Holiday Spendthrifts: Credit Card Hangover Coming

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ECONOMY - FINANCE - MONEY / CHRISTMAS HOLIDAY BLOWOUT -- PLASTIC MONEY SPENDTHRIFTS BUYING LOADS OF EXPENSIVE ELECTRONIC HOLIDAY GIFTS WITH MONEY THEY DON'T HAVE

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Irresponsible Spending-On-Credit Sprees Falsely Portray Government Economic Figures As "Robust," Without Regard For Subsequent Individual Financial Consequences and Losses...

Federal Reserve Corporation Bankers Take Advantage of Plastic Money Consumers With Excessive Credit Card Interest, Late Payment Rates, Doubled Minimum-Due Payments And Over-The-Limit Fees ...

Many budgets are already squeezed by the new minimum payments. The typical monthly minimum doubled -- rising from about 2 percent to 4 percent . That can equate to a hefty increase for someone paying off the average debt of $9,000 -- as much as $400 per month more. So it's important to be conscious of the debt you're incurring to buy gifts for friends and loved ones during the holiday season.

Annual percentage rates on your credit card can, and often will, skyrocket if you make late payments. Rates have been known to jump to as much as 30 to 40 percent, should you make a late payment. On top of this, consumers can get hit with late fees ranging from $25 to $50 and over-the-limit fees ranging from $25 to $39.

If holiday shoppers using plastic money would stop a moment to think about the average 14.55 to 16.34 percent additional interest rates they are paying on the price, sales tax, and/or shipping and handling charges of gifts they are purchasing with money they don't have, in addition to any other late payment and over-the-limit fees they may also accumulate, they would come to the realization that they are not really getting that advertised sale bargain after all.

Business News

Holiday Spenders Beware: Credit Card Hangover Coming

~ December 12, 2006

For many Americans, it's an annual tradition that goes hand-in-hand with eggnog and mistletoe -- millions of people will charge millions of dollars on their credit cards this holiday shopping season. Of course, it's easy to pull out the plastic in the weeks leading up to the holidays, but much more difficult when those bills come due in 2007. More than 115 million Americans carry monthly credit card debt, with the average American debt around $9,000, according to Cardweb.com. And many of those paying off a high balance were surprised when the minimum monthly payment due rose during the past year. The Office of the Comptroller of the Currency, a bureau of the U.S. Treasury Department and a watchdog to protect consumers from abusive and deceptive credit card practices, cracked down with tougher guidelines on interest rates, marketing tactics, and account management practices. The higher rates will help consumers pay off their debt more quickly, but many budgets were squeezed by the new minimum payments. The typical monthly minimum doubled -- rising from about 2 percent to 4 percent . That can equate to a hefty increase for someone paying off the average debt of $9,000 -- as much as $400 per month more. So it's important to be conscious of the debt you're incurring to buy gifts for friends and loved ones during the holiday season.

Find the Lowest Rate, and Pay On Time

For starters, it's best to choose a credit card that has the lowest possible annual percentage rate, or APR. Read the credit card agreement closely to find out what, if any, annual charges you'll have to pay on top of the finance charges. Keep in mind that the annual percentage rate on your credit card can, and often will, skyrocket if you make late payments. Rates have been known to jump to as much as 30 to 40 percent, should you make a late payment. On top of this, consumers can get hit with late fees ranging from $25 to $50 and over-the-limit fees ranging from $25 to $39.

Under current credit card structures, financially strapped consumers making minimum payments each month are not able to get out from under the layer of penalties and interest rates. Federal banking officials are pressuring banks to reduce interest rates, which would be a huge victory for consumers.

What Can You Do Now?

Read the fine print. Your credit card agreement is one document you absolutely must read. All actions the credit card company is entitled to take regarding your credit card will be spelled out in fine print. Pay careful attention to the wording around interest rates, late fees and payment dates. Additionally, if there are sections or clauses you do not understand, highlight them and call your credit card company before using the card and get clarification before falling victim to a very costly misunderstanding.

Pay highest balances and high interest rates first. If you have more than one credit card, pay off the card for which you are closest to your credit limit. Your credit score takes a hit when credit card balances climb high and approach the maximum. Also, pay off the cards with the highest interest rates as every extra dollar can add up quickly.

Keep only one credit card. With so many credit card options, it is important to choose the card that best suits your finances. For example, if you know you are definitely going to carry a balance, select a card with a low interest rate, or if you may be tempted to spend beyond your means, go with a card with a low spending limit. Additionally, keeping only one card makes it much easier to keep track of your card's rules and allows you to avoid the paper chase of multiple cards.

Negotiate a Lower Rate

If you're stuck with a card that has a high interest rate, it might be possible to call your card provider and negotiate a lower rate. The best way to navigate the fee maze and negotiate the best rate and fairest payment terms is by calling your credit card company directly. For example, if you have good credit and a track record of paying on time and you miss one payment for any reason, a call to the card company can usually stave off any finance charges or an interest rate increase for a one-time occurrence. In one study, more than half of the people who tried to negotiate a lower interest rate were successful with just a five-minute phone call. Last year, three "Good Morning America" staffers tried to lower their rates and were successful.

The "GMA" test found that negotiating was more successful when you had a standard credit card without incentives like frequent flier miles or cash back. It also helped to know your credit score, so you know how attractive a customer you are to the credit card company. It also helped to mention the myriad of competing credit card offers you were getting in the mail.

Negotiating a lower interest rate can save you a lot of money. For example, if you have $10,000 worth of debt and you lower the interest rate by 6 percentage points, you can save $600 a year in interest payments.

If a credit card company will not lower its rates, it may be time to consider a new credit card. There are some nonprofit groups that track credit card companies that offer low interest rates. For more information, visit www.federalreserve.gov/pubs/shop/survey.htm or www.cardweb.com/perl/cardlocator/survey/lowrate.

Credit Cards and Travel

If you have holiday travel plans, particularly travel abroad, there are some key tips: For years, the big credit card companies have levied a 1 percent fee on international transactions. And the banks that issue those cards have been known to tack on additional fees of 1 percent to 2 percent. These are often called "currency-conversion fees" or "foreign transaction fees." (You'll also be charged a fee for withdrawing cash using your ATM card, so there's no way to avoid fees completely.)

So, how can a smart traveler avoid -- or at least reduce -- these fees? Here are a few suggestions:

Ask about fees. While fees sometimes are built into the price on your statement, it's increasingly common that they're broken out as line items to help you know what they are paying. Even so, it's smart to make a call before your trip to get the whole story. Carefully quiz your bank or credit card company about what "international" fees come with using your card overseas. Even if your credit card company charged you no fees the last time you went to Europe, there's a good chance it does now. Call and ask before you go.

If you're getting a bad deal, get a new credit card. Some companies offer far lower international fees than others -- and a handful don't charge any fees at all. Capital One has a particularly good reputation for international transactions (www.capitalone.com) -- for now. If you're going on a long trip, do some research and consider taking out a card just for international purchases.

The bottom line. Here's the best formula for saving money as you travel: Pay for as much as possible with cash, using a bank that charges low rates for international ATM transactions.

Some Help May Be on the Way

In the last four months, the Federal Reserve Board has not raised intrest rates, reversing a two-year trend of interest rate hikes to slow inflation. The Fed funds rate affects many consumer credit vehicles, including credit cards. Some economists believe that the Fed could begin lowering rates next year, which could ease the burden of those high interest rates that many consumers are paying on credit card debt. A Wall Street Journal poll of prominent economists shows that, on average, most expect a quarter-point rate cut by June of 2007. That will mean an instant benefit for people carrying a balance on their credit cards. Most card rates are based on the prime rate, which moves up and down when the Fed funds rate changes. It is typically 3 percent above the Fed funds rate, which currently sits at 5.25 percent. CardWeb.com says the national average for variable rate cards is 16.34 percent today (14.55 percent for fixed rate cards). Those averages would likely come down slightly as soon as a Fed rate cut is announced. But of course, the best remedy to all of these post-holiday credit headaches is a simple one: don't overspend. And as always, that's often easier said that done. ABC News personal finance contributor Mellody Hobson contributed to this report.

© 2006 AT&T Knowledge Ventures. All rights reserved.

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Stop The Merger Of Canada, Mexico & The U.S.

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AMERICA / BUSH ADMINISTRATION'S SECURITY & PROSPERITY PARTNERSHIP (SPP) AGREEMENT MERGES THE GOVERNMENTS OF CANADA, MEXICO AND THE U.S.

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1,000 pages on the SPP/North American Union clearly reveal that the Bush administration is running a "shadow government" with Mexico and Canada in which unelected bureaucrats are crafting a broad range of policy changes.

A "Myth vs. Fact" document posted for public relations purposes begins the "whitewash" in which they think they can hoodwink the American public. One of the ways the administration has been able to go around Congress is by not having the three countries sign a treaty or "law" on SPP. I want to know -- and the American public should demand -- where does the Bush administration get the congressional authorization to invite two foreign nations to the table to rewrite U.S. law?

STOP THE MERGING OF THE US, CANADA AND MEXICO INTO A EUROPEAN STYLE UNION!

Karen Johnson

Republican District 18

Senate
1700 W. Washington
Room 303A
Phoenix, AZ 85007
Phone Number: (602) 926-3160
Fax Number: (602) 417-3151

Email Address: kjohnson@azleg.gov

November 18, 2006

I just returned from a week in Washington, D.C. with a group of concerned women where we learned about the Security and Prosperity Partnership (SPP), also known as "The North American Union." This partnership was agreed upon at a private meeting held in Waco, Texas, March 23, 2005, between then-President of Mexico, Vicente Fox, U.S. President George Bush, and then-Prime Minister Paul Martin of Canada. The SPP is an agreement to merge our United States of America with Mexico and Canada.

I am outraged about what the Bush administration is doing with this partnership behind Congress's back. (See http://www.spp.gov )

With virtually no mention in the mainstream media and no oversight from Congress, Commerce Secretary Carlos M. Gutierrez is pushing forward, through his department, the "working groups" that are currently implementing this plan. Government bureaucrats and business leaders are "harmonizing and integrating" our laws with Mexico and Canada on a broad range of issues such as E-Commerce, Transportation, Environment, Health, Agriculture, Financial Services, and National Security just to mention a few. Do we want our laws "harmonized" with Socialist Canada and corrupt Mexico ?

If you are concerned about terrorism in our country just remember that enlarging our borders, merging our security functions with one of the most corrupt nations on earth ( Mexico ), and giving up sovereignty and constitutional protections does NOT make us safer.

Dr. Jerome Corsi, a Harvard Professor, who has spent months researching this issue was recently able through a Freedom of Information request to obtain about 1,000 pages on SPP/North American Union, which clearly reveal that the Bush administration is running a "shadow government" with Mexico and Canada in which unelected bureaucrats are crafting a broad range of policy changes.

The SPP is truly rewriting U.S. administrative law, all without Congressional oversight or public disclosure. The government watchdog organization, Judicial Watch, obtained many of the same documents that Dr. Corsi has received, including the organizational chart and a listing of trilateral Mexican, Canadian, and U.S. administrative officers who report on multiple cabinet-level "working groups."

The SPP.gov web site has now put up a "Myth vs. Fact" document posted for public relations purposes to begin the "whitewash" in which they think they can hoodwink the American public. One of the ways the administration has been able to go around Congress is by not having the three countries sign a treaty or "law" on SPP. I want to know -- and the American public should demand -- where does the Bush administration get the congressional authorization to invite two foreign nations to the table to rewrite U.S. law?

The Bush administration is trying to create the infrastructure for a new regional North American government in stealth fashion, under the radar and out of public view. Congress has unequivocally been asleep at the wheel.

It is incredible but, if this template is followed, just four years from now the United States may cease to exist as an independent nation. Its laws, rules and regulations -- including all freedoms guaranteed by the Constitution -- will be subject to review and nullification by the North American Union's governing body (unelected). There will no longer be a Canadian or Mexican border. Transnational transportation corridors will crisscross the United States delivering the cheapest goods possible from China and Vietnam with Mexican truckers who will work for a pittance of what our U.S. truckers earn. Thousands of middle-class jobs will be wiped out, and the U.S. will become nothing more than a province in an emerging North American superstate.

The American people have got to be alerted and we must contact our members of Congress to put a stop to this. Most Representatives and Senators are largely unaware of the SPP/North American Union. I am certain that an aroused and deeply concerned electorate would have little trouble gaining support to block what is planned and retain our nation's hard-won independence. Please help stop this insane move towards a North American Union.

Senator Karen S. Johnson - District 18
602-926-3160 -- Office
480-734-1954 -- Cell

Contact your state senator, state legislator, governor and Congressional representatives and demand they stop the merging of America with Canada and Mexico before it's too late. Join millions of Americans on this issue. Go to: http://stopspp.com/stopspp/

"Today ­ as you surely know, ... Mexico is little more than a narco-state, responsible for 92 percent of the cocaine sold in the U.S. in 2004 and wracked by warring drug cartels. Law enforcement officers on both sides of the border are increasingly attacked by paramilitary units, aka "Zetas", escorting drug shipments into the U.S. and reportedly offering a $50,000 bounty on Border Patrol agents and police officers." -- State Sen. Karen, Johnson AZ, from Letter on CAFTA (Central American Free Trade Agreement)

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America: A Noble Cause For Freedom

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AMERICA / NOBLE CAUSE FOR FREEDOM

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I was reminded of the utter foolishness of the Anti-Defamation League's direct instigation and massive push to get Congress and states of the Union to pass "hate crime" laws. Of all people, Abraham Foxman and his colleagues should be the first to condemn such Nazism because that's exactly what "hate crime" laws are; I wouldn't be surprised to see the next push by the ADL being "thought crime" laws. It is exactly this type of suppression laws that allowed Adolph Hitler and his mad henchmen to take power in Germany. National ID under Department of Homeland Security? May as well be Department of Der Fuehrer's Motherland. Everything Hitler did was "according to the laws" of Germany at the time and the people walked right into the trap. First, by giving up their guns for the "good of the community," and second, by going along with silencing the people by bastardizing their existing laws - for the good of the Fatherland.

The voluntary National ID, which most Americans think is mandatory thanks to the lackeys in the media, must be challenged by the states straight to the U.S. Supreme Court.

THE POWER OF ONE

~ By: Devvy Kidd
December 11, 2006

"One man with courage makes a majority." So said President Andy Jackson, a true lion of his time.

One can also be a lonely number when a person feels overwhelmed by events. But, one can also be glorious and let me give you a few examples where one became so many.

Jodi Waters was one when she began blowing the whistle about the dangerous gas by-product called MTBE. During the seven year long battle to get MTBE banned, Jodi, as one, became hundreds of thousands. I know because I was a participant in that effort out in California - a huge state for such a grass roots effort on a shoe string budget. Jodi's efforts triumphed over the behemoth oil companies because one became hundreds of thousands of Americans all on the same sheet of facts and effective activism. We won.

When Bill Benson did his exhaustive research which uncovered the fraudulent ratification of the Sixteenth and Seventeenth Amendments, it started as a lonely mission in dusty basements of old state buildings. Then he was one. But, one became hundreds, then tens of thousands and then hundreds of thousands because his research documents obtained at the state archives was spread from one to another one to another one.

In two weeks, Christians around the world will celebrate the birth of Him, our Lord and Saviour, Jesus Christ. The one who had to die a horrible death so that we could be forgiven our sins in the eyes of God. Jesus was one. As has been said and written millions of times over the past two thousand plus years, this one man did not go to college, He didn't write books, He didn't own a house full of servants. He came into this world to deliver the word of God and to suffer our sins. One man changed the world forever because the ideas he brought to those who listened with their hearts became hundreds, then thousands, then millions and billions.

One is a powerful number.

There is one other person few know of by the name of Sophie Scholl who lived in Germany under Hitler and The Third Reich. She was involved in distributing The White Rose Leaflets. Her story is a powerful memorial to those throughout history who chose their conscience over cowardice. One student became two, two became ten and the numbers multiplied as did the message they sacrificed all to bring to fellow students. Sophie Scholl: The Final Days is a compelling movie that brings the power of one straight to the heart. There are no bare boobs, sex acts or the 'F' word in this spell binding recreation of what life was like under the Nazi regime, but it is a movie that will move you. I hope it will frighten many.

As I watched Sophie's story, I was reminded of the utter foolishness of the Anti-Defamation League's direct instigation and massive push to get Congress and states of the Union to pass "hate crime" laws. Of all people, Abraham Foxman and his colleagues should be the first to condemn such Nazism because that's exactly what "hate crime" laws are; I wouldn't be surprised to see the next push by the ADL being "thought crime" laws. It is exactly this type of suppression laws that allowed Adolph Hitler and his mad henchmen to take power in Germany. National ID under Department of Homeland Security? May as well be Department of Der Fuehrer's Motherland. Everything Hitler did was "according to the laws" of Germany at the time and the people walked right into the trap. First, by giving up their guns for the "good of the community," and second, by going along with silencing the people by bastardizing their existing laws - for the good of the Fatherland.

I want you to watch Sophie Scholl: The Final Days some evening after the children are in bed and it's quiet. I want you to think about those innocents asleep in the next room and imagine living under an iron fist as the people of Germany did under Hitler: No free speech, forced National ID, no habeus corpus, kangaroo courts and instant execution. This movie will chill you to the bone and I hope will awaken one more American to the dark future facing US. Only those in selective denial are unaware of the eminent death of this republic. The fight by we the people that must be fought has to kick into over drive after the holidays or we will perish in the flames of totalitarian government. This is not a welcome message this time of year, but it is a necessary one.

The voluntary National ID, which most Americans think is mandatory thanks to the lackeys in the media, must be challenged by the states straight to the U.S. Supreme Court. The Patriot Act, the provisions of the Military Commissions Act and John Warner Defense Authorization Act - all must be nullified; that's just the short list. Active military and local law enforcement need to get the truth about the true agenda of the shadow government's "war on terrorism." Local law enforcement has been gradually morphing into para military organizations with an unhealthy attitude towards the common man. The invasion by Mexico must be stopped, NO amnesty, round up the illegals and get them deported or America is doomed as a nation and if you think I'm just blowing smoke on this one, I respectfully direct you to Frosty Wooldridge's continuing series on this issue.

The dominant media (Fourth Estate), both print and electronic (including cable), has become a worthless, pathetic institution. Today this so-called "mainstream" or dominant media apparatus is filled with nothing but sycophants, intellectually lazy robots and opportunists. As a collective body it worsens with time as truth is squashed by politics instead of sounding the alarm. What can one person do to get the truth out to our fellow Americans? As those courageous students did with the White Rose Leaflets and the colonials who birthed this republic so long ago, we can still use the power of the press by becoming the press. Certainly we have become that thanks to the Internet and personal computers, but it's not enough because tens of millions of Americans don't have PCs, they don't know where to look for credible information on line or because of work and family obligations, don't have time. These same Americans will catch some manufactured "news" in the evening on ABC, NBC, CBS, CNN, MSNBC or FOX. Some will read a few stories from the local newspaper which is just the same regurgitated baloney pumped out by AP or Reuter's. No, what we need is an efficient, simple and inexpensive method for one to become thousands and tens of thousands and millions.

I have a new section on my web site titled Flyers. The first couple are up with more to come. We the people can become like a local newspaper by printing a master of any of the flyers, making ten, twenty or a hundred copies and getting them out. So many Americans feel disenfranchised and beyond frustrated because they don't know what they can do to help; work, commute and family eating so many hours. Money is in short supply and getting shorter. Flyers are cheap and it doesn't take much effort. While my mom is 80 years old and can't do a lot in the way of activism, she will get 100 of each from me to drop off at the senior center. Mother wants to do this for the cause. She is one, but will reach 100. Newspapers throughout this country refuse to sound the alarm, but we the people can do it through flyers. Paper the country with the truth instead of communist propaganda on the editorial pages of America's "news" papers. Americans will read a well done flyer and begin to wonder why their local newspaper isn't exposing the truth. The colonials did it and they only had the most basic of printing presses. But, one pamphlet became two and multiplied so fast, the British couldn't stop them. Should we do less?

There's no charge for this service. I am happy to make these flyers available to everyone so that each one can become ten, a hundred, a thousand. Forget e-mails to Congress; they are buried in hundreds of thousands of them every month. Same thing with state legislators on a slightly smaller scale; remember many state legislatures are only in session the first few months of the year. Mail them a flyer; snail mail gets opened and read for distribution. I remember the scene towards the end of the movie, Braveheart, where the Princess of Wales visits William Wallace in the dungeon. She cries and tells him he will die unless he swears allegiance to Longshanks. Wallace replies that all men die, but not all men really live. Will we live on our knees or really live for the noble cause of freedom? Are we not a warrior class?

Never forget the power of one - you.

© 2006 - NewsWithViews.com - All Rights Reserved

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Devvy Kidd authored the booklets, "Why A Bankrupt America" and "Blind Loyalty," which sold close to 2,000,000 copies. Devvy appears on radio shows all over the country, ran for Congress, and is a highly sought after public speaker. Your complimentary copy of the 32-page report may be obtained from El Dorado Gold. Devvy is a contributing writer for www.NewsWithViews.com.

Devvy's website: www.devvy.com

E-mail is: devvyk@earthlink.net

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Housing Market Continues To Collapse

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HOUSING - REAL ESTATE / HOUSING MARKET CONTINUES TO COLLAPSE - POSSIBLE FINANCIAL MELTDOWN FORESEEN

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Communist Democrat's Socialist Economics 101 ...

Despite the growing dangers, substantial risks to the economy and financial markets from the deepening recession in the housing market, and possible mortgage-finance crisis, Democrat Rep. Barney Frank, incoming chairman of the House Financial Services Committee, welcomes the housing market crisis, indicating that recent large drops in home prices make housing more affordable for young people and minority buyers.

"... If a few speculators get burned, that's just icing on the cake," says Frank.

Risky Mortgages Imperil Market

~ By Patrice Hill
THE WASHINGTON TIMES
December 12, 2006

The risk of a financial crisis is growing as home prices continue to fall and questionable mortgages made in the past two years go into default, finance officials warned yesterday.

Banks and mortgage brokers have been passing along to unwary investors as much as $600 billion a year in risky mortgages they made through untested channels in the junk-bond market. That raises the threat of a financial crisis beyond the ability of the Federal Reserve to remedy, said Lewis Ranieri, the Wall Street guru who is widely credited with creating the multitrillion-dollar market for mortgage-backed securities in the 1980s and 1990s.

Bank regulators told the National Housing Forum here yesterday that they have found major banks punting to investors questionable mortgages they could not legally keep in their own loan portfolios. Mr. Ranieri said brokers on Wall Street have raised the risks by repackaging the mortgages in deceptive and opaque ways so that the small investors and foreigners who buy them are unable to understand the risks.

"No securities market can stand if we do not have true disclosure, and we do not have true disclosure" of the growing risks of exotic mortgages whose payments can double overnight and force buyers into default, said Mr. Ranieri. "This stuff doesn't just get sold to [professional] money managers. It gets sold to the public and to foreign investors who don't have a clue what to look for."

Allen Sinai, chief global economist at Decision Economics; Richard A. Brown, chief economist at the Federal Deposit Insurance Corp.; and several other economists and regulators attending the forum also emphasized the substantial risks to the economy and financial markets from the deepening recession in the housing market and possible mortgage-finance crisis.

Despite the growing dangers, Rep. Barney Frank, incoming chairman of the House Financial Services Committee, indicated he saw no reason for federal legislation to better regulate the mortgage markets to prevent a possible financial meltdown.

He said he welcomes recent large drops in home prices because it makes housing more affordable for young people and minority buyers.

"Housing suffered from irrational exuberance" during the first part of the decade, though it fell short of being a full-blown bubble, the Massachusetts Democrat said. "The end result of a 10 percent drop in many parts of the country will be a more rational housing market. ... If a few speculators get burned, that's just icing on the cake."

Mr. Frank noted that a few years ago, consumers were expected to devote about 25 percent of their income to house payments. Today, however, consumers expect their homes to contribute 25 percent to their income -- through cash-out refinancings and other techniques that have come into vogue, he said. "Let's get back to the normal situation."

A top national bank regulator said many banks are continuing to offer consumers loans they cannot afford when their teaser interest rates expire and payments rise to reflect market conditions. Some banks are selling the questionable loans to investors to avoid keeping them in their portfolios, where they would be unacceptable to regulators, said Kathryn Dick, deputy comptroller at the Office of the Comptroller of the Currency.

Consumers also may be unaware of the risks inherent in these adjustable-payment loans, she said, because they are not getting full disclosure or are getting information too late to prevent them from closing on the loans.

Mr. Ranieri said the riskiest loans were made in the past two years as banks and brokers strived to help consumers qualify for high-priced homes that were beyond their reach. Loan innovations and loose lending standards have continued despite efforts by a group of five federal banking regulators to limit such loans, he said.

"We have a tremendously powerful mortgage-backed securities market. This market is unfettered in its enthusiasm and unchecked by regulation," Mr. Ranieri said. "The interagency task force can't touch it. The capital is coming from international markets."

Mr. Ranieri said that brokers are even bypassing the traditional market for mortgage-backed securities that he helped create. Instead, they are bundling the riskiest mortgages together and offering them as "collateralized debt obligations" on the corporate bond market. The offering documents often do not explain the serious risks involved with the mortgages in a declining housing market, he said.

One recent offering failed to disclose to investors that the homeowners not only were faced with high adjustable payments that they might have difficulty paying, but they had financed 100 percent of their purchase and had no equity in their houses -- something that greatly increases their likelihood of default.

Mr. Ranieri said the quality of loans has fallen so much recently that his firm has stopped buying whole mortgages for repackaging into mortgage-backed securities. He recently rejected some mortgages offered to the firm. He said he asked what the broker would do with the loans, and was told they would be sold to investors in the junk-bond market.

The only federal regulator with jurisdiction over the burgeoning market for such securities is the Securities and Exchange Commission, Mr. Ranieri said. But the SEC seems to be largely unaware of what's going on in the mortgage market, he said.

Copyright © 1999 - 2006 News World Communications, Inc.

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Oregon Undersheriff: "F*** The Public"

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LAW ENFORCEMENT / OREGON UNDERSHERIFF: "F*** THE PUBLIC"

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One of the affidavits reads in part, "... Brian Anderson a patrol lieutenant ... came in to briefing and told ALL of us, 'I want all of you to only go out on emergency calls and do NO patrolling f--- the public they don't want to give us any money then f--- them go out on the emergency call and come right back to the office.' ... We were not allowed to go to burglary or theft calls and many more."

The evidence supporting that Anderson told his staff in briefings to only work on emergency calls comes in the form of the department's own published reports on burglaries in 2004. The report says that they had received 516 burglary calls but that only 95 of these cases were reviewed and only 43 were actually investigated, something many, especially in the outlying county areas, know all too well. One resident stated that she had called the sheriff's department when her home was burglarized but didn't hear back and it was only after several calls and almost a week when they actually responded by sending out officers. According to this woman who wished to remain anonymous, when they did respond they were rude and never investigated the crime.

“F--- The Public” Says Brian Anderson

Affidavits cite Anderson as saying,“citizens get what they pay for”

Sheriff Candidate Brian Anderson

~ By Ron Lee
Investigative Reporter
US~Observer

Josephine County, OR - Recently, several ex-Josephine County sheriff deputies along with one on-duty officer have stepped forward with affidavits claiming that on many occasions Brian Anderson, current undersheriff, made disparaging remarks toward the public in briefings to his staff saying, "F--- 'em. They get what they pay for." According to an affidavit Anderson even went on to say that he would release the prisoners of the jail if the public didn’t want to fund it and let them deal with the criminals. In the affidavits Anderson also instructed deputies not to respond to anything other than emergency calls. Included as well was information alleging Anderson allowed "false investigations against deputies to proceed despite his knowledge the deputies were innocent," because they didn't belong to the "A Team" - a group some in the department call the good-old-boy club that currently exists. One of the affidavits even cites specific criminal misconduct. The US~Observer has also obtained a recent letter written by Grants Pass Chief of Police Joe Henner stating that the city police will no longer back the sheriff's department unless it is an absolute emergency. This is because there are no procedures in place within the sheriff's department to take care of many situations they face. In his letter Henner specifically mentioned that he had previously brought this to the attention of Undersheriff Anderson, but that no procedures have as yet been adopted. These affidavits and the letter by the city police chief come at a pivotal point for Anderson who is seeking to be elected as the county sheriff in the upcoming election on the grounds that he is well qualified for the position and has been doing a good job as undersheriff.

On October 10, 2006, US~Observer investigative reporter John Taft called Anderson for comment on the allegations stated in the affidavits, specifically that of him saying, "F--- the Public." Anderson at first responded that his remarks were taken out of context but later recanted saying that he never used the F-word. However, commenting on the grounds of anonymity one high-ranking public official stated that he had heard Anderson say this many times.

One of the affidavits reads in part, "... Brian Anderson a patrol lieutenant ... came in to briefing and told ALL of us, 'I want all of you to only go out on emergency calls and do NO patrolling f--- the public they don't want to give us any money then f--- them go out on the emergency call and come right back to the office.' ... We were not allowed to go to burglary or theft calls and many more."

The evidence supporting that Anderson told his staff in briefings to only work on emergency calls comes in the form of the department's own published reports on burglaries in 2004. The report says that they had received 516 burglary calls but that only 95 of these cases were reviewed and only 43 were actually investigated, something many, especially in the outlying county areas, know all too well. One resident stated that she had called the sheriff's department when her home was burglarized but didn't hear back and it was only after several calls and almost a week when they actually responded by sending out officers. According to this woman who wished to remain anonymous, when they did respond they were rude and never investigated the crime.

Anderson has, in part, based his platform on running for the position of sheriff that there needs to be an individual in the top position who has budgetary experience as funding is, according to Anderson, the biggest law enforcement challenge this county faces saying, "we don't have stabilized funding so we end up losing a lot of our officers to other agencies because they might not have a job next year. And to me you can't fight the meth problem and any of those other issues if you don't have the staff to do it. You need detectives. You need deputies out there handling calls. You need directors for when people call in. You need the jail, a jail that's adequately funded to house people. I think funding is the biggest issue." But mismanagement of funds is one of the many issues the affidavits address calling into question Anderson's ability to head the department, one which obviously has more issues than previously known. As for “budgetary experience;” any experience Anderson does have is for naught given the excessive amount of lawsuits (most successful) that have been filed against the Josephine County Sheriff’s Office while Anderson and Dave Daniel have overseen the department, or in better terms, failed to oversee the department.

The authors of the affidavits all feel the public need to be informed of what is going on in the department. One of the affidavits reads in part, "In making these statements, it is not my will or intent to bring disfavor upon the Josephine County Sheriff's office. I still have many friends there that are good people that work hard. I simply want the citizens to know the truth about what has been happening ..." Another even says, "I do not believe that the public would want someone like this (Anderson) to be our sheriff for Josephine County."

With the election now days away the effects of these affidavits remain to be seen. As for Gil Gilbertson, Brian Anderson's opponent in the election, he had no comment when asked if he had any opinion on the effects the affidavits might have.

Editor's Note: It has come to light that the editor, Denis Roler, of the Grants Pass, OR local news publication, the Daily Courier, also has the affidavits and has yet to publish any kind of story. Is Roler trying to protect Anderson by remaining silent, or does he feel that it isn't worthy news for their readers? Whatever the answer, it makes one wonder.

Denis Roler at the Daily Courier can be reached by calling:
(541) 474-3700
or by e-mail at newsdept@thedailycourier.com

To voice your opinion to Brian Anderson, he may be reached by calling the Josephine County Sheriff's Department:
(541) 474-5123
or by e-mail at jocosheriff@co.josephine.or.us

© 2006, US~Observer. All Rights Reserved.

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