Congress Critter Clips of the Day….Graham and Geithner on Housing and Capuano on Banks

enormously informative on how slippery Geithner is, the outlook for housing and TARP funding, and at times entertaining, from both sides of the aisle:

Geithner and Lindsay Graham

by Suzia Van Swol, University of New Mexico-Talk Radio News Service

Senator Lindsey Graham (R-S.C.) questions Secretary of Treasury Timothy F. Geithner at the Senate Budget Committee Hearing about how much money is going to be spent and if more money will be needed to fix housing, Geithner doesn’t seem to have the answers. (2:26)

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February 11, 2009. Tags: , , , , , , , , . Cabinet, Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

UPDATE 4: who rolled who on Stimulus negotiations…Pelosi and Reid struggle over Education in Stimulus

UPDATE 4: Who Rolled Who? and how did America wind up screwed?

According to a half dozen Congressional aides and members, Reid went before the cameras Wednesday to announce a stimulus deal before Pelosi had agreed on all the details of school construction financing.

“It’s ruffled feathers, big time,” said a House Democrat speaking on condition of anonymity. “The speaker went through the roof.”

Added one House Democratic aide: “He tried to roll her and she knew it.”

-snip-

The problem, according to people familiar with the situation, was that Pelosi hadn’t completely signed off on the Senate’s approach to restoring some of the $21 billion in school construction funding. House Democrats are pushing to have school-repair funding listed as a recurring expense; Senate Republicans want such an allocation to be a one-time-only deal.

The approach adopted by the Senate still infuriates many members of her caucus, and Pelosi had yet to fully make her case to dissenters, a source told Politico.

The result: Pelosi summoned Reid to her office – her turf – to hash out unspecified modifications to the package prior to a 5:15 re-convening of the conference committee. People close to Pelosi painted a different picture – one that portrays Reid as the one being rolled. Pelosi, they say, strategically permitted Reid to make his announcement – and then held up her approval to extract a slightly better deal.

Contradicting other sources who said that Pelosi had been blindsided, a House Democratic aide, speaking on the condition of anonymity, said that Reid had placed a “head’s up” phone call to Pelosi before announcing the deal.

Whatever the real story, Pelosi’s members were more than a little bewildered and headed into Wednesday’s night’s negotiation singing their Kumbayas through gritted teeth. “[Senate Democrats] don’t know everything that’s in the bill,” said a laughing Charles Rangel (D-N.Y.), chairman of the Ways and Committee. “So I’m afraid to go to that damned conference.”

(more…)

February 11, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Unemployment Statistics, Wall St. 1 comment.

Fair Lending, Mortgage Modifications, Bank Regulation…

I knew Maxine Waters D-CA wouldn’t let me down

Barney Frank D MS, asks them not to foreclose on anyone while we are in the last few weeks before the new mortgage modification plan comes from Geithner

and MiM fave Carolyn Maloney D NY tries to get down to brass tacks on the BofA Merrill Bonus fiasco:

February 11, 2009. Tags: , , , , , , , , , , , , , , , , , , , . CITI, citigroup, Economy, FDIC, Finance, Foreclosures, Housing, Labor Department, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 1 comment.

Twofer Tuesday…Mel Brooks

The Big Shot financial CEOs are in their very own Inquisition, and the Stimulus Conference is speeding along at Ludicrous Speed….

February 11, 2009. Tags: , , , , , . Art, Entertainment, Fantasy, Film, Popular Culture, Sci Fi. Comments off.

BSGcast review: Blood on the Scales…

Via the ever-awesome yourgeeknews/BSGcast:

The amazing conclusion of the 2-part Mutiny storyline answered a few questions, but none that Part 1 hadn’t come up with in the first place… which makes us both ask the question: why? Why spend 2 episodes starting and ending a storyline with SO MANY important questions still hanging? We trust in Ron, and we loved this Mutiny storyline and Gaeta’s enormous arc, but we still have to ask why?
~Matt + Nat

And has everyone seen the Sneak Peek at the next episode, ‘No Exit’ ??!! OMGods Anders remembers all!!!!!

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February 11, 2009. Tags: , , . Battlestar Galactica, BSG, Caprica, Entertainment, Fantasy, Popular Culture, Sci Fi. Comments off.

Send in the Clowns…Big Shots on the Hill….

WOTS is a trader was handing out the lyrics to ‘Send in the Clowns’ during Geithner’s speech yesterday, we couldn’t agree more….

Today the Big Shots from the financials are on the Hill before the House Financial Svcs Committee at 10:00 am EST; good luck with that y’all, I hope Maxine Waters tears a piece out of them for failing to MODIFY MORTGAGES!!!!!! watch it on CSPAN here…

Eight CEOs of companies that received the first TARP funds testify before the House Financial Services Cmte. Chairman Barney Frank (D-MA) said more TARP funds won’t be available until Goldman Sachs, JPMorgan Chase, Bank of America, and other financial companies explain how they used the Troubled Asset money.

And don’t give us that crap about how TARP money didnt go to bonuses, it is FUNGIBLE, and they havent TRACKED IT, therefore it is ONE BIG POOL OF MONEY and they HAVEN’T MADE ANY MEANINGFUL MOVES TO MODIFY MORTGAGES WITH LOWERED PRINCIPAL , does it suck, yes, does it need to be done, also yes…

PS None of them are flying in on their jets , Ken Lewis of BofA took AMTRAK!!!! The rest flew commercial BWAAAHAAAA, that won’t save them, people are rightfully pixxed MODIFY THE DAMN MORTGAGES, Barney Frank said on CNBC this morning they can give the money back with interest now and not be subject to government ROOLZ……

NEWSFLASH: I dont give a flying frak what they say anymore, we are headed for bankruptcy cramdowns b/c these maroons wont write down principal…it’s ridiculous..we ALL have to fund them b/c they can’t take the damn hit, THEY made the dopey loans dragging all of us down…eat the loss and move on…

February 11, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Cabinet, CITI, Economy, FDIC, Finance, Foreclosures, Housing, Music, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 1 comment.

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