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YOUTUBE v. VIACOM USER DATA COURT BATTLE - (REUTERS) - 133 sec
Sunday, July 06, 2008 (NEW YORK) - A U.S. court orders Google to reveal details of YouTube users viewing habits. A New York judge has told Google which owns YouTube to open up its logs of viewers including user names, IP addresses and what they watched, to Viacom in a one billion dollar lawsuit over alleged copyright infringement. Louis Lee Stanton United States Courthouse 500 Pearl St., Room 2250 New York, NY 10007 Courtroom: 21C Chambers Phone: +1 (212) 805-0252 Deputy Phone: +1 (212) 805-0123 Fax: +1 (212) 805-0389 US District Court Judge Louis L. Stanton is the guy who told YouTube to give all your personal information and viewing history to Viacom, thus allowing Viacom to invade your privacy and probably sue you. Mail, phone, or fax him a piece of your mind. (REUTERS)
Auteur : Suc33d2009
Tags: computer video blog privacy rights youtube viacom news technology court order federal judge lawsuit popular media
BUSH HECKLED AT 4TH OF JULY CEREMONY - (CNN) - 46 sec
Friday, July 04, 2008 CHARLOTTESVILLE, Virginia - President Bush invoked the memory of Thomas Jefferson Friday in welcoming new U.S. citizens at a naturalization ceremony at Monticello, saying "I'll be proud to call you a fellow American." On his final U.S. Independence Day as president, Bush told an audience Friday at the home of the Declaration of Independence's author that he was honored to be present for the naturalization. Shouts from protesters were heard during Bush's remarks, and the president responded by saying he agrees that "we believe in free speech in the United States of America." The last six Fourth of July holidays have taken place amid continuing violence in Iraq. (CNN)
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Tags: news video blog politics bush heckled july independence day holiday thomas jefferson protest popular media iraq war
WORLD'S 1ST ROBO BARMAN - (REUTERS) - 87 sec
Thursday, July 03, 2008 (London) - Billed as the world's first robot barman, Mr Asahi pulls the crowds at London's Selfridges department store. The robot, currently on tour for Asahi beer, promises to deliver service with a smile and no back chat. Japanese beer makers Asahi are expecting to sell their newest recruit for over 100,000 pounds or just over 198,000 US dollars. (REUTERS)
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Tags: electronics environment mechanics commentary analysis news popular media video blog robot barman science innovation co
U.S. CONSUMERS CUT BACK ON SPENDING - (MSNBC) - 149 sec
Monday, June 30, 2008 (U.S.) - Strong evidence is emerging that consumer spending, a bulwark against recession over the last year even as energy prices surged and the housing market sputtered, has begun to slow sharply at every level of the American economy, from the working class to the wealthy. The abrupt pullback raises the possibility that the country may be experiencing a rare decline in personal consumption, not just a slower rate of growth. Such a decline would be the first since 1991, and it would almost certainly push the entire economy into a recession in the middle of an election year. There are mounting anecdotal signs that beginning in December Americans cut back significantly on personal consumption, which accounts for 70 percent of the economy. (MSNBC)
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Tags: commentary analysis news video blog economy popular media MSNBC recession politics federal government local state
BORDER OUTRAGE - (FOX NEWS) - 366 sec
Saturday, June 28, 2008 FOXNews H&C reports on Mexican Authorities who release hispanic male accused of brutally killing Border Patrol Agent. (FOX NEWS)
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Tags: commentary analysis news video blog federal government politics fox hannity colmes popular media border patrol agent
SUPREME COURT: AMERICANS HAVE RIGHT TO BEAR ARMS - (MSNBC) - 170 sec
Thursday, June 26, 2008 WASHINGTON - The Supreme Court ruled Thursday that Americans have a right to own guns for self-defense and hunting, the justices' first major pronouncement on gun rights in U.S. history. The court's 5-4 ruling struck down the District of Columbia's 32-year-old ban on handguns as incompatible with gun rights under the Second Amendment. The decision went further than even the Bush administration wanted, but probably leaves most firearms laws intact. The court had not conclusively interpreted the Second Amendment since its ratification in 1791. The amendment reads: "A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed." The basic issue for the justices was whether the amendment protects an individual's right to own guns no matter what, or whether that right is somehow tied to service in a state militia. Writing for the majority, Justice Antonin Scalia said that an individual right to bear arms is supported by "the historical narrative" both before and after the Second Amendment was adopted. The Constitution does not permit "the absolute prohibition of handguns held and used for self-defense in the home," Scalia said. The court also struck down Washington's requirement that firearms be equipped with trigger locks or kept disassembled, but left intact the licensing of guns. In a dissent he summarized from the bench, Justice John Paul Stevens wrote that the majority "would have us believe that over 200 years ago, the Framers made a choice to limit the tools available to elected officials wishing to regulate civilian uses of weapons." He said such evidence "is nowhere to be found." The ruling quickly became fodder for the presidential race. Sen. John McCain lauded the decision in a written statement, calling it a "landmark victory for Second Amendment freedom in the United States." The Republican presidential hopeful criticized his rival Barack Obama's stance on the issue, saying the Democrat had refused to sign a statement calling for Thursday's ruling. "Unlike the elitist view that believes Americans cling to guns out of bitterness, today's ruling recognizes that gun ownership is a fundamental right — sacred, just as the right to free speech and assembly," McCain said. Senator Obama said the decision "will provide much-needed guidance to local jurisdictions across the country." "As president, I will uphold the constitutional rights of law-abiding gun-owners, hunters and sportsmen ... We can work together to enact common-sense laws, like closing the gun show loophole and improving our background check system, so that guns do not fall into the hands of terrorists or criminals," Obama stated. The White House also praised the ruling. "We are pleased by the Court's decision upholding Americans right to bear arms. We look forward to reading the ruling in detail," White House spokesman Tony Fratto said. The issue had caused a split within the Bush administration. Vice President Dick Cheney supported the appeals court ruling, but others in the administration feared it could lead to the undoing of other gun regulations, including a federal law restricting sales of machine guns. Other laws keep felons from buying guns and provide for an instant background check. (MSNBC)
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Tags: commentary analysis news politics supreme court law gun rights constitution arms decision popular media video blog
TIM MCGRAW CATAPULTS ROWDY FAN - (CNN) - 46 sec
Thursday, June 26, 2008 Country music star Tim McGraw pulls a rowdy concertgoer out of the audience after he allegedly attacks a woman at the White River Amphitheater. (CNN NEWS)
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Tags: entertainment news performing arts tim mcgraw popular media concert country music star celebrity white river theater
U.S. SUPREME COURT: "DETAINEES HAVE CONSTITUTIONAL RIGHTS" - 136 sec
Thursday, June 12, 2008 WASHINGTON - The Supreme Court ruled Thursday that foreign terrorism suspects held at Guantanamo Bay have rights under the Constitution to challenge their detention in U.S. civilian courts. In its third rebuke of the Bush administration's treatment of prisoners, the court ruled 5-4 that the government is violating the rights of prisoners being held indefinitely and without charges at the U.S. naval base in Cuba. The court's liberal justices were in the majority. Justice Anthony Kennedy, writing for the court, said, "The laws and Constitution are designed to survive, and remain in force, in extraordinary times." Chief Justice John Roberts criticized his colleagues for striking down what he called "the most generous set of procedural protections ever afforded aliens detained by this country as enemy combatants." Justices Samuel Alito, Antonin Scalia and Clarence Thomas also dissented. Scalia said the nation is "at war with radical Islamists" and that the court's decision "will make the war harder on us. It will almost certainly cause more Americans to be killed." (MSNBC)
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Tags: news commentary analysis video blog popular media supreme court Guantanamo Bay constitution rights detainees politics
CAFFERTY ON U.S. ECONOMY - (CNN) - 225 sec
Tuesday, June 10, 2008 Jack Cafferty on Republican Sen. John McCain's delusional "strong" fundamentals of U.S. economy assessment. (CNN)
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Tags: commentary analysis news politics video blog john mccain jack cafferty file economy recession gas prices random debt
PA POLICE BEATING CAUGHT ON TAPE - (CNN NEWS) - 52 sec
Wednesday, May 07, 2008 PHILADELPHIA - Fifteen police officers were taken off the street as authorities investigate a video showing three suspects being kicked, punched and beaten after they were pulled out of a car during a traffic stop. "At a glance it does appear to be a bit beyond the pale," Doug Oliver, a spokesman for Mayor Michael Nutter, said Wednesday. "Officers are not allowed to operate outside of the law." The police department identified the 15 officers who were involved in Monday night's arrests in the city's Hunting Park section, where police had been investigating a triple shooting, Oliver said. The three suspects were charged with criminal conspiracy, aggravated assault, simple assault and reckless endangerment, according to court officials. The video, shot by a WTXF-TV helicopter, shows three police cars stopping a car on the side of a road. About a dozen officers gather around the vehicle and pull three men out. About a half-dozen officers hold two of the men on the ground on the driver's side. Both are kicked repeatedly, while one is seen being punched; one also appears to be struck with a baton. On the other side of the car, another group of officers can be seen kicking a third man who ends up on the ground. Oliver said that, while the use of force appeared excessive, the public should withhold judgment until all the facts are known. "We are not going to prejudge the situation based on the video," he said. "We all saw the video, but none of us was there." The beating happened two days after the fatal shooting of a Philadelphia policeman, the third city officer slain on duty in two years. Officer Stephen Liczbinski was shot with an assault rifle after a robbery in the city's Port Richmond section on Saturday. One man was fatally shot by police after the shooting, another was arrested Sunday and a third remains on the lam. (CNN NEWS)
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Tags: news video blog CNN police beating injustice popular media Philadelphia random criminal stress brutality traffic stop
RACISM AGAINST MUSLIMS IN THE U.S. - (ABC NEWS) - 416 sec
Monday, April 28, 2008 Racism against Arab Americans may rise concomittantly with tensions between the American government and the Arab world. Following the September 11, 2001 attacks in the United States, discrimination and racialized violence has markedly increased against Arab Americans and many other religious and cultural groups.Public opinion polls and think tank observers also note a "backlash" against Muslims and Arabs since 2001, with 34% of Americans reporting recently hearing prejudiced remarks about Islam and 25% assessing themselves as prejudiced against Arabs. Iraqis in particular were demonized which led to hatred towards Arabs and Iranians living in the United States and elsewhere in the western world.There have been attacks against Arabs not only on the basis of their religion (Islam), but also on the basis of their ethnicity; numerous Christian Arabs have been attacked based on their appearances.In addition, non-Arabs who are mistaken for Arabs because of perceived "similarities in appearance" have been collateral victims of anti-Arabism. Persian people (who constitute a completely different set of ethnic groups than Arabs), as well as South Asians of different ethnic/religious backgrounds (Hindus, Muslims and Sikhs) have been stereotyped as "Arabs". The case of Balbir Singh Sodhi, a Sikh who was murdered at a Phoenix gas station by a white supremacist for "looking like an Arab terrorist" (because of the turban that is a requirement of Sikhism), as well as that of Hindus being attacked for "being Muslims" have achieved prominence and criticism following the September 11 attacks. (ABC NEWS)
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Tags: video blog random racism muslims america 9/11 attacks hatred arab iraq war racial profiling popular news commentary
GEN. PETRAEUS HEARING PROTESTER - (MSNBC) - 48 sec
Tuesday, April 08, 2008 As Gen. Petraeus answered questions from lawmakers, a lone protester interrupted him, screaming, "Bring them home!" over and over.
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Tags: news politics iraq war protest video blog congress policies popular media federal government regional
WORLD OPINION OF U.S. - (BBC) - 159 sec
Wednesday, April 02, 2008 WASHINGTON (Reuters) - The U.S. image abroad has begun to improve after worsening for years, but the United States is still viewed more negatively than the European Union, Brazil, China, India and Russia, said a BBC World Service survey released on Tuesday. The survey, conducted in 34 countries, found that positive views of U.S. influence have risen by about 4 percentage points over the past year. The average positive rating was 35 percent, versus an average negative rating of 47 percent. Among countries where the poll has been conducted in four consecutive years, positive views of the United States were expressed by an average 32 percent of the population, versus 28 percent a year ago. The poll listed no margin of error. U.S. public image plummeted around the world in the aftermath of the 2003 invasion of Iraq. The Bush administration tried to counter the trend by creating a public diplomacy unit within the State Department. Pollsters involved in the BBC World Service project said the U.S. presidential elections appeared to be behind the changing views of the United States. "It may be that as the U.S. approaches a new presidential election, views of the U.S. are being mitigated by hope that a new administration will move away from foreign policies that have been so unpopular in the world," said Steven Kull, director of the Program on International Policy Attitudes at the University of Maryland. Despite the modest improvement for the first time in four years, public opinion of the United States was still overwhelmingly negative. The average negative rating was 47 percent, versus 52 percent a year ago. By comparison, the European Union had a 52 percent positive rating, Brazil's was 44 percent, China 47 percent, India 42 percent and Russia 35 percent. The United States was viewed more positively than North Korea, but more negatively as well. U.S. influence in the world was viewed most positively in Kenya, the Philippines, Israel, Nigeria, Ghana, and Central America, where well over 50 percent of those questioned had positive views of the United States. It had its lowest positive ratings from Mexico, Argentina, Egypt, India and Russia, where fewer than 20 percent of those questioned had a good impression of the United States. The United States was viewed most negatively by people in Turkey and Egypt, where 73 percent of those polled had bad impressions of U.S. influence. Germany followed at 72 percent, Lebanon at 67 percent, Canada at 62 percent, Australia at 58 percent and Argentina and Mexico at 56 percent. Iran had the worst rankings of any of the 14 countries asked about in the BBC World Service survey. An average of 20 percent had a positive impression of Iran's influence on the world, while 54 percent had a mostly negative view. Pollsters said Iran's nuclear enrichment program appeared to be behind the negative ratings. The United States and European countries fear Iran wants to enrich uranium to create nuclear weapons, but Tehran insists its program is for peaceful energy purposes. "The poll suggests that Iran continues to pay a price for its nuclear standoff with the United Nations," said Doug Miller, president of polling company GlobeScan. "World opinion continues to see it as the country having the most negative influence." (BBC)
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Tags: news politics popular media opinion poll video blog random commentary analysis world elections change BBC international
DETROIT MAYOR INDICTED IN SEX SCANDAL - (MSNBC) - 192 sec
Monday, March 24, 2008 DETROIT — Mayor Kwame Kilpatrick was charged with perjury and other offenses Monday — and got a stern lecture about the importance of telling the truth — after a trove of raunchy text messages contradicted his sworn denials of an affair with his chief aide. The 37-year-old "Hip-Hop Mayor" who brought youth and vitality to the job in this struggling city of 900,000 could get up to 15 years in prison for perjury alone and would be automatically expelled from office if convicted. Ignoring mounting demands that he step down, Kilpatrick said: "I look forward to complete exoneration once all the facts have been brought forth. I will remain focused on moving this city forward." Wayne County Prosecutor Kym Worthy brought charges of perjury, conspiracy, obstruction of justice and misconduct against the popular but polarizing mayor. In announcing the charges, she delivered something of a civics lesson on the importance of telling the truth under oath. In court, Kilpatrick and Beatty strongly denied having an intimate relationship. But the text messages reveal that they carried on a flirty, sometimes sexually explicit dialogue about where to meet and how to conceal their trysts. (MSNBC)
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Tags: news video blog commentary analysis sex scandal Detroit Mayor popular media perjury kilpatrick text messages justice
1ST BLACK NY GOVERNOR SWORN IN - (REUTERS) - 61 sec
Monday, March 17, 2008 David Paterson was sworn in as New York's first black governor Monday with a speech that was part bipartisan call-to-arms, part stand-up routine. Without mentioning the name of his disgraced predecessor, Eliot Spitzer - who formally resigned his governorship amid charges he hired a prostitute - Paterson called on state lawmakers to put aside old divisions and get back to work. "There is trust that needs to be restored, there are issues that need to be addressed," Paterson told a jammed gathering of state legislators and invited guests in the ornate state capitol. "And all of us - as we set to it - must be aware of one truth that rises above all else It is that New York families are more challenged today than they ever were yesterday." Paterson - who was lieutenant governor and a state senator for 20 years - walked into the chamber to a standing ovation with his wife Michelle at his side. Their son Alex, 14, and his stepdaughter, Ashley, 19, bracketed the couple. Chief Judge Judith Kaye delivered the oath of office at exactly 1:13 p.m. In a speech that was at turns forceful yet conciliatory, jovial yet serious, Paterson, who is legally blind, worked the audience like a polished professional, offering praise for political friends and foes alike. He referred to GOP Senate Majority Leader Joe Bruno - Spitzer's main political nemesis - as "my good friend" and joked about their upcoming dinner plans. "I'll go, but I'm going to take my taster with me," he quipped. He pulled off a dead-on impersonation of Democratic Assembly Speaker Sheldon Silver, whose plodding speaking style is known to all but imitated by few (at least in his powerful presence). He recognized everyone from Attorney General Andrew Cuomo and state controller Thomas DiNapoli, both Democrats, to Republican Assembly minority leader James Tedisco and the independent Michael Bloomberg - all as if they were his best friends. Along the way, he offered warm words for former Gov. George Pataki; Sens. Charles Schumer and Hillary Clinton; former mayors Ed Koch and David Dinkins; and most poignantly his father, former state Sen. Basil Paterson. But the 53-year-old Paterson shifted quickly into a more serious tone that acknowledged his accidental path to the governorship but also left no doubt as to who's in charge. "In so many ways we woke this morning to a not-so-ordinary day," said Paterson in a speech he delivered with no notes or other prompting aids. "But in one way we woke this morning to a New York dawn that is like every one that came before it. "For today, like we always do, in spite of the obstacles and regardless of the circumstances, we move forward." "This transition today is an historic message to the world," he added, "that we live among the same values as we profess and that we are a government of laws and not individuals." "Today, we can be proud of our democracy." Spitzer did not attend the ceremony - a final symbol of his swift descent from chief executive of the Empire State to national punch line. It's likely he would have been soundly booed by state legislators had he appeared, many surmised. Federal prosecutors must still decide whether to pursue charges against Spitzer. The married father of three teenage girls was accused of spending tens of thousands of dollars on prostitutes - including a call girl "Kristen" in Washington the night before Valentine's Day. (REUTERS)
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Tags: inauguration news politics popular media david paterson New York Governor spitzer resignation video blog
HOUSE PASSES DEMS' SPY BILL - (MSNBC) - 89 sec
Sunday, March 16, 2008 WASHINGTON - The House on Friday approved a Democratic bill that would set rules for the government's eavesdropping on phone calls and e-mails inside the United States. The bill, approved as lawmakers departed for a two-week break, faces a veto threat from President Bush. The margin of House approval was 213-197, largely along party lines. Because of the promised veto, "this vote has no impact at all," said Republican Whip Rep. Roy Blunt of Missouri. The president's main objection is that the bill does not protect from lawsuits the telecommunications companies that allowed the government to eavesdrop on their customers without a court's permission after the Sept. 11, 2001, terrorist attacks. White House spokesman Tony Fratto called the measure a "political ploy" designed to give Democrats cover for their failure to grant full retroactive immunity to the telecom companies. The vote sent the bill to the Senate, which has passed its own version that includes the legal immunity for telecom companies that Bush is demanding. Without that provision, House Republicans said, the companies won't cooperate with U.S. intelligence. "We cannot conduct foreign surveillance without them. But if we continue to subject them to billion-dollar lawsuits, we risk losing their cooperation in the future," said Rep. Lamar Smith, R-Texas. (MSNBC)
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Tags: news video blog politics commentary analysis surveillance bill popular media spy democrats veto bush terror national federal government local state regional
NY GOV. ELIOT SPITZER LINKED TO PROSTITUTION RING -(Reuters) - 83 sec
Tuesday, March 11, 2008 NEW YORK — New York Gov. Eliot Spitzer faced a crescendo of calls for him to step down Tuesday as sources told the Associated Press that Spitzer had paid tens of thousands of dollars as a repeat customer of a high-priced prostitution service. The Associated Press, quoting unnamed law enforcement officials, said Spitzer's running tab for the trysts could have been as high as $80,000. Earlier Tuesday, the New York Post reported that Spitzer has been soliciting prostitutes at least since 2002, according to unnamed sources. Spitzer is considering resigning, but there are no plans for such an announcement Tuesday, a spokesman in the governor's office told the media. The spokesman also said Spitzer had not yet come to a decision on whether or not to resign. The latest speculation over the governor's political future came a day after reports first surfaced that Spitzer allegedly is the person known only as "Client 9" in a federal affidavit about a high-priced prostitution ring that became public last week. According to the affidavit, Client 9 arranged to meet a prostitute from the Emperors Club VIP sex organization in Washington, D.C., last month. Spitzer's public schedule shows he visited Washington at the same time. (Reuters)
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Tags: news politics corruption eliot spitzer popular media fbi prostitution sex scandal commentary analysis governor new york
NY TIMES SQUARE BOMB BLAST SURVEILLANCE VIDEO - (MSNBC) - 241 sec
Thursday, March 06, 2008 NEW YORK — Footage from a surveillance camera video released Thursday afternoon shows a biker who might have been involved in the Big Apple bombing and whom authorities are seeking for questioning in the case. New York City police on Thursday released the video, in which the bicyclist can be seen riding in the dark in the vicinity of the Times Square military recruiting center minutes before the blast. The footage from a private security camera shows the cyclist riding up to the military station where a small bomb was detonated before dawn. The biker is seen getting off the 10-speed bike at 3:40 a.m. Thursday; the blast occurs three minutes later. It is followed by a brief flash and a cloud of white smoke. Police say they later found the bike in the trash. Earlier Thursday, New York City Mayor Michael Bloomberg said the explosion that shook Times Square and disrupted transit appears to have deliberately targeted the military recruiting center where it went off. (MSNBC)
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Tags: news video blog popular media new york times square bomb blast homeland security military FBI investigationcommentary
NY TIMES SQUARE BLAST - (BBC NEWS) - 41 sec
Thursday, March 06, 2008 NEW YORK — The Homeland Security department said there was no sign of an "imminent threat" to the United States in the blast that tore through an empty military recruiting station in Times Square early Thursday morning, according to Reuters. But the agency also announced Thursday that the FBI would be joining the probe into what caused the explosion. The blast occurred about 3:45 a.m. when an explosive device went off, causing minor damage to the recruiting station in Times Square -- which is heavily populated with New York City tourists. Hotel guests were shaken by the force in their rooms high above the scene. Police blocked off the area to investigate the explosion, which shattered the station's glass entryway. No one was injured. "If it is something that's directed toward American troops than it's something that's taken very seriously and is pretty unfortunate," said Army Capt. Charlie Jaquillard, who is the commander of Army recruiting in Manhattan. He said no one was inside the station, where the Marines, Air Force and Navy also recruit. Witnesses staying at a Marriott hotel four blocks away said they could feel the building shake with the blast. "I was up on the 44th floor and I could feel it. It was a big bang," said Darla Peck, 25, of Portland, Oregon. "It shook the building. I thought it could have been thunder, but I looked down and there was a massive plume of smoke so I knew it was an explosion," said Terry Leighton, 48, of London, who was staying on the 21st floor of the Marriot. Members of the police department's bomb squad and fire officials gathered outside the station in the early morning darkness, and police cars and yellow tape blocked drivers — most of them behind the wheels of taxicabs — from entering one of the world's busiest crossroads. Police began allowing some traffic through around the start of rush hour. Though subway cars passed through the Times Square station without stopping in the early hours of the investigation, normal service was soon restored, with some delays. The recruiting station, located on a traffic island surrounded by Broadway theaters and chain restaurants, has occasionally been the site of anti-war demonstrations, ranging from silent vigils to loud rallies. In October 2005 a group of activists who call themselves the Granny Peace Brigade rallied there against the Iraq war. Eighteen activists, most of them grandmothers with several in their 80s and 90s, were later acquitted of disorderly conduct. The recruiting station was renovated in 1999 to better fit into the flashy ambiance of Times Square, using neon tubing to give the glass and steel office a patriotic American flag motif. For a half century, the station was the armed forces' busiest recruiting center. It has set national records for enlistment, averaging about 10,000 volunteers a year. Police said it was too early to say if the blast may have been related to two other minor explosions in the city. In October, two small explosive devices were tossed over a fence at the Mexican consulate, shattering three windows but causing no injuries. No threats had been made against the consulate, and no one took responsibility for the explosion, police said. At the time, police said they were investigating whether it was connected to a similar incident at the British consulate on May 5, 2005. In that incident, the explosions took place in the early morning hours, when Britons were going to the polls in an election that returned Prime Minister Tony Blair to power. In both cases, the instruments were fake grenades sometimes sold as novelty items. They were packed with black power and detonated with fuses, but incapable of causing serious harm, police said. (BBC NEWS)
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Tags: news video blog popular media new york times square bomb blast homeland security military FBI investigationcommentary analysis
U.S. HEADING TOWARD 2ND GREAT DEPRESSION??? - 250 sec
Sunday, March 02, 2008 (WASHINGTON)- Subprime lending — mortgages with interest rates that suddenly escalate after a few years, forcing often naive and unprepared homeowners to default — has taken a heavy toll. Houses vacated by foreclosures are deteriorating into eyesores, encouraging crime, depressing property values, costing localities revenues they need for police and other vital services. Some Northeastern cities — Cleveland, Buffalo, Pittsburgh among them — are said to be the hardest hit. Among the states, Florida, California and Indiana are registering the most foreclosures. But the pain is being felt nationwide. The U.S. Conference of Mayors projects the weak housing market and large inventory of unsold homes may reduce cumulative U.S. home values by $1.2 trillion this year. President Bush's so-called interest-rate "freeze," announced in late fall, is not having its intended impact. It's entirely voluntary and is projected to apply to only 12 percent of the mortgage holders — none already in default in 2007 — that are likely to have severe difficulty making their monthly payments. Some better ideas are before Congress, including a House-passed bill that requires lenders to verify all applicants' income and document their creditworthiness.
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Tags: video blog news commentary analysis popular media depression economy recession federal government state local