Update: Great fanmade vid by smvgrey74 of the coming S3 Eric-Sookie-Bill triangle! Three months til it’s back-June!!
As any Gen X-er can tell you, you gotta be really careful with the Tall Man…he comes back….
Volcker is back under the bus (for now). As we noted here last November, Jamie Dimon among others killed the return of Glass Steagall once already (and I am in no position to challenge Jamie’s call on this, the CDS issue is much more problematic IMO, THAT is where they take the proprietary info and make bets against their clients IMO)…
After the EPIC FAIL in Massachusetts, Obama dragged Volcker out of the closet they were keeping him in and tried to look ‘tough’ on bankstas….that is of course short lived since Jamie and Blankfein funded Obama’s campaign….now the WH has rolled over and showed its belly to the bankstas for some more scratches….hard to have sympathy for Volcker, he is one of the fools who backed Obama early and made him look moderate as a result.
Charlie Gasparino has it at DailyBeast:
Barack Obama owes Paul Volcker a lot, but he apparently owes the fat cats on Wall Street even more. That’s the only reasonable conclusion that can be made from the president’s timely and, in some ways, bizarre about-face on the former Fed chairman’s plans to reform the financial industry and prevent another meltdown.
As first reported by the New York Post, Volcker’s bank-reform idea—the one trotted out by the president with Volcker standing at his side just hours after Republican Scott Brown won Teddy Kennedy’s seat and vowed to help crush Obama’s economic agenda—has been nixed in favor of a watered-down version that bank chiefs like J.P. Morgan CEO Jamie Dimon and other Obama supporters on Wall Street are advocating.
…Sources tell me a coalition of Wall Street heavyweights from Dimon to people like Larry Fink, the head of money-management powerhouse BlackRock—Obama supporters all—made their opposition to the plan well-known to the administration. The message was clear: Wall Street, which helped elect Barack Obama with an unprecedented support for a Democratic presidential candidate (Goldman Sachs was the second largest contributor to the president’s campaign), was ready to start backing the opposition of the so-called Volcker Rule….
Update: As if to PROVE that he is indeed TOTALLY DISCONNECTED from the public perception, the chyron on CNBC now says Obama will appoint SEIU head ANDY STERN to the deficit reduction panel today!!! BWAAAAHAA!! UNION PENSION BAILOUT ANYONE? BWAAAAHAAA!!! Way to make it a total joke Obama!
If the Democratic leadership uses reconciliation I hope they are prepared for not only the backlash from voters, but for the future of the political system, since Dems will wind up in the wilderness for GENERATIONS….they will come after taxes next and not a voter in America will fail to connect them ramming through healthcare and higher taxes….GENERATIONS IN THE WILDERNESS for the party…..
@amandacarpenter Gallup poll finds Americans oppose reconciliation to pass health care 52% to 39%. 2/25 4:57 P.M. -
(PS if they use reconciliation and dont put in the Public Option their liberal base will be pixxed as all get out too! Double whammy, and IMO only Obama’s huge ego is still making this an issue. Move On, heh)
Courtesy of Fox:
All-star panel on whether the White House is secretly plotting a 2012 campaign; will native Hawaiians get sovereignty?
The Obama Kabuki begins at 10:00am EST. FoxBiz will cover all 6 hours. Youtube is livestreaming it here.
Footage leaked of Reid, Schumer and Obama practicing their delivery:
My view is this is a BS facade to justify ramming ahead under reconciliation. The WH apparently wouldn’t listen to Rahm and do a slimmed down bill.
Clearly Obama’s massive ego can’t take the hit so instead they will ignore the people’s wishes and attempt to do something that EVERYONE acknowledges will add massive amounts to our debt.
WE CANNOT AFFORD THIS RIGHT NOW..
Mikado mashup by GanitsoGoloso
Update: Sen Jon Kyl R Whip- AZ discusses the ‘summit’ and the reconciliation move on Hannity’s radio show, Kyl is attending the Summit:
Update: Maxine Waters D-CA shows the dangers of political influence on the Fed; Market Mover Wednesday: Ben on the Hill
Update: Maxine Waters D-CA, perfectly demonstrated the dangers of the political pressure and influence on the Federal Reserve. Rep. Waters thought the .25 increase in the Discount rate was like the raising of the Fed Funds Rate and would move the yield curve and mortgage rates. Her reaction tells you what will happen when the Fed finally DOES tighten. Imagine what the Critters will do when the Fed tries to sell the MBS it bought@ Fuggedaboudit@ She has Gentle Ben promising not to tighten for an ‘extended period’. If I had any way to bet the Fed wouldnt move for far too long I would…Gawd save us from the inflation…
10:15 am EST: Ben just began his opening remarks to the Financial Services Cmte. The Fed is predicting UE to drop to 6% in…wait for it…2012….consumer prices expected to rise 1-2% from 2010-2012….they still do not believe we can have inflation with declining wages….
I think this cycle will prove them wrong, of course when I buy food and gas no one asks me for the ‘core’ rate, they ask me for more of my money
…in other news new home sales dropped 11% in January…
Courtesy of jramanzini
The video of the interview we covered here. Everyone can see reality except the Democratic leadership. BUY A CLUE CRITTERS! No means No!