"Mornings with Ray Hanania" Broadcasting from Peoria

I'm in Peoria broadcasting my radios how this morning as I prepare to cover parts of the U.S. Justice Department prosecution -- the second attempt -- of Jeff Mazon, a Country Club Hills former contractor with Halliburton who is accused of taking a bribe. But the big issue is that the government doesn't want anyone to discuss the issues about Halliburton itself, the pattern of corruption that has plagued Halliburton's contracts in Iraq ... or the role of the Bush administration or Halliburton "former" CEO vice president Dick Cheney ...

No one is covering the trial and I think the government is trying to bury this case so Halliburton doesn't become the bigger issue than an alleged corruption case that a jury already tossed last April 2008 during the first trial because of concerns over the evidence.

I'll post updates and we can discuss this and the $700 billion bailout and President Bush's speech this morning on TV, the drop in the stock market that represented more than a trillion dollars in loses.

The online broadcast of the radio show sounds great from Peoria ...

-- Ray Hanania
www.RadioChicagoland.com

WAMU Takes a Whoo Hoo hit

About two weeks ago I walked into the Orland Park offices of Washington Mutual to pay my mortgage ... this time a few days early. The reports were out that WAMU, as it is called, might be having troubles.

And, being the joker that I am, I told the clerk in the office, "Hi. I'm here a few days early with the check just in case you might need the help. I'd hate to come here next week and find the doors closed and you wouldn't be able to take my money."

That's when the clerk very nicely and genuinely assured me, "Don't worry. We're doing great. Don't believe everything you read in the media."

Of course, she didn't know I was a columnist and radio talk show host. I just shrugged and handed her the check wondering what would happen if a mortgage company collapses? Do they call in the mortgage?

So I went home and told my wife, Alison, and she said, "Right. Of course they are going to tell you that. That's exactly what Lehmann Brothers was telling Wall Street the week before they collapsed."

And sure enough, my hockey mom wife hit the nail on the head when WAMU collapsed last night and it was bought up by J.P. Morgan.

Don't worry Mayor McLaughlin. I ain't leaving Orland Park that easily.

-- Ray Hanania
http://www.radiochicagoland.com/

Congressman Jesse L. Jackson interview, takes up idea on dealing with the housing crisis

I was privileged to have Congressman Jesse L. Jackson Jr., on my radio show this morning (Mornings with Ray Hanania) on WJJG 1530 AM radio. Jackson was talking first about his courageous act to reach out to his rivals and foes and apologize and extend a hand of friendship to bridge personal differences and stay focused on the issues not the personality.

During the discussion of how to help those in home mortgage foreclosure, I proposed something I've written before that instead of pumpign $700 Billion in money to save the bigshot corporations, banks and investors, we should help the mortgage home owners who are in foreclosure. One way to do that would be to take their ARM Mortgages and immediately convert all of them into conventional mortgages. Take away the cause of part of the problem, dramatically increasing the interest rate, and instead lower the instead rates and make them permanent mortgages.

Jackson said he was going to take that idea, expand on it and introduce it on the floor of the U.S. Congress befoire the end of the week.

The idea is sound. Stop the foreclosures. Give the people who are losing their homes the help they need. Help them keep their mortgages by converting the ARM to a conventional mortgage. And, even go one step further.

Why not also allow them a six month or 12 month grace period to get back on their feet. Have them only pay the interest on the converted, fixed rate mortgage, and delay the principle or extend the mortgage the extra year.

I know if I had this problem, this would help me as a homeowner.

Listen to the interview by going to http://www.radiochicagoland.com/.

Click here for the direct link to the audio file

-- Ray Hanania
http://www.themediaoasis.com/