XIAM007

Making Unique Observations in a Very Cluttered World

Monday, 30 April 2012

Tarp Overseer says - Big Companies HAVEN’T Repaid Tarp Funds … And Funds to Help Homeowners HAVEN’T Been Paid -

Tarp Overseer says - Big Companies HAVEN’T Repaid Tarp Funds … And Funds to Help Homeowners HAVEN’T Been Paid - 






Apologists for government bailouts push two main myths:
  • That all of the bailout funds have been repaid
  • That the bailouts helped the average American
But the official government overseer of the Tarp bailout program – the special inspector general for TARP, Christy L. Romero – has debunked both myths.
Today, Romero wrote the following to Congress:
After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit. The most recent cost estimate for TARP is a loss of $60 billion. Taxpayers are still owed $118.5 billion (including $14 billion written off or otherwise lost).
And earlier this month, Romero stated that the portion of the Tarp funds which were supposed to help homeowners haven’t been disbursed:
A fund to support homeowners in the communities hit hardest by the collapse of the housing bubble has disbursed just 3 percent of its budget and aided only 30,640 homeowners in the two years since its creation, according to a report released on Thursday by a federal watchdog office.
The Hardest Hit Fund, which was created in the spring of 2010, grants money to state housing finance agencies for efforts to help families that are facing foreclosure. It has “experienced significant delay” because of “a lack of comprehensive planning” by the Treasury Department and limited participation by Fannie Mae, Freddie Mac and the large mortgage servicers, said the report by the special inspector general for the Troubled Asset Relief Program.
“Look at the TARP money that goes out to the banks,” said Special Inspector General Christy Romero in an interview with The Huffington Post. “That goes out in a matter of days. This has been two years and only 3 percent of these funds have trickled out to homeowners.”
Indeed, bailing out the big banks hurts - rather than helps - the American economy.  See this,this and this.   (And it doesn't take a PhD economist to guess that using bailout funds to buygold toilet seats and prostitutes is probably not the best way to stimulate the economy as a whole).
The only way to really stimulate the economy would be for the government to give money to the little guy on Main Street – instead of the big boys on Wall Street.  And see this.
Yet the big banks continue today to be bailed out through a wide variety of overt and hidden schemes … while the little guy gets nothing.
This is true even though the American people were opposed to the bank bailouts from day one, and continue to oppose them:
As I’ve noted since 2008, Americans are united in their overwhelming disapproval for bailouts to the big banks.
This has remained true right up to today.
As Rassmussen found only last month (as summarized by KXLF news):
Today’s Rasmussen Reports survey finds that most Americans don’t like bailouts for financial institutions.
60% Oppose Financial Bailouts; 74% Say Wall Street Benefited Most
Survey of 1,000 American Adults
***
• Just 20% think it was a good idea for the government to provide bailout funding to banks and other financial institutions, but 60% say otherwise.
• While many activists try to link the Republican Party and Wall Street, Republicans think the bailouts were a bad idea by an eight-to-one margin.
• Those not affiliated with either major party think they were a bad idea by a four-to-one margin. Democrats are much more evenly divided. Thirty-four percent (34%) of those in the president’s party say the bailouts were a good idea while 42% disagree.
• Overall, 68% believe that most of the bailout money went to the very people who created the nation’s ongoing economic crisis, but 12% disagree and 21% aren’t sure.
[And see this]
As the Washington Post’s Greg Sargent notes, the recent proposal from lobbyists to the American Bankers Association recommending ways to co-opt the Occupy movement accurately stated:
Well-known Wall Street companies stand at the nexus of where OWS protestors and the Tea Party overlap on angered populism. Both the radical left and the radical right are channeling broader frustration about the state of the economy and share a mutual anger over TARP and other perceived bailouts. This combination has the potential to be explosive later in the year when media reports cover the next round of bonuses and contrast it with stories of millions of Americans making do with less this holiday season.
(Except that it is the majority of Americans – not “extremists” on either side of the aisle – that share this anger).
The “Tea Party” movement was centered on the protesting government bailouts of the giant banks, before it was hijacked by the mainstream Republican party, Sarah Palin, Neocons and others. See thisthisthisthis and this.
Ron Paul said last month at a GOP debate:
Bailouts came from both parties…. If you have to give money out, you should give it to people losing their mortgages, not to the banks.
And one of the most common sayings of Occupy Wall Street protesters is:
Banks got bailed out. We got sold out
(See this and this.


Read more -
 http://www.blacklistednews.com/Tarp_Overseer_Debunks_Bailout_Myths%3A_Big_Companies_HAVEN%E2%80%99T_Repaid_Tarp_Funds_%E2%80%A6_And_Funds_to_Help_Homeowners_HAVEN%E2%80%99T_Been_Paid/19217/0/38/38/Y/M.html

Wind Farms Are Warming The Earth, Research Finds - heat the ground underneath them at night -

Wind Farms Are Warming The Earth, Research Finds - heat the ground underneath them at night - 


New research finds that wind farms actually warm up the surface of the land underneath them during the night, a phenomena that could put a damper on efforts to expand wind energy as a green energy solution.
Researchers used satellite data from 2003 to 2011 to examine surface temperatures across as wide swath of west Texas, which has built four of the world's largest wind farms. The data showed a direct correlation between night-time temperatures increases of 0.72 degrees C (1.3 degrees F) and the placement of the farms.
"Given the present installed capacity and the projected growth in installation of wind farms across the world, I feel that wind farms, if spatially large enough, might have noticeable impacts on local to regional meteorology," Liming Zhou, associate professor at the State University of New York, Albany and author of the paper published April 29 in Nature Climate Change said in an e-mail to Discovery News.



Analysts say wind power is a good complement to solar power, because winds often blow more strongly at night while solar power is only available during daytime hours. But Zhou and his colleagues found that turbulence behind the wind turbine blades stirs up a layer of cooler air that usually settles on the ground at night, and mixes in warm air that is on top.
That layering effect is usually reversed during the daytime, with warm air on the surface and cooler air higher up."The year-to-year land surface temperature over wind farms shows a persistent upward trend from 2003 to 2011, consistent with the increasing number of operational wind turbines with time," Zhou said.
FAA data shows that the number of wind turbines over the study region has risen from 111 in 2003 to 2358 in 2011, according to the study.The warming could hurt local farmers, who have already suffered through a killer drought over the past few years. Texas agriculture contributes $80 billion to the state's economy, second only to petrochemicals, according to the Texas Department of Agriculture.
West Texas is a dry area that uses irrigation to grow wheat, cotton and other crops, as well as raise cattle. But increased warming can play havoc with plant growth, as well as change local rainfall patterns.
Texas wind farms produce more than 10,000 megawatts of electricity, more than double the capacity of the nearest state, Iowa, and enough to power three million average American homes, according to the American Wine Energy Association.




Read more: http://www.foxnews.com/scitech/2012/04/30/wind-farms-are-warming-earth-researchers-say/

Man Sues BMW Over Non-Stop 20-Month Erection Caused By Motorcycle Ride... -

Man Sues BMW Over Non-Stop 20-Month Erection Caused By Motorcycle Ride... - 


BMW North America has probably had to deal with plenty of  unusual lawsuits, but one filed last week may be a first — a California man says the seat on his motorcycle has given him an erection he just can’t shake.


Henry Wolf of California is suing BMW America and aftermarket seatmaker Corbin-Pacific claiming his issue began after a four-hour ride on his 1993 BMW motorcycle, with a ridge like seat. Wolf is seeking compensation for lost wages, medical expenses, emotional distress and what he calls “general damage.”


He said he’s had the erection non-stop for 20 months. And it comes with another side effect: The lawsuit says Wolf is “now is unable to engage in sexual activity, which is causing him substantial emotional and mental anguish.”




WWJ Newsradio 950 spoke with Dr. Michael Lutz, at the Michigan Institute of Urology, who said there is no medical data to support the man’s claim. However, “It’s been long-known that compression of the neurovascular supply to the penis —  if it’s compressed for a period of time, whether it be on a bicycle seat or some other device — it can actually cause prolonged numbness of the genitalia,” Lutz said.


“Not only in men, but women can also get numbness in that region if they’re compressing those nervous structures to that region of the body,” he said.


BMW Motorcycles of Southeast Michigan in Canton, Mich., checked out the story and noted the man wasn’t riding a standard BMW motorcycle seat. He was on an after-market seat, which start at about $200. People generally buy them to make the ride more comfortable.


“Sometimes people say it’s more comfortable, sometimes people can get a tall seat or a low seat or they’re shorter or taller, they can come heated,” said Theresa at BMW Motorcycles of Southeast Michigan.


Read more - 
http://detroit.cbslocal.com/2012/04/30/calif-man-sues-bmw-for-persistent-erection/