A Laissez Faire-y Tale



Libertarianismand deregulation successfully trashed the US economy. Americans lost theirsavings, their homes, and their jobs in record numbers unprecedented since theGreat Depression. Former Federal Reserve Chairman Alan Greenspan’s libertarianphilosophy that markets know best is responsible for the U.S. financial crisisthat erupted at the end of George W. Bush’s presidency. Greenspan’s acolytes – TreasurySecretaries Robert Rubin, Larry Summers, and Timothy Geithner – also bearresponsibility for the existing international economic debacle. And it allbegan with Ayn Rand.

Rand immigratedto the United States from Russia in 1926, the year Alan Greenspan was born. Thecelebrated fiction author of the novels TheFountainhead (1943) and AtlasShrugged (1957), Rand championed libertarianism. She famously told MikeWallace in a 1959 CBStelevision interview that she believed in “the separation of state andeconomics.” She opposed all regulations of markets. Greenspan became her pupiland she was present when he was sworn in as President Gerald Ford’s chiefeconomic advisor. That she came from an oppressive government regime likelyexplains her extremist laissez-faireattitude – something that Republicans love.

By the timeRand became a Hollywood screenwriter, President Franklin Roosevelt signed theBanking Act of 1933 (Glass–SteagallAct). This New Deal legislation established the Federal Deposit InsuranceCorporation (FDIC) and introduced banking reforms to control speculation. Followingan era of corruption, financial manipulation and "insider trading"resulted in more than 5,000 bank failures following the 1929 Wall Street crash. The Glass–Steagall Act also allowed theFederal Reserve to regulate interest rates in savings accounts.

Deregulation fevertook hold in 1980 with the enactment of the Depository InstitutionsDeregulation and Monetary Control Act (DIDMCA) that gave the Federal Reservegreater control over non-member banks. Among other things DIDMCA allowed banksto merge, forced all banks to abide by the Fed's rules, and removed the powersof the Fed under the Glass–Steagall Act to set the interest rates of savingsaccounts. Ronald Reagan became president that year, famously saying thatgovernment was not the solution to the country’s problems, “government is theproblem.”

The AlternativeMortgage Transactions Parity Act of 1982 (AMTPA) removed regulations that barredbanks from making anything but the conventional fixed-rate loans. That gavebirth to the kind of mortgages that put borrowers in default situations; Adjustable-Ratemortgages (ARM), Balloon-payment mortgages, and Interest-only mortgages crushedborrowers. The option-ARM allowed borrowers to underpay by as much as they wantduring the first few years of the loan so that the unpaid monthly interest gottacked onto the size of the loan.

A $300,000mortgage could become a $350,000 loan. Homeowners could find themselves out ofequity, upside down, and into default.

As for AlanGreenspan, he continued to build upon his libertarian Wall Street-friendlyinfluence in Washington. On August 11, 1987, the Senate confirmed Greenspan as PresidentReagan’s nominee for chairman of the Federal Reserve. Paradoxically, the AynRand influenced, anti-regulation, free-market economist Greenspan became theultimate regulator as the head of the central bank. Two months later, on October19, the Dow Industrials' plunged 508-points and the New York Stock Exchange crashed.

But as adisciple of Ayn Rand, Greenspanpresumed that “the self-interests of organizations, specificallybanks and others, were such as that they were best capable of protecting theirown shareholders and their equity in the firms,” as he testified beforeCongress. He sought and attracted fellow believers in free-marketeering whogrew in their influence and power during the Clinton administration. Greenspan’sinner circle included Wall Street financier Robert Rubin, Harvard economistLarry Summers, and the Treasury Department’s Timothy Geithner. Each of thembecame Secretary of the Treasury.

The so-calledgo-go ‘90s seemed to confirm Greenspan’s hands-off approach to regulation. Butas a result the financial world suffered a fiscal heart attackin 1998.  

Long TermCapital Management (LTCM) started to meltdown. The secretive computer modeldriven firm made huge leveraged bets on various forms of arbitrage, inparticular securities called over the counter derivatives. Derivatives made upan unregulated $27 trillion dollar international market. Unfortunately, LTCM’s proprietarycomputer models failed when a financial crisis in Russia fractured their virtualfinancial world and crashed those models. It took a private bailout, overseenby the Federal Reserve, to prevent systemic financial catastrophe.

Congresssummoned Fed chairman Greenspan. He again assured them that markets know best.He told them that he knew of no regulations that could prevent people “frommaking dumb mistakes.” So despite the systemic meltdown, Congress took noregulatory action. The following year Congress sent President Clinton the FinancialServices Modernization Act of 1999 (Gramm–Leach–BlileyAct) which he signed. The Gramm–Leach–Bliley Act allowed commercial banks,investment banks, securities firms, and insurance companies to consolidate.

From 1999 to2008 the grateful financial industry spent $2.7 billion on lobbying, whileindividuals and committees affiliated with it made more than $1 billion incampaign contributions. During this time, the banking industry hid its use of off-balance-sheetderivatives and its excessive use of leverage. That created a shadowbanking system  in which the banksrelied heavily on short-term debt. The lobby got what it wanted and Greenspan gotthe praise. However, Greenspan's apparentsuccesses in managing the economy from 1987 to 2006 are a façade. Thatmanagement created the largest credit bubble in world history.

PresidentGeorge W. Bush awarded the Presidential Medal of Freedom to Alan Greenspanafter his 18 years at the Federal Reserve In 2005. Hailed as a financialwizard, Greenspan retired in 2006. Dr. Ben Bernanke, a Princeton University EconomicsProfessor, succeeded him. Goldman Sachs Chairman and CEO Henry M. Paulsonbecame Treasury Secretary. Greenspan’s protégé Timothy Geithner served as theCEO of the Federal Reserve Bank of New York. The U.S. housing bubble continuedto swell.  

In 2008 asystemic failure like the LTCM meltdown a decade earlier hit the Wall Street.The investment house Bear Stearns began to meltdown. It imperiled the interconnectedglobal financial market, largely because of derivatives that had been created withtoxic mortgage backed securities. Federal intervention in the form of a loan toJ.P. Morgan Chase as an intermediary allowed Bear to be bailed out, but it didnot solve the underlying problems such as secrecy, avarice, and fraud.

Next, the epidemicmortgage crisis forced the Treasury to nationalize Fannie Mae and Freddie Mac,putting each of the mortgage giants into conservatorship. Secretary Paulsonsaid that "that conservatorship was the only form in which I would committaxpayer money to the GSEs [Government Sponsored Entities]."  The Treasury committed to invest up to $200billion to keep the GSEs solvent.

Wall Street’sLehman Brothers faced bankruptcy next. Secretary Paulson decided to teach WallStreet a lesson. He told Lehman management that the government would not stepin. Lehman needed a buyer but found none. Forced into bankruptcy, thegovernment allowed Lehman to fail. With that, the systemic risk plunged Irelandinto trouble. The Bank of England had to start bailing out banks. Iceland wentbankrupt. China faced 0% growth. At home U.S. banks stopped lending. The worldfinancial system began to meltdown.

Then one ofthe world's biggest insurers, American International Group (AIG), fell victimto the mortgage backed security crisis. This time, however, the governmentdecided AIG truly was too big to failand seized control. The $85 billion deal demonstrated the government’s extremeconcerns about the danger of what such a collapse could pose to the financialsystem.

SecretaryPaulson and Fed Chairman Bernanke called congressional leaders to NancyPelosi’s office and bluntly requested $700 billion dollars to save the USeconomy. At first rejected by the House, the Emergency Economic StabilizationAct of 2008 was signed into law by U.S. President George W. Bush on October 3.It created the Troubled Asset Relief Program (TARP) which allowed the UnitedStates government to purchase assets and equity from financial institutions.  

To solve thelending crisis, Secretary Paulson summoned 9 of the largest banks’ CEOs to theTreasury. He forced them to accept capital injections that made the UnitedStates a stockholder. To prevent the failure of Wall Street’s Merrill Lynch,Paulson arranged its buyout by Charlotte based Bank of America. Under TARP somebanksgot bailed out. Other banks were seized by the FDIC and placed intoconservatorship until they could be purchased.

In retrospect,many analysts and economists now blame weak Fed policies for the 2006–2008 housingcrash, the Wall Street financial crisis, and resultingrecession. Failing to take action to stem the bubble in housing prices,inadequate oversight of financial firms, and keeping interest rates low for anextended period are major contributors.

AlanGreenspan now says, "I made a mistake in presuming that the self-interestsof organizations, specifically banks and others, were such as that they werebest capable of protecting their own shareholders and their equity in the firms."He testified to congress that he “found a flaw.” Greenspan said the crisis hadshaken his very understanding of how markets work. He also agreed that despitehis former opposition to it, financial derivativesshould be regulated.

The Ayn Rand-inspiredlaissez faire libertarianism that Greenspan and his fellow US financialregulators practiced not only failed on a colossal level but led to phenomenalgovernment interventionism. Deregulation and the absence of regulating allowedfor massive investment fraud hidden in an opaque and secretive internationalmonetary system. It also concentrated Wall Street firms and U.S. banking, whichwill continue to pour money into opposing past and future regulations. Rand’sphilosophy emanated from a world coming into the 20th century. It failedthe world coming into the 21st.  




 Originallypublished as ALaissez Faire-y Tale on Blogcritics.

Zimbio's Ridiculously Early Oscar Predictions for 2013

(Getty Images, Pacific Coast News)

With the 2012 Oscar nominations announced Tuesday, all the fun of predicting who will be nominated has disappeared. So with that mind it's NEVER too early to look ahead to 2013 when we'll have a whole new crop of movies to pore through and analyze.

Of course, it's ludicrous to prognosticate awards winners when one hasn't even seen any of the movies, but with the help of a little friend called the Internet, there is plenty of information about the coming year's films to make some guesses.

Best Picture
The Dark Knight Rises
The Hobbit: An Unexpected Journey
Lincoln
Moonrise Kingdom
Les Miserables
Gravity
The Master
Django Unchained
Great Expectations

Anna Karenina

  • Steven Spielberg's Lincoln seems to be a virtual lock for Oscar night 2013. He has the source material (Doris Kearns Goodwin's book, Team of Rivals) and talented cast the Academy tends to love. Biopics are always held in high regard and when they're done right, Oscar usually comes calling. Peter Jackson's Lord of the Rings prequel, The Hobbit: An Unexpected Journey is the first of a two part adaptation of J.R.R. Tolkein's novel. An Unexpected Journey is expected to be as well done as The Lord of the Rings and that spells a Best Picture Christian Bale on The Dark Knight Rises set. nomination. Christopher Nolan's final Batman film, The Dark Knight Rises, is almost guaranteed to be the top-grossing film of 2013, but will the Academy like it? Probably. Paul Thomas Anderson and Wes Anderson's films are always great and The Master and Moonrise Kingdom will be no exceptions. Quentin Tarantino's Django Unchained has the year's most impressive cast. He never makes a movie that's not worth seeing.

Best Director
Steven Spielberg - Lincoln
Christopher Nolan - The Dark Knight Rises
Tom Hooper - Les Miserables
Alfonso Cuaron - Gravity
Paul Thomas Anderson - The Master

  • The King's Speech director Hooper has another awards darling for 2012 in Les Miserables. Nolan deserves some recognition for his Batman franchise and the Academy has been known to reward final films in a series (see: Lord of the Rings). Cuaron will, hopefully, be the first-time nominee the Academy tends to look for. His Children of Men was one of the best films of 2006 and Gravity is a sci-fi thriller which is set in outer space. Cuaron is an exceptional talent and the setting may bring the best out in him. Spielberg would have to go overboard on sap to screw up Lincoln, and Nolan and Anderson are just two of the best, so chances are, their films will be critically acclaimed.

Leonardo+DiCaprio in Leonardo DiCaprio on Set for 'Gatsby'
Leonardo DiCaprio and the cast of Baz Luhrmann's 'The Great Gatsby' film driving scenes on location. (Bauer Griffin)Best Actor
Daniel Day-Lewis - Lincoln
Adrien Brody - Detachment
Leonardo DiCaprio - The Great Gatsby
Michael Douglas - Liberace
John Hawkes - The Surrogate

Other likely contenders: Philip Seymour-Hoffman - The Master, Brad Pitt - Cogan's Trade, Hugh Jackman - Les Miserables, Johnny Depp - Dark Shadows, Bill Murray - Hyde Park on Hudson, Jamie Foxx - Django Unchained

  • Day-Lewis is simply the finest living actor in my humble opinion and his role as Abraham Lincoln is built for Oscar night. He is the front-runner today and probably a year from today. This is a strong field, as always, and even looking at it this early, one can see some of the usual suspects emerging. DiCaprio as the iconic Gatsby seems like easy Oscar bait, ditto for Douglas as the famous pianist Liberace (assuming the film is released in 2012). Word out of Sundance is Hawkes' performance in The Surrogate is Oscar-worthy and one need only watch the trailer for Brody's Detachment to see his performance has serious legs.


Actors John Hawkes, Helen Hunt and William H. Macy pose for a portrait during the 2012 Sundance Film Festival at the Getty Images Portrait Studio at T-Mobile Village at the Lift on January 23, 2012 in Park City, Utah. (Getty Images)Best Actress
Keira Knightley - Anna Karenina
Helen Hunt - The Surrogate
Uma Thurman - Savages
Viola Davis - Won't Back Down
Sandra Bullock - Gravity

Other likely contenders: Meryl Streep - Great Hope Springs, Laura Linney - Hyde Park on Hudson, Julianne Moore - What Maisie Knew, Amanda Seyfried - Lovelace, Rachel McAdams - Untitled Terence Malick Project
  • No first-time nominees here but obviously, other contenders will emerge. Knightley will portray the title role in Anna Karenina and will probably garner serious consideration. Karenina is one of the greatest novels ever written so there are high hopes for the adaptation. Bullock is, reportedly, in nearly every shot of Gravity and this is a surprising project for her, so again: off-type equals critics' love. Plus, The Academy loves her, awarding her Best Actress in 2010 for a completely pedestrian role in The Blind Side, a terrible film.

Best Supporting Actor
Tobey Maguire - The Great Gatsby
Tommy Lee Jones - Lincoln
Tom Hardy - The Dark Knight Rises
Alexander Skarsgard - What Maisie Knew
Leonardo DiCaprio - Django Unchained

Best Supporting Actress
Amanda Seyfried - Les Miserables
Carey Mulligan - The Great Gatsby
Tilda Swinton - Moonrise Kingdom
Helena Bonham Carter - Great Expectations
Sally Field - Lincoln

The supporting categories are anyone's guess as of now so I just made educated assumptions based on the projects of each prospective candidate. Some of these may even be leading performances, but nevertheless. Here's hoping Hardy gets some serious love a la Heath Ledger for his Batman villain, Bane. Gatsby and Lincoln figure to be fire-hosing Oscar candidates so I'm guessing an actor from each film will be nominated here. DiCaprio likely won't be nominated in two categories so we're hedging our bets, but Django will be his first film as a villain. Field has the female lead in Lincoln and is always good in period dramas. Lastly, Swinton, who is always amazing, gets a chance to shine in a Wes Anderson film, something she was born for.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.

 Sandra Bullock Actors Tom Hanks, Thomas Thorn, and Sandra Bullock attend the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actors Tom Hanks, Thomas Horn, and Sandra Bullock attend the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actors Tom Hanks, Thomas Horn, and Sandra Bullock attend the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock (L-R)  Director Stephen Daldry, President of worldwide marketing for Warner Bros. Sue Kroll, actor Tom Hanks, actor Thomas Horn, actress Sandra Bullock, actor Max Von Sydow, actress Viola Davis, and actor Jeffrey Wright attend the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock (L-R)  Director Stephen Daldry, President of worldwide marketing for Warner Bros. Sue Kroll, actor Tom Hanks, actor Thomas Horn, actress Sandra Bullock, actor Max Von Sydow, actress Viola Davis, and actor Jeffrey Wright attend the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actors Tom Hanks, Thomas Horn, and Sandra Bullock attend the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actors Tom Hanks, Thomas Horn, and Sandra Bullock attend the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.
 Sandra Bullock Actress Sandra Bullock attends the "Extremely Loud & Incredibly Close" New York premiere at the Ziegfeld Theater on December 15, 2011 in New York City.

 Sandra Bullock - Red Carpet at the Premiere of 'Extremely Loud and Incredibly Close'
 Sandra Bullock - Red Carpet at the Premiere of 'Extremely Loud and Incredibly Close'
 Sandra Bullock - Red Carpet at the Premiere of 'Extremely Loud and Incredibly Close'
 Sandra Bullock - Red Carpet at the Premiere of 'Extremely Loud and Incredibly Close'

Quiz: Which Reality TV Show Stereotype Are You?

Christian Siriano (Getty), Jake Pavelka and Vienne Girardi (PacificCoastNews.com), and Heidi Montag (PacificCoastNews.com) No time to take this quiz. Too busy scheming. (CBS) Remember when The Real World hit the airwaves and introduced us to this brand new television phenomenon called reality TV? Nowadays it seems like every other show on television is some kind of reality show (no matter how fabricated that "reality" actually is).

But even though the reality programs are multiplying like gremlins, we always seem to see the same types of personalities competing for roses, million dollar prizes, and recording contracts. That's why we've created this handy dandy flowchart to help you determine which reality TV stereotype best fits your own personality. Because when the cameras start rolling, it's best to know which part you're meant to play.






Heidi Montag FILE PHOTO dated Saturday February 13 2010. **EXCLUSIVE** Heidi Montag and husband Spencer Pratt board a private jet to head off to the bright lights of Las Vegas. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Tuesday June 1, 2010. **EXCLUSIVE** After splitting with Spencer, a heartbroken Heidi Montag is seen having a girls day out with her new roommate Jen Bunney at a park in Malibu. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Tuesday June 1, 2010. **EXCLUSIVE** After splitting with Spencer, a heartbroken Heidi Montag is seen having a girls day out with her new roommate Jen Bunney at a park in Malibu. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Saturday January 23 2010. **EXCLUSIVE** A radiant looking Heidi Montag appears to be in great spirits, as she is seen practicing yoga with her instructor outdoors. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Saturday January 23 2010. **EXCLUSIVE** A radiant looking Heidi Montag appears to be in great spirits, as she is seen practicing yoga with her instructor outdoors. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Saturday January 23 2010. **EXCLUSIVE** A radiant looking Heidi Montag appears to be in great spirits, as she is seen practicing yoga with her instructor outdoors. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Saturday January 23 2010. **EXCLUSIVE** A radiant looking Heidi Montag appears to be in great spirits, as she is seen practicing yoga with her instructor outdoors. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Saturday January 23 2010. **EXCLUSIVE** A radiant looking Heidi Montag appears to be in great spirits, as she is seen practicing yoga with her instructor outdoors. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.


Heidi Montag Heidi Montag appears on the cover of the American magazine 'Life and Style Weekly'. Heidi, who famously underwent 12 plastic surgery procedures, is allegedly desperate to go back under the knife in order to have her size G breast implants.

Heidi Montag FILE PHOTO dated Saturday February 13 2010. **EXCLUSIVE** Spencer Pratt treats wife Heidi Montag to a romantic suite in the Ceasar's Palace resort, decorated by Frederick's of Hollywood, to celebrate Valentine's Day. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag FILE PHOTO dated Monday January 18 2010. **EXCLUSIVE** The first post-surgery pictures of Heidi Montag at her secret Los Angeles hideaway after she underwent ten cosmetic procedures in one day. According to media reports, Heidi wants to go under the knife yet again although this time to remove the G size breast implants she had put in last year. Heidi told an American Magazine, "I'm downgrading and going a little smaller, to a D or double D." Nine months after having her last procedure, Heidi says that she is still in pain and that her body hasn't gotten used to her new form. Montag is allegedly searching for a doctor in South America after a car accident killed her previous doctor, Dr. Frank Ryan.

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"

Heidi Montag - Heidi and Spencer Pratt Outside the Hollywood studios of "Jimmy Kimmel Live!"