Wednesday, March 25, 2009

Treasury Department secretary Timothy Geithner and the Obama administration are pressuring Congress to allow the government to seize troubled financial institutions such as insurance companies and investment firms. Currently, banks are the only such entities that the government has authority to take over.

Speaking before the House Financial Services Committee, Geithner said “The United States government does not have the legal means today to manage the orderly restructuring of a large, complex non-bank financial institution that poses a threat to the stability of our financial system.”

Committee Chairman Barney Frank (D-MA) agreed, saying, “When non-bank major financial institutions need to be put out of their misery, we need to give somebody the authority to do what the FDIC can do with banks.”

Geithner would work with the White House and Federal Reserve to execute any such takeovers.

The expanded powers would have allowed the seizure of companies such as pariah AIG, which has already received US$180 billion in government aid. The recent controversy over the payment of bonuses has bumped up the plan to high priority. It was initially to have been part of a more comprehensive overhaul by the government of the financial regulatory system.

Not all are happy with the proposal. Republican House minority leader John Boehner derided the plan, saying it would be “an unprecedented grab of power.”

Maxine Waters (D-CA) criticised the government for its lack of transparency in dealing with the current crisis, and questioned Geithner on whether firms such as Goldman Sachs had received preferential treatment by the government. Such probing may indicate reluctance on the part of Congress to grant the expanded powers.

Other than simply taking over a firm, the government would also be able to purchase its assets, guarantee losses, and take out a partial ownership interest.

“It is a terrible, tragic thing that this country came into this crisis with such limited tools for trying to protect the economy itself from the kind of distress that would come as the system came back down to Earth,” Geithner summarized.

Sunday, April 25, 2010

The World Health Organization (WHO) yesterday began simultaneous immunization campaigns, in 112 countries and territories across its Americas, Eastern Mediterranean, and European regions. The unprecedented vaccination drive will last for a week.

This is the first time the World Health Organization has launched such an event across multiple regions at once. WHO officials say their goal is to expand immunization coverage and raise awareness of the importance of vaccines, and that such cross-border activities can prevent disease and save lives.

WHO spokesman Daniel Epstein says that many countries are working to eliminate measles, adding that says countries in the European region are very concerned that they have stalled in their goal of eliminating measles and rubella this year.

“In European countries, in many of them, immunization coverage is below the 95 percent recommended level. And, there have been ongoing measles outbreaks in some of these countries. Measles cases have also been imported to the US and Canada and the Americas from European countries,” said Epstein.

The agency says an important goal of the immunization campaigns is to reach those who have been excluded up to now. It notes that every year, in the countries of the Eastern Mediterranean Region, 25 percent of deaths among children under age five are attributed to vaccine preventable diseases. 2.1 million children in the Middle East hadn’t received a shot against tetanus, whooping cough, or diphteria in 2009, according to the WHO.

In the Americas, WHO says special regional events are being held in border areas of Nicaragua, between Suriname and French Guiana, and between Haiti and the Dominican Republic. It says many young children, pregnant women, elderly and indigenous peoples live in isolated areas where vaccine coverage is low.

In all three regions, Epstein said the vaccination campaigns will be accompanied by health information campaigns.

“The biggest obstacle to reaching our goals of vaccination are lack of awareness, lack of information and people being ignorant that they should be vaccinated, and thus not having enough vaccinators, money, trucks, bicycles, etc. to get to these remote regions,” he said.

WHO also began a large polio immunization campaign across sixteen countries in central and West Africa on Saturday. It says 78 million children under five will be vaccinated to stop a major outbreak of the disease.

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

Monday, November 3, 2008

Sunday, a fire rushed through seven businesses at the Whitestone Shopping Center in Whitestone, Queens, New York, near the Cross Island Parkway in New York City.

The fire started at around 1:00 AM EST (UTC-5) on November 2, 2008 in a diner known as Lollipops. According to local sources, Lollipops was a popular restaurant in the area. The fire spread through the stores, up an awning and continued all the way to a corner of the shopping center. In the end, seven businesses were destroyed, including two banks, two restaurants and a GNC Nutrition Center. It took dozens of firefighters to put out the large blaze.

According to WCBS-TV, with his diner Lollipops destroyed, the owner was too upset to comment.

Nearby Chinese restaurant, King’s Chef, was also damaged. “I cannot open because of whatever rules – tomorrow’s Monday, Tuesday is a holiday,” the owner, Patrick Chan, told WCBS-TV. “If I cannot get them to come tomorrow, I am going to lose big time.”

Nearby residents reacted to the situation. Several residents have reported that it is a major loss to the community as they considered Lollipops to be a landmark. Several residents have reported knowing members of either the victim stores or others in the strip mall.

State Senator Frank Padavan commented on the loss of the shopping center.

“This is a calamity for many of these small businesses to be out of business, particularly in this economy,” he said.

The next day, investigators were boarding up the windows of the damaged stores. No one was hurt because all the stores were closed at the time of the blaze.

Tuesday, April 22, 2008

A civilian known as ‘Jimmy Justice’ who resides in New York City (NYC), New York, the largest city in the United States, has been videotaping NYC police officers and city workers, breaking the law while on the job.

Since 2007, he claims to have caught “hundreds of officers and other city employees violating the law,” and says he has them all on camera. He has posted his best confrontations with them to the video sharing website YouTube. As a result, Justice states that he has been asked to do a United States television show and Wikinews got an exclusive interview with him. For protection, Justice wished not to be called by his real name in fear of police retaliation.

Last year, Justice videotaped a police officer parking in front of a fire hydrant, but has only recently gained attention on social networking news sites such as Digg and reddit.com. So Wikinews contacted Mr. Justice, known as JimmyJustice4753 on YouTube, for an exclusive interview to find out what caused him to get revenge on the law.

On June 30, 2007, Justice caught officer E. Anderson of the NYPD, traffic division, parking directly in front of a fire hydrant while she went inside a restaurant to take a 15 minute lunch break.

“Do you think there is something wrong with parking a vehicle, blocking a fire hydrant,?” says Justice while following Anderson to her car after her meal.

“Mrs. Anderson I’m talking to you,” says Justice as Anderson ignores him. “You parked your vehicle blocking a fire hydrant. You are not allowed to do that. Somebody else would get a ticket for that. Why are you allowed to do it? You should be ashamed of yourself Mrs. Anderson.”

By this time, the incident has gained the interest of people nearby the scene and passing it. One unidentified woman, who claims to be a retired NYC police officer decides to intervene stating that people “are not supposed to film any police, [or] anybody employed with the police department because of the terrorism.” A short time later the woman walked off camera.

Since 2007 Justice says he has caught “hundreds of law enforcement officers and city officials” on “over 30 hours of video” violating laws from illegal U-turns in business districts to blocking bus stops and fire hydrants. Justice has only uploaded the “most colorful ones to YouTube” and recently, on April 8, 2008, Justice videotaped a NYPD tow truck officer blocking a hydrant while he also ate lunch inside a restaurant. According to NYC law, it is illegal for any vehicle to park within 15 feet of a fire hydrant and to park in front of a bus stop. It is also illegal for any person to make a U-turn in a business district. Fines for these violations can cost a driver up to US$115.00 for each violation occurred.

When Wikinews asked Justice why he decided to start filming the violations made by officials he answered, “what bothers me is watching an officer write someone a summons and then commit the exact same violation with their official vehicle. I started making these videos to remind the officers (and complacent civilians) that City employees have to abide by the same laws that they are paid to enforce. I plan on doing this and inspiring others to do this as well as a means of leveling the playing field against discourteous officers.”

“In NYC, the traffic cops are notorious for their draconian indiscretion in handing out summonses to civilians for petty violations. Obviously the laws are not enforced as a matter of public safety, but rather to raise revenue,” added Justice.

Justice makes little effort to get the violations on videotape saying “all I have to do to catch them is open my eyes.”

“The problem with abuse of authority is rampant in New York City. I take my video camera with me on the way to work and on the way to social events and band rehearsals and when I see action it takes me less than 4 seconds to have the camera out and in record mode,” states Justice.

His videos have drawn the attention of media and he has been featured on ABC’s ‘I-caught videos’ and Inside Edition. Justice also states that the popularity of his videos have gotten the attention producers in Hollywood, California and as a result, there are plans for a television show.

Since Justice began getting even with officials and their violations, he states that there has been a positive change in the communities.

“The publicity my videos have received has effected positive change in the community, but we still have a long road ahead of us,” added Justice.

As a result of his videos, at the time the NYPD launched an investigation into the violations, but it is not known if any officers were charged or punished. Justice himself has never been arrested, but has been assaulted.

“I have never been arrested for this yet but they have threatened me with arrest. I have been spit on, cursed at, assaulted, and I had 2 cameras broken already,” added Justice.