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To: russwinter who wrote (53475)2/11/2006 12:39:14 PM
From: shades  Respond to of 110194
 
=DJ G8: Tanigaki Tells BOJ 'Not So Fast' On Policy Move

.

By Kenneth McCallum

Of DOW JONES NEWSWIRES


MOSCOW (Dow Jones)--In Russia's capital to attend the Group of Eight leading nations meeting, Japan's finance minister roiled the currency market by talking about a thoroughly domestic topic: the outlook for his country's monetary policy.

Sadakazu Tanigaki Friday indicated he's still opposed to the Bank of Japan ending its super-easy monetary policy soon, despite brighter economic signs, because deflation hasn't disappeared.

His remarks ahead of the G8 meeting here came in response to hawkish comments Thursday by the head of Japan's central bank, and showed that the government and the BOJ don't see eye-to-eye on how monetary policy should be conducted in coming months.

"I think various (price) data suggest there is some improvement, but overall, deflation hasn't been overcome, and there is still a need for the Bank of Japan and government to cooperate," Tanigaki told a news conference.

His remarks caused the dollar to recover a little against the yen in New York trading Friday, after tumbling earlier in the day, as traders became less sure the BOJ was about to end its so-called quantitative easing policy in the near term.

Although the BOJ's policy board decided to keep policy unchanged at its meeting Thursday, BOJ Governor Toshihiko Fukui suggested the board would begin to seriously consider a policy move in coming meetings. Consumer prices will play a greater role at future board meetings in determining the appropriate timing to end the quantitative easing policy, he said.

"Considering that year-on-year changes in the core CPI will be clearly positive from January's data onward, our view on (these) data will grow more important from our next meeting on," Fukui said.

The two's seemingly opposing views are the latest in a long-running disagreement between Japan's government and central bank on when the BOJ's ultra-easy monetary policy should end. The BOJ has indicated it's ready to consider abandoning its current policy once inflation returns to Japan, and indeed some market players speculate the BOJ could change policy as early as next month.

But the government has urged the BOJ to make sure deflation is truly banished in Japan by studying price data other than the consumer price index, and those indicators show prices continuing to fall.

One reason the government wants the BOJ to hold off on a policy move is its desire to improve its fiscal picture: a policy move by the BOJ would cause interest rates to rise in Japan, increasing the government's debt servicing costs and making it even harder for Tokyo to slash its mammoth debt.

Japanese Economy Doing Well


The BOJ has said that it will end its quantitative easing policy, in place since March 2001, when on-year changes in Japan's core consumer price index are above zero, when there is no sign that the CPI will resume its downward trend and there are no other factors that warrant keeping the policy in place.

Recent data suggest that on the price front, the central bank's case for finishing its super-easy monetary policy is becoming more firm.

Japan's core CPI rose 0.1% in December from a year earlier following a 0.1% increase in November, representing the first two-month run of increases in almost eight years.

Other Japanese data show the world's second largest economy remains in a good shape - something that Tanigaki acknowledged in Moscow.

Government data released Friday showed that core machinery orders, a key indicator of corporate capital spending, jumped 6.8% on month in December, much stronger than private economists' consensus forecast for a 1.2% rise and marking the third straight month of increases.

"At the moment, overall, (the economic recovery) is firm, and a framework is coming in place in which strong corporate earnings are leading to (more) private consumption," Tanigaki said. And, "I think (the economy) will remain strong going forward."

Still, Tanigaki's view of the economy didn't translate to his giving the central bank his blessing to go ahead with a monetary policy change.

Government officials have pointed to price data other than the core CPI such as the gross domestic product deflator as evidence that prices in Japan are still falling.

Partly in response to conflicting signals on the monetary policy outlook in Japan, the yen swung wildly against the dollar Friday. It strengthened to as high as Y116.88 against the dollar compared with Y118.85 late Thursday on intensified speculation of a near-term BOJ policy change, but ended Friday's session around Y117.90.

Forex Not Discussed At G8


Tanigaki didn't appear too worried about these sharp moves in the yen rate Friday, probably in part because the Japanese currency's rate is at a weak level, in line with the ministry's preference.

"There have been some rather rapid moves (in the yen rate) from time to time, but overall, it's reflecting fundamentals," he said, adding that the government will continue to watch the currency market closely.

Tanigaki said Saturday that foreign exchange wasn't discussed at the G8 meeting.


-By Kenneth McCallum, Dow Jones Newswires; 813-5255-2929; ken.mccallum@dowjones.com


(END) Dow Jones Newswires

February 11, 2006 12:12 ET (17:12 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.- - 12 12 PM EST 02-11-06



To: russwinter who wrote (53475)2/11/2006 12:39:35 PM
From: shades  Respond to of 110194
 
DJ Snow:Russia's WTO Entry Talks "Are In The Home Stretch"-2

Turning to currency policy, Snow said finance ministers talked about currency policy in the context of a discussion over global trade imbalances. More flexible currency flexibility around the world would help rebalance global trade, U.S. Treasury Secretary John Snow told reporters on Saturday.

"There's a general understanding among finance ministers that greater flexibility of currency arrangements in cases where there isn't flexibility would aid adjustment," Snow said in a press conference at the close of a G8 finance ministers meeting.

His comments echo the wording of previous G7 finance ministers' calls for currency flexibility aimed at China and the rest of Asia.

This weekend's meeting, hosted by Russia and viewed as preparatory for a leaders' summit scheduled for July, didn't include central bank governors. The statement released following the meeting didn't include the typical section on currency policy.

Many economists worry the large U.S. trade deficit, up 17.5% to $726 billion in 2005, is unsustainable and could eventually lead to volatility of currency and bond markets.

The Bush administration has blamed diverging growth rates between the U.S. and its major trading partners over the past decade for the chasm. More flexible currencies could allow prices of imports to rise and exports to fall in countries with large deficits, promoting more balanced trade, U.S. officials have said.

"Relative growth performance, especially among the larger economies, continues to be uneven," Snow said in prepared remarks. "All countries, including the United States, but also the countries of Europe, Japan, developing Asia and even the oil exporters, bear a responsibility to help effect global adjustment in a way that maximizes and sustains global growth."
-By Elizabeth Price, Dow Jones Newswires; 202-862-9295; Elizabeth.Price@dowjones.com


(END) Dow Jones Newswires

February 11, 2006 11:55 ET (16:55 GMT)



To: russwinter who wrote (53475)2/11/2006 12:49:54 PM
From: shades  Respond to of 110194
 
The borrowers are clueless about what they are are getting or how these mortgages even work, or what conditions are in the housing market.

Rush Limbaugh and Jim Rogers told me today on fox COST OF FREEDOM that we got to let CITIZENS make thier own choices - that dems are EVIL and that we can't BABY ALONG our dumber peers. Grace tells me failure builds character - look at the generation we got that went through the depression - my granddad had a lot of CHARACTER Russ - his children and grandchildren even moreso are LA VIDA LOCA baby!

Do we protect a paris hilton from jumping out the airplane without a parachute or do we let the bitch go splat on the pavement in the next episode of Fear Factor? That is the fundamental question eh?

Grace says let her go splat I guess. You say humpty is gonna go splat off the wall - where are the dems that want to save paris and humpty from going splat and protect them from EVIL drug dealers (loan officers) that want to USE them.



To: russwinter who wrote (53475)2/11/2006 1:12:41 PM
From: shades  Respond to of 110194
 
Army Focuses on Recruitment of Latinos

nytimes.com

February 9, 2006

By LIZETTE ALVAREZ

DENVER — As Sgt. First Class Gavino Barron, dressed in a crisp Army uniform, trawls the Wal-Mart here for recruits, past stacks of pillows and towers of detergent, he is zeroing-in on one of the Army's 'special missions': to increase the number of Hispanic enlisted soldiers.

He approaches a couple of sheepish looking teenage boys in the automotive aisle and seamlessly slides into Spanish, letting loose his pitch: 'Have you ever thought about joining the Army?' 'Did you know you can get up to $40,000 in bonuses?' 'I'm from Mexico, too. Michoacán.'

In Denver and other cities where the Hispanic population is growing, recruiting Latinos has become one of the Army's top priorities. From 2001 to 2005, the number of Latino enlistments in the Army rose 26 percent, and in the military as a whole, the increase was 18 percent.

The increase comes at a time when the Army is struggling to recruit new soldiers and when the enlistment of African-Americans, a group particularly disillusioned with the war in Iraq, has dropped off sharply, to 14.5 percent from 22.3 percent over the past four years.

Not all Latinos, though, are in step with the military's recruitment goals. In some cities with large Hispanic populations, the focus on recruitment has polarized Latinos, prompting some to organize against recruiters and to help immigrants learn their rights.

Critics say recruiters, who are under pressure to meet quotas, often use their charm and an arsenal of tactics, including repeated calls to a recruit, lunch at a favorite restaurant and trips to the gym. The Army also parades rigged-out, juiced-up Hummers wherever youths gather as promotional tools. My dad was one of the best recruiters the army ever had - the tricks I could tell - oh my god - the gamut from fake dimplomas before category 4's were accepted to prostitutes to whatever you can imagine - unbelievable

'We see a lot of confusion among immigrant parents, and recruiters are preying on that confusion,' said Jorge Mariscal, a Vietnam veteran who is director of the Chicano/Latino Arts and Humanities Program at the University of California, San Diego, and is active in the counterrecruitment movement.

While the military emphasizes that it works to enlist all qualified people, not just Hispanics, military experts say that bringing in more Latinos is overdue. Hispanics have long been underrepresented in the Army and in the military as a whole. While Latinos make up 10.8 percent of the Army's active-duty force, a better rate than the Air Force or Navy, they account for 14 percent of the population as a whole.

Hispanics also make up the fastest-growing pool of military age people in the United States, and they are more likely to complete boot camp and finish their military service, according to a 2004 study on Marine recruitment by CNA, a research group that operates the Center for Naval Analyses and the Institute for Public Research. Recruitment studies show that Hispanics' re-enlistment rates are also the highest among any group of soldiers.

'They are extremely patriotic,' said Lt. Col. Jeffrey Brodeur, commanding officer of the Recruitment Battalion covering Colorado, Wyoming, parts of Montana and Nebraska.

That many Latinos in the military are immigrants, or the children of immigrants, typically engenders a sense of gratitude for the United States and its opportunities, something recruiters stress in their pitch.

Poorer and less educated than the average American, some Hispanics view the military as a way to feel accepted. Others enlist for the same reasons that may attract any recruit: the money, the job training, the education benefits and the escape from poverty or small-town life. or to be able to go to poorer foriegn countries to screw women on the cheap - my dad said he loved VIETNAM and all my half brother and sisters he left there - HAHA

Edgar Santana, a skinny 17-year-old senior who recently hovered around the Army recruiting table at Harrison High School in Colorado Springs, said he was attracted by all those reasons, despite the war in Iraq. 'I get the freedoms, and I can enjoy them, so I believe I have to pay back that debt,' Mr. Santana said.

Tony Mendoza Jr., 18, a senior at North High School in Denver, has already enlisted in the Army and will enter boot camp this summer. For him, the attacks of Sept. 11, 2001, were what drove him into boots. 'My parents think I'm going to go in the Army and die, but I wanted to do it,' Mr. Mendoza said.

Patriotism alone, though, does not account for the rise in Hispanic enlistment. The increase has gone hand in hand with a vast Army marketing campaign that includes Spanish-language advertisements on Univision and Telemundo, the country's two largest Spanish-language networks, and on the radio and in Hispanic publications. The budget for this campaign has increased by at least $55 million in four years.

The Army has also expanded a small pilot project that allows 200 Latinos each year to undergo rigorous English language classes and then retake the Army qualifications tests. Ten cities now offer that option, up from five.

Recruiters have noticeably stepped up their presence in schools and neighborhoods with Hispanic populations. 'You see them today where you would never see them three or four years ago,' said Rick Jahnkow, program coordinator for the Project on Youth and non-Military Opportunities in San Diego.

In addition, the Army has made better use of bilingual recruiters to reach out to Latino communities. In the Colorado area, the number of bilingual recruiters has increased in the past 18 months to 13 from 4.

Recognizing the importance of family and its weight in the process is crucial in Hispanic families, recruiters say. Since a mother's approval can make or break a deal, recruiters spend considerable time with Latino families. They have dinner, chat often on the telephone and remain patient. They even attend local Latino churches.

Sgt. First Class Luis M. Galicia, a bilingual recruiter based in Colorado Springs, is always quick to say he was born in Mexico and raised, on little money, in California. He and his family picked grapes for extra cash. He says that his experience helps him connect.; 'there is a trust issue.'

One incentive meant to appeal to this community, President Bush's 2002 executive order that permits legal residents in the military to apply for citizenship within one year, as opposed to three years, has actually done little to entice Latinos. In fact, the number of Army soldiers who are not citizens has declined since 2002 to 2,447 last year from 3,312. The same is true for enlistments. I posted recently about a japanese CEO that said you cant pay people to die for you - but you get them to believe in you with thier hearts and minds - and they will follow you into the bowels of hell - we have soldiers only loyal to money or travel or adventure - and not to the nation eh?

Simply speeding up the application process for people already in this country legally does not seem to provide enough incentive to counter the risks of joining up in a time of war.

The recruitment campaign has in fact divided the Latino community. Some of the country's high-profile Latino organizations, like the League of United Latin American Citizens, support the military's efforts, viewing it as an important path to socioeconomic advancement.

'The fact that Latinos are underrepresented in the service causes us concern because the service is often a way to the middle class for many immigrants,' said Brent Wilkes, national director of the league. 'If you don't have a lot of options, would you rather go into the service and get a middle-class career, or stay in the fields all these years?'

But community activists in places like California and Puerto Rico call that logic wrongheaded. 'This is not the time to sign up,' said Sonia Santiago, a psychologist and a counterrecruiter in Puerto Rico who founded Mothers Against the War after her son, a marine, was sent to Iraq in 2003. Dr. Santiago has routinely confronted recruiters outside schools. 'Those benefits don't mean anything, if they are buried or sick for the rest of their lives,' she said.

Critics also say that Latinos often wind up as cannon fodder on the casualty-prone front lines. African-Americans saw the same thing happen during the 1970's and 1980's, an accusation that still reverberates. Hispanics make up only 4.7 percent of the military's officer corps. Hey Pedro - go check out that mind field over there - HAHA!

'The fear is that the military is going to try to replace, consciously or unconsciously, African-Americans with Hispanics,' said David Segal, a military sociologist at the University of Maryland.

For bilingual recruiters, tapping into the Latino population has its own set of frustrations. Often, Latinos are willing to join the Army, but cannot. During his rounds at the Wal-Mart, Sergeant Barron encountered a number of illegal immigrants; they are immediately disqualified. Other Latinos lack adequate English skills or high school degrees, he said.

In the past year, a Latino counterrecruitment movement has arisen in several major cities with the goal of blunting what organizers call overly aggressive and suggestive recruitment in Latino neighborhoods. Some critics say recruiters sometimes gloss over the risks and mislead potential recruits and their parents. Latino parents, especially those who speak little English and know little about the military, are especially susceptible to a recruiter's persistence and charm, critics say.

Fernando Suarez del Solar, whose son was a marine and died in Iraq in 2003, founded Aztec Warrior Project for Peace to help counsel Latinos on the military. He said he often encountered parents who did not understand the intricacies of the process. One set of parents in Southern California, he said, mistakenly signed papers allowing their 17-year-old to join the military on his 18th birthday, believing that the government required military service, something the recruiter did not clarify. BWHAHAHA! Ignorance is bliss!

Michael I. Marsh, a lawyer who represents migrant workers in Oxnard, Calif., said he wrote a letter to a local recruitment battalion last year after a 17-year-old's parents signed off on his Army Reserve enlistment at 18. The parents told him they were under the impression that they were signing to authorize a physical exam and blood work. When the youth later tried to nullify the contract, he was told it was too late and that if he tried to pull out, he would be ineligible for school money and federal employment.

After Mr. Marsh sent the letter, the teenager was allowed to withdraw his enlistment, Mr. Marsh said. Military contracts are not binding until a person takes a second oath of enlistment.

'The recruiter does not lie, but he does not tell the whole truth,' Mr. Suarez said. 'If you don't know the question to ask, you don't get the information. With language and cultural differences, it's complicated.'

S. Douglas Smith, a spokesman for the Army's recruiting command, said that the Army investigated allegations of misconduct and that, while recruiters were expected to encourage people to enlist, they must be honest about risks and benefits.

'Given the fact that we are a nation at war, recruiters have to be up front about the risks,' he said.

Where is ZORRO?



To: russwinter who wrote (53475)2/11/2006 4:32:00 PM
From: Ramsey Su  Respond to of 110194
 
Russ,

in theory, one of the main reasons for the subprime loans to be structured as 2-28s is that they are supposed to be bandaid loans.

This gives the subprime borrowers a 2 yr window to repent and fix their credits. When the reset comes, they can then refi into a better product with a lower rate.

in theory that sounded great. In reality, it is just a fairy tale.

Ramsey