courtesy pennyfeline and larsfarm77
DOW up 245 now to 7360..CNBC: Tony Crescenzi, Chief Bond Strategist of Miller Tabak thinks it is Bernanke’s leadership and testimony indicating he believes the banks will not fail post stress test as they will get capital they need and recover…thanks to GOP Sen Bob Corker Tenn for asking the questions!!!
Analysts torn between technical correction/dead cat bounce and the idea of Bernanke’s words of wisdom..
Trade em while you can…Cramer said sell at 10,000 and he is still down on the markets..(and so are we at MiM)
Bernanke predicted little inflation for the foreseeable future so GOLD is down (MiM is buying it on the dip :0))
Hey Bernanke, the FED hit snooze instead of putting out that ‘neighbors fire’ and now my house is burned too!
Fed Chief Ben Bernanke used an analogy to justify President Obama’s housing plan even if it does promote “moral hazard” and reward people for poor behavior. He compared it with a neighbor whose house is on fire because he was smoking in bed.
Yes, smoking in bed is wrong, but you need to put out the fire, because if you don’t the whole neighborhood may go because the fire will spread.
I take issue with that analogy and so does a viewer, Kevin in Wilmington, Mass., who sent us this e-mail:
Problem: My neighbor was smoking in bed, his house did burn down, and half of my house was destroyed with it. The Fire Department hit the snooze button on the fire alarm several times, showed up late (house was fully engulfed and ready to collapse) and, had a squirt gun to fight the fire.
Courtesy of RightOrg
Taxpayers Clearing House Prize Patrol delivers large checks to Citibank and Amtrak, gets them signed by Sen. Snow, Sen. Schumer, confronts Tim Geithner with wads of cash and delivers invoices to taxpayers.
should be a mix somewhere between:
OH HOW I WISH IT WERE THIS:
View the full speech here: http://millercenter.org/scripps/archi…
President Clinton gives his first address before a joint session of Congress. He gives the economy his primary focus. He advocates for an emphasis on investment rather than consumption as well as a reduction in the federal deficit, government inefficiency, and government spending.
February 17th, 1993
MessiahNBC talks to a housing expert about the Obama Plan:
MSNBC talks to real estate analyst Danielle Babb about who President Barack Obama’s foreclosure prevention plan will and won’t help. Babb discusses the growing outrage among taxpayers who will be paying for the foreclosure plan and explains that the plan won’t provide enough funding for every homeowner who is underwater on his or her mortgage. But, Babb said, declining prices have let to a recent increase in home sales.
Today’s economic crisis impacts all Americans, not just those who are behind on their mortgages. Everyone shares concerns over health care, job loss, and the decimation of their retirement savings. All Americans have made sacrifices over the past year. The American taxpayer is already on the hook for mismanaged banks, incompetently run auto companies and extravagent stimulus packages. We don’t need the additional burden of paying for our neighbor’s mortgage. The bottom line – we believe that being current on one’s mortgage should not be grounds for being put at a financial disadvantage.
The 92 Percent Group is committed to the preservation of free-market economics in the United States, specifically in relation to the Obama Administration’s Homeowner Affordability and Stability Plan. We believe this plan is unjust to the vast majority of American taxpayers; in particular to the 92 percent of homeowners who are current on their mortgages.
Bernanke Testifying to Senate Banking Committee
Bernanke prepared remarks just released:
Long term FED projections suggest full economic recovery 2-3 years out
Overall and core inflation expected to remain low for next 2 years
Downside risks to economy outweigh upside risks
Concerned effect of global slowdown could affect US more than currently expected
Strong government action essential to break ‘adverse feedback loop’ (of global slowdown)
If govt actions restore financial stability, recession could end in 09 with recovery in 2010 (MiM here HUGE if there eh?)
housing and bank plans should stabilize markets and restore confidence
Fed is committed to additional transparency of its balance sheet (MiM again, yeah now that the FOIA lawsuits were won by the media heh)
Fed is committed to using all available tools to stimulate economy
Unemployment and deterioration of financial markets have accelerated rapidly
the Fed remains busy behind the scenes and is counting on two massive programs to help spur consumer lending and stir some revival in the depressed housing market.
In one of these, the central bank has begun buying up to $600 billion worth of debt and mortgage securities backed by government-related mortgage finance providers, a program that has helped drive down mortgage costs.
In the other, the Fed is poised to throw a life-line to consumers with an initiative aimed at making it easier to get loans for homes, cars and on credit cards that could be up and running within a couple weeks.
Originally envisioned to provide $200 billion dollars to support lending, the Fed and Treasury said on Feb. 10 that they were ramping up the program to as much as $1 trillion, with the Treasury agreeing to put up $100 billion to protect the central bank from potential losses.
Fed officials acknowledged at their policy-setting meeting at the end of January that the economy was likely to shrink this year and that unemployment would rise to near 9 percent…Offering a particularly downbeat assessment, officials said they saw no signs of stabilization in the housing market and warned any recovery would be unusually gradual and prolonged.