Obama Budget Framework Passage Update..Cap and Trade Delayed..Sebelius Vote Cancelled….Market Update: FASB sends averages higher..Go Gadget Go!

Update from WSJ  on Obama Budget Framework passage in Senate /House:

Here is the money quote on the Senate Amendment on FED loans, it does not have the force of law but it certainly puts the kaibosh on feeling the war on capital is over IMO….the HUGE IRONY is it is our only socialist, Bernie Sanders of VT demanding they NAME NAMES, BWAAAAHAAA!!! Through the Looking Glass baby!

One amendment approved by the Senate would require the Federal Reserve to disclose the companies that have benefited from Fed programs aimed at reviving the banking system. “We need to name names,” said Sen. Bernie Sanders, a Vermont independent and chief sponsor of the measure.

Looks as though cap and trade was thankfully saddled with a nonbinding provision to not go through reconciliation so we will have warning next time it rears its ugly carbon  hating head….

they removed the TARP funds so Team Obama will have to come back for more later, good luck with that after the WE HATE BANKERS campaign…

And healthcare is still being debated..the scary thing there IMO is they are, like the stimulus,  leaving it seemingly blank open to discussion, but IMO it is because they don’t want to tell us about rationing at this point b/c Americans will stop the plan before it gets off the ground once they understand the government panel on efficiency or whatever the hell they call it…we need to keep an eye on that one..

Also interesting the scheduled vote on Sebelius WAS CANCELLED in committee an unnamed GOP Senator is blocking the vote, YAY! Make a call to a Senatorial critter near you, no more tax evaders making policy and telling us to sacrifice, it isn’t THAT much to ask for is it?

Contact your Senator here

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Inspector Gadgets at FASB give us the latest bounce

DOW now up 290 to 8052

S & P up 30 to 841

NAS up 62 to 1614, NAS now positive for ’09..

It would be ever so lovely to have market fundamentals like earnings and economic data move these markets and not Inspector Gadgets rule fixing to make the markets go…but hey take it where you can get it …

GOLD is down nicely today, just a bit over 906 last I looked, MiM is buying again..we do not think this is any sea change just another leg up on the rally (now up over 20%)..but then, MiM is soo fiscally conservative we actually do the whole sell in May go away thing…lol!

The Senate passed an Amendment today saying FED has to disclose to whom it is giving money….that brought banks back down a bit says Bob Pisani CNBC….methinks the Obama Budget passage will bring people back down to Earth soon as well, that level of spending and debt just is not sustainable….

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April 2, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, Taxes, Uncategorized, Wall St.

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