got screwed.
I invite comments and would ask you answer this question: How does this arrangement differ from the creation of Fannie Mae and Fannie Mac, a government creation?
Anywho...read more by hitting the "Read More" button.
(1) IN GENERAL- To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 257 of the National Housing Act or other available programs to minimize foreclosures.
(2) MODIFICATIONS- In the case of a residential mortgage loan, modifications made under paragraph (1) may include--
(A) reduction in interest rates;
(B) reduction of loan principal; and
(C) other similar modifications.
(3) TENANT PROTECTIONS- In the case of mortgages on residential rental properties, modifications made under paragraph (1) shall ensure--
(A) the continuation of any existing Federal, State, and local rental subsidies and protections; and
(B) that modifications take into account the need for operating funds to maintain decent and safe conditions at the property.
SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANKS.
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101. I'm wondering if Iceland will be available for purchase.
The most important one, IMHO, is Section 115:
SEC. 115. GRADUATED AUTHORIZATION TO PURCHASE.
(a) Authority- The authority of the Secretary to purchase troubled assets under this Act shall be limited as follows:
(1) Effective upon the date of enactment of this Act, such authority shall be limited to $250,000,000,000 outstanding at any one time. In other words, the Secretary of the Treasury is able to release this amount without any approval from anyone.
(2) If at any time, the President submits to the Congress a written certification that the Secretary needs to exercise the authority under this paragraph, effective upon such submission, such authority shall be limited to $350,000,000,000 outstanding at any one time.
(3) If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.
(b) Aggregation of Purchase Prices- The amount of troubled assets purchased by the Secretary outstanding at any one time shall be determined for purposes of the dollar amount limitations under subsection (a) by aggregating the purchase prices of all troubled assets held.
(c) Joint Resolution of Disapproval-
(1) IN GENERAL- Notwithstanding any other provision of this section, the Secretary may not exercise any authority to make purchases under this Act with regard to any amount in excess of $350,000,000,000 previously obligated, as described in this section if, within 15 calendar days after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3), there is enacted into law a joint resolution disapproving the plan of the Secretary with respect to such additional amount.
(2) CONTENTS OF JOINT RESOLUTION- For the purpose of this section, the term ‘joint resolution’ means only a joint resolution--
(A) that is introduced not later than 3 calendar days after the date on which the report of the plan of the Secretary referred to in subsection (a)(3) is received by Congress;
(B) which does not have a preamble;
(C) the title of which is as follows: ‘Joint resolution relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008’; and
(D) the matter after the resolving clause of which is as follows: ‘That Congress disapproves the obligation of any amount exceeding the amounts obligated as described in paragraphs (1) and (2) of section 115(a) of the Emergency Economic Stabilization Act of 2008.’.
(d) Fast Track Consideration in House of Representatives-
(1) RECONVENING- Upon receipt of a report under subsection (a)(3), the Speaker, if the House would otherwise be adjourned, shall notify the Members of the House that, pursuant to this section, the House shall convene not later than the second calendar day after receipt of such report;
(2) REPORTING AND DISCHARGE- Any committee of the House of Representatives to which a joint resolution is referred shall report it to the House not later than 5 calendar days after the date of receipt of the report described in subsection (a)(3). If a committee fails to report the joint resolution within that period, the committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be referred to the appropriate calendar.
(3) PROCEEDING TO CONSIDERATION- After each committee authorized to consider a joint resolution reports it to the House or has been discharged from its consideration, it shall be in order, not later than the sixth day after Congress receives the report described in subsection (a)(3), to move to proceed to consider the joint resolution in the House. All points of order against the motion are waived. Such a motion shall not be in order after the House has disposed of a motion to proceed on the joint resolution. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order.
(4) CONSIDERATION- The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to its passage without intervening motion except two hours of debate equally divided and controlled by the proponent and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order.
(e) Fast Track Consideration in Senate-
(1) RECONVENING- Upon receipt of a report under subsection (a)(3), if the Senate has adjourned or recessed for more than 2 days, the majority leader of the Senate, after consultation with the minority leader of the Senate, shall notify the Members of the Senate that, pursuant to this section, the Senate shall convene not later than the second calendar day after receipt of such message.
(2) PLACEMENT ON CALENDAR- Upon introduction in the Senate, the joint resolution shall be placed immediately on the calendar.
(3) FLOOR CONSIDERATION-
(A) IN GENERAL- Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time during the period beginning on the 4th day after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3) and ending on the 6th day after the date on which Congress receives a report of the plan of the Secretary described in subsection (a)(3) (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order. If a motion to proceed to the consideration of the resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of.
(B) DEBATE- Debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees. A motion further to limit debate is in order and not debatable. An amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order.
(C) VOTE ON PASSAGE- The vote on passage shall occur immediately following the conclusion of the debate on a joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the Senate.
(D) RULINGS OF THE CHAIR ON PROCEDURE- Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint resolution shall be decided without debate.
(f) Rules Relating to Senate and House of Representatives-
(1) COORDINATION WITH ACTION BY OTHER HOUSE- If, before the passage by one House of a joint resolution of that House, that House receives from the other House a joint resolution, then the following procedures shall apply:
(A) The joint resolution of the other House shall not be referred to a committee.
(B) With respect to a joint resolution of the House receiving the resolution--
(i) the procedure in that House shall be the same as if no joint resolution had been received from the other House; but
(ii) the vote on passage shall be on the joint resolution of the other House.
(2) TREATMENT OF JOINT RESOLUTION OF OTHER HOUSE- If one House fails to introduce or consider a joint resolution under this section, the joint resolution of the other House shall be entitled to expedited floor procedures under this section.
(3) TREATMENT OF COMPANION MEASURES- If, following passage of the joint resolution in the Senate, the Senate then receives the companion measure from the House of Representatives, the companion measure shall not be debatable.
(4) CONSIDERATION AFTER PASSAGE-
(A) IN GENERAL- If Congress passes a joint resolution, the period beginning on the date the President is presented with the joint resolution and ending on the date the President takes action with respect to the joint resolution shall be disregarded in computing the 15-calendar day period described in subsection (a)(3).
(B) VETOES- If the President vetoes the joint resolution--
(i) the period beginning on the date the President vetoes the joint resolution and ending on the date the Congress receives the veto message with respect to the joint resolution shall be disregarded in computing the 15-calendar day period described in subsection (a)(3), and
(ii) debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees.
(5) RULES OF HOUSE OF REPRESENTATIVES AND SENATE- This subsection and subsections (c), (d), and (e) are enacted by Congress--
(A) as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and
(B) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.
So as you can see, this "One-time" Bailout now has unlimited lending potential without any authorization. Of course I didn't read every word nor did I claim to thoroughly understand this bills implications. But I do understand when I'm being bullshitted.
Here's a look a some obscure measures:
• One-year extension for wind and refined coal energy tax credits. A production credit for electricity produced from renewable marine energy sources (meaning through wave power and river power, or by exploiting the differences in ocean temperature). Energy credits for "small wind properties," geothermal heat pump systems, and energy-efficient residential properties.
• New renewable-energy bonds. Up to $800 billion in energy bonds may be offered to the public, with a third from "public power providers," a third from governments, and the remainder from "cooperative electric companies."
• Tax credits for "cellulosic biofuels" and for "carbon dioxide sequestration." An extension of an alternative fuel credit. Tax credits for "new qualified plug-in electric-drive motor vehicles." Bicycle commuters get a nod, as do regulations aimed at "residential top-loading clothes washers."
IRS undercover operations: Privacy invasion?
The bailout bill also gives the Internal Revenue Service new authority to conduct undercover operations. It would immunize the IRS from a passel of federal laws, including permitting IRS agents to run businesses for an extended sting operation, to open their own personal bank accounts with U.S. tax dollars, and so on. (Think IRS agents posing as accountants or tax preparers and saying, "I'm not sure if that deduction is entirely legal, but it'll save you $1,000. Want to take it?") That section had expired as of January 1, 2008, and would now be renewed.
There's another section of the bailout bill worth noting. It lets the IRS give information from individual tax returns to any federal law enforcement agency investigating suspected "terrorist" activity, which can, in turn, share it with local and state police. Intelligence agencies such as the CIA and the National Security Agency can also receive that information.
The information that can be shared includes "a taxpayer's identity, the nature, source, or amount of his income, payments, receipts, deductions, exemptions, credits, assets, liabilities, net worth, tax liability, tax withheld, deficiencies, overassessments, or tax payments, whether the taxpayer's return was, is being, or will be examined or subject to other investigation or processing, or any other data received by, recorded by, prepared by, furnished to, or collected by the Secretary with respect to a return."
The law authorizes the Treasury Department to create a so-called Troubled Assets Relief Program, or TARP, as well as a separate insurance fund.
The TARP program permits the Treasury to purchase mortgage-backed bonds or any other "troubled assets" from financial institutions. The idea is that because banks have become so hesitant to lend to each other, this law will help unstick the gears of the modern financial economy.
The Treasury Department is authorized to "guarantee" home mortgages, essentially becoming a kind of co-signer, to reduce the number of foreclosures. If the home owner stops paying his or her mortgage, taxpayers would be on the hook. The Treasury Department can also eliminate a "reasonable" amount of a home owner's mortgage debt, under section 109 of the new law, which would likely delay the process of house prices falling.
In response to grassroots pressure from Americans upset about Wall Street executives cashing in, Section 111 is titled "Executive Compensation and Corporate Governance."
Section 115 of the law says that the administration can, after notifying Congress and waiting 15 days, purchase and hold $700 billion of assets "at any one time." (It can buy and hold $350 billion without waiting.)
This allows the Treasury Department to buy up $700 billion of bad assets in 2008. Then sell those assets off loss, and repeat the same process in 2009, 2010,2011, etc.
If the TARP ends up costing taxpayers money, the president may ask Congress to consider enacting a law to recoup "from the financial industry an amount equal to the shortfall," presumably through higher taxes. But Congress is under no obligation to do anything; a mechanism to cover the shortfall does not exist in this law.
Some bullets of interest:
• This may be just the beginning of bailouts. California Gov. Arnold Schwarzenegger said that the state may need a $7 billion loan from the U.S. Treasury, according to a report in the Los Angeles Times.
• John McCain is taking some credit for the bailout's passage: "I'm glad I suspended my campaign and went back to Washington to bring, and help bring, House Republicans to the table," he said on Friday. Democratic presidential candidate Barack Obama described the law as "absolutely necessary to prevent an economic catastrophe."
• U.S. jobs fell by 159,000, a decline of 760,000 this year. Technology firms have also contemplated hiring freezes and some, including Hewlett-Packard and Dell, have already laid off employees, as my colleague Ina Fried reports in a separate article.
It doesn't matter of your Republican, Democrat or Independent in your political views. It all boils down to we got screwed.
I invite comments and would ask you answer this question: How does this arrangement differ from the creation of Fannie Mae and Fannie Mac, a government creation?
