/Bet you didn’t know?

Monday, September 8, 2008

Do you know that Fannie Mae and Freddie Mac Needed help?

The reason of the rescue of Fannie Mae and Freddie Mac needed a helping hand.

Fannie Mae and Freddie Mac buy mortgages from approved lenders and then sell them on to investors - rather than lending directly to borrowers
They guarantee or own about half of the $12 trillion US mortgage market. They are relied on by almost all US mortgage lenders. Banks look for funds to meet consumer demand for mortgages when mortgage lenders are linked with investors - they help to keep the supply of money widely available and at a lower cost.

FREDDIE MAC & FANNIE MAE are the two largest firms that buy mortgages from approved lenders and then sell them on to investors - rather than lending directly to borrowers
They have guaranted or own about half of the $12 trillion US mortgage market. They are relied on by almost all US mortgage lenders and are looked to for funds to meet consumer demand for mortgages.

The companies have been taken under government control because they, according to President Bush, pose "an unacceptable risk" to the economy.
It will cost the US taxpayer at least $200bn to rebuild their capital - and the cost could be a lot higher if the US housing market continues to plummet.
Here is a unique that you may did not know... Despite Fannie and Freddy guaranteeing or owning just under half of the entire US mortgage market, you cannot actually get a home loan from either firm.
But while they are invisible to the average borrower, the two firms are highly influential institutions and are key to the US housing market.
As one US Treasury official puts it, the two firms are "way too intertwined with everyone in the world" to fail. Because banks around the world are highly exposed to the two companies.
And, given the unstable state of markets across the world, it had become dangerous for doubts to persist about whether they were viable and would be able to keep up the payments on their massive liabilities, said the BBC's business editor Robert Peston.
The Accounting flaws of the housing market turmoil has caused the firms great damage, its problems appear to be partly be to do with the way it managed its accounts - which had the effect of overstating its capital resources and financial stability.
The New York Times reported that Freddie Mac had pushed losses it had already incurred into the fourth quarter of 2008 - meaning that it would not have to be revealed until next year.
Fannie Mae had done something similar, but to a lesser extent, the paper said, adding that neither firm had necessarily breached accounting rules.
Both firms had also factored in tax benefits on profits that they were yet to see - credits which are worthless until profits are actually made - something neither has managed in the past year.
It was investigations by the Federal authorities into these irregularities that helped prompt the government to act.
The guarantees given by the US government were no longer enough. Even as Freddie Mac and Fannie Mae had profited from the US housing boom.
As the value of US homes soared, the importance of these two institutions grew in allowing people to purchase property.
The two firms do not lend directly to homebuyers, instead buying mortgage debt from approved lenders such as banks, and then selling it on to investors.

Almost all US mortgage lenders, from huge financial institutions such as Citigroup to small, local banks, rely on Fannie Mae and Freddie Mac, looking to them for the funds they need to meet consumer demand for mortgages.
The two firms argue that they make home ownership more affordable, lowering the interest rates on the 30-year mortgages that they guarantee.
But their peculiar status has left them in a grey area between being government owned and private sector, with potential risks to the taxpayer should they need bailing out.

The rescue at Freddie Mac and Fannie Mae contrast with the recent collapse of California-based IndyMac Bank - the second-largest financial institution to fail in US history, regulators say.
IndyMac had been struggling to raise funds and stay in business in one of the states worst hit by the US housing market slump.
Without similar close links to government it could not weather the storm, and went into administration.
But it is clear that Washington wants to keep Freddie Mac and Fannie Mae alive and kicking, not least so that they can play a key role in reinvigorating the housing market.
But there is a strong consensus that the price of not intervening would be far worse.

Sunday, September 7, 2008

Evans makes quick work of Liddell's

ATLANTA — Returning from a long layoff, UFC star Chuck Liddell had the crowd. He had the momentum, chasing Rashad Evans around the Octagon on Saturday.
With one punch, Evans changed all that, landing an overhand right that instantly dropped Liddell. Referee Herb Dean rushed to stop the fight, and doctors immediately jumped in the ring to tend to Liddell.
Evans, unbeaten but unheralded coming into the fight, raised his record to 17-0-1. Liddell, losing for the third time in his last four fights, dropped to 21-6.
STRIKES & SUBMISSIONS: UFC 88 play-by-play
UFC's former light heavyweight champion and breakout celebrity star stalked Evans through the first round but couldn't land a clean shot. After a rare flurry of punches, Evans danced and smiled. But the former Michigan State wrestler did little to challenge Liddell other than a couple of ineffective leg kicks.
Evans countered and opened a small cut on Liddell's cheek in the second round, but Liddell continued to press the action. Evans seemed intent on luring Liddell into a defensive mistake. He got it, then capitalized with stunning brutality. The former champion dropped with a thud, then remained in a daze for several minutes.
"I was trying to get him to come out of his comfort zone because usually he likes you to chase him," Evans said.

Saturday, September 6, 2008

10 Things You Didn't Know About John McCain

1. John Sidney McCain III was born in the Panama Canal Zone on Aug. 29, 1936.
2. The McCains are a prominent military family. His father and grandfather were the first father-son admiral pair in U.S. naval history. John McCain Jr. commanded Pacific forces during the Vietnam War, while John McCain Sr. was commander of aircraft carriers during World War II. The guided missile destroyer John S. McCain is named in their honor. Today, two of McCain's sons are continuing the tradition—his youngest son, Jimmy, is a marine, while another son, Jack, is a midshipman at the U.S. Naval Academy.
3. In high school, he was a wrestler. His nickname was "McNasty." Later in life, he was nicknamed "the white tornado" because of his prematurely white hair.
4. After high school, McCain was accepted to the United States Naval Academy, though he was not a strong student. He was often disciplined for misbehavior and ultimately graduated near the bottom–790th out of 795–of the class of 1958. In 2005, he returned to the school to speak to a political science class, saying he was pleased to be back at the "old school where [I] did so well."
5. In 1967, McCain volunteered to serve in Vietnam as a naval aviator. On his 23rd bombing mission, he ejected from his plane after it was hit by a missile. He was captured by the North Vietnamese, who would not treat his injuries until they learned who his father was. Later, the North Vietnamese offered to release him early as a strategic measure, but McCain declined since there were others due to be released first. McCain was tortured for this refusal and ultimately was held as a POW for 5 1/2 years.
6. His 1999 autobiography, Faith of My Fathers, tells about his early life and capture in Vietnam. The book was made into a television movie in 2005. Actor Shawn Hatosy played the young McCain, though the senator once joked that Danny DeVito should have been cast instead.
7. As a senator, McCain is a well-known foe of pork-barrel spending. To deter his colleagues from trying to add such government spending to bills, McCain once had a staff member, Mark "the Ferret" Buse, whose full-time job was to monitor any such attempts.
8. He hosted NBC's Saturday Night Live in 2002, poking fun at politics by appearing on a mock edition of Meet the Press and impersonating John Ashcroft.
9. McCain frequently has toys in his office–including a figure of Theodore Roosevelt holding a teddy bear. Roosevelt is one of his heroes for combining conservative politics with reform.
10. His favorite book is For Whom the Bell Tolls. He also enjoys chocolate ice cream and pizza with pepperoni and onions.

10 Things You Didn't Know About Cindy McCain

1. Cindy Hensley, a Phoenix native, is the only child of James and Marguerite Hensley.
2. She attended Central High School and went on to receive a master's degree in special education from the University of Southern California.
3. Cindy met John McCain in 1979, while she was on vacation with her parents in Hawaii.
4. There is an 18-year age difference between Cindy and John, but they both lied about their ages when they met. John said he was younger than 42, and Cindy said she was older than 24. They didn't realize this until they went to apply for a marriage license a year after they met.
5. Cindy and John were married in Phoenix in 1980.
6. She was very close to her parents, who at one time lived across the street from the McCains.
7. They have four children: two daughters and two sons. The McCains adopted their youngest child, Bridget, in 1991 from an orphanage in Bangladesh.
8. Cindy is chairwoman of a business her father started in 1955. Hensley & Co. is one of the largest Anheuser-Busch distributors in the United States.
9. She is involved in many charities, including Operation Smile and American Voluntary Medical Team, which she founded.
10. She is a big fan of NASCAR.

Is Oprah Biased? Host Won't Interview Palin

Is Oprah Biased? because she won't Interview Palin Republican VP Nominee Sarah Palin is not welcomed on the on her show before the election. She said that after the the presidential election will be fine.

I like Oprah and enjoy her talk show but I think that it is apparent that she wants Obama to win... So is that a crime? Why would she do anything that would hurt him from becoming president?
"The item in today's 'Drudge Report' is categorically untrue," Winfrey said in a written statement provided to ABC News.com. "There has been absolutely no discussion about having Sarah Palin on my show.

"At the beginning of the presidential campaign, when I decided that I was going to take my first public stance in support of a candidate, I made the decision not to use my show as a platform for any of the candidates," Winfrey wrote.

O well, I have spoke and everyone will have to just live with my decision.

This is the worlds smallest bodybuilder?

At just 2ft 9in, Indian muscleman Aditya 'Romeo' Dev is the world's smallest bodybuilder.

Pint-sized Romeo is well-known in his hometown of Phagwara, India - for his ability to lift 1.5kg dumbbells - despite his overall 9kg body weight.

Every day, crowds flock to the local gym to the see the mini-muscleman in training.

Friday, September 5, 2008

Did you know who lucky Dube was?

Lucky Dube was born in Ermelo, then in the Eastern Transvaal, near the house now Mpumalanga, on 3 August 1964. His parents separated before his birth and he was raised by his mother, Sarah, who named him because she considered his birth fortunate after a number of failed pregnancies. [6] Along with his two siblings, Thandi and Patrick, Dube spent much of his childhood with his grandmother, while his mother relocated to work. In a 1999 interview he described his grandmother as "his greatest love" who "multiplied many things to bring up this responsible individual that I am today."As a child Dube worked as a gardener but, realizing that he wasn't earning enough to feed his family, he began to attend school. There he joined a choir and, with some friends, formed his first musical ensemble, called The Skyway Band.[8] While at school he discovered the Rastafari movement. At the age of 18 Dube joined his cousin's band, The Love Brothers, playing Zulu pop music known as mbaqanga. The band signed with Teal Record Company, under Richard Siluma (Teal was later incorporated into Gallo Record Company). Though Dube was still at school, the band recorded material in Johannesburg during his school holidays. The resultant album was released under the name Lucky Dube and the Supersoul. The second album was released soon afterwards, and this time Dube wrote some of the lyrics in addition to singing. Around this time he also began to learn English.

His desire to learn about the rest of the world and South Africa's controversial history had him immediately immersed in the world of literature. It was here that he became acquainted with the Rastafarian religion, discovering it in an Encyclopedia. He also read about the music which is synonymous with Rastafarianism - REGGAE. His interest grew the more he read and found out, and soon he was working and earning enough money to buy Peter Tosh albums (which were the only Reggae albums available in South Africa at the time). Whilst he was at school he founded his first band - THE SKYWAY BAND - and raised enough money to buy his first guitar from a stage play he produced. His talents soon came to the attention of Richard Siluma, who was a distant relative and a record producer, and it was clearly evident to Richard that Lucky had a huge talent and a wonderful potential as a mbaqanga singer.

In 1979 Lucky launched his career as a mbaqanga singer and along with future slave members Thutukani Cele and Chris Dlamini recorded an album in 1982 as a member of the band THE LOVE BROTHERS entitled MBAQANGA. In the next 3 years Lucky went on to release his debut solo album entitled LENGANE NGEYETHA which spawned his first hit single and went gold. His next album KUKUWE also went gold. He subsequently released another two Zulu traditional albums.

On the release of his fifth Mbaqanga album, Dave Segal (who became Dube's sound engineer) encouraged him to drop the "Supersoul" element of the name. All subsequent albums were recorded as Lucky Dube. At this time Dube began to note fans were responding positively to some reggae songs he played during live concerts. Drawing inspiration from Jimmy Cliff [9] and Peter Tosh,[7] he felt the socio-political messages associated with Jamaican reggae were relevant to a South African audience in an institutionally racist society. [9]During 1985 and without the knowledge of his record company, Teal Records, Lucky and Richard went into the studio and recorded "Rastas Never Die" - the first ever reggae album to be recorded in South Africa. The record sold poorly - around 4000 units - in comparison to the 30000 units his mbaqanga records would sell. Keen to suppress anti-apartheid activism, the apartheid regime banned the album in 1985. [10] However, he was not discouraged and continued to perform the reggae tracks live and wrote and produced a second reggae album. Think About The Children (1985). It achieved platinum sales status and established Dube as a popular reggae artist in South Africa, in addition to attracting attention outside his homeland.[8]

Because of the political situation and censorship in the government controlled media it did not reach the airwaves and was banned immediately. The album gained awareness but did not sell well. Record company executives demanded a return back to traditional Zulu pop music.

Dube continued to release commercially successful albums. In 1989 he won four OKTV Awards for Prisoner, won another for Captured Live the following year and yet another two for House Of Exile the year after.[11] His 1993 album, Victims sold over one million copies worldwide.[2] In 1995 he earned a worldwide recording contract with Motown. His album Trinity was the first release on Tabu Records after Motown's acquisition of the label.[11]In 1996 he released a compilation album, Serious Reggae Business, which led to him being named the "Best Selling African Recording Artist" at the World Music Awards and the "International Artist Of The Year" at the Ghana Music Awards. His next three albums each won South African Music Awards.[11] His most recent album, Respect, earned a European release through a deal with Warner Music. [2] Dube toured internationally, sharing stages with artists such as Sinéad O'Connor, Peter Gabriel and Sting. [9] He appeared at the 1991 Reggae Sunsplash (uniquely that year, was invited back on stage for a 25 minute long encore) and the 2005 Live 8 event in Johannesburg. [9]In addition to performing music Dube was a sometime actor, appearing in the feature films Voice In The Dark, Getting Lucky and Lucky Strikes Back. [12]

Lucky established himself as a truely international artist, and got rave reviews at every show.

On October 18, 2007, Lucky Dube was killed in the Johannesburg suburb of Rosettenville shortly after dropping two of his seven children off at their uncle's house. Dube was driving his Chrysler 300C which the assailants were apparently after. Police reports suggest he was shot dead by carjackers. Five men have been arrested in connection with the murder[13]. He is survived by his wife, Zanele, and his seven children.

"It signifies yet again how much criminals disregard human life. I learned about Lucky in 1998, and have been hooked every since. Words cannot explain the pains i bear in my heart when I hear of a great music superstat that has been gun down and we loose our legacy of music. The man was not doing anything bad, just being a good dad!

Discography

MbaqangaLengane Ngeyethu (1981)