BSGcast: Review ‘Deadlock’ 4.18…

Have to agree with Mat and Nat… boring..we LITERALLY WATCHED PAINT DRY IN THIS EPISODE!!!!

From BSGcast/YourGeekNews :

This week’s episode featured a stellar performance from Michael Hogan during the plot about Tigh and Six’s baby in the wake of Ellen’s return, and curious side-plots about Baltar’s Harem and Galactica’s paint drying… yet we couldn’t help but feel like this episode came up short on actual plot. Compared to “No Exit” last week, virtually any episode would feel like it’s standing still, but with only 4 episodes left and SO much more to be explained, by the end of “Deadlock” we were both pretty underwhelmed.

~Matt + Nat

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February 23, 2009. Tags: , , . Battlestar Galactica, BSG, Caprica, Entertainment, Fantasy, Popular Culture, Sci Fi, Uncategorized. Comments off.

Breaking: New House ‘Housing’ Bill contains cramdown/judicial mortgage modification provision…

UPDATE: Reuters has it up:

U.S. bankruptcy judges would get power to modify home loans and mortgages services who alter loans would win protection from bondholder lawsuits under a bill to be considered by U.S. lawmakers later this week, sponsors of the legislation said on Monday.

The Hill:

House Democratic leaders may bring the bill to the floor for a vote on Thursday. The bill is sponsored by House Judiciary Committee chairman John Conyers (D-Mich.) and House Financial Services Committee chairman Barney Frank (D-Mass.)….

…The House bill says that a homeowner must have “attempted” to contact the lender or servicer before heading to a bankruptcy proceeding, but it does not require that the lender has received all the information. The bill also does not appear to limit the value of a mortgage that a judge can write down, which the financial services industry says opens the process up to far too many homeowners.

While most of the financial services industry opposes the cramdown provision, Citigroup earlier this year came out in favor of a form of the legislation in a negotiation with Sens. Dick Durbin (D-Illinois) and Chuck Schumer (D-N.Y.).

For some reason I always hear this song in my head when I think of mortgage cram downs…heh

Per CNBC chyron on Kudlow LIVE:

House ‘Housing’ Bill provisions include:

Upping FDIC credit line from 30b to 100b

Let bankrupcty judges modify mortgages for ‘some’ 1st homes

Offer limited liability protection to firms that modify mortgages

Bill would permanently increase insured deposit limit to 250k

…MiM will follow up as soon as anything is released..

February 23, 2009. Tags: , , , , , , , , , , , , , , , . citigroup, Economy, FDIC, Finance, Foreclosures, Glam Metal, Hair Bands, Housing, Music, Obama Administration, Politics, Popular Culture, Wall St. 4 comments.

Market Movers for Tuesday: Case Shiller Housing Index, Bernanke Testimony and POTUS Budget Address to Congress….

UPDATE: On DOW today, new lows were hit for Caterpillar, Intel, Pfizer, GE, Alcoa among others…it is in EVERY SECTOR..contrary to Gibbs assertions, the markets, being a forward looking beast, are NOT merely reacting to the recession, NABE estimates the recession is nearly over. The markets are reacting to Obama Administration and Congressional policy IMO…killer for markets..

Case-Shiller Index is released at 9:00 am EST tomorrow, results forecast ANOTHER record drop in housing prices as the devaluation continues….Ben Bernanke speaks before the Senate Banking Committee at 10:00am EST and tomorrow evening the Budget Address to Congress Critters….Obama is already flip flopping on the Sunday chatter that they would let Bush tax cuts expire by throwing out a possible corporate tax deduction….small business seems to be off his radar now sadly….

New home sales numbers come out Thursday…..

wall_st_bear_smallForbes:

Standard & Poor’s releases its S&P Case/Shiller Home Price Index for December, 9 a.m. (1400 GMT). Economists in a Reuters survey expect a decrease of 2.2 percent versus a 2.2 percent fall in the previous month.

Federal Reserve Chairman Ben Bernanke testifies on monetary policy before the Senate Banking Committee, 10 a.m. (1500 GMT).

NYTimes (with requisite JFK like Obama pose pic):

The televised speech, which his advisers have been preparing for as though it were a formal State of the Union address, is typically an opening act on Capitol Hill for a new president, a moment to outline specific goals of an administration. But the appearance by Mr. Obama follows a string of legislative action, notably passage of the economic stimulus package, along with a wave of criticism over a series of government bailouts and rescue plans.

MiM here, sounds like another no THERE THERE moment coming in this speech, just some canned campaign lines and Reagan SUN IS COMING UP language perhaps (if they listened to Big Dawg):

“Sometimes these speeches can be a series of disembodied initiatives, a catalog of ideas that don’t necessarily cohere,” said David Axelrod, a senior adviser to the president. “Today, we’ve got huge challenges that are very much related, so there is a narrative to tell about how we get to a better day.”

The president is not planning to announce significant new policies, officials said, but intends to explain how his agenda can advance despite the deepening recession and monumental budget deficit. The address will be heavily weighted toward domestic priorities and the economy, aides said, and will offer only a brief look at foreign policy.

-snip-

While Mr. Obama will not lay out specific sacrifices he is asking of Americans, Mr. Emanuel said, a section of the address will be devoted to “what we’re going to have to give up” to withstand the challenges facing the nation.

MiM again, ‘what WE have to give up’ but NO specifics, yeah Carter malaise on steroids…more fear and loathing in the markets…

While the presidential address will be threaded with themes of optimism, in part to counter some criticism that Mr. Obama has been “talking down” the economy, aides said his words would reflect the harsh reality of the challenges facing the country.

AZ Republic:

A report Thursday will show new-home sales fell to 324,000 on an annual basis, according to the median estimate of economists surveyed by Bloomberg News. The same day, the department may report demand for goods meant to last several years dropped 2.5 percent, economists said.

A surge in foreclosures and plummeting demand for homes has depressed prices, sending the S&P/Case-Shiller 20-city home-price index down 18.3 percent in December from a year earlier, according to another Bloomberg survey.

-snip-

“Housing is going to be declining for a good, long time yet,” said Derek Holt, an economist at Scotia Capital Inc. in Toronto. “This is not going to be a market where builders put new supply into the market this year because of the sharp overhang.”

At the December sales pace of 331,000 new homes, it would take a record 12.9 months to whittle down the number of houses builders are holding, more than twice the five-to-six months supply the National Association of Realtors has said is consistent with a stable market. U.S. home foreclosures rose 17.8 percent in January from a year earlier, according to a report from RealtyTrac Inc.

February 23, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Finance, Healthcare, Housing, Labor Department, Obama Administration, Politics, TARP, Uncategorized, Unemployment Statistics, Wall St. 3 comments.

Comic Relief: Neil Simon – Film Noir/Detective Parody…

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February 23, 2009. Tags: , , , , , , , . Entertainment, Fantasy, Film, Film Noir, Popular Culture. Comments off.

Fiscal Responsibility Summit: Obama: “we had a healthy debate about Social Security”

UPDATE 3: Obama, with no delay on his lips, says Health Care is the one area where they have already made some judgements on solution HA! and that they have scheduled a SUMMIT next week for health care…

UPDATE 2: Novelli from AARP speaking about Medicare Entitlement and SUSTAINABILITY PROBLEM..code for frak you GEN X…path to sustainability is health care reform he says…speakers all on delay, only POTUS is live, BWAAAHAA!! censors at the switch ready to mute…

UPDATE: Steny Hoyer says their breakout on SS was healthy and some disagreements and PRODUCTIVE.. OH NOES!Gawd save us form Congress’ productivity..he says there is a CONSENSUS TO GET TO AN OBJECTIVE…wha? giving Seniors and young people confidence..

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February 23, 2009. Tags: , , , , , , , , , , , , , , . Economy, Obama Administration, Politics, Popular Culture, Uncategorized. 1 comment.

Market Update: DOW lowest close since May 97….S & P 500 also closes at 11 yr low

Markets don’t like what they see or hear….and neither does the middle class…

grizzly1

DOW down 246 to 7117

S & P down 26 to 743

NASDAQ down 51 to 1389

As of today, almost all of the S & P 500 is at a negative return over a 10 yr period…a real horror show and potentially the end of 401Ks and mutual fund investing at the retail level as we know it…particularly in light of moves coming from the Administration..IMO very unfriendly to capitalism..Gibbs keeps saying they don’t look at the markets on policy…scary wot?

February 23, 2009. Tags: , , , , , . CITI, citigroup, Economy, Finance, Obama Administration, Politics, Uncategorized, Wall St. 1 comment.

Market Update: DOW breaks 7200 down 200…..AIG needs more taxpayer money….

UPDATE: The AIG story broken by David Faber is now up on CNBC here

…the loss will be near $60 billion due to writedowns on a variety of assets including commercial real estate.

That massive loss is likely to spur downgrades in its insurance and credit ratings that will force AIG to raise collateral that it doesn’t have.

In addition, if AIG’s book value falls below a certain level, as it seems certain to do, it will trigger default in certain of its debt instruments, say people familiar with the situation.

All of this adds up to a huge headache for the Federal Reserve and Treasury, which have already provided over $150 billion of assistance to AIG.

Talks between the government and AIG are focussed on how the company can swap some of the debt held by the government for equity in AIG. The problem is that the government’s ownership stake cannot exceed its current 79.9 percent, leaving officials to try and find a creative way to transfer value to the US in exchange for AIG reducing its debt so that it can then borrow more from the government to meet its collateral calls.

Welcome Back…to the 70s the way Team Obama is going….Hey Obama had Earth Wind and Fire play for the Governors last night, all part of a theme baby!

DOW drops under 7200..down 200 now to 7162, S & P breaks down 22 to 748, heading to 97 levels… NAS is ..ugh!, down 43 to 1397 Jeebus..and still dropping..

AIG going to report
the worst earnings of anyone EVAH! 60 Billion dollars, government already gave 150 BILLION to AIG…David Faber of CNBC reports the lawyers are meeting with Government Sunday and if no deal reached…to bankruptcy they go…..So they have RUN not walked RUN to Uncle Sam aka American Taxpayer Wallets for ANOTHER bailout!!!! And we taxpayers are getting soaked there, gee who came up with that original AIG bailout?

GEITHNER!!! Yes the markets aren’t capitulating, I say they are plummeting into despair, along with the rest of America….wait til we all get a load of the proposed budget form Team Obama this week. oy gavault!

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February 23, 2009. Tags: , , , , , , , , , , , , , , , , , . Cabinet, Economy, FDIC, Film, Finance, Music, Obama Administration, Politics, Popular Culture, TARP, Uncategorized, Wall St. 2 comments.

Video Update: Jindal responds to Obama ‘Cable Chatter’ comment..Scenes from the WH ‘Fiscal Responsibility Summit’…




rant on/ here we go: I agree with everything I have heard Barbour and Jindal say about the money they are rejecting in the stimulus.  It is unsustainable growth at a time when we need to get our fiscal act together. And spending billions expanding entitlements and rolling back the reforms in welfare Big Dawg made, then calling a lofty ‘summit’ on responsibility is just hypocrisy to the infinite power, but as a Hillary supporter, that doesn’t surprise me coming from Team Obama…

Haley Barbour and Bobby Jindal listen to speeches at Monday WH 'summit' AP Photo

Haley Barbour and Bobby Jindal listen to speeches at Monday WH 'summit' AP Photo

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February 23, 2009. Tags: , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, Uncategorized. 2 comments.

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