Buy American and Save Bucks

Found this writing on the Net. Re-post here.

Buy American and Save Bucks

This probably sounds crazy, but just yesterday I was in Wal-Mart looking for a wastebasket. I found some made in China for $6.99. I didn't want to pay that much so I asked the lady if they had any others. She took me to another department and they had some at 2.50 made in USA. They are just as good.

Same as a kitchen rug I needed. I had to look, but I found some made in the USA and they were 3.00 cheaper. We are being brain washed that everything that comes from China and Mexico is cheaper. Not so. That is also why I don't buy cards at Hallmark anymore. They are made in China and are expensive. I buy them at Dollar Tree.... 50 cents each and made in USA.

One Light Bulb at a Time

A physics teacher in high school, once told the students that while one grasshopper on the railroad tracks wouldn't slow a train very much, a billion of them would. With that thought in mind, read the following, obviously written by a good American ...

Good idea. One light bulb at a time...

Check this out. I can verify this because I was in Lowe's the other day for some reason and just for the heck of it I was looking at the hose attachments. They were all made in China .

The next day I was in Ace Hardware and just for the heck of it I checked the hose attachments there. They were made in USA. Start looking...

In our current economic situation, every little thing we buy or do affects someone else - even their job. So, after reading this email, I think this lady is on the right track. Let's get behind her!

My grandson likes Hershey's candy. I noticed, though, that it is marked made in Mexico now. I do not buy it any more.

My favorite toothpaste Colgate is made in Mexico... now I have switched to Crest. You have to read the labels on everything.

This past weekend I was at Kroger. I needed 60W light bulbs and Bounce dryer sheets.

I was in the light bulb aisle, and right next to the GE brand I normally buy was an off-brand labeled, " Everyday Value ." I picked up both types of bulbs and compared the stats they were the same except for the price . . .

The GE bulbs were more money than the Everyday Value brand but the thing that surprised me the most was the fact that GE was made in MEXICO and the Everyday Value brand was made in - get ready for this - the USA in a company in Cleveland , Ohio.

So throw out the myth that you cannot find products you use every day that are made right here.

So on to another aisle - Bounce Dryer Sheets... yep, you guessed it, Bounce cost more money and is made in Canada... The Everyday Value brand was less money and MADE IN THE USA! I did laundry yesterday and the dryer sheets performed just like the Bounce Free I have been using for years and at almost half the price!

My challenge to you is to start reading the labels when you shop for everyday things and see what you can find that is made in the USA - the job you save may be your own or your neighbors!

If you accept the challenge, pass this on to others in your address book so we can all start buying American , one light bulb at a time! Stop buying from overseas companies!
(We should have awakened a decade ago...)

Let's get with the program and help our fellow Americans keep their jobs and create more jobs here in the USA.

AT&T buys T-Mobile USA

It's make sense when AT&T buys T-Mobile USA. Both using GSM technology. Verizon will not sit out. To maintain their position as number 1 wireless company in USA, I guess Verizon will acquire Sprint. Verizon and Sprint using CDMA technology. But how much? what the deal? Sprint has one problem. Its debt.

What are the rare earth metal?

The rare earth metals (aka, REM, rare earth elements [REE] , or sometimes, just rare earths) are a group of 15 chemically similar elements (grouped seperately in the periodic table) known as lanthanides.

Read more at http://seekingalpha.com/article/103972-rare-earth-metals-not-so-rare-but-valuable

Principle 70-20-10

As I listen to the Google Quarterly Earning webcast, I noticed Google CEO Eric Schmidt mentioned about principle 70-20-10. What is principle 70-20-10?
Spend 70 percent of your time on the core business, 20 percent on related projects, and 10 percent on unrelated new businesses.

Related articles:

http://money.cnn.com/2005/11/28/news/newsmakers/schmidt_biz20_1205/

Why I should pay more $200 for Google Nexus One

According to Reuter's article ( http://www.reuters.com/article/idUSTRE60A4HJ20100112?type=technologyNews )

SAN FRANCISCO (Reuters) - Google Inc's new Nexus One smartphone, which retails for $529 without a service plan, is built from components that cost about $174, according to a research report.

It's not make sense to pay more than $200 for Google Nexus One.

Don't Be Greedy

I did not take profit on Motorola (MOT) when it around $9.30 on May 5, 2009, the day before the Motorola Droid launched by Verizon. MOT is my speculate stock. In the stock, I cannot hope. I cannot too greedy.

A look back

One year ago, I started this blog as a my trading journal. Later I expanded it to cover other areas other than business to express my thought.

As time goes by, I'm a little bit disappointed. Web traffic is too light. But, I'm not discourage. I still hope one day I can reach my goal: Make more money to gain financial freedom.

So help me God.

Dr. Trung Dung

Found some old articles on the internet about Dr. Trung Dung, one of the succesful Vietnamese-American businessman. He is a the first multi-millionaire Vietnamese-American, I guess. His success in business inspires me.

* * * * *

Excerpt from "Vietnamese refugee a success on the Internet" written by Michelle Locke, The Associated Press, in March 2000:

It took Trung Dung three tries before he escaped Vietnam on a fishing boat. He then spent a year in a refugee camp before landing in America with a sprinkling of English and $2 in his pocket. Looking back, he remembers hope, not hardship.

"When I grew up, it's just like there is no opportunity. There is no future," he said. But on coming to the United States, "suddenly, I see all this opportunity that I have."

Fifteen years later, Mr. Dung (pronounced Young) is an Internet success story, founder and chief technology officer of the software maker OnDisplay Inc., which has seen its stock triple since going public in December.

. . . . . . . . .

Chick here to read more.

* * * * *

Below is the article from Viet Nam Net written by Khanh Ngoc published in 2006:

Trung Dung and Vietnam dream

VietNamNet – "This is a talented and very special man!" That's the first thing I heard about Trung Dung, and it made me curious.

As a habit, the first address I search to satisfy my curiosity is Google. Surprisingly, the first search result I saw was the Wikipedia page, the most popular electronic encyclopedia in the world.

Apart from a photo of Trung Dung is brief information: born and grew up in south Vietnam and migrated to the US at the age of 17; the founder and managing director of two big software companies in the US, On Display Inc., and Fogbreak Software; earned the Gold Torch award for outstanding Vietnamese-American at the annual congress of the Vietnamese-American community held in Washington D.C in 2004.The story of Trung Dung's life and career has been published in many famous newspapers: Forbes, the Financial Times, the Wall Street Journal and the San Francisco Chronicle. He is also one of the 17 examples of success for immigrants in the US listed in Dan Rather's book "The American Dream".

I also found a series of results on Google about this young man: one of the most successful young Vietnamese-American businessmen in the US, the founder and member of the management board of the DICentral Software Company, the outstanding person of the legal organisation on immigration and an honourary member of many Vietnamese-American associations in the US.

"I have a dream…"

The road to success for Trung Dung was up and down. He came to the US with only $2 in his pocket and did not know any English. At that time he was only 17.

More than 20 years later, sitting in the living-room of VietNamNet, he is a 'big boss' in Silicon Valley. He owns two big software companies worth billions of US dollars. Before our eyes is a simple and calm man, who has a deep, warm voice and humble manner. These may be the characteristics that have not changed much since he came to the US.

"Luck is a very important factor. But the more important factor is one must have a real dream and know what he wants to do. Martin Lurther King had a famous statement – 'I have a dream'. I think all of us should have a dream and try to pursue it, and hope that one day we can realize it."

The greatest dream for Trung Dung, the 17-year-old student, at that time, might have been escaping from poverty by getting a university diploma.

Though Dung's English was modest, his knowledge of mathematics and natural sciences helped him get into Massachusetts University. Not squandering the opportunity, he studied very well though he had to do many jobs - he was a waiter in restaurants, a cleaner at hospitals, etc. - to have money to pay school fees, to maintain his life and send money to his family in Vietnam.

Graduating from Massachusetts University, Trung Dung continued his studies and obtained a Doctorate of Computer Sciences, and then found a stable job in a software firm in Massachusetts.

He could have been satisfied with what he had, but realizing that there was an opportunity to develop his idea on network business, Trung Dung gave up his job to follow his new dream - giving up an opportunity to have assets of shares worth US$1mil.

OnDisplay, Trung Dung's first software company, was based on a very simple concept: producing a software product to process information from other websites, then re-clarifying the information to convenience users. As the first person to suggest the idea, and being inexperienced in the business world, Trung Dung was refused by many investors.

In its most difficult hour, OnDisplay caught the eye of an expert in e-commerce, Mark Pine, the managing director of an important division of Sybase, a big data management software company. "I see potential in Trung Dung and believe in him," he said, after he met Trung Dung for the first time.

Mark Pine agreed to work as the managing director of OnDisplay. Two week later, the value of OnDisplay soared. This company quickly had over 80 clients, including the big e-commerce and e-portal service company, Travelocity. OnDisplay also cooperated with IBM and Microsoft and newly emerging firms like Ariba, BroadVision and CommerceOne.

In 2000, a group bought OnDisplay for $1.8bil.

However, Trung Dung's dream wasn't finished. Moving to California, the cradle of technology in the US, the young man invested in his second company, Fogbreak Solutions, which specialised in applications to optimise the production capacities of production lines. Fogbreak was invested in by big firms as Matrix Partners, Greylock and Sigma Partners.

Luck was an indispensable factor on the road to success for this overseas Vietnamese, but there is one thing that we can't deny. This is the 'luck' of the ones who have broad vision, character, work hard, and know how to grasp opportunities.

This is the first time Trung Dung has returned to Vietnam since he left the country in 1984. "I'm very happy and really surprised. I've heard that Vietnam is developing very fast and has changed much but I couldn't have imagined the extent of development and changes in the country".

Seeing with his own eyes the changes in Vietnam, Trung Dung is not only proud but also has hopes and expectations. "This time I returned to Vietnam to determine the potential of the software industry, the Vietnamese market in general and investment opportunities. Though I am only staying here for a short period of time, I feel the energy of a busy and bustling life in Vietnam. Investment opportunities are not only in the hi-tech industry but in other fields," he said.

"The issue that overseas Vietnamese businessmen like me attach importance to is the laws on investment and economics. The clearer they are, the easier it is for us. This is more important than preferential policies because preferential policies are temporary," he added.

Trung Dung reads Vietnamese newspapers very often and pays special attention to economic issues, especially the equitisation of state-owned enterprises. "This is a very important move for our economy and it also creates opportunities for people like me".

However, the road of return for this successful businessman is not limited to business. "There are many things I want to do to help Vietnam. In the future I will assist the education sector, especially primary and secondary education. This field of investment is not for profit. It is a serious task requiring serious thinking to change the social environment," he said.

Trung Dung has begun investing in Vietnamese education by joining the management board of the Vietnam Education Foundation (VEF).

When you left Vietnam in 1984, did you think that one day you would return like this? he was asked. Of course, he answered unhesitatingly. "I knew that I would return. I was just not sure when I would have an opportunity".

Looking into his eyes, I understand his next dream is the dream of Vietnam, the dream of return.

Khanh Ngoc

Tuoc Luong

When I read this entry 5 Years of Yahoo Search! from Yahoo! Search Blog, the name Tuoc Luong, SVP, Search Engineering, Yahoo! Search, caught my eye. Another successful man. Do Google search, I find a story published by Thanh Nien News about him. Below is an excerpt:

Searching for success

After more than 25 years in the IT business, Yahoo vice president Luong Vinh Tuoc has become a world-renowned search engine specialist.

More than 29 years ago, on his first day at Berkeley University, California, Luong Vinh Tuoc (also known as Tuoc Luong) asked his instructors: “Which job is the easiest to find?”

Tuoc ultimately chose computer science – as recommended by his professors.

Little did he know it, but that first step into the world of information technology (IT), would eventually lead Tuoc to become the executive vice president (EVP) of world renowned Yahoo!, Inc.

Here is the excerpt from Viet Nam News on July 31, 2008:

(31-07-2008)

Yahoo! expert focuses on connecting Viet Nam

Internet search giants such as Yahoo! and Google are accelerating their presence in Viet Nam, where the Internet search industry is still in its infancy. Viet Nam News reporter Phi Hung spoke with Luong Vinh Tuoc, Senior Vice President of Search Engineering and Interim Lead for Yahoo! Search Products, during his recent visit, about how Viet Nam can develop its search industry while promoting itself on the World Wide Web. Tuoc, an American of Vietnamese origin who has returned to Viet Nam after 41 years, said he really wanted to "Vietnamise" the Yahoo! search engine, not only in a business sense, but also to give back to his ancestors.

Can you tell us the purpose of your visit to Viet Nam ?

Globally speaking, I see Viet Nam as a potential market for Internet-related services. While the country’s population is at 85 million, the number of Internet users is only at 19.5 million. Thus, there is a lot of room to develop the Internet here.

During this visit, I wanted to make specific plans to optimise our search engine in the Vietnamese language. I have spoken with the Ministry of Science and Technology, specifically with Deputy Minister Nguyen Van Lang, about how to optimise the Vietnamese language in the Yahoo! search engine, and how to find materials for Vietnamese structure and annotation.

The next step will be to program our "robot" on how to read and understand the Vietnamese language.

Why do you think the development of search engines in Vietnamese has not had the same success as other languages?

In my experience, a small search service will be difficult to develop because of its limited resources. It will face many difficulties if the engine wants to develop on a larger scale. The resources I mention here are human and financial resources.

First off, building a search engine requires a large number of qualified scientists specialised in this field, and a small company will have a hard time coming up with sufficient people.

Second is the investment. A real search engine requires a huge investment in thousands of servers, which will again be difficult for a small company.

There are many young scientists in Viet Nam who know a lot about the Vietnamese language, a language that is difficult for foreign scientists to thoroughly understand. However, limited financial resources will prevent Vietnamese scientists from investing in the search engine infrastructure.

What will be the next generation of search engines?

At present, most search engines operate under the same mechanism: typing in keywords and then receiving the results relating to these key words.

But the next generation of search engines will be smarter. They will understand what the user really wants to know when typing in a key word.

Yahoo! has many other assets, such as Mail, Messenger and 360, not just a search engine. All of these programmes will become more intelligent.

What do you think about the use of the Internet with businesses in Viet Nam?

When I came to Viet Nam, the Tourism Administration of Viet Nam and the Viet Nam Chamber of Commerce and Industry (VCCI) invited me to make a presentation to local small and medium-sized tourism firms in Vung Tau on how to use the Internet to advertise on the World Wide Web.

According to statistics from the General Statistics Office, two million foreign tourists came to Viet Nam in the first six months of this year. I told my staff to check the Yahoo! database to find out how many people searched for information relating to tours in Viet Nam.

The results showed there were six countries and territories with the most inquiries about Viet Nam tourism: Japan, Taiwan, mainland China, South Korea, the US and Thailand.

I then calculated the number of queries per week in each country and the results showed that the US was on top with 27,000 queries per week, which means 1.5 million queries per year. The most common keywords were "hotel Vungtau," "hotel Da Lat" and "the best tour in Viet Nam."

However, when I searched for "hotel Vungtau," I was unable to find any direct results. I could only find a few indirect hits from foreign websites. That means that hotels in Vung Tau had lost opportunities to advertise themselves to about 1.5 million queries from the US. — VNS

Make Money Online

Make money online is NOT easy. Use "make money online" as keyword to search on:
Google: 201,000,000 results
Yahoo: 2,090,000,000 results
Live.com: 348,000,000 results

Ok. I got to go. Will be back.

Dow broke 9000 level

Wow! Another bad day. Other markets around the world down too.

Snowballing sell-off drives Dow down 679 points
Europe, U.S. Futures, Asia Shares Slump; Axa, Philips May Drop
Asian markets plunge after huge Wall Street losse

Người Việt sang Mỹ mua nhà

03-09-2008 22:57:02 GMT +7

Mua nhà bên Mỹ rồi cho thuê đang trở thành một phương cách kiếm sống nhàn nhã của một bộ phận Việt kiều và người VN có tiền

Nhân dịp về VN thăm quê, anh Nguyễn Huyến tranh thủ thăm dò và tìm hiểu giá nhà đất tại VN để “vẽ” đường làm ăn cho một số bạn bè. Anh kể, giá nhà ở Mỹ đang thấp kỷ lục, cơ hội để người Việt sở hữu nhà tận bên trời Tây. Bản thân anh cũng đang đầu tư 320.000 USD, đóng trước 100.000 USD, số còn lại được ngân hàng (NH) hỗ trợ trong vòng 20 năm, mỗi tháng trả 1.100 USD với lãi suất 5,8%/năm. Căn nhà nằm ở thành phố Seattle thuộc bang Washington (Hoa Kỳ), diện tích 80 feet x 40 feet (tương đương 12 m x 24 m) rồi cho thuê lại, còn mình thì ở tận Alaska. Mỗi tháng thu lợi 1.000 -1.500 USD (khoảng hơn 30 triệu đồng).

Nước chảy chỗ trũng

Hiện đã có không ít người ở Hoa Kỳ đưa gia đình trở về VN sinh sống sau nhiều năm bôn ba. Anh Thiên Phạm cho biết trước khi về VN định cư, anh đã bán 1 căn hộ ở California, giá 1 triệu USD. Sau đó, mua 5 ngôi nhà tại Houston với giá 170.000 USD – 200.000 USD/nhà, 3 căn đang cho thuê kinh doanh với giá khoảng 1.800 USD/tháng, 2 căn còn lại rao bán để tìm mua 1 căn hộ tại San Jose. Theo anh, giá cho thuê ở đây cao hơn, khoảng 2.500 USD/tháng. Trừ tiền thuế đất hằng năm khoảng 2.000-3.000 USD/căn, cuộc sống của gia đình anh khá dư dả. Bây giờ, ở VN hai vợ chồng vẫn đi làm, nhưng như anh nói, chỉ là làm cho vui, chứ không phải vì kinh tế. Nhạc sĩ P.D cũng cho biết, hầu như giới nghệ sĩ tại hải ngoại, hết thời đều về VN sống. Cuộc sống của họ khá thoải mái nhờ tiền cho thuê nhà bên kia. Hiện tại, ông vẫn ở nhà thuê nhưng mức giá thuê nhà ông phải trả tại VN chỉ bằng 1/10 số tiền mà ông thu được từ ngôi nhà bên Mỹ. “Nếu kinh doanh ở Mỹ mà sống tại VN thì rất khỏe”- ông nói.

Qua lời kể của anh Thiên, nhiều người bạn tại VN của anh cũng nhờ người thân hoặc con cái họ đi du học tìm hiểu mua nhà ở Mỹ rồi cho thuê lại. Người em họ của anh cũng mới mua căn hộ ở Westminster giá 480.000 USD (3 phòng ngủ), còn căn hộ ở Garden Grove (California) 400.000 USD đang trả góp qua NH. Nếu cho thuê, mỗi căn sẽ thu được 2.800 USD/tháng.

Người Mỹ bán, người VN mua

Ông Trần Huy Phương, Giám đốc Văn phòng Địa ốc Selection Realty & Mortgage tại San Jose, cho biết việc đi du lịch, đầu tư, qua thăm thân nhân tại Mỹ tương đối dễ dàng nên những người có tiền thường dòm ngó nhà đất tại đây. Trước đây, chỉ có giới nhà giàu mới “đánh quả” kiểu này, nhưng nay khi giá nhà giảm mạnh, giới kinh doanh tại VN cũng chuyển hướng tìm mua nhà tại Mỹ để “chờ thời”. Vì vậy, thay vì phải đăng quảng cáo tại Mỹ thì chị Lan Nguyễn, 32 tuổi, lại rao bán căn hộ ở vùng ngoại ô thành phố Houston, bang Texas bằng cách nhờ anh Huyến về nước môi giới cho người thân của anh tại VN. Căn nhà trị giá 200.000 USD, 4 phòng ngủ, có cả bể bơi. Bình thường, khi bán một căn nhà trị giá khoảng 600.000 USD hoặc 700.000 USD, mức tiền phải trả cho buyer agent (người môi giới), khoảng 20.000 USD trở lại. Điều này vô tình “biến” nhiều Việt kiều không chuyên trở thành dân môi giới xuyên biên giới.

Cũng theo ông Phương, thị trường nhà cho thuê tại Mỹ đã ngấm ngầm từ lâu đối với những người “khá” vốn tại VN. Thời điểm này cơ hội thực sự. Đây là một nghề nhàn hạ, ít rủi ro, mà thu nhập cũng rất đáng kể so với vốn đầu tư ban đầu. Tuy nhiên, không phải ai cũng hưởng được “lộc trời”. Trả dứt thì đơn giản, nhưng nếu mua trả góp thì ngay cả những người định cư tại Mỹ cũng mắc phải nhiều sai lầm, đừng nói đến người thiếu kinh nghiệm tại VN. Thường người môi giới sẽ vẽ vời thêm, hoặc phát sinh những loại nợ rất phức tạp. Thay vì mình mượn nợ và hằng tháng trả tiền lời để nợ đứng yên hoặc trả góp cho nợ sụt giảm thì nhiều khoản phát sinh khiến món nợ càng ngày càng tăng. Thí dụ, một món nợ 400.000 USD nhưng không nắm hết điều khoản món nợ sẽ thành 450.000 USD. Trong hoàn cảnh mà giá nhà cứ tiếp tục gia tăng thì món nợ này dù có tăng cũng không sao nhưng nếu căn nhà bị đứng giá hoặc sụt giá thì chỉ có nước phải bán căn nhà...

Quỳnh Chi
(Báo Người Lao Động)

Dow break 10,000 mark

As expected in previous post, DOW down more than 200 points, break 10000 mark.

Excerpt from AP:Dow plunges below 10,000; lowest level since 2004

Investors around the world have come to the sobering realization that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze the credit markets. Global banks, hobbled by wrong-way bets on mortgage securities, still remain starved for cash as credit has dried up.

Marketwatch: U.S. stocks fall sharply as global financial woes persist
CNNMoney: Dow falls below 10,000
CNNMoney: Volcker: Financial system needs reform

Let follow Buffett...

... to make money. Sure, he did research before he buy the premium company at discount. I trust Buffett more than any politician.
Can Buffett Rescue the Market?
Maybe. By buying these good company, he actual reinforce the market confident.
Warren Buffett to invest in GE
Buffett Deal at Goldman Seen as a Sign of Confidence

The Snowball: Warren Buffett and the Business of Life [ROUGHCUT] (Hardcover)
by Alice Schroeder (Author)

Let Kickout All Incumbent Members of Congress

Excerpt from CNNMoney.com:

NEW YORK (CNNMoney.com) -- Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.

Let vote out all members of this Congress regardless he or she is a Democrat or Republican this November. We need to protect the Main Street.

On the Net:
Bill text
How they vote

No Welfare for Wall Street

I agreed with Obama: "No Welfare For Wall Street". The government need to bail out the financial sector first to avoid the collapse of our economy. After they need to go after the people on the Wall Street that cause this mess. The situation right now is similar as we need to render aid to the victim injured by criminal gang on Main Street first. After that, the police must investigate and capture the suspect to bring to the justice.

Other news:
Rescue bill released
Text of economic rescue bill official summary
Buffett warns Congress

Country First vs Party First

Last Thursday, President Bush met with Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, and SEC chairman Cox to discuss about financial crisis. Wall Street up.

Friday, Democratic leader in Congress promise to work around the clock to pass the bailout plan. Down Jones up.

But ...

When Paulson presented to Congress controlled by Democrat the bailout plan on Saturday. They delayed. Market down three days. Bush went on TV to talk to the nation: 'Entire economy' at risk. McCain suspends campaign to work on Wall Street plan.

It's clear that Democrat put their party first.

It's a right thing to do

After Paulson and Cox took action, I'm looking for this:
FBI investigating companies at heart of meltdown.

If you hold GS, you have a good news:
Goldman Gets Buffett's Backing in $7.5 Billion Fundraising Plan

Treasury Department's Bailout Proposal To Congress

The following is the text of a legislative proposal to give the Treasury department authority to purchase mortgage-related assets.

Section 1. Short Title.

This Act may be cited as ____________________.

Sec. 2. Purchases of Mortgage-Related Assets.

(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:

(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;

(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;

(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;

(4) establishing vehicles that are authorized, subject to supervision by the Secretary, to purchase mortgage-related assets and issue obligations; and

(5) issuing such regulations and other guidance as may be necessary or appropriate to define terms or carry out the authorities of this Act.

Sec. 3. Considerations.

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Sec. 4. Reports to Congress.

Within three months of the first exercise of the authority granted in section 2(a), and semiannually thereafter, the Secretary shall report to the Committees on the Budget, Financial Services, and Ways and Means of the House of Representatives and the Committees on the Budget, Finance, and Banking, Housing, and Urban Affairs of the Senate with respect to the authorities exercised under this Act and the considerations required by section 3.

Sec. 5. Rights; Management; Sale of Mortgage-Related Assets.

(a) Exercise of Rights.–The Secretary may, at any time, exercise any rights received in connection with mortgage-related assets purchased under this Act.

(b) Management of Mortgage-Related Assets.–The Secretary shall have authority to manage mortgage-related assets purchased under this Act, including revenues and portfolio risks therefrom.

(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.

(d) Application of Sunset to Mortgage-Related Assets.–The authority of the Secretary to hold any mortgage-related asset purchased under this Act before the termination date in section 9, or to purchase or fund the purchase of a mortgage-related asset under a commitment entered into before the termination date in section 9, is not subject to the provisions of section 9.

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

Sec. 7. Funding.

For the purpose of the authorities granted in this Act, and for the costs of administering those authorities, the Secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under chapter 31 of title 31, United States Code, are extended to include actions authorized by this Act, including the payment of administrative expenses. Any funds expended for actions authorized by this Act, including the payment of administrative expenses, shall be deemed appropriated at the time of such expenditure.

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Sec. 9. Termination of Authority.

The authorities under this Act, with the exception of authorities granted in sections 2(b)(5), 5 and 7, shall terminate two years from the date of enactment of this Act.

Sec. 10. Increase in Statutory Limit on the Public Debt.

Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.

Sec. 11. Credit Reform.

The costs of purchases of mortgage-related assets made under section 2(a) of this Act shall be determined as provided under the Federal Credit Reform Act of 1990, as applicable.

Sec. 12. Definitions.

For purposes of this section, the following definitions shall apply:

(1) Mortgage-Related Assets.–The term "mortgage-related assets" means residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before September 17, 2008.

(2) Secretary.–The term "Secretary" means the Secretary of the Treasury.

(3) United States.–The term "United States" means the States, territories, and possessions of the United States and the District of Columbia.

Another Bad Day on Wall Street

Dow lost 450 points after the FED loan 85 billion to AIG. Hope tomorow, it better.