| Where have you gone, George Bailey?
ANOTHER HOLIDAY season has come and gone with more reruns of Frank Capra's "It's a Wonderful Life." We could sure use banker George Bailey now that the mortgage mess threatens to do what the rapacious Mr. Potter, the town's richest citizen, could not: end the "nonsense" of providing mortgages for the working poor. For some time to come, people in the real world of 21st-century America without a good deal of money in the bank and super-secure jobs will find it difficult to qualify for mortgage loans. George Bailey isn't coming to the rescue. If you are a borrower, you may send your monthly payment to Bailey's bank, but Bailey is long since out of the picture. Shortly after originating your loan, Bailey sold it to a consolidator, very likely a government-sponsored agency such as Fannie Mae or Freddie Mac that packages individual mortgages into a mortgage-backed security.
2007 Wrap-Up
The dollar's share of global foreign-exchange reserves fell to a record low in the third quarter as demand for U.S. assets waned after the subprime-mortgage market collapsed. The U.S. currency accounted for 63.8% of reserves at the end of September, down from 65% at the end of June, the International Monetary Fund said... The share of euros increased to 26.4%, from 25.5%. The figures suggest central banks diversified out of the dollar as it fell to the lowest level in a decade. Investors sold a record amount of U.S. securities in August when defaults on subprime mortgages rippled through financial markets and the Federal Reserve signaled it would cut interest rates." December 27 - Financial Times (Daniel Dombey): "At the end of a year in which the dollar has endured a marked decline against other currencies, an unsettling question is beginning to be voiced: can the troubles of the US currency be confined to the financial world or are they set to undermine Washington's place on the international stage? 'This is the neglected dimension of the dollar's decline,' says Flynt Leverett, a former senior National Security Council official under President George W.
July 2007
David Rojay could be called "David Founder". He helped found the Falmouth Jewish Congregation, the Jewish Federation of Cape Cod's Telethon (the first in America), the Homeless Telethon and the Cape Cod Film Festival.Moving from London to Cape Cod in 1979 he became one of Cape Cod's best-known entertainers and musicians. During these years he also wrote seven novels, two symphonies and an opera. His first symphony was written in 1962 as he was finishing his military service including tours in Koreaand Japan.Prior to moving to London in 1978 he spent twenty years in L.A. working in film and recording studios. He can be seen in the DAN AND DAD SHOW each Saturday night at 9:30 on Channel 17. Last comments .
Two Arrested in Drug Ring Investigation
He faces felony charges for allegedly possessing and selling hydrocodone to an undercover officer in November 2007. Ryan Scouten, 32, was arrested on Sunday. He also faces felony charges for allegedly selling cocaine to an undercover officer in December 2007. Five others were arrested late last year, during the same undercover operation. The Penn Yan Police Department, the Yates County Sheriff's Office, and the Ontario County Sheriff's Office collaborated on this effort. .
New credit scores cut users' benefits
Credit bureaus are expected to adopt a new version of the widely used FICO credit score this year that will no longer benefit so-called "authorized users" on another person's credit card account. It's common for parents to add a child as an authorized user on their credit card to boost the child's credit score. That benefit will no longer exist under a new scoring model by Fair Isaac Corp., the company that developed the FICO score. You can still be an authorized user, but Fair Isaac will no longer factor authorized-user accounts into its credit-scoring formulas. The move is in response to the controversial practice of "piggybacking" in which some Web sites allow consumers with poor credit scores to hitch onto someone else's good credit record. These companies say they can boost your credit score by having you added as an authorized user on the credit cards of strangers with stellar credit, for a fee.
Light Industry 1991-2000
The Rostekstil state concern was transformed into an open join-stock company, and with time became the largest operator on the textile market; it owns controlling blocks of shares in 15-20 light-industry enterprises.
1993
The last phase of privatization was completed at Trekhgornaya manufactura. According to preliminary results of a check auction, 56% of its shares remained with the labor collective and 29% belonged to the State Committee for the Management of State Property (Goskomimushchestvo, or GKI). Three Russian companies bought another 15%, and 5% went to the corporatization fund of the company's workers.
On November 12, an investment tender for shares of the Bolshevichka clothing factory headed by Vladimir Gurov was held. The British corporation Illingworth Morris Ltd., whose general manager and owner was Alan Lewis, acquired 49% of the shares.
Roddick and Nadal progress in Australia
Andy Roddick successful launched his Australian Open campaign with a quickfire 6-3, 6-4, 7-5 victory over Czech qualifier Lukas Dlouhy. Andy Murray knocked outDefeat will make me stronger, says MurrayIn pics: Day one from MelbourneThe American has never lost an opening round match at the first Grand Slam of the year in Melbourne, and his win was never in doubt as he needed one hour and 38 minutes to progress. .
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