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Thursday, February 9, 2012

The Thursday Morning News

Posted by on Thu, Feb 9, 2012 at 9:04 AM

Greek debt deal. In a last minute effort to stave off default, Greek government leaders have agreed to impose new austerity measures as part of a deal to secure another $172 billion in bailout money, and as much as a 70 percent write-off of its private debt. Because, you know, austerity has worked so well thus far.

US foreclosure deal. Five of the nations largest banks have struck a $26 billion deal with federal and state officials as restitution for a broad range of foreclosure abuses. About a million homeowners will receive mortgage debt relief, and another 750,000 foreclosure victims will get cash payments of about $2,000 each. In exchange, the banks will receive broad immunity from prosecution and civil suits. Sounds like a pretty sweet deal for the banks.

News Corp phone hacking deals. Rupert Murdoch's News Corp. has struck 15 more deals to settle claims by victims of its phone hacking abuses. Last month, a News Corp subsidiary settled 37 additional claims.

Gay marriage. Deal with it. In case you missed it, the Washington State House passed marriage equality legislation yesterday, sending the bill on to the governor, whose signature will, apparently, destroy traditional marriage as we know it. Or something.

Sweet deal for state health insurers. Washington's three "non-profit" health insurers have stockpiled $2.4 billion in surpluses, something Insurance Commissioner Mike Kreidler thinks he should be allowed to consider the next time he's asked to approve rate hikes.

Raw deal. What can I say? Would you trust your money to a guy named "Skeeter"?

Frequent flyer deal. Frequent flyers will soon be able to breeze through airport security, because people who travel back and forth between the Middle East and the US never rack up enough miles to be considered frequent flyers.

 

Comments (8) RSS

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gloomy gus 1
Such a big news day - Spain's supreme court convicted Garzon in the first of three trials, sentencing him to removal from the bench for 11 yesar....gunfire and shelling continues in Homs...
Posted by gloomy gus on February 9, 2012 at 9:13 AM
Fifty-Two-Eighty 2
My favorite thing in the news today: A WND poll shows that 20% of Republicans would vote for Obama if the election was held today.
http://www.wnd.com/2012/02/20-of-republi…
Posted by Fifty-Two-Eighty http://www.nra.org on February 9, 2012 at 9:18 AM
Vince 3
I really don't think a bailout for Greece is the best answer. I think the EU should offer rebates to tourists that travel to Greece thereby ensuring jobs and even tax revenues. It's a much more sensible investment. Just giving them that many billions is just throwing it away and delaying the inevitable.
Posted by Vince on February 9, 2012 at 9:27 AM
Original Andrew 4
Now, $26 billion is a lot of money but it's a drop in the bucket compared with the trillions of dollars of household wealth that's been lost since the bursting of the credit bubble in 2008. Furthermore, $2,000 is a small price to pay to homeowners who lost their homes in illegal foreclosures. The $20,000 mortgage modification is great, except the average deficit for underwater mortgages in America is $50,000.

In addition, the $20 billion isn't coming out of the banks' pockets; it's coming from investors and, ultimately, taxpayers.

"The mortgage principal write-downs are guaranteed to come almost entirely from securitized loans, which means from investors, which in turn means taxpayers via Fannie and Freddie, pension funds, insurers, and 401 (k)s," writes Yves Smith at Naked Capitalism. "That $20 billion actually makes bank second liens sounder, so this deal is a stealth bailout that strengthens bank balance sheets at the expense of the broader public."

Posted by Original Andrew on February 9, 2012 at 10:28 AM
5
Goldy, is anybody at the Stranger planning to pick up on the immediate story about the anti-gay group that's planning to protest the Powell boys' funeral? How despicable of them. People need to get active to stop that group!!!
Please look into it;Seattle Times had something about it, I think. Thank you.
Posted by Fire Chief on February 9, 2012 at 11:22 AM
Will in Seattle 6
@3 good idea.

A better idea would be an Austerity package for CEOs and Millionaires that forced them to actually pay the taxes they are still avoiding.
Posted by Will in Seattle http://www.facebook.com/WillSeattle on February 9, 2012 at 11:23 AM
7
Goldy, you can find info on the anti-gay church group's protest on the KOMO TV website, not Seattle Times.
Posted by Fire Chief on February 9, 2012 at 11:26 AM
in-frequent 8
@5 I sorry, but you must be mistaken. There seems to be no such protest scheduled. Even if so it's hardly newsworthy, those groups have become so passé with these ongoing attempts to be "shocking." Let me know when one of them comed up with a new idea, or an idea that will actually effect me or my rights.
Posted by in-frequent on February 9, 2012 at 12:14 PM

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