Update: Anyone? Bueller? Market Mover Monday: Smoot-Hawley rises from the grave and TOTUS to ‘admonish’ and ‘push’ for his regulatory scheme today…

Update 2: BWAAAHAA!!! Bob Pisani of CNBC says the traders have been passing around the Ben Stein Smoot Hawley Tariff scene from Ferris Bueller on the floor this morning!! lol..

Update: OMG in his opening remarks TOTUS recognizes Barney Frank D-MA as the man who will be instrumental in leading our financial policies and regulatory reforms. OH NOES! The guy who gave FAN FRED a pass?

He mentions Paul Volcker (who seems to serve primarily as TOTUS’ figurative crucifix against the vampires of reality who note TOTUS is fumbling the economy and implementing disastrous policies) Why does Volcker let himself be used this way? Sad. TOTUS is touting him as the CHIEF of his council of something or other, and we all KNOW Volcker is being ignored..Our previous posts on Volcker here. And here is one of interest concerning his speech in February wherein he said ‘MOST aspects of capitalism will survive’.

Apparently no one ever told TOTUS you don’t start a land war with Asia and you don’t start a trade war with your banker..

TOTUS’ decision to put a tariff on Chinese Tire imports is well..untimely…to say the least. Timmeh Geithner just got back from another round of promising China we would restrain our deficit (AS IF!) and now here is TOTUS starting a trade war. At whose behest?? LABOR OF COURSE!!! Good grief! Our previous post on Smoot Hawley here

…China indicated Sunday it would restrict U.S. imports of chicken and auto products after Washington’s move to slap punitive sanctions on Chinese tire imports, raising tensions in a trade dispute ahead of two planned meetings between the countries’ leaders.

Citing a jump in Chinese imports, the Obama administration said Friday it would impose stiff tariffs on Chinese-made tires for the next three years, invoking a section of trade law that China agreed to as a condition for its joining the World Trade Organization in 2001. The move essentially would cut off the source of nearly 17% of all tires sold in the U.S. last year and hit cost-conscious consumers particularly hard, as retailers will have to find alternative sources for the lower-end tires that make up much of what China sends to the U.S….

And just to follow up, TOTUS will come on down to Wall St to give another lecture and remind everyone that they are bad bad people. Despite Sheila Bair’s resistance, TOTUS is leaning HARD on FDIC and SEC to give Treasury and the Fed expanded powers..

WSJ:

President Barack Obama, speaking on Wall Street Monday on the first anniversary of the crescendo of the financial crisis, will discuss the administration’s plans “to wind down government involvement in the financial sector,” will push for “immediate action” on regulatory changes need to prevent future crises and admonish Wall Street to avoid the practices that led to the crisis, an administration official said. The president’s remarks, follow similar comments from the Treasury and Federal Reserve aimed at blunting criticism that they lack an “exit strategy” for withdrawing their support for the financial system with speeches and documents timed for the first anniversary of the worst moments of the crisis.

More after the break:

To bolster the case that it has an exit strategy, the Treasury on Monday is planning to issue a document titled “The Next Phase” that includes 33 pages of charts. Taking credit for “containing the panic,” the report states, “We are moving from the rescue of our financial system to a period of stabilization, rehabilitation, and rebuilding,” according to a copy viewed by The Wall Street Journal.

And where are all the DETAILS of how they will use the EXPANDED POWER they want? There are none! 33 pages and NO DETAILS!

…The report discloses no new policies, but describes ways in which lending under emergency initiatives — Fed and Treasury support of money-market mutual funds, for instance — is being reduced, both because of waning demand and by previously announced decisions to allow some to expire. It offers no clues to the administration’s plans for restructuring mortgage giants Fannie Mae and Freddie Mac, which are now controlled by the government and dependent on continued infusions of taxpayer money….

Let’s review what helped send us into the Depression again? BAD TAX POLICIES ON CAPITAL and on the people (ie the Consumers who still drive 70% of US GDP and global GDP for that matter) AND PROTECTIONISM? What a bunch of maroons we have in DC. For ‘educated’ people they seem to have an amazing lack of understanding of American history and they display it almost daily now.

*The Princess Bride clip courtesy of TKDWILSON

*Ferris Bueller clip courtesy of SteveBrown2008