Terminator Salvation Trailer…

Watch it before it’s gone:

The studio has put up the official trailer up on Apple.

View it here

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December 9, 2008. Tags: , , , . Entertainment, Fantasy, Film, Popular Culture, Sci Fi. Comments off.

Market Update: DOW closes down 242…Treasuries race to ‘Less Than Zero”

Closing Bell is ringing, DOW down 242 to 8691; NAS down 24 to 1547; S&P down 20 to 889.

The Treasury Auction today was a real wake up call to some would-be bulls who called a bottom on November 20th. Yielding zero, yes 0.00( and keep going for an integer as Rick Santelli said). Can you say, Less Than Zero?

See the Chief (Rick Santelli) here

The safety/fear trade is Alive and Kickin’…

From CNBC:

…Investors fearful of deflation and riskier assets scrambled to hand over cash to the U.S. Treasury in return for no interest at an auction Tuesday, while some T-bill rates fell below zero in the market.

Pressures on fund managers to stock up on the safest possible assets in advance of year-end book-balancing added to the bid for government securities, traders said.

The U.S. Treasury Department said it sold four-week bills at a high rate of 0.000 percent, a level never before seen, in a $30 billion auction…

Does it help that WSJ is reporting that tomorrow the oversight apparatus for the TARP is going to release a report critical of Treasury’s handling of the matter, just in time for a House hearing? No it does not help:

…The panel set up to oversee the Treasury Department $700 billion financial-rescue fund is expected to release a report Wednesday highly critical of the government’s handling of the bailout, people familiar with the matter said…

-snip-

…The panel’s top official, Harvard Law School professor Elizabeth Warren, is scheduled to describe her findings to the House Financial Services Committee Wednesday. Among other things, a draft of the report posed 10 questions to Treasury, which pressed officials for a clearer strategy, asked whether there is sufficient accountability, and why more hasn’t been done to help prevent foreclosures.

The roughly 30-page report is also expected to press Treasury to describe whether the money used to inject capital into the banking sector is a “giveaway” or a “fair deal,” according to one person familiar with the report….

It also does not help the markets when the GOP leaders appear all over mainstream media mugging for the cameras preparing to filibuster the Big 3 bridge loan and talking tough for the polls that show it is unpopular.

I actually heard Judd Gregg, R-NH, the ranking member of the Budget Committee say there is no evidence of a structural risk if the BIG 3 go under, he must be off his meds. Frankly, this is the genius lauded with helping get TARP passed with no restrictions on how that money got spent, so perhaps Senator Gregg needs to revisit his thinking on this, he seems quite proud of his work, and appears to have no hesitation about allowing the midwest to fall into a Depression-like labor crisis.

The ever-ineffectual Harry Reid D-NV, Majority Leader is already rolling back expectations for a successful vote, he is a master at that if nothing else..

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December 9, 2008. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Big 3, Cabinet, Economy, FDIC, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 5 comments.

Outrageous: BoA caves to workers demands… Illinois extorts aka ‘uses leverage’ on BoA…

Update 5:00 pm EST: Here is the AP report:

Bank of America says it will extend credit to a Chicago window and door maker whose workers have occupied the factory for five days. The bank said Tuesday that it’s willing to give the Republic Windows and Doors factory “a limited amount of additional loans.” That’s so it can resolve claims of employees who have staged a sit-in since Friday….

Update 3:45 pm EST: Shep Smith of Fox has the AP report indicating Bank of America has reached a ‘deal’ with the factory, granting them additional loans to keep it open. Nothing in the rest of the MSM yet, we will update as it comes in…

OUTRAGEOUS, ABSOLUTELY OUTRAGEOUS. This is IMHO an open invitation to Salinsky methods of agitation nationwide as we approach massive layoffs. Way to instigate Chicago, a big thanks for nothing to Gutierrez D-IL on this one, he helped at the ‘table’ with the bank.

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December 9, 2008. Tags: , , , , , , , , , , , , . Cabinet, Economy, Finance, Foreclosures, Healthcare, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 3 comments.

Chicago Combine: Twitch, Twitch…

For Fitz, who has given the corrupt Combine players in Chicago a facial tick today…they must all be jumping at their shadows, the doorbell, the phone, like they have ants in their pants or are doing the Twitch….

For anyone feeling sympathetic for these people, a few reality checks.

Here is the Sun-Times timeline for Operation Boardgames, an investigation spanning 4 years that revolves around the Chicago Combine and its dual party ‘pay to play’ corruption. A lot of people aren’t sleeping well and it couldn’t happen to a nicer bunch.

Consider that Chicago’s drop out rate is in the 50% range and the shooting deaths of children outpaced DOUBLED those of soldiers in Iraq over the summer. There is no place for this corruption as the norm mentality in a city on the brink of collapse.

Ace and Slublog have a flaming skull with Blago hair up and it is AWESOME!! It reminds me of Bedrock Twitch Twitch!

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December 9, 2008. Tags: , , , , , , , , , , , , . Entertainment, Foreclosures, Music, Politics, Popular Culture, Saturday Morning Cartoons, Wall St. Comments off.

Twofer Tuesday: Urban Living…

For NYC and Chicago, crank it up…to eleven…..

December 9, 2008. Tags: , . Entertainment, Music, Popular Culture. Comments off.

BREAKING: Illinois Governor taken into custody by Feds…It’s Beginning to Look a LOT Like Fitzmas!!

Watch Fitz presser shortly live, click on the strategy room text  here

FINALLY! FITZMAS!!

governor_wants_tax_break_for_disabled_vets1

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December 9, 2008. Tags: , , , , , , , , , , , , , , , . Foreclosures, Politics, Wall St. Comments off.

UPDATE: NYS Budget gap..88 new taxes/fees unveiled…education, Medicaid cuts..nursing home and Prison closures…

A shout-out to NYC, courtesy of HellHammer2008 ‘The Warriors’ mix to Joe Walsh, “In the City”

Update Dec 16:  Drudge picking up NY Daily news on Gov Paterson’s release of the proposed 121 billion dollar budget complete with 88 new taxes/fees:

…The budget will cost the city an estimated $650 million in aid.

But it’s the $4 billion in new fees and taxes that are sure to aggravate everyday New Yorkers, who would be paying more for a host of services:

  • An “iPod tax” that charges state and local sales tax for “digitally delivered entertainment services” – in other words, that new Beyonce song you download.
  • State sales tax at movie theaters, sporting events, taxis, buses, limousines and cable and satellite TV and radio.
  • Costlier driving with the repeal of the 8-cents-per-gallon sales tax cap on motor and diesel motor fuel, plus and increase in the auto rental tax.
  • Tuition increases at SUNY and CUNY, $620 and $600 a year respectively.
  • A 50 cent tax on cigars. The current tax is equal to 37% of the wholesale price, or 34 cents a cigar.
  • No more sales tax break on clothes and shoes worth $110 or less, except during two weeks a year.
  • Higher taxes on wine, beer and flavored malt beverages. He would also impose an 18% tax on non-nutritional drinks like soda.
  • The rich would pay more for luxury items through an additional 5% tax imposed on cars costing more than $60,000, aircraft costing more than $500,000, yachts costing at least $200,000 and jewelry and furs costing in excess of $20,000.
  • In addition, a host of a fees, including those related to motor vehicle licensing and registration, parks and auto insurance, would go up, as would various state-imposed fines.

Even with the cuts, the 2009-10 budget would increase a little more than 1%, the smallest hike since 1996-97.

Paterson said the state is facing a $51 billion shortfall over the next four years at a time when tax revenues are expected to drop 6.6% next year….

December 9th, 2008: Budget cuts hit the city: NYC Comptroller, William C. Thompson, Jr., appeared on CNBC’s Squawk Box this morning to announce budget cuts, as they estimate 165,000 jobs leave NYC, including over 30,000 high paying salary and bonus jobs that used to generate income…

Video here.

  • City funds to the Department of Education: Cutting 181 Million this year, 285 million next year;

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December 9, 2008. Tags: , , , , , , , , , , , , , , , , , , , . Cabinet, Economy, Entertainment, Film, Finance, Foreclosures, Housing, Labor Department, Music, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

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