The Federal Housing Administration faced a deficit of $13.5 billion for the fiscal year ending in September, according to an audit released late Thursday. The report says the FHA will not have the capital resources available to handle the estimated losses on the roughly $1.1 trillion in mortgage debt that it backstops. In total, the FHA has $25.6 billion in resources, but is forecast to see future cash flows of negative $39.1 billion, creating the deficit. Analysts have said the FHA could require a bailout from taxpayers in order to bridge the gap. Click here to read the full report.
Hostess Brands Inc., the maker of iconic treats such as Twinkies and traditional pantry staple Wonder Bread, is shuttering its plants and liquidating its 82-year-old business. A victim of changing consumer tastes, high commodity costs and, most importantly, strained labor relations, Hostess ultimately was brought to its knees by a national strike orchestrated by its second-largest union. The work stoppage, launched Nov. 9 by the Bakery, Confectionery, Tobacco Workers and Grain Millers Union to protest a fresh labor contract, affected about two-thirds of Hostess´s 36 plants. The strike was making it impossible for the Irving, Tex., company to continue producing
A Longview woman who was walking at Lake Sacajawea with her 6-year-old son pulled a gun on a man who exposed his genitals to her Wednesday evening, according to police. The 35-year-old woman was near Martin Dock around 8:10 p.m. when the man approached her “aggressively,” sat down and began performing a sex act, then suggested she should watch him, according to the woman and accounts from police. “I put the magazine in my gun. I cocked it,” the woman said in an interview Thursday night.
Geraldo Rivera entered into a heated argument with the hosts of Fox & Friends Friday morning over the topic of what, exactly, happened in Benghazi and Petraeus’ knowledge of it. “It is inconceivable to me,” shared Rivera, “that this honorable warrior, this American Napoleon, this best general since Dwight Eisenhower, would ever dishonor his service because he was afraid the FBI was going to embarrass him with this extramarital affair. I think that — hold it, I just want to say this —
In its report on David Petraeus´s closed door testimony on the Hill today, CNN writes: [emphasis added] The former CIA director also is expected to tell the congressional committees that he did develop unclassified talking points in the days after the attack but had had no direct involvement in developing the ones used by Susan Rice, the U.S. ambassador to the United Nations. Rice has been under fire for suggesting the attack on the consulate was a spontaneous event spurred by a protest against the anti-Muslim film.
Gen. David Petraeus, who resigned as CIA Director a week ago, testified before the House and Senate Intelligence Committees this morning on the Sept. 11 terror attack in Benghazi, Libya. Rep. Peter King (R-NY) was present in the closed-door hearing and summed up what the general told the lawmakers. Notably, he said Petraeus recalled stating even in the days after the attack that there was a significant terrorist element to the attack. Lawmakers have said that Petraeus cited the anti-Islam video in the days after the attack and did not call it a planned attack.
We´ve always had a semi-soft spot in our political heart for Ron Paul, who´s a lame-duck member of the lame-duck Congress that´s heading to drive the country off the now-famous fiscal cliff in coming weeks. The 77-year-old Paul is a three-time loser in presidential races (once as a Libertarian and twice as a Republican). And a one-time loser in a U.S. Senate race. But over the years he’s also an 11-time winner in House races for the southeast Texas area that includes Galveston.
General Motors said it will have delivered at least 500,000 vehicles "with some form of electrification," such as a hybrid drive system, by 2017. The announcement by Mary Barra, head of GM´s global product development, came Wednesday at an event in San Francisco, where GM is showcasing its electric vehicle strategy. GM, which has stopped providing annual production estimates of individual hybrid or plug-in models, said that within five years there would be 500,000 electrified GM vehicles of some type "on the road." That target includes cars with eAssist, a mild-hybrid system that boosts fuel economy with stop-start capability,
A week after the presidential election, we´re wading deep in election analyses and prognoses for what a second Obama term means to the nation. Republicans and conservatives, of course, are keenly interested in what the president´s reelection means to their fortunes. It might be helpful to address a few key arguments advanced by pundits about the election and its consequences -- arguments that could be loosely defined as fictions. First, voters didn´t give President Obama a mandate for his lame duck term. The president won the national popular vote narrowly
When Islamic advocate Ahmed Bedier traveled to Santa Clara County a few months ago to lend support for a proposed Islamic center, he declared that opposition to the mosque was "Islamophobic" in nature. He disingenuously compared objections against a mosque south of San Jose with the Washington, D.C. exposé of the Muslim Brotherhood´s infiltration of the U.S. government, led by Congresswoman Michele Bachmann. Bedier, the former communications director for CAIR -- an unindicted co-conspirator in the Hamas terrorism financing trial -- painted both events as blatant evidence of endemic discrimination against Muslims in
You´re driving down a South Carolina highway with a broken taillight and an officer pulls you over. While he´s writing a ticket, he also suspects that you might not be in this country legally. What happens next will soon change. In 2011, state lawmakers passed a law requiring law enforcement to check the legal status of those they stop, but U.S. District Judge Richard Gergel had blocked that provision from taking effect. On Thursday, five months after the U.S. Supreme Court upheld such checks in Arizona´s new immigration law, Gergel reversed course. However, Gergel´s ruling notes that it
There’s a ‘National Post-Election Depression’ hovering like a black cloud over America, but for this psychological state it’s not the masses but their master who needs the shrink. The Marxist master and his obedient flock whose reelection brought on the post-election blues, love it. It’s just what they want. Now they can ease up on their Saul Alinsky tactics and spend time catching glimpses of themselves as they pass by the mirror, patting themselves on the back and toasting themselves as their lessors grovel before them.
On Wednesday, President Barack Obama held his first press conference since March — but columnist Mark Steyn, author of “After America: Get Ready for Armageddon,” said the White House press corps failed miserably to make the most of the opportunity. On Hugh Hewitt’s radio show on Thursday night, Hewitt asked Steyn whether he thought the “Manhattan-beltway media elite ” had improved since the presidential election campaign, now that tensions have escalated between Israel and Hamas. “I don’t think they think about that at all,” Steyn said. “You can tell that at that press conference yesterday — the most stupid, ludicrous,
A thirteen-year-old was left in agony after a hospital sent him home twice with a pencil embedded in his hand. Robbie Appleby-Socket, of Askern, Doncaster, was larking about with his friends when the six-inch pencil wedged inside his skin, leaving him in severe pain. His mother Emma rushed him to Doncaster Royal Infirmary´s accident and emergency department, where he was told to come back the following day for an operation. But when the pair returned the next morning, they were told Robbie’s name was not on the list, and the operation would have to be rescheduled for another time.
Reduced to skin and bones, without food, water or shelter and with another dead dog chained next to her--this is how animal lovers Chris and Bob Thornton found Noa the German Shepherd. The dog had been tethered to a gate outside a derelict cottage in a remote mountainous region of Spain and left to die. But thanks to the kind-hearted holiday makers, who paid £1,000 to fly her back to their home near Burton-in-Kendal, Cumbria, the dog is now back to optimum health. The couple, from the village of Clawthorpe, were on a trek to Mount Sagra with friends
The eurozone has relapsed into double-dip recession as the austerity shock in the Mediterranean region spreads to the core countries of the north. The Dutch economy shrank by 1.1pc in the third quarter amid a deep housing slump, and even Austria has begun to succumb. Finland’s economy has shrunk by 1pc over the last year. “Recession comes as no surprise and it is going to get worse next year,” said Desmond Supple from Nomura. “Europe has imposed dusted-off policies from the 1930s and they are driving peripheral countries towards depression,” he said. “We are seeing a mix of pro-cyclical
On Thursday the director of the CIA, the director of National Intelligence, as well as senior military, State Department, and FBI officials were in Congress all day for two separate hearings before the House and Senate intelligence committees. The prescheduled hearings capped off a week of high-level, classified briefings to eight congressional committees on the details of the government’s response to the attack and when key intelligence and assessments about the attack that night came in.
IRVING, Texas - Say goodbye to your Twinkies. North Texas-based Hostess Brands, Inc. has decided to go out of business and liquidate its assets after failing to win back striking workers. The company posted a statement on a website set up specifically for people following the strike. "We deeply regret the necessity of today´s decision, but we do not have the financial resources to weather an extended nationwide strike," said Gregory F. Rayburn, chief executive officer. "Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.
NEW YORK -- Hostess Brands -- the maker of such iconic baked goods as Twinkies, Devil Dogs and Wonder Bread -- announced Friday that it is asking a federal bankruptcy court for permission to close its operations, blaming a strike by bakers protesting a new contract imposed on them. The closing will result in Hostess´ nearly 18,500 workers losing their jobs as the company shuts 33 bakeries and 565 distribution centers nationwide. The bakers´ union represents around 5,000.
A Congressional Budget Office report on ways to reduce the deficit, released last week to help guide budget negotiators in the upcoming "grand bargain" talks, contains one eye-opening item. It turns out that the single biggest pot of potential deficit savings available to lawmakers is ... ObamaCare. In its list of "options to reduce mandatory spending" and cut the deficit, the CBO says that repealing ObamaCare´s massive insurance subsidies would cut federal spending by $150 billion in 2020 alone.
Dana Bash, Matt Lauer, Soledad O´Brien, Anderson Cooper, Wolf Blitzer, Politico Chuck Todd, Dave Weigel, The New York Times… This is just a short list of mainstream media members who apparently don´t want the truth to come out about Libya. No doubt, they would argue against that statement, but how else to explain the crusade they´ve all joined over the last 24 hours to trash Senator John McCain as a lying, obsessed Captain Ahab still bitter over his 2008 loss to Barack Obama? Because the media hasn´t done so,
Most observers of the 2008 presidential campaign -- even including some liberals after the fact -- were shocked and appalled by the media´s pro-Barack Obama sycophancy. Unfortunately, the intentional and unintentional advocacy of the media on behalf of Obama was even worse in 2012. There are many reasons why the conservative movement failed to achieve electoral success this year, but perhaps one of the most significant is the enduring power and influence of the left-dominated "mainstream" media. The 2012 cycle demonstrated that left-wing journalists have far more sway on Americans´ opinions than many conservatives have been willing to admit.
WASHINGTON — The Central Intelligence Agency’s inspector general has started an investigation into the general conduct of David H. Petraeus, who resigned last week as the C.I.A.’s director after admitting to having an affair with his biographer, Paula Broadwell. The inquiry will focus largely on whether Mr. Petraeus misused the trappings and perquisites of his position, including security details, private jets and special accommodations, to facilitate the affair, a person familiar with the investigation said. There is no evidence so far to suggest Mr. Petraeus did so, said agency officials,
Last week’s election results have given Republicans, Democrats, and political observers plenty to ponder. Various pundits have commented on the increasing importance of identity politics—that for many American voters, who they are and what they are, demographically speaking, predetermines which party they vote for. To the “who” and “what” factors, there is a third factor that seems just as important: where they live. When looking at maps of the United States showing red for counties where the Republican candidate received more votes and blue for counties where the Democrats won,
Liberals brag about having won the hearts and minds of America, as if, through logic and argument, they’ve persuaded people to accept their bankrupt European socialist ideas. Democrats haven’t changed anyone’s mind. They changed the people. More white people voted for Mitt Romney this year than voted for Ronald Reagan in 1980. Barack Obama lost white voters by 20 points — the widest margin since 1984. But in 1980, whites were 88 percent of the electorate. In 2012, they were 72 percent of the electorate.
Following President Obama’s testy defense of Susan Rice, as if on cue, CBS News reports that it has obtained the CIA talking points given to Rice on September 15 regarding the attack on the U.S. Consulate in Benghazi, Libya, four days earlier. According to CBS News, the talking points, which were also given to members of the House intelligence committee, make no reference to terrorism being a likely factor in the assault. So, as Obama previewed, Rice’s defense, if she is nominated to be Secretary of State, will be that she was just parroting her talking points.