Citigroup and Senate Dems reach a deal on mortgage modification by bankruptcy judges…


WOW!!! This will send shock waves through the Mortgage Bankers Association which successfully lobbied against this provision in legislation passed last year….

From MarketWatch:

Senate Democrats have reached an agreement with Citigroup Inc. on a key bill to give bankruptcy judges the authority to eliminate some mortgage debt and help reduce foreclosures, lawmakers announced Thursday afternoon. (MiM here-Bolded by the news report HA! Yeah you betcha they’re wiggin out over this one!)


January 8, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Wall St. 1 comment.

Update: LIVE on CSPAN3: Hilda Solis Confirmation Hearing for Labor Secretary on CSPAN…

UPDATE: It was a breezy confirmation….

UPDATE: Watch now on CSPAN3, Teddy is in da house, view here

Look for LOTS of questions about card-check, immigration and work visas…

We will cover it here…it will be carried on CSPAN

See our earlier post on this appointment here


January 8, 2009. Tags: , , , , , , , , , , , , . Cabinet, Economy, Finance, Immigration, Labor Department, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

LIVE on CSPAN: Witch-Hunt, alternatively titled, the Illinois State Legislature Impeachment Panel questioning Burris…

Update: Aww it just ended! Well God Bless Burris man, he did a yeoman’s job of it…go to CSPAN library for archived footage later….

WATCH ON CSPAN LIVE (have an airsickness bag ready)

Listen, I am the last person to scream witch -hunt, but after watching this for over an hour, it’s a G-D witchhunt and I feel for Burris.

He has said a hundred times there was no discussion of any exchange personal, legal, political, financial, material in quid pro quo or not for accepting this appointment.

The IL GOP has decided to go to town and are asking Burris what Harry Reid and Dick Durbin or ANY state or National Democratic operative said to him about 2010..they are SO SO SO far afield it is ridiculous.

THIS is why political impeachment without rules of law applied is a joke, a frakin disgrace. This has ABSOLUTELY NOTHING to do with impeaching Blago, this is an attack on Burris by some Dems as well. Frak them, it is HIS SEAT dammit.

And YES I get the difference b/w political and legal,. but when a political with-hunt prevents the PEOPLE from having representation while taxation is flying thru Congress, it violates the people’s RIGHT, LEGAL CONSTITUTIONAL RIGHT to representation, so there!

See I am a pretty good indicator of the general public and I am ready to march on Springfield to wave a banner for Burris myself, HA! LOL, yeah they aren’t making any friends and this IS looking WRONG IMO…just WRONG….

they often break into yelling at each other across the panel while Burris sits calmly waiting for the dust to settle…they are asking ridiculous questions over and over and over again, no matter how many times he answers, the Chairwoman the Dem is not helping at all, is she under orders from Reid to let Burris be scuttled or just a failure as a leader? I dunno….


January 8, 2009. Tags: , , , , , , , , . Obama Administration, Politics. Comments off.

Happy Birthday to the King…

Courtesy of rentagob

Courtesy of kindhearted1

January 8, 2009. Tags: , . Entertainment, Music, Popular Culture. Comments off.

UPDATE 3: PEBO Address: Economic Stimulus & Daschle Confirmation Hearing LIVE…


Update 3: 1:53pm EST: Well someone is at least READING the proposed stimulus and taking a cue from Krugman and others. Some Dems are objecting to certain provisions of the PEBO Stimulus Plan, namely the 3k tax credit for new hires which EVERYONE I have read agrees is a total waste of money. They estimate it costs 50k and up to hire and train (and insure) a new employee and the 3k credit will do nada, zip, zilch to incentivize hiring so I am fine with the DEMS getting it out of there, it seems a waste of money:

From AP :

Senators from both parties agreed that Congress should do something to stimulate the economy. But senators emerging from a private meeting of the Senate Finance Committee on Thursday said that tax portion of Obama’s stimulus plan is unworkable.

They were especially critical of a proposed $3,000 tax credit for companies that hire or retrain workers. Democratic Sen. Kent Conrad of North Dakota described it as “misdirected.”

Update 2: this POS piece in Politico with Daschle and people like BOB DOLE’S staff praising Daschle’s approach on UHC over Hillary’s, oh FRAK THEM man, this wimpy GOP we have in now is nothing like the group in 92 AND Daschle and his cohorts caved to DOLE to KILL UHC

Hillary made mistakes, as do we all, but she DID get SCHIP done so frak Daschle and DOLE who PS LOST to Big Dawg, remember?Hillary is the true champion of UHC, and always will be regardless of what Mr Ethanol Lobbying, Bob Dole loving Daschle says, and PS Baucus supports HILLARY’S UNIVERSAL MANDATE Tom did ya get that? maroons….PS Hey Tom,  Dole was and is GOP and blocked UHC, Big Dawg and Hill are DEMS who supported it, see how that works? Methinks Daschle is still BITTER over his loss of his seat, yep…..Daschle and Dole both went to work at the same firm IIRC when they both LOST….

Perhaps the biggest change: Daschle is planning a major grassroots push to build public support for his plan outside Washington, possibly with spokesman-in-chief Dr. Sanjay Gupta of CNN at the helm as surgeon general. Clinton let opponents carry the day with their famed “Harry and Louise” TV spots.

MiM here, oh HRC ‘LET’ them carry the day with the Harry n Louise ads? like PEBO used those ads in the primaries oh frak me man they are getting me all riled up again….frakers

“It is just a world of difference in so many ways,” said Sheila Burke, the chief of staff to former Senate Majority Leader Bob Dole (R-Kan.) from 1986 to 1996, who followed Clinton’s process. “You’ve got people paying close attention to what those lessons were, and they have already avoided some of the missteps.”

The stakes for Obama are high: his promises on health care were among the most specific of his campaign, setting a deadline of the end of his first term to provide universal coverage for “every single American.”

UPDATE: 11:37am EST: Markets didn’t like it, turning down rapidly DOW now down 94…Well we didn’t get any specifics but the dual teleprompters were back, PEBO is out of practice and stumbled a bit…the language in some parts on setting a new course, together, looking ahead…IMMEDIATELY brought this song to mind:

POTC style, courtesy of Sumarus and Styx of course…(we get more specifics from STYX then we did from PEBO frankly…)

Begins in  40 mins, 11:00am EST covered LIVE everywhere no doubt, but here is a linky to FOX live streaming video for later….

For my fellow Health Care aficionados, the Daschle Confirmation Hearing is streaming live here

He says BOB DOLE reached out to him, oh how lovely! It is DOLE who KILLED UHC in 93, frakker…..

Tom Daschle and Barack Obama

Tom Daschle and Barack Obama

January 8, 2009. Tags: , , , , , , , , , , , , , , , , , , , . Cabinet, Economy, Finance, Foreclosures, Healthcare, Hillary Clinton, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 2 comments.

Retail Holiday Numbers Out: Weekly Payroll Data…Street looks to tomorrow’s monthly jobs number…


Retail is worse than expected, but  several retailers beat their lowered estimates notably Kohl’s.  But Macy’s is closing 11 stores on the weak consumer, a trend we expect to see repeated nationally, and Wal-Mart is warning (from CNBC):

Wal-Mart, which fared much better than other retailers as cash-strapped shoppers flocked to the chain to take advantage of its low prices, reported its same-store sales rose 1.7 percent last month, falling short of expectations for a 2.8-percent increase.

For January, the world’s largest retailer expects same-store sales to be flat to up 2 percent.

Wal-Mart also lowered its forecast to 91 to 94 cents a share for its fiscal fourth quarter, from its prior guidance of $1.03 to $1.07 a share, issued in November.

Shares of Wal-Mart sank 8 percent in pre-market trading.


Macy’s same-store sales fell 4 percent to $4.397 billion in December compared with the same period of 2007 and the company said it would close 11 stores.


January 8, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Labor Department, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

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