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Is the Iraqi embassy more fortified than my America? A billion dollars later.

Iraq embassy

Documents obtained by the Oversight Committee depict widespread defects in fire detection systems, fire service mains, fire sprinklers, fire-proof construction materials, and electrical wiring throughout the Embassy complex. Other documents implicate the Managing Partner of First Kuwaiti, the prime contractor, in an illegal kickback scheme to obtain subcontracts under the Army’s multi-billion logistical support contract.

Sounds like all the other news coming out of Iraq. This complex is over 100 acres (larger than the vatican), almost ten times the size of a normal embassy. More striking is its price tag. At more than a billion dollars and growing more expensive every day. Oddly, or with this administration obviously, a Kuwaiti firm won the construction deal despite very competing bids from US contractors. Read about this here. This colossal beast is emblematic of the ongoing disaster in Iraq and you can read an interesting article here about why this, like the war, is destined to fail from the start.

Everything surrounding this massive, super secret compound has been shrouded in secrecy. Diplomats were even instructed not to mention the location of the new embassy. (The fifty cranes along the banks of the Tigris might have given that one away) I wonder what the reaction was when the computer-generated projections of the heavily fortified compound were posted here on the Web several months ago.

Quote for today:
“I heard somebody say, ‘Where’s Mandela?’ Well, Mandela’s dead. Because Saddam killed all the Mandelas.” –George W. Bush, on the former South African president, who is still very much alive, Washington, D.C., Sept. 20, 2007

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October 9, 2007 Posted by | America, Breaking News, Bush, Embassy, Iraq, Money, Oil, political, Real Estate, Republican, Scandal, Society, Technology, Terrorism, War | , , , , , , | Leave a comment

Where did my home value go in my America?

Greenspan
I know that part of my America was stolen with questionable policies by the FOMC. The following quote seems quite remarkable given the timing and the current state of my America’s real estate market.

“Innovation has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants. With these advances in technology, lenders have taken advantage of credit-scoring models and other techniques for efficiently extending credit to a broader spectrum of consumers. Where once more-marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending… fostering constructive innovation that is both responsive to market demand and beneficial to consumers.” (emphasis added)

-Remarks by Chairman Alan Greenspan on Consumer Finance
At the Federal Reserve System’s Fourth Annual Community Affairs Research
Conference, Washington, D.C. April 8, 2005

Update 8/30/07- Poor Miami

August 24, 2007 Posted by | America, FOMC, Greenspan, Money, Real Estate, Rich, Society | Leave a comment