Daily Flog: Saudia Arabia bails out homeowners while we still haven't

While our government is dragging its feet on bailing out endangered homeowners, one of the most repressive regimes in the world, Saudi Arabia, has already committed $3.2 billion to bail out its low-income borrowers.

Don't blame FDIC Chairman Sheila Bair. My homey from the University of Kansas laid it out for Congress last week ("Daily Flog: It's so bad that capitalists plan to help proles", Press Clips).

The week before that, on October 16 ("Daily Flog: Wall Street down the drain; White House plumber summoned," Press Clips), she told the Wall Street Journal:

"Why there's been such a political focus on making sure we're not unduly helping borrowers but then we're providing all this massive assistance at the institutional level, I don't understand it. It's been a frustration for me."

For quite a while. At a mortgage industry conference a year ago (as the AP recalls), Bair told the bankers themselves to get aggressive about modifying loans:

"Keep it at the starter rate. Convert it into a fixed rate. Make it permanent. And get on with it."

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Neither Congress nor the mortgage bankers has taken action. As for Treasury Secretary Henry Paulson, the ex-CEO of Goldman Sachs is focused on bailing out his Wall Street buddies, instead of Josephine the plumber.

Paulson won't listen to the highest-ranking woman in the federal government's financial sector — even though she's also a Republican.

But Saudi Arabia's rulers, who don't listen to any women, are bailing out beleaguered homeowners.

Yes, Saudi Arabia, which still flogs women for having sex, makes women cover up from head to toe in public, won't let women drive, and forbids women from even traveling without written permission from a male.

OK, so Saudi Arabia probably doesn't even let women buy houses. But it is at least helping out its low-income male mortgagees.

Meanwhile, somebody needs to bail out Isiah Thomas.

Here's more grist . . .

NO PARTICULAR ORDER:

McClatchy: 'Economic crisis hurting students' ability to pay for college'

Washington Post: 'Gun Sales Thriving In Uncertain Times'

Herald Sun (Australia): '$US700bn bailout may be used for bonuses, dividends'

N.Y. Post: 'WALL STREET REFUGEES SET OFF ON STEINBECK-STYLE MIGRATION'

Wall Street Journal: 'Bankruptcy Fears Rise For Chrysler, GM'

Washington Post: 'Unseen Iraq: A Grim Ritual at the Baghdad Morgue'

AP: 'World's heaviest man marries in Mexico'

N.Y. Daily News: 'Trendy neighborhoods can't escape New York City's housing slump as sales drop'

New Yorker: 'Greasing the Slide'

Guardian (U.K.): 'Asia stocks dive to 4-yr lows'

Wall Street Journal: 'Early Job Losses Compound Downturn'
"A rash of new job data show the labor market is the worst it has been since the two prior recessions, worrying economists who usually expect the weakest picture at the end of a recession."

NFL Network: '49ers interested in Condoleezza Rice'

San Jose Mercury: '49ers rebut Condoleezza Rice rumor'

AP: 'Companies start competing for bailout money'

MarketWatch: 'Indian brides confront gold bears, again'

Christian Science Monitor: 'Scope of $700 billion bailout bill continues to widen'

Washington Post: 'Deeper Meaning Below a Glossy Surface'

L.A. Times: 'Wall Street wives had the richer, now they're a bit poorer'

Wall Street Journal: 'U.S. Mulls Widening Bailout to Insurers'

Al Jazeera: 'China divided over US election race'

Al Jazeera: 'UN: Major inequality in US cities'

Al Jazeera: 'China decries US "moral authority" '

Agence France Presse: 'Kuwaiti traders walk out of bourse again to protest losses'
"Kuwaiti traders staged another walkout Sunday and protested outside the stock market as shares in the Gulf region plunged amid growing expectations of a global recession. The traders, who also protested on Thursday, the business week's final day, left the trading chamber again after the index dived more than 300 points."

MarketWatch: 'Dimmed fireworks, fewer gifts this Diwali, but ...'

BBC: 'Syria condemns "US village raid" '

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