A large group of financial industry interests and consumer advocates made the request to the Treasury Department agency on Oct. 29. It demonstrated the urgency of the situation in a deepening economic crisis: consumers — even those with strong credit records — defaulting at high levels on their credit cards, while banks battered by the credit crisis bleed tens of billions from the losses. The Office of the Comptroller of the Currency, whoever the hell this is, rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don't qualify for existing repayment plans, or the majority of home owners who are in default.

A spokesperson said the government objects to allowing banks to defer losses for several years. We wouldnt want them to lose a little interest while we all go broke now would we? The fact is America is in serious crisis, and every "fix" is actually another step towards the edge. We need to stop following the advice of financialists who want to burn the country to save a profit. You know when banks are asking for money we are all in trouble.

The deal does not include RBS consumer finance business in the U.K. and Ireland, the statement said.

Santander already provides consumer finance services in 18 countries and through this deal will add 861 employees serving 2.3 million clients.

Last week Santander agreed to take over EUR1 billion worth of European financial assets from General Electric Co.'s (GE) GE Money.

The consumer finance operations of Santander, currently the euro-zone's top bank by market value, generated €719 million (US$1.13 billion) in profit last year, or just under 10 percent of its total net profit in 2007.

RBS consumer finance operations include installment loans, directly and through partners. It has a significant presence in the credit card business and provides consumer finance through retail chains.

Santander said the transaction is subject to a final agreement and approval from local authorities.

Santander and RBS have acted as partners throughout the years, including a joint takeover of Netherlands's ABN Amro for more than €71 billion. The two institutions have other cross shareholdings including Fortis, which was also the subject of a joint takeover bid.

Now if I had that $23.48 back then to invest, and invest properly, I could have made a tidy little sum over the years (especially catching Yahoo and Google during their IPO...) So, since my financial investments performed poorly back then as a kid (maybe it was the location because I know it was good lemonade...) I'm in more debt now as an adult than I would have been had I actually made that money.

Therefore I'd like to formally request that the US government sends me a little bit of their bailout money once they finally agree how to waste the rest of my tax money. I don't want anywhere near the $700 billion they're talking about, even just a couple hundred thousand would suffice to fully get me out of debt (mortgage and all) and back to being able to fully inject all of my current hard earned earnings back into the economy.

Come on Uncle Sam! Brother, can you spare a quarter million?

American International Group is one of the world's largest insurance companies, insuring risks across a wide spectrum of activities, from property and casualty, to director and officer insurance, to one of the most arcane areas of insurance - credit default swaps. Although “credit default swaps” does not sound like insurance, it is a type of insurance in which AIG played a large role. A credit default swap is a contract by which one party agrees for a certain payment to accept the risk that another party's bonds will not default. For example, assume a company has a low credit rating from the major rating agencies - a company like General Motors for instance. If General Motors wants to sell bonds with a low rating (commonly called “junk bonds” or “high yield” debt), the party that buys the bonds may want to purchase some insurance on the bonds' full payment if General Motors cannot ultimately pay the principal or interest on the bond when it comes due. The buyer may purchase such insurance from an insurance company like AIG. These types of insured arrangements are called credit default swaps - in short, they relate to bonds, thus the “credit” term, they relate to a default, thus the “default” term, and they relate to an exchange of risk, thus the “swap” term. These arrangements are also called counterparty risk transactions, where the risk of a default is traded to the insurance company (the counterparty) in exchange for a payment.

During the great bull market of 1982-2000, and during the relatively strong economy from 2002-2007, credit default swaps were a good business for insurance companies. They received premium payments, and in turn the bond defaults ran very predictably very low. That party ended when the mortgage-backed security market collapsed due to demonstrably over-rated collateral; that is, the homes backing up the mortgages were decreasing in value making the collateral for those securities less valuable; thus, making those securities less valuable. That reality is what pushed Bear Stearns close to bankruptcy before the Fed convinced JP Morgan to purchase the spent husk of what was once Bear Stearns.

That is all a long-winded explanation of a type of insurance, but that does not explain why the Fed opted to bailout AIG and not Lehman Brothers. The reason for the bailout is that the entire credit default system is a large unknown to the Fed, and the Fed fears that if a large credit default player like AIG cannot make good on its swaps, then a lot of bonds will not in reality be insured, and the balance sheets of many large banks holding low-rated bonds will be severely impaired causing any number of large institutions (banks and otherwise) to suddenly become insolvent. The Fed feared that a credit default meltdown could meltdown the entire financial system and cost the Fed many multiples of $85 billion.

The credit default market is not organized on any exchange. Each arrangement is unique and structured privately. Often the counterparty risk assumed in a credit default swap is swapped again to another party or broken up and swapped out to multiple players, kind of like reinsurance. The only problem is that no one has a handle on exactly how much exposure exists in the credit default market. The risk is that as one follows the trail of swaps, the last man standing will not have the capital to honor the swap agreement, and that will put the swap holder and the swap maker both into default. The Fed really does not know how close we are to some major financial catastrophe that could arise from credit default swaps so the Fed is taking a very conservative approach with the AIG bailout.

Hence, the Fed is content to see some major investment banks collapse, but allowing the credit default swap arrangements to default in a monumental way is even too risky for the Fed. Thus, the Fed opted for the bailout, and is working with Treasury Secretary Paulson to find a way to shine some light on the credit default swap markets.

Faced with overwhelming support from the Arab world, this coalition within a few days changed the entire political and diplomatic affairs of the Middle East. French President De Gaulle took the step of telling Israel to not engage in the war and issued a military embargo on Israel. Other Israeli “allies” like the United States all of a sudden acted as though nothing was going on and many even refused to come to Israel's aid. Thus Israel decided once again, like in Europe under Hitler's power or other regions of the world, the Jewish people are alone and must fight for their own survival.

Within days, Israel's administration went through several changes were new Defense secretary was appointed along with a new cabinet. And on June 5th 1967, Israel attacked the enemy forces. In a sudden air strike by the Israel Air Force, Most of the Egyptian, Iraqi, Jordanian, and Syrian air forces were destroyed. At the same time, Israeli tanks rolled into the Sinai and annihilated the Egyptian army and pushing the offensive lines al the way to the Suez Canal - capturing the entire Sinai area under Israel's control.

While Israel was driving Egyptian army back, Israel also issued assurances that Jordanian forces would not be attacked in return for peace. However, King Hussein of Jordan ordered his army to attack Israel. His army bombarded Israeli towns and cities. Almost within hours, Israeli Army turned from the defeated Egyptian Army (at Suez Canal) and attacked the West Bank and East Jerusalem (under Jordan's control). Israeli Defense Forces (IDF) occupied West Bank and liberated East Jerusalem and united it with its counterpart - West Jerusalem. Following this victory, Israeli Army took the initiative to meet the Syrian army and within 2 days occupied the Golan Heights while a defeated Syrian army withdrew in shame.

On the morning of June 10th 1967, people around the world woke up to a new Middle East - with an Israel that controlled the territories of Egypt, Jordan and Syria. Almost 9 days after the war, Israeli Government made the declaration that it will give back all the lands it captured from the enemies in return for full status of peace and normal bilateral relations. However in August of that year, A Arab Summit held in Khartum, Sudan made the decision that all Arab nations will not:

1. Recognize Israel
2. Negotiate with Israel
3. Make peace with Israel

As of Today, most of the Arab world still abide by this summit resolution. Egypt officially recognized Israel and made peace after Egypt once again lost the 1974 war with Israel (the 3 wars it started with Israel Egypt lost). Soon Jordan and a few other minor Arab nations followed with the peace deals. Israel's 1967 war also cemented the US-Israeli relationship as US made Israel its major arms supplier and ally. However, the wounds of the war still lasted. The Arab world was still licking its wounds and revenge was brewing.

As soon as Israel withdrew from the Suez Canal area due to UN and international pressure, Egypt began to rebuild their cities and their war machine. President Nassar died and a new President Anwar el-Sadath became the new militaristic leader of Egypt. Syria was not happy about loosing Golan Heights and its president Hafez el-Assad began beating the war drums. Within 6 years after the bloody 1974 war, Egypt and Syria was ready for their rematch with Israel. On October 6th 1973, during the Jewish Holiday of Yom Kippur, the Arab Forces from Egypt and Syria attacked a unsuspecting Israeli people in the middle of their solemn fasting and praying service.

Egyptians quickly advanced through the border and captured the Israeli command centers before any alarm could be raised. By the time the country reeled from its surprise, Syrian tanks were pouring out of the Golan Heights into Israel. A Syrian officer moving in his tank across the Golan Heights wildly shouted into his radio: “I see the Lake of Tiberias!” But he never lived to reach it. Within hours, Israeli Defense Forces mobilized and launched counter offense maneuvers. At the end of the day, Israel stood tall as the sole victor in the war.

Following this loss, Egypt was wise to negotiate with Israel and eventually got peace and normal relations with Israel in return for Sinai land Israel captured during the 1967 war. The slowly other Arab nations also began to recognize Israel and started making strides to live in peace with each other. Today, negotiations are underway with Syria on official peace between Israel and Syria in return for the Golan Heights. But due to Syria sponsoring Hezbollah and other armed insurgent groups, Israel is asking Syria to stop supporting those groups also, in return for peace and Golan Heights.

The wars that shaped Israel and the Middle East are still there, old wounds that never really heal. Our only hope is to look to the future and hope for peace and tolerance. The Israeli people and the Arab people for the most part are ready for it. Thus strides such as the “Bridge over the Wadi” (يداً بيد - جسر عبر الوادي‎; , יד ביד - גשר על הוואדי‎) are taking place where people want to live in peace. So let us strive to show the best in humanity, love our neighbor as ourselves and let us pray that God grants peace to that region.

As if things were not bad enough, HSBC, perhaps the biggest bank in England decided, in essence, to ban poor customers from one of its branches. You can only get face-to-face attention if you are rich otherwise you have to use a machine. To qualify for the rich list, you have to have £50,000 in savings or £200,000 mortgage or £100,000 mortgage with a £75,000 salary. This is just like saying “if you are not rich enough, talk to the machine”.

The fear is this may just be the beginning; a dry run if you will. They could add more branches to the exclusive club. Other banks especially the bigger ones may also decide to create this kind of clubs too. The question now is what do people who live around this branches do if they need to get some help from humans. Most probably go to a branch not offering members only services no matter how far away those branches may be. These people may be elderly pensioners and it could cause them unnecessary hardship.

HSBC calls itself the world's local bank. I am not sure that would be accurate description.

MySpace is "The Place" for more than you want.

It is no secret MySpace has become an online community phenomenon. Kids, teens, young adults, small business and big business have jumped on to the bandwagon. The unfortunate part, as is so common on the web, predators and criminals also inhabit the community. This undesirable element is lured by the young and open minded, who seek to reach out and "cyber somebody". This could only be expected as it took web denizens out of the closed chat rooms into the world of the open forum. The young and naive post information meant to be for friends only to be viewed freely. The problem is MySpace lacks security and many of its youthful members lack the brains to protect themselves.

The cracks in the community

How exposed is MySpace to the world? I was asked by a parent weirding out because they could not contact their young adult son or track him down. With the lead that his girlfriend had a page on MySpace, I went in and in about fifteen minutes was able to establish contact. That was after being exposed to the young girl's personal blog, which included bragging about being proud of sponging off her parents. Before I got to her, I had to weed through other bloggers, who probably didn't want a parent to be reading some of their confessions. In short, it was a simple task and I am not a hacker. Imagine what a trained predator can do.

Creative criminology.

With a serial bank robber working his trade in Arkansas, the Fort Smith Police decided to use ingenuity. The suspect believed to be in his sixties has been brazen and plied his craft just wearing a cap and sunglasses. Mister Rocket Scientist had been caught clearly on security cameras. If you google MySpace and Fort Smith, Arkansas, you can see how popular the community is in that area. The Police seeing how the thief was so casual about posing for cameras have posted his pics on a community page. This innovative usage of MySpace comes from a very logical perspective of the situation. The hope is someone will recognize the man and claim the reward.

In retrospect…

I admit to being one of the early brain surgeons that saw the potential dangers and predicted the MySpace demise. Those observations came over two years ago. MySpace.com has at least quadrupled its population since then. The dangers have grown. Incidents have happened. And of course as is it is the American way, lawsuits are pending. The facts are MySpace is a self-breeding force to be dealt with. For every one that quits the community because of an incident or problem another ten thousand sign on.

Where does it go from here?

MySpace.com is not just a place to commune. I compare its transition to the anti-establishment hippies of the sixties and seventies who transformed into the three piece suited shaker and mover yuppies and the eighties and nineties. MySpace is a place legitimate businesses are not only spawned from but others are retreating to. With this in mind, it is not far-fetched that the Fort Smith Police Dept. would use it as a crime-solving tool. This may be a trend setting breakthrough in criminology to some. In truth it is an evolution from planting stories and classified in newspapers in attempts to catch a lead to or lure a suspect.

MySpace has grown from being part of the problem to being part of the answer. As the computer age increases the speed of productivity, it stimulates warp speed growth in the realm of possibility. Proving the axiom, "Problems are only solutions waiting to happen."

Now we know Ohio is flat.

For instance, this place Fostoria, Ohio must be a real interesting place to live. They have a police dog with a degree in criminal justice. Apparently, the canine went to the same school for his degree as the town's Police Chief John McGuire. Therefore, I would assume they share the same pet-degree which is why they are being taken to court for falsification of records. This has come about because someone noticed the school is located in the Virgin Islands. I would have thought a dog with a college diploma alone was enough to raise to few ears.

In Hoosier we trust?

In Hobart, Indiana, Kevin Russell sought to bring new meaning to the phrase "manna from heaven. Mr. Russell walked into a Chase bank and tried to cash a check for $150.000.00. My guess is if he succeeded, he would have received at least half after Chase finished levying their usual round of incidental bank fees. Unfortunately, for Kevin, someone noticed the issuing endorser, King Savior, King of Kings. Nowhere did I read if he had an account with the bank.

Machoism takes a shot to the head in Boston…

In Boston NBA Celtics game announcer Cedric Maxwell issued an on air apology about his comment toward a ref after what he thought was a bad call. The NBA is one of the first top-level professional leagues to use female referees in an all male game. During the game, he decreed she "go back into the kitchen." After the game referring to Violette Palmer he punctuated his opinion with, "Go in there and make me some bacon and eggs, would you?" I don't image Cedric will be invited to any women's right events anytime soon

…and Chicago

The Chicago Bears are supposed to the NFL franchise that embodied raw make testosterone and just plain mean. The players like Dick Butkus and Brian Urlacher epitomize macho fierceness blood and guts. At one time, they were nicknamed the "Monsters of the Midway." How is it that a team that embraces all of this macho hormonal branding awards a new multi year contract to their leader, a man called Lovie? I have to say the team owners did that right thing by showing Lovie the love. Doesn't that mean Urlacher has to meow is instead of growl.

She's gone but still headlines

Is it me or is it really since she died there hasn't be a day without her. Of course, I am talking about Anna Nicole Smith. This is a woman who idolized Marilyn Monroe, was a Playboy centerfold, worked in strip clubs, married a man sixty plus years her senior, starred in a movie with OJ Simpson and has five men and counting claiming paternity of her kid. Therefore, why am I not surprised the headline reads that her memorial will be over the top? One could only imagine what it would be if the woman had accomplished anything of significance outside of a bedroom.

I am at ease in Hamilton

Now, when I pass the sign on Klockner Rd that says left lane must turn left I feel more comfortable. I still look to the left and still see there still is not a place to turn in to unless you want to drive through the woods. After the reading some of these news stories, I come across, everything seems to fit right in.

While waiting for the money the two girls are captured on videotape smiling and laughing as to say this was all a joke to them.

Authorities are not sure how much money they got away with, but said it was a “considerable” amount.

Nobody has been able to give information to a car they the two girls got away in, but im sure its just a matter of time, before they are caught, if they aren't caught already.