Kevin Colby: News, culture, political blog

Some interesting articles to read:

The Wall Street Journal came out with a report: Political Interference Seen in Bank Bailout Decisions.

The Treasury had said it would give money only to healthy banks, to jump-start lending. But OneUnited had seen most of its capital evaporate. Moreover, it was under attack from its regulators for allegations of poor lending practices and executive-pay abuses, including owning a Porsche for its executives’ use.

Nonetheless, in December OneUnited got a $12 million injection from the Treasury’s Troubled Asset Relief Program, or TARP. One apparent factor: the intercession of Rep. Barney Frank, the powerful head of the House Financial Services Committee.

Mr. Frank, by his own account, wrote into the TARP bill a provision specifically aimed at helping this particular home-state bank. And later, he acknowledges, he spoke to regulators urging that OneUnited be considered for a cash injection …..

He cites the bank’s status as the state’s only financial institution owned by African-American (blacks). “We did say, yes, I thought it would have been a social tragedy if the one minority bank in Massachusetts that has been working so hard and had been overextended into housing was to be wiped out by a federal action, the Fannie-Freddie preferred [shares] thing, and that’s why I think it was important to try to help them.

That fat ass slobbering pig Barney Frank raises his gigantic fat head again; this time he sends money we don’t have to a black-owned bank.  The purpose was to use the financial crisis as an excuse to shore up a politically favored bank in Barney Frank’s district and not used as a stimulus.

Barney Frank has been a major contributor to this finanical mess.  Look at what he said back in 2003 about Fannie Mae and Freddie Mac:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Oh Really!  Read the rest of that 2003 NY Times article. This guy can use a soap beating like that dude did in the movie Full Metal Jacket!

Some interesting articles from Clark Howard’s website:

Facebook a new breeding ground for get-rich-quick schemes

RIP-OFF ALERT: Have you noticed that Clark is hitting numerous rip-off alert sounders these days? The last time we had so many back-to-back warnings was during the recession of the early ’90s. Back then, the Internet was only used by researchers and some government types. But today it’s a prime form of communication. Little wonder then that many scams have morphed and gone online.  Read the full story.

Consumers burying themselves under payday lending debt

RIP-OFF ALERT: Payday lenders offer consumers an easy way to bury themselves under mounds of debt. The typical payday lender allows you to walk into their establishment, turn over a personal check that’s postdated to your next pay date and walk out with cash — minus some high fees.  Read the full story.

Save up to $600 annually by dropping landline, going cell only

Looking for an easy way to reduce your monthly budget in 2009? Consider dropping your landline and going cell phone only. About 1 in 5 Americans have disconnected their home phone, while an additional 13% say they have a home phone that they never use. That’s about one-third of all Americans who are cell phone only or very near to it.  Read the full story.

Overexposed in the stock market during your golden years?

Syndicated financial writer Umberto Cruz recently issued a new warning about the dangers of having too much money in stocks as you grow older.  Read the full story.