This'n'That; March 16th[Cop;Zoibi;Recession]

Wounded Cop Update

To show his appreciation for all the support he has received since he was shot in the back of the head, injured Rochester police Officer Anthony DiPonzio attended the latest fundraiser held in his name. DiPonzio and his family came to the start of a pasta dinner fundraiser Sunday at the Diplomat Banquet Center, hosted by The Italian American Law Enforcement Officers and the Rochester Police Locust Club. ITALEO president Sharon M. Rivaldo, calling it "absolutely phenomenal," said DiPonzio was at the event for almost two hours, talking to people and shaking hands. DiPonzio is recovering at Unity Health System's Brain Injury Rehabilitation Unit and faces up to a year of rehabilitation. He has regular physical therapy sessions and continues to walk at a slow pace with a cane and assistance from a therapist, police said. Sunday's event raised more than $6,000. The money raised by the fundraisers will go directly to the DiPonzio family for expenses not covered by insurance, Rivaldo said. DiPonzio's maternal grandmother, Sandy LaGeorge of Greece, said she visits her grandson every day and has seen progress in him every day. "His left arm has to get going," she said, adding that DiPonzio cannot yet move his left arm and has trouble walking on his left leg. "He is recognizing everyone. His memory is great."

I Felt Obligated.....

I felt obligated to write to the publisher of my local newspaper concerning the decades old liberal reporting in the print medium: March 16, 2009

Mr Ail M. Zoibi, President

Democrat and Chronicle

55 Exchange Blvd.,

Rochester, N.Y., 14614-2001

Dear Sir;

Given the almost daily bombardment of obama administration's failed appointments, tax-cheating choices, misguided policy choices, Congressional cheats like Chris Dodd, Charlie Rangel, et al, can the public expect the return of the "Fourth Estate" anytime soon?

Just so you and I are on the same page here, I'd like to show you a definition I've found:

The earliest use of the term fourth Estate to mean the press, is found in Thomas Carlisle's book On Heroes and Hero Worship [1841] in which he wrote: "[British politician Edmund] Burke said there were Three Estates in Parliment; but, in the Reporters' Gallery yonder, there sat a Fourth Estate more important far than they all."

With all branches of the federal government no longer representing the public, but their own self interests; the American "commoner" is more in need of a functioning, effective and questioning "Fourth Estate" than ever in history!! Will the bias in the print and electronic media ever be corrected? To illustrate, I point out two comparative examples: Just moments before the planes hit the Twin Towers, James Carville remarked that he "did not want Bush to succeed." Earlier this month, Rush Limbaugh mentioned on his radio show that he wanted obama's economic policies to fail; RIGHT-the ECONOMIC POLICIES, not the individual himself!! While the media failed to mention even once the first example, they've gone overboard to "beat Limbaugh to death".... but only after misquoting his statement and misconstruing his premise!! This is but one comparison of the hundreds of one-sided reports seen and heard every day!!

How does this obviously one-sided reporting get corrected? Should the "Fairness Doctrine be applied to the print and electronic news media, rather than broadcast radio?

I anxiously await your reply

Sincerely,

[My name and full mailing address]

How We Got To Where We Don'wanna Be....

[The "Fluffed-Up" answer to the problem? Pay more deadbeats to sit on their collective dead asses and watch TV; not only that.... Give'em all "pay" raises!! Bail out not only public [stock] companies like General Motors, but privately held companies like Chrysler Corp. After a campaign pledge to "do away with" earmarks, sign a spending bill containing nearly nine-thousand of 'em!! After a campaign pledge that all legislation will be posted on the internet for a minimum of five days for public review prior to signing into law, sign the aformentioned 'earmark' bill almost within-the-hour of it's presentation!!]

Finance ministers and central bankers from the Group of 20 most powerful industrialized and emerging nations began meeting Friday in an effort to come up with a uniform plan to deal with a historic global recession and persistent financial turmoil. How did we get here? July, 2007: Bear Warning- Investment bank Bear Stearns offered one of the first glimpses of how bad things were going to get. Bear announced the virtual collapse of two hedge funds with losses of around $1.5 billion after bets went bad on subprime mortgage securities and other credit instruments. Cheap credit continued to dry up as banks increasingly hoarded cash amid fears about their own balance sheets. Aug 9, 2007: 'Complete Evaporation'- It was an announcement by French banking giant BNP Paribas that is widely cited as the start of the global credit crunch. The bank said it would stop valuing three of its funds and suspend investor withdrawals. The European Central Bank, U.S. Federal Reserve and other central banks stepped in to pump billions of dollars into the financial system in an effort to boost liquidity.

Sept 13, 2007: Run on the Rock- It was revealed that the Bank of England had stepped in to provide emergency support to foundering lender Northern Rock. The move sparked a run on the bank, with customers lining up in droves to withdraw cash from several branches. The British government eventually nationalized Northern Rock. Sept 18, 2007: Interbank lending rates soared- As global and domestic turmoil intensified the U.S. Federal Reserve on Sept. 18, 2007, delivered its first rate cut in four years, surprising markets with a half-point reduction in its key rate to 4.75%. In the meantime, U.S. mortgage foreclosures mounted and big banks around the world began reporting big losses on subprime-related investments. Credit markets continued to tighten. December 12, 2007: Liquidity Boost- The Federal Reserve and other major central banks announced they would flood the world's financial system with $64 billion in extra cash to help unblock jammed credit markets. The Fed unveiled its "term auction facility," offering tens of billions of dollars in short-term loans to banks. Canadian and European central banks also opened the spigots. The move drew kudos for its boldness, but credit conditions remained tight. As 2008 got under way, worries mounted over the viability of so-called monoline insurers that provide protection against defaults by bond issuers. mid-March, 2008: Bear Trap- By mid-March, concerns grew over Wall Street titan Bear Stearns. The fifth-largest investment bank imploded as counterparties and clients lost confidence and halted trading with the firm. In a dramatic weekend bailout engineered by the Fed and the U.S. Treasury, J.P. Morgan Chase agreed to buy the crippled rival for just $2 a share. The Fed cut its discount rate in a coordinated move and provided up to $30 billion in financing for Bear's less-liquid assets. Questions mounted over which broker could be the next to fall, with sights turning toward Lehman Brothers. September 7, 2008: Fannie and Freddie- Conditions in credit markets continued to deteriorate, with concerns mounting over the health of major financial institutions. In another weekend rescue, U.S. government swooped in to rescue Fannie Mae and Freddie Mac, which together owned or guaranteed around half the home loans in the nation's $12 trillion mortgage market. The companies had recorded combined losses of around $14 billion in the previous year. The government pledged to invest up to $100 billion in each firm to keep them solvent. September 10, 2008: Lehman Collapses- A few days later investment bank Lehman Brothers announced a nearly $4 billion quarterly loss. As worries about the institution mounted, Lehman failed to find a buyer or to secure a federal bailout. Five days later the 158-year-old investment bank filed for Chapter 11 bankruptcy protection. At the same time, brokerage firm Merrill Lynch, fearing a collapse of its own, agreed to be taken over by Bank of American in a $50 billion all-stock deal. A day later, the U.S. government seized control of American International Group in an $85 billion bailout. The Fed defended the decision, arguing that allowing the massive insurance group to fail would have had a potentially catastrophic effect on financial markets.

September 17, 2008: Shotgun Marriage- Across the Atlantic, funding problems forced Britain's biggest mortgage lender, HBOS, into the arms of rival Lloyds TSB in a government-sanctioned deal. Meanwhile, the U.S. government's decision to let Lehman fail had consequences in the credit markets. Economists blame the decision for a sharp ratcheting up of interbank lending rates that threatened other financial institutions. The Fed, the ECB and other central banks pumped increasing amounts of money into financial markets in an effort to keep credit markets moving. Banks around the globe continued to teeter. October 8, 2008: Coordinated Cuts- The Fed, the ECB, the Bank of England and central banks from Canada, Switzerland and Sweden simultaneously announced a coordinated plan to cut key interest rates in an effort to quell the financial turmoil. Two days later, "The Group of Seven" finance ministers on laid out a broad but vague plan to recapitalize the banking system, but offered no guidance on efforts to guarantee interbank debt. Equities continued to plunge and central banks kept cutting interest rates. October 24, 2008: IMF To The Rescue-Iceland- October 2008 saw Iceland's currency collapse after the government was forced to take control of the country's largest banks after the institutions were unable to obtain short-term funding. The nation secured a $2 billion standby loan from the IMF, but the nation's economy was still forecast to suffer a severe contraction. October 29, 2008: IMF To The Rescue-Eastern Europe- Hungary secured a $25.1 billion bailout package from the IMF and the European Union. Hungary, like several other Eastern European countries saw its currency and financial markets come under heavy pressure amid worries about high government debt and the nation's ability to meet foreign-denominated debt obligations after years of heavy borrowing by companies and households.

November 9, 2008: China stimulates- Moving to prevent a massive slowdown of its rapidly growing, export-focused economy amid plunging global demand, China unveiled a $586 billion stimulus package to be spent over the next two years, prompting a temporary boost in global sentiment. The move came after China reported in October that GDP grew by a weaker-than-expected 9%, marking the fight straight month of slowing growth.

December 1, 2008: Making It Official- Using a widely-used definition of recession as at least two consecutive quarters of falling gross domestic product, third-quarter data confirmed widely held expectations that the euro zone slipped into its first recession since the introduction of the single currency in 1999. The National Bureau of Economic Research announced that the U.S. economy had entered recession a year earlier, in December 2007. On Dec. 9, 2008, government data confirmed that Japan's economy fell into recession in the third quarter, with gross domestic product falling by 1.8%. Meanwhile, funding problems and collapsing demand put the global auto industry on the ropes and left Detroit fighting for survival. After months of negotiations the Bush administration extended $13.4 billion in loans to General Motors and closely-held Chrysler.

December 17, 2008: Oil Bust- Collapsing global demand sent oil futures below $40 for the first time since 2004. The slide came despite a decision that day by the Organization of Petroleum Exporting Countries to cut production by 4.2 million barrels a day. The Dow Jones Industrial Average ended 2008 with a yearly loss of 34%, its worst performance since 1931. The broader S&P 500 also posted its worst drop since the Depression, losing 38% in its worst year since 1937, while the Nasdaq Composite rang out 2008 with a total decline of more than 40%.

January 28, 2009: Deepening Gloom- The International Monetary Fund slashed its global economic forecast to project a recessionary 0.5% expansion in 2009 and a meager rebound of 3% in 2010.On Feb. 17, 2009, President Obama signed a $787 billion economic stimulus package into law. European banking shares slid the same day, pressured after a report by credit-rating agency Moody's Investors Services expressed concerns that euro-zone banks face heavy exposure to Eastern Europe's rapidly deteriorating economy. February, 2009: Printing Money- Fearing a deflationary spiral, the Bank of England's Monetary Policy Committee votes to launch a program to effectively print money through the purchase of up to 150 billion pounds ($207 billion) of corporate and U.K. government bonds. The Labor Department on March 6, 2009, reported the U.S. economy shed 651,000 jobs in February, marking the fourth consecutive month of losses of near or above 600,000 and sending the unemployment rate to 8.1%, the highest level in more than 25 years. The month saw U.S. stock indexes fall to their lowest levels in more than 12 years. Economic data indicate the euro-zone recession may be deepening in the first quarter. German industrial production posted a monthly plunge of 7.5% in January, according to government figures released March 12, 2009. The data prompted some economists to predict first-quarter GDP would contract at an accelerated rate in the first quarter after a 2.1% decline in the final three months of 2008.