Saturday, March 07, 2009

TALF is Launched with Revised Terms as part of the U.S. Financial Stability Plan for Economic Recovery : Paul Weiss Financial Crisis Resource Alert

Washington's Financial Stability Plan (FSP), according to James Cooper at Business Week:

"[R]ecognizes that a sustainable recovery depends on three things: removing the fear of bank insolvency, rejuvinating the securitization process in the credit markets, and stabilizing housing activity and home prices.

First. The FSP’s Public-Private Investment Fund which is "aimed at removing toxic mortgage-related assets from bank balance sheets" according to Business Week, " is moving much more slowly than investors want to see". This has to be sped up.

Second. Cooper writes on the mortgage problem that:

"Analysts are ... optimistic about the FSP’s housing program and its efforts to mitigate mortgage foreclosures. The Housing Affordability and Stability Plan (HASP), for which additional details were released on Mar. 4, will provide cash incentives to both homeowners at risk of default and mortgage lenders and servicers to encourage loan modification." [link added by LawPundit]

Third. Cooper notes:
"[T]he Term Asset-Backed Securities Lending Facility (TALF) will be up and running on Mar. 17. "
TALF is a $1 trillion U.S. economic recovery program of securitized lending designed to jump-start new lending to consumers and businesses by providing cheap credit to large investors to purchase newly issued securities backed by such loans. Indeed, large investors have shown a great deal of interest in this program, which strikes at the heart of the recession's cause.

In this vein, we just received a Paul, Weiss memorandum alert which can be viewed as a .pdf at TALF is Launched with Revised Terms. As written on that alert : "This memorandum is not intended to provide legal advice, and no legal or business decision should be based on its content." The memorandum is part of the Paul, Weiss Financial Crisis Resources and it tells us that TALF is the acronym for Term Asset-Backed Securities Loan Facility which was announced by the the Department of Treasury and the Federal Reserve "to jump-start lending markets by providing loans to investors who purchase qualifying asset-backed securities (“ABS”)."

As Paul, Weiss reports, there are now "revised terms and conditions for the first TALF fundings" which should be examined at TALF is Launched with Revised Terms because they "may be interesting to investors."

The title of an article at the Christian Science Monitor by Mark Trumbull puts TALF into proper perspective with Fed launches plan to revive consumer lending, as Trumbull writes:
"The Federal Reserve and Treasury’s move Tuesday to pour billions of dollars into lending markets is an attempt to address the fundamental cause of the current economic crisis.

Though concerns about the financial system have centered recently on traditional banks, the financial breakdown began when the market for securitized loans collapsed. The subprime mortgage crisis revealed that the default risk for these loans – where loan money is bundled together then sold off in pieces – was higher than forecast. When investor funding evaporated, those who depended on those loans – from small businesses to car buyers – were left stranded.

The government hopes to stimulate as much as $1 trillion in new lending. The move comes as US stock markets sank this week to new 12-year lows on concerns that the global recession is deepening, and that these credit problems – central to the downturn – remain unresolved.

“It’s a way to jump-start securitized lending, which has been problematic,” says Brian Bethune, an economist at IHS Global Insight in Lexington, Mass. It won’t end the credit crisis by itself, but “it’s going to help.

See the rest of Trumbull's article.

The History of Ancient Egypt : Revision Forthcoming : More Fragments of the Turin Canon of Kings (Kinglist, Papyrus) are Discovered in Italy

Evidence, evidence, evidence.

THIS IS SENSATIONAL NEWS for everyone who has an interest in the history of civilization, Ancient Egypt and the chronology of the Ancient Near East, which is based to a large degree on Egyptian chronology, and that in turn is based on a papyrus known as the Turin Canon of Kings.

More fragments of the Turin Canon have been found in Italy, so that the British Museum will now be re-reconstructing an already reconstructed papyrus, and that may give us some very new results about the Pharaonic Dynasties. See New fragments of the Turin King List : Fresh light on the pharaohs by Robyn Gillam, Discovery News, Ancient Tides, and La Stampa, Vittorio Sabadin "I faraoni scomparsi nel buco:Trovati nei sotterranei dell'Egizio di Torino i frammenti mancanti del "Papiro Reale": sovrani sconosciuti e una storia da riscrivere" (see Google Translation into English), Roger Pearse , Muhlberger's Early History, , News from the Valley of the Kings , and Tim - The Egyptians.

I have a special "evidentiary" interest in that papyrus.

As I wrote a number of years ago at LexiLine:
"As some of you know, I have several times recommended the re-study of the Turin Canon by new thermoluminescence methods, since I am sure some of the pieces of this important historical papyrus have been mis-pasted in the reconstruction process. Thermoluminescence would easily determine where the pieces should properly be pasted (by grains on the paper, etc.). My suggestions have fallen on deaf ears in Egyptology, for the ... reason [that] - the object is "too important" to study - it might be damaged.

And so, erroneous conclusions drawn from a - surely - falsely reconstructed document are used to map the chronology of ancient Egypt, for which the Turin Canon is of eminent importance."
We provide our decipherment of columns I and II of the Turin Canon (viz. Turin Papyrus, Turin Kinglist) here, here, here and here. These digress from the erroneous ideas of mainstream Egyptology.

Rossella Lorenzi of Discovery News at Fragments of Ancient Egyptian Papyrus Found writes:
"[S]tored between two sheets of glass in the basement of the Museo Egizio in Turin, the fragments belong to a 3,000-year-old unique document, known as the Turin Kinglist....

Scholars from the British Museum were tipped off to the existence of the additional fragments after reviewing a 1959 analysis of the papyrus by a British archaeologist. In his work, the archaeologist, Alan Gardiner, mentions fragments that were not included in the final reconstruction on display at the museum. After an extensive search, museum researchers found the pieces....

The finding could help more accurately piece together what is considered to be a key item for understanding ancient Egyptian history.

This is one of the most important documents to reconstruct the chronology of Egypt between the 1st and 17th Dynasty," Federico Bottigliengo, Egyptologist at the Turin museum, told Discovery News.

Unlike other lists of kings, it enumerates all rulers, including the minor ones and those considered usurpers. Moreover, it records the length of reigns in years, and in some cases even in months and days....

Some of the finest scholars have worked on the papyrus last century, but disagreement about its reconstruction has remained," Bottigliengo said. "It has been a never-ending puzzle....

We are confident that a new examination with modern scientific techniques will enable a much improved reconstruction to be achieved," Richard Parkinson, curator in the Department of Ancient Egypt and Sudan at the British Museum, told Discovery News."

As written by Robyn Gillam at, in a longer article which provides the most detailed coverage of this development:

"With permission of the Italian government, the Turin Kinglist will travel to British Museum in London, where it will be subjected to advanced techniques that examine not only its content but the state and content of the document itself before being conserved in a way that ensures its more permanent preservation. The incorporation of the unplaced fragments and an overall rearrangement promise to usher in a whole new era in our understanding of Egyptian history and chronology."

This is a great day for the study of Ancient Egypt, because it means that the reconstruction of the Turin Papyrus will finally be corrected by the necessity to fit in the new fragments - which of course will demand that the old reconstruction also be reviewed. I am certain that my decipherment of Columns I and II will be shown to be accurate.

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