skippy the bush kangaroo

commentators say that's what triggered the stock market meltdown and the freeze on credit. they've specifically targeted the mortgage finance giants fannie mae and freddie mac, which the federal government seized on sept. 6, contending that lending to poor and minority americans caused fannie's and freddie's financial problems.

federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. subprime lending was at its height from 2004 to 2006.

federal reserve board data show that:

now we are on the other side, and it is a different environment. for one thing bernanke has lost control of monetary policy, the fed can not presently enforce it's preferred overnight rate, and yet cannot abandon it's policy of low rates, lest it cause an economic downturn which spirals out of control. while there is no formal definition of depression worthy of the name, i will over one: a recessionary period with deflationary pressures that have no tendency to equilibrium. a depression, then should be defined as a recession which has gotten out of control.

the legislation referred to was state senate bill 563, which would have allowed cities like los angeles to require the removal of billboards over a period of years without paying monetary compensation. the bill would have also removed a section of state law that “presumes†a billboard be legal if no official complaints have been lodged against it within five years...

and since that introduction of sb563, the media and others have raised issues about the city’s inability to get rid of illegal billboards. public controversy has been generated about the supergraphic ads that wrap entire sides of buildings, the digital billboard conversions, the billboards on the freeways, the electronic signs proposed for the convention cente. and what have we heard from our city attorney about his efforts or even opinions—exactly nothing.

given that clear channel and other billboard companies gave delgadillo more than $450,000 of free billboard advertising during his initial election campaign, and given the fact that delgadillo—according to several city council members—pressured the council to approve a lawsuit settlement with clear channel and others that was widely seen as a giveaway to the sign companies, this is hardly surprising.

the report by investigator steve branchflower was made public late this afternoon by a 12-0 vote of the legislative council, which authorized the investigation.

branchflower's report contains four findings. the first concludes that palin violated the state's executive branch ethics act, which says that "each public officer holds office as a public trust, and any effort to benefit a personal or financial interest through official action is a violation of that trust"…

the investigation also looked into whether palin dismissed public safety commissioner walt monegan because he resisted pressure to fire wooten.

in the second finding, branchflower says monegan's refusal to fire wooten was not the sole reason for his dismissal but that it was a "contributing factor." still, he said, palin's firing of monegan was "a proper and lawful exercise" of the governor's authority.

the third finding says a workers compensation claim filed by wooten was handled appropriately. number four concludes that the attorney general's office failed to comply with branchflower's aug. 6 request for information about the case in e-mails.

the attorney general’s office has failed to substantially comply with my august 6, 2008 written request to governor sarah palin for information about the case in the form of emails.

the mccain campaign calls obama "too risky for america" in a new web ad that focuses on his political relationship with bill ayers, a founding member of the radical weather underground.

"barack obama and domestic terrorist bill ayers. friends. they've worked together for years. but obama tries to hide it," the announcer said in the 90-second ad.

the now-defunct weather underground was involved in bombings in the early 1970s, including attacks on the pentagon and the capitol. obama was a young child at the time of the bombings.

obama and ayers, now a university professor, met in 1995, when both worked with a nonprofit group trying to raise funds for a school improvement project and a charitable foundation. cnn's review of project records found nothing to suggest anything inappropriate in the volunteer projects in which the two men were involved. cnn fact check: is obama 'palling around with terrorists'?...

at a rally tuesday in clearwater, florida, sarah palin said obama was being "less than truthful" about his ties to ayers. "his own top adviser said they were 'certainly friendly.' ... i am just so fearful that this is not a man who sees america the way that you and i see america -- as the greatest source for good in this world," she said.

palin told the crowd that she sees "a pattern in how our opponent has talked about one of his most troubling associations." watch more of palin's comments »

one member of the palin audience in jacksonville, florida, tuesday shouted out "treason." and at another rally in the state monday, palin's mention of the obama-ayers tie caused one member to yell out: "kill him" -- though it was unclear if it was targeted at obama or ayers.

at several recent rallies, palin has stirred up crowds by mentioning the "liberal media." routinely, there are boos at every mention of the new york times and the "mainstream media," both of which are staples of palin's stump speech.

some audience members are openly hostile to members of the traveling press covering palin; one crowd member hurled a racial epithet at an african-american member of the press in clearwater, florida, on monday.

parnes reports from minnesota:

the alaska supreme court today rejected an attempt by a group of six republican legislators to shut down the legislature's investigation of gov. sarah palin.

the ruling means that steve branchflower, the investigator hired by the legislative council, will release his report as scheduled on friday. branchflower is looking into palin's dismissal of her public safety commissioner, walt monegan, and whether she improperly pressured him to fire a state trooper divorced from her sister.

the state supreme court rejected an appeal by texas-based liberty legal institute and anchorage attorney kevin clarkson, who filed the lawsuit on behalf of the alaska republican state legislators opposed to their colleagues' investigation.

the state legislators whose names appeared on the appeal attempting to stop the investigation are wes keller, mike kelly, fred dyson, tom wagoner, carl gatto and bob lynn.

the 25-page statement from gov. sarah palin's husband, in response to questions submitted by the investigator, shows that todd palin's efforts started before his wife became governor and accelerated during the first 19 months of her administration.

todd palin was waging the campaign against his ex-brother-in-law, state trooper mike wooten, who had divorced the governor's sister in 2006 and who is involved in an ongoing custody fight.