DOW closes down 380…Misery Loves Company…a toast for all the Homeowners of America….

First the clip of Kanjorski I mentioned earlier is up! from Pelosis youtube channel no less

And a toast for all the homeowners under water b/c a bunch of maroons thought they were real estate kings and tanked the housing market…We wait with bated breath for a HOUSING PLAN from our sooper geniuses,

MiM raises a glass to all of us, may the housing values rise to meet us and the wind be at our backs, heh the good news is our Congress Critters are awake and asking questions..bad news is Treasury and Team Obama  are verrrry slooooow rolling out the housing plan perhaps due to this increased attention…

anyway for America after another day being told both that its a damn crisis AND that they have no plan for banking or housing ready yet, I say it’s Miller Time..its a heartache counting on politicians I should know better by now….oh good GAWD now a newsflash on CNBC XM SIRI talking about CH 11, FRAK! Well that’s another loss on the ole tax return,  and the hits keep comin!! sing it Bonnie!!

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February 10, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , . Cabinet, CITI, citigroup, Economy, Finance, Foreclosures, Housing, Labor Department, Music, Obama Administration, Politics, Popular Culture, TARP, Uncategorized, Unemployment Statistics, Wall St. Comments off.

I thought we had Smooth Operators..turns out not so much…

what a clusterfrak, these guys are NOT READY FOR PRIMETIME PLAYERS, DOW now down 363….post Geithner total letdown, watching Bernanke now and even Kanjorski gets it, TELL US THE PROBLEM AND THE PLAN …Let us know the new ROOLZ so we can go forward and get some confidence back..

we have only been waiting for a housing plan since 2007 so NO RUSH OR ANYTHING  … except you keep telling us the world is ending so where the hell is the rescue plan geniuses??

So much for the smartest guys in the room..

February 10, 2009. Tags: , , , , , , , , , , , , , . Economy, Entertainment, Finance, Foreclosures, Housing, Jazz, Labor Department, Music, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Bernanke testifies 1:00pm EST..Geithner speaks to Congress 2:30pm EST….Senate passes Stimulus Bill…

Maybe the Congress Critters can drag a clue out of Geithner as to HOUSING actions and the PRICING mechanism for the asset ring he envisions for the banks….

Bernanke testifies to House Financial Svcs Cmte on liquidity at 1:00pm EST, I wish it were the House getting Geithner today, Barney and Maxine Waters would get to the bottom line on Housing right quick..Dodd will probably schmooze him

CSPAN will cover both. It is the Senate Banking Cmte on use of TARP 2 funds with Geithner..

His debut SUCKED, as Sue Herrera just noted on CNBC Power Lunch you dont have a national address and have no plan to announce, no details, nothing specific at all:

US stocks fell sharply Tuesday in a broad-based decline as the government announced details of its latest bailout plan.

The Dow Jones Industrial Average was down nearly 300 points after Treasury Secretary Tim Geither revealed details of the bank-bailout plan. Earlier, the blue-chip index was down less than 100 points.

Senate just passed their Stimulus 61-37 and the DOW is coming back, up 25 now

February 10, 2009. Tags: , , , , , , , , , , , , , , , , , . Cabinet, Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

Geithner whiffs on Housing….

UPDATE: I am not the only one floored by lack of ANYTHING specific DOW plummeting down 300 now…GOLD taking off, up $25 now….

Geithner said they were exploring options and meeting with all key players yada yada, nothing not a GD  thing specific

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nothing specific on housing at all, no mo mods nothing, frak me man…. all the hype all the meetings pre inauguration and still NOTHING SPECIFIC?!?!? Markets hate it down 233 on DOW and dropping

February 10, 2009. Tags: , , , , , , , , , . Cabinet, CITI, citigroup, Economy, Housing, Music, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

Geithner gives the ‘Reveal’ 11:00am EST…

UPDATE 8: HE FXXKIN WHIFFED ON HOUSING, COMING TOGETHER ON A PLAN IN COMING WEEKS, MUTHAFRAKKER, SCHUMER VOTED DOWN TWO GOP AMENDMENTS THAT WOULD HAVE HAD US ALL REFID AT 4% ANF THEY GIVE US NADA ZIP ZILCH

UPDATE 6: Basic principles of action he will take: we believe…yada yada..WE BELIEVE over and over oh dear Gawd JUST CUT TO THE CHASE

UPDATE 5: Okayy according to Tim the actions of prev Admin on TARP sucked but COngress was great giving them the money wha?? now why it is everybodys fault, GET TO THE PLAN, MAN

UPDATE 4 – now selling the damn stimulus, more fear mongering, wth?

UPDATE 3-first three mins of Tim are the sky is falling

UPDATE 2: WTH is Dodd introducing him? and saying in coming weeks we will hear about housing, markets dont like it now down over 200-here comes tim…

UPDATE:New signage spotted, on Geithner’s lecturn, “FINANCIAL STABILITY and RECOVERY”

FOX live streaming video here

On this episode of RecessionHunters, Tim Geithner lays out details for the financial system and HOUSING

H-O-U-S-I-N-G- Find out what it means to me, HOLC it to me, HOLC it to me
just a little bit! HOLC ! Just a little bit!

(well that’s what I want to happen but here is what it looks like we are getting):
CNBC:

…The consumer lending facility will “leverage up to $1 trillion dollars” and is intended to “bring down borrowing costs for responsible borrowers and help get credit flowing again.”

The housing measures will provide as much as $50 billion in funding, which follows through on an earlier pledge of the Obama administration.

The summary does not provide a sum for the toxic asset fund or so-called buffer capital for banks.

The bank capital provision also calls for a “stress test” among “uniform standards to help clean up and strengthen banks.” (MiM here, sounds as though the banks won’t be able to hide their toxic assets going forward)

-snip-

The new Treasury plan will “require banks to show how government assistance will expand lending and how they intend to use taxpayer dollars, which is similar in the tone and design of the House Democrat’s proposal.

At this point, it is unclear where the additional funding for TARP programs would come from and whether additional authorization or legislation from Congress would be necessary.

They will need more money, keep an eye out for Meredith Whitney’s call today on banks, and they are going to have to sell it:

Congressional Democrats, however, have made it clear that future funding depends on the success of the new initiatives.

“There has to be some sort of sales job to the people before we go out on the limb and appropriate new money,” said a senior Congressional staffer before the presentation  Monday evening. “Any new money will be largely leveraged on how they do with this money.”

GH CLIPS SciFi channel courtesy of edpotkay

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February 10, 2009. Tags: , , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. 1 comment.

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