So we continue to prop up the housing market, probably because it provides the only positive economic news lately. Is this good for the long-term economy? I dunno, I guess it depends on how talented you are at pretending:

The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.

The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.

But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.

The compensation packages, including up to $6 million each to Fannie Mae and Freddie Mac's chief executives, come amid an ongoing public debate about lavish payments to executives at banks and other financial firms that have received taxpayer aid. But while many firms on Wall Street have repaid the assistance, there is no prospect that Fannie Mae and Freddie Mac will do so.

The administration faced a congressionally mandated deadline of Dec. 31 to increase the amount of aid it could provide to Fannie Mae and Freddie Mac, which together have already received $111 billion in assistance.

Treasury said Thursday that its decision did not mean the firms would need $200 billion or more apiece, but that it instead was seeking to assure markets that the government would stand behind the companies. In a statement, Treasury said the move "should leave no uncertainty about the Treasury's commitment to support these firms as they continue to play a vital role in the housing market during this current crisis."

"There is no nonsense so gross that society will not, at some time, make a doctrine of it and defend it

with every weapon of communal stupidity." - Robertson Davies

Open Thread below...

UPDATE: John Amato: The Giants upset the Packers in an amazing game and go to the SUPERBOWL! Wow...23 below zero with the wind...Jimmy Johnson is a joke.

As if that would be a shock to anyone, but it is worth mentioning. On CNN's In the Money, John Muleta, who is the founder and CEO of M2Z media was talking about the telecom giants trying to block his companies plans of providing free, high-speed, wireless internet to the entire nation.

Download | play Download | play

Muleta has been pushing for this for quite sometime now. He testified before Congress in May, and now his big hurdle is with the FCC. He is also collecting online signatures for his petition to Congress and the FCC, which you can sign here.

The benefits of this plan are great. I know the capitalistic mind always cringes at the word "free", but think of the boost such a service could offer to online retailers.

Another problem also made news this week. The Washington Post published an article talking about Comcast canceling subscribers account for "excessive usage":

Comcast has punished some transgressors by cutting off their Internet service, arguing that excessive downloaders hog Internet capacity and slow down the network for other customers. The company declines to reveal its download limits.

"You have no way of knowing how much is too much," said Sandra Spalletta of Rockville, whose Internet service was suspended in March after Comcast sent her a letter warning that she and her teenage son were using too much bandwidth. They cut back on downloads but were still disconnected. She said the company would not tell her how to monitor their bandwidth use in order to comply with the limits.

"You want to think you can rely on your home Internet service and not wake up one morning to find it turned off," said Spalletta, who filed a complaint with the Montgomery County Office of Cable and Communication Services. "I thought it was unlimited service."

In today's world of streaming media, news like this is very bad. We need better control of our internet, and control that doesn't hurt the consumer. The United States is quickly falling behind in offering quality, high-speed internet to all the nation. Actions like this just put us even further behind.

It's only 356 days until the Iowa Caucus. Just saying.

Democracy NOW!: Bill Moyers: "The greatest challenge to the plantation mentality of the media giants is the innovation and expression made possible by the digital revolution." (H/t Largest Minority). And Shakes has a great vid from Geena Davis on gender and media.

Blah3: The final (?) smackdown for Dinesh D'Souza, but probably not for our favorite linebacker.

Orcinus: Rush and the new racism

HOLY CRAP: Holier than thou Senator Sam Brownback decides the day after announcing that he'll pull his money out of Sudan, a country engaging in genocide—a nation, by the way, that harbored Osama bin Laden! And we won't even mention that thing about the Virgin Mary appearing as an ice pop in a meat freezer in Morton, Texas.

Mike returns to the Round Up tomorrow. Finnsagain AT aol DOT com.

Blue Gal

It's not politics or media, but I do think it says something about our culture and our priorities.

Independent UK:

David Beckham rejected the chance to sign for the Italian giants Milan and Internazionale as well as Marseilles and Lyon in France before he opted yesterday for the best commercial deal at Los Angeles Galaxy and a staggering £128m (US$250M), five-year contract.

[..]Beckham's salary will top the entire current Major League Soccer (MLS) salary package where clubs have to disclose their salaries. In LA Galaxy's budget, their lowest earner is on $11,000 [£5,650] - the equivalent of a couple of hours' work for Beckham.

Is there anybody for whom you could justify a $250 MILLION dollar paycheck? And to play soccer, which while admittedly growing in popularity, is not that big a money-maker in the US?

What is wrong with us that we pay athletes so very much?

The NY Giants play Duncan's Philadelphia Eagles today. They don't have much of a chance winning, but I'll be rooting anyway. Good Luck Duncan...

I've tried to understand what he calls "devoted fandom" because I definitely qualify. I'll have a few words on that later...

Yes, it's started. I'm watching The Giants vs the Colts tonight for sure instead of ABC's hackery...

Update: I'll be taping the ABC movie for sure and reviewing later...

Matt:

In terms of the vote, well, we pretty much expected this, though we weren't sure whether we could keep the Dems unified. They held under intense lobbying pressure from the telecoms. I think it's fair to say that we've reversed the momentum on this issue, turning it from a little noticed 23-8 subcommittee vote in the House on April 5 to today's 11-11 tie in Commerce Committee and clearly what will be a contentious floor fight. There's now a primary challenger against Al Wynn in MD-04, Donna Edwards, and the Verizon/AT&T/Comcast/Cox giants are in the process of turning their brand names into Walmart level territory.

mcjoan has a good post also

I love what the NY "football" Giants have done so far. Ernie Acorsi always trades in the draft and picks another defensive end who was not thought to go this high in Mathias Kiwanuka. He picked Michael Strahan with a second round pick and Osi Umenyiora with a third round pick, both are pro bowlers. He has a great feel for defensive ends. Ernie then traded to get the speedster Sinorice Moss, as a new wide receiver in the third round.

Being a Football draft junkie, a book to grab is the "Complete Pro Football Draft Encyclopedia 2006": Best Picks, Biggest Busts All 70 Years of the NFL Draft (Complete Pro Football Draft Encyclopedia) (Paperback)

Giants vs Carolina is the game I'll be watching now. Will Eli wilt under the pressure of his first playoff game? The Steelers vs The Bengals should be a great game too. Congrats to Larry Johnson's Redskins.

Eli choked and so did the defense.