December 13, 2008 journal, It's A Wonderful Life movie starring Jimmy Stewart is the best I have ever seen and I never get tired of seeing it at Christmastime. Mr. potter is a typical banker pushing to foreclose people's homes. Things have not changed since that movie was made. It seems almost everything we need to know is covered in that movie. The movie was made in 1946 from a book written in 1939. It has become the favorite. The movie can be purchased on line. I recommend this movie as one spanning the ages. If I were president I would decree that all American people have a home and that no one would pay rent. The government policies are so cruel toward the poor in that they charge one-third more taxes on commercial property than owner occupied houses plus 6% sales tax and more in some states. How can a family rent a house under these conditions? This is Mr. Potter's poverty field pasted from generation to another taxing people for profits. 1 Wall Street investor took a reported $50 billion from suckers that invested with him. General Motors is closing 20 plants at least until sometime in 2009 bailout are no bailout. 200 shopping malls are on the verge of bankruptcy in this country, it will be devastating to the tax base of the local city county and state governments to lose that property-tax. If all stocks had dropped as much in value as automotive stocks then Wall Street would be under 1000. The only way to correct the bankrupt automobile makers is for them to declare bankruptcy and start over to build efficient automobiles without the labor unions. "Warning: Due to Presidential Executive Orders the National Security Agency (NSA) may have read this e-mail without probable cause, warrant or notice. And now the government is permitted to listen to you via your own cell phone even when it is turned off. Under Executive Orders to the NSA, and U.S. District Court rulings for the FBI, either agency may do this without any judicial or legislation review or oversight ". December 14, 2008 journal, 60 minutes reveals the second wave of foreclosures coming. CBS 60 Minutes tonight revealed a massive second and even third wave of trouble in the mortgage market that will make this first wave look small, Miami high-rises for example. Read it on CBS 60 minute-on line for complete details of what is coming in the mortgage crisis which will devastate the lenders far beyond any ability to be bailed out of this mess. "The trouble now is that the insanity didn't end with sub-primes. There were two other kinds of exotic mortgages that became popular, called "Alt-A" and "option ARM." The option ARMs, in particular, lured borrowers in with low initial interest rates - so-called teaser rates - sometimes as low as one percent. But after two, three or five years those rates "reset." They went up. And so did the monthly payment. A mortgage of $800 dollars a month could easily jump to $1,500. Now the Alt-A and option ARM loans made back in the heyday are starting to reset, causing the mortgage payments to go up and home owners to default. "The defaults right now are incredibly high. At unprecedented levels. And there's no evidence that the default rate is tapering off. Those defaults almost inevitably are leading to foreclosures, and homes being auctioned, and home prices continuing to fall," Tilson explains. "What you seem to be saying is that there is a very predictable time b**b effect here?" Pelley asks. "Exactly. I mean, you can look back at what was written in '05 and '07. You can look at the reset dates. You can look at the current default rates, and it's really very clear and predictable what's gonna happen here," Tilson says. Just look at a projection from the investment bank of Credit Suisse: there are the billions of dollars in sub-prime mortgages that reset last year and this year. But what hasn't hit yet are Alt-A and option ARM resets, when homeowners will pay higher interest rates in the next three years. We're at the beginning of a second wave. "How big is the potential damage from the Alt As compared to what we just saw in the sub-primes?" Pelley asks. "Well, the sub-prime is, was approaching $1 trillion, the Alt-A is about $1 trillion. And then you have option ARMs on top of that. That's probably another $500 billion to $600 billion on top of that," Tilson says. Asked how many of these option ARMs he imagines are going to fail, Tilson says, "Well north of 50 percent. My gut would be 70 percent of these option ARMs will default." "How do you know that?" Pelley asks. "Well we know it based on current default rates. And this is before the reset. So people are defaulting even on the little three percent teaser interest-only rates they're being asked to pay today," Tilson says". No wonder Secretary Paulson is not bailing out. 60 minutes also reported Secretary Paulson is not using the bailout money to save homes from foreclosure as Congress intended when they passed the $700 billion bailout bill. An Iraqi journalist through his shoes at the president and called him a dog. Actually, he is like a mad dog. I approve this message but it does not go far enough in describing all the damage done to the Iraqi people by this war which had no basis or justification at all. The American people including the churches were led astray by this administrations crazy propaganda. Millions have been killed and displaced including a million Christians. Iraq was probably the only Arab nation in the world that protected its Christian people. This country is owned and operated by the bankers and Wall Street but now they have let their greed go to seed and their pyramid is now coming down like a whirlwind as nobody can stop it. There is about to be one big funeral for this great American empire is dying. "Warning: Due to Presidential Executive Orders the National Security Agency (NSA) may have read this e-mail without probable cause, warrant or notice. And now the government is permitted to listen to you via your own cell phone even when it is turned off. Under Executive Orders to the NSA, and U.S. District Court rulings for the FBI, either agency may do this without any judicial or legislation review or oversight ".