• Democrat Representatives Barney Franks and Anthony Weiner believe that some of the new rules put on Fannie Mae and Freddie Mac are too restrictive and could exasperate the housing slump. In particular, they’re taking issue with rules concerning the sale of condos. The full article can be read here at Reuters.

• California announced that it will actually have to resort to IOUs within a week if lawmakers can’t solve the $24 billion budget deficit, after the legislature failed to pass a proposed $11 billion in cuts. “Next Wednesday, we start a fiscal year with a massively unbalanced spending plan and a cash shortfall not seen since the Great Depression,” said Controller John Chiang, and State Treasurer Bill Lockyer admitted through a spokesman that he plans on utilizing reserves for economic recovery sales tax bonds.

• Also, it came to light that President Obama sent a direct message to Iran’s Supreme Leader Ayatollah Ali Khamenei either the beginning of this month or the end of last month, requesting a reconciliatory meeting. Khamenei never responded to the letter, according to an undisclosed source, but he had “set the negotiating table in order for both sides to sit around it after the election.” The White House declined to “get into specifics of our different ways of communicating however.

Thursday, June 25, 2009

• According to what foreign reporters could get through, it would appear that the Iranian protests have officially stopped, as the government has succeeded in quelling opposition.

• Over in North Korea, they were demonstrating still, but with full government approval. Showing strong disapproval for President Obama’s decision the previous day to extend sanctions against North Korea for another year, tens of thousands of North Koreans decried its enemies - with the U.S. seemingly foremost on the list - during a rally in central Pyongyang.

• And Federal Reserve Chairman Ben Bernanke took the hot seat in front of Congress, repeating his protestations of innocence concerning pressuring Bank of America (NYSE: BAC) into taking on Merrill Lynch. He told them, neither he nor the Fed ever went “beyond the law” or did anything “unethical.”

Friday, June 26, 2009

• In a 217-205 vote, the House managed to push through the first phase of approving a bill targeting global warming. Supporters say that it will help significantly in the battle for cleaner energy. Critics claim that it includes “the largest tax increase in American history.” If passed, it would legislate greenhouse gas emissions for the first time in American history.

• Iranian President Mahmoud Ahmadinehad demanded an apology for what he called the U.S. meddling in the country’s affairs. But President Obama responded with equally strong sentiments: The United States has gone out of its way not to interfere with the election process in Iran, and… I would suggest Mr. Ahmadinejad think carefully about the obligations he owes to his own people, and he might want to consider looking at the families of those beaten, shot or detained. That’s where Mr. Ahmadinejad and others need to answer their questions.”

Strong words to end a week jam-packed with tension. But on that note, I’ll wish you a much more relaxing weekend, and go off to enjoy my own.