| Deal to make BofA No. 1 in mortgages
The Bank of America and Countrywide branch offices are seen in Pasadena, Calif., Thursday, Jan. 10, 2008. A buyout of hobbled mortgage lender Countrywide Financial likely would be approved by regulators, analysts say, because otherwise the company could file for bankruptcy, further disrupting the market for home loans. .
Internet China Bans American Movie Sales; MPAA’s Glickman Responds
China is blocking the import of American films, said MPAA CEO and Chairman Dan Glickman in an official statement released last week. "Although we have not received official confirmation of such a ban from the Chinese Government or China Film, the indicators are strong that our information is correct," read the statement. "If such action has been taken … it would represent an enormous step backwards in terms of China's efforts to develop a strong … and legitimate film exhibition and distribution market." In a move that some suspect is retaliation for a recent U.S.-filed WTO complaint over China's alarmingly high piracy rate, the Chinese government appears to have stopped granting import requests to American filmmakers -- of which it normally allows for about 20 movies per year.
Fed Cuts Rates But Hints Against Further Easing
And Fed policymakers signaled that Wednesday's cut may be all that is needed to deal with the weakening economy. Still, economists are worried that GDP growth will be less than half that amount in the current quarter as the country struggles with a deepening housing slump. And some Fed watchers said the central bank will need to cut rates further. Need to Do More "I'm satisfied for now," Bill Gross, manager of Pimco, the world's biggest bond fund, said on CNBC. "But ultimately, it's housing that dominates the economy, and ultimately the Fed has to move even lower, perhaps lower than 4 percent, in order to salvage the economy." .
Undernews Alert: Obama
But I'm confident that soon enough there will be so many powerful explanations for what now seems an out-of-the-blue event that it will appear to be overdetermined. It's important to memorialize this moment of utter stupefaction. That said, here are four possible factors: 1. Bradley Effect: It seemed like a nice wonky little point when Polipundit speculated on the Reverse Bradley Effect--the idea that Iowa's public caucuses led Dem voters to demonstrate their lack of prejudice by caucusing for Obama. Now this is the CW of the hour. Polipundit wrote: I suspect that Obama may have scored better than he would have in a secret-ballot election, and benefited from a Reverse Bradley Effect. New Hampshire, of course, is a secret ballot election.
He's harness racing's first ... $10 Million Man
Mickey Burke has this vision that he can't shake from his mind. He is in an airplane, maybe 9,000 feet in the air, standing at the open side door of the plane and staring out at an awesome sight. The world is in front of him now, ready to be conquered with a lot of nerve and a parachute strapped to his back. He envisions himself simply dropping out of the plane and allowing gravity to take over while he enjoys the ride. In those precious few moments, Burke would be on top of the world. Reality, however, is a different thing for Burke. He knows that his legs, which have undergone three double-knee replacement surgeries in his 71 years, would never take the pressure of the landing, no matter how soft. .
Fashion TV global talent search to start from China in 2008
HONG KONG, Jan. 14 (Xinhua) -- France's Fashion TV (fTV), the world's biggest fashion medium announced Monday during Hong Kong Fashion Week to host a global young talent search, starting from China in 2008. "China is the world's most dynamic market so it is fitting that we start our mission here in this monumental Olympic year," said Michel Adam, founder and president of fTV. "Fashion is one of the most difficult industries to successfully break into so it was a logical next step for us, with our global platform now well established, to use our expertise and resources to help the next generation of gifted young professionals realize their dreams and aspirations." The f.Diamond, the global TV station's 140-meter mega-yacht, will pass through 10 major cities in China, such as Beijing, Hong Kong, Shanghai and Sanya.
Industry dragging feet on 'piggyback' antidote
So-called "piggyback" credit-score inflation schemes for mortgage applicants haven't been reined in, despite industry pledges to do so at the end of summer. As a result, lenders continue to be misled into treating loan applicants with poor credit as prime-credit candidates - worsening already critical fraud and delinquency problems in the mortgage market. Fair Isaac Corp., developer of the FICO score widely used for home loan underwriting, confirmed that its "FICO '08" scoring model is not yet available at any of the three national credit bureaus. .
Giuliani's Cash Crunch; Interview With Arizona Senator John McCain
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
WOLF BLITZER, CNN ANCHOR: And happening now: Bill Clinton returns to what he calls a fairy tale. Is he backing off from a jab at Barack Obama or criticizing his wife's top rival again?
Also this hour, John McCain revisits some painful memories in South Carolina. Is he trying to avoid a repeat of an ugly attack against him? We are going to hear from him this hour.
And Rudy Giuliani's cash crunch, is it a sign that his presidential campaign is in some deep trouble? I will ask the best political team on television.
We want to welcome our viewers in the United States and around the world.
I'm Wolf Blitzer. You're in THE SITUATION ROOM.
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