Danke and Merci!

Aug 12, 6:20 AM (ET) By MARCY GORDON
WASHINGTON (AP) - The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.
Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department's program, the Congressional Oversight Panel says in a new report issued Thursday.
The U.S. program aimed to stabilize the financial system by injecting money into as many banks as possible, including those with substantial operations overseas. Most other countries, by contrast, focused their efforts more narrowly on banks in their nations that usually lacked major U.S. operations.
But the report says that if the U.S. had gotten more data on which foreign banks would benefit the most, the government might have been able to ask those countries to share some of the cost.
"There were no data about where this money was going," panel chair Elizabeth Warren said in a conference call with reporters on Wednesday. "The American people have a right to know where the money went."
An example: Major French and German banks were among the biggest beneficiaries of the U.S. rescue of American International Group Inc., yet the American government shouldered the entire $70 billion risk of pumping capital into the crippled insurance titan. The report compares that with the $35 billion that France spent on its overall financial rescue program and the $133 billion that Germany spent.
Much of the $182 billion in federal aid to AIG - the biggest of the government rescues - went to meet the company's obligations to its Wall Street trading partners on credit default swaps, a form of insurance against default of securities. The partners included French banks Societe Generale, which received $11.9 billion in AIG money, and BNP Paribas, which got $4.9 billion, and Germany's Deutsche Bank, $11.8 billion.
Of the 87 banks and financial entities that indirectly benefited from the U.S. aid to AIG, 43 are foreign, according to the report. In addition to France and Germany, they include banks based in Canada, Britain and Switzerland.
In addition to AIG, many of the U.S. banks and automakers that received billions in bailout aid derive a large proportion of their revenue from operations outside the U.S., the report noted.
The watchdog panel was created by Congress to oversee the Treasury Department rescue program that came in at the peak of the financial crisis in the fall of 2008. It has said it's unclear whether U.S. taxpayers will ever fully recoup the cost of the AIG bailout. The Congressional Budget Office estimates that taxpayers will lose $36 billion.

Now we know where the real money is.

Is Bloomberg a total idiot?

NY Mayor Michael Bloomberg defended the decision of the City Landmarks Commission to allow the building of the mosque to go forward by saying, "Of course, it is fair to ask the organisers of the mosque to show some special sensitivity to the situation – and in fact, their plan envisions reaching beyond their walls and building an interfaith community. By doing so, it is my hope that the mosque will help to bring our city even closer together and help repudiate the false and repugnant idea that the attacks of 9/11 were in any way consistent with Islam."

In contrast to Mr. Bloomberg's opinion, the Koran says, "Believers, make war on the infidels who dwell around you" (Sura 9, Repentance, verse 123). And, "Fight against such as those to whom the scriptures were given as believe neither in Allah nor the Last Day …. (ibid., verse 29). And, "Kill them [the unbelievers] wherever you find them. Drive them out of the places from which they drove you. Idolatry is worse than carnage (Sura 2, The Cow, verse 191). And, "The unbelievers are your sworn enemies (Sura 4, Women, verse 102). And, "Those who follow Him are ruthless to the unbelievers but merciful to one another" (Sura 48, Victory, verse 48). And, "Allah loves those who fight for His cause in ranks as firm as a mighty edifice" (Sura 41, Battle Array, verse 4). And, "I am with you, therefore make firm those who believe. I will cast terror into the hearts of those who disbelieve. Therefore strike off their heads and strike off every fingertip of them. (Sura 8, The Accessions, verse 12)

Sestak running against Sestak

Headline in our local paper on August 3 says, Sustak faults Democrat policies. I love this. Senatorial candidate Joe Sestak is now running against his own party. As a matter of fact, since he has been a Democratic member of the House of Representatives for the last 31/2 years, he seems to be running against himself. If he is so concerned about the failure of Democrats to
"change politics despite promises to do so, and deal with the national debt," why hasn't he been crying out for change for the past 3 years? And if he is really concerned about the "looming Medicare and Social Security insolvencies" and believes they "will demand higher taxes on the wealthy and fewer corporate tax breaks," why hasn't he been demanding that his fellow Democrats inact these changes? The reason is obvious. Sestak now knows that in order to have any chance of getting elected, he has to run against Washington. Even though he has been a part of Washington, he has to posture himself as though he hasn't. He has to become as much like Pat Toomey as he possibly can.