US economy still has impact on Malaysia
By Shankaran Nambiar
Monday August 11, 2008
http://biz.thestar.com.my/news/story.asp?file=/2008/8/11/business/22028171&sec=business
The Federal National Mortgage Association (or Fannie Mae) and the Federal Home Loan Mortgage Corp (otherwise known as Fannie Mac), both government-sponsored enterprises, were hit hard by the subprime mortgage crisis in late 2007.
The fallout of that problem has required a housing rescue bill, and a rescue plan that might cost the US government anything from US$25bil to US$100bil, depending on whose estimates you look at.
There are legislators who do not agree with this bailout since it encourages irresponsible borrowing and lax lending procedures. It is hard to be stern with Fannie Mae and Freddie Mac, when between them, they own or guarantee a significant portion of the mortgage market, which has been estimated to be close to US$6 trillion.
Besides, Fannie and Freddie cannot be punished at a time when the housing recession is at its worst since the Great Depression, even at the risk of invoking serious moral hazards.
Some reports claim that more than a million Americans have lost their homes.
The rescue package is necessary to extend a hand to homeowners who need cheaper loans, and to curtail massive mortgage foreclosures.
Internet Censorship Alert
Internet Censorship Alert: Alex Jones exposes agenda to 'blacklist' dissenting sites (March 14, 2010)
As I predicted, the Obama Administration is trying to shut down the Internet - at least the parts he doesn't like. Barack Obamas regulatory czar, Cass Sunstein has stated that he wants to ban conspiracy theories from the internet. Think about what this means - Every video, every website, every blog, every email, that exposes or just criticizes the government for any reason whatsoever could be labeled a "conspiracy" and taken down. Your home could be raided in the middle of the night, and you could be carted of to jail for criticizing the government. All they have to do is call it a "conspiracy theory".
http://www.youtube.com/watch?v=aqAWmBLFodE
Tuesday, August 12, 2008
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