Okay Ben is under attack, and like it or not, with him the independence of the Federal Reserve. These emails were leaked to CNBC by Congressional Investigators.
Insight on the emails leading up to the Bank of America-Merrill deal, with CNBC’s Scott Cohn; Joe diGenova, diGenova & Toensing; and CNBC’s Rick Santelli, Charlie Gasparino & Larry Kudlow.
Team TOTUS would like nothing better than to get Larry Summers in there in 2010, and Congress is lending a helping hand, issuing subpoenas and scheduling hearings, taking testimony from Ken Lewis. AG Cuomo was all over this commensurate with his role as NY AG in training to be Governor…this is going nowhere good…
MAC was going to make health benefits taxable AND give us ALL a 4k tax credit to pay for them, these guys not so much….This will hopefully be the only time I am forced to put MSNBC’s Ed Schultz’ mug on this blog….from the NRCC:
Oil up around $72….Drill baby drill!
Rep. Thaddeus McCotter R-MI on CSPAN with House Leadership
As predicted we are at that 4.00% that Bill Gross wants to lure investors to buy Treasurys, but it will of course kill housing recovery…
…US Treasury prices fell on Wednesday, sending benchmark yields to eight-month highs, after an auction of 10-year notes heightened concerns about the cost of financing the burgeoning U.S. budget deficit.
…The main downside was that the high yield at the auction was above market expectations. This “tail,” as it is known in the market, showed investors wanted the government to pay apremium to get the bonds sold and tipped the balance for a negative interpretation of the sale.
The Treasury said it sold $19 billion in 10-year notes at a high yield of 3.99 percent, the highest of the year….
And PS the Federal Reserve lost LARGE on its investments in Bear Sterns and AIG, gee whoudathunk?
The Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year’s bailouts of Bear Stearns and insurer American International Group, according to a report issued Wednesday.
The loss on the holdings, which include mortgage-backed securities, reflected a decline in their value as the recession carried over into the first three months of this year. The cumulative loss on the Bear and AIG holdings come to $16.46 billion since they were taken over last year.The Fed is hoping that if it holds onto the securities long enough, they will eventually rise in value once the economy returns to full health again, the housing market heals and the financial and credit crises are past…
I agree with Rick Santelli, again, who said today Bernanke should raise the Fed Funds Rate to .25 from 0, two fold purpose, send clear message to markets and bond vigilantes that the Fed will tighten as needed, AND, it will make TOTUS think twice before replacing him with Summers, as it will be even more clear at that point it is political interference with the INDEPENDENT Fed….
Whether now is the time to fear inflation with the dollar weakening and commodities and rates rising, with Eric Thorne, Bryn Mawr Trust Wealth Management; Stephen Moore, Wall Street Journal Editorial Board and CNBC’s Rick Santelli.
Will post that video shortly.… here it is
DOW down 76 to 8687
S & P down 9 to 933
NAS down 22 to 1837
‘City Car’ – TATA Motors Nano: “looks like the bastard offspring of a one night stand between the Prius and a Ford Aerostar”…
BWAAAAHAAAA!! Gawd I love that line and had to do a post just to share it :0)
Video Courtesy of autocar:
From David Colborne’s Nano review at CarLust:
…But wait – it gets better. As numerous news outlets are pointing out, Tata is planning on bringing this little bastion of affordable motoring to the United States. Naturally, this begs the question–will it follow the path laid down by the VW Beetle, burrowing a place into our automotive hearts, or will it simply rust out of our consciousness like the Citroen 2CV?
To help us answer that question, let’s run through the specs:
- 2 cylinder, 33 horsepower engine
- 4 speed manual transmission
- 0-43 mph in 14 seconds
- Top speed of 75 miles per hour
- 47 miles per gallon
- Drum brakes all around
- Seats four
Nano ‘luxury’ model, with air conditioning!
>But guess what? Someone has already made a ‘car’ smaller and cheaper than the Nano:
the only small car I liked was Laura Holt’s convertible Rabbit on Remington Steele., nifty Cabriolet ….but that was a German engineered car (and I think they still had electrical problems)…..not a Pelosi engineered shxtbox or cheap collapsible SUBcompact like the Nano…imo… …not for use with NYC cab drivers in the vicinity thats a fer shure
Courtesy of calayo29
More after the break..
Courtesy of NiceDeb, see her site for the remainder of Rush’s show…
Get ready for Carter, TOTUS is doing everything that man dreamed of…
Update: Art Laffer in the WSJ today agrees:
…Here we stand more than a year into a grave economic crisis with a projected budget deficit of 13% of GDP. That’s more than twice the size of the next largest deficit since World War II. And this projected deficit is the culmination of a year when the federal government, at taxpayers’ expense, acquired enormous stakes in the banking, auto, mortgage, health-care and insurance industries.
With the crisis, the ill-conceived government reactions, and the ensuing economic downturn, the unfunded liabilities of federal programs — such as Social Security, civil-service and military pensions, the Pension Benefit Guarantee Corporation, Medicare and Medicaid — are over the $100 trillion mark. With U.S. GDP and federal tax receipts at about $14 trillion and $2.4 trillion respectively, such a debt all but guarantees higher interest rates, massive tax increases, and partial default on government promises.
But as bad as the fiscal picture is, panic-driven monetary policies portend to have even more dire consequences. We can expect rapidly rising prices and much, much higher interest rates over the next four or five years, and a concomitant deleterious impact on output and employment not unlike the late 1970s….
The 10 yr auction should be eeenteresting….
Bond Vigilantes on the march or inflation from the excess liquidity? Is it a dollar play, a safety play?
Oil traders are pricing in a recovery HA HA HA..
as MiM predicted, ANY data that shows ANYthing NEAR a recovery has commodities ready to ROAR
We have a tiger by the tail here folks…..Mark Kirk really has a handle on the economic issues, GOLD baby GOLD…
The traders are loony now, DOW futures are up 90, Pfft, if this is a recovery where are the PRIVATE SECTOR JOBS? yes it is a lagging indicator but housing and jobs are the two prerequisites for an American economci recovery and neither of those customers have checked in for business in the USA…..
So Dream On traders, all you are doing pushing oil up is exciting Pelosi, but I still dont see Americans willing to buy those little cars AND the only people who would, the YOUTS, cannot find work…..yeah this Bear is still calling it a fools game….no recovery here, move along, move along….
Created by phuongdot6