Update: TOTUS throws Larry Summers unda da bus; will reappoint Ben Bernanke head of Fed manyana…
Update 2: Rally fizzled but we stayed positive, DOW closes up 30+…
Update: TOTUS just made the announcement. Ben thanked his colleagues at the FED and thanked TOTUS for backing a STRONG and INDEPENDENT FED.
BWAAAAHAAAA!!!!! Another TOTUS promise broken, Larry Summers must be eating his liver..you KNOW the ONLY reason he wasn’t named Sec of Trez was because head of the FED was promised to him….
…As the nation’s top financial authority, Geithner will inherit oversight of the Bush administration’s $700 billion bailout for Wall Street and a U.S. economy struggling with recession.
He will be flanked by former Treasury chief Lawrence Summers, who will head Obama’s National Economic Council. Analysts say this appointment puts Summers in line to succeed Ben S. Bernanke as chairman of the U.S. Federal Reserve in 2010….
WSJ –Several options were on the table, including naming Mr. Obama’s top economic adviser, Lawrence Summers, as Fed chief. Mr. Summers, the gruff, brilliant economist, would likely have run up against resistance on Capitol Hill, too.
Privately, many economists including Fed officials worried that Mr. Summers’ sharp-tongued style could undermine the collegial halls of the Fed…
IMO TOTUS was informed that in light of the new deficit projections to be released tomorrow, the ONLY way China would feel comfortable continuing to purchase our ENDLESS debt issuance was under Bernanke going forward. Ben being seen as a non-political appointment, having gained his position under GWB, and having earned his chops these past 9 months…
Oct 2008 Economic Club: Tim and Ben (Reuters Photo / Lucas Jackson) Tim demonstrates Paper Beats Rock economic plan..
And that is because Bernanke WILL IMO take the steps necessary to tighten when recovery is imminent, thus avoiding the HYPERinflationary Carteresque scenario…
Thanks China! Are you having fava beans and a nice Chianti with that liver Larry?
Larry Summers was SHOCKED to learn of Bernanke's reappointment, as he had slept through the team meeting...
We should have a killer rally tomorrow! I may have to get out my DOW 10,000 hat if Gentle Ben will be in that chair for another term…it was the idea of Summers calling the shots at the Fed when we needed to tighten that really freaked me out….still a double dip IMO but one we can correct with Ben at the helm…
President Barack Obama will announce Tuesday that he is nominating Ben Bernanke for a second four-year term as chairman of the Federal Reserve, White House Chief of Staff Rahm Emanuel said.
Mr. Emanuel said Mr. Obama will make the announcement from Martha’s Vineyard Tuesday. He said the president credits Mr. Bernanke for “pulling the economy back from the brink of depression.”…
The amazing Snowball (TM) courtesy of BirdLoversOnly rescue organization
Obama Economic Team 'Vogues' last November
Update 3: CBO numbers out- forecasts higher unemployment than WH; OMB numbers out: CBO to report mid-session Budget review tomorrow…
Update 3: CBO numbers out. Getta load of this – the 10 yr deficit numbers are at first blush LOWER than the OMB forecast! Like 2 trillion lower! BWAAAAHAAAAA!! OMG Pete Orszag must be mad enough to spit, lol. Here the WH finaly steps up and picks up the original CBO forecast for 9t deficit and now CBO has rolled it back to 7t, heh. CBO also says for this to be sustainable we need lower spending and higher taxes, shockah!
The U.S. government will run a budget deficit of $1.6 trillion this year and $1.4 trillion in the 2010 and the unemployment rate next year will be higher than the White House forecasts, the Congressional Budget Office said.The deficit estimates for this year and next released by the nonpartisan agency are in line with those projected by the Obama administration earlier today. The CBO sees higher unemployment next year, averaging 10.2 percent in 2010. The White House forecast 9.8 percent unemployment…
Update 2: OMB numbers out UGLY. COYOTE UGLY. Orszag says TOTUS will present a plan to get the deficit in hand to Congress in February, uh oh taxes? He won’t speculate he says. Full data from Bloomberg here. Will post the CBO numbers as soon as they hit the wires…
…U.S. unemployment will surge to 10 percent this year and the budget deficit will widen to $1.5 trillion next year, reflecting a “deeper recession” than previously expected, White House budget chief Peter Orszag said. The Office of Management and Budget also forecasts that the U.S. economy will shrink 2.8 percent this year, worse than the 1.2 percent contraction the OMB projected in May. For next year, the budget office said the gross domestic product will grow 2.0 percent, less than the 3.2 percent expected in May. Over the next decade, the budget picture is darker, with the 10-year deficit reaching $9.05 trillion, up from $7.1 trillion forecast in May, the budget office said Aug. 19.
Gee, Pete Orszag didn’t get many numbers right did he?
…As a result, he said the budget blueprint Obama submits to Congress in February will “include proposals to put the nation back on a fiscally sustainable path; I’m not going to comment” on any specifics, he said.
Update: Stephen Moore (WSJ editorial board and frequent Kudlow guest) was on Greta tonight with the incredible news that we are now borrowing 5 billion A DAY!
Courtesy of mghoft
Dueling mid term Fiscal Year 2010 budget forecasts manyana. OMB (WH arm under Pete ‘Throw Momma from the Train’ Orszag) first at 9:30am EST, then CBO (Congressional Budget Watchdog) 30 minutes later to REALLY see wth is going on with all the spending…
The White House and a financial scrutiny arm of Congress will release Tuesday separate government budget estimates and updated economic forecasts highlighting the deficit problem plaguing the Obama administration.The White House Office of Management and Budget will release at 9:30 am (1330 GMT) Tuesday the mid-term review of the federal government budget for fiscal year 2010, which starts October 1, the OMB said in a statement Monday.
The Congressional Budget Office, a statutory watchdog which plays a critical support role to lawmakers by providing cost estimates, said it would give an update to its budget and economic outlook about half an hour after the White House releases its report…
Which means we should get a NEW version of this graph and it should be MUCH worse, even the WH arm is coming up to CBO’s OLD numbers and will reportedly show an additional 2 trillion in the 10 year deficit tomorrow, CBO is probably even higher now of course….China should be wiggin out when they see the data, recall Timmeh assuring China we would LOWER our deficit, AS IF! Remember the promises to cut the deficit in half that TOTUS made to Congress in February? HA!
We're gonna need a bigger graph.....
Your Tax Dollars At Work: Beauty School dropouts get stimulus grants, but no degrees…
O..M..G….
Go read the whole thing at MM’s place:
…A NowHampshire.com investigation reveals almost $37,000 of that money went to a Bedford beauty school that does not grant degrees.
The Office of Economic Stimulus granted Coiffures by Michael, Inc. $35,088 in a “direct payment for specified use,” and another $1,571 in “student financial assistance.”
Coiffures by Michael runs Michael’s School of Hair Design and Esthetics. The school promises “no learner is left behind.” Guest speakers at the school include Dean Banowetz, the self-proclaimed “Hair Ho.”….
No word if Velvet Jones got any stimulus funds yet…
TSCC Cast in Tokyo…and more on the Lockerbie bomber release…
Courtesy of terminatorwikifox
Man I miss the show. FOX and Kevin Reilly in particular suck! If you saw Dollhouse S1 Epitaph ep 13, you know the new direction of that show seems awfully, well, Terminatorish….why kill the actual Terminator show to change the Dollhouse into a Terminator show?
But hey why try logic when we are talking about FOX and TV studio execs?! May as well try and figure out why politicians do what they do..
For example if TOTUS was at the G8 with Brown and Qadaffi, and Brown spoke to Qadaffi then about the Lockerbie bomber release, what are the chances Brown DIDNT talk to Obama about it then? Could it be since TOTUS has been rumoured to have been okaying exchanging British bodies for Iranian agents that Brown believed it would be hunky-dorey to release this terrorist?
…Hopes had risen after the release earlier this month of Laith al-Khazali, a Shiite militant who had been held in U.S. custody. The kidnappers had demanded the release of nine militiamen, including al-Khazali and his brother Qais al-Khazali, in exchange for the hostages….
Could a sycophant like Brown NOT have spoken to Obama about it in Italy? What are the chances anyone in the media will ask?
….It earlier emerged that a letter sent by Downing Street to the Libyan leader, urging that the release be kept low-key because a “high-profile” ceremony would distress victims’ families, also showed that Mr Brown raised this with Colonel Gaddafi at the G8 summit in Italy last month.
“When we met I stressed that, should the Scottish executive decide that Megrahi can return to Libya, this should be a purely private family occasion,” the letter said.
At the time it was claimed that Mr Brown had merely said that the matter was one for the Scottish administration.
It was also disclosed that Ivan Lewis, the Foreign Office minister responsible for Libya, had written to Kenny MacAskill three weeks ago with comments interpreted by the Scottish justice minister as an endorsement of Megrahi’s release.
Mr Lewis is thought to have told Mr MacAskill that there was “no legal reason” to block Libya’s request to transfer Megrahi into its custody, under a treaty agreed between Tony Blair and Colonel Gadaffi in 2007.
Mr Lewis was reported to have added: “I hope on this basis you will now feel able to consider the Libyan application in accordance with the provisions of the prisoner transfer agreement.”…
Update: GOP proposes Seniors Health Care Bill of Rights…
An update from Ed at HotAir in which the govt run VA incorrectly notifies 1200 vets that they have a terminal, incurable illness. Yeah give the govt the power to make decisions on health care treatments and give them all our medical records. What could possibly go wrong? (Disclaimer my grandmother died of ALS, it is a terrible disease that literally strikes terror when you hear the diagnosis )
Righteous, take it to the net..
…Republicans want reform that should, first, do no harm, especially to our seniors. That is why Republicans support a Seniors’ Health Care Bill of Rights, which we are introducing today, to ensure that our greatest generation will receive access to quality health care. We also believe that any health-care reform should be fully paid for, but not funded on the backs of our nation’s senior citizens.
First, we need to protect Medicare and not cut it in the name of “health-insurance reform….
Second, we need to prohibit government from getting between seniors and their doctors….
Third, we need to outlaw any effort to ration health care based on age…
Fourth, we need to prevent government from dictating the terms of end-of-life care…
Finally, we need to protect our veterans by preserving Tricare and other benefit programs for military families….
IMO the best thing Steele has done since taking the chair….Please spread this around to all your loved ones…
Grateful Dead courtesy of SmellsLikeReason; FOX courtesy of patriotsandheroes
The irony is of course the Dead performed for TOTUS and it is their gen of Baby Boomers who will get care rationed…witness the VA Your Life, Your Choices aka ‘they shoot horses dont they’ pamphlet…
Film clip courtesy of incrediblescenes
True Blood 2.10 ‘New World In My View’ recap and 2.11 ‘Frenzy’ promo…
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Moderate in the Middle 