Posted by: quiscus | August 26, 2010

August 26, 2010

1.  “FBI paid informant in Bronx synagogue bomb plot $97K, who provided terror suspects with fake bombs”

2.  “Treasury Makes Shocking Admission:
Program for Struggling Homeowners Just a Ploy to Enrich Big Banks

according to recent startling admissions from top Treasury officials, the mortgage plan was actually not really about helping borrowers at all. Instead, it was simply one element of a broader effort to pump money into big banks and shield them from losses on bad loans. That’s right: Treasury openly admitted that its only serious program purporting to help ordinary citizens was actually a cynical move to help Wall Street megabanks.

If, say, Wells Fargo had taken a $20 billion hit on its mortgage book in February 2009, it very well could have failed. But losing a few billion dollars here and there over the course of three or four years means that Wells Fargo can stay in business and keep paying out bonuses, even if it ultimately sees losses of $25 or $30 billion on its bad loans.

So HAMP is doing a great job if all you care about is the solvency of Wall Street banks. But if borrowers know from the get-go they’re not going to get a decent deal, they have no incentive to keep paying their mortgage. Instead of tapping out their savings and hitting up relatives for help with monthly payments, borrowers could have saved their money, walked away from the mortgage and found more sensible rental housing. The administration’s plan has effectively helped funnel more money to Wall Street at the expense of homeowners. And now the Treasury Department is going around and telling bloggers this is actually a positive feature of the program, since it meant that big banks didn’t go out of business.”

3.  ”


Anti-Mosque Coalition’s Website Owned By Neo-Conservative Islamophobe Frank Gaffney

Last week, House Speaker Nancy Pelosi (D-CA) called for “transparency” about who is funding the ugly attacks against the construction of a proposed Islamic community center near Ground Zero in New York City. “There is no question there is a concerted effort to make this a political issue by some. And I join those who have called for looking into how is this opposition to the mosque being funded,” she told KCBS radio.

Naturally, right-wing opponents of the mosque blasted Pelosi for the comments, claiming the opposition is an organic, spontaneous uprising of concerned Americans. However, the coalition leading the charge against the mosque, the Coalition to Honor Ground Zero, appears to be funded by a major neo-conservative advocacy group, with deep-pocketed donors, and extensive connections to the conservative establishment. As Glenn Greenwald noted, the coalition’s website is registered to the Center for Security Policy, a neo-conservative think tank and advocacy group run by Reagan defense official and far-right hawk Frank Gaffney”


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