High Noon for Financial System….

(Classic Clip Courtesy of TheThinWoman)

Gary Cooper would know just what to do in this crisis….

Turbo Tax Tim to lay out the BOLD! FRESH! NEW! plan to save the financial system at noon EST on Monday:

CNBC: In a noon news conference, Geithner will lay out a “strategy to strengthen our economy by getting credit flowing again to families and businesses,” the Treasury said. The plan will include an aid package for the banking industry, according to a well-informed source.

-snip-

According to the source, the banking component will be “smaller” than originally expected, include some “bad bank” component but be centered around government guarantees and insurance of troubled assets—what’s called a “ring fence” concept.

But what of H-O-U-S-I-N-G? Well like PREGO, they say it’s in there:

The government is also known to be working on a group of measures to aid small business and consumers, including programs to support the housing market—from interest-rate subsidies to home foreclosure relief. Those subjects, as well as new rules on transparency for firms receiving government aid, have been discussed in the last week, according to a source.

CNBC reported Friday that sources say a foreclosure component will be included in Monday’s announcement.

So the good news is they’re making a move, the bad news is IOO (in our opinion) TARP Deux will fail to work as ir is not adequately funded and the PORKBUSTING STIMULUS FROM HELL (Now without education!!) has left ZERO POLITICAL CAPITAL OR WILL to get more funding for TARP two..

MiM predicts, we will be back needing more money in a few months at most…the PLAN 9 FROM OUTER SPACE, oops,  Newly Improved Nifty Plan from ‘Turbo Tax’ Tim and the ‘Abercrombie n Fitch’ Team Obama Crew is to use the FED to fund this recap of the banks and asset transfer to the FEDs balance sheet to avoid going through Congress..

But if the HOLC is not a HOLC, and based on Schumers railing against refis for all at 4% it is not a HOLC, then it will not put a sufficient floor under the housing assets and the values will keep dropping leading to a crisis on the FEDS balance sheet instead of the banks’..is that where we want to go?

The over leveraging of the financial instituttions was an utter disaster so we have decided to overleverage the Federal Reserve? …..Things that make you go, OH NOES!!!

I am going to draw my focus down to my immediate financial situation now cause the government is all ‘gone wild’,  like late night tv commercials during a Star Trek marathon at this point; but to quote my favorite childhood film, ‘I have a baaaad feeling about this’…

February 7, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , . Economy, Entertainment, FDIC, Film, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St.

7 Comments

  1. Kevin replied:

    I checked the Mo Mod platform, it combines sound valuation of real estate appraisal to start with to determine the value, what is wrong with classic appraisal standards to get us out of the hole? They are not going to write down mortgages, but knowing the true value going in, it will allow banks to change the interest rates and terms. This is HUGE for the homeowner, I commend whoever came up with this simple approach Mo Mod

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    • ginaswo replied:

      1I like the mo mod, I lURB the mo mod in fact, give us the damn mo mods already

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  2. Housing Plan Delayed Yet Again… « Moderate in the Middle replied:

    […] Summers says the Geithner ‘High Noon’ speech is delayed til Tuesday, they don’t want to step on their Stimulus, NOW IMPROVED WITHOUT […]

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  3. Refinancing loan replied:

    I have looked over your blog a few times and I love it. Very helpful.

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  4. High Noon for Financial System…. « Moderate in the Middle | reflectivetarp.com replied:

    […] High Noon for Financial System…. « Moderate in the Middle […]

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  5. Tom Awtry replied:

    In the early 80’s I read an article claiming “if California broke away from the United States, it would be the 6th richest country in the world.” Times have sure changed, now the “Golden State” is on the ropes and could be counted out in regards to a $42 billion dollar deficit.

    If you wanted to renew your Driver’s License or either change or receive your Registration last Friday, at the Department of Motor Vehicles, you were out of luck – state wide. Many other California governmental offices were also closed, which in turn, forced the closure of many businesses across the state too.

    Governor Schwarzenegger ordered furloughs for some 200,000 state government workers to help save money as he and lawmakers try to find a way to close California’s $42 billion budget deficit.

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  6. » High Noon for Financial System…. replied:

    […] Fast Loans – Personal Unsecured wrote an interesting post today onHere’s a quick excerpt […]

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