Is Rahm Emanuel running US Dollar policy? From Jan-July Geithner met/spoke to Rahm at least 108 times…

Kudlow is all over it. The Administration is making meaningless noises about supporting a strong dollar while they let it fall. Asia is trying to hold it up. Hyperinflation coming baby…

Vodpod videos no longer available.

Airtime:  Fri. Oct. 9 2009 | 4:15 PM ET

Discussing who is behind monetary policy, with Steve Moore (sp), WSJ and CNBC’s Larry Kudlow.

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October 9, 2009. Tags: , , , , , , , , , , , , , . Cabinet, Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. Comments off.

Finally: WH tells Bloomberg sorry, we’re endorsing Thompson

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October 9, 2009. Tags: , , , . Politics. Comments off.

Housing Update: WSJ: Obama Housing Plan spends $42.5 Billion to modify 2 million mortgages?! Huh?

Update: Diana Olick reviews the TARP watchdog report and concurs with MiM, esp note the number of principal reductions out of 500,000 loans, it flies in the face of the claims by Treasury and the Office of the Comptroller that lenders were reducing principal:

(…) they did get a look at some data I’ve been unable to find, and that is that under HAMP only five, yes five, modifications of the half million involved principal forgiveness. There’s your headline. Treasury officials issued a polite retort, admitting that “the housing crisis was never going to be fixed overnight,” and that “While HAMP is open to the unemployed, we continue to study further ways to help unemployed homeowners,” but still, of course, they defended the program.

This appears to date to be just a total ripoff. The banks get 42.5 BILLION to modify 2 MILLION mortgages? Are you frakkin kidding me? We could BUY the houses IN FULL and have how much left over?! What a ripoff. And the TARP Treasury Watchdog Panel agrees:

WSJ:

The Obama administration’s loan modification effort is ill-suited to tackle the causes of the foreclosure crisis, financial rescue watchdogs concluded in a new report.The foreclosure crisis has shifted from being driven by exploding subprime mortgages to defaults on prime mortgages, many of them caused by job losses, two of the three members of the Troubled Asset Relief Program’s Congressional Oversight Panel concluded.

Meanwhile, the Home Affordable Modification Program, or HAMP, wasn’t designed to address these problems, nor is it geared towards averting a looming wave of foreclosures caused by resetting option adjustable-rate mortgages, they wrote.

“It increasingly appears that HAMP is targeted at the housing crisis as it existed six months ago, rather than as it exists right now,” the report, released early Friday, concluded.

But as we noted the other day, Treasury just gave the HAMP a glowing status update, what does the TARP watchdog say about that?

“The foreclosure crisis began with home flippers, speculators, reach borrowers who purchased or refinanced properties with very little money down and non-traditional mortgage products, and homeowners who were sold subprime refinancings,” the watchdogs wrote.

“Increasingly, however, because of the severity of the recession, declines in home prices, and the persistence of job losses, foreclosures involve” families who paid sizeable down payments and took out conventional loans, they continued.

According to the report, Treasury estimates it will spend about $42.5 billion of the $50 billion of TARP funds devoted to foreclosure mitigation. That will support about 2 million to 2.6 million modifications, the report said.

The watchdogs found that HAMP loan modifications completed so far were achieved almost exclusively through interest rate reductions. “Principal forbearance was rare and principal forgiveness rarer still,” they wrote. Lenders deferred principal in just 261 cases and forgave principal in only five, the report said.

About that NPV model Treasury is using in HAMP and which they WILL NOT MAKE PUBLIC:

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October 9, 2009. Tags: , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Popular Culture, TARP, Unemployment Statistics, Wall St. 2 comments.

The Vampire Diaries ‘Lost Girls’ 1.6 Sneak Peek & Supernatural ‘I Believe the Children Are Our Future’ 5.6 Sneak Peek

Courtesy of CW

October 9, 2009. Tags: , , , , , . Entertainment, Fantasy, Film, Horror, Mystery, Popular Culture, Sci Fi, Supernatural, Suspense, Warner Bros.. 1 comment.

ITN: More X-Men films with Gavin Hood?

Courtesy of ITN

Wolverine director Gavin Hood says he would love to make another X-Men film. Follow us on twitter at http://twitter.com/itn_on.

October 9, 2009. Tags: , , . Art, Entertainment, Fantasy, Film, graphic art, Popular Culture, Saturday Morning Cartoons, Sci Fi. 1 comment.

TGIF!!! It’s Werewolf Season…

Video montage by invertedjabberwocky

Video montage by thewerewolfkid

October 9, 2009. Tags: , , , , , . Art, Entertainment, Fantasy, Fiction, Film, gaming, graphic art, Horror, Music, Popular Culture, Saturday Morning Cartoons, Sci Fi, Supernatural, Suspense. Comments off.

Update: Morning Joe; World jumps shark, awards prize to apologetic wonder with no achievements;TOTUS wins the Nobel Peace Prize, seriously, BWAAHAA!! Time for a tune! John Barrowman ‘You’re So Vain’

Update:

Update: Twitter jokes from Snuggleupagaus:

Barack Obama’s Teleprompter: Big Guy says Bill Clinton called and was gracious in defeat; offered to fly Kanye West over 4 the Nobel awards ceremony.

Erick Erickson: Obama is becoming Jimmy Carter faster than Jimmy Carter became Jimmy Carter.

Ana Marie Cox: Apparently Nobel prizes now being awarded to anyone who is not George Bush.

Headline over AP analysis by White House correspondent Jennifer Loven: He Won, But For What?

Kathryn Jean Lopez, National Review: I want to buy the world a coke.

Ezra Klein: Obama also awarded Nobel prize in chemistry. “He’s just got great chemistry,” says Nobel Committee.

Adam Bromberg, CRC: Nobel Prize Committee must be staffed by out of work comedy writers.

Kristina Hernandez, CRC: It was the Beer Summit that put Obama over the edge.

Oh sure, I always think MLK, Gandhi, TOTUS, uhm NOT! This is SURE to help us with his ego problem!

Courtesy of elfmaiden

Maybe this is in recognition of his plan to abandon women and children in AFghanistan? No, okay, how about his abandonment of Eastern European allies! Seems the Nobel Prize Committee really likes his whole ‘America sucked before me’ international tour!!

Go see HotAir for full coverage

The International Media sees this for the joke it is, courtesy of Dave at Ace:

Some choice observations from the TimesOnline:

The award of this year’s Nobel peace prize to President Obama will be met with widespread incredulity, consternation in many capitals and probably deep embarrassment by the President himself [doubtful – Dave].Rarely has an award had such an obvious political and partisan intent. It was clearly seen by the Norwegian Nobel committee as a way of expressing European gratitude for an end to the Bush Administration, approval for the election of America’s first black president and hope that Washington will honour its promise to re-engage with the world.

Instead, the prize risks looking preposterous in its claims, patronising in its intentions and demeaning in its attempt to build up a man who has barely begun his period in office, let alone achieved any tangible outcome for peace.

October 9, 2009. Tags: , , , , . Politics. 1 comment.

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