Cincinnati Change's Universal Access Program

Cincinnati Change, an Ohio not for profit company established in 1998, believes that one of the prime causes of crime is poverty and that we can change the conditions from which crime takes root in Southern Ohio is creating with McGraw Daniels, LLC (MDi) as its minority partner and contractor.

Cincinnati Change, through MDi, is creating collaborative small business development program that uses universal broadband internet to address poverty through building technology into homes using a motivational support skill-set-training job creation initiative .

It is Cincinnati Change’s mission to change the conditions in which children live so that they can grow up and become productive adults in a nurturing and supportive community environment where they have equal access to the global digital world.

We plan of developing a county wide network using foreclosed and troubled homes as network access points in their reworked loans.

Erase the Digital Divide (Universal Access Broadband) National Policy

The United States currently has no national broadband policy to offer every American access to affordable high-speed Internet connections. "Broadband will soon be an indispensable communication technology affecting the way we learn, the way we work, and the way we communicate," stated Charles Benton, chairman and CEO of the Benton Foundation. "However, at the dawn of this Digital Age, those who could benefit the most from this economically empowering technology are also those most likely to be left without access because of where they live or how much money they make." Roughly half of the country's households still lack broadband connections, and the United States continues to fall further behind with less than 79 million home out of the 120 million homes in the United States (US Census Data) connected to a broadband network. We will demonstrate for the next President a solution in Hamilton County that Eases the Digital Divide.

Cincinnati Change intends to partner to leverage financial instruments in Southern Ohio with Federal, State and local public funding and private capital building in Cincinnati under the Community Reinvestment Act. Cincinnati Change will use MDi and its partner OneCommunity to combine technology company investment and gifts together in support of Greater Cincinnati’s underserved communities while fostering best of class public service technology for all of Cincinnati’s residents. This technology can then be used on a day to day basis as a service bureau for other governmental agencies who can act as revenue anticipation stakeholders thereby reducing their capital expediters.

The business model we will utilized to foster the ability to acquire and/or repair existing buildings that will house technologies supporting the Cincinnati Change Universal Access Program, which will adopt the MDi & OneCommunity Universal Access Program for implementation in Southern Ohio. Under Cincinnati Change, each house in the City of Cincinnati will have fiber installed and a wireless network access point connected to an open source server and sensor package.

Cincinnati Change which has been a member of the National Community Reinvestment Coalition (NCRC) who since its inception in 1990 has spearheaded the economic justice movement. NCRC is the nation’s trade association for economic justice. Cincinnati Change has been a member since 2000. We have and will continue to draw on the expertise and experience of the board members and staff of NCRC in developing Cincinnati Change’s plans. Through NCRC, Cincinnati Change is associated with more than 600 community-based institutions (including public sector agencies and elected officials) that promote access to basic banking services, including credit and savings. Cincinnati Change’s goal, like NCRC’s, is to create and sustain affordable housing, job development and vibrant communities for America's working families.

NCRC’s mission dovetails with Cincinnati Change’s in building wealth in traditionally underserved communities in Greater Cincinnati and bringing low and or moderate-income people in Southern Ohio into the new financial mainstream being shaped daily. NCRC members have constituents in every state in both rural and urban areas. The organization has held ongoing meetings with major financial institutions and, on 9/21/08, with the Chairman of the Federal Reserve System Ben Bernanke at the Federal Reserve System’s Offices in Washington DC in regards to the current financial crisis.

Cincinnati Change believes that declining assets in the form of foreclosures are dragging down the economy Continued shortsighted attempts to provide liquidity to financial institutions will not resolve the issue unless Americans have equal relief.

Like Cincinnati Change, the Board of Directors of NCRC believe that before acting to shore up Wall Street, the government should first provide assistance to homeowners to avoid foreclosure, the core problem rocking the financial system, and then act to help Wall Street out of its current crisis.

Cincinnati Change is creating collaborative motivational support skill-set-training job creation initiative and small business development program to address poverty through remodeling and rebuilding 20,000 homes in Hamilton County. It is Cincinnati Change’s mission to change the conditions in which children live so that they can grow up and become productive adults in a nurturing and supportive community environment where they have equal access to the global digital world through this program. Cincinnati Change for operations will be carried out through a regional public private partnership called Lloyd Daniels Hargrove and Company which will supply the region with the following ongoing services:

(1) total knowledge management of audio recordings, video programs, game consoles & computer based games, digital entertainment and other knowledge products;

(2) internet services including mobile broadband while operating for southern Ohio a significant Intranet connected to over 1,000 public sector agencies and not for profit organizations;

(3) creation of audio, video, broadcast, communications & computing technology resale operation to be the supplier of services, sales and support for installation of technology into buildings,

(4) creation of a distance learning network that improves the overall economy of Ohio that has built into it collaborative motivational support skill-set-training and job creation programs that use technology to increase their usefulness to the user and cost effectiveness to the underwriter;

(5) creation of network operating centers (NOC) in Cincinnati, Portsmouth and Dayton that support a wireless broadband network cloud that will pass by 2 million Ohioans and 200,000 employers.

(6) operation of regulated domestic and global mobile virtual networks and unregulated wireless services that support a mobile network for public safety personnel, first responders, increased homeland security, improved eHealth and providing a mobile network for public personnel;

(7) fiber to the edge networks for sites in southern Ohio with an emphasis on health care provides and patients in need of remote telemetry for home health care;

(8) developing broadband wireless network access points built into buildings in southern Ohio;

(9) erasing the digital divide for those in need in southern Ohio on a means tested basis, and;.

(10) having a core competency in consulting and next generation Power Distribution, Communications and Computing Technology with an emphasis as a Architect, Engineering and Construction Management of health care facilities.

Either Senator John McCain or Senator Barack Obama will be President......and do what?

Joint Statement Of Senator John McCain And Senator Barack Obama

ARLINGTON, VA -- Today, September 24, 2008 U.S. Senators John McCain and Barack Obama issued the following statement:

"The American people are facing a moment of economic crisis. No matter how this began, we all have a responsibility to work through it and restore confidence in our economy. The jobs, savings, and prosperity of the American people are at stake.

"Now is a time to come together -- Democrats and Republicans -- in a spirit of cooperation for the sake of the American people. The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail.

"This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country."

_______________________________________________________________________________

Okay Gentlemen, its on in the Nati, then the state of Ohio and we have less than 30 days to do it. We believe that if you can do it here, you can do it anywhere in the United States of America. We will take the point in developing a statewide plan to meet the needs of 200,000 Ohio households affected by foreclosure and financial ruin because of this crisis.

Cincinnati Change is going to ask on Monday both Senator McCain's and Obama's staff help us craft a solution that is as faith to main street as wall street.

Senators you are members of a exclusive club, show us your stuff and we say: Put America's Families First!!!

The Change is ON; who will be the Change Agent?

In this time of economic crisis, Senator Barack approached John McCain to suggest a joint statement of principles to guide a recovery plan. Senator McCain then announced he would suspend his campaign and requested a postponement of Friday’s debate.

We call on both camps to get the American public the best multi-year multi-trillion dollar deal for the public.

Like Cincinnati Change, the Board of Directors of NCRC believe that before acting to shore up Wall Street, the government should first provide assistance to homeowners to avoid foreclosure, the core problem rocking the financial system, and then act to help Wall Street out of its current crisis.

Our Call is to Change Cincinnati NOW

The Power is Back, and the President is in a another trillion dollar deal.

In this climate we are proceeding with our plans to Change Cincinnati NOW by:

(1) Creating a third frontier creative class southern Ohio health care infrastructure.

(2) Creating a Real Estate Investment Trust and managing 20,000 remodeled and or rebuilt homes that are made able to be qualified for designation as Leadership in Energy and Environmental Design homes that are environmentally safe and smart.

(3) Wiring up 2 million Ohioans into a means tested broadband wireless network.

(4) Providing for the Public Safety by reducing crime through reducing poverty.

(5) Creating a C6ISR Global Network Operations Center in Cincinnati.

Facts: Stock markets around the world have endured a roller-coaster week as traders and investors fretted about the fall-out from the current credit crisis that the National Community Reinvestment Coalition has been talking about for years.

President Bush said swift, politically bipartisan action was needed to keep the US economy from grinding to a halt as problems sparked by the credit crisis had begun to spread through the entire financial system - leaving jobs, pensions and companies under threat.

"These are risks the US cannot afford to take. We must act now to protect economic health from serious risk," he added.

The US is facing "unprecedented challenges and we're responding with unprecedented action", he said.

Okay we are ready for that.

We stand ready to help create a Special Purpose Vehicle for Ohio with a pool of 200,000 homes; 20,000 managed from the Cincinnati Empowerment Zone.

On Monday September 22 2008 Cincinnati Change as member of NCRC will call on the organization to help us assemble it as a national demonstration project. It will start in Cincinnati with MDi and with the owners of the Federal Reserve.

Sept 11th 2001 - Revisited

We honor Sept. 11th 2001 this year by declaring our willingness to protecting our neighbors in Ohio. Cincinnati Change has assembled a team of experienced professionals to engineer, develop, deploy, maintain and sell the Cincinnati Change Universal Access Program for the state of Ohio.

We have plans a four tiered mixed broadband network utilizing wired and wireless technologies in order to (1) make available and promote the assets within a community to encourage and enable all residents to participate effectively in the democratic process, form ties to local institutions and strengthen relationships with one another through a Social network is a mission of Cincinnati Change; (2) support business, government, and education within the community, (3) provide Internet access at competitive and discounted rates on a means tested basis through us and partners, and (4) a special focus of our civic engagement will be on continuity of government within the plans at the federal National Infrastructure Protection Plan, starting with greater Cincinnati. The National Infrastructure Protection Plan (NIPP) is a document, called for by Homeland Security Presidential Directive 7, which aims to unify Critical Infrastructure and Key Resource protection efforts across the country. We will follow the NIPP structure to create partnerships between local stakeholders and the residents of Cincinnati through secure direct connection fiber links to all households in the city.

Our Chairwoman met the man whose administration just got over 5 trillion dollars in assets over the weekend.

Current President of the United States and Cincinnati Change (Founding & Current) Chairwoman Ky. Col. Sister (IBEW) Wanda Daniels who is also founder of the Cincinnati Hamilton County Black Republican Forum and Lay Leader of Keys of the Kingdom UMC.

The President, another Methodist, just got administrative control of over 5 trillion dollars in Fannie and Freddie assets this weekend. Cincinnati Change is preparing a policy statement and implementation order based on Presidential Directives that support loans that last to 2050 to be made over the next two years to 200,000 Ohio households; starting with Cincinnati, Ohio.

Quote of the Day

"Change does not roll in on the wheels of inevitability, but comes through continuous struggle. And so we must straighten our backs and work for our freedom. A man can't ride you unless your back is bent."

Rev. Dr. Martin Luther King

Fannie Mae & Freddie Mac Are the Latest Casualties in the War on American Homes

Fannie Mae & Freddie Mac Are the Latest Casualties, But Not the Last, of Failure to Address Foreclosure Crisis

More financial institutions will fail if foreclosure crisis continues to be ignored.

Washington, DC - ­ The National Community Reinvestment Coalition (NCRC) today said that the government¹s takeover of Fannie Mae and Freddie Mac was unavoidable as a direct result of the failure of Congress and the Administration to address the ongoing foreclosure crisis. Earlier intervention to stem the foreclosure crisis would have been a more efficient and equitable use of taxpayer dollars. In addition to avoiding the collapse of financial institutions, doing so would have allowed millions of working families to maintain their homes.

While the decision to avoid the collapse of Fannie Mae and Freddie Mac was critical to prevent potentially catastrophic consequences for the credit markets, doing so will not resolve the foreclosure crisis and its ongoing impact on the credit markets and the economy. The complexity and cost of shoring up Fannie Mae and Freddie Mac ­ including putting the taxpayer at risk for hundreds of billions of dollars ­ will be far greater than would have been intervening to assist homeowners to stay in their homes.

While the intervention to rescue Fannie Mae and

Freddie Mac may temporarily help the credit markets,

the prospect for millions of additional foreclosure

leaves many more financial institutions vulnerable to

failure. The fact that continues to be ignored is that

financial institutions are failing because families are

losing their homes, said NCRC President & CEO John

Taylor.

Congress and the Administration should focus more attention on helping homeowners saddled with unfair and deceptive loan products.

In addition to failing to stem foreclosures, Congress and the Administration also have not enacted an anti-predatory lending law to ensure this debacle does not occur again.

Financial institutions had already acknowledged more than $470 billion dollars worth of losses even before the failure of Fannie Mae and Freddie Mac, yet even these dramatic event shave not been sufficient to trigger legislation to protect the American public.

Reckless and irresponsible lending behavior is the cornerstone of the current market crisis,² said Taylor. He continued, If we¹re not dealing with the how we got here, then we¹ll surely get here again.

###

Cincinnati Change is a member of the National Community Reinvestment Coalition (NCRC). NCRC is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.

Quote of the Day

"Parents," Bertrand Russell observed, "tend to be fond of their children and do not want them made the objects of political schemes. The State cannot be expected to have the same attitude."

Morgan Stanley Hired Gun after the GSE's?

Henry Merritt "Hank" Paulson Jr. (born March 28, 1946) is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs, one of the world's largest and most successful investment banks.

To many Paulson distinguished himself from his two predecessors in the Bush administration by formally identifying the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury.

He also helped to create the Hope Now Alliance to help struggling homeowners during the 2007 subprime mortgage financial crisis. The Hope Now Alliance is a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages.

The main criticisms we have with the Alliance are based on the fact that it has not been effective at addressing the increasing problem of foreclosures in the United States, with recent figures indicating that the rate of foreclosures rising faster than the increase in homeowners helped.

WE ARE LOOKING AT 4 MILLION BAD LOANS THATS OVER 30 MILLION AFFECTED AMERICANS!!

It has also been noted that the majority of assistance provided by the Alliance has been to establish repayment plans, rather than actually modifying the terms of the mortgage. For this reason we support a modified National Community Reinvestment Coalition (NCRC) Homeowners Emergency Loan Program (or HELP Now) program for a million bad loans in 50 regions.

Fact: Today, as home prices decline and foreclosures mount, one of the big questions facing policymakers is what to do with Fannie Mae and Freddie Mac, which provide crucial funding for mortgage lenders.Together, they own or guarantee $5.3 trillion of mortgages and securities backed by mortgages out of a total market of a little over $12 trillion dollars.

Fannie Mae was first chartered by the U.S. government in 1938 to help ensure a reliable and affordable supply of mortage funds throughout the country. Today it is a shareholder-owned company that operates under a congressional charter. Like Freddie Mac, safety and soundness oversight is assigned to OFHEO and mission oversight is assigned to the U.S. Department of Housing and Urban Development.

Freddie Mac was chartered by Congress in 1970 as a private company to likewise help ensure a reliable and affordable supply of mortgage funds throughout the country. Today is is a shareholder-owned company that operates under a congressional charter. Like Fannie Mae, safety and soundness oversight is assigned to OFHEO and mission oversight is assigned to the U.S. Department of Housing and Urban Development.

Background: Analysts at Citigroup, Merrill Lynch, and Goldman Sachs since mid-August have issued reports saying the companies had plenty of capital to operate for the near term, and both companies have successfully rolled over debt on schedule in the meantime.

However, the major credit rating companies since August 22 all cut their ratings on preferred stock of the two GSEs on expectations that the share price declines had cut access to capital, increasing the need for emergency financial support.

The companies never lost their access to capital markets where they raise money to support the U.S. housing market, but the biggest buyers of the debt have grown more cautious.

Foreign central banks reduced their holdings of "federal agency" debt in custody at the Federal Reserve in the past week for the seventh week in a row, suggesting a growing aversion to the debt.

Bush Administration Action: Friday, the Treasury said it was "making progress on our work" with Morgan Stanley, the Fed and the companies regulator the Federal Housing Finance Agency and headed by Director James B. Lockhart III . The Treasury had hired Morgan Stanley

on August 5 to advise it on whether the companies were adequately capitalized and help it determine how it would use its new powers to support them.

"These entities are so big and they're so tied into the housing market that it's probably true that we have to take steps to make sure they dont just collapse," Democratic presidential nominee Barack Obama said at a rally in Terre Haute, Indiana. "Because the housing market, which is already weakened, would be in even worse shape it we didn't take some steps."

Paulson called Obama on Friday night to brief the Democratic candidate and Obama discussed the situation on Saturday with his economic advisers, including former Fed Chairman Paul Volcker, a campaign official said.

Separately, an economic adviser to Republican presidential hopeful Sen. John McCain said Paulson had briefed McCain on the situation over the phone on Saturday morning.

The adviser, Douglas Holtz-Eakin, said the Arizona senator would support a short-term solution that would keep any trouble at the two companies from spreading further to financial markets. "Over the long haul he believes we should downsize and privatize them so that they're not a risk to the American taxpayer," he said.

Major Great Society Programs

1964-1974

This was a time period when America was changed lets make 2008 the start of a another great change.

War on Poverty: forty programs that were intended to eliminate poverty by improving living conditions and enabling people to lift themselves out of the cycle of poverty.

Education: sixty separate bills that provided for new and better-equipped classrooms, minority scholarships, and low-interest student loans.

Medicare & Medicaid: guaranteed health care to every American over sixty-five.

The Environment: introduced measures to reclaim our heritage of clean air and water.

National Endowment for the Arts and the Humanities : created with the philosophy that artists, performers, and writers were a priceless part of our heritage and deserve support.

Job Corps: provided enabling skills for young men and women.

Head Start: program for four- and five-year-old children from disadvantaged families that gave them a chance to start school on an even basis with other youngsters.

---

Representative sampling of the laws passed during the Johnson administration to promote the Great Society.


HIGHER EDUCATION FACILITIES ACT OF 1963 - DEC. 16, 1963

PREVENTION & ABATEMENT OF AIR POLLUTION (THE CLEAN AIR ACT) - DEC. 17, 1963

VOCATIONAL EDUCATION ACT OF 1963 - DEC. 18, 1963

INTER-AMERICAN DEVELOPMENT BANK ACT - JAN. 22,1964

CIVIL RIGHTS ACT OF 1964 - JULY 2, 1964

URBAN MASS TRANSPORTATION ACT OF 1964 - JULY 9, 1964

FEDERAL-AID HIGHWAY ACT OF 1964 - AUG. 13, 1964

CRIMINAL JUSTICE ACT OF 1964 - AUG. 20, 1964

FOOD STAMP ACT OF 1964 - AUG. 31, 1964

WILDERNESS ACT - SEPT. 3, 1964

NATIONAL ARTS CULTURAL DEVELOPMENT ACT OF 1964 - SEPT. 3, 1964

MANPOWER ACT OF 1965 - APRIL 26, 1965

OLDER AMERICANS ACT OF 1965 - JULY 14, 1965

SOCIAL SECURITY AMENDMENTS OF 1965 - JULY 30, 1965

VOTING RIGHTS ACT OF 1965 - AUG. 6, 1965

HOUSING AND URBAN DEVELOPMENT ACT OF 1965 - AUG. 10, 1965

PUBLIC WORKS AND ECONOMIC DEVELOPMENT ACT OF 1965 - AUG. 26, 1965

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ACT - SEPT. 9, 1965

NATIONAL FOUNDATION ON THE ARTS & THE HUMANITIES ACT OF 1965 - SEPT. 29, 1965

AMENDMENT OF FEDERAL WATER POLLUTION CONTROL ACT - OCT. 2, 1965

AMENDMENT TO THE IMMIGRATION AND NATIONALITY ACT - OCT. 3, 1965

HIGHER EDUCATION ACT OF 1965 - NOV. 8, 1965

CHILD NUTRITION ACT OF 1966 - OCT. 11, 1966

CHILD PROTECTION ACT OF 1966 - NOV. 3, 1966

NATIONAL SCHOOL LUNCH ACT - MAY 8, 1968

Apple Got The Ads

Say what? This what $300M buys you, gotta get back in this businesses - soon to launch a Cincinnati Change Cincinnati Development Authority subsidiary called Multimedia Advertising and Marketing (MAM).

Apple keeps pummeling Microsoft in its ads, and yadda yadda yadda, the world's largest software maker plans to hire comedian Jerry Seinfeld for its new marketing campaign, the Wall Street Journal reported Thursday.

Continually painted by Apple and other rivals as uncool and unsafe, Microsoft plans to spend US$300 million on a new series of advertisements designed around its "Windows Not Walls" slogan that will feature Seinfeld and Microsoft Chairman Bill Gates.

Seinfeld will take home $10 million for his role in the spots, the report said, citing people familiar with the situation.

Microsoft is not only trying to turn around a stodgy corporate image, but also wants to reverse recent product misfires, including the Windows Vista operating system and the Zune digital music player.

Apple has rubbed in Microsoft's lack of success and highlighted its own winning streak in a series of "Mac vs. PC. Here is one as an expample.

Fannie and Freddie are history?

WASHINGTON - The United States Government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt, a person briefed on the matter said Friday night.
Some of the details of the intervention, which could cost taxpayers billions, were not yet available, but are expected to include the departure of Fannie Mae CEO Daniel Mudd and Freddie Mac CEO Richard Syron, according to the source, who asked not to be named because the plan was yet to be announced.

Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and James Lockhart, the companies' chief regulator, met Friday afternoon with the top executives from the mortgage companies and informed them of the government's plan to put the troubled companies into a conservatorship.

The news, first reported on The Wall Street Journal's Web site, came after stock markets closed. In after-hours trading Fannie Mae's shares plunged $1.54, or 22 percent, to $5.50. Freddie Mac's shares fell $1.06, or almost 21 percent, to $4.04. Common stock in the companies will be worth little to nothing after the government's actions.

The news also followed a report Friday by the Mortgage Bankers Association that more than 4 million American homeowners with a mortgage, a record 9 percent, were either behind on their payments or in foreclosure at the end of June.

That confirmed what investors saw in Fannie and Freddie's recent financial results: trouble in the mortgage market has shifted to homeowners who had solid credit but took out exotic loans with little or no proof of their income and assets.

Fannie Mae and Freddie Mac lost a combined $3.1 billion between April and June. Half of their credit losses came from these types of risky loans with ballooning monthly payments.

While both companies said they had enough resources to withstand the losses, many investors believe their financial cushions could wither away as defaults and foreclosures mount.

Many in Washington and on Wall Street hadn't expected Paulson to intervene unless the companies had trouble issuing debt to fund their operations.

This summer, Congress passed a plan to provide unlimited government loans to Fannie and Freddie and to purchase stock in the two companies if needed.

Critics say the open-ended nature of the rescue package could expose taxpayers to billions of dollars of potential losses.

Supporters, however, argue the Bush administration had little choice but to support Fannie and Freddie, which together hold or guarantee $5 trillion in mortgages — almost half the nation's total.

Representatives of Fannie and Freddie declined to comment on the government assistance plan.

Treasury spokeswoman Brookly McLaughlin said officials "have been in regular communications" with Fannie and Freddie, but refused to comment saying, "We are not going to comment on rumors."

Concern has been growing that a government rescue of Fannie and Freddie could not only wipe out common stockholders, but also be costly for scores of investment, banking and insurance companies that hold billions of dollars in their preferred shares.

Paulson has been in contact in recent weeks with foreign governments that hold billions of dollars of Fannie and Freddie debt to reassure them that the United States recognizes the importance of the two companies.

The two companies had nearly $36 billion in preferred shares outstanding as of June 30, according to filings with the Securities and Exchange Commission.

Mudd, the son of TV anchor Roger Mudd, was elevated to Fannie Mae's top post in December 2004 when chief executive Franklin Raines and chief financial officer Timothy Howard were swept out of office in an accounting scandal. Syron was named Freddie Mac's CEO in 2003, replacing former chief Gregory Parseghian, who was ousted in after being implicated in accounting irregularities.

He formerly was executive chairman of Thermo Electron Corp., a Waltham, Mass.-based maker of scientific equipment, served head of the American Stock Exchange and was president of the Federal Reserve Bank of Boston in the early 1990s.

Fannie Mae was created by the government in 1938, and was turned into a shareholder-owned company 30 years later. Freddie Mac was established in 1970 to provide competition for Fannie.

A government takeover could cost taxpayers up to $25 billion, according to the Congressional Budget Office.

But the epic decision highlights the size of the threats facing the housing market and the economy. On Friday, Nevada regulators shut down Silver State Bank, the 11th failure this year of a federally insured bank. And earlier this year, the government orchestrated the takeover of investment bank Bear Stearns by JP Morgan Chase.

The Federal Housing Finance Agency - a new federal regulator

Washington, DC – The Federal Housing Finance Agency (FHFA) has transmitted to the Federal Register a Notice of “Establishment of a New Independent Agency.” This provides formal public notice of the existence of the Agency, its purpose and the chapter of the Code of Federal Regulations (CFR) that it will employ for public dissemination of regulations, guidances and other publications. The new chapter of the Code is Title 12 CFR Chapter XII.

FHFA was established July 30, 2008 and is making good progress in integrating the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board and HUD mission and affordable housing programs.

Additional announcements will be forthcoming on issues relating to the joining of the agencies as well as regulations from the new Agency. New regulations will be necessary to address routine “merger” matters, but as well to implement, where necessary, the many new authorities, powers and directions given to FHFA that modernize and strengthen supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. All existing regulations, orders and decisions of OFHEO and the Finance Board remain in effect until modified or superseded.

The Federal Housing Finance Agency is an independent federal agency created by the Housing and Economic Recovery Act of 2008. It combines the Federal Housing Finance Board (FHFB) and the Office of Federal Housing Enterprise Oversight (OFHEO). James B. Lockhart III, current director of OFHEO, will oversee the new agency.

“FHFA was established to ensure that Fannie Mae, Freddie Mac and the Federal Home Loan Banks operate in a safe and sound manner,” said FHFA Director James B Lockhart. “We are working quickly to set up the regulatory framework needed to make certain that their operations and activities foster liquid, efficient, competitive, and resilient national housing finance markets.”

The Father of Labor Day in Ohio

Cincinnati Change for the third year commemorates the Father of Labor Day, the Honorable John Patterson Green (1845-1940)

Cincinnati Change recognizes John Patterson Green’s legislative sponsorship of Labor Day in Ohio. House Bill 500 was passed on April 28, 1890 and consisted of one sentence:

“Be it enacted by the General Assembly of the State of Ohio, that the first Monday in September of each and every year shall be known as Labor Day . . .”

In 1894, the U.S. Congress passed a bill making Labor Day a national holiday.

Patterson Green’s efforts preceded the accomplishments of organized labor leaders such as A. Philip Randolph, Sleeping Car Porters; John L. Lewis, United Mine Workers; Philip Murray, United Steel Workers; Jimmy Hoffa,Teamsters; Walter Reuther, United Auto Workers; and Cesar Chavez, United Farm Workers.

Born in New Bern, North Carolina, John Patterson Green became Cleveland’s first black lawyer and first black elected official (Justice of the Peace) and was also the second African-American elected to serve in the Ohio House of Representatives in 1882.

During his second elected term in 1890, the state of Ohio enacted Labor Day legislation that earned him the title “Father of Labor Day in Ohio.” The former common laborer and lawyer wanted to honor all working men and women in Ohio with the idea of establishing a holiday to celebrate the contributions of workers (not politicians).

The Honorable John Patterson Green served three successive terms in the Ohio General Assembly, including two terms in the House of Representatives (1882-1883 and 1890-1891). In 1892, he was elected to the Ohio Senate, making him the first African-American elected to a state senate north of the Mason-Dixon Line in the United States. While serving as an Ohio state legislator, John Patterson Green sponsored and supported 21 major bills on behalf of labor.

During his professional and legislative career, he counted among his closest friends Mr. & Mrs. John D. (Ms. Lara C. Spellman) Rockefeller, Marcus A. Hanna and George A. Myers—all captains of industry. He also was a friend of and assisted Civil Rights leaders, such as Harry Smith, Booker T. Washington, Frederick Douglas, Charles Chestnut, and other black leaders of his day.

Mr. Green was also befriended by and received appointments to federal positions by Presidents James A. Garfield and William McKinley. Of all his associations and accomplishments, however, the Honorable John Patterson Green was most proud of his work to honor all working men and women of this nation by initiating Labor Day.

Global Climate Change Solutions

Welcome to our support for solutions for Global Climate Change based on a new President who takes the issue as serious as we believe that it should be taken. It affects all of us.

We at Cincinnati Change classify a hurricane as a Global Climate Change.

We would like to invite you to join our team to help build support for solutions to Global Climate Change starting in Ohio. We would create Global Climate Change Solutions as a enterprise to be a world change agent so as to support jobs and growth for this great country and its allies.

Please be sure to bookmark this blog and return often to see how we are working hard to help support answers to Global Climate Change with the next President by use of A-76 and using Presidential Directives for National and Homeland Security.

Cincinnati Change also believes that Churches Can Change the World and we will start with a partnership with our Churches Can Change Cincinnati NOW and its committee on Global Climate Change.