BSGcast LIVE: 4.15 “The Oath” Review

Recap for tonight!!From the awesome BSGcast:Gaeta’s Mutiny is on, and we’ve got murder on the Galactica… It’s like the start of Season two, Cylons not included. And that’s where all the terrifying goodies are. It goes without saying that we loved the episode, and watching one of our most beloved characters get on the wrong side of Adama made use both very uncomfortable. Now THAT’s good TV.~Matt + Nat http://www.youtube.com/user/BSGcast

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February 6, 2009. Politics. Comments off.

The Payoff..GE NBC CEO Immelt named to Economic Advisory Panel by Obama…also tapped: the woman who helped create subprime and kill Superior Bank, Penny Pritzker…Auston ‘NAFTA’ Goolsbee too! great!

Update: Auston NAFTA Doublespeak Goolsbee also leading the team! Oh Good, cause there weren’t enough untrustworthy shills on the panel already!

After two years of pimping out NBC and it’s frat boy cohort MSNBC to Team Obama as the Pravda of the Primary Season, Jeff Immelt and GE (parent of NBC Universal) have their payoff, a seat at the table as economic policy is proposed and managed….

Speaking of prostituting corporations and payoffs, reminds me of a tune…RED LIGHTS BURNING BRIGHT TONIGHT……I would feel better if they gave ‘Eddie’ a seat at the table myself….

Also named, Penny Pritzker (aka slayer of banks and stealer of family savings), IIRC her family STILL owes the FDIC MILLIONS for the failure of Superior Bank:

CNBC (whose parent is GE):

President Barack Obama is bringing in a team of outside advisers to help steer the economy out of a tailspin, while ridiculing Republicans for clinging to a “losing formula” as the nation plunged to the crisis point.

(more…)

February 6, 2009. Tags: , , , , , , , , , , , , , , , , , , . Economy, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

FINALLY!!!: Revenge of Tarp covers mortgages….developing..

To clarify for some commenters, I LOVE THE MO MOD IDEA!!!!!

well FINALLY, I hope Monday is a good day for the American homeowner..it is called Mo Mod which of course reminds me of this  :0):

From the NY Post of all places, blech!:

In a nod to Main Street over Wall Street, sources familiar with the plan say Treasury Secretary Tim Geithner plans to allocate almost half of the remaining $350 billion in funds from the Trouble Asset Relief Program to the so-called “Mo Mod,” or mortgage modification, platform.

“Mo Mod” is an algorithmic mortgage processing program that can rewrite up to 500,000 loans a month, and will be a major part of Treasury’s plan to help repair tattered bank balance sheets.

The 21-day “Mo Mod” program works by structuring a new mortgage that more accurately reflects a home’s worth so that a troubled borrower no longer owes more on their home than the property is worth.

The process then enables a lender to pool these new mortgages together into securities that reflect more accurately a home’s value, which makes them less risky for investors.

As outlined, this plan will be much broader in scope than the Federal Deposit Insurance Corp.’s plan with IndyMac, which was initiated by FDIC Chairman Sheila Bair and has only been able to rework about 5,000 mortgages since last summer.

Why do we need this? Here is why:

The “Mo Mod” plan comes as a record 19 million US houses stood empty at the end of 2008, and, according to real-estate Web site Zillow.com, US homeowners lost a record $3.3 trillion in equity last year.

About one-third of owners whose home values drop 20 percent or more below their loan principal will “hand the keys back to the bank,” said Norm Miller, director of real estate programs for the School of Business Administration at the University of San Diego.

“When you’re underwater and prices continue to fall, you tend to walk,” Miller said in an interview. “It’s a downward spiral that’s tough to stop because it feeds on itself. Foreclosures encourage other foreclosures and falling prices discourage buying.”

February 6, 2009. Tags: , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Politics, TARP, Unemployment Statistics, Wall St. 4 comments.

BLS Numbers Out: Unemployment Rate 7.6%…January nonfarm payrolls down 598,000

CNBC: “The big loss of jobs will push the Obama administration to do more, says Mohamed El-Erian, Pimco co-chief investment officer co/CEO” video here

and the revisions are Simply Brutal..

December nonfarm payroll numbers revised downward from a drop of 524,000 to a corrected drop of 577,000….we actually lost 3 million jobs since 12/07 ….

unemployed-worker

Equities are up as Rick Santelli notes because this number will encourage more government action which will only bite us in the axx later…

January construction jobs down 111,000

January Job Losses the biggest since December 1974 when we lost 602k…

I am getting that terrifying Carteresque feeling again….

CNBC:

January’s sharp drop in employment brings job losses to 3.6 million since the start of the recession in December 2007,” Commissioner of Labor Statistics Keith Hall said in a statement, and “about half the decline occurred in the last three months.”

-snip-

The manufacturing sector bled jobs at the sharpest rate during January in more than 26 years, shedding 207,000 workers after cutting 162,000 in December.

The last time more factory jobs were lost in a single month was in October 1982 when 221,000 were cut. An index measuring total paid hours for factory workers dropped to its lowest level since 1940, department officials said.

Construction industries dropped 111,000 jobs in January after 86,000 in December and Hall said that pace of cuts was accelerating. Retail businesses cut another 45,000 positions after shedding 82,700 in December.

Pimco chief El Erian on CNBC now saying this is something very different look at the acceleration of losses, even those who can spend are not spending, this is not a normal recession..AGREE!! Will post linky to clip later

MiM here, and POTUS saying the world is ending the world is ending!! and talking nationalization and now not the time for profits does NADA to get business to invest in workers.. and consumers to spend…yup.

February 6, 2009. Tags: , , , , , , , , , , . Economy, Labor Department, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

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